BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Brookfield Asset Management first-quarter 2025 earnings call. (Operator instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Brookfield Asset Management 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I'd now like to hand the conference over to Jason Fooks, Managing Director, Investor Relations. Please go ahead.

現在我想將大會交給投資者關係董事總經理 Jason Fooks。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 Brookfield Asset Management 的財報電話會議。參加今天電話會議的是我們的執行長 Bruce Flatt；我們的總裁 Connor Teskey；以及我們的財務長 Hadley Peer Marshall。

Bruce will start the call today with an overview of the quarter and then cover how our scale and strategy position us well to navigate the current market environment and to continue to deliver long-term growth. Connor will follow up and cover how our platform and ecosystem give us a strategic advantage in capital raising and deployment. And finally, Hadley will discuss our financial results, balance sheet strength and recent strategic initiatives.

布魯斯將在今天的電話會議上首先概述本季的情況，然後介紹我們的規模和策略如何使我們能夠很好地應對當前的市場環境並繼續實現長期成長。康納將跟進並介紹我們的平台和生態系統如何在融資和部署方面為我們帶來策略優勢。最後，哈德利將討論我們的財務表現、資產負債表實力和最近的策略舉措。

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, please queue and we'll be happy to take additional questions at the end of time permits.

在我們正式發表評論後，我們將把電話轉給接線員並回答分析師的問題。為了方便所有想要提問的人，我們要求您不要一次提出兩個以上的問題。如果有的話，請排隊，我們很樂意在時間允許的情況下回答其他問題。

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 meaning of applicable US and Canadian 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經營業績時，我們可能會做出前瞻性陳述，包括適用的美國和加拿大證券法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 the future events and results may differ materially from such statements. For further information on these risks and their potential impact on our company, please see our filings with the securities regulators in the US and Canada and the information available on our website.

這些聲明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這些陳述有重大差異。有關這些風險及其對我們公司的潛在影響的更多信息，請參閱我們向美國和加拿大證券監管機構提交的文件以及我們網站上的信息。

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

說完這些，我將把電話轉給布魯斯。

Thank you, Jason, and to everyone joining us on the call. We had a strong start to the year, marking our highest quarterly earnings growth since we went public. Fee-related earnings reached a record $698 million for the quarter, up 26% year-over-year or $0.43 per share. Distributable earnings grew by 20% to $654 million or $0.40 per share. Fee-bearing capital now stands at approximately $550 billion, up 20% compared to last year. This performance reflects the continued strength and global reach of our business.

謝謝傑森，以及參加電話會議的所有人。我們今年開局強勁，創下了上市以來最高的季度獲利成長。本季費用相關收益達到創紀錄的 6.98 億美元，年增 26%，即每股 0.43 美元。可分配收益成長 20% 至 6.54 億美元或每股 0.40 美元。目前收費資本約 5,500 億美元，比去年增長 20%。這一業績體現了我們業務的持續實力和全球影響力。

We raised $25 billion of capital this quarter, bringing total inflows over the past year to more than $140 billion. Importantly, and exemplifying the resilience of our business, we closed $6 billion of commitments during the first quarter for our flagship real estate strategy, bringing total capital to $16 billion. And when we round out the strategy with the last retail and regional sleeves, this will be our largest real estate strategy ever. We also had a final close of our opportunistic credit strategy on par with our largest ever for this strategy at $16 billion. We are very active on the deployment and monetization front as well.

本季我們籌集了 250 億美元的資金，使過去一年的總流入資金超過 1,400 億美元。重要的是，為了體現我們業務的韌性，我們在第一季為我們的旗艦房地產策略完成了 60 億美元的承諾，使總資本達到 160 億美元。當我們用最後的零售和區域策略來完善這項策略時，這將是我們有史以來最大的房地產策略。我們也最終完成了機會信貸策略的融資，金額達到 160 億美元，創下該策略史上的最高紀錄。我們在部署和貨幣化方面也非常活躍。

In total, we deployed $16 billion into opportunities globally, and we sold $22 billion of assets. This generated $9 billion of equity proceeds during the quarter. Together, these results demonstrate the strength and the resilience of our platform even in a volatile environment.

總體而言，我們在全球範圍內投入了 160 億美元，並出售了 220 億美元的資產。這在本季產生了 90 億美元的股權收益。總的來說，這些結果證明了我們的平台即使在動盪的環境中也具有實力和彈性。

Recently, the broader market faced heightened volatility and equity markets reacted sharply. Despite this, we remain confident in our long-term strategy as the secular trends underpinning our business continue to accelerate. Whether it's the growth in demand for AI infrastructure, the rising global need for energy or the increasing role private credit plays in capital markets, these trends continue to drive capital market flows globally.

近期，大盤波動加劇，股市反應劇烈。儘管如此，隨著我們業務的長期趨勢繼續加速，我們仍然對我們的長期策略充滿信心。無論是人工智慧基礎設施需求的成長、全球能源需求的上升，或是私人信貸在資本市場中發揮的日益重要的作用，這些趨勢都在持續推動全球資本市場的流動。

We have leadership positions around these secular drivers, having built deep expertise, operational capabilities and global scale. We believe we have never been better positioned to capitalize. The current environment favors scale, expertise and capital. Periods of uncertainty often lead to attractive opportunities as they can create compelling valuation and entry points for investors with scale and experience. This kind of environment is not too new to us.

我們在這些長期驅動因素方面佔據領導地位，擁有深厚的專業知識、營運能力和全球規模。我們相信，我們從未擁有過比現在更好的資本化優勢。目前的環境有利於規模、專業知識和資本。不確定時期往往會帶來誘人的機會，因為它們可以為具有規模和經驗的投資者創造引人注目的估值和切入點。這種環境對我們來說並不太新鮮。

We've navigated many similar challenges before. At the onset of COVID, we maintained our discipline, stayed focused on our long-term strategy and invested when many others hesitated. To make a point, since then, we have raised over $400 billion of capital, nearly doubled our fee-related earnings and are now better positioned than ever before. Our franchise is more global, more diversified and more capable.

我們以前已經遇到過許多類似的挑戰。在新冠疫情爆發之初，我們保持紀律，專注於長期策略，並在許多其他人猶豫不決時進行了投資。具體來說，自那時以來，我們已經籌集了超過 4000 億美元的資金，費用相關收益幾乎翻了一番，現在我們處於比以往任何時候都更有利的地位。我們的特許經營更加全球化、更加多元、更強大。

At the center of all of this is our investment and operating teams representing our capabilities in more than 30 countries. This gives us unmatched flexibility to direct capital to the most attractive opportunities globally. We also have a high-quality, durable earnings base to support the business.

所有這一切的核心是我們的代表我們在 30 多個國家的能力的投資和營運團隊。這為我們提供了無與倫比的靈活性，可以將資本引導到全球最具吸引力的機會。我們也擁有高品質、持久的獲利基礎來支持業務。

Our cash flows are 100% comprised of fee-related earnings, of which approximately 95% are derived from capital that is either long term or perpetual in nature. This provides a stable and predictable foundation for distributable earnings.

我們的現金流量 100% 由費用相關收益組成，其中約 95% 來自長期或永久性資本。這為可分配收益提供了穩定、可預測的基礎。

The ongoing growth of our fee-bearing capital base supported by strong fundraising, deployment and monetization gives us conviction that these earnings will continue to compound over time, irrespective of the environment. Our investments are focused on essential assets, power, infrastructure, real estate and critical business services.

在強大的籌資、部署和貨幣化的支持下，我們的收費資本基礎不斷增長，這使我們確信，無論環境如何，這些收益都將隨著時間的推移而持續增長。我們的投資重​​點是重要資產、電力、基礎設施、房地產和關鍵商業服務。

These businesses operate locally, serve domestic demand and are often highly contracted or regulated. That makes them less exposed to global shocks and tariffs and more attractive in periods of uncertainty where investors seek consistency. We also benefit from our diversification across asset classes, allowing us to pivot to different strategies and across region.

這些企業在當地經營，滿足國內需求，並且通常受到嚴格的合約約束或監管。這使得它們較少受到全球衝擊和關稅的影響，並且在投資者尋求穩定性的不確定時期更具吸引力。我們也受益於跨資產類別的多元化，這使我們能夠跨地區轉向不同的策略。

This ensures we can capitalize on dislocation whenever or wherever it may emerge. Taken together, our client relationships, scale, brand, access to capital and long-term track record enable us to maintain steady and growth through volatility.

這確保了我們可以隨時隨地利用混亂。總的來說，我們的客戶關係、規模、品牌、資本管道和長期業績記錄使我們能夠在波動中保持穩定和成長。

Looking ahead, our priorities are very clear. We will continue to stay disciplined. We'll lean into scale and with our capabilities, and we will continue to find opportunities in market dislocation. Our experience over many cycles has shown us that by focusing on these priorities in times of uncertainty, not only helps us navigate through them, but allows us to emerge stronger. We expect to grow through this market cycle as we have in previous ones, just the same.

