BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Brookfield Asset Management fourth-quarter 2025 earnings call. (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年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我謹將會議交給今天的主講人，投資人關係總經理傑森福克斯先生。請繼續。

Thank you for joining us today for Brookfield Asset Management's earnings call for the fourth-quarter and full year of 2025. On the call today, we have Bruce Flatt, our Chairman; Connor Teskey, our Chief Executive Officer; 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年第四季及全年業績電話會議。今天參加電話會議的有：董事長 Bruce Flatt；執行長 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 in 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.

在開始之前，我想提醒各位，在今天的發言中，包括回答問題和討論我們在財務和營運業績方面的新舉措時，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。

These statements reflect predictions of future events and trends and do not relate to historic events. They're subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts on our company, please see our filings with the securities regulators in the US and Canada and the information available on our website.

這些陳述反映的是對未來事件和趨勢的預測，與歷史事件無關。它們存在已知和未知的風險，未來的事件和結果可能與此類聲明有重大差異。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。

Let me quickly run through the agenda for today's call. Bruce will begin with an overview of the quarter and the market environment. Connor will discuss our activity in 2025 and outline the key drivers of our growth for 2026. And finally, Hadley will discuss our financial results, operating results, balance sheet, and dividend increases. After our formal remarks, we'll open the line for questions. (Event Instructions)

讓我快速概括一下今天電話會議的議程。布魯斯將首先概述本季情況和市場環境。康納將討論我們在 2025 年的活動，並概述我們 2026 年成長的關鍵驅動因素。最後，哈德利將討論我們的財務表現、經營績效、資產負債表和股息成長。正式發言結束後，我們將開放提問環節。（活動須知）

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

那麼，我就把電話交給布魯斯了。

Thank you, Jason, and welcome, everyone. 2025 was another strong year marked by continued growth across the business and consistent execution against our long-term strategy.

謝謝傑森，也歡迎各位。 2025年是另一個強勁的年份，公司各業務持續成長，並始終如一地貫徹執行我們的長期策略。

Let me start with a few highlights. We raised $112 billion of capital during the year, reflecting strong demand from institutional, insurance, and individuals for our diverse suite of strategies. We also invested a record $66 billion of capital over the past year into high-quality assets and businesses that form the backbone of the global economy. We made these investments in areas where we have deep competitive advantages and strong operating capabilities, positioning us to generate very attractive risk-adjusted returns.

讓我先介紹幾個重點。我們年內籌集了 1,120 億美元的資金，反映出機構、保險公司和個人對我們多元化投資策略的強勁需求。過去一年，我們也投入了創紀錄的 660 億美元資金，用於投資構成全球經濟支柱的高品質資產和企業。我們在自身俱有強大競爭優勢和營運能力的領域進行了這些投資，這使我們能夠獲得極具吸引力的風險調整後收益。

At the same time, we monetized $50 billion of equity from investments at very good returns, demonstrating that stabilized high-quality assets and essential service businesses continue to attract strong demand. As a result of all of this activity, fee-bearing capital increased 12% over the year to more than $600 billion. Fee-related earnings reached a record $3 billion, up a very strong 22% year over year, driven by growth in our capital base and continued operating leverage across the business.

同時，我們從投資中獲得了 500 億美元的股權，獲得了非常好的回報，這表明穩定的高品質資產和基本服務業務仍然具有強勁的需求。由於所有這些活動，收費資本年增12%，超過6000億美元。收費相關獲利達到創紀錄的 30 億美元，年增 22%，這主要得益於資本基礎的成長和業務持續的營運槓桿作用。

Distributable earnings were $2.7 billion, an increase of 14% from the prior year. Our distributable earnings are almost entirely fee-based, as you know, and long duration, and our cash flows are further reinforced by the diversification of our platform across asset classes, products, geographies, and client channels. This diversity and lack of reliance on any single segment or product provides our business with many growth options, providing a platform to grow across economic cycles and varying market conditions.

可分配收益為 27 億美元，比上年增長 14%。如您所知，我們的可分配收益幾乎全部來自手續費，期限較長。此外，我們平台在資產類別、產品、地理和客戶管道方面的多元化也進一步增強了我們的現金流。這種多樣性以及對任何單一領域或產品的不依賴，為我們的業務提供了許多成長選擇，為我們跨越經濟週期和不斷變化的市場條件提供發展平台。

Turning to the broader market environment. We entered 2026 with a constructive backdrop. Interest rates have stabilized, economic growth is resilient, and transaction activity has increased due to improved confidence in valuations and market liquidity. In this environment, we are seeing renewed global demand for real assets that generate stable cash flows and provide inflation protection, areas where we have focused for decades.

轉而關注更廣泛的市場環境。我們帶著積極的心態進入了2026年。利率趨於穩定，經濟成長維持韌性，由於估值和市場流動性信心增強，交易活動增加。在這種環境下，我們看到全球對能夠產生穩定現金流並提供通膨保護的實體資產的需求再次上升，而這些領域正是我們幾十年來一直關注的領域。

While near-term conditions are supportive, what matters most to our business are the long-term structural forces that shape global capital allocation. We are fortunate to remain at the forefront of the largest global investment trends. These trends remain firmly in place and continue to expand the opportunity set for private capital.

