(BAM) 2022 Q1 法說會逐字稿

Hello, and welcome to the Brookfield Asset Management 2022 First Quarter Conference Call and Webcast. (Operator Instructions) It is now my pleasure to introduce managing partner, Suzanne Fleming.

您好，歡迎來到 Brookfield Asset Management 2022 年第一季度電話會議和網絡直播。 （操作員說明）現在我很高興介紹管理合夥人 Suzanne Fleming。

Thank you, operator, and good morning. Welcome to Brookfield's First Quarter 2022 Conference Call. On the call today are Bruce Flatt, our Chief Executive Officer; and Nick Goodman, our Chief Financial Officer. Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results as well as the distribution and partial listing of the asset manager.

謝謝接線員，早上好。歡迎來到布魯克菲爾德 2022 年第一季度電話會議。今天的電話會議是我們的首席執行官 Bruce Flatt；和我們的首席財務官尼克古德曼。 Bruce 將首先提供業務更新，然後是 Nick，他將討論我們的財務和運營結果以及資產管理人的分配和部分上市。

After our formal remarks, we'll turn the call over to the operator and take analyst questions. (Operator Instructions) I'd like to remind you that in today's comments, including in responding to questions and in discussing new initiatives and 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 laws.

在我們正式發言後，我們會將電話轉給接線員並回答分析師的問題。 （操作員說明）我想提醒您，在今天的評論中，包括在回答問題和討論新舉措以及我們的財務和經營業績時，我們可能會做出前瞻性陳述，包括前瞻性陳述適用的加拿大和美國證券法。

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.

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大不相同。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。

And with that, I'll turn the call over to Bruce.

有了這個，我會把電話轉給布魯斯。

Thank you, Suzanne, and welcome to everyone on the call. We had a strong first quarter, reporting net income of $3 billion and distributable earnings for common shareholders of $1.2 billion. Earnings were supported by the continued strong performance of both our asset management business and our underlying operations.

謝謝你，蘇珊娜，歡迎大家來電。我們的第一季度表現強勁，淨收入為 30 億美元，普通股股東的可分配收益為 12 億美元。我們的資產管理業務和基礎業務的持續強勁表現支撐了盈利。

Following our last earnings release, we had discussions with a lot of shareholders. Thank you all for that. Post these discussions, we decided to move forward with separately listing our asset management business by distributing a 25% interest to our shareholders. Based on our estimate of values, shareholders will receive a special distribution of $20 billion of shares, which is somewhere around $12 per share at that time.

在我們上次發布財報之後，我們與很多股東進行了討論。謝謝大家。發布這些討論後，我們決定通過向我們的股東分配 25% 的權益來單獨上市我們的資產管理業務。根據我們對價值的估計，股東將獲得 200 億美元股票的特別分配，當時約為每股 12 美元。

This will be done tax-free for Canadian and U.S. shareholders, and we are working on the other jurisdictions. We will complete this by the end of 2022, and Nick will provide more details after discussing our financial results.

這將對加拿大和美國的股東免稅，我們正在其他司法管轄區開展工作。我們將在 2022 年底前完成這項工作，尼克將在討論我們的財務業績後提供更多細節。

Turning first to markets. With elevated inflation, Central Banks are now raising interest rates and pulling back on stimulus. The 10-year U.S. Treasury recently hit 3%, which is over 1% higher than it was at the start of the year. It is really important though to remember that for cash generative businesses, in particular, ones that we own, 2%, 3%, 4%, 5% interest rates are low by historical standards and can be absorbed in our margins.

首先轉向市場。隨著通脹上升，各國央行現在正在提高利率並撤回刺激措施。 10 年期美國國債最近達到 3%，比年初高出 1% 以上。但請務必記住，對於產生現金的企業，特別是我們擁有的企業，2%、3%、4%、5% 的利率按歷史標準來說是很低的，可以被我們的利潤吸收。

What is more important for us is that we own one of the largest portfolios of inflation-protected assets in the world. Our assets generally have a high investment cost upfront, earn very high margins and have low expenses compared with the capital cost. Therefore, in periods of inflation, we capture most of the benefit from the revenue expansion and the overall value of our investments tend to increase over time.

對我們來說更重要的是，我們擁有世界上最大的通脹保值資產組合之一。與資本成本相比，我們的資產通常具有較高的前期投資成本、很高的利潤率和較低的費用。因此，在通貨膨脹時期，我們從收入擴張中獲得了大部分收益，並且我們投資的整體價值往往會隨著時間的推移而增加。

The compounding effects are more profound as you go forward. We are seeing this impact across most of our businesses. In our infrastructure business, for example, we acquired many assets last year based on expectations and inflation would exceed market outlooks and we would be able to capture the upside. We are doing that now.

隨著您的前進，複合效應會更加深遠。我們在大多數業務中都看到了這種影響。例如，在我們的基礎設施業務中，我們去年根據預期收購了許多資產，通脹將超過市場前景，我們將能夠抓住上行空間。我們現在正在這樣做。

Within real estate, based on our experience, construction costs have increased at least 20% over the past 3 years. To maintain returns on a new building, rental rates will also need to be approximately 20% higher. This is what we are seeing in New York right now for high-quality office buildings where rents have increased by even more than 30% from prepandemic levels for great properties.

在房地產領域，根據我們的經驗，過去 3 年建築成本至少增加了 20%。為了維持新建築的回報，租金也需要提高大約 20%。這就是我們現在在紐約看到的高質量寫字樓的情況，這些寫字樓的租金比大流行前的水平上漲了 30% 以上。

Great companies are wanting great space for their people. Our leasing pipeline in our very high-quality portfolio for space is very robust. We're seeing similar impacts on inflation across our portfolio, and it underscores the value of real return assets. They generate strong cash flows through economic cycles while continuing to compound in value.

偉大的公司都希望為他們的員工提供廣闊的空間。在我們非常高質量的空間投資組合中，我們的租賃渠道非常強大。我們在我們的投資組合中看到了對通脹的類似影響，這凸顯了實際回報資產的價值。它們在經濟周期中產生強勁的現金流，同時繼續增值。

Our clients recognize this. This has led our fundraising to be very strong. We have a vast partner network and a very broad group of clients across the world. In addition, our forms of capital are diverse and have always differentiated us. This will be even more important going forward. We closed our latest credit opportunities fund at $16 billion, and we'll soon be closing our global transition fund at $15 billion.

我們的客戶認識到這一點。這導致我們的籌款活動非常強勁。我們在世界各地擁有龐大的合作夥伴網絡和非常廣泛的客戶群。此外，我們的資本形式多種多樣，始終使我們與眾不同。這將在未來變得更加重要。我們以 160 億美元關閉了我們最新的信貸機會基金，我們很快將以 150 億美元關閉我們的全球過渡基金。

Our latest real estate flagship fund has raised over $12 billion and will be fully closed by year-end. We expect very strong first closes in the second quarter for our infrastructure and private equity funds and have been seeing strong inflows into our perpetual funds.

我們最新的房地產旗艦基金已經籌集了超過 120 億美元，並將在年底前完全關閉。我們預計，我們的基礎設施和私募股權基金在第二季度的首次收盤非常強勁，並且我們的永續基金一直有大量資金流入。

We now have our nontraded REIT approved on numerous distribution platforms and expect to see increased inflows during the second half of this year. Deployment has also been strong. With the public market volatility in the last number of months, we were successful in closing a number of public market bids.

現在，我們的非交易房地產投資信託基金已在眾多分銷平台上獲得批准，預計今年下半年流入量將增加。部署也很強勁。由於過去幾個月公開市場的波動，我們成功完成了一些公開市場投標。

In the first quarter, investor committed $33 billion to new acquisitions, and our pipeline remains robust. We committed $10 billion from our latest flagship real estate fund as the dislocation in markets led to a number of value opportunities for us. We're acquiring numerous companies across our other businesses, including a leading software company that is mission-critical to car dealers, a $15 billion electricity transmission business in Australia and numerous other things.

第一季度，投資者承諾 330 億美元進行新收購，我們的管道仍然強勁。我們從我們最新的旗艦房地產基金中投入了 100 億美元，因為市場錯位為我們帶來了許多價值機會。我們正在收購其他業務中的眾多公司，包括一家對汽車經銷商至關重要的領先軟件公司、澳大利亞價值 150 億美元的電力傳輸業務以及許多其他公司。

At the same time, the private markets are robust in terms of asset sales, particularly assets that generate strong cash flows and have some form of inflation protection. We continue to actively sell down assets within our real estate portfolio. Notably, we have agreed to sell 2 office complexes in Australia for a total of $3 billion and recently sold a GBP 300 million London office building for a sub 4% cap rate. We're also progressing efforts to monetize mature assets across a number of our other businesses.