展望未來，我們的優先事項非常明確。我們將繼續嚴守紀律。我們將憑藉著規模和能力，繼續在市場錯置中尋找機會。我們多次經歷的周期經驗告訴我們，在不確定的時期關注這些優先事項，不僅可以幫助我們渡過難關，還可以讓我們變得更強大。我們期望在這個市場週期中實現成長，就像我們在以前的市場週期中一樣。

I will now turn it over to Connor and Hadley, who will go deeper into our portfolio, our liquidity position, capital allocation and the details of our recent deployment and monetization activities. Thank you all for joining us today.

現在我將把時間交給康納和哈德利，他們將深入了解我們的投資組合、流動性狀況、資本配置以及我們最近的部署和貨幣化活動的細節。感謝大家今天的參與。

Thank you, Bruce, and good morning to everyone on the call. As Bruce outlined, the past few months have seen heightened uncertainty. And while public markets have experienced swings, private markets have remained relatively stable. During these periods, investors turn to proven global platforms with strong track records and trusted partnerships. That has always been a core strength of Brookfield.

謝謝你，布魯斯，祝電話裡的各位早安。正如布魯斯所概述的，過去幾個月的不確定性加劇。儘管公開市場經歷了波動，但私人市場仍保持相對穩定。在這些時期，投資人轉向具有良好業績記錄和值得信賴的合作夥伴關係的成熟全球平台。這一直是 Brookfield 的核心優勢。

While parts of the industry may be more directly affected by today's volatility, our diversification across strategies, sectors and geographies continues to give us a competitive edge and the ability to extend our lead. These competitive advantages were illustrated by our successful fundraise for our real estate strategy this quarter.

雖然部分產業可能更直接地受到當今波動的影響，但我們在策略、產業和地理方面的多元化繼續為我們帶來競爭優勢和擴大領先地位的能力。本季我們成功為房地產策略籌集資金，充分體現了這些競爭優勢。

Despite a more challenging fundraising environment for real estate in recent years, we secured commitments from many of the world's largest and most sophisticated investors, demonstrating their strong conviction in our strategy and platform and providing us with substantial fresh capital to invest at an especially attractive point in the cycle.

儘管近年來房地產融資環境面臨更大挑戰，但我們仍獲得了全球許多最大、最成熟的投資者的承諾，這表明他們對我們的策略和平台充滿信心，並在周期中一個特別有吸引力的時刻為我們提供了大量新的投資資本。

These results reinforce why we believe our platform across segments is uniquely positioned to thrive. Our scale, diversification and long-term relationships allow us to continue raising and investing capital behind the global secular trends of decarbonization, deglobalization and digitalization as well as the growing role of private credit.

這些結果進一步證實了我們為何相信我們的跨領域平台具有獨特的優勢，能夠蓬勃發展。我們的規模、多元化和長期關係使我們能夠繼續籌集和投資資本，以應對全球脫碳、去全球化和數位化的長期趨勢以及私人信貸日益增長的作用。

A key source of that advantage lies in the types of assets we own and operate. They are not only diversified, they are essential. Our portfolio is anchored in essential real assets and critical business services, sectors that have historically demonstrated strong resilience through economic cycles. While no business is entirely immune to broader market forces, the nature of our assets provides resiliency to these short-term headwinds.

這項優勢的關鍵來源在於我們擁有和經營的資產類型。它們不僅多樣化，而且必不可少。我們的投資組合以重要的實體資產和關鍵的商業服務為基礎，這些產業在歷史上的經濟週期中展現了強大的韌性。雖然沒有任何企業能夠完全免受更廣泛的市場力量的影響，但我們資產的性質使我們能夠抵禦這些短期不利因素。

Many benefit from inflation-linked revenues or regulated pricing structures, which allow us to effectively manage rising input costs and preserve cash flows. We saw this play out during the recent inflationary cycle. Cash flows across much of our portfolio not only kept pace with, but in many cases, outperformed inflation.

許多人受益於與通貨膨脹掛鉤的收入或受監管的定價結構，這使我們能夠有效地管理不斷上升的投入成本並保持現金流。我們在最近的通膨週期中看到了這種情況。我們大部分投資組合的現金流量不僅跟上了通貨膨脹的步伐，而且在許多情況下甚至超過了通貨膨脹。

We've also been preparing for macro shifts like deglobalization for several years. This has led to large and attractive investment opportunities to help corporates increase manufacturing of critical goods and services closer to home as well as invest in the resiliency of their supply chain.

多年來，我們也一直在為去全球化等宏觀轉變做準備。這帶來了大量且具吸引力的投資機會，幫助企業增加在本土附近生產關鍵商品和服務，並投資於其供應鏈的彈性。

Within our existing businesses, in anticipation of a more protectionist policy environment, we proactively restructured supply chains and procurement strategies to further bolster this resilience. For instance, in our renewables business, where tariffs have been in place for years, we have adopted a domestic procurement strategy supported by long-term local supplier agreements. These actions offer significant cost certainty and put us in a comparatively stronger position versus many others who did not.

在我們現有的業務中，為了因應更保護主義的政策環境，我們積極重組供應鏈和採購策略，以進一步增強這種彈性。例如，在我們的再生能源業務中，關稅已實施多年，我們採用了由長期本地供應商協議支援的國內採購策略。這些行動提供了顯著的成本確定性，並使我們相對於許多沒有這樣做的公司處於相對有利的地位。

Periods of uncertainty have also historically created some of the most compelling opportunities to deploy capital, especially for firms like us with the scale, structure and conviction to act decisively, providing execution certainty.

從歷史上看，不確定時期也創造了一些最引人注目的資本配置機會，特別是對於像我們這樣擁有規模、結構和信念、能夠果斷採取行動並提供執行確定性的公司。

Colonial Pipeline fits this type of deployment. We were able to use our scale capital to limit competition, provide execution certainty that was especially critical in this environment and value this world-class midstream asset backed by high-quality cash flows with discipline.

Colonial Pipeline 適合這種類型的部署。我們能夠利用規模資本來限制競爭，提供在這種環境下特別重要的執行確定性，並有紀律地評估這項由高品質現金流支持的世界級中游資產。

And we are well positioned to continue deploying capital into this environment. We have nearly $120 billion of uncalled long-term-oriented capital ready to deploy. Across many markets today, the headlines do not reflect the underlying fundamentals, and that disconnect is creating compelling opportunities. Our ecosystem gives us real-time access to data, insights and operating feedback from across our global portfolio, which allows us to see through the noise, identify value and move decisively.

我們已做好準備，繼續向這環境投入資本。我們擁有近 1200 億美元尚未動用的長期資本，隨時可以部署。如今，在許多市場中，頭條新聞並沒有反映出根本的基本面，而這種脫節正在創造引人注目的機會。我們的生態系統使我們能夠即時存取來自全球投資組合的數據、見解和營運回饋，讓我們能夠看透噪音、識別價值並果斷採取行動。

This is especially important in a market where volatility is pressuring public valuations, creating entry points that are only accessible to those with true on-the-ground visibility. We fully intend to capitalize on that positioning.

在市場波動對公眾估值帶來壓力的情況下，這一點尤其重要，因為只有真正具有實地了解情況的人才能進入市場。我們打算充分利用這一定位。

And while capital is critical, it's our platform's breadth and reputation that unlock differentiated access to opportunities that others may not see. We are increasingly seeing the most sophisticated governments, corporates and institutions turning to private capital to pursue strategic initiatives.

雖然資本至關重要，但我們平台的廣度和聲譽可以為我們帶來其他人可能看不到的差異化機會。我們越來越多地看到最成熟的政府、企業和機構轉向私人資本來推行戰略舉措。

They are choosing Brookfield because we can deliver not only capital at scale, but operating experience, speed, certainty and a proven ability to execute complex transactions. This quarter, we announced a $20 billion AI infrastructure commitment alongside the French government and a strategic partnership with Barclays to help it scale its payments platform.

他們選擇 Brookfield 是因為我們不僅可以提供大規模資本，還可以提供營運經驗、速度、確定性以及執行複雜交易的成熟能力。本季度，我們與法國政府共同宣布了一項 200 億美元的人工智慧基礎設施承諾，並與巴克萊銀行建立戰略合作夥伴關係，以幫助其擴大支付平台。

Similar to previous partnerships with Intel, Microsoft, Deutsche Telekom and others, these are further examples of our platform's approach to partnerships, which create differentiated proprietary transactions that we are uniquely positioned to execute.

與先前與英特爾、微軟、德國電信等公司的合作類似，這些都是我們平台合作方式的進一步例證，這些合作方式創造了我們具有獨特優勢來執行的差異化專有交易。

Another area where we see tremendous opportunity is private credit. This is an area where we've been rapidly expanding. With over $320 billion in credit AUM today, we now operate one of the largest private credit businesses globally, leveraging our expertise in real asset, corporate and opportunistic credit, and we're just getting started.

我們看到巨大機會的另一個領域是私人信貸。這是我們一直在快速擴張的領域。如今，我們的信貸資產管理規模超過 3,200 億美元，是全球最大的私人信貸業務之一，利用我們在實體資產、企業和機會信貸方面的專業知識，而我們才剛起步。

Our goal is to more than double the size of our credit business over the next five years. Periods of illiquidity make our capital even more valuable as private credit fills funding gaps left by traditional lenders in public markets. The pullback from these sources is part of a longer structural trend. It is creating a significant opportunity for our private credit strategies to play an even more meaningful role in providing liquidity when there is less available, allowing us to generate higher returns for lower risk. This opportunity is particularly available to those with leading market knowledge and underwriting capabilities in these market segments, a position where we are unmatched.

