BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Brookfield Asset Management second quarter 2025 conference call and webcast. (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 年第二季電話會議和網路廣播。（操作員指令）。請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Jason Fooks, Managing Director of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人，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 for the second quarter of 2025. 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 2025 年第二季財報電話會議。參加今天電話會議的有我們的執行長 Bruce Flatt、我們的總裁 Connor Teskey 和我們的財務長 Hadley Peer Marshall。

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 make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and US securities law. These statements reflect predictions of future events and trends and do not relate to historic events.

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，我們做出了前瞻性陳述，包括適用的加拿大和美國證券法含義內的前瞻性陳述。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。

They're subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts on our company, please see our filings with the securities regulators in Canada and the US and the information available on our website.

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，請參閱我們向加拿大和美國證券監管機構提交的文件以及我們網站上的信息。

Let me quickly run through the agenda for today's call. Bruce will begin with an overview of the quarter, highlighting the strength of our platform and discuss how we're positioned for long-term growth, particularly around our thematic investment strategies.

讓我快速介紹一下今天電話會議的議程。布魯斯將首先概述本季的情況，強調我們平台的優勢，並討論我們如何實現長期成長，特別是圍繞我們的主題投資策略。

Connor will discuss our accelerating pace of investment activity and monetizations, both at multiyear highs and the growing opportunity to reach individual investors through retirement and wealth channels. Finally, Hadley will walk through our financial results, balance sheet and some of our recent strategic initiatives. After our formal remarks, we'll open the line for questions.

康納將討論我們投資活動和貨幣化的步伐不斷加快，既達到了多年來的最高水平，也透過退休和財富管道接觸個人投資者的機會越來越多。最後，哈德利將介紹我們的財務表現、資產負債表和一些最近的策略舉措。正式發言結束後，我們將開放提問專線。

Before I hand things over, I'd like to take a moment to welcome the new analysts who have initiated coverage on Brookfield over the past few months. We're glad to have you with us.

在交接之前，我想花點時間歡迎過去幾個月開始報導 Brookfield 的新分析師。我們很高興您能加入我們。

To ensure we can hear from as many participants as possible, we're asking everyone to please limit themselves to one question. If you have additional questions, please rejoin the queue, and we'll be happy to take more questions if time permits.

為了確保我們能夠聽到盡可能多的參與者的意見，我們要求每個人只問一個問題。如果您還有其他問題，請重新加入隊列，如果時間允許，我們很樂意回答更多問題。

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 everyone joining us on this call. We delivered strong results this quarter with fee-related earnings up 16% to $676 million. Distributable earnings were up 12% to $613 million.

謝謝傑森以及參加本次電話會議的所有人。本季我們取得了強勁的業績，費用相關收益成長 16%，達到 6.76 億美元。可分配收益成長 12% 至 6.13 億美元。

We raised $22 billion of capital in the quarter and over the past 12 months, $97 billion, helping drive fee-bearing capital to $563 billion, which was 10% up year-over-year. The broader market environment is very constructive.

我們在本季籌集了 220 億美元的資本，在過去 12 個月中籌集了 970 億美元，幫助推動收費資本達到 5,630 億美元，年增 10%。整體市場環境非常有利。

M&A is gaining traction, and there is significant liquidity with well-functioning capital markets, a much different environment than we saw even a few months ago when investors were waiting for signs of stability.

併購活動正在興起，資本市場流動性充足且運作良好，這與幾個月前投資者等待穩定跡象時所見的環境大不相同。

This shift plays directly to our strength. We have always focused on long-term mission-critical investments related to the backbone of global economy and that continues to be our strategy.

這種轉變直接發揮了我們的優勢。我們始終專注於與全球經濟支柱相關的長期關鍵任務投資，這將繼續成為我們的策略。

The businesses we own, critical infrastructure, renewable power, industrial and logistics assets, high-quality real estate and essential service businesses provide stable inflation-linked cash flows, which are sought after in a market where resiliency is valued. This opportunity set is large and compelling and is driven by three powerful themes which we have discussed for years with you.

我們擁有的業務、關鍵基礎設施、再生能源、工業和物流資產、優質房地產和基本服務業務提供了穩定的與通膨掛鉤的現金流，在重視彈性的市場中受到追捧。這個機會集巨大且引人注目，並由我們多年來與您討論的三個強有力的主題所驅動。

Digitalization, decarbonization and de-globalization. These three Ds are more relevant today than ever before. They have expanded and are converting in ways that are accelerating demand for capital at a global scale.

數位化、脫碳和去全球化。這三個“D”在今天比以往任何時候都更加重要。它們不斷擴張並不斷轉型，從而加速了全球對資本的需求。

First, deglobalization has evolved from a discussion around supply chain resiliency into a broader reordering of global trade. We are seeing increased re-shoring and near-shoring across manufacturing and significant investment in alternative and duplicate supply chains.

首先，去全球化已經從圍繞供應鏈彈性的討論演變為更廣泛的全球貿易重組。我們看到製造業的回流和近岸外包正在增加，替代和重複供應鏈的投資也在增加。

That is driving a surge in demand for logistics subs, advanced manufacturing facilities and modern industrial infrastructure. Decarbonization originally centered on net zero commitments now also reflects growing concern around energy security and more increasingly grid stability.

這推動了對物流潛艇、先進製造設施和現代工業基礎設施的需求激增。脫碳最初以淨零承諾為中心，現在也反映出人們對能源安全和電網穩定性日益增長的擔憂。

The focus on new energy sources is no longer a long-term policy goal. It is a near-term economic imperative. The lowest cost, fastest-to-market, scalable solution remains renewable power. Most importantly, increased solar penetration is driving soaring demand for the grid stabilizing benefits of hydro, nuclear and storage.

關注新能源不再是長期的政策目標。這是近期的經濟當務之急。成本最低、上市速度最快、可擴展的解決方案仍然是再生能源。最重要的是，太陽能滲透率的提高推動了對水力發電、核電和儲能等電網穩定能源的需求飆升。

Lastly, digitalization which initially focused on cloud infrastructure, telecom towers and fiber has entered a new phase. Artificial intelligence is transforming how data is created, processed and consumed. That transformation is driving exponential demand for computing power, data center capacity and sovereign scale AI campuses.

最後，最初以雲端基礎設施、電信塔和光纖為重點的數位化已經進入新階段。人工智慧正在改變資料的創建、處理和消費方式。這種轉變正在推動對運算能力、資料中心容量和主權規模人工智慧園區的指數級需求。

In fact, we believe the infrastructure build-out for AI will be one of the largest capital formation cycles of this generation. Connor will speak more about our positioning in AI, but the bottom line is this.

事實上，我們相信人工智慧基礎設施建設將成為這一代最大的資本形成周期之一。康納將更多地談論我們在人工智慧領域的定位，但底線是這樣的。

We have scale, experience and integrated approach that few can match and we are viewed as a partner of choice. We are developing next-generation AI infrastructure around the world with having already built 2,000 megawatts of data center capacity and being one of the largest renewable providers in the world, we can deliver on large complex transactions integrated with energy, land entitlement and development under one roof, and that is exactly what the largest hyperscale's and governments are looking for in a partner.

我們擁有無人能及的規模、經驗和綜合方法，被視為首選合作夥伴。我們正在全球開發下一代人工智慧基礎設施，目前已建成 2,000 兆瓦的資料中心容量，作為世界上最大的可再生能源供應商之一，我們可以在同一屋簷下完成集能源、土地權利和開發於一體的大型複雜交易，這正是超大規模企業和政府在尋找合作夥伴時所期待的。

The convergence of these megatrends has created a powerful investment landscape. We are uniquely positioned to lead. We're investing at scale in these high-growth sectors supported by multi-decade structural tailwinds.

這些大趨勢的融合創造了強大的投資前景。我們具有獨特的領導地位。我們正在大規模投資這些受到數十年結構性順風支撐的高成長產業。

This year-to-date, we invested $85 billion. We also harvested investments that have benefited from our operating value approach and sold over $55 billion of assets at very good returns. This represents our highest level of activity in years.

今年迄今為止，我們已投資 850 億美元。我們也收穫了受益於我們的營運價值方法的投資，並以非常好的回報出售了超過 550 億美元的資產。這是我們多年來活動的最高水平。

Connor will discuss monetization more broadly in a little more depth, but these realizations demonstrate the quality of our portfolio and the value creation delivered by our operating teams. Current environment marked by secular tailwinds, improving sentiment and a premium uncertainty is suited to our strategy.

康納將更廣泛、更深入地討論貨幣化，但這些實現證明了我們的投資組合的品質以及我們的營運團隊所創造的價值。當前環境以長期順風、情緒改善和溢價不確定性為特徵，適合我們的策略。

Our focus remains the same. Invest with discipline for value for tech downside, return client capital declines at excellent returns. By doing so, we will continue to be rewarded with growing fee-bearing capital and the ability to deliver on long-term value to our shareholders.

我們的重點保持不變。嚴格依照技術下行風險的價值進行投資，以優異的回報回報客戶資本的下降。透過這樣做，我們將繼續獲得不斷增長的收費資本和為股東實現長期價值的能力。

I will now turn the call over to Connor to walk through how we are deploying capital, building strategic partnerships and monetizing assets across our global platform.

