BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2022 Q4 法說會逐字稿

(Operator Instructions) Good day, and thank you for standing by. Welcome to Brookfield Corporation's Fourth Quarter 2022 Results Conference Call. (Operator Instructions) It is now my pleasure to introduce Managing Partner, Suzanne Fleming.

（操作員說明）美好的一天，感謝您的支持。歡迎來到 Brookfield Corporation 2022 年第四季度業績電話會議。 （操作員說明）現在我很高興介紹管理合夥人 Suzanne Fleming。

Welcome to Brookfield Corporation's Fourth Quarter and Full Year 2022 Conference Call. On the call today are Bruce Flatt, our Chief Executive Officer; and Nick Goodman, President and Chief Financial Officer of Brookfield Corporation. Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter and the year. After our formal comments, we'll turn the call over to the operator and take analyst questions. 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. These statements reflect predictions of future events and trends and do not relate to historic events.

歡迎來到 Brookfield Corporation 的 2022 年第四季度和全年電話會議。今天接聽電話的是我們的首席執行官 Bruce Flatt； Brookfield Corporation 總裁兼首席財務官 Nick Goodman。 Bruce 將首先介紹業務更新，然後 Nick 將討論我們本季度和本年度的財務和運營結果。在我們正式發表評論後，我們會將電話轉給接線員並回答分析師的問題。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，包括適用的加拿大和美國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。

They are subject to known and unknown risks, and future events 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. And with that, I'll turn the call over to Bruce.

它們受到已知和未知風險的影響，未來事件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。有了這個，我會把電話轉給布魯斯。

2022 was a strong year for Brookfield, even though at times, market conditions were more challenging than some years. Our manager had a record year for fundraising and is now separately listed. Our operating businesses posted strong underlying results, and our Insurance Solutions business is beginning to meaningfully ramp up its earnings. We returned a record amount of capital to our shareholders in '22, approximately $15 billion between our regular dividend, share repurchases and the special distribution of the BAM shares in December. Despite the market volatility in 2022 and the fact that a recession is likely taking place in many parts of the world. Real assets are demonstrating the resiliency and are benefiting from the higher levels of inflation than we have seen for many decades. With approximately $125 billion of capital to deploy, our large perpetual capital structure and our global scale and expertise in value investing.

2022 年對布魯克菲爾德來說是強勁的一年，儘管有時市場條件比幾年更具挑戰性。我們的經理有一個創紀錄的籌款年，現在單獨上市。我們的運營業務取得了強勁的基礎業績，我們的保險解決方案業務開始顯著增加其收益。我們在 22 年向股東返還了創紀錄數量的資本，在我們的定期股息、股票回購和 12 月 BAM 股票的特別分配之間約為 150 億美元。儘管 2022 年市場動盪，而且世界許多地區可能會出現衰退。實物資產正在展示彈性，並受益於我們幾十年來所見的更高水平的通貨膨脹。我們擁有大約 1250 億美元的可部署資本、龐大的永久資本結構以及我們在價值投資方面的全球規模和專業知識。

Now more than ever, the corporation is well positioned in the current environment to grow and widen its reach. While our underlying performance was excellent this past year, like everything in the markets, the performance of Brookfield Corporation's stock was not. General market conditions and the distribution of shares of our manager caused some short-term pressure on our share price. This has started to dissipate and most importantly, the underlying value of the business continues to compound. Our share performance has been strong on a longer-term basis, and we believe this will carry on. And with the net asset value per share that we estimate to be far higher than our current share trading price, we expect to continue to use our vast liquidity to repurchase shares in the market. And if the discount persists, we will consider other options, including tender offers, while balancing the addition of new businesses to increase returns and strategically position us for the future.

現在，該公司比以往任何時候都更有能力在當前環境中發展壯大並擴大其影響範圍。雖然我們在過去一年的基本表現非常出色，就像市場上的一切一樣，但 Brookfield Corporation 股票的表現卻並非如此。一般市場狀況和我們經理的股票分配對我們的股價造成了一些短期壓力。這已經開始消散，最重要的是，企業的潛在價值繼續複合。從長期來看，我們的股票表現一直很強勁，我們相信這種情況會持續下去。鑑於我們估計的每股淨資產值遠高於我們目前的股票交易價格，我們預計將繼續利用我們龐大的流動性在市場上回購股票。如果折扣持續存在，我們將考慮其他選擇，包括要約收購，同時平衡增加新業務以增加回報和戰略定位我們的未來。

As we look forward, our objective remains the same: to deliver compound annual returns of 15% over the longer term. Each of our businesses, our manager, our insurance solutions business and our operating businesses on their own, generate very attractive returns. But when we leverage the synergies that exist between the broader Brookfield, the earnings potential becomes even greater. Starting with our asset manager. We have a number of tailwinds that are accelerating for a highly differentiated asset management business, and we are set to continue to deliver strong earnings in '23 and beyond. Our asset manager security now provides direct access to this business and provides us with optionality for strategic acquisitions, positioning this business to execute on its next phase of growth.

展望未來，我們的目標保持不變：長期實現 15% 的複合年回報率。我們的每項業務、我們的經理、我們的保險解決方案業務和我們自己的運營業務都產生了非常有吸引力的回報。但是，當我們利用更廣泛的布魯克菲爾德之間存在的協同效應時，盈利潛力就會變得更大。從我們的資產經理開始。對於高度差異化的資產管理業務，我們有許多順風正在加速，我們將在 23 世紀及以後繼續實現強勁的收益。我們的資產管理器安全現在提供對該業務的直接訪問，並為我們提供戰略收購的選擇權，使該業務定位於下一階段的增長。

Our Insurance Solutions business continues to grow in scale and strategic importance to the organization. Financial results are strong as is our return on invested capital, and we continue to redeploy assets across the board. We have high goals for this business and are actively pursuing a number of investment opportunities to add further scale and diversity in line with our objectives laid out to you in past of surpassing $200 billion of insurance float in the next 5 years. To that end, yesterday, we announced the acquisition through Brookfield reinsurance of Argo Group, a well-established specialty P&C business in the U.S., adding another platform and pool of assets to the franchise. Nick will speak to this later in more detail. But as a reminder, part of the capital of the corporation has also invested in a highly diversified, very high-quality portfolio of real estate assets in many of the best locations in the world.

