BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Brookfield Asset Management 2020 Third Quarter Results Conference Call and Webcast. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions)

女士們、先生們，感謝大家的支持，並歡迎參加布魯克菲爾德資產管理公司 2020 年第三季度業績電話會議和網絡廣播。 （操作員指示）請注意，今天的會議可能會被錄音。 （操作員說明）

I would now like to hand the conference over to your speaker today, Ms. Suzanne Fleming. Ma'am, you may begin.

現在我想將會議交給今天的發言者蘇珊·弗萊明女士。女士，您可以開始了。

Thank you, operator, and good morning, everyone. Welcome to Brookfield's Third Quarter 2020 Conference Call. On the call today are Bruce Flatt, our Chief Executive Officer; Nick Goodman, our Chief Financial Officer; and Mark Murski, a Managing Partner in our Infrastructure business and Chief Operating Officer of our North American operations. Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter. And finally, Mark will talk about infrastructure's Enwave business. After our formal comments, we'll turn the call over to the operator and take analyst questions.

謝謝接線員，大家早上好。歡迎參加 Brookfield 2020 年第三季度電話會議。今天參加電話會議的是我們的首席執行官 Bruce Flatt；尼克·古德曼，我們的首席財務官；馬克·穆斯基（Mark Murski）是我們基礎設施業務的執行合夥人兼北美業務的首席運營官。布魯斯將首先介紹業務最新情況，然後尼克將討論我們本季度的財務和運營業績。最後，Mark 將談論基礎設施的 Enwave 業務。在我們提出正式意見後，我們會將電話轉給接線員並回答分析師的問題。

I'd like to remind you that in today's comments, including in responding to questions and in discussing new initiatives in our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and U.S. securities law. These statements reflect predictions of future events and trends and do not relate to historic events. They're subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts on our company, please see our filings with the securities regulators in Canada and the U.S. and the information available on our website.

我想提醒您，在今天的評論中，包括在回答問題和討論我們的財務和運營業績的新舉措時，我們可能會做出前瞻性陳述，包括適用的加拿大和美國法律含義內的前瞻性陳述。證券法。這些陳述反映了對未來事件和趨勢的預測，與歷史事件無關。它們面臨已知和未知的風險，未來的事件和結果可能與此類陳述存在重大差異。有關這些風險及其對我們公司的潛在影響的更多信息，請參閱我們向加拿大和美國證券監管機構提交的文件以及我們網站上提供的信息。

Thank you. And now I'll turn the call over to Bruce.

謝謝。現在我將把電話轉給布魯斯。

Thank you, Suzanne, and good morning, everyone, on the call. Starting with operating performance in the third quarter. Nick will get into it in detail, but I'll just make a few comments.

謝謝你，蘇珊娜，大家早上好。從第三季度的經營業績開始。尼克會詳細討論，但我只會發表一些評論。

We earned record operating FFO during the quarter, in fact, higher than any other quarter in our history. This demonstrated the strength and resiliency of our combined asset management franchise and the quality of our operating businesses today. And I would also note that we were just starting our way out of this recession, and not all of our businesses are performing where they should be.

事實上，我們在本季度獲得了創紀錄的運營 FFO，高於我們歷史上任何其他季度。這證明了我們聯合資產管理業務的實力和彈性以及我們今天運營業務的質量。我還要指出的是，我們剛剛開始走出這場衰退，並不是所有的業務都在發揮應有的作用。

The strong operating performance across these businesses was driven by excellent results in several of our private equity businesses, some of which benefited from strong demand and pricing from new housing starts, which snapped back after the lockdowns in the spring. Consistent with previous quarters, our infrastructure and renewable businesses continue to deliver very steady results backed by 100% availability of all of those assets. Those businesses that did see volume decreases in the first half of the year, such as our ports and toll road businesses, saw recoveries during the quarter as governments eased restrictive measures.

這些業務的強勁經營業績是由我們的幾項私募股權業務的出色業績推動的，其中一些業務受益於新房開工的強勁需求和定價，新房開工在春季封鎖後迅速回升。與前幾個季度一樣，我們的基礎設施和可再生能源業務在所有這些資產 100% 可用性的支持下繼續交付非常穩定的業績。那些上半年銷量確實有所下降的業務，例如我們的港口和收費公路業務，隨著政府放鬆限制措施，本季度出現了復甦。

Within our real estate business, office rent collections remained at normal collection levels, and investment demand for this asset class is strong and soon to get stronger. Just this last month, we entered into an agreement to sell one of our London office properties at a 9% premium to the price we paid for half the property just 12 months ago. For those of you familiar with real estate jargon, it was at a sub-4% cap rate.

在我們的房地產業務中，寫字樓租金徵收保持在正常徵收水平，對該資產類別的投資需求強勁且很快就會增強。就在上個月，我們簽訂了一項協議，以比 12 個月前我們購買一半房產的價格溢價 9% 的價格出售我們的倫敦一處辦公物業。對於熟悉房地產行話的人來說，上限利率低於 4%。

Across our retail mall portfolio, foot traffic is increasingly, and more importantly, customer spending continues to increase as does rent collection each month. For the month of October, we were above 70% collection across our malls. And a good portion of the difference is from tenants that are open, but we are still discussing arrears from the lockdown period. We're also seeing a return of occupancy at most of our hospitality assets as we continue to open up across the portfolio.

在我們的零售商場組合中，人流量不斷增加，更重要的是，客戶支出持續增加，每個月的租金收入也在增加。 10 月份，我們的商場回收率超過 70%。其中很大一部分差異來自開放的租戶，但我們仍在討論鎖定期間的欠款。隨著我們繼續開放整個投資組合，我們的大部分酒店資產的入住率也出現了回升。

Of course, nothing is ever perfect. And in some spots where we have taken a few steps -- in some spots, we've taken a few steps back. But bottom line is that economies are on the mend and assets are coming back from their induced shutdowns.

當然，沒有什麼是完美的。在某些地方，我們已經採取了一些措施——在某些地方，我們已經後退了幾步。但最重要的是，經濟正在好轉，資產也正在從引發的停工中恢復過來。

Turning to our asset management franchise and fundraising. We raised $18 billion of private capital during the quarter, including over $12 billion towards the previously announced first close of our latest distressed debt fund and $6 billion of commitments across a growing number of other strategies. A few examples include our European core-plus real estate fund that closed during the quarter, raising just over EUR 1 billion and exceeding its initial target, and our second vintage private infrastructure debt fund, which has raised nearly $2 billion to date, already double more than the previous fund. The success of our recent fundraising reflects the investment themes that we're seeing in the market today with investors moving capital out of government bonds and into asset classes with low volatility and proven income to supplement their portfolios.

轉向我們的資產管理特許經營和籌款。我們在本季度籌集了 180 億美元的私人資本，其中包括超過 120 億美元用於之前宣布的最新不良債務基金的首次募集，以及用於越來越多其他戰略的 60 億美元承諾。一些例子包括我們的歐洲核心+房地產基金，該基金在本季度關閉，籌集了略多於10 億歐元的資金，超出了其最初的目標，而我們的第二個老式私人基礎設施債務基金，迄今為止已籌集了近20 億美元，已經翻了一番比之前的基金還要多。我們最近融資的成功反映了我們今天在市場上看到的投資主題，投資者將資金從政府債券轉移到低波動性和已證實收入的資產類別，以補充其投資組合。

Today, we have over $75 billion of liquidity or dry powder across our private and public entities available for new investments. We see opportunities to deploy this capital beginning to pick up. In March, when the shutdown started, governments were able to bridge bond and equity markets to get businesses through a period of time. But those who were in bad financial situations to begin with or borrowed too much money over the last 9 months will soon need equity. Many of them will have to be recapitalized in some form. And given our significant amount of capital to put into these opportunities, we are ready for it. With the pipeline of deals that we are currently working on today, we expect to be back into the market soon with our next round of flagship funds, starting with a real estate fund in early 2021.

如今，我們的私人和公共實體擁有超過 750 億美元的流動性或乾粉，可用於新投資。我們看到部署這筆資金的機會開始增多。今年三月，當政府關門開始時，政府能夠在債券和股票市場之間架起橋樑，幫助企業度過一段時期。但那些一開始財務狀況不佳或在過去 9 個月借了太多錢的人很快就會需要股權。其中許多將不得不以某種形式進行資本重組。鑑於我們有大量資金投入這些機會，我們已經做好了準備。根據我們目前正在進行的一系列交易，我們預計下一輪旗艦基金將很快重返市場，從 2021 年初的房地產基金開始。

Turning briefly to our own corporate cash deployment. Over the last few months, we funded a number of new areas, including reinsurance, which I'll discuss in a moment. We also allocated approximately $1 billion to purchases of BPY, whose current trading price does not reflect anywhere near the value of the high-quality portfolio of real estate that it owns. This is similar to the current trading price of Brookfield Asset Management. And given the discount widened recently due both to increases in value of our assets and share price declines, we were repurchasing BAM shares in the last month, and we'll continue to do so as long as the shares trade at meaningful discounts to our view of underlying value.