現在，我將把電話交給康納，介紹我們如何在全球平台上部署資本、建立策略合作夥伴關係以及將資產貨幣化。

Thank you, Bruce, and good morning, everyone. As Bruce highlighted, the market environment is more constructive today and the structural drivers behind our business have been accelerating.

謝謝你，布魯斯，大家早安。正如布魯斯所強調的，如今的市場環境更加積極，我們業務背後的結構性驅動因素也在加速發展。

With these themes converging to create an unprecedented demand for assets that make up the backbone of the global economy, Brookfield is uniquely positioned to meet that need. This is evident across our platform, where we are deploying capital into long-term trends at greater rates and forming strategic partnerships that reinforce our leadership position.

這些主題匯聚在一起，對構成全球經濟支柱的資產產生了前所未有的需求，而布魯克菲爾德則具有獨特的優勢來滿足這一需求。這在我們的平台上顯而易見，我們正以更快的速度將資本投入長期趨勢，並建立策略夥伴關係，以鞏固我們的領導地位。

Let's start with partnerships. We recently entered into several large-scale agreements that reflect the depth of our platform and the confidence that the world's largest governments, corporates and institutions placed in Brookfield.

讓我們從合作關係開始。我們最近達成了幾項大型協議，這些協議反映了我們平台的深度以及世界最大政府、企業和機構對 Brookfield 的信心。

The first is a $10 billion public private investment program to support the Swedish Government in building out a next-generation digital infrastructure to power the growth of AI and cloud computing within the country. This framework allows us to integrate our renewable, infrastructure and real estate capabilities to deliver a full suite solution at scale.

第一項是 100 億美元的公私投資計劃，旨在支持瑞典政府建設下一代數位基礎設施，推動該國人工智慧和雲端運算的發展。該框架使我們能夠整合再生能源、基礎設施和房地產能力，以大規模提供全套解決方案。

The second is a renewable energy Framework Agreement with Google. Under this agreement, we will deliver up to 3,000 megawatts of hydroelectric capacity across the United States, starting with initial contracts valued at more than $3 billion.

第二是與Google簽署的可再生能源框架協議。根據該協議，我們將在美國境內提供高達 3,000 兆瓦的水力發電能力，初始合約價值超過 30 億美元。

These facilities provide stable, clean baseload power, a critical input for AI and data operations. These transactions build on other strategic partnerships we've already formed with Microsoft, Barclays and the French Government to deliver high-value infrastructure.

這些設施提供穩定、清潔的基載電力，這是人工智慧和數據運營的關鍵輸入。這些交易建立在我們與微軟、巴克萊和法國政府已經建立的其他戰略合作夥伴關係的基礎上，旨在提供高價值的基礎設施。

This is part of a broader shift, sophisticated counterparties are increasingly turning to us for our ability to not only bring capital at scale, but to bring integrated solutions and most importantly, the experience and capabilities to execute certainty.

這是更廣泛轉變的一部分，成熟的交易對手越來越多地向我們求助，因為我們不僅能夠帶來大規模資本，還能提供綜合解決方案，最重要的是，我們擁有執行確定性的經驗和能力。

Turning now to investment activity. We are seeing transaction volumes increase, particularly around the same secular themes. Nowhere is the impact of the three Ds more visible than in our infrastructure business.

現在談談投資活動。我們看到交易量正在增加，特別是圍繞著相同的長期主題。在我們的基礎設施業務中，這三個 D 的影響最為明顯。

This year, we have committed to a number of major infrastructure transactions totaling over $30 billion in enterprise value. These include Colonial Pipeline, the largest refined products pipeline in the United States.

今年，我們承諾進行多項重大基礎建設交易，企業價值總額超過 300 億美元。其中包括美國最大的成品油管道－Colonial Pipeline。

Wells Fargo Rail, the second-largest railcar leasing platform in North America, Hotwire Communications, a leading US fiber to the home provider. And even yesterday, Duke Energy, Florida, a vertically integrated electric utility serving 2 million customers with 53,000 miles of transmission and distribution lines and over 13 gigawatts of installed generation capacity.

北美第二大鐵路車輛租賃平台富國銀行鐵路公司 (Wells Fargo Rail) 和美國領先的光纖到戶提供者 Hotwire Communications。甚至就在昨天，佛羅裡達州的杜克能源公司，一家垂直整合的電力公司，為 200 萬客戶提供服務，擁有 53,000 英里的輸電和配電線路以及超過 13 千兆瓦的裝機發電能力。

Each of these assets is mission-critical, defensively positioned and underpinned by long-duration cash flows. This pace of activity is only possible because of our global footprint and readiness to deploy at scale.

這些資產均具有關鍵使命、防禦性定位，並由長期現金流支撐。這種活動速度之所以能夠實現，是因為我們擁有全球影響力，並且做好了大規模部署的準備。

We can move decisively, underwrite large and complex assets given our experience, and we will use our operating capabilities to drive value in these businesses under our ownership. Based on our advanced pipeline, this recent pace of activity is not expected to slow down.

我們可以果斷行動，憑藉我們的經驗承保大型複雜資產，並且我們將利用我們的營運能力來推動我們旗下這些業務的價值。根據我們先進的管道，預計近期的活動步伐不會放緩。

At the same time, we are seeing robust demand for high-quality assets and businesses we invest in. As evidenced by a significant increase in monetization activity so far this year.

同時，我們看到對我們所投資的優質資產和企業的需求強勁。今年迄今貨幣化活動的顯著增加就證明了這一點。

Year-to-date, we've announced asset sales valued at over $55 billion, generating $33 billion of equity proceeds. These exits have achieved strong returns and reflect the operating value we've created over time. And we are seeing this across our franchise.

年初至今，我們已宣佈出售價值超過 550 億美元的資產，產生 330 億美元的股權收益。這些退出獲得了豐厚的回報，並反映了我們長期以來創造的營運價值。我們在整個特許經營過程中都看到了這一點。

In real estate, we've announced $15 billion of sales across senior housing, net lease, student housing and hospitality. We also completed the IPO of Leela Palaces in India had a record value for the sector.

在房地產領域，我們宣布老年住房、淨租賃、學生住房和酒店業的銷售額達 150 億美元。我們還完成了印度 Leela Palaces 的 IPO，創下了該行業的估值紀錄。

In infrastructure, we've announced the sale of nearly $13 billion of assets, including partial interest in Patrick Terminals, our final stake in NGPL and stabilized data centers developed through our Data4 platform. We've also been active in renewable power, exiting wind and hydro assets and in private equity, where we've returned more than $10 billion to clients over the past two years.

在基礎設施方面，我們宣佈出售近 130 億美元的資產，包括 Patrick Terminals 的部分權益、我們在 NGPL 的最終股份以及透過我們的 Data4 平台開發的穩定資料中心。我們也積極涉足再生能源、退出風能和水力資產以及私募股權領域，在過去兩年中我們已向客戶返還了超過 100 億美元。

And while we're harvesting value today, equally focused on tomorrow's opportunities, none more important than AI infrastructure. Artificial intelligence is driving exponential demand for compute and requires an unprecedented build-out in infrastructure.

在我們收穫今天價值的同時，也同樣關註明天的機遇，沒有什麼比人工智慧基礎設施更重要。人工智慧正在推動運算需求的指數級成長，並需要前所未有的基礎設施建設。

Data centers, power fiber, liquid cooling and semi conducter capacity are all essential and required trillions in capital investment. This is the next frontier for infrastructure investing and Brookfield is well positioned to lead.

資料中心、電力光纖、液體冷卻和半導體容量都是必不可少的，需要數兆美元的資本投資。這是基礎設施投資的下一個前沿，而 Brookfield 已做好引領的準備。

We already have strong capabilities in power and data center development globally, and we are scaling these platforms aggressively. But the infrastructure outside the box, land, power and buildings, essentially the racks and shelves is only part of the story.

我們在全球電力和資料中心開發方面已經擁有強大的能力，並且正在積極擴展這些平台。但盒子外面的基礎設施、土地、電力和建築物，本質上是貨架和架子，只是故事的一部分。

The infrastructure in the box, the compute, chips and cooling systems have largely been funded by corporate balance sheets. We believe that will change.

盒子中的基礎設施、運算、晶片和冷卻系統主要由公司資產負債表資助。我們相信這種情況將會改變。

We see an emerging opportunity for long-term private capital to help fund this next wave of AI build-out. We're already seeing demand for GPU infrastructure-as-a-Service. Long-term compute capacity delivered off balance sheet and funded by third-party private capital.

我們看到了長期私人資本幫助資助下一波人工智慧建設的新興機會。我們已經看到了對 GPU 基礎設施即服務的需求。長期計算能力在資產負債表外交付並由第三方私人資本資助。

We also see opportunities across the broader AI supply chain, from liquid cooling and power distribution to fiber networks and chip fabrication capacity. Combined with the need for developers that can deliver turnkey AI campuses as we are doing in Sweden and France, we believe this may ultimately support a dedicated strategy of its own.

我們也看到了更廣泛的人工智慧供應鏈中的機遇，從液體冷卻和配電到光纖網路和晶片製造能力。結合對能夠提供交鑰匙人工智慧園區的開發商的需求，就像我們在瑞典和法國所做的那樣，我們相信這最終可能會支援其自身的專用策略。

Our integrated platform, spanning equity and credit allows us to deliver these solutions with speed, structure and scale, and our relationships with governments, hyperscalers and industrial leaders are generating proprietary deal flow across the new AI ecosystem. Alongside this transformation and infrastructure, we're also seeing a transformation in our client base.