與此同時，私人市場在資產銷售方面表現強勁，特別是產生強勁現金流並具有某種形式的通脹保護的資產。我們繼續積極拋售房地產投資組合中的資產。值得注意的是，我們已同意以總計 30 億美元的價格出售澳大利亞的 2 座辦公大樓，並且最近以低於 4% 的資本化率出售了價值 3 億英鎊的倫敦辦公樓。我們還在努力將我們許多其他業務的成熟資產貨幣化。

Given recent events around the world, we wanted to remind you about our global presence. We operate in over 30 countries and do not have plans for this number to change too much over time. We have no Brookfield business in Russia. We've been very disciplined about which countries we invest in and have a few criteria that must be met before investing in a certain geography.

鑑於世界各地最近發生的事件，我們想提醒您我們的全球影響力。我們在 30 多個國家/地區開展業務，並且沒有計劃讓這個數字隨著時間的推移發生太大變化。我們在俄羅斯沒有 Brookfield 業務。對於我們投資的國家/地區，我們一直非常自律，並且在投資特定地區之前必須滿足一些標準。

Those are: the standard of governance needs to be at the level of advanced countries, the country must be proven over time to have a respect for foreign capital, we should be able to scale the investments meaningfully in the country, and lastly, we should be able to invest across most of our sectors, so we get the benefits of economies of scale.

這些是：治理標準需要達到發達國家的水平，國家必須經過時間證明尊重外國資本，我們應該能夠在該國有意義地擴大投資，最後，我們應該能夠在我們的大部分領域進行投資，因此我們獲得了規模經濟的好處。

We will continue to refer to these criteria when assessing investment opportunities going forward and will remain choosy about where we put your capital to work. Before I turn it over to Nick, I wanted to end with 3 final points about our overall business.

在評估未來的投資機會時，我們將繼續參考這些標準，並將繼續選擇我們將您的資金用於何處。在我把它交給尼克之前，我想以關於我們整體業務的 3 點作為結尾。

First, we continue to see our fundraising accelerating. While some sponsors are having indigestion, the breadth of our franchise and the diversification of capital makes our business very different. In times of consolidation, large brands win. And as a result, we continue to widen our moat.

首先，我們繼續看到我們的籌款加速。雖然一些贊助商消化不良，但我們特許經營的廣度和資本的多樣化使我們的業務大不相同。在整合時期，大品牌獲勝。因此，我們繼續拓寬我們的護城河。

We expect to have our best fundraising year ever this year, and that is on top of a record past few years. Our manager split is meant to continue to advance our strengths even further.

我們預計今年將是有史以來最好的籌款年，這是過去幾年創下的最高紀錄。我們的經理拆分旨在繼續進一步提升我們的優勢。

Second, we own a vast and highly diversified group of cash-generative inflation-protected assets. In the times we're heading into, this portfolio is what is what you want to own. We also used the past 2 years to widen our strength. This is starting to pay off and should be true even more over the next 24 months.

其次，我們擁有龐大且高度多元化的可產生現金的通脹保值資產。在我們即將進入的時代，這個投資組合就是您想要擁有的。我們也利用過去的兩年來擴大我們的實力。這開始得到回報，在接下來的 24 個月裡應該會更加真實。

And last, technology has and is changing the world. We always knew this. Our main issue has always been valuation, which often made no sense to us. The difference now versus 20 years ago is that many technology businesses have become real backbone cash-generative businesses. With valuations now down and may be going lower, this presents great opportunity.

最後，技術已經並且正在改變世界。我們一直都知道這一點。我們的主要問題一直是估值，這對我們來說通常沒有意義。現在與 20 年前的不同之處在於，許多科技企業已成為真正的骨幹現金產生企業。隨著估值現在下降並且可能會走低，這提供了很好的機會。

We believe we will be able to do many things such as the recent enterprise software acquisition that we added into our private equity business. We have been laying the seeds for years, but for the first time in 20 years, we're really excited about buying great technology businesses at reasonable valuations.

我們相信我們將能夠做很多事情，例如我們最近將企業軟件收購添加到我們的私募股權業務中。多年來，我們一直在播種，但 20 年來，我們第一次對以合理估值收購偉大的科技企業感到非常興奮。

Thank you for your continued support. I'll now pass it over to Nick to go over the financial results and more details on our distribution of 25% of our asset management business.

感謝您一如既往的支持。我現在將把它交給尼克，以了解財務業績和更多關於我們分配 25% 資產管理業務的細節。

Thank you, Bruce, and good morning, everyone. Financial results for the quarter were strong. Distributable earnings or DE were $1.2 billion, and DE before realizations were $947 million, up 28% from the prior year quarter, and that's supported by the growth in our asset management franchise and strong underlying performance across the business.

謝謝你，布魯斯，大家早上好。本季度財務業績強勁。可分配收益或 DE 為 12 億美元，實現前的 DE 為 9.47 億美元，比去年同期增長 28%，這得益於我們資產管理業務的增長和整個業務的強勁基礎業績。

FFO and net income totaled $1.6 billion and $3 billion, respectively. Our asset management business continued to expand and its growth trajectory remains strong. We ended the quarter with $379 billion of fee-bearing capital, and that's up $59 billion compared to the prior year. As Bruce mentioned, we expect 2022 to be our largest fundraising year ever with nearly 50 funds currently in marketing.

FFO 和淨收入分別總計 16 億美元和 30 億美元。我們的資產管理業務持續擴張，增長勢頭依然強勁。我們在本季度末的收費資本為 3790 億美元，與去年相比增加了 590 億美元。正如布魯斯所說，我們預計 2022 年將是我們有史以來最大的籌款年，目前有近 50 只基金在營銷中。

These funds include the latest series of flagships across our verticals as well as a suite of complementary fund products. In Infrastructure, we launched the fundraising of our third infrastructure debt fund in February and have received strong investor engagement. We expect that this fund will be significantly larger than the previous vintage.

這些基金包括我們垂直領域的最新系列旗艦產品以及一套互補的基金產品。在基礎設施方面，我們於 2 月啟動了第三支基礎設施債務基金的籌資活動，並獲得了投資者的大力參與。我們預計該基金將比上一個年份大得多。

In private equity, we launched fundraising on the third vintage of our technology fund with a very strong initial pipeline of seed investments. And as Bruce mentioned, we continue to ramp up the number of distribution channels for our nontraded REIT. The growth in fee-bearing capital directly resulted in higher fee-related earnings, which grew by 21% in the quarter to $501 million and $2 billion over the last 12 months.

在私募股權方面，我們在技術基金的第三個年份啟動了籌款活動，並擁有非常強大的初始種子投資渠道。正如布魯斯所說，我們繼續增加非交易房地產投資信託基金的分銷渠道數量。收費資本的增長直接導致與費用相關的收益增加，在過去 12 個月中，該季度增長了 21%，達到 5.01 億美元和 20 億美元。

In addition to the current fee-bearing capital, we have $33 billion of additional committed capital that, when invested, will translate to approximately $330 million of incremental annual fee revenues. This, plus the additional capital that we expect to raise over the next few months, is a significant tailwind for continued growth in our earnings.

除了目前的收費資本外，我們還有 330 億美元的額外承諾資本，投資後將轉化為約 3.3 億美元的增量年費收入。這一點，加上我們預計在未來幾個月內籌集的額外資金，是我們收益持續增長的重要推動力。

Moving on to investment performance and monetization activity. Despite recent market volatility, our capital recycling activities across our mature investments continue to remain strong, and we are on track to realize up to $1 billion of realized carried interest during the year. On the back of realization activity within our real estate, infrastructure and credit funds during the first quarter, we realized $303 million of gross carried interest.

繼續投資業績和貨幣化活動。儘管近期市場波動，但我們在成熟投資中的資本回收活動繼續保持強勁，我們有望在年內實現高達 10 億美元的已實現附帶權益。在第一季度我們的房地產、基礎設施和信貸基金的變現活動的支持下，我們實現了 3.03 億美元的總附帶權益。

Our remaining investments continue to perform well, resulting in strong valuation uplifts. We generated approximately $900 million of carried interest during the quarter, increasing the total accumulated unrealized carried interest to $8.4 billion, net of what has been realized into income already.

我們的剩餘投資繼續表現良好，導致估值大幅提升。我們在本季度產生了大約 9 億美元的附帶權益，將累計未實現附帶權益總額增加到 84 億美元，扣除已經實現的收入。

Lastly, our principal investments continue to provide strong and steady distributions, supporting our distributable earnings. Distributions from our investments were $622 million and that's 27% higher than the prior year. The increase was driven by distribution growth at BIP and BEP and the increased ownership of our real estate business.

