BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2025 Q3 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加布魯克菲爾德資產管理公司2025年第三季電話會議和網路直播。（操作人員指示）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, Investor Relations. Please go ahead.

現在我謹將會議交給今天的主講人，投資人關係總經理 Jason Fooks。請繼續。

Thank you for joining us today for Brookfield Asset Management's earnings call for the third 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.

感謝您今天參加布魯克菲爾德資產管理公司2025年第三季財報電話會議。今天參加電話會議的有：執行長 Bruce Flatt；總裁 Connor Teskey；以及財務長 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 may make forward-looking statements, including forward-looking statements within the meaning of applicable US and Canadian securities laws. These statements reflect predictions of future events and trends, and do not relate to historic events.

在開始之前，我想提醒各位，在今天的發言中，包括回答問題、討論新舉措以及我們的財務和運營業績時，我們可能會發表前瞻性聲明，包括符合美國和加拿大適用證券法定義的前瞻性聲明。這些陳述反映的是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 these 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. Let me quickly run through the agenda for today's call.

它們受到已知和未知風險的影響，未來的事件和結果可能與這些聲明有重大差異。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提供的信息。讓我快速概括一下今天電話會議的議程。

Bruce will begin with an overview of the quarter and the market environment. Connor will walk through key growth initiatives across each of our businesses. And finally, Hadley will discuss our financial results, operating results, and balance sheet. After our formal remarks, we'll open the line for questions. (Operator Instructions)

布魯斯將首先概述本季情況和市場環境。康納將詳細介紹我們各項業務的關鍵成長舉措。最後，哈德利將討論我們的財務表現、營運績效和資產負債表。正式發言結束後，我們將開放提問環節。（操作說明）

One last item to mention is that the shareholder letter, which this quarter will be a single letter covering the biggest themes across Brookfield will be published Thursday morning alongside Brookfield Corporation's earnings.

最後要提的是，本季的股東信將以一封信的形式涵蓋布魯克菲爾德公司最重要的幾個主題，該信將於週四上午與布魯克菲爾德公司的收益報告一同發布。

And with that, I'll turn the call (technical difficulty)

就這樣，我把電話轉過去。（技術難題）

Thank you, Jason, and welcome everyone. We are pleased to report another strong quarter for our business, marked by record fundraising, earnings, deployment, and monetization. Quarterly fee-related earnings grew 17% over the past year to $754 million. Distributable earnings grew 7% to $661 million, and fee-bearing capital reached $581 billion, an 8% increase year over year, all driven by our strongest fundraising period ever. These results reflect the strength of our franchise and the benefits of our global scale diversification and long-term client partnerships.

謝謝你，傑森，也歡迎各位。我們很高興地宣布，公司業務又迎來了一個強勁的季度，籌款、收益、部署和貨幣化均創歷史新高。過去一年，季度費用相關收入成長了 17%，達到 7.54 億美元。可分配收益成長 7% 至 6.61 億美元，收費資本達到 5,810 億美元，年增 8%，這一切都得益於我們有史以來最強勁的募資期。這些成果反映了我們特許經營的實力，以及我們全球規模多元化和長期客戶合作關係帶來的好處。

Our business continues to benefit from the major themes shaping the global economy. The acceleration of AI and digital infrastructure, the accelerating demand for electricity, and the improving strength in the real estate markets, each of these themes plays directly to our strength as an owner, operator, and investor in real assets and together, they are fueling multiyear growth across the business.

我們的業務持續受惠於塑造全球經濟的重大趨勢。人工智慧和數位基礎設施的加速發展、電力需求的加速成長以及房地產市場的持續走強，這些都直接增強了我們作為實體資產所有者、營運商和投資者的優勢，它們共同推動了公司業務的多年增長。

In the third quarter, we raised $30 billion, bringing total inflows over the past 12 months to more than $100 billion. This was our highest pace of organic fundraising ever. Our fundraising in the quarter came from strong closes for two of our flagship funds and increasing capital from our comp to entry funds and partner manager strategies. Our flagship global transition fund, our venture-focused Pinegrove strategy, and our music royalties focused Primary Wave business, all had closes recently and each exceeded its target.

第三季度，我們籌集了 300 億美元，使過去 12 個月的總資金流入超過 1,000 億美元。這是我們迄今為止自然募款速度最快的一次。本季我們的募資主要來自我們兩隻旗艦基金的強勁募資，以及來自同類基金和入門級基金及合夥人經理策略的資金增加。我們旗艦級的全球轉型基金、專注於創投的 Pinegrove 策略以及專注於音樂版稅的 Primary Wave 業務，最近都完成了募資，並且都超額完成了目標。

Turning to the broader market environment. Transaction conditions have improved steadily throughout the year. The global economy remains resilient despite trade and tariff uncertainty. Corporate earnings are healthy. Capital markets are liquid, and the Federal Reserve has begun lowering rates. This is giving the market more confidence and leading to transaction activity significantly increasing. Global M&A volumes are up nearly 25% year-over-year.

轉而關注更廣泛的市場環境。今年以來，交易環境穩定改善。儘管貿易和關稅存在不確定性，但全球經濟仍保持韌性。企業獲利狀況良好。資本市場流動性良好，聯準會已開始降息。這增強了市場信心，並導致交易活動顯著增加。全球併購交易量較去年同期成長近25%。

The third quarter alone saw $1 trillion of announced deals, the highest level since 2021. This resurgence in large cap M&A and a record backlog of sponsor-owned assets are therefore fueling activity. This is creating a good environment for both deployment and also asset sales. We remained active in this environment, deploying large-scale capital at attractive entry points where operating expertise provides us a competitive edge, while also crystallizing value from our mature investments at attractive returns.

光是第三季就宣布了價值 1 兆美元的交易，這是自 2021 年以來的最高水準。因此，大型併購活動的復甦以及創紀錄的自有資產積壓，正在推動市場活動。這為資產部署和銷售都創造了良好的環境。在這種環境下，我們保持活躍，在具有吸引力的切入點部署大規模資本，利用營運專長獲得競爭優勢，同時從我們成熟的投資中獲得可觀的回報。

Our ability to recycle capital efficiently, returning proceeds to clients while raising new funds for the next generation of opportunities is fundamental to how we compound value over time and continue to consistently grow our business.

我們能夠有效地循環利用資本，在為下一代機會籌集新資金的同時，將收益返還給客戶，這對於我們如何隨著時間的推移不斷積累價值並持續發展業務至關重要。

Another important milestone was our recently announced agreement to acquire the remaining 26% in Oaktree Capital Management, as you know, one of the most respected names in global credit investing. When we partnered with Oaktree six years ago, the goal was to combine our global scale and real asset expertise with Oaktree's deep credit experience and value-oriented culture. That partnership exceeded expectations, enabling the rapid expansion of our credit platform, supporting the launch of Brookfield Wealth Solutions, and driving a 75% increase in Oaktree's asset base.

另一個重要的里程碑是我們最近宣布的收購橡樹資本管理公司剩餘 26% 股份的協議，眾所周知，橡樹資本管理公司是全球信貸投資領域最受尊敬的公司之一。六年前我們與橡樹資本合作時，目標是將我們的全球規模和實物資產專業知識與橡樹資本深厚的信貸經驗和價值導向文化相結合。這項合作關係超出了預期，使我們的信貸平台得以迅速擴張，支持了 Brookfield Wealth Solutions 的推出，並推動 Oaktree 的資產基礎成長了 75%。

Bringing Oaktree fully into Brookfield is the next natural step. It combines the scale and reach of our nearly $350 billion credit platform, enables deeper collaboration across our businesses from origination and underwriting distribution and analytics. Most importantly, it enhances our ability to deliver the full breadth of Brookfield's credit capabilities to clients.

將 Oaktree 完全併入 Brookfield 是下一步的自然之舉。它結合了我們近 3500 億美元的信貸平台的規模和覆蓋範圍，使我們從發起和承銷分銷到分析等各個業務環節能夠進行更深入的合作。最重要的是，它增強了我們向客戶提供布魯克菲爾德全部信貸服務的能力。

Turning briefly to overall credit markets. Liquidity remains ample, and spreads in both public and private markets are near historically tight levels. Certain pockets of private credit such as middle market, direct lending, and sponsor-backed leverage have become more commoditized as large amounts of capital [raised] for a small pool of attractive deals. We've been disciplined in avoiding these segments of the market and instead of focused on attractive risk-adjusted return opportunities where we have strong competitive advantage, such as infrastructure, renewable power, asset-based finance strategies and opportunistic credit.

