BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2024 Q3 法說會逐字稿

Hello and welcome to Brookfield Asset Management's third quarter 2024 conference call and webcast. (Operator Instructions)

您好，歡迎來到布魯克菲爾德資產管理公司 2024 年第三季電話會議和網路廣播。 （操作員說明）

I would now like to hand the conference over to our first speaker, Mr. Jason Fooks, Managing Director, Investor Relations. Please go ahead.

現在我想將會議交給我們的第一位發言人，投資者關係董事總經理 Jason Fooks 先生。請繼續。

Thank you for joining us today for Brookfield Asset Management's earnings call on the call today, we have Bruce Flatt, our Chief Executive Officer; Connor Teskey, our President; and Hadley Peer Marshall, our Chief Financial Officer.

感謝您今天參加布魯克菲爾德資產管理公司今天的財報電話會議，我們的執行長 Bruce Flatt 出席了會議。康納‧特斯基，我們的總裁；以及我們的財務長哈德利‧皮爾‧馬歇爾 (Hadley Peer Marshall)。

Bruce will start the call today with opening remarks about the most important themes we're focused on, followed by Connor who will discuss the market environment for both deploying and monetizing assets. And finally Hadley will discuss our financial results and business operations.

Bruce 將在今天的電話會議上就我們關注的最重要主題發表開場白，隨後康納將討論資產部署和貨幣化的市場環境。最後哈德利將討論我們的財務表現和業務運作。

After our formal comments, we'll turn the call over to the operator and take analyst questions. In order to accommodate all those who want to ask questions we ask that you refrain from asking more than two questions at one time. If you have additional questions, please rejoin the queue and we'll be happy to take additional questions at the end if time permits.

在我們提出正式意見後，我們會將電話轉給接線生並回答分析師的問題。為了滿足所有想要提問的人的需求，我們要求您不要一次提出兩個以上的問題。如果您還有其他問題，請重新加入隊列，如果時間允許，我們很樂意在最後回答其他問題。

Before we begin, 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 meanings of applicable Canadian and US Securities Law.

在我們開始之前，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運營業績時，我們可能會做出前瞻性陳述，包括適用的加拿大法律含義內的前瞻性陳述。

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.

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，未來事件和結果可能與此類聲明有重大差異。

For further information on these risks and the potential impacts on our company. Please see our filings with the securities regulators in Canada and the United States and the information available on our website.

有關這些風險及其對我們公司的潛在影響的更多資訊。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資訊。

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

這樣，我就把電話轉給布魯斯。

Thank you, and good morning to everyone on the call. We are pleased to announce that we had a very active third quarter, generating record results. We benefited from $135 billion of inflows over the past year. We acquired partnership stakes in two leading partner managers, and we made significant progress on asset monetizations across the franchise. Fee-bearing capital or FBC, grew by nearly $100 billion over the year to $539 billion, a 23% increase.

謝謝您，祝所有參加電話會議的人早安。我們很高興地宣布，我們的第三季非常活躍，並取得了創紀錄的業績。去年我們受惠於 1,350 億美元的資金流入。我們收購了兩家領先的合作夥伴經理的合夥股份，並且在整個特許經營權的資產貨幣化方面取得了重大進展。收費資本（FBC）全年成長近 1,000 億美元，達到 5,390 億美元，增幅為 23%。

Fee-related earnings for the third quarter were up 14% over the past year to a record $644 million or $0.39 per share and distributable earnings grew 9% to a record $619 million or $0.38 per share. Our franchise showed tremendous resiliency on both the fundraising and deployment fronts, despite higher market uncertainty over the past few years.

第三季的費用相關收益較去年增長 14%，達到創紀錄的 6.44 億美元，每股 0.39 美元，可分配收益成長 9%，達到創紀錄的 6.19 億美元，即每股 0.38 美元。儘管過去幾年市場不確定性較高，但我們的特許經營權在籌款和部署方面都表現出了巨大的彈性。

Since then, inflation has eased and central banks have begun to lower rates. Liquidity has returned to the market as the direction of travel on rates is now clear. This shift has generated greater confidence among market participants, and this normalization is unlocking value across our business.

此後，通貨膨脹有所緩解，央行開始降低利率。由於利率走勢現已明確，市場流動性已恢復。這種轉變在市場參與者中產生了更大的信心，而這種正常化正在釋放我們整個業務的價值。

This has allowed transaction activity to pick up, leading to both the buyers and a seller's market. We see attractive investment opportunities, especially for large transactions or opportunities that need capital to grow. But we also see a robust bid for high-quality cash generative assets, which serves us well given the makeup of our investments.

這使得交易活動回升，導致買方和賣方市場同時出現。我們看到了有吸引力的投資機會，尤其是大型交易或需要資本成長的機會。但我們也看到對高品質現金產生資產的強勁競購，考慮到我們的投資組成，這對我們很有好處。

In general, across the industry, we anticipate a significant return of capital to limited partners, and this recycling of capital will add further support to an increasingly constructive fundraising environment. Connor will speak about how we are monetizing mature assets and realizing very attractive returns for our clients.

總的來說，在整個行業中，我們預計有限合夥人將獲得大量資本回報，而這種資本循環將為日益建設性的融資環境提供進一步的支持。康納將談論我們如何將成熟資產貨幣化並為客戶實現非常有吸引力的回報。

In addition, lower interest rates are supporting recovery in our yield-focused public stocks, which are now beginning to reflect their underlying strong performance, including our infrastructure and renewable power publicly listed affiliates. The management fees we earn from our listed affiliates are linked to their share prices, strongly aligning our interests.

此外，較低的利率正在支持我們注重收益的公共股票的復甦，這些股票現在開始反映出其潛在的強勁表現，包括我們的基礎設施和再生能源上市附屬公司。我們從上市附屬公司賺取的管理費與其股價掛鉤，與我們的利益密切相關。

As yield stocks continue to gain public favor, combined with strong continued underlying fundamental business performance, our earnings should increasingly benefit from this tailwind. With the market headwinds of the past couple of years turning into tailwinds for our businesses, we expect strong earnings growth to continue for the foreseeable future.

隨著收益股繼續受到大眾青睞，加上持續強勁的基本業務表現，我們的獲利應該會越來越多地受益於此利好因素。隨著過去幾年的市場逆風轉變為我們業務的順風，我們預計在可預見的未來，強勁的獲利成長將持續下去。

Turning to investment themes. The super cycle and decarbonization, deglobalization and digitalization that is reshaping the global economy continues to gain momentum. Tens of trillions of dollars will be required to fund these trends.

轉向投資主題。重塑全球經濟的超級循環和脫碳、逆全球化、數位化動能持續增強。為這些趨勢提供資金將需要數十億美元。

Governments are capital constrained, leaving private capital well positioned to play a leading role. We sit at the epicenter of these themes, which will continue to drive growth across all of our businesses, especially in private credit, AI infrastructure, renewable power and energy transition.

政府資本有限，私人資本有能力發揮主導作用。我們處於這些主題的中心，這將繼續推動我們所有業務的成長，特別是在私人信貸、人工智慧基礎設施、再生能源和能源轉型方面。

Let me briefly address each of these areas. As the large institutional credit investors, including insurance companies and pension funds, look to allocate more of their portfolios to private credit to benefit from the premium returns and lower risk.

讓我簡要介紹一下這些領域。由於包括保險公司和退休基金在內的大型機構信貸投資者希望將更多的投資組合配置到私人信貸，以獲得溢價回報和較低的風險。

Borrowers continue to diversifying -- diversify from traditional funding sources. They are seeking lenders who can provide certainty of funding, creative structures, speed of execution and flexibility. We continue to leverage our real assets, investing expertise across real asset credit products and borrows in these segments see Brookfield as a partner of choice.

借款人繼續多元化—從傳統的融資來源轉向多元化。他們正在尋找能夠提供資金確定性、創新結構、執行速度和靈活性的貸款人。我們繼續利用我們的實體資產、在實體資產信貸產品和借款方面的投資專業知識，將布魯克菲爾德視為首選合作夥伴。

Private credit will also play an integral role in the build-out of global AI infrastructure and enabling the energy transition. In fact, all of our businesses from renewable power infrastructure to real estate and private equity, are playing critical roles in facilitating the transition in net zero, helping meet the need for global clean, reliable energy on an unprecedented scale while at the same time, supporting the exponential growth in need for other infrastructure demanded by AI.

私人信貸也將在全球人工智慧基礎設施建設和能源轉型中發揮不可或缺的作用。事實上，我們的所有業務，從再生能源基礎設施到房地產和私募股權，都在促進淨零轉型方面發揮關鍵作用，幫助滿足全球對清潔、可靠能源的前所未有的規模需求，同時，支持人工智慧所需的其他基礎設施需求的指數增長。

AI is accelerating further buildout of the backbone of the global enemy. It requires substantial amounts of capital and our early investments in capabilities in renewal power, data centers, in semiconductor manufacturing have positioned us across the supply chain as a partner of choice for the largest and fastest growing companies in the world. Each of our business groups are investing in the substantial infrastructure that underpin AI.

人工智慧正在加速全球敵人骨幹的進一步建設。它需要大量資金，而我們對再生能源、資料中心和半導體製造能力的早期投資使我們在整個供應鏈中成為世界上最大、成長最快的公司的首選合作夥伴。我們的每個業務部門都在投資支援人工智慧的基礎設施。

Our $30 billion semiconductor fabrication plant we are building with Intel in Arizona, our data center portfolio, which is among the largest in the world, and enough fiber optic cables to and circle the globe, all speak to our scale and capabilities that few others have.

我們正在亞利桑那州與英特爾共同建造耗資300 億美元的半導體製造工廠，我們的資料中心組合（世界上最大的資料中心之一），以及足夠的光纖電纜覆蓋全球，所有這些都說明了我們的規模和能力，這是其他公司無法比擬的。

All of this is in addition to being the largest supplier of green power to the technology sector. AI depends on reliable cost efficient and clean energy sources, something we are uniquely positioned to provide at scale. Our 10.5 gigawatt renewable power development agreement with Microsoft representing more than $10 billion of investment is to facilitate their data center build-out on the backs of this revolution.