我們的目標是在未來五年內將信貸業務規模擴大一倍以上。由於私人信貸填補了傳統貸款機構在公開市場留下的資金缺口，流動性不足時期使我們的資本更有價值。這些來源的撤回是長期結構性趨勢的一部分。這為我們的私人信貸策略創造了重要機遇，使其能夠在流動性不足的情況下發揮更有意義的作用，以提供流動性，從而以更低的風險獲得更高的回報。這個機會尤其適用於那些擁有領先的市場知識和承保能力的人員，而在這方面我們是無與倫比的。

Over recent quarters, we've made meaningful strategic advancements to complement our existing direct investment capabilities and broaden our platform to meet this rising demand. Over the past couple of months, we acquired a majority stake in Angel Oak, a leading specialized mortgage origination platform and asset manager with more than $18 billion of assets under management. This platform adds deep origination capabilities and significantly expands our presence in the US mortgage market.

在最近幾個季度，我們取得了有意義的策略進步，以補充我們現有的直接投資能力並擴大我們的平台以滿足日益增長的需求。在過去的幾個月裡，我們收購了 Angel Oak 的多數股權，Angel Oak 是一家領先的專業抵押貸款發放平台和資產管理公司，管理的資產超過 180 億美元。該平台增加了深度發起能力，並大大擴展了我們在美國抵押貸款市場的影響力。

We also increased our ownership stake in Oaktree by 1.5%, raising our total ownership stake to approximately 74%, underscoring our long-term commitment to our partnership. With fundraising now complete for the latest vintage of our highly successful opportunistic strategy, Oaktree is similarly well positioned to capitalize with significant capital to deploy in this environment.

我們還將我們在 Oaktree 的所有權股份增加了 1.5%，使我們的總所有權股份達到約 74%，這凸顯了我們對合作夥伴關係的長期承諾。隨著我們極為成功的機會主義策略的最新一輪融資的完成，橡樹資本同樣處於有利地位，可以利用大量資本來部署這種環境。

Moments like this are where Oaktree's long-standing disciplined and value-oriented approach is particularly powerful. Throughout every cycle in our history, we have successfully turned volatility into opportunity. We believe this time will be no different.

在這樣的時刻，橡樹資本長期以來嚴謹且以價值為導向的做法就顯得尤為有力。在我們的歷史的每一個週期中，我們都成功地將波動轉化為機會。我們相信這次也不會例外。

We have the capital, relationships and track record to move with conviction when others can't, and we'll do so in a disciplined manner and at scale. This environment plays to our strengths. And as the environment continues to evolve, our global reach, diversified strategies and long-term mindset positions us to deliver sustainable, attractive returns for our clients.

當其他人無法做到時，我們擁有資本、關係和業績記錄，可以堅定地採取行動，並且我們將以有紀律的方式大規模地做到這一點。這種環境可以發揮我們的優勢。隨著環境的不斷發展，我們的全球影響力、多元化策略和長遠思維使我們能夠為客戶提供可持續的、有吸引力的回報。

With that, we will turn the call over to Hadley to cover our financial results.

接下來，我們將把電話轉給哈德利來介紹我們的財務表現。

Thank you, Connor. Today, I'll cover our first quarter performance, fundraising, deployment and monetization activity. I'll then highlight some of the strategic initiatives we have recently undertaken, including bolstering our balance sheet with an inaugural bond offering backed by our recently obtained high investment-grade ratings as well as our recent opportunistic repurchase of shares.

謝謝你，康納。今天，我將介紹我們第一季的業績、籌款、部署和貨幣化活動。然後，我將重點介紹我們最近採取的一些策略舉措，包括透過首次發行債券來增強我們的資產負債表，這些債券以我們最近獲得的高投資級評級為支撐，以及我們最近機會性地回購股票。

First, on our financial performance, we had another record quarter of earnings. Fee-related earnings or FRE were $698 million or $0.43 per share in the quarter, up 26% from the prior year period, bringing FRE over the last 12 months to $2.6 billion.

首先，就我們的財務表現而言，我們又創下了季度獲利記錄。本季費用相關收益或 FRE 為 6.98 億美元或每股 0.43 美元，較去年同期成長 26%，使過去 12 個月的 FRE 達到 26 億美元。

Distributable earnings, or DE, were $654 million or $0.40 per share in the quarter, up 20% from the prior year period, bringing the last 12 months to $2.5 billion. Growth in our earnings is largely attributed to our fee-bearing capital base, which currently stands at $549 billion, a 20% increase from the prior year period. This increase is due to two primary sources, fundraising and capital deployment.

本季可分配收益（DE）為 6.54 億美元，即每股 0.40 美元，較去年同期成長 20%，使過去 12 個月的可分配收益達到 25 億美元。我們收益的成長主要歸功於我們的收費資本基礎，目前該基礎已達到 5,490 億美元，比去年同期成長了 20%。這一成長主要源自於兩個面向：籌資和資本部署。

Over the past 12 months, we raised $142 billion, of which 80% began generating fees in the period. In addition, $18 billion of our fee-bearing capital inflows came from the capital that was deployed over the last 12 months.

在過去的 12 個月裡，我們籌集了 1,420 億美元，其中 80% 在此期間開始產生費用。此外，我們的收費資本流入中有 180 億美元來自過去 12 個月部署的資本。

These inflows were partially offset by $21 billion of capital returned to clients through distributions from our private funds and permanent capital vehicles. In a market when many sponsors are struggling to generate distribution to paid in capital, or DPI, this level of distribution reinforces the strength of our business.

這些流入資金被我們透過私募基金和永久資本工具分配返還給客戶的 210 億美元資本部分抵銷。在許多贊助商都在努力實現資本分配（DPI）的市場中，這種水準的分配增強了我們業務的實力。

Returning capital is fundamental to the investment cycle, and our ability to do so consistently supports our track record of delivering value through both dividends and monetization. Capital formation remained strong in the first quarter. We raised $25 billion diversified across our flagship strategies, complementary funds and partner managers.

資本回報是投資週期的基礎，我們這樣做的能力始終如一地支持著我們透過股利和貨幣化實現價值的記錄。第一季資本形成依然強勁。我們透過旗艦戰略、補充基金和合作夥伴經理籌集了 250 億美元。

Some of the highlights include in real estate, we raised $7.1 billion, including $5.9 billion for the fifth vintage of our flagship real estate strategy. As mentioned, this is set to be our largest flagship real estate strategy ever. In renewable power and transition business, we raised $1.5 billion, including $700 million for the second vintage of our global transition strategy, bringing total capital raised for that strategy to over $14 billion.

其中一些亮點包括在房地產領域，我們籌集了 71 億美元，其中包括用於我們旗艦房地產策略第五次融資的 59 億美元。如前文所述，這將成為我們迄今為止最大的旗艦房地產策略。在再生能源和轉型業務方面，我們籌集了 15 億美元，其中包括為第二輪全球轉型策略籌集的 7 億美元，使該策略籌集的總資本超過 140 億美元。

We expect to hold a final close for this strategy in the coming months. And in credit, we raised $14 billion, including $6.3 billion across our partner managers and $6.7 billion from our insurance accounts. We also completed the final close for the 12th vintage of our flagship opportunistic credit fund, bringing total capital raised for that strategy to $16 billion. Overall, we have never been more diversified in our fundraising with more than 40 strategies raising capital during the quarter.

我們預計將在未來幾個月內完成這項策略的最終實施。在信貸方面，我們籌集了 140 億美元，其中包括來自合作夥伴經理的 63 億美元和來自保險帳戶的 67 億美元。我們也完成了旗艦機會信貸基金第 12 期的最終收尾工作，使該策略籌集的總資本達到 160 億美元。整體而言，我們的融資方式從未如此多樣化，本季籌集的資金策略超過 40 種。

This is a direct result of significant investments we've made in our people and products over the past couple of years, building out fundraising teams and supporting platforms to invest capital. The best is yet to come from these efforts, and we expect to see continued growth and expansion in our business, both throughout the remainder of 2025 and the years to come.

這是過去幾年來我們在人才和產品方面進行大量投資的直接結果，我們建立了籌款團隊並支持投資資本的平台。這些努力還未取得最好的結果，我們預計在 2025 年剩餘時間以及未來幾年我們的業務將繼續成長和擴張。

As we complete final closings for our real estate and transition flagships in the coming months, we expect complementary strategies to drive an increasing share of fundraising in the second half of the year. We also continue to see strong deployment activity, investing $16 billion during the quarter. As Connor mentioned, we have significant available capital and intend to be active in the market as uncertainty creates opportunities.

隨著我們在未來幾個月完成房地產和轉型旗艦的最終收尾工作，我們預計互補策略將推動下半年融資份額的增加。我們也持續看到強勁的部署活動，本季投資額達 160 億美元。正如康納所說，我們擁有大量可用資本，並打算在市場不確定性創造機會時積極參與其中。

A few notable large-scale transactions that were either signed or closed in the first quarter include, in our renewable power and transition business, we invested over $3 billion to complete the privatization of Newen, a leading global renewable energy developer. We also committed $1.2 billion to acquire the US renewables business of National Grid.