接下來簡單談談整體信貸市場。流動性依然充足，公開市場和私募市場的利差均接近歷史最低水準。某些私人信貸領域，如中端市場、直接貸款和贊助商支持的槓桿貸款，已經變得更加商品化，因為大量資金被籌集用於少數有吸引力的交易。我們一直有紀律地避開這些市場​​領域，而是專注於具有吸引力的風險調整後收益機會，例如基礎設施、再生能源、資產融資策略和機會型信貸，在這些領域我們擁有強大的競爭優勢。

Across our business, our ability to raise large scale capital deployed strategically across the mega trends and deliver risk-adjusted returns to trusted clients continue to drive record results. Our balance sheet is extremely solid. Our margins are expanding, and double-digit growth trajectory is sustainable. With record fundraising momentum, deep deployment pipelines, and healthy monetization activity across our platforms, the foundations we've built over the past years have set the stage for an even stronger 2026.

在我們的業務中，我們有能力籌集大規模資金，並將其策略性地部署到各個大趨勢中，同時為值得信賴的客戶提供經風險調整後的回報，這持續推動著我們取得創紀錄的業績。我們的資產負債表非常穩健。我們的利潤率正在擴大，兩位數的成長動能是可持續的。憑藉創紀錄的籌款勢頭、深厚的部署管道以及我們各個平台上健康的盈利活動，我們在過去幾年中奠定的基礎為 2026 年的更加強勁發展奠定了基礎。

With that, I'll turn the call over to Connor, and thank you for these results.

那麼，我將把電話交給康納，感謝他提供的結果。

Thank you, and good morning, everyone. As Bruce mentioned, this past year was the most active period in our history across fundraising, deployment, and monetizations. Our Infrastructure and Renewable Power franchise is one example of this momentum. As over the past 12 months, we've raised $30 billion, deployed $30 billion, and monetized over $10 billion at approximately 20% returns, demonstrating strength, scale, and consistency of our platform. Our franchise is the largest and most established globally, serving as a cornerstone of our business and a key driver of long-term growth.

謝謝大家，大家早安。正如布魯斯所提到的，過去一年是我們歷史上在籌款、部署和盈利方面最活躍的時期。我們的基礎設施和再生能源業務就是這種發展勢頭的例證之一。在過去的 12 個月裡，我們籌集了 300 億美元，投入了 300 億美元，並以約 20% 的回報率實現了超過 100 億美元的收益，這證明了我們平台的實力、規模和穩定性。我們的特許經營權是全球規模最大、最成熟的，是我們業務的基石，也是長期成長的關鍵驅動力。

Deployment is centered around sizable investments across all sectors, geographies, and positions in the capital structure, including via utilities, from a controlling equity investment for an industrial gas business in South Korea and a minority equity investment in the United States for Duke Energy Florida; across transportation, via structured equity investment in a Danish port; across data, with a mezzanine financing for a European stabilized data center portfolio; and across renewables, by an equity investment in a South American hydro platform and to take private of a global renewable developer concentrated in France and Australia; and finally, across our first AI infrastructure deal with Bloom Energy, which we committed to this past quarter.

此次部署的核心是對所有產業、地理和資本結構中各個位置的大規模投資，包括：透過公用事業領域，對韓國一家工業氣體企業進行控股股權投資，以及對美國杜克能源佛羅裡達公司進行少數股權投資；透過對丹麥一家港口進行結構性股權投資，拓展交通運輸領域；透過為歐洲一家穩定的資料中心組合提供夾層融資，拓展資料領域；透過對南美一家水力發電平台進行股權投資，以及將一家主要在法國和澳洲的全球再生能源開發商私有化，拓展再生能源領域；最後，透過我們上個季度與Bloom Energy達成的首個人工智慧基礎設施交易。

AI promises unprecedented improvements in productivity, but it is simultaneously driving an unprecedented demand for infrastructure, from data centers and power generation to compute capacity and cooling technologies. We estimate that AI-related infrastructure investments will exceed $7 trillion over the next decade. Brookfield's unique position, owning and operating across the full energy, and digital infrastructure value chain gives us a tremendous advantage in capturing this opportunity.

人工智慧有望帶來前所未有的生產力提升，但同時也對基礎設施提出了前所未有的需求，從資料中心和發電到運算能力和冷卻技術。我們估計，未來十年與人工智慧相關的基礎設施投資將超過 7 兆美元。Brookfield 擁有並經營整個能源和數位基礎設施價值鏈，其獨特的地位使我們在抓住這一機會方面擁有巨大的優勢。

On the back of this generational investment opportunity, we are launching our AI infrastructure fund, a first-of-its-kind strategy that pulls together our global relationships with hyperscalers, our expertise in real estate, and our leading position in infrastructure and energy into one strategy, with the goal of being the partner of choice to leading corporates, governments, and other stakeholders looking for integrated solutions that combine development capability, operating expertise, and large-scale capital.

憑藉這一千載難逢的投資機遇，我們推出了人工智慧基礎設施基金，這是一項史無前例的策略，它將我們與超大規模企業的全球關係、我們在房地產領域的專業知識以及我們在基礎設施和能源領域的領先地位整合到一個戰略中，目標是成為領先企業、政府和其他利益相關者尋求綜合解決方案的首選合作夥伴，這些解決方案結合了大規模資本和開發能力。

We are also preparing to launch our flagship infrastructure fund, which is our largest strategy at Brookfield early next year. Looking ahead, we expect to have all of our infrastructure strategies in the market in 2026, including our flagship infrastructure fund, our AI Infrastructure fund, our mezzanine debt strategy, our open-ended super core, and private wealth strategies. And in the back half of the year, we expect to launch the second vintage of our Infrastructure Structured Solutions Fund.

我們也準備在明年初推出我們的旗艦基礎設施基金，這將是布魯克菲爾德最大的策略。展望未來，我們預計到 2026 年，我們將推出所有基礎設施策略，包括我們的旗艦基礎設施基金、人工智慧基礎設施基金、夾層債務策略、開放式超級核心基金和私人財富策略。今年下半年，我們預計將推出第二期基礎設施結構化解決方案基金。

As a result, despite raising $30 billion over the last 12 months, we expect next year will be even bigger. Within Renewable Power, this quarter, we also held the final close of the second vintage of our Global Transition flagship at $20 billion, making it $5 billion larger than its predecessor and the largest private fund ever dedicated to the global energy transition. The success of this fund raise also reinforces the scale, credibility, and momentum of our Energy franchise. Since launching our first ever transition strategy less than five years ago, our platform now produces over $400 million of annual fee revenues.

因此，儘管過去 12 個月籌集了 300 億美元，但我們預計明年的規模會更大。在再生能源領域，本季我們也完成了全球轉型旗艦基金第二期的最終募集，規模達到 200 億美元，比上一期增加了 50 億美元，成為有史以來規模最大的致力於全球能源轉型的私人基金。此次融資的成功也鞏固了我們能源業務的規模、信譽和發展勢頭。自從不到五年前推出首個轉型策略以來，我們的平台現在每年可產生超過 4 億美元的費用收入。

More important, we are investing into an environment that is highly attractive and increasingly constructive for us. Global demand for electricity is increasing at an unprecedented rate. This is the result of the ongoing trend of electrification as large sectors like industrials and transportation are increasingly electrifying. And this growth has now been supercharged in recent years by the surge in electricity demand from data centers to support cloud and AI growth around the world. Data centers are becoming some of the largest single consumers of electricity, and the scale of new generation required to support them is immense.

更重要的是，我們正在投資一個對我們極具吸引力且日益建設性的環境。全球電力需求正以前所未有的速度成長。這是電氣化持續發展趨勢的結果，工業和交通運輸等大型產業正日益電氣化。近年來，為了支持全球雲端運算和人工智慧的發展，資料中心的電力需求激增，這進一步加速了這一成長。資料中心正成為最大的單一電力消耗者之一，而支援它們所需的新發電規模是巨大的。

Each of these forces is contributing to a structural shortage of generation capacity. To put it plainly, the world needs more power, and it needs it faster than ever before. Our business is uniquely designed to meet this challenge. We are positioned to provide that any and all power solutions that will be necessary to meet this need. Our leading Renewable Power business can provide the low-cost wind and solar solutions needed to meet this increasing demand.

這些因素共同導致了發電能力的結構性短缺。簡而言之，世界需要更多能源，而且比以往任何時候都更需要。我們的業務模式經過獨特設計，正是為了應對這項挑戰。我們有能力提供滿足這項需求所需的一切電力解決方案。我們領先的再生能源業務可以提供低成本的風能和太陽能解決方案，以滿足不斷增長的需求。

Renewables continued to see significant growth due to their low-cost position, but also their ability to win on speed of deployment and energy security, as they do not rely on imported fuels. And in a world where baseload power and grid stability are increasingly important, in addition to Renewables, we have leading platforms in hydro, nuclear and energy storage, all of which play a critical and growing role for electricity grids, both independently and as complement alongside natural gas and renewables in the energy mix.