我們的綜合平台涵蓋股權和信貸，使我們能夠快速、結構化和規模化地提供這些解決方案，並且我們與政府、超大規模企業和行業領袖的關係正在為新的人工智慧生態系統產生專有交易流。除了這種轉型和基礎設施之外，我們還看到客戶群的轉型。

For decades, alternatives have been driven by institutional capital, particularly defined benefit pensions and sovereign wealth funds. That remains our core base, and it continues to grow rapidly.

幾十年來，替代方案一直受到機構資本的推動，特別是固定收益退休金和主權財富基金。這仍然是我們的核心基礎，並且還在繼續快速成長。

But a new major growth engine is now emerging, the rise of individual access to alternative investments. Defined contribution plans, insurance-based savings and private wealth are quickly becoming the next frontier.

但如今，一個新的主要成長引擎正在出現，那就是個人另類投資管道的興起。固定繳款計劃、保險儲蓄和私人財富正迅速成為下一個前沿。

In the US alone, 401(k) plans and retail annuities now represent over $10 trillion in assets, on par with institutional pools, and private wealth clients represent another $10 trillion opportunity. A recent executive order from the US.

光是在美國，401（k）計畫和零售年金現在代表著超過 10 兆美元的資產，與機構資金池相當，而私人財富客戶則代表著另一個 10 兆美元的機會。美國最近發布的一項行政命令。

Administration could accelerate this shift by laying the groundwork for greater access to private strategies through workplace retirement plans. Even a modest reallocation could result in hundreds of billions to trillions of net new flows into alternatives over time.

政府可以透過工作場所退休計畫為更多地利用私人策略奠定基礎，從而加速這一轉變。即使是適度的重新分配，隨著時間的推移，也可能導致數千億至數萬億美元的新資金流入替代市場。

We are well prepared for this evolution. In this evolving landscape, distribution will matter, but it is the quality and durability of the products that will ultimately determine success.

我們已經為這一演變做好了充分的準備。在這個不斷變化的環境中，分銷固然重要，但產品的品質和耐用性才是最終決定成功的關鍵。

Our business is centered around real assets and essential business services that offer income, capital stability and inflation protection that long-term retirement and wealth portfolios require. We've made significant investments across our platform to meet the needs of retail investors through the build-out of our private wealth and retirement platform.

我們的業務以實體資產和基本商業服務為中心，提供長期退休和財富投資組合所需的收入、資本穩定性和通膨保護。我們在整個平台上進行了大量投資，透過建立我們的私人財富和退休平台來滿足散戶投資者的需求。

Brookfield Wealth, which is on track to raise over $30 billion of capital this year from private wealth and insurance annuity channels. This year, we're launching two new offerings focused on private equity and asset-based finance, and at the same time, we are expanding our dedicated teams for both private wealth and defined contribution channels.

布魯克菲爾德財富今年預計將透過私人財富和保險年金管道籌集超過 300 億美元的資金。今年，我們將推出兩項專注於私募股權和資產融資的新產品，同時，我們正在擴大私人財富和固定繳款管道的專門團隊。

At the same time, we manage approximately $100 billion and growing portfolio of annuities on behalf of Brookfield Wealth Solutions, which is designed to generate stable, attractive returns for retirement accounts. And that platform continues to expand globally.

同時，我們代表 Brookfield Wealth Solutions 管理約 1,000 億美元且不斷成長的年金組合，旨在為退休帳戶產生穩定、可觀的回報。該平台也繼續在全球擴張。

Last week, Brookfield entered into an agreement to acquire Just Group, a leading provider of retirement services in the UK individual retirement market. While Brookfield Asset Management is not contributing capital to the transaction or taking on insurance liabilities.

上週，Brookfield 達成協議，收購英國個人退休市場領先的退休服務提供者 Just Group。而 Brookfield Asset Management 並未為該交易注入資金，也未承擔保險責任。

Upon closing, we could become the investment manager for a significant portion of Just Group's $36 billion portfolio, on terms consistent with our existing arrangement with Brookfield's Insurance Group, Brookfield Wealth Solutions. This will immediately add stable, incremental fee-related revenue for our business with significant upside as Just Group's origination capabilities support further growth in retirement savings.

交易完成後，我們可以成為 Just Group 360 億美元投資組合中相當一部分的投資經理，其條款與我們與 Brookfield 保險集團 Brookfield Wealth Solutions 的現有協議一致。這將立即為我們的業務增加穩定、增量的費用相關收入，並具有顯著的上升空間，因為 Just Group 的發起能力支持退休儲蓄的進一步成長。

This transaction demonstrates the significant opportunity for us to service BWS growing global platform, a feature that remains underappreciated-upside for our business. While such transactions are discrete in nature, they continue to be a meaningful and highly accretive source of growth for us as part of Brookfield's ecosystem.

這項交易表明，我們為 BWS 不斷增長的全球平台提供服務的重大機遇，這一特點仍被低估，對我們的業務具有積極意義。雖然此類交易本質上是離散的，但作為 Brookfield 生態系統的一部分，它們仍然是我們有意義且高度增值的成長源。

In summary, our global scale, real asset focus and track record of delivering income stability and downside protection, make us well suited to serve this new cohort of investors. And as capital flows expand from institutions to individuals, we are well positioned to lead.

總而言之，我們的全球規模、實體資產重點以及提供收入穩定性和下行保護的記錄，使我們非常適合為這個新投資者群體提供服務。隨著資本流動從機構擴展到個人，我們已準備好發揮領導作用。

To close, across our business, we are seeing an acceleration of the most important drivers of our growth. Capital markets are robust, partnerships are expanding and the pipeline of opportunities continues to grow.

最後，在我們的業務中，我們看到最重要的成長動力正在加速。資本市場強勁，合作關係不斷擴大，機會不斷增加。

We are investing behind long-term themes, monetizing into strong demand and leaning into sectors where we have a competitive edge. With a strong balance sheet, global platform and long-term orientation, we are well positioned in today's market and excited about what lies ahead.

我們投資於長期主題，將強勁的需求貨幣化，並傾向於我們具有競爭優勢的領域。憑藉強大的資產負債表、全球平台和長期定位，我們在當今市場佔據有利地位，並對未來充滿期待。

With that, we'll turn the call over to Hadley.

說完這些，我們就把電話轉給哈德利。

Thank you, Connor. Today, I'll provide an overview of our second quarter financial results, which demonstrated the advantage of our stable and predictable business model. I'll also discuss our strong fundraising performance and our balance sheet positioning.

謝謝你，康納。今天，我將概述我們第二季的財務業績，這反映了我們穩定且可預測的商業模式的優勢。我還將討論我們強勁的籌款業績和資產負債表定位。

We delivered strong financial performance in the second quarter. Fee-bearing capital increased to $563 billion up 10% year-over-year.

我們在第二季取得了強勁的財務表現。收費資本增加至 5,630 億美元，年增 10%。

Over the last 12 months, fee-bearing capital inflows totaled $85 billion, of which $60 billion came from fundraising and $25 billion came from deployment of uncalled commitments. We saw contributions from scaling our partner manager platform and growth of our listed affiliates market cap.

過去 12 個月，收費資本流入總額達 850 億美元，其中 600 億美元來自融資，250 億美元來自未催繳承諾的部署。我們看到了合作夥伴管理平台的擴展和上市附屬公司市值的成長所帶來的貢獻。

The strong growth in our capital base continues to drive the strong growth in our earnings. One of the most unique features of our model is that fee-related earnings comprise nearly all of our distributable earnings, making our earnings highly stable and predictable, which is particularly valuable in today's environment.

我們資本基礎的強勁成長持續推動我們獲利的強勁成長。我們的模型最獨特的特點之一是，與費用相關的收益幾乎佔了我們所有可分配收益，這使得我們的收益高度穩定和可預測，這在當今環境下尤其有價值。

Fee-related earnings were $676 million or $0.42 per share and DE was $613 million or $0.38 per share. That translates into 16% and 12% growth from the same period last year, respectively.

與費用相關的收益為 6.76 億美元或每股 0.42 美元，而 DE 為 6.13 億美元或每股 0.38 美元。這意味著與去年同期相比分別成長了 16% 和 12%。

With earnings partially offset by higher interest expense paid on our $750 million bond deal issued in the quarter, and lower interest income as we've deployed our cash to acquire partner managers, which will pay off over the long term. Overall, growth has grown by strong fundraising, $97 billion over the last 12 months and robust deployments.

由於本季發行的 7.5 億美元債券支付的利息費用增加，以及我們部署現金收購合作經理而導致的利息收入減少，部分抵消了收益，從長遠來看，這將帶來回報。總體而言，強勁的籌資勢頭推動了成長，過去 12 個月籌集了 970 億美元，並且部署強勁。

Notably, year-to-date, we've deployed over $85 billion of capital into investment, including over $50 billion of equity value. This has been a huge catalyst for our business, and we will continue to be active on the deployment front, given our robust pipeline.