最後，我們的主要投資繼續提供強勁而穩定的分配，支持我們的可分配收益。我們的投資分配為 6.22 億美元，比上一年高出 27%。這一增長是由 BIP 和 BEP 的分銷增長以及我們對房地產業務的所有權增加所推動的。

Operating FFO was $1.1 billion for the quarter, a 43% increase compared to the prior period. The increase was largely driven by the continued growth in our asset management franchise, strong organic growth across our operations, as well as contributions from recent acquisitions.

本季度運營 FFO 為 11 億美元，比上一季度增長 43%。這一增長主要是由於我們資產管理業務的持續增長、我們業務的強勁有機增長以及近期收購的貢獻。

Total FFO was $1.6 billion for the quarter. We're continuing to see trends supporting the recovery in the real estate market. In addition to executing a number of asset sales, we're also seeing strong interest in new leases with many negotiations underway with large-scale global firms on a long-term basis.

本季度總 FFO 為 16 億美元。我們繼續看到支持房地產市場復甦的趨勢。除了執行一些資產出售之外，我們還看到了對新租約的濃厚興趣，與大型全球公司進行了許多長期談判。

Our liquidity remains very strong and provides us with significant financial flexibility to deploy capital opportunistically, seed new products and return capital to shareholders through share buybacks. Since the beginning of the year, we've deployed $170 million of capital towards share buybacks, and if market conditions remain the same, we expect to continue to repurchase shares opportunistically.

我們的流動性仍然非常強勁，並為我們提供了顯著的財務靈活性，可以機會性地配置資本、播種新產品並通過股票回購向股東返還資本。自今年年初以來，我們已將 1.7 億美元的資金用於股票回購，如果市場條件保持不變，我們預計將繼續機會性地回購股票。

We ended the quarter with $85 billion of deployable capital, which includes $70 billion of uncalled fund commitments and approximately $15 billion of core liquidity. During the quarter, we enhanced our liquidity by issuing $400 million of 30-year green bonds at 3.63% and $400 million notes at 2.55% by reopening our existing 2028 notes.

本季度末，我們擁有 850 億美元的可部署資本，其中包括 700 億美元的未收回資金承諾和約 150 億美元的核心流動性。在本季度，我們通過重新發行我們現有的 2028 年票據以發行 4 億美元的 30 年期綠色債券（利率為 3.63%）和 4 億美元的票據（利率為 2.55%）來增強我們的流動性。

Our liquidity is further bolstered by $4.1 billion of annualized DE before realizations. And with Brookfield realized reinsurance shortly closing on its American National acquisition, that will add $30 billion of insurance assets to its portfolio, including $8 billion of cash and short-dated liquid assets.

在實現之前，我們的流動性進一步得到了 41 億美元的年化 DE 的支持。隨著 Brookfield 在不久之後完成對 American National 的收購，這將為其投資組合增加 300 億美元的保險資產，其中包括 80 億美元的現金和短期流動資產。

Before turning to the details of the asset management distribution, I'm pleased to confirm that our Board of Directors has declared a quarterly dividend of $0.14 per share payable at the end of June. As mentioned earlier, we are proceeding with our plan to publicly list and distribute to our shareholders a 25% interest in our asset management business.

在談到資產管理分配的細節之前，我很高興地確認我們的董事會已宣佈在 6 月底支付每股 0.14 美元的季度股息。如前所述，我們正在推進我們的計劃，公開上市並向我們的股東分配我們資產管理業務 25% 的權益。

The special distribution based on our estimate of value will be around $20 billion or $12 for each share that you own today. We expect to complete the distribution by the end of the year on a tax-free basis to at least Canadian and U.S. shareholders.

根據我們對價值的估計，您今天擁有的每股股份的特別分配約為 200 億美元或 12 美元。我們預計至少在今年年底前完成對加拿大和美國股東的免稅分配。

Over the last 20 years, we have successfully grown 2 businesses, our capital investments and our alternative asset management franchise side by side. The combination of the 2 has been a significant competitive advantage to us. And while they are different in nature, they have worked very well together.

在過去的 20 年中，我們成功地發展了兩項業務，即我們的資本投資和我們的另類資產管理特許經營權。兩者的結合對我們來說是一個重要的競爭優勢。雖然它們的性質不同，但它們一起工作得很好。

We have used our capital to create alignment with our clients and provide them with flexibility and leveraged our deep investing and operating expertise to deliver excellent returns over a long period of time. Our business has been built around our core competencies of acquiring, owning and operating real assets, which provide essential services and form the backbone of the global economy.

我們利用我們的資本與我們的客戶建立一致並為他們提供靈活性，並利用我們深厚的投資和運營專業知識在很長一段時間內提供出色的回報。我們的業務建立在我們收購、擁有和經營實物資產的核心能力之上，這些資產提供基本服務並構成全球經濟的支柱。

Each of our verticals across renewable power & transition, infrastructure, private equity, real estate and credit operate on a decentralized basis with strong dedicated management, investment and operating teams singularly focused on their respective business and with their own access to capital.

我們在可再生能源和轉型、基礎設施、私募股權、房地產和信貸領域的每個垂直領域都在分散的基礎上運營，擁有強大的專業管理、投資和運營團隊，專注於各自的業務並擁有自己的資本渠道。

This, we feel, has been a large contributor to our success and the performance of the listed affiliates share prices has also created further optionality for growth along the way. Today, we have approximately $725 billion of assets under management and fee-bearing capital of $380 billion and have delivered excellent returns to our clients and the capital that we have invested alongside our clients has benefited, compounding at north of 15% returns and now stands at $75 billion gross, around $60 billion net.

我們認為，這對我們的成功起到了很大的作用，上市關聯公司的股價表現也為一路上的增長創造了進一步的選擇權。今天，我們管理著大約 7,250 億美元的資產和 3,800 億美元的收費資本，並為我們的客戶帶來了可觀的回報，我們與客戶一起投資的資本也從中受益，複合回報率超過 15%，目前處於總額為 750 億美元，淨額約為 600 億美元。

All in, BAM the public security has delivered around a 20% return over the last 20 years and roughly 17% over the last 30 years. And as we look forward, we're striving to set the business up for the next 20 years in order to achieve similar growth and returns.

總而言之，BAM 公共安全在過去 20 年中的回報率約為 20%，在過去 30 年中約為 17%。展望未來，我們正在努力為未來 20 年建立業務，以實現類似的增長和回報。

And looking ahead, we see a tremendous growth opportunity. For our asset management business, our plan is to more than double our fee-bearing capital over the next 5 years to over $800 billion, which will in turn more than double our fee revenues.

展望未來，我們看到了巨大的增長機會。對於我們的資產管理業務，我們的計劃是在未來 5 年內將我們的收費資本增加一倍以上，達到 8000 億美元以上，這反過來將使我們的費用收入增加一倍以上。

Our $75 billion of capital currently provides us with $3 billion of annual cash distributions and has generated an approximate 15% return over time. Going forward, we plan to continue recycling and investing our capital and compounding value at north of 15% a year over the long term.

我們 750 億美元的資本目前為我們提供了 30 億美元的年度現金分配，並且隨著時間的推移產生了大約 15% 的回報。展望未來，我們計劃在長期內以每年 15% 以上的速度繼續循環利用和投資我們的資本和復合價值。

Applying the benefits of our learnings over the last 20 years, we have concluded that to optimize this growth, it is best that there will be a degree of operational separation between the capital and the asset manager, while still preserving the benefit of their complementary nature and alignment.

應用我們在過去 20 年中學到的好處，我們得出結論，要優化這種增長，最好在資本和資產管理人之間有一定程度的運營分離，同時仍然保持它們互補性的好處和對齊。

Central to everything that we do is our people and our culture. And one of our differentiating philosophies as a business has been and will always be very strong alignment with our shareholders and our clients, and this will not change. We have always made sure to invest our own capital alongside our clients, and we will continue to do so. This includes us continuing to commit capital to our funds and invest alongside LPs, and we will continue to be anchor investors in our perpetual affiliates, BIP, BEP, and BBU.