第一季簽署或完成的一些值得注意的大型交易包括：在我們的再生能源和轉型業務中，我們投資超過 30 億美元完成了全球領先的再生能源開發商 Newen 的私有化。我們也承諾投入12億美元收購國家電網的美國再生能源業務。

This transaction is expected to close in the second quarter of 2025. In our private equity business, we deployed approximately $1 billion to acquire Chemelex, a global leader in the design and manufacturing of electric heat trace systems.

預計該交易將於 2025 年第二季完成。在我們的私募股權業務中，我們投入約 10 億美元收購了 Chemelex，該公司是電熱追蹤系統設計和製造領域的全球領導者。

We also committed $800 million towards the acquisition of Intellia Scientific, a leading manufacturer and distributor of specialty consumable products and testing equipment used in quality control and research applications. The deal will close in the second quarter of 2025. And after quarter end, our infrastructure business signed an agreement to acquire the midstream asset portfolio of Colonial Enterprises for $3.4 billion of equity capital, representing $9 billion of enterprise value. The portfolio includes the Colonial Pipeline, the largest refined products pipeline in the United States, and is expected to close in the second half of 2025.

我們還承諾斥資 8 億美元收購 Intellia Scientific，這是一家領先的專業消耗品和用於品質控制和研究應用的測試設備製造商和分銷商。該交易將於 2025 年第二季完成。季度末之後，我們的基礎設施業務簽署了一項協議，以 34 億美元的股本收購 Colonial Enterprises 的中游資產組合，相當於 90 億美元的企業價值。該投資組合包括美國最大的成品油管道——Colonial Pipeline，預計將於 2025 年下半年關閉。

Now let me turn to our balance sheet and liquidity. When we spun out Brookfield Asset Management 2.5 years ago, our model was and remains simple and focused. We are a premier alternative asset manager with a strong asset-light balance sheet. We selectively use our balance sheet for two purposes, one, to pursue strategic acquisitions to expand our capabilities, and two, to provide seed capital for the creation of new complementary investment products that will grow and become meaningful revenue generators over time.

現在讓我來談談我們的資產負債表和流動性。當我們兩年半前剝離 Brookfield Asset Management 時，我們的模式一如既往地簡單而專注。我們是一家一流的另類資產管理公司，擁有強大的輕資產負債表。我們有選擇地將資產負債表用於兩個目的：一是進行策略性收購以擴大我們的能力；二是為創造新的互補投資產品提供種子資金，這些產品將隨著時間的推移而增長並成為有意義的收入來源。

Since that time, we strengthened our platform through new partnerships with three leading managers, Castlake, Pine Grove and most recently, Angel Oak and by increasing our ownership in Oaktree. Altogether, in these, we invested $1.4 billion.

從那時起，我們透過與三家領先的管理公司 Castlake、Pine Grove 以及最近的 Angel Oak 建立新的合作夥伴關係，並增加我們在 Oaktree 的所有權，從而加強了我們的平台。我們總共在這些項目上投資了 14 億美元。

We also have existing options in place that provide a clear path to increase our ownership in all of our partner managers over time. These options should add more than $250 million to our fee-related earnings over the next five years. This is a meaningful advantage for our business and allows us to increase our ownership in high-quality businesses we know well, deepening alignment, building on an already strong foundation and positioning us to drive further growth over time.

我們也制定了現有的選擇，為隨著時間的推移增加我們對所有合作夥伴經理的所有權提供了明確的途徑。這些選擇將在未來五年內為我們的費用相關收益增加 2.5 億美元以上。這對我們的業務來說是一個有意義的優勢，使我們能夠增加對我們熟悉的高品質業務的所有權，深化協調，在已經強大的基礎上再接再厲，並使我們能夠隨著時間的推移推動進一步的成長。

At the same time, we continue to demonstrate strong alignment with our clients by investing meaningful capital alongside them. Since our spin-out, the Brookfield Group, that is all the Brookfield affiliates, including Brookfield Asset Management, have collectively committed $16 billion to our fund with our Brookfield Asset Management share of $1.3 billion focused primarily on seeding smaller, new complementary strategies.

同時，我們持續與客戶一起投入有意義的資本，展現出與客戶的緊密連結。自我們分拆以來，布魯克菲爾德集團（即包括布魯克菲爾德資產管理公司在內的所有布魯克菲爾德附屬公司）已共同向我們的基金投入 160 億美元，其中布魯克菲爾德資產管理公司所佔的 13 億美元主要用於培育規模較小、新的互補戰略。

Overall, our access to liquidity remains strong. We're a top-tier client for our banks and continue to maintain a diversified mix of funding sources. To support our growth initiatives, we completed our inaugural bond offering in April, issuing $750 million of 10-year senior unsecured notes with a coupon of 5.795%. This offering received exceptionally strong demand from the market, more than 7 times oversubscribed, and we're able to tighten pricing and upsize materially, reflecting investor confidence in our differentiated business, stable earnings profile and long-term capital base.

整體而言，我們的流動性管道依然強勁。我們是銀行的頂級客戶，並持續保持多元化的資金來源組合。為了支持我們的成長計劃，我們在 4 月份完成了首次債券發行，發行了 7.5 億美元的 10 年期無擔保優先票據，票面利率為 5.795%。此次發行獲得了市場異常強勁的需求，超額認購超過 7 倍，我們能夠收緊定價並大幅擴大規模，反映出投資者對我們差異化業務、穩定盈利狀況和長期資本基礎的信心。

In connection with the offering, we received high investment-grade ratings of A from Fitch and A minus from S&P, underscoring the strength of our asset-light model and the durability of the long-term earnings. At the end of the quarter, we had $1.4 billion of available liquidity, comprising cash, financial assets and capacity on our revolving credit facility.

此次發行讓我們獲得了惠譽和標準普爾分別給予的A級和A-的高投資級評級，彰顯了我們輕資產模式的實力和長期盈利的持久性。截至本季末，我們擁有 14 億美元的可用流動資金，包括現金、金融資產和循環信貸額度。

This does not count our recent bond issuance nor the capacity at these ratings of over $4 billion of additional debt capacity. Our goal is to generate increasing cash flows on a per share basis and to distribute that cash to you by dividend or share repurchases. I'm pleased to confirm that the Board approved our quarterly dividend of $0.4375 per share payable on June 30, 2025, to shareholders of record as of the close of business on May 30, 2025.

這還不包括我們最近發行的債券，也不包括這些評級下的超過 40 億美元額外債務能力。我們的目標是增加每股現金流，並透過股利或股票回購將現金分配給您。我很高興地確認，董事會批准我們向截至 2025 年 5 月 30 日營業結束時登記在冊的股東派發每股 0.4375 美元的季度股息，該股息將於 2025 年 6 月 30 日支付。

In addition, we repurchased 2.1 million shares of Brookfield Asset Management during the quarter when our stock traded lower in line with the broader market. Given our strong outlook, these were easy purchases to make. In short, our balance sheet is strong and our access to capital is robust.

此外，當我們的股票隨大盤走低時，我們在本季回購了 210 萬股 Brookfield Asset Management 股票。鑑於我們強勁的前景，這些都是很容易做出的購買。簡言之，我們的資產負債表強勁，資本獲取管道暢通。

This supports our continued momentum and leaves us well positioned in the current market. We remain committed to being a world-class asset manager by investing our capital in high-quality assets that earn attractive returns while emphasizing downside protection. This wraps up our remarks for this morning.

這支持了我們持續的發展勢頭，並使我們在當前市場中佔據有利地位。我們始終致力於成為世界一流的資產管理公司，將資本投資於能夠獲得可觀回報的優質資產，同時強調下行保護。今天上午的發言到此結束。

We would like to thank you for joining the call, and we'll now open it up for questions. Operator?

我們感謝您參加電話會議，現在我們將開始提問。操作員？

(Operator instructions)

（操作員指示）

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning everyone. We wanted to start with fundraising and specifically Real Estate Fund V. So we all know real estate isn't the easiest vertical to fundraise today, but you already raised $13 billion. So that's a pretty impressive number just given the backdrop. And I'm curious which geographies, channels were helpful for this raise to date? And did the opportunistic element really sell with clients given very limited new construction and the migration of capital away from this vertical?

大家早安。我們希望從籌款開始，特別是房地產基金 V。因此，我們都知道，房地產並不是當今最容易籌集資金的垂直領域，但你們已經籌集了 130 億美元。考慮到當時的背景，這是一個相當令人印象深刻的數字。我很好奇，到目前為止，哪些地區和管道對此加薪有幫助？鑑於新建築數量非常有限，且資本從該垂直產業轉移，機會主義元素真的能吸引客戶嗎？

Good morning, Craig. I'll start by just correcting you in a positive way. We've already raised $16 billion for the strategy. So it's well on track to be our largest real estate strategy raise ever. And it's really capitalizing on, I would say, three things that you mentioned there.

早安，克雷格。我首先會以積極的方式糾正你。我們已經為該戰略籌集了160億美元。因此，這有望成為我們有史以來最大的房地產策略融資。我想說，它確實利用了您提到的三件事。

One, the fundamentals are incredibly strong right now. The world needs more great real estate, but there is a very significant lack of new supply in major markets and high-quality assets around the world that, it's creating a very robust supply-demand dynamic in those who can bring capital to the market.