值得注意的是，今年迄今為止，我們已投入超過 850 億美元的資本用於投資，其中包括超過 500 億美元的股權價值。這對我們的業務來說是一個巨大的催化劑，鑑於我們強大的管道，我們將繼續在部署方面保持活躍。

The simplicity and consistency of our earnings anchored almost entirely in reoccurring fees, gives us a strong foundation to continue to build-out, especially as we grow further our capital base and launching new strategies. Lastly, on Financials.

我們的收入幾乎完全依賴經常性費用，這種簡單性和一致性為我們繼續擴張奠定了堅實的基礎，尤其是在我們進一步擴大資本基礎和推出新策略的情況下。最後，關於財務。

Our margin expanded 56%, up 1% from the prior year quarter. Let me spend a minute discussing some of our quarterly fundraising highlights.

我們的利潤率擴大了 56%，比去年同期成長了 1%。請允許我花一點時間討論我們的一些季度籌款亮點。

In total, we raised $22 billion of capital, bringing the 12 month fundraising total to $97 billion. Notably, almost 3/4 of our fund rates for the quarter came from complementary strategies, demonstrating the growing diversity and strength of our product suite, which now provide consistent and increasing fundraising regardless of whether our flagships are in the market.

總體而言，我們籌集了 220 億美元的資金，使 12 個月的籌資總額達到 970 億美元。值得注意的是，本季我們近四分之三的基金利率來自互補策略，這表明我們的產品套件日益多樣化和強大，無論我們的旗艦產品是否在市場上，現在都能提供持續且不斷增加的融資。

Within renewable power and transition, we raised $1.5 billion, including over $800 million for the second vintage of our global transition flagship, bringing total capital raised to over $15 billion. This is already the world's largest energy transition strategy, and we will raise a significantly more capital before our final close later this quarter.

在再生能源和轉型領域，我們籌集了 15 億美元，其中包括為我們全球轉型旗艦專案的第二輪融資籌集的 8 億多美元，使籌集的總資本達到 150 億美元以上。這已經是世界上最大的能源轉型策略，我們將在本季稍後最終結束之前籌集更多資金。

Infrastructure fundraising totaled $1.7 billion, including over $1 billion raised for our super core infrastructure strategy, the fund's largest quarter in over three years, and over $800 million raised for our private wealth infrastructure vehicle, which is the strongest quarter ever. In addition, we raised $1.3 billion across private equity Strategies and $1.8 billion across real estate strategies, including $500 million for the fifth vintage of our flagship real estate strategy.

基礎設施籌資總額達 17 億美元，其中包括為我們的超級核心基礎設施戰略籌集的超過 10 億美元，這是該基金三年多來最大的一個季度，以及為我們的私人財富基礎設施工具籌集的超過 8 億美元，這是有史以​​來最強勁的一個季度。此外，我們透過私募股權策略籌集了 13 億美元，透過房地產策略籌集了 18 億美元，其中包括用於我們旗艦房地產策略第五次發行的 5 億美元。

The scale and diversity of our fundraising, especially across our complementary funds continues to show strength, and we will have strong fundraising tailwinds in the coming months with two of our flagships currently in the market, expecting final closes shortly. Turning now to private credit, where our platform continues to grow in both scale and capability.

我們的籌款規模和多樣性，特別是我們的互補基金繼續顯示出強勁的勢頭，未來幾個月我們將迎來強勁的籌款順風，我們的兩個旗艦產品目前已上市，預計很快就會完成最終融資。現在轉向私人信貸，我們的平台在規模和能力上都在持續成長。

During the quarter, we raised $16 billion across our credit strategies. Our partner managers brought in over $10 billion, and we raised more than $4 billion from insurance accounts.

本季度，我們透過信貸策略籌集了 160 億美元。我們的合夥人經理帶來了超過 100 億美元的資金，我們從保險帳戶籌集了超過 40 億美元的資金。

We also raised over $800 million for the fourth vintage of our infrastructure mezzanine debt strategy which will hold its first close shortly, bringing total capital raised to $4 billion. With more than $250 billion of fee-bearing credit capital, we manage one of the largest private credit franchises globally.

我們也為第四輪基礎設施夾層債務策略籌集了超過 8 億美元，該策略即將首次結束，使籌集的總資本達到 40 億美元。我們擁有超過 2500 億美元的收費信貸資本，管理全球最大的私人信貸特許經營權之一。

Importantly, we have meaningful origination capabilities having deployed and committed over $10 billion during the quarter and over $30 billion over the past year. Our platform is highly diversified across credit strategies, including asset-backed finance, opportunistic credit and real asset lending.

重要的是，我們擁有有意義的發起能力，本季已部署並承諾超過 100 億美元，過去一年已部署並承諾超過 300 億美元。我們的平台在信貸策略方面高度多樣化，包括資產支持融資、機會信貸和實物資產貸款。

This diversity is key as it gives us the ability to remain disciplined when certain markets become commoditized or when risk-adjusted returns are less compelling and to focus instead on areas where we see more attractive opportunities. Today, we continue to see strong demand in asset-backed finance and real assets, two areas that align closely with our strength, deploying large-scale capital with specialized underwriting capabilities or in sectors where we have deep domain expertise like infrastructure, power and real estate.

這種多樣性至關重要，因為它使我們能夠在某些市場商品化或風險調整後的回報不那麼引人注目時保持自律，轉而專注於我們看到更具吸引力的機會的領域。今天，我們繼續看到資產支持融資和實體資產的強勁需求，這兩個領域與我們的優勢密切相關，我們部署了具有專業承保能力的大規模資本，或者在我們擁有深厚領域專業知識的領域，如基礎設施、電力和房地產。

These capabilities have also guided our partnership with managers who share our focus and can help expand our platform. In the quarter, we invested approximately $350 million towards buying and growing our partner managers, including an additional 9% stake in Primary Wave, our leading platform for music royalties, participating in a Castlelake-led acquisition of Concora, especially consumer credit manager and origination platform and increasing our ownership in Oaktree.

這些能力也指導了我們與那些有共同關注點並能幫助我們擴展平台的經理們的合作。本季度，我們投資了約 3.5 億美元用於購買和發展我們的合作夥伴管理公司，包括增持我們領先的音樂版稅平台 Primary Wave 的 9% 股份，參與 Castlelake 牽頭的對 Concora 的收購，特別是消費者信貸管理公司和發起平台，並增加我們在 Oaktree 的所有權。

Additionally, we expect to finalize our acquisition of a 50% stake in Angel Oak, a leader in nonqualified mortgage origination later this quarter. These are high quality, scalable platforms that enhance our credit capabilities and position us to continue delivering strong risk-adjusted returns.

此外，我們預計將於本季稍後完成對非合格抵押貸款發放領域領導企業 Angel Oak 50% 股份的收購。這些高品質、可擴展的平台可增強我們的信貸能力，並使我們能夠繼續提供強勁的風險調整回報。

As for our balance sheet, at quarter end, we had $1.5 billion in liquidity. We continue to use our asset-light balance sheet to seed new products, and support strategic partnerships, including the up-and-coming Angel Oak closing with the goal of generating long-term high-quality revenue streams.

至於我們的資產負債表，截至季末，我們的流動資金為 15 億美元。我們繼續利用輕資產負債表來培育新產品，並支持策略合作夥伴關係，包括即將完成的 Angel Oak 收購，目標是創造長期高品質的收入來源。

We were also picked to be added to the Russell 1000 Index in June, a first step in our broader goal of achieving broader inclusion in the US equity indices. We are prioritizing this initiative, and we believe we are well positioned to continue making progress.

我們也於 6 月被選入羅素 1000 指數，這是我們實現更廣泛納入美國股票指數目標的第一步。我們正在優先考慮這項舉措，並相信我們有能力繼續取得進展。

And lastly, we declared a quarterly dividend of $0.4375 per share payable to shareholders of record as of August 29. To close, we remain firmly on track with our long-term growth objectives. Our diversified platform, operational depth and global reach continues to give us a competitive edge in today's environment.

最後，我們宣布向 8 月 29 日登記在冊的股東派發每股 0.4375 美元的季度股息。最後，我們堅定地朝著長期成長目標前進。我們多元化的平台、營運深度和全球影響力持續為我們在當今環境中提供競爭優勢。

Our strategy is anchored in the mega trends of digitalization, decarbonization and deglobalization and we're scaling into the areas where these trends intersect, particularly AI infrastructure, energy transition and critical real assets and essential businesses. We look forward to hearing more of these themes at our Investor Day on September 10 here in New York.

我們的策略以數位化、脫碳和去全球化的大趨勢為基礎，我們正在向這些趨勢交叉的領域擴展，特別是人工智慧基礎設施、能源轉型以及關鍵實體資產和重要業務。我們期待在 9 月 10 日於紐約舉行的投資者日上聽到更多有關這些主題的內容。

Thank you for your continued support. Operator, we can open up to questions now.

感謝您一直以來的支持。接線員，我們現在可以開始提問了。

(Operator Instructions)

（操作員指示）

Michael Cyprus, Morgan Stanley.

麥可‧塞浦路斯，摩根士丹利。

This is Darren Thomas on for Mike. Want to ask about the fundraising backdrop, how you see that progressing into the second half of this year and into 2026? And what you see as some of the key contributors there?

這是達倫·托馬斯 (Darren Thomas) 代替邁克 (Mike)。想問一下募款背景，您認為今年下半年和 2026 年的進度如何？您認為其中有哪些主要貢獻者？

Also more broadly, how is the overall environment for raising capital evolving, given industry challenges around DPI?