我們所做的一切的核心是我們的員工和我們的文化。作為一家企業，我們與眾不同的理念之一一直是並將永遠與我們的股東和客戶保持非常緊密的一致，這一點不會改變。我們始終確保與客戶一起投資自有資金，我們將繼續這樣做。這包括我們繼續向我們的基金投入資金並與 LP 一起投資，我們將繼續成為我們永久附屬公司、BIP、BEP 和 BBU 的錨定投資者。

We will also continue to ensure the strong alignment of our people with our shareholders and clients as well. And our day-to-day business practices and investment philosophies will not change. As mentioned, we plan to distribute 25% interest in our asset management business to shareholders, allowing our existing and prospective shareholders the ability to own a direct interest in our pure-play asset manager that will look more comparable to asset-light alternative asset managers and should expand our investor base.

我們還將繼續確保我們的員工與我們的股東和客戶保持緊密的聯繫。我們的日常業務實踐和投資理念也不會改變。如前所述，我們計劃將我們資產管理業務的 25% 權益分配給股東，使我們現有和潛在的股東能夠擁有我們的純資產管理公司的直接權益，這看起來更像是輕資產另類資產管理公司並且應該擴大我們的投資者基礎。

The manager will have a high payout ratio, 90% or higher, as it does not require much capital going forward, and it will have minimal day 1 leverage. It will, in our view, have an approximate equity value of $80 billion based on a midpoint of current market valuation multiples and subject to the allocation of carried interest, and therefore, a free float of around $20 billion.

經理將擁有 90% 或更高的高派息率，因為它不需要太多的資金，而且第一天的槓桿率最低。我們認為，根據當前市場估值倍數的中點，根據附帶權益的分配，它的股權價值約為 800 億美元，因此自由流通量約為 200 億美元。

The corporation will initially own 75% of the asset management business, which we value at around $60 billion. This is in addition to the $75 billion of capital investments we have to date. So in total, the corporation will hold around $135 billion of investments. The corporation will have a lower payout ratio as it will focus on reinvesting and compounding its capital and continuing to build new businesses by leveraging its deep investing and operating expertise.

該公司最初將擁有資產管理業務 75% 的股份，我們對該業務的估值約為 600 億美元。這是我們迄今為止必須進行的 750 億美元資本投資的補充。因此，該公司總共將持有約 1350 億美元的投資。該公司將擁有較低的派息率，因為它將專注於再投資和復合其資本，並通過利用其深厚的投資和運營專業知識繼續建立新業務。

Before I wrap up, I just want to go over a few points worth noting on the transaction. We do not expect any impact to our debt holders or preferred shareholders. Our borrowings and preferred shares will be held at the corporation, but we do not anticipate any impact to our ratings. The split and distribution of our shares will be structured so that it's distributed tax-free to U.S. and Canadian shareholders, and we are currently working through the tax impact for other jurisdictions.

在結束之前，我只想回顧一下交易中值得注意的幾點。我們預計不會對我們的債務持有人或優先股股東產生任何影響。我們的借款和優先股將由公司持有，但我們預計不會對我們的評級產生任何影響。我們股票的拆分和分配將進行結構化，以便向美國和加拿大股東免稅分配，我們目前正在努力解決其他司法管轄區的稅收影響。

The structure of the manager will be same as our structure now. It will be a Canadian C-Corp that will be dual-listed on the New York and Toronto Stock Exchanges. We will ensure that Brookfield reinsurance shareholders are treated equally to Brookfield Class A shareholders from an economic perspective as a result of the conversion feature in their shares. In terms of timing, we are expecting that this will be completed before the end of the year through a plan of arrangement. Between now and then, we will have a number of customary regulatory filings that will be completed, including issuing a prospectus shareholder and court approval.

經理的結構將與我們現在的結構相同。這將是一家加拿大C-Corp，將在紐約和多倫多證券交易所雙重上市。我們將確保 Brookfield 再保險股東從經濟角度來看與 Brookfield A 類股東平等對待，因為他們的股份具有轉換功能。在時間方面，我們預計這將通過安排計劃在年底前完成。從現在到那時，我們將完成一些慣常的監管文件，包括發布招股說明書股東和法院批准。

There are a number of details that are being worked through, but we will be sure to provide updates as they become available on our quarterly earnings call and at our Annual Investor Day in September.

有許多細節正在處理中，但我們一定會在我們的季度收益電話會議和 9 月的年度投資者日提供更新信息。

Thank you for your time, and I'll now turn the call back to the operator for questions.

感謝您抽出寶貴時間，我現在將電話轉回接線員詢問問題。

(Operator Instructions) And our first question comes from the line of Geoff Kwan with RBC Capital Markets.

（操作員說明）我們的第一個問題來自加拿大皇家銀行資本市場的 Geoff Kwan。

My first question was, when we've seen the markets kind of down or turbulent in the past, Brookfield has sometimes used those opportunities to buy securities in companies. Have you been doing that given what we've seen over the past month or so? And if so, were there particular parts or sectors or parts of BAM that were more active than others? In other words, whether it was top of the house maybe on the infrastructure side or private equity side?

我的第一個問題是，當我們過去看到市場下跌或動盪時，布魯克菲爾德有時會利用這些機會購買公司的證券。鑑於我們在過去一個月左右所看到的情況，您是否一直在這樣做？如果是這樣，營商事工的特定部分或部門或部分是否比其他部分更活躍？換句話說，無論是在基礎設施方面還是在私募股權方面都是頂級的？

It's Bruce. So the answer is yes. In some of our funds, we do buy securities from time to time when markets are going down, and we have been buying some. I would say broadly, though, as you know, the Dow is off 14%, S&P is off 18%, NASDAQ is off 25% or 30%, and half of NASDAQ is off 50%. So the real declines have occurred in securities that haven't really been of interest to us.

是布魯斯。所以答案是肯定的。在我們的一些基金中，我們確實會在市場下跌時不時購買證券，而且我們一直在購買一些。不過，我想說的是，正如你所知，道瓊斯指數下跌 14%，標準普爾指數下跌 18%，納斯達克下跌 25% 或 30%，納斯達克的一半下跌 50%。因此，真正的下跌發生在我們並不真正感興趣的證券中。

But we continue, obviously, to monitor it. And I'd say maybe even more importantly than that, the public market transactions, which we have been working on over the past 3, 4 months, many of those, we've been able to crystallize and take them private or are in the process of taking them private. So that's been highly additive.

但顯然，我們會繼續對其進行監控。我想說的可能比這更重要的是，我們在過去 3、4 個月中一直在進行的公開市場交易，其中許多我們已經能夠具體化並將它們私有化，或者處於將它們私有化的過程。所以這是高度附加的。

Okay. And that actually led into the other question that I had is on the M&A side of the business. Given, again, what we've seen in the markets, has there been adjustments that you've seen in terms of businesses you're looking at and the asking prices, have they been adjusted given what's been happening in the markets?

好的。這實際上導致了我遇到的另一個問題是關於業務的併購方面。再一次，鑑於我們在市場上看到的情況，您是否在您正在關注的業務和要價方面看到了調整，是否根據市場上發生的情況進行了調整？

And then also from the funding side, has that generally been okay for you? Or have you seen signs of turbulence, whether or not it's certain types of deals or geographies?

然後從資金方面來說，這對你來說總體上還可以嗎？或者您是否看到了動蕩的跡象，無論是某些類型的交易或地區？

I'm going to maybe just answer the one on financing quickly and then Nick can go on to it. And I'd just say that generally, financing is freely available in the market for good businesses and everything that we buy or I would put it in a category of good businesses. But maybe Nick just wants to cover specifically on the capital markets.

我可能會快速回答有關融資的問題，然後尼克可以繼續討論。我只想說，一般來說，良好的企業和我們購買的所有東西都可以在市場上免費獲得融資，或者我會將其歸為良好的企業類別。但也許尼克只是想專門報導資本市場。

Yes, sure. Happy to Geoff. Yes, I agree with Bruce's sentiment that financing and liquidity is still available for good businesses, assets and strong sponsors with a good reputation. Definitely, markets broadly are tighter. But for everything that we've been looking to do in new financings or refinancings, we have still found capital readily available.

是的，當然。很高興傑夫。是的，我同意布魯斯的觀點，即良好的企業、資產和具有良好聲譽的強大贊助商仍然可以獲得融資和流動性。毫無疑問，市場普遍趨緊。但對於我們在新融資或再融資方面一直在尋求的一切，我們仍然發現資金隨時可用。

And the second question or to your first question, it's just on have values changed in the market and a board or companies decided to lower their prices? What I would say is, in transactions in the marketplace, generally, sometimes people selling assets keep running an auction longer. I want to ask for more. And generally, when they're in markets like this, they take the bid. So I would say it's much more -- your strike ratio is much more significant at these periods in time than when markets are strong.