我們的保險解決方案業務在規模和對組織的戰略重要性方面持續增長。財務業績和我們的投資資本回報率一樣強勁，我們將繼續全面重新部署資產。我們對這項業務有很高的目標，並且正在積極尋求一些投資機會，以根據我們過去向您提出的在未來 5 年內超過 2000 億美元的保險流通量的目標進一步擴大規模和多樣性。為此，昨天，我們宣布通過 Brookfield 再保險公司收購美國知名專業財產險公司 Argo Group，為特許經營增加了另一個平台和資產池。 Nick 稍後將對此進行更詳細的介紹。但提醒一下，公司的部分資本還投資於世界上許多最佳地點的高度多元化、非常優質的房地產資產組合。

This business has proven to be a great compounder of capital across economic cycles, delivering strong returns over the long term. We are seeing this today with demand for our assets continuing to be very strong, supporting valuations and our outlook for growth. As an aside, much of the high-quality real estate, which we own today, will eventually find its way into our insurance business due to its long duration nature, which will further support the growth of our insurance business. Lastly, our remaining operating businesses continue to perform well and have a proven track record of delivering excellent long-term returns. The organic growth levers within each of these operating businesses, combined with the continued allocation of capital to funds from our asset management business should support growth at or above our targeted levels. With such strong and visible growth ahead for each of our businesses, the bar for new investments is very high.

該業務已被證明是跨經濟周期的偉大資本複合者，可帶來強勁的長期回報。我們今天看到這一點，對我們資產的需求繼續非常強勁，支持估值和我們的增長前景。順便說一句，我們今天擁有的許多優質房地產，由於其長期性，最終將進入我們的保險業務，這將進一步支持我們保險業務的增長。最後，我們其餘的經營業務繼續表現良好，並在提供出色的長期回報方面有著良好的記錄。這些運營業務中每一項的有機增長槓桿，加上我們資產管理業務對資金的持續配置，應該會支持達到或超過我們目標水平的增長。鑑於我們每項業務都將實現如此強勁和明顯的增長，新投資的門檻非常高。

Since it is hard to look past the opportunity to invest more capital into each of these businesses, order repurchase -- or our repurchase of shares as they are undervalued. That being said, we continue to look at investment opportunities to further accelerate growth, which likely will fit into one of the following categories: first, investing excess capital into our Insurance Solutions business to continue to grow it; second, potentially a strategic acquisition that may be too large for any of our funds or in partnership with some of our funds. Third, investing into new businesses that are adjacent to what we do; and last, investing in sectors where we do not yet have full-scale teams. And in turn, these could lead to new businesses for us down the road.

由於很難忽視向這些業務中的每一個業務投入更多資本的機會，因此命令回購——或者我們回購股票，因為它們被低估了。話雖如此，我們繼續尋找投資機會以進一步加速增長，這可能屬於以下類別之一：首先，將過剩資本投入我們的保險解決方案業務以繼續發展；其次，潛在的戰略收購對於我們的任何基金或與我們的一些基金合作而言可能太大。第三，投資於與我們的工作相鄰的新業務；最後，投資於我們尚未擁有全麵團隊的領域。反過來，這些可能會為我們帶來新的業務。

In summary, holding Brookfield Corporation shares offers a unique opportunity to own a stake in our asset management franchise, our insurance solutions business and all of our operating business is benefiting from the earnings growth of each businesses, the resulting synergies between them and the ability to participate in the next chapter of what we are building. We believe the corporation is a very attractive proposition and is poised to deliver excellent returns over the long term. As always, thank you for your continued support and interest in Brookfield. I will now turn the call over to Nick.

總而言之，持有 Brookfield Corporation 股票提供了一個獨特的機會，可以擁有我們資產管理特許經營權、我們的保險解決方案業務和我們所有運營業務的股份，這些業務正受益於每項業務的收益增長、它們之間產生的協同效應以及參與我們正在建設的下一章。我們相信該公司是一個非常有吸引力的提議，並且有望在長期內提供豐厚的回報。一如既往，感謝您一直以來對 Brookfield 的支持和關注。我現在將電話轉給尼克。

2022 was another significant and very successful year for our business. Despite a more challenging economic backdrop, we delivered very strong financial results. And with a separate listing of our asset management business now complete, we are set up well to execute on our next phase of growth. Distributable earnings or DE, which continues to be the key performance metric for our business was $5.2 billion for the year, and DE before realizations were $4.3 billion, representing an increase of 24% compared to the prior year. Operating FFO was $4.6 billion for the year, a 23% increase compared to the prior year, with total FFO and net income for the year of $6.3 billion and $5.2 billion, respectively. The strong financial performance from our existing businesses and the returns generated from the deployment of excess cash flow was a driving force behind our financial results in 2022.

2022 年對我們的業務來說又是重要且非常成功的一年。儘管面臨更具挑戰性的經濟背景，我們仍取得了非常強勁的財務業績。隨著我們資產管理業務的單獨上市現已完成，我們已準備好執行下一階段的增長。可分配收益或 DE 仍然是我們業務的關鍵績效指標，全年為 52 億美元，實現前的 DE 為 43 億美元，比上一年增長 24%。全年運營 FFO 為 46 億美元，比上年增長 23%，全年 FFO 總額和淨收入分別為 63 億美元和 52 億美元。我們現有業務的強勁財務業績和部署超額現金流產生的回報是我們 2022 年財務業績的推動力。

Now taking each of our businesses in turn. First, we've talked about the importance of separately listing our asset management business. And yesterday, we released earnings for this business for the first time as a stand-alone public company, and the financial results were very strong. Fee-related earnings increased by 26% when excluding performance fees compared to 2022, driven by inflows of $93 billion, and that's a record fundraising year for us with a number of funds currently in the market and the benefit of the full year effect of funds raised during 2022, we expect 2023 to be another strong year. On a longer-term basis, we see a number of tailwinds accelerating in our favor, which should continue to support growth for some time, and we believe the best is yet to come for this business. Distributions from our operating businesses and investments were $2.6 billion in 2022, 20% higher than the prior year. These results are especially impressive when you consider the market environment. We continue to see strong demand for the essential services our businesses provide, be it for backbone infrastructure, renewable power, premier office space or to extend physical retail presence.