儘管短期環境有利，但對我們的業務而言，最重要的是影響全球資本配置的長期結構性力量。我們很幸運能夠始終處於全球最大投資趨勢的前沿。這些趨勢依然穩固，並持續擴大私人資本的投資機會。

An important structural shift is also taking place in how capital is allocated. Individual investors are increasingly gaining access to private assets through retirement and long duration savings vehicles. This represents a significant expansion of the addressable market for private assets.

資本配置方式也正在發生重要的結構性轉變。個人投資者越來越多地透過退休儲蓄和長期儲蓄工具獲得私人資產。這代表私人資產潛在市場規模的顯著擴張。

Retirement and individual portfolios are among the largest and fastest-growing pools of capital globally and they are naturally aligned with long duration, income-generating real assets. With our scale, track record, and diversified platform across infrastructure, power, real estate, private equity, and credit, we are well positioned to meet this growing demand.

退休金和個人投資組合是全球規模最大、成長最快的資本池之一，它們自然與長期、能產生收益的實體資產相契合。憑藉我們的規模、業績記錄以及在基礎設施、電力、房地產、私募股權和信貸領域的多元化平台，我們完全有能力滿足這一不斷增長的需求。

Our ability to invest through cycles, recycle capital, and partner with long-term investors continues, though, to differentiate our platform. This combination positions us to deliver strong growth over time and supports our long-term objectives, including doubling the business by 2030 and generating a 15% annualized earnings growth.

不過，我們能夠透過週期性投資、循環利用資本以及與長期投資者合作，這仍然是我們平台的獨特優勢。這種組合使我們能夠隨著時間的推移實現強勁成長，並支持我們的長期目標，包括到 2030 年將業務規模擴大一倍，並實現 15% 的年化收益成長。

Now before I turn the call over to Connor, I want to touch on our leadership announcement today. As part of our long-term succession process, we announced that Connor Teskey has been appointed CEO of Brookfield Asset Management. I will continue as Chair of the Board as well as CEO of Brookfield Corporation.

在將電話交給康納之前，我想先談談我們今天宣布的領導任命。作為我們長期繼任計劃的一部分，我們宣布任命 Connor Teskey 為 Brookfield Asset Management 的執行長。我將繼續擔任布魯克菲爾德公司董事會主席兼執行長。

We began this process four years ago when Connor was appointed President of BAM. Over that time, Connor has taken on running virtually everything. So this title change merely matches title to substance. There is, hence, no real transition and our partners and people have all been involved in this.

四年前，Connor 被任命為 BAM 總裁時，我們開始了這個過程。在那段時間裡，康納幾乎包辦了所有事務。所以這次標題的更改只是讓標題與內容更一致。因此，並不存在真正的過渡，我們的合作夥伴和員工都參與其中。

Connor has played a central role in building Brookfield's investment strategy, scaling our renewable business globally and developing many of the leaders who now run our businesses. He brings deep investment expertise, strong judgment, and a long-term mindset that is fully aligned with Brookfield's culture. He's actually closer to what the next backbone of the global economy is, and we are excited about that.

康納在建立布魯克菲爾德的投資策略、在全球範圍內擴大我們的可再生能源業務以及培養現在運營我們業務的許多領導者方面發揮了核心作用。他擁有深厚的投資專業知識、敏銳的判斷力和長遠的眼光，這與布魯克菲爾德的企業文化完全契合。他實際上更接近全球經濟的下一個支柱，我們對此感到興奮。

I've never been more thrilled about the prospects for our business than I am now. I intend to continue supporting Brookfield focusing my energy where it can be most useful and will remain fully invested and involved to assist the whole team. Of course, as CEO of Brookfield Corporation, we have a substantial interest in ensuring Connor and BAM are hugely successful.

我從未像現在這樣對我們公司的未來前景感到如此興奮。我打算繼續支持布魯克菲爾德，將精力集中在最需要的地方，並將繼續全力以赴地幫助整個團隊。當然，作為 Brookfield Corporation 的首席執行官，我們非常希望 Connor 和 BAM 能夠取得巨大的成功。

With that, I'll turn the call over to Connor to discuss our performance in more detail and how we are positioned for a strong 2026.

接下來，我將把電話交給康納，讓他更詳細地討論我們的業績以及我們如何為2026年的強勁發展做好準備。

Thank you, Bruce, and good morning to everyone on the call. I'm honored to be assuming this new role, especially at such an exciting time in BAM's growth story. With Bruce's support and the incremental approach to transition we have been taking for years, we are already fully operating under our new structure.

謝謝你，布魯斯，也祝所有參加電話會議的朋友們早安。我很榮幸能夠擔任這項新職務，尤其是在 BAM 發展歷程中如此令人興奮的時刻。在布魯斯的支持下，以及我們多年來採取的循序漸進的過渡方式，我們已經在新架構下全面運作。

I look forward to continuing to work closely with our team to deliver strong results for our clients and our shareholders and continue to grow our business around the megatrends shaping the backbone of the global economy.

我期待繼續與我們的團隊緊密合作，為我們的客戶和股東帶來豐碩的成果，並圍繞塑造全球經濟支柱的大趨勢繼續發展我們的業務。

With that, now let's turn to our results. 2025 was not simply about raising capital; it was about putting that capital to work at scale and doing so with discipline. On the deployment side, we were active throughout the year across all of our businesses, investing in high-quality assets at attractive values.