首先，目前基本面非常強勁。世界需要更多優質房地產，但全球主要市場和優質資產的新增供應嚴重不足，這為那些能夠為市場帶來資本的人創造了非常強勁的供需動態。

The second thing is there is no doubt some legacy capital structures that are not well suited for the current interest rate environment, and that's going to create very attractive opportunities to buy high-quality assets with imperfect capital structures at significant discounts to replacement costs. And that's actually what this strategy already has been doing early in its vintage.

第二件事是，毫無疑問，一些遺留的資本結構並不適用於當前的利率環境，這將創造非常有吸引力的機會，以大幅低於重置成本的價格購買資本結構不完善的高品質資產。事實上，這項戰略在實施初期就已經在這麼做了。

And then the last point is very much that while different asset classes in different geographies around the world in their real estate cycle will trough at different points in time. The strength of this fundraise was very indicative that investors realized this fund will deploy capital from 12 months ago to two or three years into the future. And no doubt, we are going to catch the bottom during that time frame.

最後一點是，世界各地不同地區的不同資產類別在其房地產週期中將在不同的時間點達到低谷。此次融資的力度非常明顯，顯示投資者意識到該基金將從 12 個月前到未來兩三年部署資本。毫無疑問，我們將在這段時間內觸底。

And that made this a vintage that many of our most sophisticated and large-scale partners did not want to miss. Maybe just to close out in terms of where we saw significant demand this quarter, very broad-based, but I would highlight strength in the US market.

這使得我們的許多最成熟、規模最大的合作夥伴都不想錯過這個年份。也許只是為了結束本季我們看到的巨大需求，非常廣泛，但我要強調美國市場的強勁表現。

Interesting. US market, Connor, I wasn't expecting that one. But let me go for my follow-up into BII, your private wealth infrastructure fund. It launched like 17 months ago, and you haven't had a down month. So on the distribution front, what channels, geographies is it in today? And do you see any sizable platform adds coming in 2025?

有趣的。美國市場，康納，我沒想到這一點。但請容許我繼續關注您的私人財富基礎設施基金 BII。它於 17 個月前推出，至今還沒有遇到任何下滑的月份。那麼在分銷方面，目前它在哪些通路、哪些地區？您是否認為 2025 年會出現任何大規模的平台新增？

Great. So we -- BII continues to show (technical difficulty). And I would say just in terms of our growth through retail and high net worth, even since Investor Day when we profiled this business, we're even more optimistic today about the growth trajectory going forward.

偉大的。因此我們—BII 繼續展示（技術難度）。我想說，就我們透過零售和高淨值實現的成長而言，自從我們在投資者日介紹這項業務以來，我們對未來的成長軌跡更加樂觀。

In terms of how we've approached retail and high net worth, very similar to what we've done in our institutional business, we're very much focused on being globally diversified. We feel that's particularly important for these types of products that do offer semi liquidity to the investors that we feel having a diverse investor base is the right way to build the strategy over the long term.

就我們對待零售和高淨值客戶的方式而言，與我們在機構業務中的做法非常相似，我們非常注重全球多元化。我們認為這對於為投資者提供半流動性的這類產品尤其重要，我們認為擁有多元化的投資者基礎是製定長期策略的正確方法。

And then just in terms of the performance, we expect more of that to come. We're leveraging our best-in-class infrastructure platform and building a portfolio of exceptionally high-quality assets that work well in a perpetual vehicle like BII.

就性能而言，我們期待有更多表現。我們正在利用我們一流的基礎設施平台，並建立一個在 BII 這樣的永久性載體中運作良好的優質資產組合。

Thanks, Connor.

謝謝，康納。

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

Thanks very much and good morning. I wanted to start by asking a question about your perspective on some of the new product introductions across the industry, which kind of blur the lines between public and private assets. Is that something that you're working on from a product development perspective?

非常感謝，早安。首先我想問您對整個行業中一些新產品的看法，這些新產品模糊了公共資產和私人資產之間的界線。從產品開發角度來看，這是您正在做的事情嗎？

First and foremost, the headlines and some of the partnerships you see being announced and in particular, the interactions between more traditional securities managers and alternative managers, we think underscores an incredibly large and important trend, which is that alternatives are increasingly becoming part of a standard investment portfolio for all types of investors.

首先，我們認為，新聞標題和一些合作夥伴關係的宣布，特別是更傳統的證券經理和另類投資經理之間的互動，凸顯了一個極其重要且巨大的趨勢，即另類投資正日益成為各類投資者標準投資組合的一部分。

A decade ago, it was only institutional investors who invested in alternatives, then insurance companies. Now we're seeing it across retail, high net worth and the more common investor. It's no longer just stocks and bonds. It's now stocks, bonds and alternatives.

十年前，只有機構投資者投資另類投資，然後是保險公司。現在我們在零售、高淨值和更普通的投資者中都看到了它。它不再只是股票和債券。現在是股票、債券和替代品。

And in terms of those types of partnerships, we, of course, are monitoring that space carefully and having a number of conversations of our own. And we will look to build our business appropriately. We view this as a long game, and it is something we would consider in the future.

就這些類型的合作關係而言，我們當然正在密切關注這一領域，並進行一些我們自己的對話。我們將尋求適當地發展我們的業務。我們認為這是一場持久戰，我們會在未來考慮這件事。

Thank you. And secondly, I think the plan had been to launch your second or your next flagship PE fund in 2025. Is that still your expectation? And do you think BAM has enough of a differentiated strategy in PE to attract new and existing clients?

謝謝。其次，我認為您的計劃是在 2025 年推出第二或下一隻旗艦 PE 基金。這仍然是您的期望嗎？您是否認為 BAM 在 PE 方面有足夠的差異化策略來吸引新舊客戶？

We are extremely confident about our PE strategy, particularly in the current market. And as a reminder, we have a differentiated approach to private equity versus many in the space in that our approach to private equity is focused on driving value using operational enhancement.

我們對我們的 PE 策略非常有信心，尤其是在目前的市場。需要提醒的是，與業內許多其他公司相比，我們對私募股權採取了差異化的方法，因為我們對私募股權的方法專注於透過營運增強來推動價值。

Our business is far less growth-oriented and far less capital markets focused than some, I'll say, more stereotypical private equity approaches. And we feel that is perfectly suited for the current market. And that's not just a sentiment we're seeing it in our business.

與一些較典型的私募股權方法相比，我們的業務遠不以成長為導向，也遠不以資本市場為重點。我們認為這非常適合當前市場。這不僅僅是我們在業務中看到的一種情緒。

Anuj Ranjan, who runs our private equity business has been on record in saying it's been the most active start our private equity business has ever had, whether it's the transactions with Intellia or Chemelex or Spring Education.

負責我們私募股權業務的 Anuj Ranjan 曾表示，無論是與 Intellia、Chemelex 還是 Spring Education 的交易，這是我們私募股權業務有史以來最活躍的開端。

All of that is showing that our approach to private equity is well suited to the current market. And therefore, we do continue to expect to launch the next vintage of our flagship private equity fund at some point this year. In terms of the timing of the first close, hey, it may tip this side of the calendar year. It may tip the next side of the calendar year. But the momentum in that strategy and the track record is very strong.

所有這些都表明我們的私募股權投資方法非常適合當前市場。因此，我們確實希望在今年某個時候推出下一輪旗艦私募股權基金。就首次收盤時間而言，嘿，它可能會在日曆年的這一邊發生。它可能會影響明年的走勢。但該策略的勢頭和業績記錄非常強勁。

Thank you.

謝謝。

Alexander Blostein, Goldman Sachs.

高盛的亞歷山大·布洛斯坦。

Hi, good morning everybody. Maybe just zooming out a little bit and a question on broad fundraising across the platform. You guys had a very strong start to the year at $25 billion in the first quarter. I think on the last call, we talked about organic capital raising in 2025 being a bit better than it was in '24, excluding, obviously, the insurance deal, which I think puts you something in the high $80s billion to $90 billion range.

嗨，大家早安。也許只是稍微縮小一下範圍並詢問有關整個平台廣泛籌款的問題。你們今年開局非常強勁，第一季的銷售額達到了 250 億美元。我認為在上次電話會議上，我們談到了 2025 年的有機資本籌集將比 24 年好一點，顯然不包括保險交易，我認為這將使你的金額達到 800 億美元到 900 億美元之間。

So given the uncertain environment, but obviously momentum in the business is pretty good. Maybe help us kind of re-underwrite that how are you thinking about fundraising through around the year? And how much of that, call it, high $80s billion, do you think ultimately we'll be fee-paying? Thank you.

儘管環境不確定，但業務動能顯然相當良好。也許可以幫助我們重新承保您如何考慮全年的籌款？那麼，您認為其中有多少，比如說 800 億美元，最終我們需要付費呢？謝謝。

There is nothing we see in the current market that would cause us to change the forecast that we have the year. Obviously, things like the strength we've seen in real estate, finishing off the flagships in transition, closing with a record number for Oaktree's ops fund. We remain confident in the number that we outlined at the beginning of the year. And maybe just to overlay that versus the current environment, yes, there is more uncertainty than there was six or eight weeks ago.