現在依次介紹我們的每項業務。首先，我們談到了單獨上市我們的資產管理業務的重要性。昨天，我們作為一家獨立的上市公司首次發布了這項業務的收益，財務業績非常強勁。與 2022 年相比，在 930 億美元資金流入的推動下，與 2022 年相比，費用相關收益增加了 26%在 2022 年期間籌集資金，我們預計 2023 年將是又一個強勁的一年。從長遠來看，我們看到一些對我們有利的順風加速，這應該會在一段時間內繼續支持增長，我們相信該業務的最佳時機尚未到來。 2022 年，我們經營業務和投資的分配額為 26 億美元，比上年增長 20%。當您考慮市場環境時，這些結果尤其令人印象深刻。我們繼續看到對我們企業提供的基本服務的強勁需求，無論是骨乾基礎設施、可再生能源、一流的辦公空間還是擴展實體零售業務。

And the essential service businesses owned within private equity continued to deliver earnings growth and value creation. As an example, in 2022, our infrastructure business grew its FFO per share by 12% with our renewable and transition business also delivering strong growth. EBITDA from our private equity business increased by 33%, benefiting from the addition of some high-quality businesses and growth in the underlying earnings of existing investments. Underlying operating cash flow in real estate grew by 13% compared to the prior year. And while interest rates were higher for some of our floating rate debt in 2022, growth in cash flows did offset the impact of interest rates during the year.

私募股權擁有的基本服務業務繼續實現盈利增長和價值創造。例如，在 2022 年，我們的基礎設施業務的每股 FFO 增長了 12%，我們的可再生能源和轉型業務也實現了強勁增長。我們的私募股權業務的 EBITDA 增長了 33%，這得益於一些優質業務的加入以及現有投資基礎收益的增長。與上年相比，房地產的基礎經營現金流增長了 13%。雖然 2022 年我們部分浮動利率債務的利率較高，但現金流的增長確實抵消了這一年利率的影響。

With interest rates expected to peak in the coming months, we do believe that the NOI growth from the portfolio will offset the impact of interest rates in the medium term, ultimately driving FFO growth. Our real estate business is highly diverse by asset class and geography. And across the portfolio, we continue to see strong demand for our high-quality assets, and fundamentals remain strong in almost all of the markets in which we operate. The dynamic market in 2022 caused us to adjust the valuations of certain properties. Overall, the impact of power discount rates was largely offset by improving market conditions and the strong performance and outlook for many of our assets, evident in the recent NOI growth. During the year, we had adjustments down of roughly $1.7 billion across certain assets, and that's more than offset by other assets that were adjusted upwards by $1.8 billion for the year.

由於利率預計將在未來幾個月見頂，我們相信投資組合的 NOI 增長將抵消中期利率的影響，最終推動 FFO 增長。我們的房地產業務在資產類別和地域方面高度多樣化。在整個投資組合中，我們繼續看到對我們優質資產的強勁需求，而且我們經營所在的幾乎所有市場的基本面都保持強勁。 2022 年充滿活力的市場使我們調整了某些物業的估值。總體而言，電力貼現率的影響在很大程度上被改善的市場狀況以及我們許多資產的強勁表現和前景所抵消，這在最近的 NOI 增長中顯而易見。在這一年中，我們對某些資產進行了大約 17 億美元的下調，這被當年上調 18 億美元的其他資產所抵消。

While valuations were relatively flat for the year, the IFRS net asset value of our real estate business decreased, but that's predominantly due to the distributions of gains on asset sales, proceeds from asset refinancings and some FX. The net asset value for invested capital in real estate sits at $33 billion as at December 31. -- Our equity can be broken down as follows: $8 billion of our capital in real estate is invested in our real estate private funds, which are highly diversified by both geography and by sector, and our asset management business has a proven track record of delivering returns of roughly 20% over the long term. These assets are turned into cash over a 5- to 10-year period. $15 billion of our capital is invested directly into our top 35 trophy office and retail complexes globally. These are amongst the best in the world and get better and better over time. This includes assets like Brookfield Place New York, which is 92% leased for an average of 8 years.

雖然今年的估值相對持平，但我們房地產業務的 IFRS 資產淨值有所下降，但這主要是由於資產出售收益的分配、資產再融資收益和一些外匯。截至 12 月 31 日，房地產投資資本的資產淨值為 330 億美元。 -- 我們的股權可以細分如下： 我們的房地產資本中有 80 億美元投資於我們的房地產私募基金，這些基金的投資價值很高我們的資產管理業務按地域和行業多元化，長期提供約 20% 的回報率。這些資產會在 5 到 10 年內變成現金。我們有 150 億美元的資金直接投資於我們在全球排名前 35 位的一流辦公和零售綜合體。這些都是世界上最好的，並且隨著時間的推移變得越來越好。這包括紐約 Brookfield Place 等資產，其 92% 的租期平均為 8 年。

Manhattan West, which is 97% leased for an average of 12 years. Canary Wharf in London, where the office is 93% leased for an average of 10 years, and the retail was 96% leased for 7 years, and we have highly attractive and diverse development opportunities. On top of that, we own 19 of the best mall and urban retail properties in the United States, which are currently 97% leased on average. $3 billion of our capital is invested in our residential land and development business in the U.S. and Canada. This business has delivered very strong financial results for decades in the region of 20%. Over time, these assets all turn into cash as we build out developments unless we choose to reinvest. And lastly, $7 billion of our capital is invested in other real estate assets, which, as we have discussed before, will be liquidated over time with proceeds reinvested to drive further growth across our various businesses

Manhattan West，其中 97% 的租期平均為 12 年。倫敦金絲雀碼頭，93%的寫字樓平均租期10年，96%的零售租期7年，極具吸引力的多元化發展機會。最重要的是，我們在美國擁有 19 個最好的購物中心和城市零售物業，目前平均出租率為 97%。我們將 30 億美元的資金投資於我們在美國和加拿大的住宅用地和開發業務。幾十年來，這項業務在 20% 左右的地區取得了非常強勁的財務業績。隨著時間的推移，除非我們選擇再投資，否則隨著我們開發項目的進行，這些資產都會變成現金。最後，我們將 70 億美元的資本投資於其他房地產資產，正如我們之前所討論的那樣，這些資產將隨著時間的推移進行清算，並將收益再投資以推動我們各項業務的進一步增長

. Given the nature, quality and diversification of the real estate that we own, we have deep conviction that the underlying portfolio will continue to deliver strong returns for us for a long time. Our Insurance Solutions business continues to make an increasingly higher contribution to our earnings and is a really good example of how we are able to redeploy our free cash flow into an investment that in a very short period of time is delivering mid-teens cash-on-cash returns and excellent total returns on our invested capital. This business generated distributable earnings of $388 million in 2022, up from $30 million in the prior year, with the growth in our insurance base over the last 12 months and significant liquid investments available to be redeployed into higher-yielding investments, our insurance earnings should continue to scale meaningfully in 2023. In the last 6 months, we have been actively redeploying capital, increasing the average investment book yield to 5% at year-end, supporting liabilities with an average cost of 3%.