簡單地談談我們自己的公司現金部署。在過去的幾個月裡，我們資助了許多新領域，包括再保險，我稍後將討論這一點。我們還撥款約 10 億美元購買 BPY，該公司當前的交易價格遠不能反映其所擁有的高質量房地產投資組合的價值。這與布魯克菲爾德資產管理公司當前的交易價格類似。鑑於最近由於我們的資產價值增加和股價下跌而導致折扣擴大，我們在上個月回購了 BAM 股票，只要股票交易價格低於我們的觀點，我們就會繼續這樣做的潛在價值。

Lastly, and before I turn it over to Nick, at our Investor Day in September, I touched on a number of new strategies that we believe will be the next large areas for growth for us over the next decade. One of those strategies is reinsurance. As we looked at the reinsurance space over the last 5 or 10 years, we were cautious with our approach, particularly in an environment of declining interest rates that heightened the risks of locking in long-dated liabilities at relatively high interest rates. But today, with interest rates globally at essentially 0, we believe that the risk of reinsuring long-tail liabilities is the lowest it has been in our lifetime. And it's therefore an opportune time to provide capital to insurance platforms and build our reinsurance business.

最後，在我將其交給尼克之前，在九月份的投資者日上，我談到了一些新戰略，我們相信這些戰略將成為我們未來十年的下一個主要增長領域。這些策略之一是再保險。當我們審視過去 5 年或 10 年的再保險領域時，我們對自己的做法持謹慎態度，特別是在利率下降的環境下，利率下降增加了以相對較高的利率鎖定長期負債的風險。但如今，由於全球利率基本為零，我們認為，對長尾負債進行再保險的風險是我們一生中最低的。因此，現在正是向保險平台提供資金、打造再保險業務的好時機。

Over the past few years, we have seeded a few smaller insurance businesses on our own balance sheet as we built up expertise in the space. But last month, we entered into a strategic partnership with American Equity to reinsure $10 billion of their fixed annuity policies. We believe our alternative asset strategies will deliver long-term value to this portfolio. And hopefully, other companies will consider similar partnerships with us going forward.

在過去的幾年裡，隨著我們在該領域積累了專業知識，我們在自己的資產負債表上播種了一些較小的保險業務。但上個月，我們與 American Equity 建立了戰略合作夥伴關係，為其 100 億美元的固定年金保單提供再保險。我們相信我們的另類資產策略將為該投資組合帶來長期價值。希望其他公司未來也能考慮與我們建立類似的合作夥伴關係。

In order to set up these growing operations in the most effective form, we also announced our intention to create a new listed entity, which will be named Brookfield Asset Management Reinsurance Partners, which will be distributed to you as a special dividend. This new entity will be designed to enjoy all the benefits of BAM as a paired security, and all the upside created in reinsurance will be shared with all BAM and BAM Reinsurance shareholders. We expect that this new share will replicate the success of pairing our -- the success of the pairing of our Brookfield Renewable and Infrastructure corporations that were created earlier this year. We hope to complete the spin-off of BAM Reinsurance partners sometime in the first half of 2021, subject, of course, to all the necessary regulatory approvals.

為了以最有效的形式建立這些不斷增長的業務，我們還宣布打算創建一個新的上市實體，該實體將被命名為布魯克菲爾德資產管理再保險合作夥伴，該實體將作為特別股息分配給您。這個新實體旨在享受 BAM 作為配對證券的所有好處，再保險創造的所有優勢將與所有 BAM 和 BAM Reinsurance 股東分享。我們預計，這一新股將復制今年早些時候創建的布魯克菲爾德可再生能源和基礎設施公司配對的成功。我們希望在 2021 年上半年的某個時候完成 BAM 再保險合作夥伴的分拆，當然，這需要獲得所有必要的監管批准。

Sometime in the future, once reinsurance is more mature, this pair could be turned into a separate entity. But for the time being, it will require the resources of Brookfield to grow. In the interim, it will be set up efficiently for operating the business and will also enable you to choose which security of Brookfield Asset Management is best for you to own in your own capacity.

未來某個時候，一旦再保險更加成熟，這對公司可能會變成一個獨立的實體。但目前，它需要布魯克菲爾德的資源來發展。在此期間，它將有效地建立業務運營，並使您能夠選擇最適合您以自己的身份擁有的 Brookfield Asset Management 證券。

So with those comments, I will turn it over to Nick Goodman, who will cover our results in more detail for the quarter.

因此，我會將這些評論轉交給尼克·古德曼，他將更詳細地介紹我們本季度的業績。

Thank you, Bruce, and good morning, everyone.

謝謝你，布魯斯，大家早上好。

As Bruce touched on earlier, our financial results were very strong in the third quarter. Funds from operations or total FFO was $1 billion for the quarter or $0.65 a share, which was a 26% increase over the prior year quarter. Our operating FFO, which excludes the impact of disposition gains and realized carried interest, was a record $850 million in the quarter or $0.53 per share. And this really reflects the resiliency of our operating businesses and the growth in our asset management franchise. All of this resulted in income to shareholders of $172 million or $0.10 on a per share basis. And while this is lower than usual due to some lagging effects of the shutdown, we do expect the fourth quarter and 2021 to return to close to normal levels.

正如布魯斯早些時候提到的，我們第三季度的財務業績非常強勁。本季度來自運營的資金或總 FFO 為 10 億美元，即每股 0.65 美元，比去年同期增長 26%。我們的運營 FFO（不包括處置收益和已實現附帶權益的影響）在本季度達到創紀錄的 8.5 億美元，即每股 0.53 美元。這確實反映了我們運營業務的彈性以及我們資產管理業務的增長。所有這些都為股東帶來了 1.72 億美元的收入，即每股 0.10 美元的收入。儘管由於停工的一些滯後影響，這一數字低於平常，但我們確實預計第四季度和 2021 年將恢復到接近正常水平。

Within our asset management results, fee-related earnings increased by 22% to $372 million for the 3-month period and totaled $1.4 billion over the last 12 months. That's an increase of 36% from the same period in 2019. This growth is a reflection of the record fundraising and deployment across our long-term and perpetual private funds, growth in our listed affiliates and a full year's contribution from our credit business.

在我們的資產管理業績中，前 3 個月的費用相關收入增長了 22%，達到 3.72 億美元，過去 12 個月的收入總額為 14 億美元。較 2019 年同期增長 36%。這一增長反映了我們的長期和永久私募基金創紀錄的籌款和部署、上市附屬公司的增長以及信貸業務全年的貢獻。

Today, our fee-bearing capital totals $290 billion, and our annual fee revenue stands at $3 billion. We also have approximately $30 billion of additional capital that will become fee-bearing when invested, and that should generate approximately $300 million of incremental fee revenues annually when fully deployed.

如今，我們的收費資本總額為 2900 億美元，年收費收入為 30 億美元。我們還有大約 300 億美元的額外資本，這些資本在投資時將成為費用，全面部署後每年將產生大約 3 億美元的增量費用收入。

In the quarter, we generated $703 million of gross carried interest, bringing our unrealized carried interest balance to $4 billion. This is reflective of value enhancements within various operating businesses in our private funds and value uplifts on publicly traded securities within our credit strategies. We recognized $42 million of carried interest during the quarter, and that's $482 million over the last 12 months.

本季度，我們產生了 7.03 億美元的附帶利息總額，使未實現的附帶利息餘額達到 40 億美元。這反映了我們私募基金各種運營業務的價值提升以及我們信貸策略中公開交易證券的價值提升。我們在本季度確認了 4200 萬美元的附帶權益，即過去 12 個月內的 4.82 億美元。

Transactions have slowed over the last 6 months, as you would imagine, but we are now seeing the pipeline of deal activity for both private and public markets pick up. And we expect to realize an increasing amount of carried interest in the near future as we complete the monetization of assets within our more mature flagship funds.

正如您所想像的那樣，過去 6 個月的交易有所放緩，但我們現在看到私募和公開市場的交易活動都在增加。隨著我們在更成熟的旗艦基金中完成資產貨幣化，我們預計在不久的將來會實現越來越多的附帶權益。

Turning to invested capital. Excluding disposition gains, FFO for the quarter was $478 million, an increase of 34% from the prior period. The increase was driven by excellent performance within some of our private equity businesses, most notably Norbord, and similar strong performance within our portfolio of financial assets. We also saw a 50% increase in home sales compared to last year at our North American residential homebuilder, and this should translate into increased FFO over the next few quarters as the home sales are delivered. Finally, our FFO benefited from the contribution of newly acquired assets and same-store growth across a number of our segments.

轉向投資資本。不計處置收益，本季度 FFO 為 4.78 億美元，較上一期增長 34%。這一增長是由我們的一些私募股權業務（尤其是 Norbord）的出色表現以及我們的金融資產組合中類似的強勁表現推動的。與去年相比，我們的北美住宅建築商的房屋銷售量也增長了 50%，隨著房屋銷售的交付，這應該會轉化為未來幾個季度 FFO 的增加。最後，我們的 FFO 受益於新收購資產和多個細分市場同店增長的貢獻。

Since we last reported, we successfully completed secondary offerings for a portion of our holdings in both BIPC and BEPC. These securities have seen tremendous demand since their spin-offs, and these transactions should further support liquidity in these shares by increasing the public float. Our balance sheet remains a significant strength for us with many investments that can be turned to cash on a day's notice that were not counted in our liquidity numbers. Through these 2 transactions, we were able to unlock approximately $500 million of liquidity, which we can look to redeploy into other opportunities over time. We do continue to maintain a very significant holdings in both of these companies and continue to view each of those -- view each as outstanding businesses to invest in.