第二個問題或第一個問題，只是市場價值發生了變化，董事會或公司決定降低價格？我想說的是，在市場交易中，一般來說，有時出售資產的人會持續進行更長時間的拍賣。我想要求更多。通常，當他們在這樣的市場中時，他們會出價。所以我想說的要多得多——在這些時期，你的執行比率比市場強勁的時候要重要得多。

Your next question comes from the line of Cherilyn Radbourne with TD Securities.

您的下一個問題來自道明證券的 Cherilyn Radbourne。

The first question is on real estate. Your letter references several property dispositions at very strong values. And I assume that those are dispositions out of funds. But I was hoping you could give us, one, some color on the fundraising environment for real estate, specifically. And also give us a high-level update on the progress that's been made repositioning the BPY portfolio and ultimately reducing the balance sheet capital invested in real estate?

第一個問題是關於房地產的。你的信中提到了幾個價值非常高的財產配置。我認為這些都是資金外的處置。但我希望你能給我們一些關於房地產籌款環境的顏色，特別是。並且還向我們提供有關重新定位 BPY 投資組合併最終減少投資於房地產的資產負債表資本的進展的高級更新？

So maybe I'll start with, I think, the start and the end of your question. So the assets that we have been selling have not exclusively been in fund. Some of the office that we referenced that we're selling would be directly off of the BPY/BPG balance sheet. So it's a mixture of the 2, but what we are seeing, and it comes back to some of the comments we made earlier, is that for the highest quality real estate which, as you know, in our office portfolio is largely what we own and the highest quality assets in our private funds, we are still seeing very strong bids for them in the private market.

所以也許我會從你的問題的開始和結束開始。因此，我們一直在出售的資產並非完全在基金中。我們提到的一些我們正在出售的辦公室將直接脫離 BPY/BPG 資產負債表。所以這是兩者的混合體，但我們所看到的，以及我們之前發表的一些評論，對於最高質量的房地產，如你所知，在我們的辦公室投資組合中主要是我們擁有的以及我們私人基金中最優質的資產，我們仍然看到私人市場上對它們的競標非常強勁。

So it's a combination of the 2. And in our fundraising, again, this comes back to the attractiveness of owning inflation-protected real assets in this environment. We continue to see a constructive fundraising environment. We had strong closes last year for our latest flagship real estate fund.

所以這是兩者的結合。在我們的籌款活動中，這又回到了在這種環境下擁有受通脹保護的實物資產的吸引力。我們繼續看到建設性的籌款環境。去年，我們最新的旗艦房地產基金收盤表現強勁。

We're engaged with many investors in building up to the next closest for that fund. And then our Supercore perpetual real estate fund, we've actually seen fundraising for that pick up in the first quarter compared to last year as people get more comfortable with owning high-quality real estate and the attractiveness of the inflation linkage.

我們正在與許多投資者合作，為該基金建立下一個最接近的基金。然後是我們的 Supercore 永久房地產基金，與去年相比，我們實際上看到第一季度的籌款活動有所回升，因為人們對擁有高質量的房地產和通脹掛鉤的吸引力感到更加自在。

Great. That's helpful color. And then the next one, I think, is for you as well, Nick. Obviously, when the public markets become volatile, investors naturally get worried about the carried interest. So was hoping you could speak to the visibility that the company has to realizing the $1 billion of growth carried interest during 2022? And also to the composition of the unrealized carried interest balance by strategy, and how much of that you think would be dependent on an exit strategy involving the public market?

偉大的。這是有用的顏色。然後下一個，我想，也是給你的，尼克。顯然，當公開市場變得動盪時，投資者自然會擔心附帶權益。所以希望你能談談公司必須在 2022 年實現 10 億美元的增長附帶權益的可見性嗎？以及按策略劃分的未實現附帶權益餘額的構成，您認為其中有多少取決於涉及公開市場的退出策略？

Yes. And your question right at the end gets to the issue, Cherilyn, very little of what we are doing -- as we look at the potential dispositions we have, very little would be reliant on the public markets. And we've talked about this in the past. The benefit of owning a diversified global portfolio, which is predominantly in real assets, the majority of them would transact in the private markets to buyers that still have very strong levels of capital and strong desire to own these inflation-protected assets.

是的。 Cherilyn，你的問題最後就涉及到了這個問題，我們正在做的事情很少 - 當我們看到我們擁有的潛在處置時，很少會依賴公共市場。我們過去已經討論過這個問題。擁有多元化的全球投資組合（主要是實物資產）的好處是，它們中的大多數將在私人市場上與仍然擁有非常強大的資本水平並強烈希望擁有這些受通脹保護的資產的買家進行交易。

So as we look through the $1 billion, we're still reiterating that number. Obviously, it's subject to change in timing. But based on the pipeline and what the attractiveness and interest in our assets, we still believe that's achievable. And the broader composition, again, little reliance on public markets and still very attractive in private markets.

因此，當我們查看 10 億美元時，我們仍在重申這個數字。顯然，它會隨著時間的推移而改變。但根據管道以及我們資產的吸引力和興趣，我們仍然認為這是可以實現的。再一次，更廣泛的構成對公共市場的依賴很小，並且在私人市場上仍然非常有吸引力。

Your next question comes from the line of Kenneth Worthington with JPMorgan.

您的下一個問題來自摩根大通的 Kenneth Worthington。

You highlighted an $80 billion valuation for the asset management business. Maybe if we look at 1Q '22 as an example, what would the earnings be attributed to the asset management business that you're spinning off? And can you share with us the rough math you're using to get to that $80 billion valuation for both? I think we know conceptually what you're doing, but if you put some hard numbers around it, it'll make sure we're not missing anything.

您強調了資產管理業務的 800 億美元估值。也許如果我們以 22 年 1 季度為例，收益將歸因於您剝離的資產管理業務嗎？你能和我們分享一下你用來達到這兩者 800 億美元估值的粗略數學嗎？我認為我們從概念上知道你在做什麼，但是如果你在它周圍加上一些硬數字，它將確保我們沒有遺漏任何東西。

Yes. Sure, Ken. So I think we disclosed some of the details in the letter, but we're using our annualized fee-related earnings and our target carried interest as the real inputs to it. So the 1.9 annualized fee-related earnings, we've used a market-based range. What we've used for now is 25x to 35x and taking the midpoint of that range.

是的。當然，肯。所以我認為我們在信中披露了一些細節，但我們使用的是年化費用相關收益和我們的目標附帶權益作為它的實際投入。因此，與費用相關的 1.9 年化收益，我們使用了基於市場的範圍。我們現在使用的是 25x 到 35x 並取該範圍的中點。

We've taken just over $2 billion of annualized carried interest, around 2.2 at 10x multiple, and then the 5 of accumulated unrealized, and that gets us to the gross value, and we used the midpoint of the range for right numbers, $80 billion, and at 25%, that's the $20 billion. And that's obviously based on our view, kind of our planned value of the intrinsic value of the business and what we think it could be worth at the time.

我們獲得了剛剛超過 20 億美元的年化附帶權益，在 10 倍的倍數下約為 2.2，然後是累計未實現的 5，這使我們達到了總價值，我們使用了正確數字範圍的中點，即 800 億美元，按 25% 計算，就是 200 億美元。這顯然是基於我們的觀點，我們對業務內在價值的計劃價值以及我們當時認為它的價值。

Excellent. That's perfect. And then on the spin-off of the asset management business, does the spin-off position the asset management business to grow better in the future than it did prior to the spin-off? So I understand that the leading motivation is to unlock value. And if you can do what you are highlighting you think you can do, there's definitely unlocked value there.

出色的。那很完美。那麼在資產管理業務的分拆上，分拆後的資產管理業務的未來發展是否比分拆前更好？所以我明白，主要的動機是釋放價值。如果你能做你認為你可以做的事情，那肯定有解鎖的價值。

But is there also value creation as part of the spin-off? So assuming that the spin-off yields more highly valued public currency for the new co, are there opportunities? And is management ready to use a new public currency to maybe better or faster grow the business, better so than would have otherwise been the case?

但是，作為分拆的一部分，是否也有價值創造？那麼假設分拆為新公司帶來更高價值的公共貨幣，是否有機會？管理層是否準備好使用新的公共貨幣來更好或更快地發展業務，比其他情況下更好？

Yes, it's Bruce. And I would say the answer is yes. And to expand on that, an extra benefit of this is we may unlock value for shareholders, and they may realize it quicker than they otherwise have realized it. But the real reason we're doing this is the industrial logic of mixing all of our capital with an asset manager. It doesn't allow us to have a security that might trade in the marketplace as an asset manager.