除此之外，我們也成為科技領域最大的綠色電力供應商。人工智慧依賴可靠的成本效益和清潔能源，這是我們在大規模提供方面具有獨特的優勢。我們與 Microsoft 簽訂的 10.5 吉瓦再生能源開發協議代表超過 100 億美元的投資，旨在促進他們在這場革命的支持下擴大資料中心。

More recently, the conversation around energy has been shifting to include the need for nuclear. There is increasing appetite for nuclear energy to meet the significant demand for electricity in the coming years. With an acceleration in more plans for nuclear power being built around the world, driven by both governments and corporates, we are witnessing a significant shift in sentiment.

最近，圍繞能源的討論已經轉向包括對核能的需求。為了滿足未來幾年對電力的巨大需求，人們對核能的需求越來越大。在政府和企業的共同推動下，世界各地加速建造更多核電計劃，我們正在見證人們的情緒發生重大轉變。

We invested ahead of the curve with our acquisition five years ago at Westinghouse, the world's leading products, technology and services to the industry. We believe there is no credible path to clean energy grids without a large and increasing amount of nuclear energy.

五年前，我們收購了西屋電氣公司（Westinghouse），這是我們領先的投資方式，該公司擁有業界領先的產品、技術和服務。我們相信，如果沒有大量且不斷增加的核能，就沒有通往清潔能源電網的可靠途徑。

Today, Westinghouse services approximately half the global fleet of nuclear power plants and has designed and engineering capability to deliver micro, small modular and utility scale reactor solutions. The world requires scalable, low-cost 24/7 power and the largest consumers of power are increasingly focused on a selected few trusted partners capable of delivering energy where and when it's needed.

如今，西屋電氣為全球約一半的核電廠提供服務，並擁有提供微型、小型模組化和公用事業規模反應器解決方案的設計和工程能力。世界需要可擴展、低成本的 24/7 電力，最大的電力消費者越來越關注少數能夠在需要的時間和地點提供能源的值得信賴的合作夥伴。

Adding nuclear to our broader renewable power capabilities positions us to offer unmatched clean energy solutions to the largest companies and other energy users. While the shift back toward nuclear is only beginning, it is just one component of the significant investment necessary over the next several decades.

將核能添加到我們更廣泛的可再生能源能力中，使我們能夠為最大的公司和其他能源用戶提供無與倫比的清潔能源解決方案。雖然向核能的轉變才剛開始，但這只是未來幾十年所需的重大投資的組成部分。

We are the only Western economy business that has access to nuclear technology, and we are working on the next phase of our AI plans to match our land entitlement property skills. Our power franchise, our data center capabilities and our nuclear SMR technology, which will soon power the most advanced data centers in the world. This is very exciting.

我們是唯一一家能夠獲得核子技術的西方經濟企業，我們正在製定下一階段的人工智慧計劃，以匹配我們的土地所有權技能。我們的電力專營權、我們的資料中心能力和我們的核 SMR 技術，很快將為世界上最先進的資料中心提供動力。這非常令人興奮。

As I wrap up, I'd like to underscore the importance of the key themes driving our business today, private credit, AI infrastructure and energy transition. They are not just areas of focus. They represent the pillars of growth that are shaping the future of the backbone of the global economy.

在結束演講時，我想強調推動我們當今業務的關鍵主題的重要性：私人信貸、人工智慧基礎設施和能源轉型。它們不僅僅是重點領域。它們代表著塑造全球經濟支柱未來的成長支柱。

As a leader in renewable power, infrastructure and real estate, combined with our broad private equity and credit capabilities, we are well positioned to significantly grow our franchise in the years ahead.

作為再生能源、基礎設施和房地產領域的領導者，結合我們廣泛的私募股權和信貸能力，我們有能力在未來幾年大幅擴大我們的特許經營權。

With that, let me turn it over to Connor.

那麼，讓我把它交給康納。

Thank you, Bruce, and good morning to everyone on the call. As Bruce mentioned, the headwinds in the broader market over the past few years are now turning into positive tailwinds for our business and will drive earnings growth for years to come.

謝謝你，布魯斯，祝所有參加電話會議的人早安。正如布魯斯所提到的，過去幾年大市場的逆風現在正在轉變為我們業務的積極順風，並將推動未來幾年的獲利成長。

We are seeing this play out today as market conditions have improved. Liquidity has returned and transaction activity across our business continues to gain momentum. On the monetization front, capital is returning and is favoring high-quality assets with strong cash flows.

隨著市場狀況的改善，我們今天看到了這種情況的發生。流動性已經恢復，我們整個業務的交易活動繼續保持勢頭。變現方面，資本回流，青睞現金流強勁的優質資產。

Given one, our disciplined approach to investing and two, our long-term value-oriented management strategy, we have a large portfolio of investments buyer’s needs. As such, we disproportionately benefit in the current environment and expect it to continue well into 2025.

鑑於一是我們嚴格的投資方法，二是我們以價值為導向的長期管理策略，我們擁有大量的投資買家需求。因此，我們在當前環境下受益匪淺，並預計這種情況將持續到 2025 年。

We have had a very active quarter of monetization activity with over $17 billion signed or completed in the past four months alone. Looking ahead, based on the sales processes we have ongoing, the trends we are seeing in the market and the number of assets that we expect will be ready for sale in the near term, we expect monetization activity to further accelerate next year.

我們的貨幣化活動非常活躍，僅在過去四個月內就簽署或完成了超過 170 億美元。展望未來，根據我們正在進行的銷售流程、我們在市場上看到的趨勢以及我們預計在短期內準備出售的資產數量，我們預計明年的貨幣化活動將進一步加速。

And while BAM does not directly benefit from any carried interest realized from the more mature fund vintages that existed prior to its formation in 2022, returning capital returns to clients facilitates a more constructive capital raising environment.

雖然 BAM 不會直接從 2022 年成立之前存在的更成熟基金年份中實現的任何附帶權益中受益，但向客戶返還資本回報有助於創造更具建設性的融資環境。

We will now highlight in more detail the market conditions and a few examples of asset sales we've recently completed or signed. New supply remains low across most real estate sectors. Financing conditions have improved throughout the year and fundamentals are strong, creating an attractive market for high-quality real estate assets.

我們現在將更詳細地重點介紹市場狀況以及我們最近完成或簽署的資產出售的一些範例。大多數房地產行業的新增供應仍然較低。全年融資條件有所改善，基本面強勁，為優質房地產資產創造了一個有吸引力的市場。

Over the past few months, we sold over $5 billion real estate assets including a portfolio of shopping centers in the UK, a manufactured home portfolio in the US and the Conrad hotel in Seoul, Korea. These three monetization’s generated a 28% annualized return and a multiple of capital of 2.5 times.

在過去的幾個月裡，我們出售了超過 50 億美元的房地產資產，包括英國的購物中心投資組合、美國的活動房屋投資組合以及韓國首爾的康萊德酒店。這三項貨幣化產生了 28% 的年化回報和 2.5 倍的資本倍數。

In renewable power, we continue to see significant demand for stabilized cash generative businesses, particularly those that have an ongoing growth angle. With over four decades of experience in building, developing and enhancing renewable power businesses, we have a number of seasoned assets that are highly sought after.

在再生能源領域，我們繼續看到對穩定的現金產生業務的巨大需求，特別是那些具有持續成長前景的業務。憑藉著四十多年建設、發展和增強再生能源業務的經驗，我們擁有許多備受追捧的經驗豐富的資產。

In the past few months, we have announced sales that generated nearly $2 billion of equity proceeds from renewable power assets. The largest of which included Saeta Yield, a leading independent developer, owner and operator of renewable power assets in Spain and Portugal, our stake in First Hydro, a critical electricity generation and storage facility in the United Kingdom, and the 50% stake in Shepherds Flat, one of the largest onshore wind farms in the United States.

在過去的幾個月裡，我們宣布的銷售從再生能源資產中產生了近 20 億美元的股權收益。其中最大的包括 Saeta Yield（西班牙和葡萄牙領先的再生能源資產獨立開發商、所有者和營運商）、我們在英國重要發電和儲存設施 First Hydro 的股份以及 Shepherds 50% 的股份Flat，美國最大的陸域風電場之一。

These generated an aggregate IRR of 27% annualized and a multiple of capital at 2.5 times. We see this as just the beginning for what should be years of successful investment exits for mature investments in this space.

這些產生的年化總 IRR 為 27%，資本倍數為 2.5 倍。我們認為這只是該領域成熟投資多年成功投資退出的開始。

These themes are also playing out at equity, where the current constructive economic backdrop is driving demand for market-leading businesses and in infrastructure as income yielding investments become more in favor.

這些主題也在股票領域上演，當前的建設性經濟背景正在推動對市場領導企業和基礎設施的需求，因為收益投資變得更受歡迎。

We expect to see sales announced in these areas in the coming months. However, not only is it a seller's market, but it's also a buyer's market. But as Bruce mentioned, it is only both if you have quality assets to sell and significant capital available to deploy.

我們預計未來幾個月將公佈這些地區的銷售情況。然而，這不僅是賣方市場，也是買方市場。但正如布魯斯所提到的，只有當你擁有可供出售的優質資產和可供部署的大量資本時，才能實現這一目標。

We see more opportunities to deploy capital into attractive investments where we can use our operational expertise, scale and relationships to create value. Over the past year, we deployed nearly $50 billion, including $20 billion deployed or committed in the third quarter alone and we still have over $100 billion capital available for new opportunities.

我們看到了更多將資本部署到有吸引力的投資中的機會，我們可以利用我們的營運專業知識、規模和關係來創造價值。去年，我們部署了近 500 億美元，其中僅第三季就部署或承諾了 200 億美元，而且我們仍有超過 1000 億美元的資本可用於新的機會。

Let us now highlight a few of the significant transactions that illustrate the types of opportunities we are excited about. In September, we announced a strategic funding partnership of up to $1.1 billion with Infinium, a leading US based developer of sustainable aviation fuel projects.

現在讓我們重點介紹一些重要的交易，這些交易說明了我們所興奮的機會類型。 9 月，我們宣布與美國領先的可持續航空燃料項目開發商 Infinium 建立高達 11 億美元的戰略融資合作夥伴關係。

This investment through our global transition fund, marks our entry into this space and is backed by take or pay off takes with leading global airlines. In October, we reached them a $2.3 billion agreement with Ørsted to acquire a stake in a 3.5 gigawatt portfolio of offshore wind assets in the UK.

透過我們的全球轉型基金進行的這項投資標誌著我們進入了這一領域，並得到了全球領先航空公司的「收付不還本付」的支持。 10 月，我們與 ärsted 達成了一項價值 23 億美元的協議，收購英國 3.5 吉瓦離岸風電資產組合的股份。

While offshore wind hasn't historically been a major focus for us, partnering with Ørsted presents an attractive opportunity to enter the space with a global market leader as market continue -- conditions continue to shift in our favor.