自我們上次報告以來，我們成功完成了對 BIPC 和 BEPC 部分持股的二次發行。這些證券自分拆以來需求量巨大，這些交易應通過增加公眾持股量來進一步支持這些股票的流動性。我們的資產負債表仍然是我們的重要優勢，許多投資可以在一天通知後變現，而這些投資並未計入我們的流動性數據。通過這兩項交易，我們釋放了約 5 億美元的流動性，隨著時間的推移，我們可以將其重新部署到其他機會中。我們確實繼續持有這兩家公司的大量股份，並繼續將它們視為值得投資的傑出企業。

Our strong results led to $747 million of cash available for distribution or what we call CAFDR during the quarter. That's a 37% increase from the third quarter of 2019 when excluding the impact of carried interest. On a last 12-month basis, we generated a record $2.8 billion of CAFDR, which highlights stable and predictable nature of our cash flows through all market cycles. This cash flow continues to bolster our liquidity, which we look to reinvest in the business, for example, to strike new investment strategies such as insurance or technology or over time, will be returned to shareholders.

我們強勁的業績導致本季度有 7.47 億美元的現金可供分配，即我們所說的 CAFDR。排除附帶權益的影響，較 2019 年第三季度增長 37%。在過去 12 個月的基礎上，我們產生了創紀錄的 28 億美元 CAFDR，這突顯了我們在所有市場週期中現金流的穩定性和可預測性。這種現金流繼續增強我們的流動性，我們希望將其再投資於業務，例如，制定保險或技術等新的投資策略，或者隨著時間的推移，將返還給股東。

Over the last 12 months, we've returned over $1.3 billion of capital to our shareholders through dividends and share repurchases.

在過去 12 個月中，我們通過股息和股票回購向股東返還了超過 13 億美元的資本。

Today, our liquidity and capitalization remain very strong. In addition to $60 billion of uncalled fund commitments, we have approximately $16 billion of core liquidity across the group, including $6 billion directly at BAM. And that's for a total of $76 billion deployable capital. After the quarter end, we further enhanced this liquidity through the issuance of a 60-year $400 million green subordinate note at 4.625%, proceeds of which will be used to fund eligible green projects.

今天，我們的流動性和資本規模仍然非常強勁。除了 600 億美元的未兌現資金承諾外，我們整個集團還有約 160 億美元的核心流動資金，其中包括直接存在於 BAM 的 60 億美元。這相當於總共 760 億美元的可動用資本。季度末後，我們通過發行利率為 4.625% 的 60 年期 4 億美元綠色次級票據進一步增強了流動性，其收益將用於資助符合條件的綠色項目。

Including the new issuance, our balance sheet continues to be very conservatively capitalized with a corporate debt to market capitalization ratio of 14% and an average remaining term on our corporate debt of 14 years. And we have no individual piece of debt maturing before 2023.

包括新發行在內，我們的資產負債表資本化仍然非常保守，公司債務與市值之比為 14%，公司債務平均剩餘期限為 14 年。我們沒有在 2023 年之前到期的個人債務。

Finally, I am pleased to confirm that our Board of Directors has declared a $0.12 per share dividend payable at the end of December. And we look forward to giving you another special dividend next year, as Bruce described.

最後，我很高興地確認，我們的董事會已宣佈在 12 月底派發每股 0.12 美元的股息。正如布魯斯所描述的，我們期待明年再給您特別股息。

With that, I will now turn the call over to Mark Murski.

現在，我將把電話轉給馬克·穆斯基。

Thank you, Nick, and good morning, everyone. I'm pleased to join you today to tell you about our North American District energy utility called Enwave and the evolution and growth that we have achieved in this business. Enwave, which is held in our early vintage infrastructure flagship funds, is a great case study on how we identified, acquired a leading and sustainable energy business for value and used our operating expertise, access to capital, knowledge and expertise within adjacent asset classes to grow the business and create significant amounts of value.

謝謝你，尼克，大家早上好。我很高興今天能與您一起向您介紹我們的北美地區能源公用事業公司 Enwave 以及我們在該業務中所取得的發展和增長。 Enwave 是我們早期基礎設施旗艦基金中持有的一個很好的案例研究，說明我們如何識別、收購領先的可持續能源業務以實現價值，並利用我們的運營專業知識、獲得資本、知識和鄰近資產類別的專業知識來實現​​目標。發展業務並創造大量價值。

First, let me start with a quick overview of district energy. District energy refers to large-scale networks of heating and cooling systems that generate, store and share different forms of energy through individual buildings in a district. Users benefit from the cost efficiency and full redundancy of a central energy system, thus allowing them to redeploy their capital and space into higher and better uses.

首先，讓我快速概述一下區域能源。區域能源是指大規模供暖和製冷系統網絡，通過區域內的各個建築物產生、存儲和共享不同形式的能源。用戶受益於中央能源系統的成本效率和完全冗餘，從而使他們能夠將其資本和空間重新部署到更高、更好的用途。

Today, district energy is a key driver of the sustainable growth of cities globally. This is because 70% of the world's energy is consumed in cities today, and 50% of that energy is used for heating and cooling. This creates a meaningful opportunity for district energy systems to efficiently and effectively heat and cool our buildings while contributing to sustainability goals by deploying a communal, low-carbon green energy technology across broad networks of pipes through major cities.

如今，區域能源是全球城市可持續發展的關鍵驅動力。這是因為當今世界 70% 的能源被城市消耗，其中 50% 用於供暖和製冷。這為區域能源系統創造了一個有意義的機會，可以高效、有效地加熱和冷卻我們的建築物，同時通過在主要城市的廣泛管道網絡上部署公共低碳綠色能源技術，為可持續發展目標做出貢獻。

Speaking specifically to Enwave, in 2012, we had the opportunity to acquire the business, which was and still is one of the most unique district energy utilities in North America, if not the world. Enwave is the largest geothermal cooling district energy system in the world and offers the cleanest form of cooling to be harnessed, specifically deep lake water cooling from Lake Ontario at the foot of the city. This deep lake water cooling technology is about 2.5x more efficient than conventional cooling and leads to a 90% reduction in energy usage compared to conventional heating and cooling systems.

特別是在 2012 年，我們有機會收購該業務，該公司過去是、現在仍然是北美乃至全世界最獨特的區域能源公用事業公司之一。 Enwave 是世界上最大的地熱冷卻區域能源系統，提供最清潔的冷卻方式，特別是來自城市腳下安大略湖的深湖水冷卻。這種深湖水冷卻技術的效率比傳統冷卻系統高約 2.5 倍，與傳統加熱和冷卻系統相比，能源使用量減少 90%。

At the time, the business was serving a small subset of hospitals, data centers, offices and residential buildings in the Toronto Downtown Core, and the growth aspirations were modest and limited to the local market. We acquired the business with a view that we were, a, buying a great existing business with very strong in-place cash flows and a strong organic growth potential; and b, we could leverage the economics, social and environmental qualities of the renewable energy to grow the footprint of the business by 3 to 5x in an accretive and sustainable manner.

當時，該業務為多倫多市中心的一小部分醫院、數據中心、辦公室和住宅樓提供服務，增長願望不大，僅限於當地市場。我們收購該業務的目的是：a 購買一家擁有強大現金流和強大有機增長潛力的現有業務； b，我們可以利用可再生能源的經濟、社會和環境質量，以增值和可持續的方式將業務足跡擴大 3 至 5 倍。

What we learned in very short order was that the attributes of district energy were even better than we had underwritten. In addition to the clear high barriers to entry, which is an important characteristic of all investments we make, the economics of district energy delivers significant value to customers in the forms of reliability, capital allocation, lower operating costs and sustainability. And from an operations perspective, utilization can materially exceed 100%.

我們在很短的時間內了解到，區域能源的屬性甚至比我們承保的還要好。除了明顯的高進入壁壘（這是我們所有投資的一個重要特徵）之外，區域能源的經濟性還以可靠性、資本配置、較低的運營成本和可持續性等形式為客戶帶來了巨大的價值。從運營角度來看，利用率實際上可以超過 100%。

Because of these distinct attributes, we were soon able to drive double-digit organic growth in the initial portfolio of assets that we acquired and achieved renewal rates over 99%. This early experience gave us the conviction that district energy is a superior asset class in the infrastructure space and shaped our plans to accelerate growth of the business into new geographies, especially given the significant market dislocation between price and value that we were seeing within the asset class at the time.

由於這些獨特的屬性，我們很快就能夠推動我們收購的初始資產組合實現兩位數的有機增長，並實現超過 99% 的續訂率。這一早期經驗使我們相信，區域能源是基礎設施領域的優質資產類別，並製定了我們加速業務增長到新地區的計劃，特別是考慮到我們在該資產中看到的價格與價值之間的嚴重市場錯位當時的班級。

Over the past 8 years, we've been active in acquiring some of the best district energy systems in the fastest-growing and most populated cities across North America, including Seattle, Los Angeles, Las Vegas, Chicago, Houston and Toronto. From these acquisitions, we were also able to select the best talent and add some key positions to form a top-tier management team, who in turn have been able to integrate and optimize our assets into one highly functioning entity and drive best practices, efficiencies and grow the Brookfield operating culture across the Enwave platform.