更廣泛地說，考慮到 DPI 周圍的行業挑戰，籌集資金的整體環境如何發展？

Thank you for the question. We would characterize the fundraising environment as incredibly robust. To put it simply, we're raising more money in more places across more products than at any point in our history.

謝謝你的提問。我們認為融資環境極為強勁。簡而言之，我們在更多地方、更多產品上籌集的資金比我們歷史上任何時候都多。

And that's both by geography and by asset class and product. As an example, year-to-date, we've raised twice as much capital in Europe as we did versus last year.

這是按地理位置、資產類別和產品劃分的。例如，今年迄今為止，我們在歐洲籌集的資金是去年的兩倍。

But perhaps even more important and really characterized by this quarter is just the growth in terms of our complementary strategies. This quarter, approximately 3/4 of our fundraising came from complementary strategies, showing the increasing diversity of our business and how these products are becoming a very critical and meaningful growth driver for our business.

但也許更重要的、本季的真正特點是我們互補策略的成長。本季度，我們約有四分之三的融資來自互補策略，這顯示我們的業務日益多樣化，以及這些產品如何成為我們業務非常關鍵且有意義的成長動力。

Flagships are going to continue to drive step changes in our growth and our profitability, but the growing number and growing size of our complementary products are providing greater stability and ongoing growth to our business. So where we sit today, we very much expect fundraising this year to be bigger than last year.

旗艦產品將繼續推動我們的成長和獲利能力的逐步變化，但我們互補產品的數量和規模的不斷擴大將為我們的業務提供更大的穩定性和持續成長。因此，就目前情況而言，我們非常希望今年的募款金額能比去年更大。

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

Connor, I wanted to pick on the prospect for alternatives to gain access to the broader retirement market. I think there's been a lot of emphasis placed on distribution and shelf space thus far.

康納，我想選擇其他可行的途徑來進入更廣泛的退休市場。我認為到目前為止人們已經非常重視分銷和貨架空間。

But in the letter, you comment that ultimately you think the product offering will be the key determinant of success. Can you elaborate on that a bit more and comment on timing as well?

但在信中，您評論說，最終您認為產品供應將是成功的關鍵決定因素。您能否進一步詳細說明這一點並對時間進行評論？

Thank you for the question. You are absolutely correct. This is a major and significant growth opportunity for our business, we feel it will grow incrementally over the next several years and decades. But you're right, there's two things of note.

謝謝你的提問。你完全正確。這對我們的業務來說是一個重大而重要的成長機會，我們相信它將在未來幾年和幾十年內逐步成長。但您說得對，有兩件事值得注意。

One, success in this space is going to be driven by those with the brands, the scale and the track record. And in this regard, we feel we're second to none.

首先，這個領域的成功將由那些擁有品牌、規模和業績記錄的人所推動。在這方面，我們覺得自己是首屈一指的。

And then secondly, we feel the winners are going to be determined by who has the right products to meet the needs of these investors and these new pools of capital. And here, our leadership in the right asset classes, notably real assets across infrastructure, power, real estate in asset classes that have long duration inflation-protected cash flows, which within the alternative space, absolutely make the most sense for retirement products.

其次，我們認為獲勝者將取決於誰擁有合適的產品來滿足這些投資者和新資本池的需求。在這裡，我們在正確的資產類別中處於領先地位，特別是基礎設施、電力、房地產等具有長期通膨保護現金流的資產類別中的實物資產，在替代領域中，這對於退休產品來說絕對是最有意義的。

So at this point, our focus is utilizing our leadership in these key sectors to provide the right products across the right asset classes as this opportunity evolves, and we have every intention to be a leader in the space as the opportunity grows.

因此，目前，我們的重點是利用我們在這些關鍵領域的領導地位，隨著這一機會的發展，在正確的資產類別中提供正確的產品，並且我們有意隨著機會的增長成為該領域的領導者。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

I was hoping we can spend a couple of minutes on insurance. Obviously, an important growth area for the firm. Two parts question there, I guess, number one, we've seen generally increased competition in tighter credit spreads in the US retail channel.

我希望我們可以花幾分鐘討論一下保險。顯然，這是該公司的一個重要的成長領域。我想這裡有兩個問題，第一，我們看到美國零售通路信貸利差收緊，競爭普遍加劇。

How are you guys thinking about both growth in the US retail with respect on that $20-ish billion target you've talked about in the past, and the ability to ultimately pivot and rotate more assets into Brookfield Strategies. And then secondly, I was hoping you could also hit on the Just acquisition and just kind of thinking what kind of footprint and the ambitions you might have in the UK market on the back of that deal?

你們如何看待美國零售業的成長（就你們過去談到的 200 億美元左右的目標而言），以及最終將更多資產轉向和輪換到 Brookfield Strategies 的能力。其次，我希望您也能實現對 Just 的收購，並且思考一下在這筆交易的基礎上，您會在英國市場留下什麼樣的足跡，會有什麼樣的抱負？

Thanks, Alex. Maybe taking that all together, in terms of the Just Group transaction, for everyone's benefit, Brookfield Wealth Solutions last week announced an agreement to acquire Just Group, a leader in provider of UK retirement products.

謝謝，亞歷克斯。綜合考慮這些因素，就 Just Group 交易而言，為了所有人的利益，Brookfield Wealth Solutions 上週宣布了一項協議，收購英國退休產品提供商的領先企業 Just Group。

If this transaction is successful in closing, we could expect to manage a significant portion of Just's $35 billion-plus portfolio under our existing IMA with BWS. And this would add immediate high-quality, stable fee-bearing capital under our platform.

如果此次交易成功完成，我們預計將透過與 BWS 的現有 IMA 來管理 Just 超過 350 億美元的投資組合中的很大一部分。這將在我們的平台下立即增加高品質、穩定的收費資本。

Perhaps most important is we feel this transaction again highlights an underappreciated upside for Brookfield Asset Management, which is as BWS continues to scale, we get to partner with them on that growth and scale our asset management activities to support their business, and we get to do so without the need to invest capital or take on insurance liabilities. And while these transactions are somewhat discrete, that is absolutely a growth platform.

也許最重要的是，我們認為這筆交易再次凸顯了布魯克菲爾德資產管理公司被低估的優勢，即隨著 BWS 不斷擴大規模，我們可以與他們合作實現增長，並擴大我們的資產管理活動以支持他們的業務，而且我們這樣做無需投資資本或承擔保險責任。儘管這些交易有些離散，但這絕對是一個成長平台。

It grew first in the US. Now it's growing in the UK and there's the potential that it will grow in other markets around the world, and we certainly will look to benefit and prosper and grow alongside that business.

它首先在美國生長。現在，它在英國不斷發展，並且有可能在世界其他市場實現成長，我們當然希望與該業務一起受益、繁榮和成長。

In terms of what we're seeing in the United States and the ability for that business to grow. We very much feel it's consistent with what we've said in the past. Yes, there are other market participants in the space, but the underlying fundamentals are incredibly robust.

就我們在美國看到的情況以及該業務的成長能力而言。我們非常認為這與我們過去所說的一致。是的，該領域還有其他市場參與者，但其基本面非常強勁。

There is more demand for these types of products today than ever before. There will be more demand next year than there is this year, and by having leading platforms, we are well positioned to capture our portion or more of that long-term growth trend.

如今，這類產品的需求比以往任何時候都多。明年的需求將比今年更多，透過擁有領先的平台，我們有能力抓住這一長期成長趨勢中的份額或更多。

And maybe I'll just add to Connor's remarks and talk a little bit about what we're seeing in credit specifically in deploying that capital because obviously, credit is a big area for us. We made over $300 billion, a major player.

也許我只是想補充康納的評論，並談談我們在信貸方面看到的情況，特別是在部署資本方面，因為顯然信貸對我們來說是一個重要的領域。我們賺了3000多億美元，成為了主要參與者。

And we see significant growth especially around our core competencies. So that's around asset-backed finance, real assets and opportunistic credit.

我們看到了顯著的成長，特別是在我們的核心競爭力方面。這就是圍繞資產支持融資、實體資產和機會信貸。

And these are areas where we've had a long history of investing, competitive advantages around the origination side and of course, the deep expertise that we bring, plus the ability to structure complex investment opportunities with appropriate downside protection.

在這些領域，我們擁有長期的投資歷史，在投資發起方面具有競爭優勢，當然，我們也擁有深厚的專業知識，以及建立複雜投資機會和適當下行保護的能力。

So we maintain a disciplined approach and these areas are less commoditized and less exposed to spread compression. When you look at as an example, the ABS market, which about 10% is made up of private credit.

因此，我們保持一種嚴謹的態度，這些領域的商品化程度較低，也較少受到價差壓縮的影響。以 ABS 市場為例，其中約 10% 由私人信貸組成。

And that's a growing area. infrastructure is really feeling the deployment on the credit side related to the three Ds as well, the mega trends that we've been seeing. Real estate and opportunistic are also finding opportunities with bad capital structures and a growing need for tailored financings, which is a big driver.