在目前的市場上，我們沒有看到任何能夠導致我們改變今年預測的情況。顯然，我們在房地產領域看到的強勁表現，完成了旗艦產品的轉型，並為橡樹資本的營運基金創下了歷史新高。我們仍然對年初提出的數字充滿信心。也許只是將其與當前環境進行比較，是的，與六週或八週前相比，不確定性更多。

But this is also the environment where being partnered with a large-scale manager like Brookfield allows investors the opportunity to capitalize on some of the investment opportunities that may surface in this environment.

但在這種環境下，與 Brookfield 這樣的大型管理公司合作也讓投資人有機會利用這種環境下可能出現的一些投資機會。

And we do expect the current uncertainty in the environment to only exacerbate the flows of capital to the largest, most established managers with the largest execution capabilities and the greatest track record. So nothing we've seen to start the year would cause us to change our fundraising forecast.

我們確實預計，當前環境的不確定性只會加劇資本流向規模最大、執行能力最強、業績記錄最出色的管理公司。因此，我們在年初看到的任何事情都不會導致我們改變籌款預測。

Perfect. That's great to hear. Hadley, one for you on just broader balance sheet management. Obviously, so you guys do the debt offering a couple of weeks ago. Maybe help us just sort of frame how you think about the appropriate amount of leverage at the firm that you've been a stand-alone public company for a little while.

完美的。聽到這個消息真是太好了。哈德利，我想向您介紹更廣泛的資產負債表管理。顯然，你們幾週前就開始發行債券了。也許可以幫助我們了解一下，在你們作為獨立上市公司的一段時間內，你們對於公司適當的槓桿率有何看法。

And similarly, on the buyback, very encouraging to see you guys step up here given the volatility in the market. Should we be thinking about share repurchases as more of an ongoing part of kind of EPS growth algorithm for the firm going forward?

同樣，在回購方面，鑑於市場的波動性，看到你們的積極行動令人鼓舞。我們是否應該將股票回購視為公司未來每股盈餘成長演算法的持續組成部分？

Thanks, Alex. We were very excited to enter the market. As everyone appreciates, this was our first bond deal, and we did it as an SEC registered bond. And we found a window where we got very attractive demand and pricing attached to that bond. Under our existing ratings, Fitch, which is A and S&P, which is A minus, we have a lot of capacity, 2 times D. So that puts us in a position to really allow that to grow over time. And that capacity also grows over time because our business is growing.

謝謝，亞歷克斯。我們非常高興進入這個市場。正如大家所理解的，這是我們的第一筆債券交易，並且我們以美國證券交易委員會註冊債券的形式進行交易。我們找到了一個窗口，該債券的需求和定價非常有吸引力。根據我們現有的評級，惠譽為 A，標準普爾為 A-，我們擁有很大的產能，是 D 的 2 倍。因此，這使我們能夠真正允許其隨著時間的推移而成長。而且隨著我們業務的成長，這種能力也會隨著時間的推移而成長。

So we have ample room from that perspective. And as a reminder, the use of proceeds is around our complementary strategies and supporting the growth of the business attached to those product offerings. And then, of course, M&A, whether it's within our current partner managers or additional ones that we may partner with to complement our existing capabilities.

因此從這個角度來看，我們有足夠的空間。提醒一下，所得款項的用途是圍繞我們的補充策略以及支持與這些產品相關的業務的成長。然後，當然還有併購，無論是在我們現有的合作夥伴經理內部，還是與我們可能合作的其他經理，以補充我們現有的能力。

So when we look forward, we do anticipate being a repeat issuer and making sure that we have liquidity to support the growth of the business. But we've already built up. We've got $1.4 billion plus the bond offering proceeds and the upsizing at $750 million.

因此，當我們展望未來時，我們確實期望成為重複發行人，並確保我們擁有流動性來支持業務成長。但我們已經建立起來了。我們有 14 億美元，加上債券發行收益和 7.5 億美元的增資。

So that puts us in a good position to also think strategically about share repurchases when we see times where we want to support our stock and we see good value attached to those purchases, which is what we did earlier in the year when we bought back about $50 million. So it just, again, continues to strengthen our liquidity position because our balance sheet and liquidity is a competitive advantage of ours, and it will really support the growth that we see going forward.

因此，當我們看到需要支撐股價且認為回購股票具有良好價值時，我們就可以策略性地考慮股票回購，今年稍早我們就是這樣做的，回購了約 5,000 萬美元。因此，它再次繼續加強我們的流動性狀況，因為我們的資產負債表和流動性是我們的競爭優勢，它將真正支持我們未來的成長。

Great. Thank you very much.

偉大的。非常感謝。

Robert Kwan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Robert Kwan。

Great, thank you. Good morning Just in the uncertain and volatile environment like we have historically, Brookfield has taken the contrarian approach and confidently put money to work. In your later comments today, you're saying the environment is playing to your strengths. And so just what segments and geographies are you seeing market dislocations or are you positioning for significant opportunities to arise?

太好了，謝謝。早安，就在我們歷史上所經歷的不確定和動蕩的環境中，布魯克菲爾德採取了逆向投資的方法，並自信地將資金投入使用。在您今天稍後的評論中，您說環境正在發揮您的優勢。那麼，您在哪些領域和地區看到了市場混亂，或者您正在為出現的重大機會做好準備嗎？

We expect to be very active. And in terms of where we're seeing the opportunities across the portfolio, I would say right now, it's very broad-based, but I would highlight maybe two or three themes that we're (technical difficulty) our verticals and across asset classes. One is the uncertainty in the public markets is very exacerbated versus the demand we are seeing in private markets. And when you make a comment like that, everyone's had immediately goes to take privates. And those types of opportunities may originate over time, but it also really lends itself to carve-outs. And we're seeing more and more opportunities to do carve-outs and partnerships going forward.

我們期望能夠非常活躍。就我們所看到的整個投資組合中的機會而言，我想說，目前，它的基礎非常廣泛，但我可能會強調我們（技術難度）垂直行業和跨資產類別的兩三個主題。一是與我們在私人市場看到的相比，公開市場的不確定性非常嚴重。當你發表這樣的評論時，每個人都會立即採取私人行動。這些類型的機會可能會隨著時間的推移而出現，但它也確實有助於實現豁免。我們看到未來進行分拆和合作的機會越來越多。

The second thing that we would say that we are seeing across all of our verticals is the opportunity to do structured investments, particularly when counterparties may not have access to the public capital markets the way they have in the past. That's working really well for our structured investment strategies, whether it be across infrastructure, whether it be across private equity.

我們要說的第二件事是，我們在所有垂直行業中都看到了結構化投資的機會，特別是當交易對手可能無法像過去那樣進入公共資本市場時。這對我們的結構化投資策略非常有效，無論是在基礎設施領域，還是在私募股權領域。

And then the last one that just goes without saying is this is the environment where Oaktree goes to work. And this is perfectly suited to their approach, and that's been proven over cycles, and we're excited to see what our partners can do there as well.

最後一點不言而喻的是，這是 Oaktree 工作的環境。這非常適合他們的方法，並且已經經過週期驗證，我們很高興看到我們的合作夥伴也能做到這一點。

That's great. Thank you. And if I could just finish here on fundraising, with the largest real estate flagship closed and the global transition tracking really nicely here. Can you just speak to what these types of results say about the fundraising environment, the allocation to all your market share and the allocation that you're seeing to the various subsectors by your institutional by the LPs?

那太棒了。謝謝。如果我可以在這裡結束關於融資的討論，最大的房地產旗艦店已經關閉，全球轉型追蹤也進展順利。您能否談談這些結果對融資環境、所有市場份額的分配以及您所看到的機構和 LP 對各個子行業的分配有何影響？

There's a lot of headlines, and we try and keep our head down and focus on the long term and tune out the noise. And the overarching trends is there is absolutely a greater allocation to alternatives today than ever before, and that's only going to continue going forward.

有很多頭條新聞，我們試著保持冷靜，專注於長遠發展，並忽略噪音。整體趨勢是，如今對替代品的分配絕對比以往任何時候都要多，而且這種趨勢只會持續下去。

And similarly, that allocation is increasingly being concentrated within the largest managers who have the best track records, the largest capabilities and can offer the broadest suites of products. And while there are short-term headlines that may create some periodic uncertainty, those trends are very robust and very enduring. And I think that's what you're seeing in our most recent flagship fundraises, and we expect it to continue going forward.

同樣，這種配置也越來越集中在擁有最佳業績記錄、最強大能力並能提供最廣泛產品套件的最大管理者手中。儘管短期新聞可能會造成一些週期性的不確定性，但這些趨勢非常強勁且持久。我認為這就是您在我們最近的旗艦籌款中所看到的，我們預計這種情況將繼續下去。

That's great. Thank you very much.

那太棒了。非常感謝。

Ben Rubin, UBS.

瑞銀的本·魯賓。

Great, thank you for taking my questions. For my first one, I have a two-parter on private credit. We're starting to hear some concerns around potential overcrowding or saturation within private credit as an asset class and direct lending more specifically. Is that a theme you're seeing as well across your business? Or is your focus on asset-backed lending and financing real assets less impacted from some of this broader competition we're hearing about?