由於再生能源成本低廉，而且不依賴進口燃料，因此在部署速度和能源安全方面具有優勢，再生能源繼續保持顯著成長。在當今世界，基本負載電力和電網穩定性越來越重要，除了再生能源之外，我們在水力發電、核能發電和儲能方面也擁有領先的平台，所有這些平台在電網中都發揮著至關重要且日益重要的作用，它們既可以獨立發揮作用，也可以與天然氣和可再生能源在能源結構中形成互補。

In this regard, we are very pleased to announce, last week, a landmark partnership with the US government to construct $80 billion of new nuclear power reactors using Westinghouse technology. The agreement reestablishes the United States as a global leader in nuclear energy and positions Brookfield at the center of a historic build-out of clean baseload power, creating one of the most compelling growth opportunities across our transition platform and potentially one of the most successful investments in Brookfield's history.

在這方面，我們非常高興地宣布，上週我們與美國政府達成了一項具有里程碑意義的合作協議，將利用西屋公司的技術建造價值 800 億美元的新核電反應器。該協議重新確立了美國在全球核能領域的領導地位，並將布魯克菲爾德置於清潔基荷電力歷史性建設的核心地位，從而在我們轉型平台上創造了最具吸引力的增長機會之一，並有可能成為布魯克菲爾德歷史上最成功的投資之一。

Within our Private Equity business, we recently launched the [seventh vintage] of our flagship private equity strategy, which focuses on essential service businesses that form the backbone of the global economy. These include industrial, business services, and infrastructure adjacent companies where we can apply our operational expertise to drive efficiency, productivity, and scale.

在我們的私募股權業務中，我們最近推出了旗艦私募股權策略的第七期，該策略專注於構成全球經濟支柱的基本服務企業。這些公司包括工業、商業服務和基礎設施相關企業，我們可以運用我們的營運專長來提高效率、生產力和規模。

Early investor feedback for this strategy reflects a growing recognition that value creation in the current environment is driven less by multiple expansion or financial engineering and more by hands-on operational improvement, an approach that has long defined Brookfield's success.

早期投資者對該策略的反饋反映出，他們越來越認識到，在當前環境下，價值創造與其說是透過倍數擴張或金融工程驅動，不如說是透過實際的營運改善驅動，而這種方法長期以來一直是布魯克菲爾德成功的關鍵。

While many traditional buyout strategies are navigating slower fundraising cycles, we continue to be differentiated. We have consistently returned capital at strong returns from preceding vintages and are seeing strong demand for our differentiated, operationally focused model. We expect this next vintage to be our largest private equity fund ever.

儘管許多傳統收購策略都在應對較緩慢的融資週期，但我們仍然保持差異化優勢。我們一直以來都以強勁的回報率回報資本，並且我們看到市場對我們差異化、以營運為中心的模式有著強烈的需求。我們預計下一期基金將成為我們有史以來規模最大的私募股權基金。

We are also bringing our private equity strategy to the private wealth channel with the recent launch of a new fund structured for individuals. Similar to how we structured our successful Private Wealth Infrastructure fund, this new private equities fund will be able to invest alongside all of our private equity strategies. This means that targeting individual investors in the retirement market does not require us to invest differently, but rather simply package our current investment activity in a different way to meet the growing demand from a new set of clients.

我們最近推出了一檔專為個人設立的新基金，將我們的私募股權策略引入了私人財富管道。與我們成功建立的私人財富基礎設施基金類似，這支新的私募股權基金將能夠與我們所有的私募股權策略一起進行投資。這意味著，瞄準退休市場的個人投資者並不需要我們改變投資方式，而只需要以不同的方式包裝我們目前的投資活動，以滿足新客戶群日益增長的需求。

Within Real Estate, we continue to see strong momentum across our property business. Market conditions have improved meaningfully. Transaction volumes are rising. Capital markets are robust, and valuations for high-quality assets are firming. We are actively monetizing stabilized assets, selling approximately $23 billion of properties, representing $10 billion of equity value over the past 12 months.

在房地產領域，我們看到整個物業業務持續保持強勁成長勢頭。市場狀況已顯著改善。交易量正在上升。資本市場穩健，優質資產估值趨於穩定。我們正在積極將已穩定營運的資產變現，在過去 12 個月中出售了價值約 230 億美元的房產，相當於 100 億美元的股權價值。

At the same time, it is an excellent point in the cycle to be deploying capital into certain segments of the market, and we have significant dry powder to put to work following the successful close of our latest flagship real estate fund, our largest real estate strategy ever. The combination of limited new supply, recapitalization needs, and improving sentiment is creating one of the most attractive investment environments we've seen in years.

同時，目前是向市場某些領域部署資本的絕佳時機，而且在我們最新旗艦房地產基金（我們有史以來最大的房地產戰略）成功完成募集後，我們有大量資金可以投入使用。新供應有限、資本重組需求以及市場情緒改善等因素共同造就了近年來最具吸引力的投資環境之一。

We are also taking advantage of the constructive financing backdrop to strengthen our long-term holdings, including the $1.3 billion refinancing of 660 Fifth Avenue in Manhattan, part of the over $35 billion of real estate financings we've closed year to date.

我們也利用良好的融資環境來加強我們的長期投資，包括對曼哈頓第五大道 660 號進行 13 億美元的再融資，這是我們今年迄今完成的超過 350 億美元房地產融資的一部分。

And finally, on our Credit business, we will make a few additional points. We continue to see a large opportunity set to invest in the areas that fit our core competencies. The themes driving our equity businesses will require significant debt capital investment, and Brookfield is well suited with its expertise and capital to meet that need, whether it be in real asset, opportunistic, or asset-backed finance.

最後，關於我們的信貸業務，我們還要補充幾點。我們持續看到在符合我們核心競爭力的領域進行投資的巨大機會。推動我們股權業務發展的主題需要大量的債務資本投資，而布魯克菲爾德憑藉其專業知識和資本，完全能夠滿足這一需求，無論是在實物資產融資、機會型融資還是資產支持融資方面。

As we look ahead to the rest of the year and into 2026, we see the market continuing to be strong for our business. Capital markets remain healthy. Liquidity is abundant, and the opportunity set across our businesses continues to expand. The flagship strategies we are launching will continue to anchor our growth, while our complementary products, including our AI Infrastructure fund and our rapidly scaling fundraising channels such as wealth and insurance, are diversifying our platform and driving our consistent high-teens growth rates.

展望今年剩餘時間以及2026年，我們認為市場對我們的業務將繼續保持強勁勢頭。資本市場仍保持健康。資金充裕，我們各個業務領域的機會也不斷擴大。我們推出的旗艦策略將繼續支撐我們的成長，而我們的配套產品，包括我們的人工智慧基礎設施基金和快速擴張的籌資管道（如財富和保險），正在使我們的平台多元化，並推動我們持續保持兩位數以上的成長率。

The secular forces shaping the global economy, digitalization, decarbonization, and deglobalization are the same themes that have guided our strategy for many years. Today, they are accelerating. As these trends converge, Brookfield's global reach, operating depth, and access to long-term capital position us well to continue leading the industry.

塑造全球經濟的長期力量，即數位化、脫碳和去全球化，與多年來指導我們策略的主題相同。如今，它們正在加速發展。隨著這些趨勢的匯合，Brookfield 的全球影響力、營運深度和長期資本獲取能力使我們能夠繼續引領產業發展。

With that, we'll turn the call over to Hadley to discuss our financial results, record quarterly fundraising, and balance sheet positioning.

接下來，我們將把電話交給哈德利，讓他討論我們的財務表現、創紀錄的季度籌款以及資產負債表狀況。

Thank you, Connor. Today, I'll provide an overview of our third-quarter financial results, including additional color around $30 billion of fundraising, our recent M&A activities, and the strategic positioning of our balance sheet. As previously mentioned, we delivered another record quarter of earnings, driven by strong fundraising, deployment, and monetization. Fee-bearing capital increased to $581 billion, up 8% year over year. Over the last 12 months, fee-bearing capital inflows totaled $92 billion, of which $73 billion came from fundraising, and $19 billion came from deployment of previously uncalled commitments.