這是一個不斷發展的領域。基礎設施確實感受到了與「三個D」相關的信貸方面的部署，這是我們一直看到的大趨勢。房地產和機會主義也正在尋找機會，但資本結構不佳，客製化融資的需求日益增長，這是一個巨大的驅動力。

So overall, we feel very good about deploying these opportunities with very strong discipline and attractive risk-adjusted returns where we're not getting caught up in spread compression, which is valuable for all types of our investors, including the institutional and retail markets.

因此，總體而言，我們非常樂意以非常嚴格的紀律和有吸引力的風險調整回報來部署這些機會，而不會陷入利差壓縮，這對我們所有類型的投資者（包括機構和零售市場）都很有價值。

Bart Dziarski, RBC Capital Markets.

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

I wanted to follow up on the fundraising commentary. Just specifically diving into the evergreen private equity strategy. So given your position within the retail channel and the strength you called out there, how are you thinking about if we see success on the PE evergreen fund raise, what that could mean for BBU in terms of maybe going into an evergreen structure?

我想跟進籌款評論。只是具體深入探討常青私募股權策略。那麼，考慮到您在零售通路中的地位以及您所說的優勢，您認為如果我們看到 PE 常青基金籌集成功，這對 BBU 進入常青結構意味著什麼？

There is no doubt that we view the semiliquid private evergreen PE strategy as complementary and additive to our product suite within private equity. We were able to bridge our existing positions in order to seed that strategy.

毫無疑問，我們認為半流動性私人常青 PE 策略是對我們私募股權產品套件的補充和補充。我們能夠彌合現有差距，從而推動這項策略的實施。

We think that will put it in a position to launch with success and grow faster. But the reality is having more products that can meet more different investment types and investor needs will allow us to do more transactions in the space.

我們認為這將使它能夠成功啟動並更快地發展。但現實是，擁有更多能夠滿足更多不同投資類型和投資者需求的產品將使我們能夠在該領域進行更多交易。

The other point that we would highlight is our approach to private equity, which is very much focused on high-quality industrial and services business strong cash generation, less focused on growth or significantly leveraged private equity strategies. We feel is incredibly well suited to the current point in the market and also incredibly well suited for the growing number of investors that are looking to get access to private equity exposure, whether that be real investors or potentially in the future, things like 401(k) accounts.

我們要強調的另一點是我們對私募股權的態度，我們非常注重高品質的工業和服務業務的強勁現金創造，而不是成長或高槓桿的私募股權策略。我們認為這非常適合當前的市場狀況，也非常適合越來越多尋求獲得私募股權投資機會的投資者，無論是真正的投資者還是未來潛在的 401（k）帳戶等。

Kenneth Worthington, JPMorgan.

摩根大通的肯尼斯‧沃辛頓。

I wanted to follow up on Cherilyn's retirement question. You highlighted the 401(k) opportunity, specifically in your shareholder letter and the prepared remarks as part of that retirement opportunity.

我想跟進 Cherilyn 的退休問題。您強調了 401（k）機會，特別是在您的股東信函和作為退休機會一部分的準備好的評論中。

Is the 401 channel something specifically that Brookfield wants to pursue? And if so, what is your approach to pursuing this? There seems to be a lot of different angles that one could take, whether it's target date funds, adviser managed accounts, record keepers.

401 通路是 Brookfield 想要特別推廣的嗎？如果是的話，您採取什麼方法來實現這一目標？似乎有很多不同的角度可以考慮，無論是目標日期基金、顧問管理帳戶或記錄員。

So how are you thinking about it if, in fact, you are going to go after that channel? And if so, is partnership something that you feel is important to success here?

那麼，如果您確實要追逐該頻道，您會怎麼想呢？如果是的話，您認為合作關係對於成功是否重要？

We'll be clear. We absolutely expect to go after this opportunity. And at this point, we would look to do so across all channels. Piggybacking on the previous question and our comments in the script and on the letter, we believe the most important thing for success here is having the right products.

我們會說清楚的。我們絕對期待抓住這個機會。目前，我們希望透過所有管道實現這一目標。基於上一個問題以及我們在腳本和信函中的評論，我們認為成功的關鍵在於擁有正確的產品。

And that is where we are focused. And right now, the environment and the objectives of what people are trying to meet continues to remain fluid.

這正是我們關注的重點。而現在，環境和人們試圖實現的目標仍然在不斷變化。

And our view is, given our leadership in the right time, right types of alternatives to put into these new accounts, as well as the products that we can create, give the breadth and depth of our platform, we should be extremely well positioned. There have been some partnerships announced in the space, and that's great.

我們的觀點是，鑑於我們在正確的時間發揮的領導作用、為這些新帳戶提供正確類型的替代方案以及我們可以創造的產品，以及我們平台的廣度和深度，我們應該處於非常有利的地位。該領域已經宣布了一些合作夥伴關係，這很好。

It shows a very constructive direction of travel for more alternatives going into these pools of capital. But we feel that this is going to be an opportunity that is created over an extended period of time, several years and decades.

它表明，更多的替代方案將進入這些資本池，這是一個非常有建設性的前進方向。但我們認為這將是一個需要經過幾年甚至幾十年的長期時間才能創造的機會。

And none of those partnerships to the best of our knowledge, are exclusive. And we feel that we have the best products, and the right leadership vision, we'll be well positioned to capture this opportunity in the years to come.

據我們所知，這些合作關係均不是排他性的。我們認為，我們擁有最好的產品和正確的領導願景，我們將在未來幾年內佔據有利地位，抓住這個機會。

Chris (inaudible), Piper Sandler.

克里斯（聽不清），派珀桑德勒。

Can you share your latest thoughts on real estate. Has been a tougher area in recent years, but seems to be getting better. So curious what you're seeing with regard to investor appetite, deployment and then also realization opportunities and what areas you're most interested in today across real estate?

能分享一下您對房地產的最新想法嗎？近年來，情況變得更加艱難，但似乎正在好轉。那麼好奇您對投資者的興趣、部署以及實現機會有何看法，以及您目前對房地產的哪些領域最感興趣？

Chris, welcome to the call. Maybe just to start with some stats around what we're seeing in our real estate platform. And then when we talk about the strength we're seeing, it's backed by a bit of data.

克里斯，歡迎來電。也許只是從我們在房地產平台上看到的一些統計數據開始。當我們談論我們所看到的力量時，它是有數據支持的。

Deployment in real estate year-to-date is up 2x versus last year. Monetization year-to-date are up 4x versus last year.

今年迄今為止，房地產領域的部署比去年增加了 2 倍。今年迄今的貨幣化比去年增長了 4 倍。

Across our office portfolio, in recent months, we've signed our highest leases ever, not this year, our highest leases ever in both New York and London, and I think that stat would probably pertain to almost every other major market around the world. And the last thing we would highlight is perhaps the most important that the capital markets that support real estate are now increasingly liquid and very robust.

在我們的辦公室組合中，最近幾個月，我們簽署了有史以來最高的租約，不是今年，而是在紐約和倫敦簽署了有史以來最高的租約，我認為這個數據可能適用於全球幾乎所有其他主要市場。我們最後要強調的也許是最重要的一點是，支持房地產的資本市場現在流動性越來越強，而且非常強勁。

We're seeing some of the financings we've done in certain asset classes, come in, the numbers are quite staggering anywhere between 300 and 450 basis points versus financings that we were doing as recently as 18 to 24 months ago. So in terms of the momentum of our real estate business, we are seeing an incredibly robust recovery.

我們看到，我們在某些​​資產類別中進行的一些融資，與我們 18 至 24 個月前進行的融資相比，其數字相當驚人，在 300 至 450 個基點之間。因此，就我們的房地產業務勢頭而言，我們看到了令人難以置信的強勁復甦。

Maybe to put some context around that, when we talk about the monetization activity we're seeing in real estate. The way we would frame it is the ability to exit is expanding very rapidly, but it's still a very discerning market.

當我們談論房地產領域的貨幣化活動時，也許可以對此進行一些背景介紹。我們的想法是，退出的能力正在迅速擴大，但這仍然是一個非常挑剔的市場。

Investors are willing to pay full value for high-quality platforms that can drive growth in years to come as the market recovers. The read-through to the broader industry is, we are still in the early stages of a very robust recovery.

隨著市場復甦，投資者願意為能夠在未來幾年推動成長的高品質平台支付全額費用。從整個產業來看，我們仍處於強勁復甦的早期階段。

But we feel it's perfect for our business model. We can still find some very attractive opportunities to deploy capital.

但我們覺得它非常適合我們的商業模式。我們仍然可以找到一些非常有吸引力的資本配置機會。

We feel the timing of our most recent flagship fund raise, which is just wrapping up now is perfect, and we can use our capabilities to buy and step into the tail of opportunities that still exist while at the same time, monetize more pristine cash flowing assets into an increasingly robust and high demand market. The recovery is absolutely underway and very robust, but we think it's got a long way to run, and we expect to continue to see strength out of our platform.

我們認為，我們最近的旗艦基金籌集的時機非常好，現在剛剛結束，我們可以利用我們的能力來購買和抓住仍然存在的機會，同時將更多原始現金流資產貨幣化，投入日益強勁和高需求的市場。復甦確實正在進行中，而且非常強勁，但我們認為還有很長的路要走，我們預計我們的平台將繼續保持強勁勢頭。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Great, thanks for taking my question. Maybe one for Hadley, to switch gears a little bit to the expense outlook. Good to see the expense control and margin improving.