.鑑於我們擁有的房地產的性質、質量和多元化，我們堅信基礎投資組合將在很長一段時間內繼續為我們帶來豐厚的回報。我們的保險解決方案業務繼續為我們的收入做出越來越高的貢獻，這是一個很好的例子，說明我們如何能夠將我們的自由現金流重新部署到一項投資中，該投資在很短的時間內提供了十幾歲的現金收入-現金回報和我們投資資本的出色總回報。該業務在 2022 年產生了 3.88 億美元的可分配收益，高於上一年的 3000 萬美元，隨著過去 12 個月我們保險基礎的增長以及可用於重新部署到更高收益投資的大量流動投資，我們的保險收益應該到 2023 年繼續有意義地擴大規模。在過去 6 個月中，我們一直在積極地重新配置資本，將年末平均投資賬面收益率提高到 5%，支持平均成本為 3% 的負債。

During the fourth quarter alone, we redeployed over $2 billion across our portfolio at an approximate yield of 8%, increasing annualized earnings to approximately $650 million at year-end. And we expect annualized earnings to grow to roughly $800 million by the end of 2023. It should also be noted that the positive impact of higher interest rates in this business has acted as a significant natural interest rate hedge to the rest of our business. It is clear from our results in 2022 that the earnings power of our business is incredibly strong. As we have stated, each business is expected to continue delivering strong growth and by leveraging the synergies they offer each other and reinvesting our annual free cash flow, we plan to grow our distributable earnings at a compound annual growth rate of approximately 25% over the next 5 years.

僅在第四季度，我們就以大約 8% 的收益率在我們的投資組合中重新部署了超過 20 億美元，年末年化收益增加到約 6.5 億美元。我們預計到 2023 年底，年化收益將增長到約 8 億美元。還應該指出的是，較高利率對該業務的積極影響已成為對我們其他業務的重要自然利率對沖。從我們 2022 年的業績可以清楚地看出，我們業務的盈利能力非常強大。正如我們所說，預計每項業務都將繼續實現強勁增長，通過利用它們相互提供的協同效應並將我們的年度自由現金流進行再投資，我們計劃在過去的一年中以約 25% 的複合年增長率增加我們的可分配收益。未來5年。

In addition to investing capital back into the business, we will also look to repurchase shares when they are undervalued, enhancing the return of capital to our shareholders. In 2022, our share buybacks totaled nearly $700 million. And when combined with our regular and special dividends, we returned almost $15 billion of capital to our shareholders. We ended the quarter with liquidity at approximately $125 billion of deployable capital. This includes $37 billion of core liquidity and $87 billion of uncalled fund commitments. As we look forward, we remain very well positioned to utilize this liquidity, combined with our ability to source proprietary scale investment opportunities to do something large and interesting should and when it show up.

除了將資本重新投入業務外，我們還將尋求在股票被低估時回購股票，以提高對股東的資本回報。 2022 年，我們的股票回購總額接近 7 億美元。加上我們的定期股息和特別股息，我們向股東返還了近 150 億美元的資本。本季度結束時，我們的可動用資金流動性約為 1250 億美元。這包括 370 億美元的核心流動資金和 870 億美元的未催繳基金承諾。正如我們所期待的那樣，我們仍然能夠很好地利用這種流動性，結合我們獲得專有規模投資機會的能力，以便在它出現時做一些大而有趣的事情。

Finally, I am pleased to confirm that our Board of Directors has declared a quarterly dividend of $0.07 per share payable at the end of March to shareholders of record at the close of business on February 28, 2023. Now as a reminder, Brookfield Corporation's quarterly dividend of $0.07 per share, combined with Brookfield Asset Management's quarterly dividend of $0.32 per share. which is equivalent to $0.08 per Class A share held prior to the distribution. In total, this equates to $0.15 per Class A share for those held prior to the special distribution, which represents a 7% increase compared to last year. With that, I'd like to thank you for your time, and I'd like to pass the call back to the operator for questions.

最後，我很高興地確認，我們的董事會已宣佈在 3 月底向 2023 年 2 月 28 日營業結束時登記在冊的股東派發每股 0.07 美元的季度股息。現在提醒一下，Brookfield Corporation 的季度股息每股 0.07 美元的股息，加上布魯克菲爾德資產管理公司每股 0.32 美元的季度股息。相當於分配前持有的每股 A 類股票 0.08 美元。總的來說，這相當於特別分配前持有的 A 類股票每股 0.15 美元，比去年增加 7%。至此，我要感謝你抽出時間，我想將電話轉回給接線員詢問問題。

(Operator Instructions) our first question comes from the line of Sohrab Movahedi with BMO Capital Markets

（操作員說明）我們的第一個問題來自 BMO Capital Markets 的 Sohrab Movahedi

I mean, Bruce, I guess when you sit back and you think of Brookfield Corporation as a capital allocator, you've highlighted, I think, 3 or 4 areas, one of which was pursuing strategic opportunities and may be too large for the funds by themselves. When I think about what you've done in recent past, OakTree have been a strategic acquisition, obviously, getting into the reinsurance business. Can you provide a little bit more color as to what sort of a strategic acquisition would be entailed in that comment?

我的意思是，Bruce，我想當你坐下來將 Brookfield Corporation 視為資本配置者時，我認為你已經強調了 3 或 4 個領域，其中一個領域正在尋求戰略機會並且可能對資金來說太大了通過他們自己。當我想到你最近所做的事情時，OakTree 顯然是一項戰略收購，進入再保險業務。您能否提供更多關於該評論中需要什麼樣的戰略收購的顏色？

Look, I would just say who knows. It will be something that is step out from what we do today, not competitive with any of our funds. Large -- it could be done with one of our funds, but it will be something that we understanding is that we can add value to. And where it fits, we'll have to see over time. And look, if another Oaktree was done, it would be done in our asset management business, not in Brookfield Corporation, so this will be an industrial operating business or something like that.

看，我只想說誰知道呢。這將是我們今天所做的事情之外的東西，不會與我們的任何基金競爭。大 - 它可以用我們的一個基金來完成，但我們理解它是我們可以增加價值的東西。它適合的地方，我們將不得不隨著時間的推移而看到。看，如果另一家 Oaktree 完成了，它將在我們的資產管理業務中完成，而不是在 Brookfield Corporation 中完成，所以這將是一個工業運營業務或類似的業務。

I understand. And then I think both you and Nick have made reference to the disconnect with the net asset value of the corporation and the stock price. And I guess every day, you're making capital allocation decisions -- so I know this is a bit of a naive question. But when there's the opportunity to buy Argo and deploy $1 billion there versus $1 billion in buybacks, can you just talk through about what should of considerations go into choosing one over the other?