雖然離岸風電歷來並不是我們的主要關注點，但隨著市場的發展——條件繼續向有利於我們的方向轉變，與ärsted 的合作提供了一個與全球市場領導者一起進入該領域的誘人機會。

Within our infrastructure group, we completed the acquisition of a portfolio 76,000 telecom sites in India from American Tower Corporation for $800 million of equity capital at an enterprise value of $2.2 billion. Within our private equity group, we completed the acquisition of Network International for $2 billion of equity capital.

在我們的基礎設施集團內，我們以 8 億美元的股權資本從美國鐵塔公司 (American Tower Corporation) 完成了對印度 76,000 個電信站點投資組合的收購，企業價值為 22 億美元。在我們的私募股權集團內，我們以 20 億美元的股本完成了對 Network International 的收購。

Post acquisition, the business intends to merge with Magnati one of the largest payment processors in the UAE that we acquired in 2022. Together, the two will form a combined payment processing platform across the Middle East. This joint business will have a total enterprise value of roughly $4 billion, significantly expanding our presence in the growing financial infrastructure space.

收購後，該公司打算與我們於 2022 年收購的阿聯酋最大的支付處理商之一 Magnati 合併。這項聯合業務的企業總價值將達到約 40 億美元，顯著擴大我們在不斷增長的金融基礎設施領域的影響力。

And within our real estate business, we recently made an offer to acquire a publicly traded European logistics REIT for approximately $730 million of equity. While we've been both deploying and monetizing, we've also been expanding our capabilities through new partnerships to drive inorganic growth.

在我們的房地產業務中，我們最近提出以約 7.3 億美元的股權收購一家公開交易的歐洲物流房地產投資信託基金。在我們進行部署和貨幣化的同時，我們也透過新的合作夥伴關係擴展我們的能力，以推動無機成長。

Well, let's touch on two recent transactions. First, Castlelake, a market-leading $24 billion AUM alternative asset manager that specializes in asset-based private credit, including aviation and specialty finance. We acquired a stake in the manager and its fee related earnings as well as a small stake in its carried interest and principal investments.

好吧，讓我們來談談最近的兩筆交易。首先是 Castlelake，這是一家市場領先的資產管理規模達 240 億美元的另類資產管理公司，專門從事基於資產的私人信貸，包括航空和專業金融。我們收購了該管理公司的股份及其與費用相關的收益，以及其附帶權益和本金投資的少量股份。

Additionally, Brookfield plans to allocate over $1 billion of capital under management to Castlelake strategies, enabling them to scale their funds and expand their business. The asset-based finance market is one of the most attractive and fastest-growing private credit sectors.

此外，Brookfield 計劃將超過 10 億美元的管理資本分配給 Castlelake 策略，使他們能夠擴大資金規模並擴大業務。資產金融市場是最具吸引力和成長最快的私人信貸領域之一。

We expect our credit business to continue to grow its capabilities in this area, both organically and through partner managers. And second, we completed our acquisition of SVB Capital through Pinegrove Venture Partners, our venture investment platform formed with Sequoia Heritage.

我們預計我們的信貸業務將繼續增強其在這一領域的能力，無論是有機的還是透過合作夥伴經理。其次，我們透過 Pinegrove Venture Partners 完成了對 SVB Capital 的收購，Pinegrove Venture Partners 是我們與 Sequoia Heritage 共同組成的創投平台。

The technology industry and growth capital are areas that we have historically had a smaller exposure to. But at this moment in time, we see an excellent path to building a large business. The combination of SVB Capital's 25-year funds, private credit and co-investments alongside Pinegrove's existing expertise in venture secondaries and liquidity solutions creates a cohesive and dynamic venture platform that is designed to deliver tailored solutions for fund managers, founders and limited partners in the venture capital space.

科技業和成長資本是我們歷來接觸較少的領域。但此時此刻，我們看到了一條建立大型企業的絕佳途徑。 SVB Capital 25 年的基金、私人信貸和聯合投資與Pinegrove 在風險二級市場和流動性解決方案方面的現有專業知識相結合，創建了一個有凝聚力和動態的風險平台，旨在為基金經理、創辦人和有限合夥人提供量身訂製的解決方案。

Pinegrove now manages $10 billion in assets positioning it as a powerful venture investment platform for the innovation community. These two acquisitions have added about $7 billion in fee-bearing capital this quarter, and will contribute approximately $40 million in annualized fee-related earnings starting in the fourth quarter.

Pinegrove 目前管理著 100 億美元的資產，將其定位為創新社區強大的創投平台。這兩項收購為本季增加了約 70 億美元的收費資本，並將從第四季開始貢獻約 4,000 萬美元的年化收費相關收益。

As part of the Brookfield ecosystem, we will help facilitate both firms growth by leveraging our client relationships and access to capital. However, sometimes we buy businesses, but sometimes we build them in-house. Another important accomplishment in the past quarter has been with Insurance Solutions Group, a strategy and suite of capabilities we have been building organically.

作為布魯克菲爾德生態系統​​的一部分，我們將透過利用我們的客戶關係和資本管道來幫助促進兩家公司的發展。然而，有時我們會收購企業，但有時我們會在內部建立它們。上個季度的另一個重要成就是與保險解決方案集團合作，這是我們一直在有機構建的策略和能力套件。

We managed nearly $90 billion of fee-bearing capital on behalf of Brookfield Wealth Solutions, and we have been building our capabilities to manage and deploy capital into strategies that meet their specific needs. This quarter, we also raised $1 billion in a separately managed account from a large US life insurer.

我們代表 Brookfield Wealth Solutions 管理近 900 億美元的收費資本，並且我們一直在建立管理資本並將其部署到滿足其特定需求的策略中的能力。本季度，我們也從一家美國大型人壽保險公司的獨立管理帳戶中籌集了 10 億美元。

This capital can be invested across all of our platforms, from corporate, infrastructure, real estate and asset-based sectors, targeting strong risk-adjusted returns with a premium over comparable public credit investments. This is just the beginning of managing third-party insurance capital through our insurance solutions business, and we are targeting $50 billion of external partner capital from this strategy over the next five years.

這些資本可以投資於我們的所有平台，包括企業、基礎設施、房地產和資產型產業，目標是獲得比可比公共信貸投資更高的風險調整回報。這只是透過我們的保險解決方案業務管理第三方保險資本的開始，我們的目標是在未來五年內透過該策略獲得 500 億美元的外部合作夥伴資本。

To conclude, the tailwinds we are seeing today are setting us up for significant growth in the years ahead. We are strategically positioned in the areas that matter most, energy transition, AI infrastructure and private credit and our ability to deploy large pools of capital, operate those assets and businesses to enhance cash flows and return capital by monetizing mature assets at attractive values creates a virtuous cycle that gives us confidence that we can double our business over the next five years.

總而言之，我們今天看到的有利因素正在為我們未來幾年的顯著成長奠定基礎。我們在能源轉型、人工智慧基礎設施和私人信貸等最重要的領域擁有戰略地位，並且我們有能力部署大量資本、運營這些資產和業務，透過以有吸引力的價值將成熟資產貨幣化來增強現金流動和回報資本，從而創造了良性循環讓我們有信心在未來五年內將業務翻倍。

With that, we will now turn the call over to our CFO, Hadley Peer Marshall. Hadley?

現在，我們將把電話轉給我們的財務長哈德利·皮爾·馬歇爾。哈德利？

Thank you, Connor. This morning, I'll provide you more context around our strong third quarter earnings and highlight our financial performance, the changes to our balance sheet and liquidity, especially now that we've closed on a $750 million revolver and our successful fundraising efforts.

謝謝你，康納。今天早上，我將向您提供有關我們強勁的第三季度收益的更多背景信息，並重點介紹我們的財務業績、資產負債表和流動性的變化，特別是現在我們已經完成了7.5 億美元的左輪手槍以及我們成功的募款工作。

Lastly, I'll share an update on the initiatives we introduced at Investor Day to simplify our business and position us for broad index inclusion.

最後，我將分享我們在投資者日推出的舉措的最新情況，這些舉措旨在簡化我們的業務並使我們能夠廣泛納入指數。

First, on financial performance, fee-related earnings, or FRE, were a record $644 million or $0.39 per share in the quarter, up 14% from the prior year period, bringing FRE over the last 12 months to $2.4 billion. Distributable earnings or DE, were a record $619 million or $0.38 per share in the quarter, up 9% over the prior year and $2.3 billion over the last 12 months.

首先，在財務業績方面，本季費用相關收益 (FRE) 達到創紀錄的 6.44 億美元，即每股 0.39 美元，比去年同期增長 14%，使過去 12 個月的 FRE 達到 24 億美元。本季可分配收益 (DE) 達到創紀錄的 6.19 億美元，即每股 0.38 美元，比上年增長 9%，比過去 12 個月增長 23 億美元。

The growth in earnings over the past year has benefited significantly from a 23% increase in fee-bearing capital or FBC, to $539 billion, when breaking down our growth in fee-bearing capital, $101 billion came from our fundraising inflows and $25 billion from capital we deployed across our business during the past year that was based prior but now put to work is fee-bearing.

過去一年的獲利成長很大程度上受益於收費資本（FBC）成長了23%，達到5,390 億美元，按收費資本成長分類，其中1,010 億美元來自我們的融資流入，250 億美元來自我們的融資流入。

Earnings also benefited from the strong rebound in market capitalization of our listed affiliates over the past year, a full quarter of fees related to our AL mandate and continued discipline in managing our costs. In fact, our margins improved to 58%, highlighting the operating leverage inherent in our business.

獲利也得益於過去一年我們上市附屬公司市值的強勁反彈、與我們的 AL 授權相關的整整一個季​​度的費用以及管理成本的持續紀律。事實上，我們的利潤率提高了 58%，凸顯了我們業務固有的營運槓桿。

Not only is our fee-bearing capital growing, but it is increasingly becoming more long term in nature. Today, 88% of our fee-bearing capital is classified as long-term aperture up from 86% a year ago, and that percentage should only grow.

我們的收費資本不僅在成長，而且其性質也越來越長期化。如今，我們 88% 的收費資本被歸類為長期資本，高於一年前的 86%，而且這一比例只會繼續增長。

As Connor mentioned, we closed a few strategic acquisitions this quarter that will expand our capabilities and augment our organic growth. But even after closing these acquisitions, we continue to maintain significant capital availability and have further enhanced liquidity by closing a $750 million revolving credit facility, which is entirely undrawn.