太好了，感謝您回答我的問題。也許對哈德利來說，可以稍微改變一下支出前景。很高興看到費用控制和利潤率的提高。

If you can comment on, whether you think this, I think we're about 10% year-over-year expense growth pace [success], if you also see that continuing in the back half of the year and then how you see the FRE margin expanding into next year, whether we can get the 60% level at some point? I know that might be a little bit futuristic.

您可以評論一下，您是否認為這一點，我認為我們的費用同比增長速度約為 10%（成功），您是否還認為這種情況會持續到下半年，那麼您認為 FRE 利潤率會在明年擴大，我們是否可以在某個時候達到 60% 的水平？我知道這可能有點未來化。

And then also acquiring the additional stakes in the partnerships, I think that was about a $250 million FRE upside potential that you outlined in the Investor Day last year. Where are we on that path? And I think Angel Oak is incremental to that $250 million, if you can confirm that?

然後還收購了合夥企業的額外股份，我認為這相當於您在去年投資者日概述的 2.5 億美元的 FRE 上漲潛力。我們在這條路上走到了哪一步了？我認為 Angel Oak 的增額是 2.5 億美元，您能證實嗎？

So these are good questions. On the margin front and on our cost that 10%. It does include a little bit of build. As you know, we've been in building mode around different areas, accessing the retail channel as the example on the fundraising front, our credit platform as we grow our renewable strategy.

這些都是很好的問題。在利潤方面和我們的成本方面是 10%。它確實包括一點點構建。如您所知，我們一直在不同領域進行建設，以零售通路為例，在籌款方面，我們進入了零售通路，並在發展可再生策略的同時，建立了信貸平台。

And so you're seeing that operating leverage that's built into the business pay off on the margin front. So we are 1%. And so that does make a difference. The margins are also impacted by the mix of our businesses.

因此，您會看到，企業內部的經營槓桿在利潤方面獲得了回報。所以我們是1%。這確實有所不同。利潤率也受到我們業務組合的影響。

So as an example, when we acquire more of our partner managers at very attractive levels, but when we do acquire them, they generally come at low margins. And we're also in a cycle where our opportunistic business is returning on a relative basis, a significant amount of capital why they built into their deployment.

舉個例子，當我們以非常有吸引力的價格收購更多的合作夥伴經理時，但當我們確實收購他們時，他們的利潤率通常很低。我們也處於一個週期中，我們的機會主義業務正在相對回報，他們在部署中投入了大量的資本。

So when getting to your question around the rest of the year and just kind of overall long term, we see expenses around that 10% level as we continue to do a little bit of building but a steady state kind of as we move forward and meeting our long-term goals from that perspective. So that's critical for the business as we look out over the five years.

因此，當我們回答您關於今年剩餘時間和整體長期的問題時，我們看到支出在 10% 左右，因為我們將繼續進行一些建設，但隨著我們繼續前進並實現我們的長期目標，支出將處於穩定狀態。因此，從未來五年來看，這對我們的業務至關重要。

On your second question related to the $250 million attached to the FRE that we have options against with our partner managers you're right, Angela Oak did not exist at that time, so that was not included in that. And we're just really in the early part of that because we bought a small portion of Oaktree 1.5%.

關於您的第二個問題，涉及與 FRE 相關的 2.5 億美元，我們與合作夥伴經理有選擇權，您說得對，Angela Oak 當時還不存在，所以這筆錢不包括在內。我們實際上還處於早期階段，因為我們購買了 Oaktree 1.5% 的一小部分。

We bought a little bit more Primary Wave that takes us to about 44%. So there's a lot more attached to that, that can generate additional FRE growth, again, at very attractive multiples.

我們又買了一點 Primary Wave，現在持股量達到 44% 左右。因此，與之相關的還有很多，可以產生額外的 FRE 增長，而且倍數非常有吸引力。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

This is Rick Roy on for Dan Fannon. If I could start with the maybe a housekeeping item and breaking first and then ask a follow-up for the wealth channel.

這是 Rick Roy 為 Dan Fannon 表演的節目。如果我可以先從家務事和破損開始，然後再詢問財富管道的後續情況。

So you know that you expect to launch your flagship PE and infrastructure fund raisers shortly after the AI infrastructure rollout. And I believe last quarter, you mentioned that the upcoming PE flagship was still on track for 2025.

因此，您知道，您預計在 AI 基礎設施推出後不久就會推出您的旗艦 PE 和基礎設施基金籌集者。我相信上個季度您提到即將推出的 PE 旗艦產品仍將在 2025 年問世。

Given kind of the new developments and new strategies that have been announced, should we think about a slight push out of this BCP flagship into 2026? Or are you still, I guess, accounting for a second half story there?

鑑於已經宣布的新發展和新策略，我們是否應該考慮將這個 BCP 旗艦稍微推遲到 2026 年？還是我猜你還在說故事的後半部？

So on both of our next generations of our flagship, PE and Infra. PE, we absolutely expect to launch this year. Infra, either late this year or early part of next year with large meaningful first closes in 2026.

因此，我們的旗艦產品 PE 和 Infra 都是下一代產品。PE，我們絕對有望在今年推出。基礎建設將在今年底或明年年初進行，並於 2026 年首次實現大規模、有意義的收盤。

Understood. And then more on the wealth channel, a lot has been talked about by my peers. But given the recent seating of the PE vehicle, are you able to size your expectations for demand for that and the asset-backed finance products relative to the $30 billion range from BWS this year?

明白了。然後是關於財富頻道的更多內容，我的同行們已經談論了很多。但考慮到近期 PE 工具的定位，您能否根據今年 BWS 的 300 億美元規模，預測 PE 工具和資產支援融資產品的需求？

And then maybe expanding upon the expense and margin discussion from earlier and your previous comments on investing in defined contribution. Where are you in your investment cycle for the wealth channel and thinking about 2023 as an era of spend and depressed margins in that context.

然後也許可以擴展先前關於費用和保證金的討論，以及您之前關於投資固定繳款的評論。您處於財富管道投資週期的哪個階段？在這種背景下，您認為 2023 年將是支出增加、利潤率下降的時期。

How should we think about where you are in that cycle and how that might impact margins a little bit more near term?

我們應該如何看待您所處的周期位置，以及這會對短期利潤率產生什麼影響？

So I'll perhaps try and recall that into three points. We have now launched our semi-liquid PE strategy. It's now in the market we expect to have our first closes in the latter part of this year.

因此我可能會嘗試將其概括為三點。我們現在已經推出了半流動性 PE 策略。目前該產品已上市，我們預計今年下半年將首次完成交易。

In terms of total capital raised, if we break the $30 billion out and we focus just on what we generate through retail or Brookfield Oaktree Wealth Solutions. We very much expect to hit our target of $10 billion for the year.

就籌集的總資本而言，如果我們將 300 億美元分開開來，我們只關注透過零售或 Brookfield Oaktree Wealth Solutions 產生的收益。我們非常希望實現今年 100 億美元的目標。

We're seeing incredible strength in that channel. And then the last point to tie it all together, when Hadley talks about expense and investing for the future, unequivocally, the place where we are putting the most investment through expense is to target this retail and individual investor channel over the long term.

我們看到了該頻道令人難以置信的實力。最後一點，當哈德利談到費用和未來投資時，毫無疑問，我們透過費用進行最多投資的地方是長期瞄準這個散戶和個人投資者管道。

Mario Saric, Scotiabank.

加拿大豐業銀行的馬裡奧·薩里奇。

I want to come back to the individual allocation, seeing the amortization of alternatives as you put it. How do you see the ramp-up in that demand relative to the ramp-up that you saw with respect to institutional allocations write into alts over the past 5, 10, 15 years in terms of timing?

我想回到個人分配，看看你所說的替代方案的攤銷。從時間角度來看，您如何看待這種需求的成長，相對於過去 5 年、10 年、15 年中機構配置寫入 alts 的成長？

And then the second part of the question would be how much of this opportunity would you say is already embedded in your five year Investor Day forecast as it pertains to the 16% to 17% fee bearing capital and fee related UK guard (inaudible) came that you laid out last weekend?

然後問題的第二部分是，您認為有多少這樣的機會已經包含在您五年投資者日預測中，因為它與您上週末提出的 16% 至 17% 的收費資本和費用相關的英國保護（聽不清楚）有關？

Thanks, Mario. The opportunity for increased allocation to alternatives from what we will call individual investors. Again, we will reiterate, we view it as incredibly significant, perhaps matching and exceeding in size over the long term, what is available from institutional investors, but it will take time.

謝謝，馬裡奧。我們稱之為個人投資者的增加另類投資配置的機會。我們再次重申，我們認為它非常重要，從長遠來看，其規模可能與機構投資者所能提供的規模相當超過它，但這需要時間。

This will grow incrementally over years and decades to come. The actual process of including these still needs to -- the regulations to be adjusted, the products need to be formed.

在未來的幾年和幾十年裡，這一數字將逐漸增長。包括這些在內的實際過程仍然需要—法規需要調整，產品需要形成。

It is a very large opportunity, but it is an incremental one in the early years that expands into a very significant one in later years. The other point in context of your question is it's important to recognize that institutional allocations to alternatives are still going up.