在過去的 8 年裡，我們一直在北美髮展最快、人口最多的城市積極收購一些最好的區域能源系統，包括西雅圖、洛杉磯、拉斯維加斯、芝加哥、休斯頓和多倫多。通過這些收購，我們還能夠選擇最優秀的人才並增加一些關鍵職位，以組建一支頂級管理團隊，而他們又能夠將我們的資產整合和優化為一個高度運作的實體，並推動最佳實踐和效率並在 Enwave 平台上發展 Brookfield 運營文化。

What we had at acquisition was a leading unregulated utility but one that had unutilized capacity due to the lack of proactive sales culture. We applied structure to sales with targets and goals for organic growth and supplemented the team where needed and rewarded achievements along the way. During our ownership, we have been able to connect over 135 new buildings and grow EBITDA from $26 million in 2012 to over $200 million today on a run rate basis. This is a compound annual growth rate of 21%. 13% of that growth or $115 million of annual EBITDA was driven organically. For those less familiar with infrastructure asset class, this level of growth for utility is unparalleled. And this was all completed while maintaining an investment-grade rating.

我們收購的是一家領先的不受監管的公用事業公司，但由於缺乏積極主動的銷售文化，該公用事業公司的產能尚未得到利用。我們將銷售結構應用於有機增長的目標和目標，並在需要時補充團隊並獎勵一路上取得的成就。在我們擁有所有權期間，我們已經能夠連接超過 135 座新建築，並將 EBITDA 從 2012 年的 2600 萬美元增長到今天的運行率超過 2 億美元。這一複合年增長率為 21%。其中 13% 的增長（即 1.15 億美元的年度 EBITDA）是有機驅動的。對於那些不太熟悉基礎設施資產類別的人來說，公用事業的這種增長水平是無與倫比的。而這一切都是在維持投資級評級的情況下完成的。

Overall, we believe we have generated approximately $3 billion of value. It is our expectation we will generate a 20% to 30% IRR in this investment, materially outperforming the investment returns -- return targets of the funds it sits in. This should drive significant returns to our private fund clients, and our BAM shareholders will benefit from the realization of carried interest as these funds wind down in the coming years.

總的來說，我們相信我們已經創造了大約 30 億美元的價值。我們預計，這項投資將產生20% 至30% 的IRR，大大超過投資回報（即其所在基金的回報目標）。這將為我們的私募基金客戶帶來可觀的回報，而我們的BAM 股東也將獲得豐厚的回報。隨著這些資金在未來幾年逐漸減少，您將從附帶權益的實現中受益。

Before I wrap up, I would also like to touch on this investment from a sustainability standpoint. Today, Enwave's fleet of energy generation assets within the district energy space are one of the most efficient and cleanest in the world. A few highlights of this include being North America's largest recycler of building waste energy, operating the world's largest commercial deep lake cooling system and North America's largest heating and cooling thermal batteries as well as North America's largest ice battery, which is used for making and storing ice at night when electricity prices are at their lowest, then distributing the chilled water during the day to cool buildings. Together, the energy savings of all these technologies is an annual equivalent energy consumption of 15,000 residential homes. The GHG savings is equivalent to 42 million car miles and savings of 1,100 Olympic-sized pools of water.

在結束之前，我還想從可持續發展的角度談談這項投資。如今，Enwave 在區域能源領域的能源發電資產是世界上最高效、最清潔的資產之一。其中的一些亮點包括成為北美最大的建築垃圾能源回收商、運營世界上最大的商業深湖冷卻系統、北美最大的加熱和冷卻熱電池以及北美最大的冰電池（用於製造和儲存）夜間電價最低時製冰，然後在白天分配冷凍水為建築物降溫。所有這些技術節省的能源總計相當於 15,000 戶住宅每年的能源消耗。節省的溫室氣體相當於 4,200 萬英里的行駛里程和 1,100 個奧林匹克規模的水池。

So to wrap up, I will just summarize. This has been a very exciting, high-performing investment for us and a perfect example of Brookfield's investment strategy of identifying high-quality, scalable businesses that have high barriers to entry and benefit from predictable inflation-linked cash flows where we can also drive additional value creation. Our strategy of identifying early, acquiring and using our deep operating expertise across a number of adjacent asset classes to integrate sustainable district energy assets across North America allowed us to grow a small local utility into a highly desirable global leader in the district energy space. To achieve that, we essentially commercialized the utility by applying a leasing strategy and promoting the economic and environmental benefits of the sustainable energy it provides.

因此，作為總結，我將進行總結。這對我們來說是一項非常令人興奮的高性能投資，也是布魯克菲爾德投資戰略的完美範例，該戰略旨在識別高質量、可擴展的企業，這些企業具有很高的進入壁壘，並受益於可預測的與通貨膨脹相關的現金流，我們還可以在這些企業中推動額外的投資。創造價值。我們的戰略是儘早發現、獲取和利用我們在多個相鄰資產類別中的深厚運營專業知識來整合整個北美的可持續區域能源資產，使我們能夠將一家小型當地公用事業公司發展成為區域能源領域非常理想的全球領導者。為了實現這一目標，我們通過應用租賃策略並促進其提供的可持續能源的經濟和環境效益，基本上將公用事業商業化。

We are very proud of the management team's success in growing Enwave into a best-in-class operator and a global leader in building and growing sustainable district energy. We look forward to our clients and shareholders taking part in its continued success.

我們對管理團隊成功地將 Enwave 發展成為一流的運營商以及建設和發展可持續區域能源的全球領導者感到非常自豪。我們期待我們的客戶和股東參與其持續成功。

Thank you. I'll now pass back over to the operator for questions.

謝謝。我現在將向接線員詢問問題。

(Operator Instructions) And our first question comes from Sohrab Movahedi from BMO Capital Markets.

（操作員說明）我們的第一個問題來自 BMO 資本市場的 Sohrab Movahedi。

Two questions. First, on the reinsurance program, just wanted to confirm that using the American Equity Life reinsurance is a good template for sizing the price, if you will, in the opportunity over the coming years, both from a leverage and potential return perspective?

兩個問題。首先，關於再保險計劃，我只是想確認使用美國股票人壽再保險是確定價格的一個很好的模板，如果您願意的話，在未來幾年的機會中，從槓桿和潛在回報的角度來看？

Did you want to -- it's Bruce. Were you going to ask the second question? Or do you want me to take that?

你想嗎——我是布魯斯。你想問第二個問題嗎？或者你想讓我接受這個？

Sure. I can add -- I can also add the second question. Bruce, unrelated would be just in pursuit of trying to ensure that the value at the asset management franchise is fully kind of appreciated and realized. I wonder if you would ever consider distributing any of the BEP or BIP shares to BAM shareholders directly, increase the opportunity for management fees, IDRs and increase liquidity at BIP and BEP as well. And so just those 2 questions, please.

當然。我可以補充——我還可以補充第二個問題。布魯斯，無關的只是為了確保資產管理特許經營權的價值得到充分的讚賞和實現。我想知道您是否會考慮直接將任何 BEP 或 BIP 股份分配給 BAM 股東，增加管理費、IDR 的機會，並增加 BIP 和 BEP 的流動性。那麼就這兩個問題。

So here's what I'd say. On the second question, which I think is -- and if I don't get them exactly right, please follow up. But the question is, would we consider distributing out to the shareholders of BAM shares of Brookfield Infrastructure or Brookfield Renewable Partners. And look, from time -- here's what I'd say. From time to time, we consider many different alternatives in the company, which will create value for shareholders, and that we've considered in past. We've not done it, a, because there are -- some of our shareholders like to own what they own, and we have a tendency to give spin-offs to people, but we can't do too many of them all at once. But we'll continue to think about the opportunities we can to create value, and that could be one of them in the future that fits into the plans. But we have no intention at this point in time.

這就是我要說的。關於第二個問題，我認為是——如果我沒有完全正確地回答，請跟進。但問題是，我們是否會考慮將 BAM 股份分配給 Brookfield 基礎設施公司或 Brookfield 可再生合作夥伴公司的股東。從時間上看，這就是我要說的。有時，我們會在公司中考慮許多不同的替代方案，這將為股東創造價值，我們過去也考慮過這一點。我們還沒有這樣做，a，因為我們的一些股東喜歡擁有他們所擁有的東西，而且我們傾向於向人們提供分拆，但我們不能同時做太多。一次。但我們將繼續思考我們能夠創造價值的機會，這可能是未來符合計劃的機會之一。但我們目前還沒有這個意圖。

As to the size of the reinsurance program, here's the comment I would say, is that given the industry for long-tailed insurance has experienced what they have over the past 10 years, being interest rates coming down, many entities are requiring capital to continue to write policies and don't trade at proper net asset value prices in the marketplace. Therefore, they require capital. And we think the confluence of us being interested in the business and the counterparties requiring capital -- our capital can be a lot more efficient to them than others -- than what they would do in the market issuing stock or doing something like that. So we think there's a number of opportunities to be able to continue to add on to the business like the transaction that we did recently.