我明白。然後我認為你和尼克都提到了公司資產淨值與股價之間的脫節。而且我想每一天，你都在做出資本分配決定——所以我知道這是一個有點天真的問題。但是，當有機會購買 Argo 並在那裡部署 10 億美元而不是回購 10 億美元時，您能否談談選擇其中一個而不是另一個時應該考慮哪些因素？

Yes. So maybe I'll just say that, look, there is no science to repurchases of shares and capital allocation. This is an art over time. And I'd say, over time, we've had a -- we've always balanced share repurchases with the fact that if you can deploy capital in operating businesses within the company and operate them well on a compound basis, the returns can be extra special. And over time, we've always been able to find some amazing businesses and grow them, and that's been very, very additive to shareholders over the longer term. Despite that, when there are big discounts to share price, it's easy money buying back shares, but we always balance the 2 off. And I would say you're going to see some of all of the above always, but more repurchases when the discount is larger.

是的。所以也許我會說，看，股票回購和資本配置沒有科學依據。這是一門隨著時間流逝的藝術。我想說的是，隨著時間的推移，我們一直在股票回購與以下事實之間取得平衡：如果你可以在公司內部的運營業務中部署資本，並在復合基礎上很好地運營它們，那麼回報就可以格外特別。隨著時間的推移，我們總是能夠找到一些令人驚嘆的企業並發展它們，從長遠來看，這對股東來說非常非常有幫助。儘管如此，當股價有很大折扣時，回購股票很容易賺錢，但我們總是平衡兩者。我會說你會一直看到上面所有的一些，但是當折扣更大時回購更多。

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

我們的下一個問題來自豐業銀行的 Mario Saric。

Just maybe dovetailing on the back of the last question with respect to the big district between intrinsic value and trading price, which you've also talked about in the past, you did mention in your prepared remarks as well as in the shareholder letter of potential tender offer if the discount persists. My question is just internally, like how should we think about the definition of persists? And does the asset manager spin-off change that definition in your mind at all?

可能與上一個問題的背後有關內在價值和交易價格之間的大區相吻合，你過去也談到過，你在準備好的評論和潛在股東信中確實提到了如果折扣持續存在，則進行要約收購。我的問題只是內部問題，比如我們應該如何考慮 persists 的定義？資產管理公司的分拆是否完全改變了您心中的定義？

Yes. Look, the only thing Nick can add to this, but I would just say is we've been repurchasing shares in the last little while. We'll continue to do that. The option of tender offers is always out there. We've done many in the past over the past 25 years. And often, when we've done them, there's been a big discount to be able to capture. So we look at that compared to everything else that's going on in the business and what opportunities are out there and have to weigh them each.

是的。看，尼克唯一可以補充的是，但我只想說，我們在過去的一段時間裡一直在回購股票。我們將繼續這樣做。投標報價的選擇總是存在的。在過去的 25 年裡，我們做了很多。通常，當我們完成它們時，能夠獲得很大的折扣。因此，我們將其與業務中正在發生的所有其他事情以及那裡存在的機會進行比較，並且必須權衡它們。

Yes, I have nothing to add.

是的，我沒有什麼要補充的。

Okay. My second question just relates to monetizations. In '22, you completed $34 billion of them leading to a $1.7 billion realized gain. I appreciate the outlook. Maybe Cloudy with a pending potential recession, but I suspect it was equally uncertain, kind of going into '22 with the heightened geopolitical risk. So with that in mind, can you provide any color on whether you think you can exceed last year's monetization and realized gains this year? And in particular, if there's specific asset classes where you think you see a lot of opportunity to surprise to the upside?

好的。我的第二個問題只與貨幣化有關。在 22 年，您完成了其中的 340 億美元，實現了 17 億美元的收益。我很欣賞這種前景。也許多雲，潛在的經濟衰退即將來臨，但我懷疑它同樣不確定，有點像進入 22 年，地緣政治風險增加。因此，考慮到這一點，您能否提供任何顏色來說明您是否認為今年可以超過去年的貨幣化和實現收益？特別是，如果有特定的資產類別，您認為您認為有很多機會出人意料地上漲？

Mario, it's Nick. I think if you look at the nature of the assets that we did sell last year and continue to sell it's a diversified global portfolio of some of the highest quality infrastructure renewable real estate businesses and some private equity. And I think if anything, they have proven they're worth more so in the last 12 months with the resiliency of cash flow and the growth that they keep delivering. And remember, many of these assets financed on an investment-grade basis with portable debt.

馬里奧，是尼克。我認為，如果你看看我們去年出售並繼續出售的資產的性質，它是一個多元化的全球投資組合，包括一些最優質的基礎設施可再生房地產業務和一些私募股權。而且我認為，如果有的話，在過去的 12 個月裡，憑藉現金流的彈性和他們不斷實現的增長，他們證明了自己的價值更高。請記住，這些資產中有許多是在投資級基礎上通過可移動債務融資的。

We think they're still very attractive to buyers and executable. We have to see how the market conditions play out, but our intention is we have a number of assets that we plan to take to market this year and see how the process goes and it's our expectation that there should still be buyers for those. Obviously, transaction activity has been muted recently, but we do expect it to pick up through the year. The exact scale of disposition gains is obviously down to timing and our execution.But I think we should still be able to deliver strong growth from monetizations this year.

我們認為它們對買家和可執行文件仍然非常有吸引力。我們必須看看市場狀況如何發揮作用，但我們的意圖是我們計劃今年將一些資產推向市場，看看過程如何進行，我們預計這些資產仍然會有買家。顯然，最近交易活動有所減少，但我們確實預計今年會有所回升。處置收益的確切規模顯然取決於時機和我們的執行。但我認為我們今年應該仍然能夠通過貨幣化實現強勁增長。

Got it. Okay. I don't think Suzanne mentioned the 2 question limit, so maybe I'll throw one more in there before I hop off. And just coming back to the real estate. I appreciate the incremental color in terms of the equity value by segment and some of the operational kind of tailwinds that you referenced with respect to the same-store NOI growth in the office and in the retail spreads. I think part of the challenge in the market today, given the volatility is that generally, investors just look at in-place NOI and look at where they think in place cap rates are, whereas your valuations will incorporate a DCF approach over a longer period of time. In general, how much higher are the expected NOI is in your DCF relative to where in-place NOI is today?