這是一個非常大的機會，但它在早期只是一個漸進的機會，在以後的幾年裡會擴展成一個非常重要的機會。關於你的問題的另一點是，重要的是要認識到機構對替代品的分配仍在增加。

We do not see that slowing down anytime soon, at any point in kind of our short or medium-term plans. So in terms of comparing the individual to the institutional, it's tough to do those at this point.

我們認為，無論在我們的短期或中期計劃中，任何時候，這種趨勢都不會放緩。因此，就將個人與機構進行比較而言，目前還很難做到這一點。

But only to say, we see the retail growing incrementally at first and then scaling very rapidly in the future. And then on the institutional side, we still see increasing demand there.

但可以肯定的是，零售業最初將逐步成長，然後在未來迅速擴大規模。在機構方面，我們仍然看到需求不斷增長。

Jamie Goin, NBF.

Jamie Goin，NBF。

Just wanted to get a sense with the Just acquisition and more broadly what are the requirements and then time lines to be able to shift some of these large fee rate assets that are managed currently in-house by Just or others into the ban private funds to enhance yields above the standard IMA fee rates?

只是想了解 Just 收購的情況，更廣泛地說，需要哪些要求和時間表才能將目前由 Just 或其他公司內部管理的一些大費率資產轉移到禁令私人基金中，以提高高於標準 IMA 費率的收益率？

Thanks, Jamie, and to you as well, welcome to the call, whenever BWS does a transaction such as Just Group, obviously, the transaction needs to be closed, it needs regulatory approval. And then such shifts need to be agreed and approved by a regulator.

謝謝，傑米，也謝謝您，歡迎參加電話會議，每當 BWS 進行像 Just Group 這樣的交易時，顯然交易需要完成，需要監管部門的批准。然後，這種轉變需要得到監管機構的同意和批准。

And in the situation of Just as any of the other similar transactions we've done in the past. So we would expect that process to take place at some point in 2026.

就像我們過去做過的其他類似交易一樣。因此我們預計該過程將在 2026 年的某個時候發生。

In terms of the opportunity to then increased allocation to private funds, if that is indeed approved by the regulator as we are seeing in our other insurance portfolios. At that point, it becomes an incremental process over time.

就增加私募基金配置的機會而言，如果確實得到監管機構的批准，就像我們在其他保險投資組合中看到的那樣。此時，它就變成了一個隨著時間而不斷增加的過程。

We have a little bit of a denominator in trying to measure that because the base of assets keep growing up. The amount that we've been transferring into our private funds continues to be at a low percentage, but we are seeing that increase. And I would say any time we acquire a new portfolio, it's generally a period of somewhere between two to five years to make that shift.

我們在嘗試衡量這一點時有一個分母，因為資產基礎不斷增長。我們轉入私人基金的金額仍然處於較低比例，但我們正在看到成長。我想說的是，每當我們收購一個新的投資組合時，通常需要兩到五年的時間來完成這項轉變。

Dean Wilkinson, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Dean Wilkinson。

Just a quick question around the base shelf that was filed last night. Given your current financial position and liquidity, could we perhaps read into that document that there are acquisition opportunities that may come to the forefront over the next 12 months or so that could be additive to your fee-bearing capital that perhaps we haven't considered at this point?

這只是關於昨晚提交的底座架子的一個簡單問題。鑑於您目前的財務狀況和流動性，我們是否可以從該文件中看出，未來 12 個月左右可能會出現一些收購機會，這些機會可能會增加您的收費資本，而我們目前可能還沒有考慮到這些機會？

Yeah. I mean I would say that our focus really is around making sure we can generate the liquidity in order to support the business. So we've got $1.5 billion as of the quarter end.

是的。我的意思是，我們的重點實際上是確保我們能夠產生流動性來支援業務。因此，截至本季末，我們已經獲得了 15 億美元。

And so we're in a very strong position, but we'll continue accessing the bond market in order to support the growth of our business because, we still have a lot of opportunities on the partner managers, which we talked about, the $250 million of FRE and then of course, seeding additional strategies. We've had such strong success with our complementary strategies, and we see a lot more on the product launch side as well as just newer initiatives that we're looking at.

因此，我們處於非常有利的地位，但我們將繼續進入債券市場，以支持我們業務的成長，因為我們在合作夥伴經理方面仍然有很多機會，我們談到了 2.5 億美元的 FRE，當然還有播種額外的策略。我們的互補策略取得了巨大的成功，我們在產品發布方面看到了更多進展，並且正在考慮一些更新的舉措。

So from that standpoint, that is what you're really seeing in that shelf. In terms of acquisitions, we're always opportunistic, but there's nothing that we need to do, and so it really is just an opportunistic play from that perspective.

從這個角度來看，這就是你在架子上真正看到的東西。在收購方面，我們總是抓住機會，但我們不需要做任何事情，所以從這個角度來看，這實際上只是一種機會主義的舉動。

Vikram Gandhi, HSBC.

維克拉姆甘地，匯豐銀行。

I've got a two-parter, perhaps starting with the changes incorporated in the big, beautiful build. I wondered if you could share your thoughts on how these changes around tax breaks for renewable projects could possibly maybe back your deployment and exits in that area?

我有兩個部分，也許首先從融入宏偉、美麗的建築的變化開始。我想知道您是否可以分享您的看法，關於再生能源專案稅收減免的這些變更可能會如何支持您在該領域的部署和退出？

So in terms of our renewable business, there's three points that we would make. One, our renewable strategy, at this point, we are confident that we can safe harbor or secure the legacy tax credit treatment for the entirety of our advanced stage US renewables pipeline, that would be point one.

因此，就我們的再生能源業務而言，我們要提出三點。第一，我們的再生能源策略，目前，我們有信心，我們可以為我們整個美國高級可再生能源管道提供安全港或確保遺留稅收抵免待遇，這是第一點。

Two, well, the changes in the one big beautiful bill did lead to an accelerated retirement of those tax credits, it does leave a window for those product jets that are already either under construction or start construction in the next 12 months to receive the legacy tax treatment. And we feel that opportunity lends itself best to the largest platforms that have access to capital and centralized procurement programs to get those advanced stage projects started, and we're certainly the leader in the space.

二，嗯，這項美麗法案的變化確實導致這些稅收抵免的加速取消，它確實為那些已經在建或在未來 12 個月內開始建造的產品噴氣式飛機留下了一個窗口，以獲得遺留的稅收待遇。我們認為，機會最適合那些能夠獲得資本和集中採購計畫來啟動這些高階專案的最大平台，而我們無疑是該領域的領導者。

And then the third thing I would say beyond our renewables business, we do reap tax credits across a number of investments we have at Brookfield, but some of our advanced manufacturing, nuclear, hydro, batteries, all of that was well protected under the bill. And therefore, we are certainly one of the biggest beneficiaries.

然後我想說的第三件事是，除了我們的可再生能源業務之外，我們確實在布魯克菲爾德的多項投資中獲得了稅收抵免，但我們的一些先進製造業、核能、水電、電池等都受到了該法案的良好保護。因此，我們無疑是最大的受益者之一。

That's very helpful. The other one, if I may, was on a comment made at the Financial Times Global (inaudible) Summit by the BWS CEO, suggesting the private credit trade was kind of overcrowded. Just curious if you could provide some context around that comment and where BAM and BWS, we are the two companies thinking about the asset allocation on incremental AUM, especially once the Just Group deal is concluded.

這非常有幫助。另一個，如果可以的話，是關於 BWS 執行長在金融時報全球（聽不清楚）高峰會上發表的評論，他認為私人信貸交易有點過於擁擠。我只是好奇您是否可以提供一些有關該評論的背景信息，以及 BAM 和 BWS，我們這兩家公司正在考慮增量 AUM 的資產配置，特別是在 Just Group 交易完成後。

Yes. So I have a clarification around that. When we think again about our core competencies in credit, it is around real asset, asset-backed finance, opportunistic. These are the markets that we play in, we have a competitive advantage.

是的。所以我對此有一個澄清。當我們再次思考我們在信貸方面的核心競爭力時，它是圍繞著實體資產、資產支持融資和機會主義的。這些是我們涉足的市場，我們具有競爭優勢。

Where we are less inclined to spend a lot of our time is around the sponsor-direct lending. And so that's what that article is referring to because it's more commoditized, a lot of spread compression. And we're seeing better risk-adjusted returns from the core competencies that are laid out.

我們不太願意花很多時間在贊助商直接貸款上。這就是那篇文章所指的，因為它更加商品化，而且有很多價差壓縮。我們看到，核心競爭力所帶來的風險調整報酬率正在改善。

So we are very active in that space. We're growing, we're doing a lot of investing in those areas, and we'll continue given the pipeline of opportunities I mentioned earlier.

所以我們在該領域非常活躍。我們正在成長，我們在這些領域進行了大量投資，並且我們將繼續利用我之前提到的機會。

And I am showing no further questions from our phone lines. I'd now like to turn the conference back over to Jason Fooks for any further closing remarks.

我沒有從我們的電話線中提出其他問題。現在，我想將會議交還給 Jason Fooks，請他做進一步的總結發言。

Okay. Great. Thanks for everyone's participation. If you should have any additional questions on today's release, please feel free to contact me directly. Thank you, everyone, and have a good day.

好的。偉大的。感謝大家的參與。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，祝大家有個愉快的一天。

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

謝謝。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。祝大家有美好的一天。