正如康納所提到的，我們本季完成了幾項策略性收購，這將擴大我們的能力並增強我們的有機成長。但即使在完成這些收購之後，我們仍繼續保持大量可用資金，並透過關閉完全未提取的 7.5 億美元循環信貸額度進一步增強流動性。

At the end of the quarter, we had $2.1 billion of liquidity comprised of cash short-term financial assets and undrawn capacity on our revolver. As a reminder, we have no long-term third-party debt. It was also a strong fundraising quarter in which we raised $21 billion. Credit accounted for more than half of the capital raised. When we break it down, $14 billion of capital is raising credit.

截至本季末，我們擁有 21 億美元的流動資金，其中包括現金短期金融資產和左輪手槍未動用能力。提醒一下，我們沒有長期第三方債務。這也是一個強勁的籌款季度，我們籌集了 210 億美元。信貸佔募集資金的一半以上。當我們細分時，140 億美元的資本正在籌集信貸。

More and more clients are attracted to credit and in particular, the credit strategies we're focused on, including real asset finance, asset-backed finance and Oaktree's opportunistic strategies. $6.4 billion was from Oaktree's credit strategies, which includes $1.5 billion rates in the [twelfth] vintage of our flagship opportunistic fund.

越來越多的客戶被信貸所吸引，特別是我們所關注的信貸策略，包括實體資產融資、資產支持融資和橡樹的機會主義策略。 64 億美元來自橡樹資本的信貸策略，其中包括我們旗艦機會主義基金第十二期的 15 億美元利率。

We raised $1 billion across our other partner managers, Castlelake, Primary Wave, and LCM. $4.5 billion was related to our mandate with Brookfield Wealth Solutions or BWS, which continues on the backs of their increased annuity rising completion of their acquisition of AL.

我們透過其他合作夥伴管理公司 Castlelake、Primary Wave 和 LCM 籌集了 10 億美元。 45 億美元與我們對 Brookfield Wealth Solutions 或 BWS 的委託有關，隨著收購 AL 的完成，他們的年金不斷增加，這項委託仍在繼續。

I want to highlight again that we raised $1 billion of third-party SMA capital from our large life insurance company. As Connor mentioned, this is significant as a diverse third-party capital raise for our insurance SMA strategy.

我想再次強調，我們從大型人壽保險公司籌集了 10 億美元的第三方 SMA 資本。正如 Connor 所提到的，這對我們的保險 SMA 策略的多元化第三方融資意義重大。

A strategy we covered at our Investor Day that will leverage the capabilities we're building to serve BWS and is targeting $50 billion over the next five years. Of the remaining inflow for the quarter, $2.2 billion was raised within our renewable power and transition business. Specifically, we had an initial close of our catalytic transition fund for $2.4 billion of which $1.4 billion was raised in the quarter.

我們在投資者日討論了一項策略，該戰略將利用我們正在建立的能力來服務 BWS，並目標在未來五年內實現 500 億美元的目標。在本季剩餘資金流入中，有 22 億美元來自我們的再生能源和轉型業務。具體來說，我們催化轉型基金的初始募款金額為 24 億美元，其中本季籌集了 14 億美元。

This new capital is in addition to the $1 billion anchor investment from ALTÉRRA announced previously at COP28 last year and marks a significant milestone towards our target of raising up to $5 billion to invest in emerging market clean energy and transition ads.

這筆新資金是 ALTäRRA 在去年 COP28 上宣布的 10 億美元錨定投資的補充，標誌著我們實現籌集高達 50 億美元用於投資新興市場清潔能源和轉型廣告的目標的一個重要里程碑。

Within our infrastructure business, we raised $1.4 billion of capital within the quarter, of which $500 million was for our super core infrastructure strategy. And I'll mention that this was its biggest fundraising in more than two years.

在我們的基礎設施業務中，我們在本季籌集了 14 億美元的資金，其中 5 億美元用於我們的超級核心基礎設施策略。我要提到的是，這是兩年多來最大的募款活動。

We see momentum returning to the strategy due to low rates and demand for cash yielding investments continuing to grow. We also raised nearly $800 million for our private wealth infrastructure fund. This fund continues to see robust demand and a popular strategy in private wealth.

由於低利率和現金收益投資的需求持續增長，我們看到該策略的勢頭恢復。我們也為私人財富基礎設施基金籌集了近 8 億美元。該基金繼續看到強勁的需求和私人財富領域的流行策略。

Within our private equity business, we raised $2 billion associated with our acquisition of Network International, which was closed in the quarter. Subsequent to the end of the quarter, we received two sizable commitments for our Middle East partners fund.

在我們的私募股權業務中，我們透過收購 Network International 籌集了 20 億美元，該收購已於本季完成。本季末後，我們收到了兩項針對中東合作夥伴基金的巨額承諾。

And finally, within our real estate business, we raised $1.6 billion, including $500 million for the fifth vintage of our opportunistic real estate funds. Of this $21 billion raised in total $11 billion became fee-bearing capital in the quarter, and the remainder will become fee-bearing upon deployment.

最後，在我們的房地產業務中，我們籌集了 16 億美元，其中包括第五期機會主義房地產基金的 5 億美元。在籌集的 210 億美元中，本季總共有 110 億美元成為收費資本，其餘部分將在部署後成為收費資本。

As we look forward, we expect these levels of fundraising and deployment to continue. In September, we hosted our Annual Investor Day and outlined our five-year plan to double our business. We intend to do this through expansion of our fundraising both by [skin] flagships and growing our new complementary strategies and further grown our business.

展望未來，我們預計這些籌款和部署水準將持續下去。九月份，我們舉辦了年度投資者日活動，並概述了我們業務翻倍的五年計畫。我們打算透過擴大[皮膚]旗艦的籌款規模、發展我們新的互補策略並進一步發展我們的業務來實現這一目標。

In addition, we'll continue to expand our fund offerings into new asset classes, which together should enable us to achieve $1 trillion of fee bearing capital.

此外，我們將繼續將我們的基金產品擴展到新的資產類別，這將使我們能夠實現 1 兆美元的收費資本。

In summary, after reviewing our Investor Day materials, which our availed website, you'll get a better understanding of why we strongly believe that the best is yet to come. One other topic, I wanted to highlight is our efforts to simplify our structure and position ourselves for broader index inclusion.

總而言之，在查看我們網站上的投資者日資料後，您將更好地理解為什麼我們堅信最好的尚未到來。我想強調的另一個主題是我們努力簡化結構並為更廣泛的指數納入做好準備。

Our public listing of BAM back in December 2022 was a significant step towards simplifying our business, making it easier for investors to understand and ultimately invest in our leading pure-play asset manager. Since then, we have received positive feedback from investors and seen a significant increase in our US investor base.

我們早在 2022 年 12 月就公開上市了 BAM，這是我們朝著簡化業務邁出的重要一步，讓投資者更容易理解並最終投資我們領先的純資產管理公司。從那時起，我們收到了投資者的正面回饋，並且我們的美國投資者基礎顯著增加。

Our business fundamentals include our stable, predictable earnings and asset-light balance sheet and strong growth prospects makes us an attractive investment. While we're pleased with our progress, there's still more we can do.

我們的業務基本麵包括穩定、可預測的收益和輕資產資產負債表，而強勁的成長前景使我們成為一項有吸引力的投資。雖然我們對所取得的進展感到滿意，但我們仍然可以做更多的事情。

To that end, we're implementing a few initiatives with the goal of positioning ourselves for broader index inclusion be eligible for the most followed large cap US, the first step we took was to change our head office to New York, already our largest office.

為此，我們正在實施一些舉措，目標是將自己定位於更廣泛的指數納入範圍，有資格納入最受關注的美國大盤股，我們採取的第一步是將我們的總部遷至紐約，這已經是我們最大的辦事處。

This makes sense for our business as we've been operating as a US company for 20 years. The largest share of our revenues, assets under management employees are in the US. The majority of our institutional shareholders are US investors, and the majority of our shares are traded on the New York Stock Exchange, our primary exchange.

這對我們的業務來說很有意義，因為我們已經作為一家美國公司運營了 20 年。我們員工管理的收入和資產的最大份額來自美國。我們的機構股東大多是美國投資者，我們的大部分股票都在我們的主要交易所紐約證券交易所交易。

One note to make is that beginning with our 2024 annual report, we will file our financial reports on Form 10-K and 10-Q, in line with those filed by other US domestic issuers. The second step is related to our corporate structure.

需要注意的是，從 2024 年年度報告開始，我們將以 10-K 和 10-Q 表格提交財務報告，與其他美國國內發行人提交的財務報告一致。第二步與我們的公司結構有關。

Last week, we announced plans to enhance BAM structure, whereby BAM will now own and reflect 100% of the asset management company. So 100% of BAM will be publicly traded and our market cap will accurately reflect the total value of the asset management business versus the current 27%.

上週，我們宣布了增強 BAM 結構的計劃，BAM 現在將擁有並反映資產管理公司 100% 的股權。因此，BAM 100% 將公開交易，我們的市值將準確反映資產管理業務的總價值，而目前的市值為 27%。

That would equate to over $85 billion based on the current stock price compared to our current market cap today of approximately $23 billion. To do this, Brookfield Corporation, or BN, will exchange its 73% private ownership in our asset management business for an equivalent number of shares of BAM's public shares.

根據目前股價計算，這相當於超過 850 億美元，而我們目前的市值約為 230 億美元。為此，Brookfield Corporation（簡稱 BN）將把其在我們資產管理業務中 73% 的私人所有權交換為同等數量的 BAM 公眾股。

As a result, BN will own approximately 73% of the publicly traded shares of BAM, which is consistent with its current private ownership. While this should simplify the corporate structure, it's important to note that this will not result in any changes to our operations or strategic plans and will have no effect on the tax treatment of our dividend.

因此，國民陣線將擁有 BAM 約 73% 的公開交易股份，這與其目前的私人所有權相符。雖然這應該會簡化公司結構，但值得注意的是，這不會導致我們的營運或策略計畫發生任何變化，也不會影響我們股利的稅務處理。

However, because we'll be issuing 1.2 billion new shares of BAM in exchange for the 1.2 billion private shares of the asset management business we're acquiring, we will seek shareholder approval at a special meeting on December 20.