知道了。好的。我不認為 Suzanne 提到了 2 個問題的限制，所以也許我會在下車之前再扔一個在那裡。剛剛回到房地產。我欣賞按部門劃分的股權價值的增量色彩，以及您在辦公室和零售價差中提到的一些運營類型的順風。我認為當今市場面臨的部分挑戰是，考慮到波動性，投資者通常只關注現有的 NOI 並查看他們認為的現有資本化率，而您的估值將在較長時期內採用 DCF 方法的時間。一般來說，相對於今天的現場 NOI，DCF 中的預期 NOI 高多少？

Listen, Mario, like we talked about the growth in the assets. We expect to see good growth coming through our retail NOI just in next year of up to 5% next year. We expect to see office continue to grow. Now remember, a lot of these assets are leased, have leased space rolling over in the office. And even in the last 12 months, we continued to execute leases at record rents in Manhattan. And this is when it comes back to quality and the focus on quality of the assets that we own, and they will continue in our mind to attract premium rents and premium valuations because the concentration in quality is highly significant, and I think often overlooked in our portfolio. And as you know, rates are arguably getting near the top.

聽著，馬里奧，就像我們談到資產的增長一樣。我們預計明年我們的零售 NOI 將實現高達 5% 的良好增長。我們希望看到辦公室繼續增長。現在請記住，這些資產中有很多是租賃的，在辦公室裡有租賃空間。甚至在過去的 12 個月裡，我們繼續以創紀錄的租金在曼哈頓執行租賃。這就是回到質量和對我們擁有的資產質量的關注的時候，它們將繼續在我們的腦海中吸引溢價租金和溢價估值，因為質量的集中度非常重要，而且我認為經常被忽視我們的投資組合。如您所知，利率可以說接近最高點。

And at some point, they're coming back down again, but the NOI is going to keep growing because these are the best assets with the highest demand. So I think over the 10 years, we see that being more than offset. But you should note, we have moved discount rates this year in the valuations. They did go higher relative to the 10-year. They didn't go down significantly when rates went 0, but they have gone higher now. But that's being offset by broad-based growth in the portfolio in most of the portfolio.

在某個時候，它們會再次回落，但 NOI 將繼續增長，因為這些是需求最高的最佳資產。所以我認為在過去的 10 年裡，我們看到的不僅僅是抵消。但您應該注意，我們今年在估值中調整了貼現率。相對於 10 年期，它們確實走高了。當利率為 0 時，它們並沒有顯著下降，但現在已經上升了。但這被大多數投資組合中投資組合的廣泛增長所抵消。

And our next question comes from the line of Jeff Kwan with RBC Capital Markets.

我們的下一個問題來自 Jeff Kwan 與 RBC Capital Markets 的對話。

I just wanted to go back to that comment on a potential large acquisition that might happen at the Brookfield Corp level. So you're mentioning it wouldn't be an alternative asset manager, it would be more like an operating company. My question was just, is there a reason why you'd think about doing it at the Brookfield Corp. level as opposed to having one of your funds participating in and then having additional co-invest that would be at the Brookfield Corp. level and/or from your LPs?

我只想回到對布魯克菲爾德公司層面可能發生的潛在大型收購的評論。所以你提到它不會是另類資產管理公司，它更像是一家運營公司。我的問題是，您是否有理由考慮在 Brookfield Corp. 層面上這樣做，而不是讓您的一隻基金參與其中，然後在 Brookfield Corp. 層面進行額外的共同投資，並且/或從你的LPs？

Yes. So firstly, it could be in partnership with one of our funds. But remember, even a 30 -- our funds are $20 billion, $30 billion a piece. -- even one of those funds can only take $2 billion to $3 billion of equity. So let's just assume it could be one of those funds that we have, taking $3 billion of equity. It could be 5 partners of ours taking $2 billion or $3 billion each of equity, and it could be us putting up $10 billion.

是的。因此，首先，它可以與我們的一個基金合作。但請記住，即使是 30 個——我們的資金也是 200 億美元，一個 300 億美元。 ——即使其中一隻基金也只能持有 20 億至 30 億美元的股權。因此，讓我們假設它可能是我們擁有的其中一支基金，持有 30 億美元的股權。可能是我們的 5 個合夥人各拿 20 億美元或 30 億美元的股權，也可能是我們出資 100 億美元。

So the benefit that we have because of our asset manager is that we have relationships with large institutional investors who can become our partner and who want to directly invest with us. So not only could it be a great business investment for Brookfield Corporation. But it will also be highly additive to engaging our institutional clients with us to benefit our asset manager. And so we continue to see those types of opportunities. And at some point in time, one of them will do, I suspect.

因此，我們的資產管理公司給我們帶來的好處是，我們與大型機構投資者建立了關係，他們可以成為我們的合作夥伴，並希望直接與我們進行投資。因此，對於 Brookfield Corporation 而言，這不僅是一筆巨大的商業投資。但這也將極大地增加我們的機構客戶與我們的接觸，使我們的資產管理人受益。因此，我們繼續看到這些類型的機會。我懷疑在某個時間點，其中之一會起作用。

Just if I can add on to that additional co-invest, if you were to do one at the fund level and have the co-investment outside, I get that the fund can only put it so much. Would that additional equity amount on the co-invest both BN and/or from the LPs, would that have positive C implications for BAM? Or would it be done on a (inaudible) basis?

如果我可以增加額外的共同投資，如果你在基金層面做一個並且在外面進行共同投資，我知道基金只能投入這麼多。 BN 和/或 LP 共同投資的額外股權金額是否會對 BAM 產生積極的 C 影響？還是會在（聽不清）的基礎上完成？

It all depends on the transaction. So I can't really comment.

這一切都取決於交易。所以我真的不能評論。

Okay. Just my second question then was [Audio Jumps]

好的。我的第二個問題是 [Audio Jumps]

It can't be negative for them. How about that?

這對他們來說不可能是消極的。那個怎麼樣？

Okay. All right. Just my second question is going back to the wide discount to NAV, the stock is trading at. And it seems at least part of it is investor focused on the value of our real estate investments. Even though you've got, I think, very strong conviction of being invested in this asset class, just given this dynamic and how you think about value creation for shareholders, does what we've seen with how the share price has traded recently changed much as to how you think about how much you want real estate to comprise as part of the B and NAV over time?