至於再保險計劃的規模，我想說的是，考慮到長尾保險行業在過去十年中經歷了利率下降，許多實體需要資本來繼續制定政策並且不在市場上以適當的資產淨值價格進行交易。因此，他們需要資本。我們認為，我們對業務感興趣，而交易對手需要資本——我們的資本對他們來說比其他人更有效——比他們在市場上發行股票或做類似的事情更有效。因此，我們認為有很多機會能夠繼續增加業務，就像我們最近進行的交易一樣。

And so just for abundance of clarity, Bruce, the $500 million of equity backing up $5 billion to $10 billion of reinsurance liability, that is -- that kind of a gearing ratio is what you would kind of contemplate when you're thinking about what you had talked about at the Investor Day where the insurance opportunity could be upwards of $200 billion of kind of AUM?

因此，布魯斯，為了清楚起見，5 億美元的股本支持 50 億至 100 億美元的再保險負債，也就是說，當您考慮什麼時，您會考慮這種資產負債率。您在投資者日談到保險機會可能超過2000 億美元的資產管理規模？

Sohrab, it's Nick. I would say that that's broadly correct. I mean the amount of capital that you have to hold in reserve is really dictated by where you invest the assets. But based on a reasonable investment portfolio mix, I would say that's a fair starting point.

索拉博，我是尼克。我想說這基本上是正確的。我的意思是，你必須持有的儲備資金數額實際上取決於你投資資產的地方。但基於合理的投資組合組合，我認為這是一個公平的起點。

Our next question comes from Cherilyn Radbourne from TD Securities.

我們的下一個問題來自道明證券的 Cherilyn Radbourne。

In terms of the inaugural impact fund, I was hoping that you could help us differentiate between the types of renewable investments that it would like to make -- or would look to make versus the types of renewable investments that you would normally undertake in the flagship infrastructure funds.

就首屆影響力基金而言，我希望您能幫助我們區分其想要進行或希望進行的可再生能源投資類型與您通常在旗艦項目中進行的可再生能源投資類型基礎設施資金。

Yes. So our -- the transition fund will invest into assets which will move the economy towards net 0. So it could include renewables, but it could include other industrial businesses and infrastructure assets and other assets which fit that mode. And they have to have -- to be able to fit the definitions that are out there, they have to have additionality, meaning that we will develop and create more assets in the future. So it will be much more focused on deploying capital to achieve the transition to net 0.

是的。因此，我們的過渡基金將投資於將使經濟走向淨零的資產。因此它可能包括可再生能源，但也可能包括其他工業企業和基礎設施資產以及適合該模式的其他資產。它們必須具有——為了能夠符合現有的定義，它們必須具有額外性，這意味著我們將在未來開發和創造更多資產。因此，它將更加專注於部署資本以實現向淨零轉型。

And we think that universe is very, very large, which will -- could include some assets that might otherwise fit into our renewable program. And as you know, in all of our entities -- or our listed entities partner with our private funds. And therefore, in this regard, if it's appropriate, some of those might be partnered with Brookfield Renewable Partners.

我們認為宇宙非常非常大，其中可能包括一些可能適合我們的可再生能源計劃的資產。如您所知，我們所有的實體或上市實體都與我們的私人基金合作。因此，在這方面，如果合適的話，其中一些可能會與布魯克菲爾德可再生能源合作夥伴合作。

Okay. That's helpful differentiation. And then just picking up on the reinsurance discussion and the advantages that you bring to a partner like American Equity, is the crux of it your ability to generate higher returns on the assets? Or are there any other relevant advantages in areas like capital or tax?

好的。這是有幫助的差異化。然後，只要了解再保險討論以及您為美國股票這樣的合作夥伴帶來的優勢，問題的關鍵是您產生更高資產回報的能力嗎？或者在資本或稅收等方面還有其他相關優勢嗎？

Look, I would put it down to we have significant access to capital that many organizations don't have access to just because we've spent the last 25 years working with institutional investors. And secondly, our skill set is investing into alternatives and alternatives -- and you've heard us say this many times before. Alternatives are really the only place for institutions to turn today to deploy capital to get a reasonable return. And because the skills we have and the investing apparatus we've set up can create assets and deploy money into alternatives much more efficiently than others, that's really the advantage that we bring to the table.

聽著，我想說的是，我們擁有大量資本，而許多組織卻無法僅僅因為我們在過去 25 年裡一直與機構投資者合作而獲得這些資本。其次，我們的技能是投資於替代方案和替代方案——您之前已經多次聽我們說過這一點。如今，另類投資確實是機構部署資本以獲得合理回報的唯一途徑。因為我們擁有的技能和我們建立的投資機構可以比其他人更有效地創造資產並將資金配置到替代品中，這確實是我們帶來的優勢。

Our next question comes from Bill Katz from Citigroup.

我們的下一個問題來自花旗集團的比爾·卡茨。

Okay. Just, Bruce, you mentioned that you be in the market in the early part of next year for the real estate fund. Could you sort of step back a little bit and walk us through the timing that you foresee for the 3 class -- 3 segments themselves and how you think about successor funds versus the predecessor funds now in terms of sizing?

好的。只是，布魯斯，您提到您將在明年初進入房地產基金市場。您能否退後一步，向我們介紹一下您對 3 類（3 個細分市場）本身的預計時間，以及您現在如何看待後續基金與前驅基金在規模方面的情況？

Bill, it's Nick. Yes, you're right. I mean obviously, when we launch the next funds, it's dictated by the pace of deployment of the existing flagship funds. And the real estate fund was obviously the first 1 of the 3 to be closed and therefore, is the most advanced in deployment right now. And we've said a few times, we expect it could be back out in the market early next year.

比爾，是尼克。你是對的。我的意思是，顯然，當我們推出下一支基金時，它取決於現有旗艦基金的部署速度。房地產基金顯然是這 3 個基金中第一個關閉的，因此，它是目前部署最先進的。我們已經說過幾次，我們預計它可能會在明年初重返市場。

And I think based on where it is today, that's a reasonable assumption. And then you would expect private equity and infrastructure to follow after that. Still expecting them to be at some point next year as well based on deployment.

我認為根據今天的情況，這是一個合理的假設。然後你會期望私募股權和基礎設施緊隨其後。仍然預計它們會在明年的某個時候以及基於部署的情況出現。

The size of our funds, there's really a few variables that go into the funds when we're sizing them. One would be what we think the deployment opportunity set looks like and our ability to invest that capital whilst achieving our desired returns. The second would be what we think investor appetite will be for those funds. And then we obviously have a third variable, which is how much the Brookfield commitment will be to each of those funds. But I think based on our current expectations, we believe, and we set this out at Investor Day, that there is the definite room for growth in those funds and expect them to still be in line with what we would have laid out at Investor Day and have conviction that we can raise that capital and put it to work for value.

我們基金的規模，當我們調整基金規模時，確實會涉及一些變量。其中之一是我們認為部署機會集是什麼樣的，以及我們投資這些資本同時實現我們期望的回報的能力。第二個是我們認為投資者對這些基金的興趣。然後我們顯然還有第三個變量，即布魯克菲爾德對每項基金的承諾金額。但我認為，根據我們目前的預期，我們相信，並且我們在投資者日提出了這一點，這些基金有明確的增長空間，並預計它們仍然符合我們在投資者日的預期並堅信我們可以籌集資金並將其用於創造價值。

Okay. And just a follow-up, Nick, maybe I'll start with you. Just in terms of the FRE margin, given the scaling of the Oaktree footprint and some of the assets they more recently raised, how to think about maybe the flow-through to your margin outlook as we look into 2021. Obviously, at the high end of your range in the quarter itself, maybe transaction activity there, but how to think about maybe the incremental margin from here.

好的。尼克，後續行動，也許我會從你開始。就 FRE 利潤率而言，考慮到橡樹資本足蹟的規模以及他們最近籌集的一些資產，在我們展望 2021 年時，如何考慮利潤率前景的影響。顯然，在高端您在本季度本身的範圍，也許是那裡的交易活動，但如何考慮這裡的增量利潤。

Yes. Bill, I think our comments would be largely consistent with prior quarters. Obviously, these funds will get larger, and so that will see potentially an increase. But there's offset because the funds get larger, we have to obviously raise more capital, which means reaching out to more clients, servicing more clients, pursuing new channels of distribution. So there is obviously a cost buildup of that.

是的。比爾，我認為我們的評論與前幾個季度基本一致。顯然，這些資金將會變得更大，因此可能會增加。但由於資金規模變大，我們顯然必須籌集更多資金，這意味著要接觸更多客戶，為更多客戶提供服務，尋求新的分銷渠道。因此，這顯然會增加成本。

We are incubating and building new strategies on balance sheet. We have insurance, technology transition. Those start smaller, but we build the apparatus for investing and managing that capital upfront as well.

我們正在資產負債表上孵化和製定新的戰略。我們有保險、技術轉型。這些項目一開始規模較小，但我們也建立了用於預先投資和管理資本的裝置。

So I think that there is going to be growth, and there's obviously positive momentum right now, strong margins this quarter. But I still think of it being in the range we previously talked about as we build out the operations that support it.

因此，我認為將會出現增長，而且目前明顯有積極的勢頭，本季度的利潤率很高。但我仍然認為它在我們之前討論的範圍內，因為我們建立了支持它的操作。

Our next question comes from Robert Lee from KBW.