接下來，讓我們來看看我們的成果。 2025 年的目標不僅是籌集資金，更重要的是大規模地、有條不紊地運用這些資金。在資產部署方面，我們全年積極投資於所有業務領域的高品質、高價值資產。

In Renewable Power, we invested in Neoen, a leading global developer with long-term contracted clean power assets, and we acquired National Grid US renewables platform, expanding our footprint in North America.

在再生能源領域，我們投資了 Neoen，這是一家領先的全球開發商，擁有長期簽訂合約的清潔能源資產；我們還收購了美國國家電網再生能源平台，擴大了我們在北美的業務版圖。

In private equity, we invested in Chemelex, a global industrial technology needs business with mission-critical products. Our infrastructure business acquired Hotwire Communications, a leading US fiber to the home operator serving both residential and commercial customers; Colonial pipeline, the largest refined products pipeline in the United States; and a part of Duke Energy Florida, a vertically integrated electric utility with long duration regulated cash flows, to name only a few.

在私募股權領域，我們投資了 Chemelex，這是一家為全球工業技術需求提供關鍵任務產品的企業。我們的基礎設施業務收購了 Hotwire Communications（一家為住宅和商業客戶提供服務的美國領先的光纖到戶運營商）、Colonial Pipeline（美國最大的成品油管道）以及 Duke Energy Florida（一家擁有長期受監管現金流的垂直整合電力公司）的部分業務，以上僅列舉幾家公司。

Our real estate business recently acquired Generator Hostels, a differentiated hospitality platform benefiting from structural growth in experiential travel and urban tourism; and we acquired National Storage REIT, the largest self-storage company in Australia.

我們的房地產業務最近收購了 Generator Hostels，這是一個差異化的酒店平台，受益於體驗式旅遊和城市旅遊的結構性增長；我們還收購了 National Storage REIT，這是澳洲最大的自助倉儲公司。

Collectively, these investments reflect our focus on essential assets and businesses with durable cash flows, strong downside protection, and meaningful opportunities for operational value creation. 2025 was a record year for investment activity, and it gives us a strong foundation as we look ahead.

這些投資總體上體現了我們對關鍵資產和具有穩定現金流、強大下行風險保護以及能夠創造營運價值的重要機會的企業的關注。 2025年是投資活動創紀錄的一年，也為我們展望未來奠定了堅實的基礎。

Turning to fundraising. 2025 was also an excellent year across the platform, continuing our momentum to be market-leading in each of our businesses. We completed final closings for two major flagship funds, the fifth vintage of our real estate flagship and the second vintage of our global transition flagship.

談到募款方面，2025年對整個平台來說也是碩果累累的一年，我們繼續保持著在各項業務中市場領先的良好勢頭。我們完成了兩個主要旗艦基金的最終交割，分別是我們的房地產旗艦基金第五期和第二期全球轉型旗艦基金。

Both were the largest funds we've raised in their respective series and exceeded our targets with broad and diversified support from existing investors as well as new relationships. These fundraisers are particularly important given where we are in the cycle.

這兩筆基金都是我們各自系列中募集到的最大規模的基金，在現有投資者的廣泛支持以及與新投資者建立的合作關係下，均超額完成了目標。鑑於我們目前所處的周期階段，這些募款活動尤其重要。

In real estate, we have significant dry powder at a point in the cycle where we're seeing attractive entry points, particularly in larger, high-quality assets where there are a limited number of players with scaled available capital.

在房地產領域，我們擁有大量的可用資金，目前正處於週期性波動的關鍵時期，我們看到了一些有吸引力的入場點，尤其是在規模較大、質量較高的資產領域，而擁有規模化可用資本的參與者數量有限。

In transition, demand for power continues to accelerate globally driven by electrification, AI growth, and energy security. Together, these dynamics create a growing opportunity set for long-term capital, and we are well positioned to capture it.

在轉型過程中，受電氣化、人工智慧發展和能源安全等因素的驅動，全球電力需求持續加速成長。這些因素共同為長期資本創造了越來越多的機會，而我們已做好充分準備來抓住這些機會。

While our flagship fundraises were successful, the overwhelming majority of our fundraising this year, nearly 90%, came from non-flagship strategies, underscoring the growing breadth and durability of our fundraising engine. These complementary strategies included continued momentum across our infrastructure and private equity platforms through a range of products as well as further expansion of our private wealth platform.

雖然我們的旗艦籌款活動取得了成功，但今年我們籌款的絕大部分（近 90%）來自非旗艦策略，這凸顯了我們籌款引擎的廣度和持久性不斷增強。這些互補策略包括透過一系列產品繼續推動我們的基礎設施和私募股權平台的發展，以及進一步擴大我們的私人財富平台。

We raised capital across a wide range of funds, asset (technical difficulty) demonstrating the depth of investor demand for our products and our ability to raise capital consistently across market environments and flagship cycles.

我們透過各種基金和資產（技術難度）籌集資金，證明了投資者對我們產品的需求之深，以及我們在各種市場環境和旗艦週期中持續籌集資金的能力。

A key theme this year has been the continued scaling of our credit platform. Through a combination of organic growth and strategic acquisitions, we have meaningfully expanded our origination capabilities and product breadth.