然而，由於我們將發行 12 億股 BAM 新股，以換取我們正在收購的資產管理業務的 12 億股私人股，因此我們將在 12 月 20 日的特別會議上尋求股東批准。

You'll be receiving proxy materials and voting instructions over the next few weeks. We expect to close this transaction early in 2025, subject to shareholder and regulatory and other customary approvals. We're excited about both these initiatives, which we believe will deliver a number of key benefits to our shareholders.

您將在接下來的幾週內收到代理資料和投票說明。我們預計將於 2025 年初完成此交易，但須獲得股東、監管機構和其他慣例的批准。我們對這兩項舉措感到興奮，我們相信這將為我們的股東帶來許多關鍵利益。

Simplifying the corporate asset management business will make it easier for investors to understand and accurately value the security. Broader index inclusion should drive increased ownership among passive institutional investors and at the same time, attract a broader base of active investors who benchmark against these indices.

簡化企業資產管理業務將使投資者更容易理解並準確評估證券。更廣泛的指數納入應會推動被動機構投資者所有權的增加，同時吸引更廣泛的以這些指數為基準的主動投資者。

Overall, this increased recognition in the market should ultimately lead to a broader shareholder base. Before beginning of the Q&A portion of today's call, I'm pleased to confirm that the Board of Directors has declared a dividend of $0.38 per share for the third quarter payable on December 31, 2024, and to shareholders of record as of the close of business on November 29, 2024.

整體而言，市場認可度的提高最終將帶來更廣泛的股東基礎。在今天電話會議的問答部分開始之前，我很高興地確認，董事會已宣布將於 2024 年 12 月 31 日向截至 2024 年 12 月 31 日登記在冊的股東派發每股 0.38 美元的股息。 29 日開始營業。

With that operator, we can open up to questions.

有了這個操作員，我們就可以提出問題了。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Cherilyn Radbourne, TD Cowen.

謝裡琳·拉德伯恩，TD·考恩。

Thanks very much, and good morning. My first question is on AI infrastructure and the related power requirements, which continues to receive a lot of attention. And as you're not aware, at least one dedicated product has been announced out there. Do you think AI infrastructure makes sense as a discrete strategy for BAM at some point? And if so, could you give us some thoughts on how that would sit alongside your flagship infrastructure product?

非常感謝，早安。我的第一個問題是關於人工智慧基礎設施和相關的電力要求，這仍然受到很多關注。正如您所不知道的那樣，至少已經發布了一款專用產品。您認為人工智慧基礎設施在某個時候作為 BAM 的離散策略有意義嗎？如果是這樣，您能否給我們一些關於如何將其與您的旗艦基礎設施產品結合的想法？

Good morning, Cherilyn, thank you for the question. You're absolutely right that this topic is very, very top of mind to us today. It's very much plays to our existing leadership position within infrastructure and within renewable power and data centers that we already have.

早安，Cherilyn，謝謝你的提問。你說得對，這個話題是我們今天非常非常關心的話題。這在很大程度上發揮了我們在基礎設施以及再生能源和資料中心內現有的領導地位。

In addition to that, our current platforms, the demand we are seeing from our LP partners for greater exposure to this theme puts this very, very much near the top of our list, I would say, as we begin to think of new products and product development initiatives at scale. So, I would get your bang on. This is something that is a focus for us.

除此之外，我想說的是，當我們開始考慮新產品和新產品時，我們當前的平台以及我們從我們的有限合夥人處看到的對更多地接觸這一主題的需求，使這一點非常非常接近我們的清單的頂部。所以，我會讓你大吃一驚。這是我們關注的焦點。

And quite candidly, has been a focus for us for, I would say, probably 12 months. We simply want to ensure that when we do come to market with a new product of scale, we're thoughtful, we're refined and what it will invest in, and it's appropriately meeting the market opportunity. And I would say we've made great strides, and we're getting closer.

坦白說，這一直是我們關注的焦點，我想說，可能有 12 個月了。我們只是想確保，當我們確實將規模化的新產品推向市場時，我們是深思熟慮的，我們是精煉的，我們將投資什麼，並且它適當地滿足了市場機會。我想說，我們已經取得了很大的進步，而且我們正在越來越接近。

In terms of where our focus would be, I think the important thing to recognize is we already are one of the largest, if not the largest investor in this theme around the world. And to date, we've been doing it through various pools of capital. But given, one, the size of the opportunity set, and two, the investor demand to get more exposure to this theme, you're right that it is increasingly lending itself to a dedicated product.

就我們的重點而言，我認為重要的是要認識到，我們已經是全球這一主題的最大投資者之一，即使不是最大的投資者。迄今為止，我們一直透過各種資金池來實現這一目標。但考慮到，一是機會集的規模，二是投資者要求更多地接觸這個主題，你認為它越來越適合專門的產品，這是正確的。

And playing to our strengths and where we have the greatest experience and position. It would be certainly focused on leaning towards more of the infrastructure side of AI as opposed to the more private equity or growth side of it. It would absolutely be something more aligned with an infrastructure product in our mind. So I hope that gives you some clear thinking and it's something we'll continue to refine.

並發揮我們的優勢以及我們擁有最豐富的經驗和地位。它肯定會更傾向於人工智慧的基礎設施方面，而不是更多的私募股權或成長方面。它絕對會更符合我們心目中的基礎建設產品。因此，我希望這能給您一些清晰的思考，我們將繼續完善這一點。

That's great color. Second question is on margins. This is the second quarter in a row of very strong credit inflows and we all know that would attract lower fee rate, but it's also a question of scale. So I was hoping you could talk about what the credit business looks like on a margin basis versus the corporate average.

那顏色真棒。第二個問題是關於邊緣的。這是連續第二季出現非常強勁的信貸流入，我們都知道這將吸引較低的費率，但這也是一個規模問題。所以我希望你能談談信貸業務在保證金基礎上與公司平均值的比較。

So I'll take this. This is Mrs. Hadley. In terms of the margins, I mean, in general, we're very pleased to continue to see our margins improve and for you to see the operating leverage that's behind some of the growth initiatives, which gets us to credit.

所以我會接受這個。這是哈德利夫人。就利潤率而言，我的意思是，總的來說，我們很高興看到我們的利潤率繼續提高，也很高興看到一些成長計劃背後的營運槓桿，這讓我們讚歎不已。

Because obviously, we've been in build-out mode as we increase the amount of capital that we manage on credit, especially with the mandate with AL. When you think about those fees, though, in general, credit can be viewed as a lower margin business, the way that we have built our business is we obviously have the 25 basis points IMA with AL, with BWS on the backs of AL.

因為顯然，隨著我們增加信貸管理的資本量，特別是在 AL 的授權下，我們一直處於擴張模式。不過，當你考慮這些費用時，一般來說，信貸可以被視為利潤率較低的業務，我們建立業務的方式是，我們顯然有25 個基點的IMA 與AL，並在AL 的支持下加上BWS。

But in addition to that, about a little less than quarter of that capital goes into our funds, where we earn full fees there. So when you think about that, we're generating very attractive margins. Then add on to the fact that as you heard at our Investor Day over a 5-year period, we will increase our third-party SMA business. We've now closed, as we discussed, $1 billion mandate with the US life insurance and we continue to scale that up to about $50 billion over the next 5 years.

但除此之外，大約不到四分之一的資本進入了我們的基金，我們在那裡賺取全額費用。所以當你想到這一點時，我們正在創造非常有吸引力的利潤。然後補充一個事實，正如您在投資者日上聽到的那樣，在 5 年內，我們將增加我們的第三方 SMA 業務。正如我們所討論的，我們現在已經結束了與美國人壽保險公司的 10 億美元授權，並且我們將在未來 5 年內繼續將其擴大到約 500 億美元。

And that will be additive because we've already built the infrastructure to deploy that capital. So that will also be additive. So we don't see margin impression because of the build-out of what we're doing on the credit side.

這將是附加的，因為我們已經建立了基礎設施來部署該資本。所以這也將是累加的。因此，由於我們在信貸方面所做的事情的擴展，我們沒有看到利潤率印象。

That's all for me. Thank you.

這就是我的全部。謝謝。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hi, good morning, thank you for the question. I was hoping we could start with a question on renewables business. It sounds like lots of activity in the space with a pretty rapid pace of deployment. I was wondering why the fundraising has been slower in transition to in particular. So if you look over the last couple of quarters, it's been a little muted. So just curious if you could expand on that and what you ultimately expect the third-party fundraising number to contribute from here?

你好，早安，謝謝你的提問。我希望我們能從再生能源業務的問題開始。聽起來該領域有很多活動，而且部署速度相當快。我想知道為什麼籌款的過渡速度特別慢。因此，如果你回顧過去幾個季度，你會發現情況有些平淡。所以只是好奇您是否可以對此進行擴展，以及您最終期望第三方籌款金額從這裡做出什麼貢獻？

And then ultimately, when do you guys expect this fund to come back into the fee run rate I think you're pretty close in terms of where you are deploying, but just wanted to flesh that out? Thanks.

最後，你們預計該基金什麼時候會回到收費運行率，我認為你們在部署方面非常接近，但只是想充實這一點？謝謝。

Hi, Alex. Thanks for the question. I'll try and unpack a few different points there. First and foremost, BGTF II turned back on. It was in the latter part of Q3. So we certainly didn't get the benefit of it.

嗨，亞歷克斯。謝謝你的提問。我將嘗試在那裡解開一些不同的點。首先也是最重要的是，BGTF II 重新啟動。那是在第三季的後半段。所以我們當然沒有得到它的好處。

We only got the benefit of it for a handful of weeks, I'd say, but it will be fully in the numbers back in the numbers for Q4. And I think, just in general, I would frame the comment around fundraising and transition as a little bit of a high-class problem.

我想說，我們只受益了幾週，但它將完全體現在第四季的數據中。我認為，總的來說，我會將圍繞籌款和過渡的評論視為一個高級問題。

We obviously had the unique situation where we paused fees on BGTF II as we went to backfill one large investment in BGTF I. But in addition to doing that, we address the whole in BGTF I, and we've now deployed one quarter of BGTF II during the same time frame. I would say the pace of transaction activity on the deployment side has been as strong as ever.