我們的下一個問題來自 KBW 的 Robert Lee。

Great. Maybe sticking with BAM Reinsurance. I guess frankly, I'm trying to understand some of the reasoning behind doing the spin-out now. I mean I understand the other on BEP, BIP, creating the paired securities, C-corp to REITs attracted a broader investor base, which has clearly been evidenced. It's not an issue that I think BAM had and understand you're trying to stand up the reinsurance business and invest in it. Kind of feels why now, particularly since it's just going to be a reflection of BAM's earnings.

偉大的。也許會繼續選擇 BAM 再保險。坦白說，我想我正在嘗試理解現在進行分拆背後的一些原因。我的意思是，我理解 BEP、BIP 上的另一個，創建配對證券、C-corp 到 REITs 吸引了更廣泛的投資者基礎，這已經得到了明確的證明。我認為這不是 BAM 所面臨的問題，並且理解你們正在努力發展再保險業務並對其進行投資。現在有點明白為什麼了，特別是因為它只是反映了 BAM 的收益。

And I guess the second part of that would be, to the extent you raise future capital for reinsurance, is it all going to be through that vehicle? So therefore, its results will start to deviate from BAM's? Is that the way to think of it?

我想第二部分是，如果你為再保險籌集未來的資本，這一切都將通過該工具進行嗎？那麼，它的結果會開始偏離 BAM 的結果嗎？是這樣想的嗎？

So I'll take the first one, and then Nick can add to it if I don't hit the answers. I guess it's important for us to set up this entity from the beginning in a proper way, in a proper place so that it can compete with all the global insurance -- reinsurance businesses that are in existence. And to be able to do that, the most efficient way for us to do it is to set up the entity in the way we're setting it up.

所以我會選擇第一個，如果我沒有找到答案，尼克可以添加它。我想對我們來說，從一開始就以適當的方式、在適當的地點建立這個實體很重要，這樣它就可以與現有的所有全球保險——再保險企業競爭。為了能夠做到這一點，最有效的方法就是按照我們設置的方式來設置實體。

We considered whether we should actually have it as a spin-off to shareholders, but it's not mature enough yet, and it needs the resources of all of Brookfield to be able to grow for the next 2, 3, 4, 5 years, possibly forever. And only at some point in the future, when it's more mature, would we consider splitting it apart and actually making it a separate security like the infrastructure company or renewable company or property company. For the time being, it will have the benefits, but it will be set up in a way such that, that could happen. And that's quite important to us for the future. So that's the answer to the first part of your question.

我們考慮過是否真的應該把它分拆給股東，但它還不夠成熟，它需要布魯克菲爾德全體的資源才能在未來2、3、4、5年裡成長，可能永遠。只有在未來的某個時候，當它更加成熟時，我們才會考慮將其拆分，並實際上使其成為一個單獨的證券，就像基礎設施公司或可再生能源公司或房地產公司一樣。目前，它會帶來一些好處，但它的設置方式會讓這種情況發生。這對我們的未來非常重要。這就是你問題第一部分的答案。

And the second, maybe I'll turn it over to Nick to just answer that part.

第二，也許我會把它交給尼克來回答這一部分。

Yes. Rob, I think in its current form, given that the -- it's a paired security transferable back to BAM and the excess value accrues to BAM, any performance or strong performance in there accrues to all shareholders. So the business and the unit will perform well, but the BAM shareholders will benefit from that strong performance in this current structure -- performance structure.

是的。 Rob，我認為在目前的形式下，考慮到它是可轉讓回 BAM 的配對證券，並且超額價值歸 BAM 所有，其中的任何業績或強勁業績都歸所有股東所有。因此，業務和部門將表現良好，但 BAM 股東將受益於當前結構（績效結構）的強勁表現。

Okay. Okay. And maybe if I can, just one quick follow-up. Going back to the fundraising as -- and I apologize if you may have responded to this already in Bill's question. But how should we think of your future commitments to the next round of flagship funds? I mean if we want to make an assumption that maybe they grow in size that -- given strong third-party demand, how are you thinking about that?

好的。好的。如果可以的話，也許我可以快速跟進一下。回到籌款問題——如果您已經在比爾的問題中對此做出了回應，我深表歉意。但我們應該如何看待你們未來對下一輪旗艦基金的承諾呢？我的意思是，如果我們想假設它們的規模可能會增長——鑑於第三方的強勁需求，您對此有何看法？

Yes. So I touched on it briefly in the earlier question. It's one of the variables that goes into our decision-making when we launch a fund. And I think we're going to be a significant investor in the funds. As they get larger, the absolute investment will be sizable, but the percentage may come down.

是的。所以我在之前的問題中簡要地談到了這一點。這是我們推出基金時做出決策的變量之一。我認為我們將成為這些基金的重要投資者。隨著規模的擴大，絕對投資將相當大，但百分比可能會下降。

And I think that we don't have a predetermined level in our minds, but we know that it's going to be part of the decision-making process when we size the fund again based on the investment opportunity set, client demand and Brookfield commitment will be just one of the variables that go into it. But I think you can assume we'll continue to be significant investor, but maybe expect the percentage to come down whilst the nominal dollars remain material.

我認為我們心中沒有預先確定的水平，但我們知道，當我們根據投資機會集、客戶需求和布魯克菲爾德承諾再次調整基金規模時，這將成為決策過程的一部分。只是其中的變量之一。但我認為你可以假設我們將繼續是重要的投資者，但也許預計百分比會下降，而名義美元仍然重要。

Great. And if I'm allowed, one last question. It seems kind of hinted in the release that maybe the outlook for carry generation is improving. And can you maybe dig into that a little bit, kind of what you're seeing and maybe how we should be thinking of that development as we look ahead to 2021 and which businesses maybe you would expect to be the leaders in that?

偉大的。如果允許的話，我想問最後一個問題。發布中似乎暗示了進位生成的前景可能正在改善。您能否深入探討一下您所看到的情況，以及在展望 2021 年時我們應該如何考慮這一發展，以及您認為哪些企業將成為這方面的領導者？

Yes. I think it's just premised. And again, consistent with prior remarks, in this low interest rate environment that we are in and owning a number of businesses that have performed very strongly through the shutdown and really, it's only enhanced their perspective of their resiliency and their performance as we come out of this, there's obviously a lot of capital in this environment looking for inflation-protected cash flows like that.

是的。我認為這只是有前提的。再次，與之前的言論一致，在我們所處的低利率環境下，我們擁有許多在關閉期間表現非常強勁的企業，實際上，當我們出來時，這只會增強他們對其彈性和業績的看法其中，在這種環境下顯然有大量資本正在尋找這樣的通脹保護現金流。

So we have many businesses that we would have been thinking of taking to market earlier in the year that we paused and now we're returning to those. We have one transaction we previously announced, the real estate business, storage business. And we would have others that we obviously don't want to state what they are because there are processes. But I think you can start to see more monetizations. And obviously, the public markets are also very supportive right now. So we just believe that there will be renewed momentum around dispositions end of this year and coming into next year. And that will obviously result in some increased realized carry compared to last 6 months.

因此，今年早些時候我們曾考慮將許多業務推向市場，但現在我們正在恢復這些業務。我們之前宣布了一項交易，房地產業務、倉儲業務。我們還會有其他一些，我們顯然不想說明它們是什麼，因為存在流程。但我認為你可以開始看到更多的貨幣化。顯然，公開市場目前也非常支持。因此，我們相信今年年底和明年的處置將會出現新的勢頭。與過去 6 個月相比，這顯然會導致已實現的套利有所增加。

Our next question comes from Mark Rothschild from Canaccord.

我們的下一個問題來自 Canaccord 的馬克·羅斯柴爾德 (Mark Rothschild)。

You got a little bit active in the buyback subsequent to the quarter. And I'm just curious, how much of that was taking advantage of a normal drop in the share price versus the thought that you have excess capital that maybe you want to put into buying back shares more aggressively over the next year?

本季度之後的回購活動有點活躍。我只是好奇，其中有多少是利用了股價的正常下跌，而不是考慮到你有多餘的資本，也許你想在明年更積極地回購股票？

It's a combination, I would say, mainly driven by, as you know, we have excess capital we look to redeploy into the business. But when we saw the disconnect really widen -- as Bruce said, our value, in our view, had increased intrinsic value and share price dropped and that disconnect go wider, that drove the decision in the last sort of period, in the last month specifically.

我想說，這是一個組合，主要是由我們擁有多餘的資本來重新部署到業務中所驅動的。但當我們看到脫節確實擴大時——正如布魯斯所說，在我們看來，我們的價值增加了​​內在價值，而股價下跌，脫節擴大，這推動了上個月的最後一段時間的決定具體來說。

And as we look forward, if something like that persists and that deep value pertains, then we'll invest more capital. But we do also have a number of other investment opportunities in the business where we can put capital to work. So I would say it's just an ongoing decision, and we haven't got any predetermined views for what will happen in the next 6 to 12 months.

展望未來，如果類似的情況持續存在並且具有深刻的價值，那麼我們將投入更多資本。但我們在該業務中也確實有許多其他投資機會，我們可以將資本投入其中。所以我想說這只是一個持續的決定，我們對未來 6 到 12 個月內將發生的事情還沒有任何預定的看法。

Okay. Great. Great. And maybe just one more question. And this was kind of asked earlier. I just want to clarify and make sure I understand. For the impact funds, there clearly could be a lot of overlap with your existing core subsidiaries. So let's say in the property, could BPY or your real estate funds be a co-investor in an impact fund -- in an impact investment? Or do you expect that this would be totally separate and perhaps the impact funds end up being another public subsidiary at some point?