今年的一個關鍵主題是持續擴大我們的信貸平台規模。透過內生成長和策略收購相結合的方式，我們大幅擴大了貸款發放能力和產品範圍。

When combined with our long-standing partnership with Oaktree, and the full integration of that business, we are building one of the most comprehensive global credit platforms in the industry, spanning real asset credit, asset-backed finance, opportunistic credit, and insurance-oriented strategies.

結合我們與橡樹資本的長期合作關係以及該業務的全面整合，我們正在建立業內最全面的全球信貸平台之一，涵蓋實體資產信貸、資產支持融資、機會型信貸和保險導向策略。

We are also preparing for a meaningful expansion of our asset management mandate with Brookfield Wealth Solutions upon the closing of their acquisition of Just Group, which we expect in the coming months.

我們正準備在 Brookfield Wealth Solutions 完成對 Just Group 的收購後，大幅擴大與該公司的資產管理合作，預計收購將在未來幾個月內完成。

These three initiatives alone, Oaktree, Just Group, and the credit managers we acquired in the fourth quarter, are expected to generate more than $200 million of incremental annualized fee-related earnings, which positions us well for a very strong earnings growth in 2026 as that is all before any additional fundraising from our flagships and the approximately 60 strategies we will have in the market for deployment.

光是這三項舉措，即 Oaktree、Just Group 和我們在第四季度收購的信貸管理公司，預計就能產生超過 2 億美元的年度新增費用相關收入，這使我們能夠在 2026 年實現非常強勁的盈利增長，而這還不包括我們旗艦基金的任何額外籌款以及我們將在市場上部署的約 60 項策略。

Looking ahead, 2026 is shaping up to be another record year for fundraising with strong momentum across the business that we expect will drive meaningful growth especially within both our infrastructure and private equity platforms.

展望未來，2026 年有望成為另一個創紀錄的籌款年，整個業務勢頭強勁，我們預計這將推動有意義的成長，尤其是在我們的基礎設施和私募股權平台方面。

Starting with private equity. We recently launched the seventh vintage of our flagship fund at a time where clients value our differentiated approach. Our private equity business focuses on value creation driven by operational improvement rather than leverage or multiple expansion.

從私募股權開始。我們最近推出了第七期旗艦基金，此時客戶非常重視我們與眾不同的投資方式。我們的私募股權業務專注於透過營運改善來創造價值，而不是透過槓桿或倍數擴張來實現。

We have executed this strategy for 25 years because it works across market cycles. However, today's environment plays directly to our strengths as a long-term owner and operator of mission-critical essential assets and businesses.

我們執行這項策略已有25年，因為它能夠跨越市場週期發揮作用。然而，如今的環境恰恰發揮了我們作為關鍵任務重要資產和業務的長期所有者和營運商的優勢。

Private equity was the first fund we launched more than 25 (technical difficulty), we've delivered some of the strongest returns in the industry. With market conditions aligned with our approach and a deep pipeline of opportunities, we expect this vintage to be our largest private equity fund to date.

私募股權是我們推出的第一支基金，超過 25 年（技術困難），我們取得了業界最強勁的回報。由於市場環境與我們的投資策略相符，並且有大量的投資機會，我們預計本期基金將成為我們迄今為止最大的私募股權基金。

Alongside our flagship fund, we continue to broaden our private equity platform. We recently launched a new strategy tailored for the private wealth market, which is well aligned with client demand.

除了我們的旗艦基金外，我們還將繼續拓展我們的私募股權平台。我們最近推出了一項專為私人財富市場量身定制的新策略，該策略與客戶需求非常契合。

We also saw strong fundraising across our complementary strategies, including our financial infrastructure fund and our Middle East partner strategies, both of which we expect to reach final close this year. As well as our venture technology platform, Pinegrove, which recently held a final close on its inaugural fund at $2.2 billion, exceeding its target.

我們也看到，我們的互補策略也取得了強勁的融資成果，包括我們的金融基礎設施基金和我們的中東合作夥伴策略，我們預計這兩個策略都將在今年完成最終募資。此外，我們的創投技術平台 Pinegrove 最近完成了首期基金的最終募集，金額達 22 億美元，超過了其目標。

In our infrastructure platform, we also see a meaningful step change emerging in 2026 driven by the breadth of strategies we now have in the market and the scale of the opportunity in front of us. This year, we will have all of our infrastructure strategies fundraising concurrently, including the launch of our next flagship infrastructure fund, which we expect to be our largest to date.

在我們的基礎設施平台方面，我們也看到，在 2026 年將出現意義重大的變革，這得益於我們目前在市場上擁有的廣泛戰略以及擺在我們面前的巨大機會。今年，我們將同時進行所有基礎設施策略的募款活動，包括推出我們下一個旗艦基礎設施基金，我們預計這將是我們迄今為止規模最大的基金。

Alongside the flagship, our infrastructure debt strategy is in the market in both our open-ended Super-Core infrastructure fund and our private wealth infrastructure vehicle continue to scale, with each seeing record inflows in the fourth quarter.