太好了，謝謝你回答我的問題。我的第一篇文章分為兩部分，分別討論私人信貸。我們開始聽到一些關於私人信貸作為一種資產類別，尤其是直接貸款，可能會出現過度擁擠或飽和的擔憂。這也是您在業務中看到的主題嗎？或者，您所關注的資產支持貸款和實體資產融資是否較少受到我們所聽到的更廣泛的競爭的影響？

And then secondarily, could you just expand on what Angel Oak adds to your platform and then how kind of the mortgage origination component fits within your larger push into managed insurance? Thank you.

其次，您能否詳細說明 Angel Oak 在您的平台上添加了哪些功能，以及抵押貸款發放部分如何融入您進軍管理保險的更大舉措中？謝謝。

Yes. And actually, I can take that one and tie it in nicely with Angel Oak. So when you think about our $300 billion of assets under management within our credit business, it is heavily focused on opportunistic and real assets, including real estate, infrastructure and ABS.

是的。實際上，我可以把它和 Angel Oak 很好地結合在一起。因此，當您想到我們信貸業務中管理的 3000 億美元資產時，它主要集中在機會資產和實體資產，包括房地產、基礎設施和 ABS。

And so that puts us in a position to really be able to capitalize on the value add that we can bring to the market, especially in this environment, as Connor was mentioning, the dislocation makes our capital and that specific type of capital even more valuable.

因此，這使我們能夠真正利用我們可以為市場帶來的附加價值，特別是在這種環境下，正如康納所提到的那樣，錯位使我們的資本和特定類型的資本更有價值。

And so we're seeing a strong pipeline of opportunities. The deployment has been quite strong. And we are also very focused on continuing to build out our strategies attached to credit, which takes us to Angel Oak. Angel Oak is is actually fits perfectly into the type of credit that we focus on and is actually well positioned to benefit, especially our clients associated with insurance. So the nonqualified side of the mortgage space is quite attractive, and we are excited to have them once we close as part of the overall partner manager group as we continue to expand our capabilities.

因此，我們看到了大量的機會。部署相當有力。我們也非常注重繼續制定與信貸相關的策略，這將帶我們走向 Angel Oak。Angel Oak 實際上完全符合我們關注的信貸類型，並且實際上能夠從中受益，尤其是與保險相關的客戶。因此，抵押貸款領域的非合格方面非常有吸引力，我們很高興在交易結束後能夠將他們納入整體合作夥伴經理團隊，繼續擴大我們的能力。

Great, thanks. Another question here for you, Hadley. In 1Q, your FRE margins expanded 300 basis points to 57%, although the catch-up fees from your real estate flagship certainly helped. I know a lot of the investment spend behind your insurance platform is now behind you. But how should we think about the potential expense growth or trajectory or spending for the remainder of this year? Thank you.

太好了，謝謝。哈德利，我還有一個問題想問你。第一季度，您的 FRE 利潤率擴大了 300 個基點，達到 57%，儘管您的房地產旗艦業務的補繳費用確實起到了一定作用。我知道你們在保險平台背後的大量投資現在已經結束。但我們該如何看待今年剩餘時間的潛在支出成長、軌跡或支出？謝謝。

Yes. I mean you do see the operating leverage with that 300 basis points improvement year-over-year. So that operating leverage of the growth that we've been focused on continues to be a benefit to our business and that will continue to play out as well.

是的。我的意思是，你確實看到了經營槓桿同比提高了 300 個基點。因此，我們一直關注的成長的經營槓桿將繼續為我們的業務帶來好處，並且也將繼續發揮作用。

But we are still doing some building, especially as we further expand our credit capabilities and our fundraising channels. And so that's important and an area that we think is quite valuable in investing in, and then we'll continue to benefit in that operating leverage to hit our long-term stride of around 60%.

但我們仍在進行一些建設，特別是在進一步擴大我們的信貸能力和融資管道方面。因此，這很重要，也是我們認為非常值得投資的領域，然後我們將繼續受益於該經營槓桿，以達到約 60% 的長期成長目標。

Great. Thank you for taking my questions.

偉大的。感謝您回答我的問題。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Hey, good morning, thanks for taking the question. Given the significant growth that we've seen across your credit platform, but large insurance customers. Just curious how you're thinking about the opportunity set for build out a capital markets business alongside as we've seen some others across the industry monetize origination flow credit and broader connectivity with insurance. So just curious how you're thinking about this potential fee generating opportunity for Brookfield and what it would take to build this out?

嘿，早上好，感謝您回答這個問題。鑑於我們看到您的信用平台出現了顯著增長，但保險客戶卻很多。我只是好奇您如何看待建立資本市場業務的機會，同時我們已經看到業內其他人將發起流信貸貨幣化並與保險進行更廣泛的連接。所以我很好奇您如何看待 Brookfield 的這個潛在的收費機會以及如何實現這一目標？

We absolutely are thinking about it. It is now part of our business plan. This is the first year that we focused on building that into our business. And we do think it can be a modest driver of incremental fee revenue going forward. The one point I would highlight is none of that was included in our five-year plan that we presented at Investor Day.

我們確實正在考慮這個問題。現在它是我們商業計劃的一部分。這是我們第一年致力於將其融入我們的業務。我們確實認為它可以成為未來增量費用收入的適度推動力。我想強調的一點是，這些都沒有包含在我們在投資者日上提出的五年計畫中。

So it is something that we are now focused on. We do think it can increase something meaningful into the low hundreds of millions over the next four or five years. But it's not something previously included in our forecast.

所以這是我們現在關注的事情。我們確實認為它可以在未來四到五年內將銷售額增加到數億這個有意義的數字。但這不是我們之前預測中包含的內容。

Great, thank you. And then just a follow up question on capital allocation. I think the dividend payout ratio is a little over 100% in the quarter. So just curious how you're thinking about the dividend on a multi-year basis. Is the intention to grow that in line with earnings growth, or are you thinking about targeting a certain payout over time? And then could you maybe just speak to the buybacks in the quarter as well and how we should think about that going forward too? Thank you.

太好了，謝謝。然後是關於資本配置的後續問題。我認為本季的股息支付率略高於 100%。所以只是好奇您是如何考慮多年期股息的。您是否打算讓這一成長與獲利成長保持一致，還是考慮隨著時間的推移設定特定的支出目標？然後您能否談談本季的回購情況以及我們未來該如何考慮？謝謝。

So in terms of the dividend, we expect to pay out north of 90% of our distributed earnings. And yes, we are a little bit above that in Q1. But I think the read-through there is it should give you an indication of the visibility and confidence we have in the earnings growth for the rest of the year. We've been building our business. We've had some nice step changes with some of the flagships coming on.

因此就股利而言，我們預計將支付分配收益的 90% 以上。是的，我們在第一季的業績略高於這一水平。但我認為，透過閱讀它，你應該能夠了解我們對今年剩餘時間獲利成長的可見性和信心。我們一直在發展我們的業務。隨著一些旗艦產品的推出，我們已經取得了一些不錯的進步。

You saw that in Q3. You saw that in Q4. You see it again in Q1. We expect that momentum to continue into Q2 and obviously compound through the end of the year. And then in terms of the buybacks, we will be opportunistic. As Hadley mentioned, we have an extremely robust balance sheet. And therefore, when we see value in our shares, we're not going to hesitate.

您在第三季就看到了這一點。您在第四季就看到了這一點。您會在第一季再次看到它。我們預計這種勢頭將持續到第二季​​度，並且顯然會在年底前加劇。在回購方面，我們將會抓住機會。正如哈德利所提到的，我們的資產負債表非常穩健。因此，當我們看到我們股票的價值時，我們不會猶豫。

Great. Thank you.

偉大的。謝謝。

Mario Saric, Scotiabank.

加拿大豐業銀行的馬裡奧·薩里奇。

Good morning and thanks for taking the question. The first one is a bit more of a thematic one focused on the US. Like the tariff volatility that we've seen has raised some questions about the leading global role but is planned by the US, it doesn't seem to have been impacted or have impacted your LP commitments to BSREP V, as noted.

早上好，感謝您回答這個問題。第一個主題更側重於美國。就像我們所看到的關稅波動引發了一些關於全球主導地位的質疑，但這是由美國策劃的，它似乎並沒有受到影響，也沒有影響您對 BSREP V 的 LP 承諾，正如所指出的那樣。

But high level, can you talk about any notable trends and how LPs are thinking about future US commitments in a post deliberation they world and secondarily, now recent developments at all change your desired global allocation mix going forward.

但是高層，您能否談談任何值得注意的趨勢，以及 LP 在審議後如何看待未來對美國的承諾，​​其次，現在最近的發展完全改變了您未來期望的全球配置組合。

So in terms of fundraising and allocations from investors, we like to think we have one of, if not the most diversified LP base around the world. And while it would be reckless to diminish the impact of tariffs and what they've done to markets we really don't see it changing our fundraising trajectory.

因此，在融資和投資者分配方面，我們認為我們擁有世界上最多元化的 LP 基礎之一，甚至可能是最多元化的。儘管減輕關稅及其對市場的影響是魯莽的，但我們確實不認為這會改變我們的籌款軌跡。

Any changes in allocations are going to be de minimis and on the margin. In terms of just our assets and what we see in terms of allocating capital, we think this actually plays to our strength, this is going to lead to a focus on energy security, a focus on data security, it's on onshoring and deglobalization.