顯然，我們遇到了獨特的情況，我們暫停了BGTF II 的收費，因為我們回填了BGTF I 的一項大型投資。四分之一的BGTF II 在同一時間範圍內。我想說的是，部署方面的交易活動步伐一如既往地強勁。

And as we mentioned in our shareholder letter, we're also seeing an incredible monetization environment with 3 or 4 significant monetizations in the 25% type IRR range. This business is performing exceptionally well. Aside from credit, it's the fastest-growing platform at Brookfield, and we think we're still just in the early days. And then maybe just the last point to directly hit on your fundraising number. This is where I will come back to it being a high-class problem.

正如我們在股東信中提到的，我們也看到了令人難以置信的貨幣化環境，其中 3 或 4 個重大貨幣化處於 25% 類型的 IRR 範圍內。這項業務的表現非常出色。除了信貸之外，它是布魯克菲爾德成長最快的平台，我們認為我們仍處於早期階段。然後也許只是直接觸及募款金額的最後一點。這就是我將回到它是一個高級問題的地方。

We have complete confidence we're going to hit the target in the fund. I don't think there's anyone at Brookfield who is concerned about that. The only reason why perhaps it isn't showing up in our rate numbers as quickly as we would have expected is in the time since BGTF II launched, we've launched CTF, and we've raised half that fund.

我們完全有信心能夠實現基金的目標。我認為布魯克菲爾德沒有人擔心這一點。它可能沒有像我們預期的那樣快地出現在我們的利率數據中的唯一原因是自從 BGTF II 推出以來，我們已經推出了 CTF，並且我們已經籌集了一半的資金。

And alongside BGTF II, we've raised $5 billion of co-invest into those strategies as well. So I don't think there's any slowdown in fundraising on our transition side. We'll get the rest of that flagship closed out in the coming quarters and in early 2025, we're very confident we'll hit our target there. And then the last point, just as a friendly reminder, due to the catch-up fees in those flagship funds, even if the timing slipped a quarter or two, it doesn't impact our economics at all.

與 BGTF II 一起，我們也為這些策略籌集了 50 億美元的聯合投資。因此，我認為我們的過渡方面的籌款活動不會有任何放緩。我們將在未來幾季關閉該旗艦店的其餘部分，並在 2025 年初關閉，我們非常有信心實現我們的目標。最後一點，友情提醒一下，由於這些旗艦基金的追趕費用，即使時間延後一兩個季度，也不會影響我們的經濟。

Yeah, that's all there clear. Thank you for that. And then have the one for you on the, just the corporate structure change, which is obviously very welcome. I think you guys will be eligible for a handful of indices, kind of right out of the gate once these changes take place.

是的，這一切都清楚了。謝謝你。然後有一個給你的，只是公司結構的變化，這顯然是非常受歡迎的。我認為一旦這些變化發生，你們將有資格獲得一些指數。

So I think Chris Brussel, maybe a few others. What are your thoughts on the eligibility for the S&P 500? I know that could be a little murky at times but knowing will and the structure that you guys will ultimately end up having, do you think that ultimately makes you eligible for the S&P 500 index as well? Thank you.

所以我認為克里斯·布魯塞爾，也許還有其他一些人。您對 S&P 500 指數的資格有何看法？我知道這有時可能有點模糊，但了解您最終將擁有的意願和結構，您認為這最終會讓您有資格加入標準普爾 500 指數嗎？謝謝。

Thanks, Alex. So in terms of what we've done in our structure and of course, moving our head office, and these were to create liquidity. So that's the main goal that we're trying to achieve for our shareholders. The key from that perspective is that we've been able to increase US (inaudible) you mentioned US (inaudible) Russell 1000 that's a good example. And that will continue. Plus we're going to show a market cap of $85 billion plus.

謝謝，亞歷克斯。因此，就我們在結構中所做的事情而言，當然還有搬遷總部，這些都是為了創造流動性。這就是我們努力為股東實現的主要目標。從這個角度來看，關鍵是我們已經能夠增加美國（聽不清楚）你提到的美國（聽不清楚）羅素 1000 指數，這是一個很好的例子。這種情況還會持續下去。另外，我們將展示 850 億美元以上的市值。

And so that's going to be beneficial as well. In terms of what we see with the S&P 500, look, all these changes made since regardless of the outcome around the S&P 500, and so if we enter into the S&P 500, that's a nice upside, but nothing about what we've done is something we wouldn't have done otherwise.

所以這也將是有益的。就我們對標準普爾500 指數的看法而言，無論標準普爾500 指數的結果如何，所有這些變化都是如此，因此，如果我們進入標準普爾500 指數，這是一個不錯的上漲空間，但與我們所做的一切無關否則我們就不會這樣做。

Thank you.

謝謝。

Mike Brown, Wells Fargo.

麥克布朗，富國銀行。

Great. Thanks for taking my questions. On the expenses just to maybe follow up on the earlier question there. It looks like the margins that benefited from good discipline on the comp and other expenses as well. How can we think about the fourth quarter here compared to 3Q? Is there any seasonality to consider?

偉大的。感謝您回答我的問題。關於費用只是為了跟進之前的問題。看起來利潤率也受益於對薪資和其他費用的良好紀律。與第三季相比，我們如何看待第四季？有沒有季節性需要考慮？

And if the year ends up being kind of up in like the high single-digit range, in terms of year over year expense growth, how should we think about expense growth or margin expansion potential in 2025 compared to 2024?

如果今年的費用年增率最終達到高個位數範圍，那麼與 2024 年相比，我們應該如何考慮 2025 年的費用成長或利潤擴張潛力？

Hi Mike, perhaps I'll take the first crack at that and if there's anything Hadley would like to add on, she can. There's three comments I would make. We expect our margins to continue to accelerate higher into Q4 and the beginning part of 2025.

嗨，麥克，也許我會先解決這個問題，如果哈德利有什麼想要補充的，她可以。我想提三點意見。我們預計我們的利潤率將在第四季和 2025 年初繼續加速走高。

And I think it's quite well known at this point that we invested quite heavily in particular into our credit and insurance franchise. In order to be ready for the new capital we would be onboarding that we have onboarded throughout the year.

我認為，目前眾所周知，我們在信貸和保險特許經營方面投入了大量資金。為了為新資本做好準備，我們將進行全年的入職培訓。

And we made investments there. We were investing in our people, and that was showing up in the expense line prior to there was a revenue attached to it. So that is now run rating through our numbers, and that's going to continue right through until Q2 next year.

我們在那裡進行了投資。我們對員工進行了投資，這在產生收入之前就出現在支出項目中。因此，現在透過我們的數據進行評級，並將持續到明年第二季。

The second thing I would just highlight around our expenses is, we continue to see a general plateauing of our overall expenses versus a couple of years ago. And as our revenue grows, that's really going to showcase the operating leverage in our business. Said another way, we do expect Q4 to be higher than Q3, and we do expect margins in 2025 to be higher than they have been in 2024.

關於我們的支出，我要強調的第二件事是，與幾年前相比，我們的整體支出仍然普遍趨於穩定。隨著我們收入的成長，這確實會顯示我們業務的營運槓桿。換句話說，我們確實預計第四季度將高於第三季度，我們確實預計 2025 年的利潤率將高於 2024 年。

Okay, great. And then could you just update us on the capital raising expectations for 2024 excluding AL and the 2023 campaigns that finished early in 2024 I think you're around $50 billion. So where can that land for the year? And then when you look out to 2025 what's maybe the right range to consider? Understanding it's -- you probably still early in the planning process, but I guess based on what you know today, what could be the largest contributors next year?

好的，太好了。然後您能否向我們介紹 2024 年的融資預期（不包括 AL 和 2024 年初完成的 2023 年融資活動）的最新情況，我認為融資規模約為 500 億美元。那麼今年可以在哪裡落地呢？那麼，當您展望 2025 年時，可能需要考慮的正確範圍是多少？了解它——您可能仍處於規劃過程的早期階段，但我猜根據您今天所了解的情況，明年最大的貢獻者可能是什麼？

Yeah, certainly. Thank you for the question. Maybe we'll just start with a general comment. The fundraising environment is better today than it's been at any point in the last 2 years. And we expect fundraising just with the liquidity in the system, the stability, if not the decline in interest rates, the increasing allocations we're seeing from LP partners around the world.

是的，當然。謝謝你的提問。也許我們會從一般性評論開始。今天的籌款環境比過去兩年的任何時候都要好。我們預計，融資的前提是系統的流動性、穩定性（如果不是利率下降的話）以及我們從世界各地看到的有限合夥人分配的增加。

And when you marry that with the nice product suite that we are bringing to market of both flagships and complementary products, the fundraising environment and certainly what we're seeing on the ground right now is stronger than what we've certainly seen in the last 18 to 24 months.

當你將其與我們向市場推出的旗艦產品和補充產品的優質產品組合結合起來時，籌款環境以及我們現在所看到的情況肯定比我們過去所看到的要強大18至24個月。

So we feel very good, and I would say our confidence is high. To maybe comments, we continue to see fundraising accelerate in Q4. This is largely going to be driven by our flagships in particular, BSREP and BGTF. Maybe a little bit of the fundraising and those tips into '25. But again, that's not material to us because with the catch-up fees, it doesn't impact our economics.

所以我們感覺非常好，我想說我們的信心很高。也許評論一下，我們繼續看到第四季籌款加速。這在很大程度上將由我們的旗艦產品（特別是 BSREP 和 BGTF）推動。也許是一些籌款和 25 年的建議。但同樣，這對我們來說並不重要，因為追趕費不會影響我們的經濟。

And I would say the momentum we're seeing in fundraising for those products piggyback on Alex's question is very, very high.

我想說的是，我們在亞歷克斯的問題上為這些產品籌集資金的勢頭非常非常高。

So in terms of where we've expected fundraising to be earlier in the year. We continue to have a lot of confidence that we're going to land at or near that range, and the environment continues to be very strong. As we look to 2025, I would say we're going to see that strength continue.

因此，就我們預計今年早些時候的籌款時間而言。我們仍然對達到或接近這個範圍充滿信心，而且環境仍然非常強勁。展望 2025 年，我想說我們將看到這種勢頭持續下去。

Our end numbers will obviously be dependent on timing around when some of our larger products launch. But I would say in terms of sentiment, we expect the fundraising market to be more positive in 2025 than it was in 2024, we're going to begin to see that acceleration in the last few months of this year.

我們的最終數字顯然取決於我們一些較大產品的推出時間。但我想說，就情緒而言，我們預計 2025 年的募款市場將比 2024 年更加積極，我們將在今年最後幾個月開始看到這種加速。

Great. Thank you, Connor.