除了旗艦基金外，我們的基礎設施債務策略也在市場上持續發展，我們的開放式超級核心基礎設施基金和私人財富基礎設施基金都在第四季度創下了資金流入紀錄。

Further, later this year, we expect to launch the second vintage of our infrastructure structured solutions strategy. Together, these strategies position us to raise and deploy capital across the full spectrum of risk and return within the infrastructure asset class, taking advantage of our leading platform and the strong market conditions and growing investment opportunity set.

此外，我們預計今年稍後推出第二版基礎設施結構化解決方案策略。這些策略共同使我們能夠在基礎設施資產類別中籌集和部署涵蓋各種風險和回報的資金，充分利用我們領先的平台、強勁的市場狀況和不斷增長的投資機會。

Building on this foundation, last year, we launched a $100 billion global AI infrastructure program, anchored by our inaugural AI infrastructure fund with a $10 billion target. The fund already has strong momentum with $5 billion of commitments at launch, reflecting the early conviction in the opportunity.

在此基礎上，去年我們啟動了一項 1000 億美元的全球人工智慧基礎設施計劃，該計劃的核心是我們首個人工智慧基礎設施基金，目標金額為 100 億美元。該基金成立之初就獲得了 50 億美元的承諾投資，發展勢頭強勁，反映出投資者對該機會的早期信心。

Our objective is to deploy more than $100 billion of capital across the full AI infrastructure value chain from land and power to data centers and compute capacity, leveraging Brookfield's existing scale and digital infrastructure and energy to deliver integrated long-duration solutions that support the global build-out of AI.

我們的目標是在整個人工智慧基礎設施價值鏈（從土地和電力到資料中心和運算能力）上部署超過 1000 億美元的資金，利用 Brookfield 現有的規模、數位基礎設施和能源，提供支援人工智慧全球建設的整合式長期解決方案。

We've already announced several transactions for this strategy, including most recently, a $20 billion strategic AI joint venture with Qai, focusing on developing integrated AI infrastructure in Qatar. These initiatives reflect a growing opportunity for long-term private capital to fund infrastructure that has historically sat on corporate and government balance sheets and Brookfield is uniquely positioned to lead in this space.

我們已經宣布了多項與該戰略相關的交易，包括最近與卡達人工智慧公司 (Qai) 成立的價值 200 億美元的戰略人工智慧合資企業，專注於在卡達開發整合人工智慧基礎設施。這些舉措反映出長期私人資本為基礎設施建設提供資金的機會日益增多，而這些基礎設施建設歷來都依賴企業和政府的資產負債表，布魯克菲爾德公司在該領域擁有獨特的領導地位。

Taken together, our execution in 2025 and the initiatives already underway position us extremely well as we enter 2026. With strong fundraising momentum, a scaled deployment platform and clear drivers across private equity, infrastructure and credit, we feel very good about the growth outlook for the business and expect 2026 to be at or above our long-term targets.

綜合來看，我們在 2025 年的執行情況以及目前正在進行的各項舉措，使我們在進入 2026 年時處於非常有利的地位。憑藉強勁的融資勢頭、規模化的部署平台以及私募股權、基礎設施和信貸領域的明確驅動因素，我們對公司的發展前景非常樂觀，並預計 2026 年將達到或超過我們的長期目標。

With that, we will turn it over to Hadley to walk through our fourth quarter financial results and discuss the durability of our earnings in more detail. Hadley?

接下來，我們將把發言權交給哈德利，讓他詳細介紹我們第四季的財務業績，並更詳細地討論我們獲利的可持續性。哈德利？

Thank you, Connor. As mentioned, we've had a great quarter as well as year, and I'll provide an overview of these results and how we're positioned for 2026. In the fourth quarter, we delivered strong performance. Fee-related earnings, or FRE, were up 28% from the prior year period to $867 million or $0.53 per share in the quarter, bringing FRE for the year to $3 billion. That brings our margins to 61% for the quarter and 58% for the year.

謝謝你，康納。如同前面所提到的，我們本季以及今年都取得了非常好的成績，我將概述這些成果以及我們為 2026 年所做的準備。第四季度，我們取得了強勁的業績。本季度，費用相關收益（FRE）較上年同期成長 28%，達到 8.67 億美元，即每股 0.53 美元，使全年 FRE 達到 30 億美元。這樣一來，我們本季的利潤率達到 61%，全年的利潤率達到 58%。

Our business has significant operating leverage. So as our growth initiatives scale, our margins improve. That said, after buying the remaining stake of Oaktree, which operates at lower margins, it will bring down our consolidated margin even though the transaction is highly accretive and strategically strengthens our platform.

我們的業務具有顯著的經營槓桿效應。因此，隨著我們成長計畫的規模擴大，我們的利潤率也會提高。也就是說，收購利潤率較低的橡樹資本剩餘股份後，儘管交易具有很高的增值性，並在策略上加強了我們的平台，但仍會拉低我們的綜合利潤率。

Plus Oaktree's margins are near cyclical lows, reflecting the countercyclical nature of its business. In that same quarter, we will also enhance disclosure around our partner managers as these businesses have scaled becoming more meaningful.

此外，橡樹資本的利潤率接近週期性低點，反映了其業務的反週期性特徵。在同一季度，我們也將加強對合作夥伴經理的資訊揭露，因為這些業務規模不斷擴大，變得更有意義。

Instead of reporting only our share of their FRE, given the smaller historical contribution, we will break out our share of partner manager revenues and expenses which will not impact FRE or DE, but should provide investors with clear insights as our platform continues to evolve.