好的。好的。我的第二個問題是回到資產淨值的大幅折扣，股票交易價格。似乎至少有一部分是投資者關注我們房地產投資的價值。我認為，即使你對投資這一資產類別抱有非常強烈的信念，但考慮到這種動態以及你如何看待為股東創造價值，我們所看到的股價最近的變化如何隨著時間的推移，你如何看待你希望房地產作為 B 和 NAV 的一部分的多少？

So the only thing I'll say and then Nick can add is, I actually don't know why the stock price is trading the way it is. You just thought it was real estate. I actually don't think it's that. I think there's a big recirculation going on in the markets between BAM and BN. And I think, ultimately, this is all going to settle out and the company will trade at a proper valuation. But some of it may be that, and I guess to directly answer your question, the real estate business has been an unbelievably positive value creation business for us as a company, and we're going to continue to invest in real estate, whether it's a smaller or larger percentage of our assets in the future. I suspect it's smaller on a percentage basis, partly because it's an ideal asset for our insurance business, and it will be fed a lot of the assets are going to be held for the next 50 years in our insurance businesses, great long duration match for liability.

所以我唯一要說的是尼克可以補充的是，我實際上不知道為什麼股價會這樣交易。你只是以為這是房地產。其實我不這麼認為。我認為 BAM 和 BN 之間的市場正在發生巨大的再循環。我認為，最終，這一切都會平息，公司將以適當的估值進行交易。但其中一些可能是這樣，我想直接回答你的問題，房地產業務對我們公司來說是一項令人難以置信的積極價值創造業務，我們將繼續投資房地產，無論是未來我們資產的較小或較大百分比。我懷疑它的百分比較小，部分原因是它是我們保險業務的理想資產，並且它將提供我們保險業務未來 50 年將持有的大量資產，長期匹配責任。

And our next question comes from the line of Ken Worthington with JPMorgan.

我們的下一個問題來自摩根大通的 Ken Worthington。

I, too, will ask about the discount to NAV. I guess we'll all circle around the questions. But I guess, first, is a discount to NAV, something that we should expect and learn to live with? And if so, is there a level of discount that we should find acceptable or you find acceptable? Maybe part 2 is, I think BPY traded at a perpetual discount to NAV, which I think frustrated you and us and was the driver of the privatization. So if a discount is not acceptable, how do you prevent BN from trading at that discount like BPY did over time prior to privatization.

我也將詢問 NAV 的折扣。我想我們都會圍繞這些問題展開討論。但我想，首先，是資產淨值的折扣，這是我們應該期待並學會接受的事情嗎？如果是這樣，是否有我們認為可以接受或您認為可以接受的折扣水平？也許第 2 部分是，我認為 BPY 的交易價格永遠低於 NAV，我認為這讓你和我們感到沮喪，並且是私有化的驅動力。因此，如果折扣是不可接受的，您如何防止 BN 像 BPY 在私有化之前的一段時間內那樣以該折扣進行交易。

And then lastly, you did mention buybacks or much bigger buybacks or a tender to help close that discount. It looks like a lot of your cash is locked up in BAM. And the uses of cash seem to be pretty high here. Is drawing credit lines, sort of the preferable approach to pursuing a much bigger buyback or a tender if you're going to do this near term? Or do your comments really contemplate a tender or a much larger buyback longer term when cash starts to build again? I know there was a lot there.

最後，您確實提到了回購或更大的回購或招標以幫助關閉折扣。看起來你的很多現金都被鎖在了 BAM 中。現金的使用在這裡似乎相當高。如果你打算在短期內這樣做，那麼提取信貸額度是尋求更大回購或招標的更可取的方法嗎？或者，當現金開始再次積累時，您的評論是否真的考慮了長期招標或更大規模的回購？我知道那裡有很多。

There's a lot, Ken. I think I've written them down. It's Nick. So I think I can address them in turn. I'd start by saying we absolutely don't like a discount in our share price because we have complete conviction in what we believe the fair value of our business is. And as shareholders ourselves, we don't like to see the discount, but we have conviction in the value of our business and the compounding value that we're creating by the decisions we're taking every day. And as Bruce said, the buybacks are something we can consider. But when you buy back the capital leaves the business, whereas if you look at what we've done in the last just 3 years with the acquisition of Oaktree, the privatization of BPY and the acquisition of American National, we have taken cash flow and reinvested it into businesses that have been highly strategic, added significant value and will compound tremendous value over the long term, arguably adding more value than buybacks would have.

有很多，肯。我想我已經把它們寫下來了。是尼克。所以我想我可以依次解決這些問題。我首先要說我們絕對不喜歡我們的股價打折，因為我們完全相信我們認為我們業務的公允價值是什麼。作為股東，我們不希望看到折扣，但我們堅信我們的業務價值以及我們每天所做的決定所創造的複合價值。正如布魯斯所說，回購是我們可以考慮的事情。但是當你回購資本離開企業時，如果你看看我們在過去短短 3 年裡所做的收購 Oaktree、BPY 私有化和收購 American National，我們已經採取了現金流和將其重新投資於具有高度戰略性、增加了顯著價值並將在長期內產生巨大價值的企業，可以說增加的價值超過回購所能帶來的價值。

So that's how we think about it on a daily basis. We don't like the discount. There's nothing we can necessarily do to change the market except consider a buyback at the right time, and we tell the story, educate people and we prove out the thesis. And as we prove out the earnings power of the real estate as we prove out the values over time, then hopefully, the market adjusts to that. And as we realized carried interest, which is also a concept and cash comes in, that's how we use that cash and how we create the value will prove out the fair value of the business over time and the market hopefully gravitate. As it relates to available cash, we're generating upwards of $4.5 billion of cash flow a year in this business. We have significant amounts of liquid investments in the market. We have many aspects to our business. We are constantly monetizing through our direct investments.

這就是我們每天思考它的方式。我們不喜歡打折。除了在適當的時候考慮回購之外，我們沒有必要做任何事情來改變市場，我們講故事，教育人們，我們證明了這個論點。當我們隨著時間的推移證明房地產的價值時，我們證明了房地產的盈利能力，然後希望市場會對此進行調整。當我們意識到附帶利益（這也是一個概念和現金）時，這就是我們使用現金的方式以及我們創造價值的方式將隨著時間的推移證明業務的公允價值，並且有望吸引市場。就可用現金而言，我們在這項業務中每年產生超過 45 億美元的現金流。我們在市場上擁有大量流動性投資。我們的業務有很多方面。我們不斷通過直接投資獲利。

We have many, many sources of capital and cash flow in this business that I wouldn't say it's constrained in any way. We have significant resources should we choose to do something available to us.