分配上的任何變化都將是微不足道的和邊際的。就我們的資產和資本配置而言，我們認為這實際上發揮了我們的優勢，這將導致對能源安全、資料安全、在岸化和去全球化的關注。

This requires huge amounts capital. And as one of the largest managers and custodians of that type of capital around the world, we actually think that this environment maybe not week to week, but over months and quarters is going to create an even bigger opportunity for our franchise.

這需要大量資金。作為全球最大的此類資本管理者和託管人之一，我們實際上認為這種環境可能不是每週，而是幾個月和幾個季度，將為我們的特許經營創造更大的機會。

Okay. My second question, maybe for Hadley. As new complementary funds are launched, BAM, it something increasingly become the Brookfield co-investment in these funds. Is there a reasonable range of annual co-invest capital that we should think about as it pertains to the Brookfield or BAM specifically over the next, say, three to five years?

好的。我的第二個問題可能是針對哈德利的。隨著新的補充基金的推出，BAM 逐漸成為 Brookfield 對這些基金的共同投資。對於 Brookfield 或 BAM 來說，在未來三到五年內，我們是否應該考慮一個合理的年度共同投資資本範圍？

Yes. When we think about our complementary strategies, we've made sure that Brookfield Asset Management can support more of the equity complementary strategies. The credit complementary strategies are typically supported by our IMA with Brookfield Wealth Solutions. So it really is a subset of the overall complementary strategies from that perspective. So just one data point to keep in mind.

是的。當我們考慮我們的補充策略時，我們確保 Brookfield Asset Management 可以支持更多的股權補充策略。信貸補充策略通常由我們與 Brookfield Wealth Solutions 合作的 IMA 提供支援。因此從這個角度來看，它實際上是整體互補策略的子集。因此只需記住一個數據點。

In terms of we look forward, as you can -- as you know, we've got about 40 strategies in market now. That's going to grow up to, call it, 80 strategies over the next five years. So we continue to see the expansion and the capital needs attached to that. But if I had to put a number, it's a handful of $100 million. It's like $500 million or less attached to that.

就我們展望未來而言，如您所知，我們現在在市場上有大約 40 種策略。未來五年內，這一數字將成長至 80 個策略。因此，我們繼續看到擴張和隨之而來的資本需求。但如果我必須給出一個數字的話，那就是幾億美元。其金額約為 5 億美元或更少。

Perfect. Okay, thank you.

完美的。好的，謝謝。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

Hi, good morning. So thanks for taking the question. I wanted to start by asking where the flagship funds stand in terms of percentage of capital invested and committed and really interested in Infra V transition to and CAP Partner VI.

嗨，早安。感謝您提出這個問題。首先我想問一下，旗艦基金在投資和承諾的資本百分比方面處於什麼位置，以及它們是否真正對 Infra V 過渡到 CAP Partner VI 感興趣。

Sure. So Infra V is on exactly 50%. BGTF II is at $5.2 billion of $17 billion, so call it about 33% and Brookfield Capital Partners, I believe that one is at about the 60% range

當然。因此，Infra V 的比例正好是 50%。BGTF II 佔 170 億美元中的 52 億美元，所以大約佔 33%，而 Brookfield Capital Partners，我認為佔 60% 左右

Okay. Excellent. Thank you. And then the Wealth Solutions base management fee of $68 million has been growing really nicely, but with IMAs really driving the entirety of the increase over the past three quarters. Assets in private credit SMAs continues to rise, but the fees from investments has been very stable at $13 million a quarter. Is this just a matter of wealth solution funds being committed but not yet deployed in private credit? Or is there something else here? And then where do you expect solutions allocation to private credit to go as it reaches equilibrium? It keeps rising, where does that get to?

好的。出色的。謝謝。財富解決方案基本管理費為 6,800 萬美元，成長非常可觀，但過去三個季度，IMA 才是真正推動整體成長的主要動力。私人信貸SMA的資產持續增加，但投資費用一直非常穩定，每季1,300萬美元。這是否只是財富解決方案基金已承諾但尚未部署到私人信貸的問題？還是這裡還有別的東西？那麼，當達到均衡時，您預期私人信貸的解決方案分配將走向何方？它不斷上升，最終到達哪裡？

So you're absolutely right around the dynamics there. When you look at the breakdown, I think a number of actually deployed capital is somewhere in the 3% range, maybe 3% to 4%, but maybe to put it in perspective, about 10% of the capital has been committed to those private strategies. It just is in the process of being deployed.

所以你對於那裡的動態的理解是完全正確的。當你查看細目時，我認為實際部署的資本數量在 3% 左右，可能是 3% 到 4% 之間，但從整體上看，大約 10% 的資本已用於這些私人策略。它正處於部署過程中。

The other thing that needs to be recognized as well. We need to deploy that capital. We're also constantly writing new annuities and bringing new cash in that typically goes into liquid before being redeployed into a private strategy. So you're on a bit of a treadmill there. But the commitments are certainly higher and growing and that's being pushed through the system. We continue to expect the equilibrium to be somewhere in the 25% -- 25%, one-third range over time.

另一件事也需要被認識。我們需要部署這些資本。我們也不斷簽發新的年金並引入新的現金，這些現金通常會先流動起來，然後再重新部署到私人策略中。所以你在那裡就像在跑步機上一樣。但承諾肯定會越來越高，而且還在不斷增長，而且正在透過系統推動。我們繼續預計，隨著時間的推移，平衡點將在 25% 至 25% 之間，即三分之一的範圍內。

Excellent. Thank you very much.

出色的。非常感謝。

Brian Beddell, Deutsche Bank.

德意志銀行的 Brian Beddell。

Great, thanks also good morning, still thanks for taking my questions, Maybe just Connor, one for you on deployment pace. So as we think about this backdrop that is -- seems increasingly appealing for your deployment across a number of verticals. How do you think about the cycle times of deploying through these large funds that you've raised recently compared with cycle times in prior vintages?

太好了，也謝謝你早安，仍然感謝你回答我的問題，也許康納，一個關於部署速度的問題。因此，當我們考慮這個背景時，這似乎對您在多個垂直領域的部署越來越有吸引力。您認為最近籌集的這些大型基金的部署週期與以往相比如何？

And the objective of the question is when would you get to the next vintage? And if I can put another angle on this question, how would your answer change if we were to say we were going to have a very distressed environment over the next few quarters versus not such a distressed environment?

問題的目的是什麼時候才能迎來下一個年份？如果我可以從另一個角度來回答這個問題，如果我們說未來幾季我們的經濟環境將會非常艱難，而不是不那麼艱難，你的答案會發生怎樣的變化？

Certainly. So the -- typically, for our flagships, we look to deploy them over a 3 to maybe 3.5-year period. And that run rate in a normalized market kind of averaged across our various flagship strategies in a more opportunistic and more distressed market, we absolutely would expect that deployment time line to shorten where we would put more capital to work at the low point in the cycle.

當然。因此 — — 通常，對於我們的旗艦產品，我們希望在 3 到 3.5 年的時間內部署它們。在正常化的市場中，這種運作率是我們各種旗艦策略的平均值，而在更機會主義和更困難的市場中，我們絕對希望部署時間軸能夠縮短，以便我們在週期的低點投入更多的資本。

That is where we do feel that our Brookfield ecosystem, our access to opportunities, our access to information can allow us to be active when maybe others are looking to hold back a little bit more. In terms of what we're seeing in the current market, we would expect to be at our traditional run rate or inside of it, certainly longer than average in this environment.

我們確實感覺到，當其他人可能想要稍微退縮時，我們的 Brookfield 生態系統、我們獲取機會的管道、我們獲取資訊的管道可以讓我們變得活躍起來。就我們在當前市場看到的情況而言，我們預計我們的運行速度將達到傳統的水平或處於其中，在這種環境下肯定會比平均水平更長。

That's great. And just a quick follow-up for Hadley. I think you mentioned increasing the ownership stakes in some of the partners. I think you mentioned that if you were to do that over time into the full ownership stake, it would be about -- I think you said it contributed about $250 million to FRE, if I'm not mistaken. And the question there would be, does that include the Oaktree rate raising Oaktree or is it just the other partners?

那太棒了。這只是對哈德利的簡短跟進。我想您提到增加一些合夥人的所有權股份。我想您提到過，如果您隨著時間的推移將其轉化為全部所有權，那麼它將達到——如果我沒記錯的話，我想您說過它為 FRE 貢獻了約 2.5 億美元。問題是，這是否包括 Oaktree 提高利率，還是只是其他合作夥伴？

No. And you got the number right. It is $250 million over a five-year period, and that includes all of our partner managers, including Oaktree.

不。你的數字是對的。五年期的投資額為 2.5 億美元，其中包括我們所有的合夥人經理，包括 Oaktree。

Okay, great. Thank you.

好的，太好了。謝謝。

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

今天的問答環節到此結束。我想將電話轉回給 Jason Fooks 來做最後發言。

Okay. Great. If you should have any additional questions on today's release, please feel free to contact me directly. Thank you, everyone, for joining us.

好的。偉大的。如果您對今天的發布有任何其他問題，請隨時直接與我聯繫。謝謝大家加入我們。

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。