謝謝你，康納。今天，我將概述我們第三季的財務業績，包括對 300 億美元融資、我們最近的併購活動以及我們資產負債表的策略定位的更多細節。如前所述，在強勁的融資、部署和變現的推動下，我們又實現了創紀錄的季度獲利。收費資本增至 5,810 億美元，較去年同期成長 8%。過去 12 個月，收費資本流入總額為 920 億美元，其中 730 億美元來自募資，190 億美元來自先前未調用承諾的部署。

In the third quarter, fee-bearing capital grew $18 billion, driven in large part by the final close of the second vintage of our global transition flagship fund and continued strong capital raising and deployment across our complementary strategies. Fee-related earnings were up 17% to $754 million, or $0.46 per share, and distributable earnings were up 7% to $661 million, or $0.41 per share. Distributable earnings growth reflected higher fee-related earnings, partially offset by increased interest expense from the bonds we issued over the past year and lower interest and investment income.

第三季度，收費資本增加了 180 億美元，這主要得益於我們全球轉型旗艦基金第二期最終完成募集，以及我們在各項互補策略中持續強勁的資本募集和部署。與費用相關的收益成長 17% 至 7.54 億美元，即每股 0.46 美元；可分配收益成長 7% 至 6.61 億美元，即每股 0.41 美元。可分配收益成長反映了手續費相關收益的增加，但部分被過去一年發行的債券利息支出增加以及利息和投資收入下降所抵消。

Overall, growth was driven by a record $106 billion raise over the last 12 months and record deployments of nearly $70 billion. This activity has been a major catalyst for our business, and we will continue to be active on the deployment front, given strong investment opportunities in front of us. The simplicity and consistency of our earnings anchored almost entirely in reoccurring fees gives us a strong foundation to continue to build from, especially as we continue to further our capital base and launch new strategies.

總體而言，過去 12 個月內創紀錄的 1,060 億美元融資和創紀錄的近 700 億美元的投資推動了成長。這項活動已成為我們業務發展的重要催化劑，鑑於擺在我們面前的強勁投資機會，我們將繼續在部署方面保持積極態勢。我們收益的簡單性和穩定性幾乎完全依賴經常性費用，這為我們繼續發展奠定了堅實的基礎，尤其是在我們不斷擴大資本基礎和推出新策略的情況下。

Lastly, our margin in the quarter was 58%, in line with the prior year quarter, and 57% over the last 12 months, up 1% from the prior year period. This margin increase was driven by three offsetting dynamics. First, we continue to acquire a greater portion of our partner managers. These businesses have lower margins, and therefore, while these acquisitions are highly accretive acquisitions, they do weigh a bit on our consolidated margin.

最後，本季我們的利潤率為 58%，與去年同期持平；過去 12 個月的利潤率為 57%，比上年同期增長了 1%。這一利潤率的成長是由三個相互抵銷的因素所驅動的。首先，我們不斷擴大合作夥伴經理的佔比。這些企業的利潤率較低，因此，雖然這些收購是高增值收購，但它們確實對我們的合併利潤率造成了一定壓力。

Second, Oaktree margins are temporarily lower than usual. At this point in the cycle, Oaktree is returning significant capital, but has not yet called capital for some of its deployment, leading to a natural reduction in fee-related earnings and margins. That trend will reverse as it has in the past, given the strong growth in the business. Finally, our margins on our core business continued to increase as expected, more than offsetting these dynamics.

其次，Oaktree 的利潤率暫時低於正常水準。在本輪週期中，橡樹資本正在返還大量資本，但尚未召回部分投資資金，這自然導致費用相關收益和利潤率下降。鑑於業務的強勁成長，這種趨勢將會像過去一樣逆轉。最後，我們核心業務的利潤率如預期般持續成長，足以抵銷這些不利因素的影響。

Turning to fundraising. In total, we raised $30 billion of capital in the quarter, bringing our 12-month total to $106 billion. Over 75% of that capital came from complementary strategies, reflecting the breadth, strength, and diversification of our offerings, which allows for sustained fundraising momentum in addition to our flagship cycle.

轉而進行籌款活動。本季我們共籌集了 300 億美元的資金，使我們 12 個月的總籌資達到 1,060 億美元。超過 75% 的資金來自互補策略，這反映了我們產品的廣度、實力和多元化，這使得除了我們的旗艦週期之外，還能保持持續的籌款勢頭。

As for our flagships, we also raised $4 billion for the final close of our second global transition flagship, bringing the strategy size to $20 billion. We continue to raise capital for the fifth vintage of our flagship real estate strategy, bringing in $1 billion from SMA, regional sleeves, and private wealth for the quarter, with $17 billion being raised to date for the entire strategy.

至於我們的旗艦項目，我們還為第二個全球轉型旗艦項目的最終完成籌集了 40 億美元，使該戰略規模達到 200 億美元。我們繼續為旗艦房地產策略的第五期籌集資金，本季從SMA、區域分支機構和私人財富中籌集了10億美元，迄今為止，整個策略已籌集了170億美元。

Within our Infrastructure business, we raised $3.5 billion, including $800 million for our private wealth infrastructure vehicle, bringing our year-to-date total for the fund to $2.2 billion.

在我們的基礎設施業務中，我們籌集了 35 億美元，其中包括為我們的私人財富基礎設施工具籌集的 8 億美元，使該基金今年迄今的總規模達到 22 億美元。

In our Private Equity business, we raised $2.1 billion, including a total of $1.4 billion for two inaugural complementary funds, our Middle East private equity fund and our financial infrastructure fund. Subsequent to quarter end, we held a final close for the inaugural Pinegrove opportunistic strategy for $2.5 billion, exceeding its initial target and ranking among the largest first-time venture growth or secondary fund ever raised.

在我們的私募股權業務中，我們籌集了 21 億美元，其中包括為兩支首批互補基金（即我們的中東私募股權基金和金融基礎設施基金）籌集的總計 14 億美元。季度末之後，我們完成了首期 Pinegrove 機會型策略基金的最終募集，規模達 25 億美元，超過了最初的目標，並躋身有史以來規模最大的首次風險成長或二級市場基金之列。

And finally, on Credit, we brought in $16 billion of capital across our funds, insurance, and partner manager strategies. This included over $6 billion across our long-term private credit funds, including $800 million for the fourth vintage of our infrastructure Mezz credit strategy, which has raised more than $4 billion for its first close. We also raised $5 billion from Brookfield Wealth Solutions, including an SMA agreement with a leading Japanese insurance company, marking its first entry into the Japanese insurance market, which should be the first of more to come.

最後，在信貸方面，我們透過基金、保險和合作夥伴管理策略引入了 160 億美元的資本。這其中包括我們長期私募信貸基金的 60 億美元，其中包括我們基礎設施夾層信貸策略第四期的 8 億美元，該策略首輪融資已籌集超過 40 億美元。我們還從 Brookfield Wealth Solutions 籌集了 50 億美元，其中包括與一家日本領先保險公司達成的 SMA 協議，這標誌著我們首次進入日本保險市場，而這應該是未來更多合作的開始。

As we head towards the end of the year, we're confident this will be our best fundraising year ever, and we see that trend continuing with strong momentum for 2026. Broadening the scope to the next five years, we recently laid out our plan to double the business by 2030 at our Annual Investor Day hosted in New York. We outlined our plan to continue expanding our product offerings by scaling existing offerings and launching new ones, diversifying our investor base, including across Europe, Asia, middle market, and family offices, and on the retail side by launching new private wealth related products. These drivers should enable us to double our business over the next five years, with fee-related earnings reaching $5.8 billion, distributable earnings reaching $5.9 billion, and fee-bearing capital reaching $1.2 trillion.

隨著年底臨近，我們有信心這將是我們有史以來籌款成績最好的一年，而且我們預計這一趨勢將在 2026 年繼續保持強勁勢頭。將範圍擴大到未來五年，我們在紐約舉辦的年度投資者日上公佈了到 2030 年實現業務翻番的計劃。我們概述了我們的計劃，即透過擴大現有產品規模和推出新產品來繼續擴大我們的產品供應，使我們的投資者基礎多元化，包括歐洲、亞洲、中端市場和家族辦公室，並在零售方面推出新的私人財富相關產品。這些因素應該能夠使我們在未來五年內實現業務翻番，其中與費用相關的收入將達到 58 億美元，可分配收入將達到 59 億美元，收費資本將達到 1.2 兆美元。

However, our business plan does not include certain additional growth opportunities such as product development, M&A associated with our partner managers, and opening up of the 401(k) market opportunity, which gives us multiple paths to outperform and to deliver over 20% annualized earnings growth.