鑑於我們以往的貢獻較小，我們不會只報告我們佔其 FRE 的份額，而是會單獨列出我們佔合作夥伴經理收入和支出的份額，這不會影響 FRE 或 DE，但隨著我們平台的不斷發展，這應該能為投資者提供清晰的見解。

Distributable earnings, or DE, were $767 million or $0.47 per share in the quarter, up 18% from the prior year period bringing distributable earnings over the last 12 months to $2.7 billion. Growth in DE continues to closely track growth in FRE. This reflects the high-quality, reoccurring, and stable nature of our revenue base and a limited reliance on carry or transaction-driven income.

本季可分配收益（DE）為 7.67 億美元，即每股 0.47 美元，比上年同期增長 18%，使過去 12 個月的可分配收益達到 27 億美元。德國的成長持續與法國的成長緊密相關。這反映了我們收入基礎的高品質、可重複性和穩定性，以及對收益分成或交易驅動收入的有限依賴。

The primary driver of earnings growth in 2025 was our strong fundraising and deployment activity. Over the past year, we raised $75 billion of capital that became fee-bearing and we deployed $16 billion of previously raised capital that also became fee-bearing.

2025 年獲利成長的主要驅動力是我們強勁的籌資和投資活動。過去一年，我們籌集了 750 億美元的資金，這些資金後來都變成了收費資金；我們也部署了先前籌集的 160 億美元資金，這些資金也變成了收費資金。

As a result, fee-bearing capital grew by 12% year over year or $64 billion to a total of $603 billion. This growth reflects both strong inflows and disciplined capital deployment across the platform, even as we continue to return capital at an accelerated pace to clients through realizations and distributions.

因此，收費資本年增 12%，即 640 億美元，總額達 6,030 億美元。這一成長反映了平台強勁的資金流入和嚴謹的資本部署，同時我們也透過變現和分配，繼續以更快的速度向客戶回饋資本。

Turning to fundraising. The fourth quarter marked our strongest fundraising quarter ever, with $35 billion of capital raised across more than 50 strategies. This success underscores the breadth, depth, and diversification of our platform that enables us to sustain consistent momentum regardless of individual fund cycles.

轉而進行籌款活動。第四季是我們有史以來籌款業績最好的一個季度，透過 50 多種策略籌集了 350 億美元的資金。這項成功凸顯了我們平台的廣度、深度和多元化，使我們能夠保持持續的成長勢頭，而不受單一基金週期的影響。

Within our Infrastructure business, we raised $7 billion, including $5 billion for our AI infrastructure fund. We expect to first close for the strategy in the coming months with a target size of $10 billion.

在我們的基礎設施業務中，我們籌集了 70 億美元，其中包括為我們的人工智慧基礎設施基金籌集的 50 億美元。我們預計在未來幾個月內完成該策略的首次募資，目標規模為 100 億美元。

We also raised $900 million for our Super-Core infrastructure strategy, bringing the fund to $14 billion and $900 million for our Infrastructure Private Wealth strategy, our largest quarter yet which puts the strategy at $8 billion. Within our private equity business, we raised $1.6 billion, including $900 million for our private equity special situation strategy. And we had our final close of Pinegrove's opportunistic strategy at $2.2 billion, exceeding our target, a very successful outcome for a first-time fund.

我們還為我們的超級核心基礎設施戰略籌集了 9 億美元，使該基金規模達到 140 億美元；並為我們的基礎設施私人財富戰略籌集了 9 億美元，這是我們迄今為止規模最大的一個季度，使該戰略規模達到 80 億美元。在我們的私募股權業務中，我們籌集了 16 億美元，其中包括用於私募股權特殊情況策略的 9 億美元。Pinegrove 的機會主義策略最終募集資金達到 22 億美元，超過了我們的目標，對於一個首次成立的基金來說，這是一個非常成功的結果。

Within our credit business, we raised $23 billion of capital, which represented a record quarter. Driving our credit fundraising was real asset and asset-backed finance strategy as well as our insurance channel. This includes nearly $9 billion of capital raised from Brookfield Wealth Solutions.

在信貸業務方面，我們籌集了 230 億美元的資金，創下了季度紀錄。推動我們信貸融資的是實體資產和資產支持融資策略以及我們的保險管道。其中包括從布魯克菲爾德財富解決方案公司籌集的近90億美元資金。

We also raised $5.6 billion from our long-term private funds, $1.4 billion of which was for our fourth vintage of our infrastructure mezzanine credit strategy, $4 billion for our perpetual credit funds, and $3.2 billion for our liquid credit strategies.

我們也從長期私募基金中籌集了 56 億美元，其中 14 億美元用於我們的第四期基礎設施夾層信貸策略，40 億美元用於我們的永久信貸基金，32 億美元用於我們的流動性信貸策略。

Over the past decade, we've been intentional in evolving our business to become more diversified across not only client types, good asset classes, strategies, products, and geographies, which has reduced our reliance on any single market, cycle or source of capital.