是的，是布魯斯。我會說答案是肯定的。進一步擴大這一點，這樣做的一個額外好處是我們可以為股東釋放價值，他們可能會比他們意識到它更快地意識到它。但我們這樣做的真正原因是將我們所有的資本與資產管理公司混合的行業邏輯。它不允許我們擁有可以作為資產管理者在市場上交易的證券。

And if it does, then we can utilize that security from time to time if we so choose. So it should allow us, just like it has in our other businesses, to do transactions we otherwise would not be able to do or not want to do because of the undue dilution to shareholders. So we think it's going to be very helpful for the growth of the business over the next 20 years.

如果確實如此，那麼如果我們願意，我們可以不時利用這種安全性。因此，它應該允許我們，就像在我們的其他業務中一樣，進行我們原本無法或不想做的交易，因為對股東的不當稀釋。因此，我們認為這將對未來 20 年的業務增長非常有幫助。

Your next question comes from the line of Robert Lee with KBW.

您的下一個問題來自 Robert Lee 與 KBW 的對話。

Great. Couple of questions. So first, maybe could we dig a little deeper maybe into the wealth management initiative? I believe you pointed to $5 billion of flows to perpetual products and have a range of new platforms you're going to be getting retail on. But of that $5 billion now or maybe beyond that, how much of that are you currently driving from wealth management? And can you maybe kind of dig a little deeper in terms of what your expectations are for that over the coming quarters? Are you seeing, given this environment, any pullback in the wealth management channel? And then I have a follow-up.

偉大的。幾個問題。那麼首先，也許我們可以更深入地研究一下財富管理計劃嗎？我相信你指出了 50 億美元的資金流向了永久產品，並擁有一系列新的零售平台。但是，在這 50 億美元中，您目前有多少來自財富管理？您能否更深入地了解您對未來幾個季度的期望？在這種環境下，您是否看到財富管理渠道出現回落？然後我有一個跟進。

Look, just I'd say in general, the wealth management business is small, relatively speaking, for our overall organization today, but it's going to be growing fast over the next 10 years. And the products that we have are just getting formed and distributed within private wealth, but it's going to be significant.

看，我只想說一般來說，相對而言，對於我們今天的整個組織來說，財富管理業務規模很小，但在未來 10 年它將快速增長。我們擁有的產品剛剛形成並在私人財富中分配，但這將是重要的。

And times like we're going through right now are only going to prove to wealth investors that these are the type of things they should be invested in. As to the exact specifics, most of the money that we raised in perpetual private products is from institutional flows today, but it will continue to increase over time.

而我們現在正在經歷的時代只會向財富投資者證明，這些是他們應該投資的東西。至於具體細節，我們在永久私人產品中籌集的大部分資金來自今天的機構流動，但隨著時間的推移將繼續增加。

Great. And then maybe as a follow-up. Many of your peers, most notably KKR, but the others are kind of following, have created capital markets businesses, but basically look to tap into the natural deal flow, if you will, of their portfolio companies and businesses, including origination platform.

偉大的。然後也許作為後續行動。您的許多同行，尤其是 KKR，但其他人也在追隨，已經創建了資本市場業務，但如果願意的話，基本上希望利用其投資組合公司和業務的自然交易流程，包括發起平台。

So is that a business that you're thinking about entering, that maybe you're investing in? How should we think about that opportunity for the asset management business post spin or currently?

那麼，這是您正在考慮進入的企業嗎？也許您正在投資？我們應該如何看待資產管理業務在旋轉後或當前的機會？

The only thing I'd say is that our business is a little different than most of those other organizations. We have a vast fundraising organization and very significant banking relationships that we received capital from to do transactions, just the type of assets that we acquire and sell. So to date, we have not set up one of those groups, but it's not that we couldn't do it in the future, we just haven't done it to date.

我唯一想說的是，我們的業務與大多數其他組織略有不同。我們有一個龐大的籌款組織和非常重要的銀行關係，我們從中獲得資金進行交易，只是我們收購和出售的資產類型。所以到目前為止，我們還沒有建立一個這樣的小組，但這並不是我們將來做不到，只是迄今為止我們還沒有做到。

Your next question comes from the line of Sohrab Movahedi with BMO Capital Markets.

您的下一個問題來自 BMO Capital Markets 的 Sohrab Movahedi。

Bruce, I just wanted to go back to the answer you gave to one of the questions that having the asset manager have its own cost of capital will open up some opportunities for it over the long term. Can you put a little bit more meat on the bone on that? Is this capability? Is it geographies? Is it scaling up some of the stuff you already have? I'm just trying to kind of get a better feel for what are some of those opportunities that will arguably put it on a faster trajectory of growth?

布魯斯，我只是想回到你對其中一個問題的回答，即讓資產管理公司擁有自己的資本成本將在長期內為其帶來一些機會。你能在骨頭上多放一點肉嗎？這是能力嗎？是地理嗎？它是否擴大了你已經擁有的一些東西？我只是想更好地了解哪些機會可以讓它走上更快的增長軌跡？

Look, I think it's all of the above. It's our people will in the future have a security, which ties exactly to what they do. And that's great for business. It will allow us to have a security, which we could offer apples for apples to somebody to expand geographically within another sector that's not within our business or add into things.

看，我想就是以上所有。未來我們的人民將擁有一種安全感，這與他們所做的事情完全相關。這對企業來說非常有用。它將允許我們擁有一種安全性，我們可以向某人提供蘋果換蘋果，以便在不屬於我們業務的另一個領域內進行地理擴張或添加到事物中。

And often, people don't want to do taxable cash transactions. And when you have a security you can offer, it allows you to do things that you can't otherwise do. And that's if we don't have any intention of diluting Brookfield parent shares, so this will allow us to do things that we wouldn't otherwise do.

通常，人們不想進行應稅現金交易。而且，當您擁有可以提供的安全性時，它可以讓您做您無法做的事情。如果我們不打算稀釋布魯克菲爾德母公司的股份，那麼這將使我們能夠做我們不會做的事情。

And was there any -- maybe it's both for you and Nick. Was there any, I'll call it, science behind the 25% as opposed to a different number that's getting spun-out?

有沒有——也許是給你和尼克的。我稱之為 25% 背後的科學，而不是一個被剝離出來的不同數字嗎？

No, Sohrab, think there was a few inputs to that, but I think we wanted to be material enough that would have a large free float and attractive to investors and scale. And on the balancing side, we have, as I think we talked about, debt and preferred share commitments up at the corporation and we want to maintain existing ratings. So there was a few variables, but we felt that this was a good starting point.

不，Sohrab，認為對此有一些投入，但我認為我們希望足夠重要，以擁有大量的自由流通量並對投資者和規模有吸引力。在平衡方面，正如我認為我們談到的那樣，我們在公司有債務和優先股承諾，我們希望維持現有評級。所以有一些變數，但我們認為這是一個很好的起點。

And at 25%, with the corporation still owning 75%, maybe most important, that preserves alignment and creates that alignment going forward, which we think is really important to the success of the business.

在 25% 的情況下，公司仍然擁有 75%，也許是最重要的，這保持了一致性並在未來創造了這種一致性，我們認為這對業務的成功非常重要。

Your next question comes from the line of Alexander Blostein with Goldman Sachs.

您的下一個問題來自高盛集團的 Alexander Blostein。

So back to the $80 billion valuation and just, Nick, heard your framework of how you guys came up with that. But clearly, the public markets have been pretty punitive to old space in the last several months. Is the $80 billion valuation plan likely to be adjusted as you guys get kind of closer to the spin to kind of reflect the mark-to-market and what's happening with the public comps, or is that more kind of a set number?

回到 800 億美元的估值，尼克剛剛聽到了你們提出這個問題的框架。但很明顯，在過去的幾個月裡，公共市場對舊空間的懲罰性很強。 800億美元的估值計劃是否可能會隨著你們越來越接近旋轉以反映按市值計價的情況以及公共補償發生的情況而進行調整，或者這更像是一個固定的數字？

So the only thing I'd say is we were and are always trying to be helpful to our shareholders understand where we're going and what we're trying to accomplish. So as opposed to just saying, "We're spinning out 25% of the business," we were just trying to put parameters of value around it. So we've now told you what the parameters are.

所以我唯一要說的是，我們曾經並且一直在努力幫助我們的股東了解我們要去哪里以及我們正在努力完成什麼。因此，與只是說“我們正在剝離 25% 的業務”相反，我們只是試圖將價值參數放在它周圍。所以我們現在告訴你參數是什麼。

Everyone can decide from now on what it will be worth. And when it gets spun-off, the market will decide. So there's no real -- it's not worth x or y. It will be whatever it trades for. It's just -- all we were trying to do is make sure people understood the scope and scale of what this is. And from now on, people can decide and make their own decisions as to what value is.