然而，我們的商業計劃並未包含某些額外的成長機會，例如產品開發、與我們的合作夥伴經理相關的併購以及開拓 401(k) 市場機會，這些機會為我們提供了多種超越競爭對手並實現超過 20% 年化收益增長的途徑。

Turning now to our balance sheet. In September, we issued $750 million of new 30-year senior secured notes at a coupon of 6.08%, extending our maturity profile and diversify our funding sources. We also increased the capacity of our revolver by $300 million to provide additional flexibility as our business continues to grow. At quarter end, we had $2.6 billion in liquidity, a strong liquidity position. We use our balance sheet selectively to [cede] new products and support strategic partnerships, such as closing the acquisition of a majority stake in Angel Oak, and signing the acquisition, the remaining 26% of Oaktree that we currently do not own, both of which occurred after the quarter.

現在來看我們的資產負債表。9 月，我們發行了 7.5 億美元的 30 年期優先擔保票據，票面利率為 6.08%，延長了我們的到期期限，並使我們的融資來源多樣化。隨著業務的不斷成長，我們還將循環信貸額度增加了 3 億美元，以提供更大的靈活性。季度末，我們擁有 26 億美元的流動資金，流動性狀況良好。我們選擇性地利用資產負債表來[轉讓]新產品和支持戰略合作夥伴關係，例如完成對 Angel Oak 多數股權的收購，以及簽署收購我們目前尚未擁有的 Oaktree 剩餘 26% 股份的協議，這兩件事都發生在本季度之後。

On Oaktree, we will invest approximately $1.6 billion to acquire their fee-related earnings, carried interest in certain funds, and related partner manager interest. Upon close, it will create a fully integrated leading global credit platform with significant scale and capability. The transaction is expected to close in the first half of 2026 and is subject to customary closing conditions including regulatory approval.

我們將投資約 16 億美元收購 Oaktree 的費用相關收益、某些基金的附帶權益以及相關的合夥人管理權益。交易完成後，將創造一個規模和能力都非常強大的全球領先信貸平台，以實現全面整合。該交易預計將於 2026 年上半年完成，但需滿足慣例成交條件，包括獲得監管部門批准。

Lastly, we declared a quarterly dividend of $0.4375 per share, payable December 31 to shareholders of record as of November 28.

最後，我們宣布派發每股 0.4375 美元的季度股息，將於 12 月 31 日支付給 11 月 28 日登記在冊的股東。

In closing, we are confident in our trajectory towards achieving our long-term growth goals. The breadth of our platform, our operational expertise, and our global scale continue to give us a clear advantage. Our strategies align with the strong tailwinds of digitalization, decarbonization, and deglobalization, and we're expanding in areas where these trends intersect: AI Infrastructure, energy transition, and essential real assets.

最後，我們對實現長期成長目標的路徑充滿信心。我們平台的廣度、營運專長和全球規模持續為我們帶來明顯的優勢。我們的策略與數位化、脫碳化和去全球化的強勁發展趨勢一致，我們正在這些趨勢交匯的領域進行擴張：人工智慧基礎設施、能源轉型和重要實體資產。

Thank you for your continued support, and we're ready to take questions.

感謝您一直以來的支持，我們隨時準備回答您的問題。

(Operator Instructions) Alex Blostein, Goldman Sachs.

（操作說明）Alex Blostein，高盛。

I was hoping we could start maybe with the commentary around fundraising momentum in the business you're seeing into 2026. A number of pretty robust verticals, but at the same time, it sounds like monetization outlook is also picking up. So maybe help us frame what that could mean for management fee growth as you look out into 2026. So maybe we could start there. Thanks.

我希望我們能先從評論一下您認為到 2026 年該行業的融資勢頭開始。雖然有許多相當強勁的垂直領域，但同時，獲利前景似乎也在好轉。所以，展望 2026 年，您能否幫我們分析一下這可能對管理費成長意味著什麼？或許我們可以從那裡開始。謝謝。

Thanks, Alex. We're very excited about 2026. Maybe if we can start with fundraising. For 2025, I think we guided that fundraising would exceed 2024s levels ex AEL of $85 billion to $90 billion. Through three quarters, we're at $77 billion and expect to meaningfully exceed that target.

謝謝你，亞歷克斯。我們對2026年充滿期待。或許我們可以先從募款開始。我認為，我們預計 2025 年的募款金額將超過 2024 年的水準（不包括 AEL），即 850 億美元至 900 億美元。前三個季度，我們的營收達到 770 億美元，預計將大幅超過該目標。

As we look forward to 2026 with our infrastructure and flagship -- infrastructure and private equity flagships in the market with a bumper year expected in infrastructure fundraising with the closing of Just Group and the continued growth in our partner managers and complementary strategies, we very much expect 2026 to exceed the levels we'll achieve in 2025.

展望 2026 年，隨著 Just Group 的完成以及我們合作夥伴經理和互補策略的持續增長，我們的基礎設施和旗艦項目——基礎設施和私募股權旗艦項目——預計將在 2026 年迎來豐收年，我們非常有信心 2026 年的業績將超過 2025 年的水平。

And then when you turn that towards FRE growth, we expect to maintain our momentum and either reach or exceed what has been laid out in our five-year plan. And this is really driven by two things. One, with the addition of Oaktree, Just Group, Angel Oak, those transactions will add almost $200 million to our FRE on a run rate basis going forward. And then when you add the run rating of the growth in 2025 rolling through our numbers in 2026 and the expected growth just laid out from new fundraising in 2026, we expect next year to be a very strong year.

然後，當我們把這種勢頭轉向 FRE 成長時，我們期望保持這種勢頭，並達到或超過我們在五年計劃中製定的目標。這其實是由兩件事驅動的。第一，隨著 Oaktree、Just Group 和 Angel Oak 的加入，這些交易將使我們未來的 FRE 年率增加近 2 億美元。然後，當你把 2025 年的成長預期推算到 2026 年，再加上 2026 年新募款帶來的預期成長，我們預計明年將是業績非常強勁的一年。

Great. Thank you.

偉大的。謝謝。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO資本市場。

I just wanted to focus just a little bit on the Credit business, if we can. Obviously, an important source of fee-bearing capital growth as part of the five-year plan. This quarter, the fee rate, the blended fee rate, if I look at the fee revenues relative to the private credit, or the total credit, I should say, funds was a bit higher than what we're used to seeing. Can you just talk a little bit about what was the driver of that, if that is a new rate we're looking at, if the fee rate is a little bit higher? Is that consistent? Or is that a one-off?

如果可以的話，我只想稍微關註一下信貸業務。顯然，這是五年計畫中重要的收費資本成長來源。本季度，手續費率，或者說綜合手續費率，如果我看一下手續費收入相對於私人信貸或總信貸資金的比例，應該說是比我們通常看到的要高一些。您能否簡單談談促成這一結果的原因，如果這是一個新的費率，或者費用略有提高？這前後一致嗎？還是這只是個特例？

And then there's just -- private credit has been a little bit more in the headlines. Just curious to kind of get a sense of how you think about it relative to your business and the growth aspirations that you have especially coming from credit. Thank you.

此外，私人信貸也更多出現在新聞頭條上。我只是好奇想了解一下您是如何看待信貸對您的業務和發展目標的影響的。謝謝。

Thank you. Perhaps I'll start, and then I'll hand to Hadley. In terms of the slightly elevated fee rate this quarter in terms of private credit, it's really driven by two things. Our private credit business continues to evolve as the mix shift within our business adjusts through the transactions and the increasing ownership of our partner managers. And what we would say is on a blended basis, our fee rate is going up marginally.

謝謝。或許我會先開始，然後交給哈德利。本季私人信貸費率略有上升，這主要是由兩件事造成的。隨著我們業務內部結構的變化，以及我們合作夥伴經理所有權的增加，我們的私人信貸業務也在不斷發展。也就是說，綜合來看，我們的收費標準略有增加。

We will acknowledge that particularly within our Castlelake business that is performing very well, there was an outsized quarter with some one-off transaction fee revenue that is creating a little bit of upside in this quarter's numbers, but that shouldn't detract for a broader positive trend that we're seeing across our Credit business.

我們承認，尤其是在我們表現非常出色的 Castlelake 業務中，本季度出現了一些一次性交易費收入，這給本季度的業績帶來了一些增長，但這不應掩蓋我們信貸業務整體上呈現的積極趨勢。

Yeah. And I'll just talk a little bit about how we're seeing credit more holistically. I mean, there have been a few high-profile credit events in the market. And what we're seeing across our portfolio and the broader credit trend is that these events are very isolated and not a sign of a broader credit cycle. And if you actually look at our portfolio, we don't have any relevant exposure to these issues.