過去十年，我們一直有意識地發展業務，力求在客戶類型、優質資產類別、策略、產品和地理等方面實現多元化，從而減少了我們對任何單一市場、週期或資金來源的依賴。

Along with our long-term disciplined approach, this has allowed us to compound earnings across varying economic environments and strengthen our resiliency. Today, our earnings base is well balanced across each of our businesses: infrastructure, renewable power and transition, private equity, real estate and credit, with no single business contributing more than one-third of our fee-related revenues.

憑藉著我們長期堅持的自律策略，我們得以在不同的經濟環境下實現收益的持續成長，並增強了自身的韌性。目前，我們的獲利基礎在各個業務領域都比較均衡：基礎設施、再生能源和轉型、私募股權、房地產和信貸，沒有任何業務的收益佔比超過我們費用相關收入的三分之一。

As an example, the introduction of our transition platform five years ago, and the expansion of our credit platform has meaningfully broadened our earnings mix and enhanced durability. In 2026, we will be fundraising across nearly 60 strategies compared to only 4 in market just 10 years ago, enabling more consistent and diversified fundraising.

例如，五年前我們推出了過渡平台，並擴大了信貸平台，這大大豐富了我們的收入結構，增強了我們的持久性。到 2026 年，我們將透過近 60 種策略進行籌款，而 10 年前市場上只有 4 種策略，這將使籌款更加持續和多元化。

We now serve more than 2,500 institutional clients globally alongside a private wealth platform reaching nearly 70,000 clients and insurance solutions business managing over $100 billion of fee-bearing capital on behalf of approximately 800,000 policyholders.

我們現在為全球超過 2,500 家機構客戶提供服務，同時擁有覆蓋近 70,000 名客戶的私人財富平台，以及代表約 800,000 名保單持有人管理超過 1000 億美元收費資本的保險解決方案業務。

Importantly, this breadth allows us to grow through different market environments by shifting capital towards asset classes and regions where opportunity is strong while also creating a stable, resilient earnings stream that can perform consistently in different market environments and continue to grow across cycles. Looking ahead, a more balanced share of our fundraising will come from individual investors as private wealth, annuities, and more retirement 401(k) will be able to allocate to alternative investments.

重要的是，這種廣度使我們能夠在不同的市場環境下發展，透過將資本轉移到機會強勁的資產類別和地區，同時創造穩定、有韌性的收益流，從而在不同的市場環境下持續表現，並在周期中繼續增長。展望未來，隨著私人財富、年金和更多退休 401(k) 計劃能夠配置到另類投資中，我們籌集資金的更均衡份額將來自個人投資者。

Turning to our balance sheet. We continue to operate with a strong asset-light financial profile that provides flexibility to support growth. In November, we issued $1 billion of new senior unsecured notes, including $600 million of five-year notes at a coupon of 4.65% and $400 million of 10-year notes at a coupon of 5.3%. We ended the year with $3 billion of corporate liquidity, providing ample flexibility to support ongoing operations, strategic initiatives, and growth across the business.

接下來來看看我們的資產負債表。我們持續保持穩健的輕資產財務狀況，為業務成長提供靈活性。11 月，我們發行了 10 億美元的新優先無擔保票據，其中包括 6 億美元的五年期票據，票面利率為 4.65%；以及 4 億美元的十年期票據，票面利率為 5.3%。年底時，我們擁有 30 億美元的公司流動資金，為持續營運、策略性舉措和業務成長提供了充足的靈活性。

As we look ahead to 2026, we are positioned for another very strong year, and I will emphasize again that the best is yet to come. Our performance as a disciplined investor sets us up to capitalize on the strong momentum across the business with continued capital inflows from institutional, insurance, and retail channels and a pipeline of opportunities to deploy capital at attractive returns.

展望 2026 年，我們已準備好迎接另一個強勁的年份，我再次強調，最好的還在後頭。我們作為一位嚴謹的投資者，憑藉其卓越的業績，能夠充分利用公司業務的強勁發展勢頭，持續獲得來自機構、保險和零售渠道的資金流入，並擁有大量以可觀回報部署資本的機會。

Given the strong financial position and significant growth prospects ahead, I'm pleased to confirm that our Board of Directors has increased our quarterly dividend by 15% to $0.5025 per share or $2.01 per share on an annualized basis. The dividend will be payable on March 31, 2026, to shareholders of record as of the close of business on February 27, 2026.

鑑於該公司強勁的財務狀況和未來巨大的成長前景，我很高興地確認，董事會已將季度股息提高 15%，至每股 0.5025 美元，或按年計算每股 2.01 美元。股利將於 2026 年 3 月 31 日支付給截至 2026 年 2 月 27 日營業結束時登記在冊的股東。

That wraps up our remarks for this morning. We'd like to thank you for joining the call, and we'll now open up for questions. Operator?

今天上午的發言就到此結束了。感謝您參加本次電話會議，現在我們將開放提問環節。操作員？

(Operator Instructions) Cherilyn Radbourne, TD Cowen.

（操作說明）Cherilyn Radbourne，TD Cowen。

Thanks very much and good morning. So clearly, manager consolidation is continuing. And the recent emphasis seems to have been on private credit and also secondaries. With regard to secondaries, in particular, is that an area that you consider strategically important and a gap that you might look to fill?