偉大的。謝謝你，康納。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

I have a follow-up to Alex's corporate structure question. So it's the first time we're kind of looking and digesting this. But I wanted to see if there's any changes to voting rights or any tax implications to shareholders and partners across all share classes for BAM and BN.

我有一個關於亞歷克斯的公司結構問題的後續問題。所以這是我們第一次研究和消化這個問題。但我想看看投票權是否有任何變化，或者對 BAM 和 BN 所有股票類別的股東和合作夥伴有任何稅務影響。

Thanks Greg. I can take that one. So that's a very good question. And we've tried to be very clear that the changes we're making should have no impact to our BAM shareholders or BN shareholders. So we've tried to make this as clean as possible from that perspective. And for that, there is still a required shareholder approval because of the exchange of shares. But beyond that, there should be no other impact.

謝謝格雷格。我可以接受那個。這是一個非常好的問題。我們試圖非常明確地表明，我們所做的改變不應對我們的 BAM 股東或國陣股東產生影響。因此，我們試圖從這個角度使其盡可能清晰。為此，由於股份交換，仍需要股東批准。但除此之外，應該不會有其他影響。

Great. And then just a follow up here on insurance. I know you had $5.5 billion of inflows in insurance in SMAs. But one thing I'm looking for is an update on the public versus private mix inside the insurance company general account portfolio, especially post the American equity closing which increased it. And I want to think about what is the potential FRE lift or fee lift as you migrate public to private and reach your long-term targets.

偉大的。然後是關於保險的後續行動。我知道 SMA 保險業有 55 億美元的資金流入。但我正在尋找的一件事是保險公司普通帳戶投資組合中公共與私人組合的最新情況，特別是在美國股市收盤後，這增加了這一組合。我想考慮一下，當您從公共部門遷移到私人部門並實現長期目標時，潛在的 FRE 提升或費用提升是多少。

Certainly. So I would say we took over the [AEL] portfolio in the middle part of this year. And we're just in the early days of shaping that portfolio towards its long-term allocation. We'll split that between liquids and the front end, some duration and then obviously some investment in our own private funds. This is going to take time.

當然。所以我想說我們在今年中期接手了 [AEL] 投資組合。我們正處於調整投資組合以實現長期配置的早期階段。我們將把它分成流動資金和前端資金，一段時間，然後顯然是對我們自己的私人基金的一些投資。這需要時間。

This is something that is absolutely going to take probably at least 24 months, if not longer, and we'll be dependent on the opportunities we're seeing in the market as we remain disciplined of looking to source the most attractive risk-adjusted returns, not just blindly targeting some prescriptive asset mix.

這絕對需要至少 24 個月甚至更長的時間，我們將依賴我們在市場上看到的機會，因為我們仍然有紀律地尋找最具吸引力的風險調整回報，而不僅僅是盲目地瞄準一些規定性的資產組合。

And therefore, I would say the uplift in fees that you will see as a result of increasingly allocating some of that capital to our private funds really isn't showing up in the numbers yet, in any material way, and we'll continue to accelerate for at least a couple of years from here.

因此，我想說的是，由於越來越多地將部分資本分配給我們的私人基金而導致的費用上漲實際上還沒有以任何實質性方式體現在數字中，我們將繼續從這裡開始至少加速幾年。

Thank you.

謝謝。

Mario Saric, Scotia Bank.

馬裡奧·薩里奇，豐業銀行。

Hi, good morning and thank you for taking the questions. I wanted to shift focus a little bit on the uncalled fund commitments and specifically thinking about the expiration schedule for those commitments of $106 billion and whether it's reasonable to assume that the $50 billion that is presently not earning fees today represents most of the closer near term expirations of the $106 billion.

您好，早安，感謝您提出問題。我想將注意力稍微轉移到未調用的基金承諾上，並特別考慮這些 1060 億美元承諾的到期時間表，以及是否合理地假設目前未賺取費用的 500 億美元代表了近期的大部分資金1060 億美元到期。

I'm just trying to understand what the potential fee risk is in terms of not deploying the capital.

我只是想了解不部署資本的潛在費用風險是什麼。

It's a good question, Mario. Maybe let me -- the point I would make here is if the risk is incredibly modest. And maybe just taking a step back, in some of our funds, in particular, select credit products that we have, we generate fees on invested as opposed to a fees on committed capital, that makes up the bulk of the $50 billion that is not yet paying fees. And there -- and maybe just to add two points on that. Almost 90% of our uncalled commitments don't expire until after 2028.

這是個好問題，馬裡奧。也許讓我——我要在這裡指出的一點是，風險是否非常小。也許退一步說，在我們的一些基金中，特別是我們擁有的精選信貸產品，我們對投資產生費用，而不是對承諾資本收取費用，這構成了 500 億美元非流動資金的大部分。仍需繳交費用。對此，也許我想補充兩點。我們近 90% 的未兌現承諾要到 2028 年後才會到期。

So the expiration risk in the next few years is incredibly modest. And then the second point I would add is because the bulk of the capital that is not generating fees today is in those credit products that we are very, very actively deploying in this market. We have a ton of confidence that we'll be able to deploy that before any fee expiration. In fact, I would position it as a positive rather than a risk of a fee expiration, we're excited to see that coming through in our fee-related revenues pretty quickly here.

因此，未來幾年的到期風險非常小。然後我要補充的第二點是因為今天不產生費用的大部分資本都在我們非常非常積極地在這個市場上部署的那些信貸產品中。我們非常有信心能夠在任何費用到期之前部署它。事實上，我將其定位為積極的而不是費用到期的風險，我們很高興看到我們的費用相關收入很快就實現了。

Okay. That's helpful color. And then just maybe as an associated question just in terms of outflows, they've been $8 billion, give or take, this quarter, prior quarter as well. When we think about the accelerated expected monetization plans in '25 versus '24, like I know it's very transaction-specific.

好的。這是有用的顏色。然後，也許作為一個相關的問題，就流出而言，本季和上一季的資金流出量已經達到 80 億美元。當我們考慮 25 年與 24 年加速的預期貨幣化計劃時，我知道這是非常特定於交易的。

But how should we think about outflows in relation to the clearly potentially positive and strong inflows coming in '25?

但是，我們應該如何考慮與 25 年明顯潛在的積極且強勁的資金流入相關的資金流出？

It's a very fair question, and it's a great question. The market environment is fantastic. And this is what Bruce highlighted in his comments. It is a buyer's market and the seller's market. We are thrilled to crystallize some fantastic returns and spend capital back to our LP partners.

這是一個非常公平的問題，也是一個很好的問題。市場環境非常棒。這就是布魯斯在評論中強調的內容。這是一個買方市場和賣方市場。我們很高興能夠實現一些可觀的回報，並將資金返還給我們的有限合夥人合作夥伴。

That's why we do this. Therefore, we're excited about delivering these monetizations and distributing capital back. Yeah, that means we stop earning fees on that capital. But if we do a good job and return capital at strong returns to our LPs, we see that capital coming back to us in new fund commitments often in greater quantities. So maybe it leads to a tiny bit of quarter-to-quarter noise. The fantastic thing for our franchise to see this monetization activity pick up. It's only a net positive.

這就是我們這樣做的原因。因此，我們很高興能夠實現這些貨幣化並分配資本。是的，這意味著我們停止從該資本中賺取費用。但如果我們做得很好，並以豐厚的回報向我們的有限合夥人返還資本，我們就會看到，新基金承諾中的資本通常會以更大的數量返還給我們。所以也許它會導致一點點季度噪音。對於我們的特許經營商來說，看到這種貨幣化活動的回升真是太棒了。這只是一個淨正面的結果。

Got it. So would it be fair to say your prior comment on you expect them to be more positive than '24 from a fundraising standpoint. Would it be fair to say that both on a gross and net basis.

知道了。因此，從籌款的角度來看，您之前對他們的評論預計會比“24”更積極，這樣說公平嗎？公平地說，無論是在總量或淨值上都是如此。

Yeah, I think that's fair.

是的，我認為這是公平的。

Okay, thank you.

好的，謝謝。

Sohrab Movahedi, BMO Capital Market.

Sohrab Movahedi，BMO 資本市場。

Hey, thanks for taking the question. Maybe just to quickly for Hadley. I mean, you had in the Investor Day, you had a nice chart showing the five different drivers of fee bearing capital growth you expect over the next five years between renewable infrastructure, private real estate and credit going from $0.5 trillion to $1 trillion. And would you be able to provide that same table showing the buildup for both fee related revenues and fee related earnings?

嘿，謝謝你提出問題。也許對哈德利來說只是太快了。我的意思是，在投資者日，您有一個很好的圖表，顯示了您預計未來五年內可再生基礎設施、私人房地產和信貸從0.5 兆美元到1 兆美元之間的收費資本增長的五種不同驅動因素。您能否提供同一張表格，顯示與費用相關的收入和與費用相關的收益的累積情況？

So we have a sense of what's happening to fee rates and the earnings on those fee rates over time.

因此，我們了解隨著時間的推移，費率以及這些費率的收入發生了什麼變化。

So you've highlighted our businesses where we see the drivers to achieve that doubling of our business and that will be on the backs of the flagship, the complementary strategies and then the buildout of credit. So we can take your question offline and provide a little bit more detail behind that, but that is really the big drivers of what will get us to doubling our business.

因此，您強調了我們的業務，我們看到了實現業務翻番的驅動因素，這將依靠旗艦產品、互補策略以及信貸建設。因此，我們可以將您的問題帶到線下，並提供更多細節，但這確實是讓我們業務翻倍的重要驅動力。

And as Connor is really outlined further, we're entering into an environment that's going to show even further upside from what we showed to Investor Day. So there's definitely additional levers that can be pulled to achieve that and more.

正如康納進一步概述的那樣，我們正在進入一個環境，​​該環境將比我們在投資者日所展示的情況顯示出更多的好處。因此，肯定有額外的槓桿可以實現這一目標甚至更多。

Okay. And maybe we'll take that off-line. And then, Connor, I mean, it's not every day that we say it's both a good seller's market and a buyer's market. I mean, usually, if it's a good seller's market, it's probably not a good buyer's market. What makes it both this good seller and a buyer market?