我們在這項業務中有很多很多資本和現金流來源，我不會說它受到任何限制。如果我們選擇做一些可用的事情，我們擁有大量資源。

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

我們的下一個問題來自道明證券的 Cherilyn Radbourne。

A lot of my bigger picture questions have already been asked. So maybe I'll drill down in a couple of areas. Firstly, in the letter, you mentioned that Brookfield has been investing as an LP in some external private funds and sectors where your franchise doesn't yet have full-scale teams. And I appreciate that you may want to be vague in your answer, but perhaps you could give us a bit more color on the nature and extent of those investments.

我的很多大局問題已經被問到。所以也許我會深入研究幾個方面。首先，在信中，您提到 Brookfield 一直在作為 LP 投資一些外部私募基金和您的特許經營尚未擁有全麵團隊的行業。我很欣賞你可能想在你的回答中含糊其辭，但也許你可以讓我們更多地了解這些投資的性質和範圍。

Yes. Look, I would just say they're relatively modest and there are areas where we don't participate today. I'd say around technology investing would be one of the main areas where we have some investments.

是的。看，我只想說他們相對溫和，有些領域我們今天沒有參與。我想說，圍繞技術投資將是我們進行一些投資的主要領域之一。

Okay. And then secondly, maybe you could elaborate on the acquisition of Argo by the insurance business, which was announced yesterday and just how that deal enhances your existing insurance platform.

好的。其次，也許你可以詳細說明昨天宣布的保險業務對 Argo 的收購，以及這筆交易如何增強你現有的保險平台。

Cherilyn, it's Nick. So obviously, Argo is a public company and has to go through a process. So a little bit limited in what we can say. But I mean all I would say is this is just part of our broader strategy to build and diversify our insurance platform to help it reach scale over time and consistent with how we've built other of our businesses, we like operating platforms and the building platforms, we can then, we believe, create better value over time. And this is complementary to the American National business that we own and the P&C business there. And so it's just execution of our strategy, and that's probably as much as I can say at this point in the process.

Cherilyn，是尼克。很明顯，Argo 是一家上市公司，必須經過一個流程。所以我們能說的有點有限。但我的意思是，我要說的是，這只是我們建立保險平台並使其多樣化的更廣泛戰略的一部分，以幫助它隨著時間的推移達到規模，並與我們建立其他業務的方式保持一致，我們喜歡運營平台和建設平台，我們相信，隨著時間的推移，我們可以創造更好的價值。這是對我們擁有的 American National 業務和那裡的 P&C 業務的補充。所以這只是我們戰略的執行，這可能是我在這個過程中所能說的。

Okay. That's fair enough. Maybe you can just give us a little bit of detail in terms of where you're at in insurance. Do you mean more to build versus buy at this point?

好的。這很公平。也許你可以就你在保險方面的情況向我們提供一些細節。在這一點上，你的意思是建造還是購買更多？

Listen, it's like the rest of our businesses. We have platforms now. And so they continue to be able to grow their businesses every day through the writing of new policies by us winning PRT transactions in our Canadian business. So the business is always growing and compounding. And then at the same time, we're looking for the opportunity to create step change growth by buying things that we think will add value to the franchise. So it's a combination of both consistent with how we largely grow the rest of our businesses. But we're highly optimistic and excited about the future for the business.

聽著，這就像我們的其他業務一樣。我們現在有平台。因此，通過我們在加拿大業務中贏得 PRT 交易來編寫新政策，他們每天都能繼續發展業務。因此，業務總是在增長和復合。然後與此同時，我們正在尋找機會通過購買我們認為會為特許經營增加價值的東西來創造階梯式增長。因此，這是兩者的結合，與我們在很大程度上發展其他業務的方式一致。但我們對業務的未來非常樂觀和興奮。

And our next question comes from the line of Dean Wilkinson with CIBC

我們的下一個問題來自 CIBC 的 Dean Wilkinson

Just a question on the real estate. You talked about some of that -- so your trophy and retail complex is potentially finding their way into the insurance business. Would that be the entirety of that $15 billion, would the sale necessitate a crystallization or a gain? And how big would the insurance business need to be to absorb sort of all the real estate you want to put into there...

只是關於房地產的問題。你談到了其中的一些 - 所以你的獎杯和零售綜合體有可能進入保險業務。那會是那 150 億美元的全部嗎，出售是否需要結晶或收益？保險業務需要多大才能吸收你想投入的所有房地產……

Dean, it's Nick. Listen, I think as you think about the way we've broken down the portfolio Obviously, we have the LP investments, which will continue to compound at 20%. We have the residential land business. And then we have that kind of 7 to 8 bucket that we're monetizing over time. So yes, what you're left with are these trophy assets that we want to own all or part of over time because they are tremendous assets and the duration of the matches liabilities. And so yes, the process of moving them across is something we have to figure out the transaction. But if you look at many insurance companies around the world, they would own assets like the ones we own or maybe not even as good as the ones that we own. And so that could be a natural home for them. And the details of the transactions would be figured out. But you're right, it would need to scale to absorb that amount of real estate. We need to scale much larger, but that's consistent with our plans for the business.

迪安，是尼克。聽著，當你考慮我們分解投資組合的方式時，我認為很明顯，我們有 LP 投資，它將繼續以 20% 的速度複合。我們有住宅用地業務。然後我們有了那種 7 到 8 個桶，我們會隨著時間的推移貨幣化。所以是的，你剩下的是我們希望隨著時間的推移全部或部分擁有的這些獎杯資產，因為它們是巨大的資產和比賽負債的持續時間。所以是的，轉移它們的過程是我們必須弄清楚交易的事情。但如果你看看世界各地的許多保險公司，他們將擁有與我們擁有的資產一樣的資產，甚至可能不如我們擁有的資產。因此，這可能是他們的天然家園。並且交易的細節將被弄清楚。但你是對的，它需要擴大規模才能吸收那麼多的房地產。我們需要擴大規模，但這符合我們的業務計劃。

I will now turn the call back over to managing partner, Suzanne Fleming for any closing remarks.

我現在將把電話轉回管理合夥人蘇珊娜弗萊明，聽取任何結束語。

Thank you, everybody, for joining us today. And with that, we will end the call.

謝謝大家今天加入我們。就這樣，我們將結束通話。

(Operator Instructions)

（操作員說明）