好的。偉大的。偉大的。也許還有一個問題。這是早些時候被問到的。我只是想澄清並確保我理解。對於影響力基金來說，顯然可能與您現有的核心子公司有很多重疊。那麼，假設在房地產領域，BPY 或您的房地產基金可以成為影響力基金（影響力投資）的共同投資者嗎？或者您是否預計這將是完全獨立的，也許影響力基金最終會在某個時候成為另一個公共子公司？

Yes. So at this point in time -- to start from the end and go back, at this point in time, we have no intention of having a listed entity for transition. But as with all of our private funds, one of our listed entities invest the Brookfield capital into that investment. So some investments for the transition fund may be appropriate for infrastructure or renewables or property or our BBU entity. It may be and they would invest our portion of the capital. And if not, then Brookfield Asset Management would take up that portion.

是的。所以在這個時間點上——從頭開始，回到過去，在這個時間點上，我們無意有一個上市實體來過渡。但與我們所有的私募基金一樣，我們的一個上市實體將布魯克菲爾德資本投資於該投資。因此，過渡基金的一些投資可能適合基礎設施、可再生能源、房地產或我們的 BBU 實體。可能是這樣，他們會投資我們的部分資本。如果沒有，那麼布魯克菲爾德資產管理公司將承擔這一部分。

So if we were 25% of the money, the 25% may come from any one of those. And that's the way all of our funds are today where one of the entities does. It just so happens that in property, there's only one listed entity that makes the investments beside the -- our private investors.

因此，如果我們佔 25% 的資金，那麼這 25% 可能來自其中任何一項。這就是今天我們所有的基金和其中一個實體的做法。碰巧的是，在房地產領域，除了我們的私人投資者之外，只有一個上市實體進行投資。

Our next question comes from Mario Saric from Scotiabank.

我們的下一個問題來自豐業銀行的 Mario Saric。

Just going back to BAM Reinsurance Partners, I think, Bruce, you mentioned there's a possibility it could be a separate entity down the road. And you highlighted kind of 2, 5 years in terms of timing, maybe forever. Should we look at historical precedent with respect to your other listed subs in terms of size as a good proxy for when you think that may occur?

回到 BAM 再保險合作夥伴，我想，Bruce，你提到過它有可能成為一個獨立的實體。你強調了時間上的 2、5 年，也許是永遠。我們是否應該從規模方面考慮您其他列出的潛艇的歷史先例，作為您認為何時可能發生的良好代理？

So if I go back and I take a look at BIP, the value was roughly about $1 billion. BBU was about $2 billion. [BOP] was about $2 billion and so on. So how should we think about kind of the factors that drive that decision and timing in terms of us creating a separate entity?

因此，如果我回頭看一下 BIP，它的價值大約為 10 億美元。 BBU 約為 20 億美元。 [BOP] 約為 20 億美元，依此類推。那麼，我們應該如何考慮推動這一決策的因素以及創建獨立實體的時機呢？

I don't know. The answer is we're never too sure until we get into it. I think this entity could be far greater and need more access to our -- it needs more access to our resources than the other entities because of all the investments it needs to make. So for the time being, it needs to be paired to Brookfield.

我不知道。答案是，在我們真正了解之前，我們永遠不會太確定。我認為這個實體可能會更大，並且需要更多地訪問我們的資源，因為它需要進行所有投資，所以它比其他實體需要更多地訪問我們的資源。所以暫時需要和布魯克菲爾德配對。

The real determination will be if very, very significant amounts of capital are required and we don't have enough capital on the balance sheet of Brookfield, then we'll need to look for 1 of 2 places to invest new capital into that. And it'll either be private clients of ours to invest in the entity and share that entity with us or we look to spin it off from Brookfield. And that may be at some point in the future.

真正的決定是，如果需要非常非常大量的資本，而我們布魯克菲爾德的資產負債表上沒有足夠的資本，那麼我們需要尋找兩個地方之一來投資新資本。要么是我們的私人客戶投資該實體並與我們共享該實體，要么我們希望將其從布魯克菲爾德分拆出來。這可能是在未來的某個時候。

Okay. And then my second question just pertains to the transition fund. So I think in the letter, it stated an intention for the first private fund, the size will be comparable to other private funds. So I just wanted to clarify if you were referring to your existing flagship funds, the size of your inaugural flagship funds in each of the verticals or other private funds.

好的。我的第二個問題與過渡基金有關。所以我認為在信中，它表達了第一隻私募基金的意圖，規模將與其他私募基金相當。所以我只是想澄清一下，您指的是現有的旗艦基金、每個垂直領域的首個旗艦基金的規模還是其他私募基金。

We were referring to our flagship funds, and we hope to that. But I don't think I can get into specific numbers just because of the regulatory requirements.

我們指的是我們的旗艦基金，我們希望如此。但我認為我不能僅僅因為監管要求就給出具體數字。

Our next question comes from Andrew Kuske from Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的安德魯·庫斯克。

Clearly, your structure is different than most of the other alts that are in the market, and it's given you a lot of flexibility from a funding standpoint but also from an investing of BAM capital. And you really reallocated capital through the corporate family with some of the buybacks and offering activity in the quarter. How do you think about that embedded optionality that you have from a BAM standpoint given the array of vehicles that you've got and then combining that with the private capital on your flagship funds?

顯然，您的結構與市場上大多數其他替代方案不同，從融資角度以及 BAM 資本投資的角度來看，它為您提供了很大的靈活性。通過本季度的一些回購和發行活動，您確實通過企業家族重新分配了資本。考慮到您擁有的一系列工具，然後將其與旗艦基金的私人資本相結合，您如何看待從 BAM 的角度來看您擁有的嵌入式可選性？

Yes. Look, I might start off, and then Nick can add to it but -- and just say that our job as Brookfield Asset Management is to do 2 things. One, we're running a large-scale asset management business. And second, we're in the business of allocating our capital effectively so that our shareholders can maximize the value out of what they own. And that really involves 2 things, using the capital we have to support our investment management business and invest beside our clients and give -- make sure that we can access opportunities for them that they wouldn't otherwise get because of the capital that we have.

是的。聽著，我可能會開始，然後尼克可以添加但是 - 只是說我們作為布魯克菲爾德資產管理公司的工作是做兩件事。第一，我們正在經營大規模的資產管理業務。其次，我們致力於有效地配置我們的資本，以便我們的股東能夠從他們所擁有的資產中實現價值最大化。這實際上涉及兩件事，利用我們擁有的資本來支持我們的投資管理業務，並與我們的客戶一起進行投資，並給予——確保我們能夠為他們提供他們因我們擁有的資本而無法獲得的機會。

But secondly, it's making investment decisions when securities are mispriced and if we understand them possibly better than others or have a view different than others, utilize that mispricing to enhance the value in the long term of the business. And I do think that there's -- one of the reasons why our returns over 20, 30 years have been better than some comparable entities is because of the capital allocation and rotation from investment to investment.

但其次，它是在證券定價錯誤時做出投資決策，如果我們可能比其他人更了解它們或與其他人有不同的觀點，則可以利用錯誤定價來提高業務的長期價值。我確實認為，我們 20、30 年來的回報比一些同類實體更好的原因之一是資本配置和投資的輪換。

And obviously, today, you announced the spin of the reinsurance business. You do have a sizable chunk of the BAM balance sheet still sitting in residential. And you've had vehicles in the past in a few different jurisdictions in the resi space. When do you anticipate -- or when are the market conditions appropriate to really spin that off of your balance sheet?

顯然，今天您宣布了再保險業務的轉型。 BAM 資產負債表中確實有相當大一部分仍位於住宅領域。過去，您在 Resi 領域的幾個不同司法管轄區都擁有過車輛。您預計什麼時候——或者什麼時候市場條件適合真正將其從您的資產負債表中剝離？

Homebuilders today are the flavor of the last 6 months. They've been highly successful. They've all doubled, tripled, quadrupled in value. Of course, ours has done really well. You don't see that necessarily because it's private, and it's on our balance sheet and not listed.

今天的住宅建築商是過去 6 個月的風格。他們非常成功。它們的價值都翻了一番、三倍、四倍。當然，我們的成績確實非常好。你不一定會看到這一點，因為它是私人的，並且它在我們的資產負債表上而不是列出。

I would say that our experience over a 25-year period or more of owning homebuilders or land developers and homebuilders is they don't exactly trade in the public market perfectly most of the time. They happen to be doing that today. And so for that reason, I'm not sure we have any intention of doing it. And it may be better for us if we want to have less capital, invest in the business over time just to reallocate capital because this is a depleting business if you don't reinvest into it. So from time to time, I think we'll just do it that way versus listing it.

我想說的是，我們在 25 年或更長時間裡對擁有房屋建築商或土地開發商和房屋建築商的經驗是，他們大多數時候在公開市場上的交易並不完美。他們今天碰巧正在這樣做。因此，出於這個原因，我不確定我們是否有這樣做的意圖。如果我們想要減少資本，隨著時間的推移對業務進行投資以重新分配資本，這對我們來說可能會更好，因為如果你不重新投資，這將是一項耗盡業務的業務。因此，我認為我們有時會這樣做，而不是列出來。

And our next question comes from Ken Worthington from JPMorgan.