是的。接下來，我將簡單談談我們如何以更全面的方式看待信貸。我的意思是，市場上確實發生過幾起備受矚目的信用事件。我們從投資組合和更廣泛的信貸趨勢中看到，這些事件非常孤立，並不代表更廣泛的信貸週期。如果你仔細查看我們的投資組合，你會發現我們並沒有涉足這些問題。

But when we think about our portfolio, our area of focus has really been heavily around real assets, asset-backed finance, opportunistic. And these are where we have expertise around the structuring, the underwriting of the sectors, the sourcing capabilities, and then, of course, our scale. And we've been less focused around the more commoditized part of the private credit market related especially around direct lending. The one point I would probably also add though, is that if there was a broader credit cycle, that plays to our strength with our opportunistic credit strategies.

但當我們考慮我們的投資組合時，我們的重點實際上一直集中在實體資產、資產支持融資和機會型投資上。我們在結構設計、產業承保、資源取得能力以及規模方面都擁有專業知識。我們一直以來對私人信貸市場中商品化程度較高的部分，特別是直接貸款的關注度較低。不過我可能還要補充一點，如果信用週期更廣泛，那將有利於我們採取機會主義信貸策略。

So overall, we feel really good about our positioning. We have a large, diversified, and differentiated platform around our Credit business, and that's built for growth and resiliency across the market cycles. And we'll only benefit with the integration of Oaktree.

總的來說，我們對自身的市場定位感到非常滿意。我們圍繞著信貸業務建立了一個龐大、多元化和差異化的平台，該平台旨在實現跨越市場週期的成長和韌性。而整合 Oaktree 只會讓我們受益。

But Hadley, if I can just ask one quick follow-up on that. Given the pleasant surprise, for example, this quarter, as minor as it was, came out of one of the partner managers that you own, like is there a potential for negative surprises, I suppose, to come from the partner managers as well? And can you dimension what sort of risk management, I suppose, is in place to color that?

但是哈德利，我可以再問一個後續問題嗎？例如，本季度出現了一個令人驚訝的結果，儘管幅度不大，但卻來自您擁有的合作夥伴經理。那麼，合作夥伴經理是否也可能帶來一些負面的驚喜呢？那麼，您能否評估一下，目前有哪些風險管理措施會影響到這種情況呢？

No, we don't see that. And it goes back to the area of focus. If you think about our expertise around real assets and the areas within asset-backed finance that we focus on, that's critical because we're doing the due diligence. We've got collateral. We've got strong structures in place, and look, low default rates and high recovery rates. And so that puts us in a really good position. That's why we like that part of credit.

不，我們沒看到這種情況。而這又回到了我們關注的領域。考慮到我們在實體資產和資產支援融資領域的專業知識，這一點至關重要，因為我們會進行盡職調查。我們有抵押品。我們已經建立了完善的機制，而且你看，違約率低，回收率高。因此，這使我們處於非常有利的地位。這就是我們喜歡信貸這一部分的原因。

Okay. Very helpful. Thank you very much for taking my question.

好的。很有幫助。非常感謝您回答我的問題。

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

With regard to the pending buy-in of the Oaktree minority stake, can you talk about some of the things that you'll be able to do together as a combined company that you can't do today as a majority owner?

關於即將收購 Oaktree 的少數股權，您能否談談合併後的公司能夠做一些目前作為控股股東無法做的事情？

Thanks, Cherilyn. We're thrilled about the transaction that we've announced with Oaktree. And really what it allows us to do is accelerate the combination of the businesses and unlock the benefits of integrating two leading institutions. And maybe to simplify it, we would say the low-hanging fruit near-term upsides are really in three places.

謝謝你，雪莉琳。我們對與橡樹資本達成的交易感到非常興奮。實際上，它使我們能夠加快兩家企業合併的步伐，並釋放整合兩家領先機構所帶來的益處。或許簡單來說，我們可以說，近期最容易實現的收益主要體現在三個方面。

One will be almost instantaneously on closing. Oaktree had its own subsidiary balance sheet. We can immediately collapse that. That's much more efficient for us from a financing perspective. Even further, within that balance sheet, there are a number of securities and investment positions, that under Brookfield Asset Management's asset-light model. We will actually monetize those positions and use them to fund a very large portion of our purchase price, making that transaction highly, highly accretive.

其中一件幾乎會在交易完成後立即生效。橡樹資本擁有自己的子公司資產負債表。我們可以立即將其摧毀。從融資角度來看，這對我們來說效率更高。此外，在該資產負債表中，還有一些證券和投資頭寸，這些頭寸均屬於布魯克菲爾德資產管理公司的輕資產模式。我們將把這些頭寸變現，並用它們來支付我們收購價格的很大一部分，從而使這筆交易帶來非常非常高的收益。

The second opportunity is really just around operating leverage. When it comes to fund operations, administration, and back office, there's tremendous synergies in operating leverage as both our businesses continue to grow from combining our combined capabilities and not really as a scale business. And putting the two institutions together will unlock a lot of value.

第二個機會其實就在於營運槓桿。在基金營運、管理和後台方面，由於我們兩家公司透過結合各自的能力不斷增長，而不是真正依靠規模效應，因此在營運槓桿方面存在巨大的協同效應。將這兩個機構合併在一起，將釋放出巨大的價值。

And then the last one is absolutely the most important. And it's the ability to see upsides in our marketing, our client service, and our product development. Our ability to combine the power of the two organizations in terms of the products and solutions and partnerships that we can offer to our clients, we think it's going to be unmatched. And this is particularly valuable for serving the growing portions of the market, whether it be insurance companies and individual investors going forward.

最後一點才是最重要的。而且，我們能夠看到我們在行銷、客戶服務和產品開發方面的優勢。我們認為，將兩家機構的優勢結合起來，能夠為客戶提供無與倫比的產品、解決方案和合作夥伴關係。這對於服務不斷增長的市場群體，無論是保險公司還是個人投資者，都具有特別重要的價值。

Maybe just on a closing note. The team at Oaktree has been our partners for the last six years, and this just takes that partnership to a whole another level. Howard Marks is on the Board of BAM. Bruce Karsh is going to go on the Board of Brookfield Asset Management. And it's early days, but our interactions with Armen and Bob, Todd, and the fantastic team at Oaktree, we already expect this integration to be far better than we initially hoped.

或許就作為結尾的話。在過去六年裡，橡樹資本團隊一直是我們的合作夥伴，而這次合作將這種夥伴關係提升到了一個全新的高度。霍華德·馬克斯是BAM的董事會成員。布魯斯·卡什將加入布魯克菲爾德資產管理公司董事會。雖然現在還處於早期階段，但透過與 Armen、Bob、Todd 以及 Oaktree 的出色團隊的交流，我們已經預期這次整合將會比我們最初希望的要好得多。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，加拿大皇家銀行資本市場。

I wanted to touch on the retail theme. So you talked about the infrastructure wealth product and the momentum there and then the PE evergreen strategy, I think that's in the market now. So one theme, but two parter. Just can you give us a sense of the early indication that you're seeing these products and the momentum into next year? And then just a reminder of the distribution strategy as you build these products out into next year. Thanks.

我想談談零售業這個話題。所以你談到了基礎設施財富產品及其發展勢頭，以及私募股權永續投資策略，我認為這些策略現在都已進入市場。所以，雖然主題相同，但分為兩個部分。您能否簡要介紹一下您目前對這些產品的觀察結果以及它們在明年的發展勢頭？最後，提醒一下大家，在明年繼續推動這些產品的分銷策略。謝謝。

Thank you. I think it goes without saying that the momentum we're seeing in the individual market is very robust. And again, that we will highlight, we view this as a market -- the broader individual market. That's your high net worth in your retail investor. That's your annuity and insurance policyholder. That's your 401(k) in your retiree market. We view this as a very significant market opportunity that will continue to grow incrementally for the years and candidly, decades to come.

謝謝。我認為毋庸置疑，目前個股市場的上漲動能非常強勁。再次強調，我們把這當作一個市場──更廣泛的個人市場。這就是您在零售投資者中的高淨值。那就是您的年金和保險投保人。這就是你在退休市場上的401(k)計畫。我們認為這是一個非常重要的市場機遇，在未來幾年甚至幾十年內，它將持續穩定成長。

In terms of where we're seeing growth opportunities in the near term, we are launching new products into this market. We just recently launched our private equity product for the retail channel. That launched just recently and started with an incredibly successful launch in Canada and is now launching in the US. And our expectation is that's really the equivalent to our infrastructure product for the retail market. We expect the private equity product to scale even faster than our infrastructure product has. And therefore, we continue to expect this to be an increasing portion of our growth in earnings going forward.

就近期我們看到的成長機會而言，我們正在向這個市場推出新產品。我們最近在零售通路推出了私募股權產品。該產品最近剛推出，在加拿大取得了巨大的成功，現在正在美國推出。我們預計這實際上相當於我們面向零售市場的基礎設施產品。我們預期私募股權產品的規模擴張速度甚至會超過我們的基礎設施產品。因此，我們預期未來這部分營收在公司獲利成長中所佔的比例將持續增加。

Thanks. And sorry, just on the distribution strategy?