好的。也許我們會讓它離線。然後，康納，我的意思是，我們不是每天都說這是一個好的賣方市場和買方市場。我的意思是，通常情況下，如果這是一個好的賣方市場，那麼它可能不是一個好的買方市場。是什麼讓它成為如此好的賣家和買家市場？

Yes, it's a great question. And I'll use an example, and again, maybe just pivoting back to one of the previous questions on this call. I'll just use the renewable powering transition franchise. In one year, we're going to have the highest year for deployment, the highest year for monetization and the highest year for fundraising in the same 12-month stretch, those things don't typically cycle together.

是的，這是一個很好的問題。我將再次使用一個例子，也許只是回到本次電話會議之前的問題之一。我將只使用再生能源過渡特許經營權。在一年內，我們將在同一個 12 個月的時間內迎來部署最高的一年、貨幣化最高的一年和籌款最高的一年，這些事情通常不會一起循環。

But one, I would say, it's what we're seeing in terms of growth in these sectors and different investors wanting to get exposure to these sectors at different risk return points. An example of what's driving that, again, perhaps using renewable power and transition is we are seeing an incredibly robust bid for high-quality cash-generative operating assets, particularly those that still have a growth angle.

但我想說的是，我們看到這些行業的成長以及不同的投資者希望以不同的風險回報點投資這些行業。再次推動這一趨勢的一個例子，也許是利用再生能源和轉型，我們看到對高品質現金生成營運資產的出價異常強勁，尤其是那些仍具有成長前景的營運資產。

That's seeing a very, very robust bid from market participants, and that's the type of thing we're monetizing into. In the exact same environment, we are seeing a shortage of capital chasing an abundance of opportunities to construct and build out new assets and new platforms in this space.

市場參與者的出價非常非常強勁，這就是我們貨幣化的類型。在完全相同的環境中，我們看到資本短缺，正在追逐大量機會來在該​​領域建立和建立新資產和新平台。

And while there is more capital being allocated to these themes, that capital just pills in comparison to the capital requirements and the growth opportunities that are in these huge trend. So I would say the hunts what we're seeing in renewables, but in general, we're seeing the same thing in real estate and infrastructure as well. That's how you get the market bifurcation that's allowing us to be a great buyer and a great seller at the same time.

儘管有更多的資本被分配到這些主題，但與這些巨大趨勢中的資本要求和成長機會相比，這些資本只是丸子。所以我想說的是，我們在再生能源領域看到了同樣的情況，但總的來說，我們在房地產和基礎設施領域也看到了同樣的情況。這就是市場分歧的方式，讓我們同時成為一個偉大的買家和一個偉大的賣家。

Thank you.

謝謝。

Ken Worthington, J.P. Morgan.

肯‧沃辛頓，摩根大通。

Hi, good morning. Maybe first, your Wealth Infrastructure fund generated $800 million of sales this quarter. And if our calculations are correct, it suggests that things picked up throughout the quarter with a particularly strong September. Did you get on a new platform or what drove the acceleration in sales there and given the success here, what's sort of next in terms of the buildout of the wealth franchise?

嗨，早安。也許首先，您的財富基礎設施基金本季創造了 8 億美元的銷售額。如果我們的計算正確，則表示整個季度情況有所好轉，九月表現尤其強勁。您是否進入了新平台，或者是什麼推動了那裡的銷售加速？

Sure. So we'll say something that we've said about our BII product before. The growth of this product is not limited by demand. It is entirely limited by our disciplined approach to deploying the capital. And we could be raising even more capital than we did in Q3.

當然。所以我們會說一些我們之前說過的關於我們的天地互連產品的內容。該產品的成長不受需求的限制。這完全受到我們部署資本的嚴格方法的限制。我們可能籌集到比第三季更多的資金。

We just want to continue to be prudent in how we build out the asset portfolio and ensure that we're delivering fantastic returns as more capital comes into that fund. But what I would say about that $800 million is we're still just scratching the service and it's purely driven by investor demand, which actually far exceeds the dollars we raised in Q3.

我們只是想繼續謹慎地建立資產投資組合，並確保隨著更多資本進入該基金，我們能夠提供豐厚的回報。但我想說的是，關於這 8 億美元，我們仍然只是在開發服務，它純粹是由投資者需求驅動的，這實際上遠遠超過了我們在第三季籌集的美元。

And then secondly, in terms of new products for the wealth platform, I would really say -- there -- in this piggybacks on some of the things we mentioned at Investor Day, we're very focused on over the next 12 months potentially launching wealth products in both the private equity segment, as well as potentially additional wealth products in certain credit subsegments.

其次，就財富平台的新產品而言，我真的想說 - 那裡 - 結合我們在投資者日提到的一些事情，我們非常關注在未來 12 個月內可能推出的產品私募股權領域的財富產品，以及某些信貸細分領域潛在的額外財富產品。

And some of the recent transactions we've done with some of our two partner managers is going to be very additive to those initiatives as we bring new products onto our wealth platform.

當我們將新產品引入我們的財富平台時，我們最近與兩位合作夥伴經理進行的一些交易將非常有助於這些舉措。

Perfect. And then just a simple one. BPG saw a 20% increase in management fees this quarter after what I think it's nine consecutive quarters of falling fees. What drove the reversal this quarter in the magnitude of the sequential jump in 3Q?

完美的。然後只是一個簡單的。在我認為連續九個季度費用下降之後，BPG 本季的管理費上漲了 20%。是什麼推動了本季第三季連續跳躍幅度的逆轉？

Yeah, sure. So I'll take that one. In terms of what drove it. There's a couple of things, some of our funds raised some money and in particular in the flagships, if you bring capital on you get some catch up fees, so that would have driven part of the jump and that's the one that jumps to mind most readily for me. I expect that's the bulk of it. But Hadley, is there anything you would add to that?

是的，當然。所以我會接受那個。就驅動力而言。有幾件事，我們的一些基金籌集了一些資金，特別是在旗艦基金中，如果你帶來資本，你會得到一些追趕費用，所以這將推動部分跳躍，這是最讓人想到的對我來說很容易。我預計這就是其中的大部分。但是哈德利，你還有什麼要補充的嗎？

No, I mean, I think you've captured it really is around the fact that we've been, buying more equity base in our [BBT] strategy and then moving assets that were to BWS and earning fees there. So those are probably the two main components there.

不，我的意思是，我認為您已經了解了這一事實，即我們一直在 [BBT] 策略中購買更多的股權基礎，然後將資產轉移到 BWS 並在那裡賺取費用。所以這些可能是那裡的兩個主要組成部分。

All right, great. Thank you.

好吧，太好了。謝謝。

Dan Fannon, Jeffries.

丹‧範農，傑弗里斯。

Thanks. Good morning. I guess just to follow up on that question. So is the $54 million, from BPG a good run rate perspectively within the real estate segment?

謝謝。早安.我想只是為了跟進這個問題。那麼，從 BPG 的角度來看，這 5,400 萬美元在房地產領域的運作率是否良好？

Yeah, absolutely. And if anything, I think we're going to continue to see that that number creep up a bit over time.

是的，絕對是。如果有的話，我認為我們將繼續看到這個數字隨著時間的推移而略有上升。

Okay, great. And then just as a follow up within the context of insurance, one SMA for $1 billion scaling to, I think $50 million you've talked about. I guess, just talking about the cadence of that and the backlog and conversations and how that -- the momentum in that business as we think about the near term versus that longer-term goal, how that should progress?

好的，太好了。然後，作為保險領域的後續行動，一項 SMA 的 10 億美元規模擴大到，我想您已經談到了 5000 萬美元。我想，只是談論這方面的節奏、積壓和對話，以及當我們考慮近期與長期目標時該業務的勢頭，應該如何進展？

Certainly. And maybe to share how we are thinking about this. We created our insurance capability and developed it first and foremost to service our own related party insurance company, Brookfield Wealth Solutions. And that is our largest insurance client, if you will, and we put an amount of effort into building out the team and the franchise and the capabilities to be sure that we could service that client at the standard that we would expect. Therefore, the ability to bring on other clients and other partners at this point is relatively easy.

當然。也許可以分享我們對此的看法。我們創建並發展我們的保險能力，首先也是最重要的是為我們自己的關聯保險公司 Brookfield Wealth Solutions 提供服務。如果你願意的話，這是我們最大的保險客戶，我們投入了大量的精力來建立團隊、特許經營權和能力，以確保我們能夠按照我們期望的標準為該客戶提供服務。因此，此時吸引其他客戶和其他合作夥伴的能力相對容易。

And that is not to say that the job is easy and every one of those clients doesn't get a tailored solution to meet those needs.

這並不是說這項工作很容易，而且每位客戶都無法獲得量身定制的解決方案來滿足這些需求。

But the platform is built. And therefore, there's incredible capacity to bring on more of those types of clients. And while we got the first one done this quarter, I would say we have a number of ongoing conversations to add to that. And maybe just to finish on this point and maybe back to, I think, what was one of the very first questions on this call. As we build out our insurance and our credit platform.

但平台已經建成。因此，我們擁有令人難以置信的能力來吸引更多此類客戶。雖然我們在本季度完成了第一個項目，但我想說我們還有許多正在進行的對話需要補充。也許只是為了結束這一點，我想也許回到本次電話會議的第一個問題是什麼。當我們建立我們的保險和信貸平台時。

There is this question around fees versus margins. And the important thing to recognize is lower fee does not necessarily mean lower margin. And the joy of having built this platform is it's a tremendous platform that allows us to raise scale capital and deploy that capital at scale on behalf of a small number of very large insurance partners, and therefore, while the fee rate might not be as high as in some of our other products, there's no reason it can't be given the scale, a very attractive margin business for us where we should see good operating leverage.

存在一個關於費用與利潤的問題。重要的是要認識到較低的費用並不一定意味著較低的利潤。建立這個平台的樂趣在於，它是一個巨大的平台，使我們能夠籌集規模資本並代表少數大型保險合作夥伴大規模部署該資本，因此，雖然費率可能不會那麼高與我們的其他一些產品一樣，沒有理由不能提供規模，這對我們來說是一項非常有吸引力的利潤業務，我們應該看到良好的營運槓桿。

Great. Thank you.

偉大的。謝謝。

That concludes our question-and-answer session. I'd like to turn the call back to Jason Fooks for closing remarks.

我們的問答環節到此結束。我想將電話轉回賈森·福克斯，讓其結束語。

Okay, great. Thank you for everyone's participation and interest. If you have additional questions on today's release, please feel free to contact me directly. Thanks again.

好的，太好了。感謝大家的參與與興趣。如果您對今天的發布還有其他疑問，請隨時直接與我聯繫。再次感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。