我們的下一個問題來自摩根大通的肯·沃辛頓。

Most of the questions have been asked, but maybe just a follow-up on the flavor of the day, which is reinsurance. Maybe talk about the assets or contracts that are included in the new reinsurance entity when it's spun off to shareholders. I don't think you went through that. Maybe I missed it. Does that include the insurance contracts, the reinsurance assets? Does it include the 20% interest in AEL? And then do Brookfield Insurance shareholders get voting rights in the new entity? Or is that the votes sort of retained by Brookfield?

大多數問題都被問到了，但也許只是今天的主題的後續內容，即再保險。也許可以談談新的再保險實體剝離給股東時所包含的資產或合同。我認為你沒有經歷過那件事。也許我錯過了。這包括保險合同、再保險資產嗎？是否包括AEL 20%的權益？那麼布魯克菲爾德保險股東是否獲得新實體的投票權？或者說布魯克菲爾德保留了這些選票？

And then lastly, I think this follows up on another question earlier. Will the reinsurance entity need to raise equity to support the initial growth? Or is Brookfield going to capitalize it well enough to support sort of its growth over the next couple of years or so?

最後，我認為這是之前另一個問題的後續。再保險實體是否需要籌集股本來支持初始增長？或者布魯克菲爾德是否會充分利用它來支持其在未來幾年左右的增長？

Yes. So Ken, there was a lot of parts to that question. Let me -- if I don't get them all, then please prompt me. But I think we're still working through what will be there, but the intention is it will house all of the insurance assets that we have. So the initial stake in AEL. We also -- as Bruce said, we also have some other insurance entities that we've seeded on balance sheet. The way we see this working is, obviously, that it will have those investments. It will have reinsurance trades on its balance sheet.

是的。肯，這個問題有很多部分。讓我——如果我沒有全部明白，請提示我。但我認為我們仍在研究那裡的情況，但目的是它將容納我們擁有的所有保險資產。所以最初持有AEL的股份。正如布魯斯所說，我們還有一些其他保險實體已列入資產負債表。顯然，我們看到這項工作的方式是它將擁有這些投資。其資產負債表上將有再保險交易。

As we touched on an earlier question, the way that we're looking to differentiate and earn strong returns is by putting that capital to work in our investment strategies, predominantly credit. But that means when those -- when that capital is invested into our strategies, the resulting fee-bearing capital and fee-related earnings would flow through our asset management business. And they would be investing alongside other clients that we have in those strategies, paying the same fees and rates as those. But I would say that's a secondary focus.

正如我們談到之前的問題一樣，我們尋求差異化並獲得豐厚回報的方式是將這些資本用於我們的投資策略（主要是信貸）。但這意味著當這些資本投資到我們的策略時，由此產生的收費資本和與費用相關的收益將流經我們的資產管理業務。他們將與我們在這些策略中擁有的其他客戶一起投資，並支付與這些策略相同的費用和利率。但我想說這是次要焦點。

The primary focus is that when we do these reinsurance transactions, we want to make sure that we are investing capital for value in this business so that we're comfortable with the net return that we can earn on any reinsurance transaction. And then obviously, a consequence of that will be that when we put the capital to work, there will be a resulting growth in fee-bearing capital and fee-related earnings over time. I don't know if I answered all parts of your question.

主要關注點是，當我們進行這些再保險交易時，我們希望確保我們在這項業務中投資價值資本，以便我們對任何再保險交易中可以獲得的淨回報感到滿意。顯然，這樣做的結果是，當我們將資本投入使用時，隨著時間的推移，收費資本和與費用相關的收益將會隨之增長。我不知道我是否回答了你問題的所有部分。

Most. The voting rights, do Brookfield reinsurance shareholders actually get a vote here in the new entity? Or is that just sort of delayed until the pairing is -- the stock is unpaired?

最多。投票權，布魯克菲爾德再保險股東實際上在新實體中擁有投票權嗎？或者只是推遲到配對——股票未配對？

And then equity issuance, is this the vehicle that's going to raise equity? Or is equity raised through BAM and sort of transferred to the insurance vehicle? How does the capital raising actually work here?

然後是股權發行，這是籌集股權的工具嗎？或者是通過 BAM 籌集股本並轉移至保險工具？這裡的融資實際上是如何運作的？

So the start -- I'll answer it in reverse order. Starting off, the capital will be ceded into the entity, and $500 million will be spun out to shareholders. The balance of the equity will be provided by BAM. And to the extent it needs more money, we can -- BAM will put more money into the entity, and there'll be no further shares of that entity issued other than if we choose to.

那麼開始——我會以相反的順序回答它。首先，資本將轉入該實體，並向股東分拆 5 億美元。股權餘額將由BAM提供。如果它需要更多資金，我們可以——BAM 將向該實體投入更多資金，並且除非我們選擇，否則不會再發行該實體的股票。

But remember, even if we do issue shares out of that, they're really just a BAM share. So while we're buying shares back in Brookfield Asset Management, I suspect we're never going to issue a share in Brookfield reinsurance because they're a paired share. So it would be -- you'd be doing the same. You'd be issuing in one place and buying back in another. So the equity will be provided by Brookfield as a first step.

但請記住，即使我們確實發行了股票，它們實際上也只是 BAM 股票。因此，當我們回購布魯克菲爾德資產管理公司的股票時，我懷疑我們永遠不會發行布魯克菲爾德再保險的股票，因為它們是配對股票。所以，你也會做同樣的事情。你會在一個地方發行並在另一個地方回購。因此，作為第一步，布魯克菲爾德將提供股權。

Secondly, to answer your first question, on the voting rights, the structure will be the exact same as it is in Brookfield Asset Management. So all shareholders will get voting rights like they do today. They'll have the same rights they have in Brookfield Asset Management. They'll have the same rights they have in Brookfield reinsurance.

其次，回答你的第一個問題，關於投票權，其結構將與布魯克菲爾德資產管理公司的結構完全相同。因此，所有股東都將像今天一樣獲得投票權。他們將擁有與布魯克菲爾德資產管理公司相同的權利。他們將擁有與布魯克菲爾德再保險相同的權利。

(Operator Instructions) And our next question comes from Bill Katz with Citigroup.

（操作員說明）我們的下一個問題來自花旗集團的 Bill Katz。

Okay. Just going back to the transition fund for a moment. Bruce, in your letter, you mentioned that you could foresee this being a $50 billion to $100 billion opportunity over time. What are your expectations for the scaling of that? And how would the economics of a fund like this compare to, let's say, your flagship funds?

好的。暫時回到過渡基金。 Bruce，您在信中提到，隨著時間的推移，您可以預見這將是一個價值 500 億至 1000 億美元的機會。您對此規模的期望是什麼？與您的旗艦基金相比，這樣的基金的經濟效益如何？

I think it will be -- the second question first, it will be similar to our flagship funds. And we think that this business can be very large as we create a new asset class for institutional investors. And the reason why we're coming out with it and the reason why Mark joined us is we think that there is a very large group of investors who want to put money into the transition of the economy, and there's not very many alternatives for them to do that.

我認為首先是第二個問題，它將與我們的旗艦基金類似。我們認為，隨著我們為機構投資者創造新的資產類別，這項業務可能會非常龐大​​。我們提出這個方案以及馬克加入我們的原因是我們認為有一大群投資者想要將資金投入到經濟轉型中，而他們沒有太多選擇要做到這一點。

And as a result of that, if we can create a fund offering from them with all the discipline and access to what we have within Brookfield, we'll have a number of people that will want to invest with us. And there's not many other alternatives at this point in time.

因此，如果我們能夠以所有紀律並利用我們在布魯克菲爾德擁有的資源，從他們那裡創建一個基金產品，我們將有很多人願意與我們一起投資。目前沒有太多其他選擇。

Okay. And then just one last one. Just going back to reinsurance. Is there an opportunity here, as you scale the business, to maybe broaden out the fee-related earnings stream to an advisory opportunity beyond simply just picking up some incremental spread and then the corresponding FRE associated with that?

好的。然後只有最後一張。回到再保險。當您擴展業務時，是否有機會將與費用相關的收入流擴大到諮詢機會，而不僅僅是簡單地獲得一些增量利差，然後獲得與之相關的相應 FRE？

We will see over time, Bill. That's not where our heads are at right now. The focus right now is about investing the capital that we'll be raising and earning strong returns on that invested capital. And as I said, the direct consequence of that will be fee-bearing capital and fee-related earnings. We haven't turned our minds to advisory fees.

我們會隨著時間的推移看到的，比爾。這不是我們現在的想法。現在的重點是投資我們將籌集的資本並從投資的資本中獲得豐厚的回報。正如我所說，其直接後果將是收費資本和與費用相關的收入。我們還沒有把注意力轉向諮詢費。

And I am showing no further questions from our phone lines. I would now like to turn the conference back over to Suzanne Fleming for any closing remarks.

我的電話線路上沒有再提出任何問題。現在我想將會議轉回給蘇珊·弗萊明（Suzanne Fleming）發表閉幕詞。

Thank you, operator, and thank you, everyone, for joining us today. With that, we will end the call.

謝謝運營商，也謝謝大家今天加入我們。這樣，我們就結束通話了。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。祝大家度過美好的一天。