從現在開始，每個人都可以決定它的價值。當它被分拆時，市場將做出決定。所以沒有真正的——它不值 x 或 y。它將是它所交易的任何東西。這只是 - 我們試圖做的就是確保人們了解這是什麼的範圍和規模。從現在開始，人們可以自行決定價值是什麼。

Got it. That makes some sense. My second follow-up also around the structure, and it's really around just the 75% ownership of the corporation that is likely to happen in the new spun-off asset management company. Does that percentage go down over time? Or what will ultimately determine that ownership as the asset management company kind of become a stand-alone entity?

知道了。這有點道理。我的第二次跟進也是圍繞結構進行的，實際上只是在新的分拆資產管理公司中可能發生的公司 75% 的所有權。這個百分比會隨著時間的推移而下降嗎？或者是什麼最終決定了資產管理公司的所有權成為一個獨立的實體？

Because the asset manager will still be dependent on sort of the legacy bank balance sheet for capital needs, what it sounds like, so co-investments, seed capital, GP commitments, things like that. Just based on comments that the balance sheet on the asset manager is likely to be pretty light. So how are you thinking about that relationship over time? And will the public always essentially be a minority shareholder in the asset management company?

因為資產管理公司仍將依賴於某種遺留的銀行資產負債表來滿足資本需求，這聽起來像什麼，所以共同投資、種子資本、GP 承諾等等。僅基於資產管理公司的資產負債表可能相當清淡的評論。那麼隨著時間的推移，你如何看待這種關係？公眾是否會一直是資產管理公司的小股東？

Look, our current intention is to keep a very meaningful interest in the corporation -- in the parent corporation in the asset manager. So I don't know what that number is. Just say, 50%. And it may be 75% forever. It could be diluted down because we issued shares in the asset manager to do a transaction to grow the business, and therefore, it got diluted down, or it's possible over time that it could raise capital by selling shares.

看，我們目前的意圖是在公司中保持非常有意義的利益——在資產管理公司的母公司中。所以我不知道這個數字是多少。直接說，50%。它可能永遠是 75%。它可能會被稀釋，因為我們發行資產管理公司的股票以進行交易以發展業務，因此，它被稀釋了，或者隨著時間的推移它可能通過出售股票籌集資金。

But our intention is to have a very significant interest in the asset manager to make sure the businesses are aligned. And as Nick said earlier, there's no science to the number. We were just trying to make sure alignment, float, all sort of was together. And I guess I'd say we always like to make sure that we walk before we run.

但我們的意圖是對資產管理公司產生非常重大的興趣，以確保業務保持一致。正如尼克之前所說，這個數字沒有科學依據。我們只是想確保對齊，浮動，所有的東西都在一起。而且我想我會說我們總是喜歡確保我們在跑步之前先走路。

So 25% seemed like a good number, especially when $20 billion float is bigger than probably almost every other alternative manager in themselves than 2 or 3. So our 25% is bigger than most other alternative managers in the marketplace.

所以 25% 似乎是一個不錯的數字，特別是當 200 億美元的流通量可能比幾乎所有其他替代經理本身都大而不是 2 或 3 個時。所以我們的 25% 比市場上大多數其他替代經理更大。

And Alex, I would just add that all of these options are obviously available over time. But we have no intention to be reducing the ownership in the short term.

亞歷克斯，我只想補充一點，隨著時間的推移，所有這些選項顯然都是可用的。但我們無意在短期內減少所有權。

Your next question comes from the line of Mario Saric with Scotiabank.

您的下一個問題來自豐業銀行的 Mario Saric。

I think just coming back to the spin-off, 2 questions. The letter kind of highlighted the benefits of concentrated and specialized management team, and I think Bruce, you've highlighted kind of the incremental benefits of having shares and what you run. Have you decided on kind of the C-suite composition of the asset manager, as if Bruce and Nick as if you're not busy enough already, how do you think about that transition in terms of the composition of the management team?

我想回到衍生產品，2個問題。這封信強調了集中和專業化管理團隊的好處，我認為布魯斯，你已經強調了擁有股份和你經營的東西的增量好處。您是否決定了資產經理的 C-Suite 組成，好像布魯斯和尼克好像您還不夠忙，您如何看待管理團隊的組成方面的這種轉變？

Of course, we have a little bit. We have some time to make final decisions. But I guess what I'd say is the Brookfield people today are running all of this -- both of these businesses. And in the fullness of time, we should separate them. But for the time being, they'd probably just stay exactly the same as they are, and then we'll figure it out over time.

當然，我們也有一點。我們有一些時間來做出最終決定。但我想我想說的是今天的布魯克菲爾德人正在經營所有這一切——這兩項業務。到時候，我們應該把它們分開。但就目前而言，它們可能只是保持原樣，然後我們會隨著時間的推移弄清楚。

Okay. And then my second question, just in terms of the asset manager cash flow. Can you talk about how tax efficient that may be going forward without the cash flow being attached to the invested capital that's going to remain within the corporation?

好的。然後是我的第二個問題，就資產管理公司的現金流而言。你能談談在沒有現金流與將留在公司內部的投資資本掛鉤的情況下，未來的稅收效率如何？

Mario, it's Nick. I think we currently assume that there will be no significant change to the current tax profile of the manager.

馬里奧，是尼克。我認為我們目前假設經理的當前稅收狀況不會發生重大變化。

Your next question comes from the line of Dean Wilkinson with CIBC.

您的下一個問題來自 CIBC 的 Dean Wilkinson。

Nick, just 1 question for you. On the 90% payout on the asset manager post the transaction, does that include the carry -- what I'm trying to get to is, is that yield looking something closer to 2% or 4%?

尼克，你只有 1 個問題。在交易後資產管理公司的 90% 支出中，這是否包括套利——我想要達到的是，這個收益率看起來接近 2% 還是 4%？

It would be on the total distributable earnings of the manager, so it would include everything.

它將基於經理的總可分配收入，因此它將包括所有內容。

Include everything. So a 3% to 4% yield is probably where this would be looking at an $80 billion enterprise value?

包括一切。所以 3% 到 4% 的收益率可能是 800 億美元的企業價值所在？

Yes. In that range, using those multiples.

是的。在那個範圍內，使用那些倍數。

Your next question comes from the line of Brian Bedell with Deutsche Bank.

您的下一個問題來自德意志銀行的 Brian Bedell。

Just a couple. You talked about doubling the fee-bearing capital over a 5-year period, I guess, would imply like a 15% compounded growth rate. Are you seeing the -- are you thinking FRE growth at a similar rate or is there leverage in the model that it would grow faster, or would there be other factors that would change that?

只是一對。你談到在 5 年內將收費資本翻一番，我猜，這意味著 15% 的複合增長率。您是否看到 - 您是否認為 FRE 以類似的速度增長，或者模型中是否存在增長更快的槓桿作用，或者是否有其他因素會改變這種情況？

Brian, I think we're consistent with what we put out in Investor Day, nothing has changed from last year, and maybe FRE grows marginally higher than that, but it's in and around that range.

布賴恩，我認為我們與我們在投資者日發布的內容一致，與去年相比沒有任何變化，也許 FRE 的增長略高於該範圍，但在該範圍內或附近。

Okay. Great. And then just 1 clarification. So on the spin-off, the P&L structure is similar post spin, but it's curving out the fee-related earnings, for example, the $501 million in the first quarter and the carry, not the perpetual affiliates component?

好的。偉大的。然後只是 1 澄清。因此，在分拆時，損益表結構與分拆後類似，但它扭曲了與費用相關的收益，例如第一季度的 5.01 億美元和利差，而不是永久附屬公司的部分？

That's correct. Although the fees on the perpetual affiliates will be there. So it's the total FRE and the total carry and not the distributions from perpetual investments.

這是正確的。儘管永久關聯公司的費用將在那裡。因此，它是總 FRE 和總利差，而不是永續投資的分配。

And our next question comes from the line of Robert Lee with KBW.

我們的下一個問題來自 Robert Lee 與 KBW 的對話。

Great. Just kind of curious, maybe going back to real estate fundraising. I just want to make sure I was looking at these numbers correctly. So it looks like you've already deployed or committed $10 billion of the $12 billion you've raised for, I think, it's Fund 4.

偉大的。只是有點好奇，也許會回到房地產籌款。我只是想確保我正確地查看了這些數字。所以看起來你已經部署或承諾了你籌集的 120 億美元中的 100 億美元，我認為，它是基金 4。

Could you maybe update us, I mean, is that making you think that you could upsize that fund even further, just given your pace of deployment and maybe what you're seeing in demand out there?