謝謝。不好意思，只是關於分銷策略方面的問題嗎？

Certainly. So I think there's two key components there. In terms of distribution into the individual market more broadly, the winners in this market are largely going to be driven by who has the track record, the scale, and the credibility. And as a result of that, we are seeing significant opportunity to get our products placed onto the leading bank distribution platforms around the world for that near-term market opportunity in retail.

當然。所以我認為這裡有兩個關鍵要素。從更廣泛的個人市場分銷角度來看，這個市場的贏家很大程度上將取決於誰擁有業績記錄、規模和信譽。因此，我們看到了一個絕佳的機會，可以將我們的產品推向全球領先的銀行分銷平台，從而抓住近期零售市場的機會。

As we think ahead more broadly to other components of the individual market, in particular, the 401(k) and the retiree market, at this point, we are preparing our business for that very significant opportunity, making sure we have the right relationships and the right partners with all the stakeholders in that space. That's the advisers. That's the plan administrators. That's the consultants. That's the record keepers. And there's a significant effort within Brookfield. And we feel -- given our focus on real assets that lends itself well that growing market, we feel we're very well positioned.

當我們更廣泛地展望個人市場的其他組成部分，特別是 401(k) 計劃和退休人員市場時，目前我們正在為這一非常重要的機會做好準備，確保我們與該領域的所有利益相關者建立正確的關係和合適的合作夥伴。那是顧問們。那是計劃管理人。那是顧問們。那是記錄員。布魯克菲爾德內部也投入了大量精力。鑑於我們專注於適合不斷成長的市場的實體資產，我們認為我們處於非常有利的地位。

Great. That's it from me. Very helpful. Thanks.

偉大的。我的內容就到這裡。很有幫助。謝謝。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

So our question is on corporate direct lending, both IG and non-IG. From your prepared commentary, it sounds like you're less constructive on the investment opportunity today versus some of what your peers are saying due to intensifying competition. However, when you take a step back, it looks like aggregate LTVs are still pretty low, and the spread to public are still pretty rich. And with the cash yields declining now at Fed rate cuts, the relative attractiveness to retail insurers institutions should still be there. So my question is, what am I missing here besides the gaining share of private credit versus BSL and high yield?

所以我們的問題是關於企業直接貸款，包括投資等級貸款和非投資等級貸款。從你事先準備好的評論來看，由於競爭加劇，你對當今的投資機會的看法似乎不如一些同行那樣具有建設性。然而，從整體來看，LTV 仍然很低，而公眾的利差仍然很大。隨著聯準會降息導致現金收益率下降，零售保險公司對投資證券的相對吸引力應該仍然存在。所以我的問題是，除了私人信貸相對於BSL和高收益債券的份額不斷增加之外，我還錯過了什麼？

So Craig, great question. And maybe just to put some context around this, let's come at it from a few different ways. On a more general basis, we believe private credit for various reasons has become and will continue to be a very important component of global finance, and it's going to continue to grow beside bank credit and other liquid sources. And that growth is very robust, and it's not short term in nature. It's going to be enduring for the long term.

克雷格，問得好。為了更好地理解這個問題，我們不妨從幾個不同的角度來看它。更普遍地說，我們認為由於各種原因，私人信貸已經成為並將繼續成為全球金融中非常重要的組成部分，並且它將與銀行信貸和其他流動性來源一起繼續增長。而且這種成長非常強勁，並非短期成長。它將長期存在。

In terms of today within the market, where are we seeing the most attractive returns on a risk-adjusted basis? Obviously, every investment is specific. But broad-based, we're seeing tremendous -- we're seeing a very strong premium in particular, in credit related to real assets, infrastructure and real estate credit, and certain components of the asset-backed finance market.

就目前市場而言，在風險調整後的效益方面，哪些領域最具吸引力？顯然，每項投資都有其特殊性。但從整體上看，我們看到了巨大的溢價——尤其是在與實體資產、基礎設施和房地產信貸以及資產支持融資市場的某些組成部分相關的信貸方面，我們看到了非常強勁的溢價。

I think the comments that you are referring to is there have been a significant amount of capital poured into the direct and corporate lending market. And in some places, we are seeing spreads very compressed. And in other places, we're seeing a little bit of covenant degradation due to the competition to secure some of those lending mandates. Obviously, that is specific on a case-by-case basis.

我認為你指的是，大量資金已經流入了直接貸款和企業貸款市場。在某些地方，我們看到疫情傳播非常迅速。而在其他一些地方，由於爭奪貸款授權的競爭，我們看到了一些契約條款的惡化。顯然，這要視具體情況而定。

But in general, what we are trying to do is avoid the most commoditized components of the market and really focus to where we're getting that attractive spread premium, and where we can preserve our covenant positions the way we have in the past. But I appreciate the question because what we would not want you to interpret is that we think private credit is slowing down. It is a very large and growing and enduring part of the financial system going forward.

但總的來說，我們努力的目標是避開市場中商品化程度最高的部分，真正專注於那些能夠帶來誘人價差溢價，並且能夠像過去一樣維護我們契約地位的部分。但我很感謝你的提問，因為我們不希望你誤解為我們認為私人信貸正在放緩。它將成為未來金融體系中非常龐大、不斷成長且持久的一部分。

Thanks, Connor. I have a follow-up on the Credit business, and I think you covered a little bit earlier, but I was bouncing around between two calls. But management fees in the Credit business went up a lot faster than average fee-bearing AUM. And I know Castlelake went in there. So maybe that had some lumpiness in there. But we still have the fee rate up 10% on the average fee-bearing AUM base. So were there any lumpy items in the revenue side that we should back out?

謝謝你，康納。關於信貸業務，我還有一些後續問題，我想您之前已經稍微談過，但我一直在忙著接聽兩通電話。但信貸業務的管理費成長速度遠超過平均收費資產管理規模。我知道卡斯爾萊克也去了那裡。所以，裡面可能有些結塊。但我們仍將平均收費資產管理規模的費率提高了 10%。那麼，收入方面是否有任何需要剔除的較大項目？

And also, I don't think you hit this part, but were there any lumpy items in the expense side of the Credit business? Because sometimes a lumpy revenue item might correlate with an expense item. So we just want to make sure we get the P&L run rate correct as we walk into 4Q here. Thanks, Connor.

另外，我覺得你可能沒提到這一點，但是信貸業務的支出方面是否存在任何異常大額的項目？因為有時大額收入項目可能與支出項目有關。所以，我們只是想確保在進入第四季時，損益運作率能夠正確無誤。謝謝你，康納。

Sure. And it's pretty simple. Thank you again for the question. The outsized growth that we had in Credit this quarter, I think the way to think about it is I think that business was up almost 15%. About half of that is just run rate organic growth, the continued momentum we're seeing in that business. And half of that was the full quarter of an acquisition that was made within our Castlelake business. So some of it was M&A related, and some of it was organic growth. Maybe you can think about that as roughly half and half.

當然。其實很簡單。再次感謝您的提問。本季信貸業務實現了超額成長，我認為應該這樣理解：業務成長了近 15%。其中大約一半是正常水準的自然成長，也就是我們在這個業務領域看到的持續成長勢頭。其中一半是我們 Castlelake 業務收購專案的全部季度收益。所以其中一部分成長與併購有關，一部分成長則來自自身業務的自然成長。或許你可以把它理解為大致各佔一半。

And then on the fee rate component within Castlelake, which is a business -- a partner manager of ours that's performing very well, they did have some outsized transaction fees in this quarter. The blended broader fee rate is trending up, but it was somewhat enhanced this quarter by onetime transaction fees.

然後，關於 Castlelake 的費率部分，Castlelake 是我們的一家業績非常好的合作夥伴管理公司，他們在本季度確實有一些異常高的交易費用。綜合綜合費率呈上升趨勢，但本季因一次性交易費用而有所提高。

Thanks, Connor.

謝謝你，康納。

Kenneth Worthington, JPMorgan.

Kenneth Worthington，摩根大通。

Great. Maybe for Hadley. You're operating at 58% operating margins right now. You highlighted on the call that Oaktree margins are depressed but getting better. Core margins are rising, but that acquisitions are operating at lower margins. How do we put these pieces together, particularly since we've got some of the transactions just closed or closing? And you mentioned sort of the transaction fees sort of helps in the current quarter. So how do we think about the right level and then the trajectory once everything gets closed?