您能否更新我們的信息，我的意思是，考慮到您的部署速度以及您所看到的需求，這是否讓您認為您可以進一步擴大該基金的規模？

And then maybe, Nick, as a quick follow-up on American National. I guess that closes around midyear. Can you remind us what the impact would be on fee-bearing capital and how we should think of the incremental contribution of those assets from a management fee perspective?

然後也許，尼克，作為對美國國民的快速跟進。估計年中就關門了。您能否提醒我們這將對收費資本產生什麼影響，以及我們應該如何從管理費的角度看待這些資產的增量貢獻？

Why don't I take the first 1 just on real estate fundraising. The fund is -- I don't think I can tell you the size of the fund that's on the cover. So it's a larger fund than $12 billion. So $12 billion is what's been raised to date. It will close at a larger figure than that when it's fully closed out this year.

我為什麼不在房地產籌款上拿第一個。基金是——我想我無法告訴你封面上的基金規模。所以這是一個超過 120 億美元的基金。因此，迄今為止已籌集到 120 億美元。它將以比今年完全關閉時更大的數字收盤。

So we just continue to invest that fund. And when we're fully invested in the fund, we'll go and raise another fund for opportunistic investing in real estate like we do our other strategies.

所以我們只是繼續投資該基金。當我們完全投資於該基金時，我們將去籌集另一隻基金，用於房地產的機會主義投資，就像我們執行其他策略一樣。

Rob, just on the second part, yes, we expect the transaction to close soon. And I think as it relates to fee-bearing capital, it'd probably be around $20 billion of fee-bearing capital, and once fully deployed into all the strategies, that would be around $45 million of annualized fees, but it will take a little bit of time to ramp up to that as we get the capital deployed into the various strategies across the business.

Rob，就在第二部分，是的，我們預計交易很快就會結束。而且我認為，由於它與收費資本有關，它可能是大約 200 億美元的收費資本，一旦完全部署到所有策略中，這將是大約 4500 萬美元的年化費用，但這需要隨著我們將資金部署到整個業務的各種戰略中，我們需要一點時間來實現這一目標。

And maybe as a quick follow-up. I mean are you -- like many of your peers in their insurance strategies or insurance business they own, they also earn a more modest advisory fee, so to speak, so you'll be earning that too, I assume?

也許作為快速跟進。我的意思是你 - 就像你的許多同行在他們擁有的保險策略或保險業務中一樣，他們也賺取了更適度的諮詢費，可以這麼說，所以你也會賺到，我猜？

Yes. Sorry, I think the $45 million I referenced is the IMA, which is around 25 basis points, and then there'll be more on top as we deploy into our various strategies.

是的。抱歉，我認為我提到的 4500 萬美元是 IMA，大約是 25 個基點，然後隨著我們部署到我們的各種策略中，還會有更多。

And our next question comes from the line of Alexander Blostein with Goldman Sachs.

我們的下一個問題來自高盛的亞歷山大·布洛斯坦（Alexander Blostein）。

Just away from this and offer maybe a couple of business-related questions. So I wanted to zone on Oaktree and the opportunities the team could use right now in credit markets given volatility in credit markets obviously and rising probability of some of the credit default. So as you sort of think about the opportunity for both deployment and fundraising across the Oaktree franchise, what are you guys seeing over the next kind of 12 to 18 months?

遠離這一點，並提供一些與業務相關的問題。因此，鑑於信貸市場明顯波動以及某些信貸違約的可能性不斷上升，我想重點介紹 Oaktree 以及團隊現在可以在信貸市場上利用的機會。因此，當您考慮整個 Oaktree 特許經營權的部署和籌款機會時，你們在接下來的 12 到 18 個月內看到了什麼？

Look, I would say that the credit franchise that Oaktree has is good in all markets because it has a broad credit franchise, but really good when there is more stress in the markets. So the franchise came into its own and did put a lot of money out in March, April, May, June of 2020, and this period of time is going to be really good for deploying capital in their funds. Which will get us probably back out raising another large opportunistic fund within a relatively short period of time.

聽著，我會說橡樹的信貸特許經營權在所有市場都很好，因為它擁有廣泛的信貸特許經營權，但當市場壓力更大時，它真的很好。因此，特許經營權應運而生，並在 2020 年 3 月、4 月、5 月、6 月投入了大量資金，這段時間非常適合在他們的基金中部署資金。這可能會讓我們在相對較短的時間內退出籌集另一隻大型機會主義基金。

And your next question comes from the line of Mario Saric with Scotiabank.

您的下一個問題來自豐業銀行的 Mario Saric。

Sorry, 1 more. Just coming back to the nontraded REIT, I may have missed this, but what's roughly the fee-bearing capital in the REIT today? Have you been able to bend in any former BPY assets into the REIT, or has your kind of thought process changed at all on that? And how should we think about the fee-bearing capital growth within that nontraded REIT, let's say, over the next 2 years given the increasing number of platforms that the REIT is currently on?

對不起，還有1個。剛剛回到非交易型 REIT，我可能錯過了這一點，但今天 REIT 的收費資本大致是多少？您是否能夠將任何以前的 BPY 資產納入 REIT，或者您的思維過程是否發生了根本變化？我們應該如何考慮非交易房地產投資信託基金中的收費資本增長，比如說，考慮到房地產投資信託基金目前使用的平台數量在未來兩年內的增長？

Mario, it's Nick. Yes, the gross asset value of what we have in the nontraded REIT today is around $2 billion, and we did seed some assets into the seed portfolio when we launched the strategy. And there may be assets in the portfolio that could be suitable going forward.

馬里奧，是尼克。是的，我們今天在非交易房地產投資信託基金中的總資產價值約為 20 億美元，當我們推出該策略時，我們確實將一些資產注入了種子投資組合。投資組合中可能有適合未來發展的資產。

As you know, we own an excellent portfolio with attributes that are attractive to these kind of platforms, but then also we have a strong sort of M&A pipeline for new acquisitions that will be perfect for this kind of security. So I think the pipeline of acquisitions is definitely not lacking.

如您所知，我們擁有一個優秀的投資組合，其屬性對這類平台具有吸引力，但我們也擁有強大的併購渠道，用於新收購，非常適合這種安全性。所以我認為收購的管道絕對不缺。

And on fundraising, you have to remember that it's a huge effort to get on the platforms of the banks. They're very exclusive. There are not many platforms that get on to the bank channel. And so we're on them now. And that kind of gets us to the start line, and now we have to do the education, and we expect the fundraising to ramp up, as we said, in the coming months and years. So the fundraising now is really just in very, very early stages, and the flows will increase as we move forward.

在籌款方面，你必須記住，進入銀行平台是一項巨大的努力。它們非常獨特。進入銀行渠道的平台並不多。所以我們現在就在他們身上。這讓我們走上了起跑線，現在我們必須進行教育，正如我們所說，我們預計籌款將在未來幾個月和幾年內增加。所以現在的籌款真的只是處於非常非常早期的階段，隨著我們的前進，資金流將會增加。

Great. And then just based on kind of past experience around the market, how long do you expect it to take for the fundraising to mature, like once you're on the platform, what's your growth like?

偉大的。然後根據過去的市場經驗，你預計融資需要多長時間才能成熟，比如一旦你在平台上，你的成長是什麼樣的？

Mature takes time, but I expect in the next 6 months, we're hopeful. And we'll see what happens for the next 6 months, the numbers should pick up materially. Mature could take time because there is an enormous amount of capital in wealth system broadly that's massively underallocated to all.

成熟需要時間，但我希望在接下來的 6 個月內，我們充滿希望。我們將看看未來 6 個月會發生什麼，這些數字應該會大幅回升。成熟可能需要時間，因為在財富體系中存在大量資本，而這些資本在很大程度上未分配給所有人。

So I think what the maturity looks like is unknown, and that's why there's so much focus on it. But for us, the next 6 months, we should start to see the ramp-up come.

所以我認為成熟度是什麼樣子是未知的，這就是為什麼人們如此關注它。但對我們來說，接下來的 6 個月，我們應該開始看到增長的到來。

And I'm showing no further questions at this time. So with that, I'll hand the call back over to Suzanne Fleming for any closing remarks.

我現在沒有再提出任何問題。因此，我將把電話轉回給 Suzanne Fleming 進行任何結束髮言。

Thank you, operator. And with that, we'll conclude the call. Thank you, everyone, for joining us.

謝謝你，接線員。至此，我們將結束通話。謝謝大家加入我們。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating, and you may now disconnect.

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。