偉大的。或許是為了哈德利。你們目前的營業利益率為 58%。你在電話會議上強調，橡樹資本的利潤率雖然較低，但正在改善。核心業務利潤率正在上升，但收購業務的利潤率較低。我們如何將這些環節整合起來，尤其是有些交易剛完成或即將完成？您提到交易手續費在本季起到了一定的幫助作用。那麼，當所有設施都關閉後，我們應該如何考慮合適的水平以及未來的發展軌跡？

Yeah. Thanks for the question. First, I'd say that we are very disciplined when it comes to our cost. And we expect our margins to continue to improve over time as we presented at Investor Day. And that's on the backs of our growth initiatives that will play out and the operating leverage that's built into our business, as well as we execute on ways to drive additional efficiencies, including the integration of Oaktree. And in this regard, we are on track and actually ahead of our margin improvement plan that we've laid out.

是的。謝謝你的提問。首先，我想說我們在成本控制方面非常自律。正如我們在投資者日上所展示的那樣，我們預計利潤率會隨著時間的推移而繼續提高。這得益於我們將要實施的成長計劃，以及我們業務中固有的營運槓桿，還有我們為提高效率而採取的措施，包括整合 Oaktree。在這方面，我們正按計劃推進，實際上已經超過了我們所製定的利潤率提升計劃。

It's also worth pointing out that the consolidated margin increase that we're seeing today is a blend of a few offsetting dynamics. The first being, we acquired a greater share of our partner managers, and these businesses, while highly accretive to our earnings, do have lower margins and do mildly dilute our overall margin level. Second is Oaktree's margins are temporarily lower as we point out as they've been returning more capital and haven't yet called capital for some of its deployment. That's a typical cycle for that business, and it will naturally reverse, given the countercyclicality to the overall business.

值得指出的是，我們今天看到的綜合利潤率成長是幾種相互抵消的因素共同作用的結果。首先，我們收購了更多合作夥伴經理，這些業務雖然大大增加了我們的收益，但利潤率較低，並且略微稀釋了我們的整體利潤率水準。其次，正如我們所指出的，橡樹資本的利潤率暫時較低，因為他們已經返還了更多資本，並且還沒有為某些投資項目要求追加資本。這是該行業典型的周期，考慮到其與整體產業的反週期性，這種情況自然會逆轉。

And the last point I'd make is that the margins across our core businesses continue to expand, which is more than offsetting the first two items I just mentioned. So while we focus on continuously improving our margins and are delivering in that regard, we run our business with a focus to grow FRE over the long term, and we don't manage the business to a specific absolute margin level, which obviously can be impacted by the mix.

最後我想指出的是，我們核心業務的利潤率持續擴大，這足以抵消我剛才提到的前兩點。因此，雖然我們專注於不斷提高利潤率，並且在這方面也取得了成果，但我們經營業務的重點是實現 FRE 的長期成長，我們不會將業務管理為達到特定的絕對利潤率水平，這顯然會受到產品組合的影響。

Okay. Great, that's helpful. Thank you very much.

好的。太好了，這很有幫助。非常感謝。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

So lots of momentum in fundraising, but I wanted to talk about Private Equity, in particular. It sounds like your outlook is quite optimistic around raising a larger fund. That seems different than what we've heard for that asset class from others. So just curious about what informs that optimism, given the market backdrop?

融資方面勢頭強勁，但我特別想談談私募股權。聽起來你對籌集更多資金持相當樂觀的態度。這似乎與我們從其他人那裡聽到的關於該資產類別的說法有所不同。所以，在目前的市場背景下，我很好奇是什麼因素促成了這種樂觀情緒？

Thanks, Dan. Our Private Equity business is a little bit unique, and it has been for 25 years. In that, it focuses on essential assets and services, and as a result, it produces very consistent results across the market cycle. And why that really plays out well today is, as mentioned, we've just launched BCP -- the next vintage of BCP in the quarter, and we do expect it to be our largest private equity fund ever.

謝謝你，丹。我們的私募股權業務有點獨特，而且這種情況已經持續了25年。因此，它專注於基本資產和服務，並在整個市場週期中取得了非常穩定的表現。如同前面所提到的，今天之所以能取得這樣的好結果，是因為我們剛剛推出了 BCP——本季的下一期 BCP，我們預計它將成為我們有史以來最大的私募股權基金。

We do feel that we are differentiated in the market because our focus on, one, high-quality assets that generate cash across the cycle, has allowed us to return significant amounts of capital out of this strategy in recent years. So we're not facing the DPI issue that has driven a lot of headline noise in the sector.

我們認為我們在市場上具有差異化優勢，因為我們專注於高品質資產，這些資產能夠在整個週期中產生現金流，這使得我們在近年來能夠透過這種策略獲得可觀的資本回報。因此，我們並沒有面臨DPI問題，而DPI問題曾引發該領域的大量關注。

And then secondly, I think all recognize that the next generation of growth in value creation in Private Equity, given the more normalized interest rate environment, is not going to come from financial leverage and financial engineering. It's going to come from operational improvement. And given that over the 20-year history of our flagship private equity fund, we've delivered over 25% IRRs for two decades, with over half that value creation coming from operational improvement.

其次，我認為大家都體認到，在利率環境趨於正常化的情況下，私募股權價值創造的下一代成長不會來自金融槓桿和金融工程。這將源自於營運效率的提升。鑑於我們旗艦私募股權基金成立 20 年來，我們實現了超過 25% 的內部收益率，其中超過一半的價值創造來自營運改善。

We are seeing tremendous market demand for our approach to private equity that we think is -- it works across the cycle, but it's perfectly suited for where we're at in the current economic environment. So it's early days. We've just launched the fund, but we do expect it to be our largest fund to date.

我們看到市場對我們的私募股權投資方法有著巨大的需求，我們認為這種方法——它適用於整個經濟週期，但尤其適合我們當前的經濟環境。現在還為時過早。我們剛剛推出這項基金，但我們預計它將成為我們迄今為止規模最大的基金。

Thank you.

謝謝。

(Operator Instructions) Jaeme Gloyn, National Bank.

（操作員指示）Jaeme Gloyn，國家銀行。

Good job on the fundraising this quarter this year. One thing that was mentioned at the Investor Day was broadening or deepening the client base -- the institutional client base. So I'm just curious on what the source of fundraising looked like from a breadth of client standpoint?

今年本季籌款工作做得很好。投資者日上提到的一件事是擴大或深化客戶基礎—機構客戶基礎。所以我很好奇，從廣大客戶的角度來看，募款來源是怎麼樣的呢？

Thank you. And in terms of broadening the fundraising base, I think we can answer this question quite specifically. The growth in our business over the last several years has really been driven by the scaling and increased penetration of large-scale institutions. And while we focus on other additional pockets of fundraising, it's important to remember that component, and that core foundation of our business continues to grow.

謝謝。至於如何擴大募款基礎，我認為我們可以非常具體地回答這個問題。過去幾年，我們業務的成長實際上是由大型機構的規模擴大和滲透率提高所推動的。在我們專注於其他額外籌款管道的同時，重要的是要記住，這一組成部分，以及我們業務的核心基礎，仍在不斷發展壯大。

But what we have done internally within Brookfield and what we've been investing in for the last 12 to 24 months is dedicated fundraising teams that can target a much broader base of investors. This is small or medium-sized institutions. This is a dedicated team focused on insurance institutions. This is a dedicated team focused on family offices. All of those initiatives, we would say, are still in the relatively early innings, and we're seeing tremendous growth across three verticals: one, a greater number of clients within each of those groups; two, a greater number of products amongst those clients that we're bringing on board; and three, simply larger checks from those clients that we have.

但是，在過去 12 到 24 個月裡，Brookfield 內部一直在做的，以及我們一直在投資的，是組建專門的籌款團隊，以便能夠面向更廣泛的投資者群體。這是指小型或中型機構。這是一個專注於保險機構的專業團隊。這是一個專注於家族辦公室的專業團隊。我們認為，所有這些舉措仍處於相對早期的階段，我們在三個垂直領域看到了巨大的增長：第一，每個群體中的客戶數量更多；第二，我們引入的客戶的產品數量更多；第三，我們現有客戶的付款金額更大。

So we would expect this momentum to continue, but it's really driven by having dedicated teams focusing on all the different subcomponents of the institutional market going forward.

因此我們預計這種勢頭將會持續下去，但這實際上是由專門的團隊專注於機構市場各個不同子組成部分所推動的。

That's very good. Thank you.

那非常好。謝謝。

And I'm currently showing no further questions at this time. I'd now like to turn the call back over to Jason Fooks for closing remarks.

目前我沒有其他問題要問。現在我想把電話交還給傑森·福克斯，請他作總結發言。

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

好的。偉大的。如果您對今天發布的產品有任何其他疑問，請隨時直接與我聯繫。感謝各位的參與。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。