非常感謝，早安。顯然，經理人整合仍在持續。最近的重點似乎放在了私人信貸和二級市場。特別是關於二級市場，您是否認為這是一個具有戰略意義的領域，以及您可能會考慮填補的空白？

Good morning, Cherilyn. We've made a few complementary acquisitions in recent years focused on areas where we wanted to expand and build out the platform. Looking ahead, we would expect probably to be slightly less active, focused primarily on the further acquisition of our existing partner fund managers. Beyond that, we'll continue to be incredibly selective and opportunistic.

早安，Cherilyn。近年來，我們進行了一些互補性收購，重點關注我們想要拓展和建構平台的領域。展望未來，我們預計活動量可能會略有減少，主要集中在進一步收購我們現有的合作夥伴基金經理人。除此之外，我們將繼續保持高度的選擇性和機會主義。

In terms of secondaries, it is a space we track very closely. It's growing rapidly. It's a segment of the market where our expertise would be very clearly differentiating and it would add an additional service that we could offer to our clients. So we do track the space, but we will be very opportunistic, only looking at opportunities that would be highly additive and complementary.

就二級市場而言，這是我們密切關注的領域。它發展迅速。在這個市場區隔領域，我們的專業知識將具有非常明顯的差異化優勢，並且可以為我們的客戶提供額外的服務。因此，我們會關注這個領域，但我們會非常注重機會，只專注於那些具有高度增益性和互補性的機會。

But you would be correct that if we were going to do something, secondaries is probably near the top of the list, and we would focus on a platform that we thought would grow significantly as part of the broader Brookfield ecosystem.

但你說的沒錯，如果我們要做點什麼，二級市場很可能是首要考慮的，我們會專注於一個我們認為會在更廣泛的布魯克菲爾德生態系統​​中顯著增長的平台。

Alexander Blostein, Goldman Sachs.

Alexander Blostein，高盛集團。

Hi. Good morning, everybody. Thank you for the question and Conor, congrats. Obviously, I think well-deserved on many fronts. A question for you guys around just the growth for 2026. So it sounds like a lot of momentum in the business on multiple fronts as you highlighted. When you referred to at or above long-term targets, I just want to dig into that a little bit more.

你好。各位早安。謝謝你的提問，康納，恭喜你。顯然，我認為這在很多方面都是實至名歸。我想問大家一個關於2026年成長的問題。正如您所強調的，公司在多個方面都展現了強勁的發展勢頭。當您提到達到或超過長期目標時，我想更深入地探討一下。

I believe your long-term targets, you generally talk about FRE. I think at the Investor Day, you talked about that being 17%. So is that what you're referring to when you think about '26? Does that include Oaktree and Just? Obviously, those are going to be additive to that FRE growth. So I was hoping to just unpack that a little more and if possible, get a sense of the organic FRE growth within that statement for the year. Thank you.

我相信你的長期目標，你通常會談到FRE。我想在投資者日上，您提到這個數字是 17%。所以，你想到「26」的時候，指的就是這個嗎？這包括 Oaktree 和 Just 嗎？顯然，這些都會對FRE的成長起到疊加作用。所以我希望能夠更深入地分析一下，如果可能的話，了解一下該報表中本年度的有機 FRE 成長。謝謝。

So we expect 2026 is going to be very strong. We had strong momentum that accelerated throughout the past year and positions us very well going into next year. You are absolutely correct. In our five-year plan, we expect growth rates in, call it, the mid- to high teens, and we absolutely have an outlook today that exceeds that level.

所以我們預計2026年將會非常強勁。我們保持了強勁的發展勢頭，並在過去一年中不斷加速，這讓我們在明年伊始就處於非常有利的地位。您說得完全正確。在我們的五年計畫中，我們預計成長率將達到十幾到二十幾的水平，而我們目前的展望絕對超過了這個水平。

Maybe just to put some substance around that. There are three initiatives. The acquisition of the remainder of Oaktree, the closing of Just Group, and some of the acquisitions we made in Q4 that will add $200 million to FRE growth that have already been funded.

或許只是為了讓這件事增添一些實質內容。共有三項措施。收購 Oaktree 的剩餘股份、完成對 Just Group 的收購，以及我們在第四季度進行的一些收購，將為 FRE 的成長增加 2 億美元，這些收購已經獲得資金支持。

Beyond that, the earnings this year and going forward will benefit from what we expect to be a further step change in our fundraising. And we thought we had a strong year this year. Next year is going to be even better.

除此之外，我們預計今年的募款活動將迎來進一步的變革，這將有利於今年及未來的收益。我們原本以為今年業績會很不錯。明年會更好。

And this is driven by continued growth in credit and then outside this growth in both PE and infrastructure where in each of those platforms, we'll have all of our strategies in the market. And then the last thing, just in terms of 2026 outlook.

這主要得益於信貸的持續成長，以及私募股權和基礎設施領域的成長，在這些領域，我們將採取所有市場策略。最後一點，就 2026 年的展望而言。

In terms of investment and monetization, obviously, this will be market dependent. But based on the very constructive environment we're currently experiencing the major trends that we continue to be on the forefront of and the large pipeline of deals that we have in the near term. If market conditions hold, we see no reason why 2026 wouldn't also be a market step-up from 2025 in terms of deal activity as well.

就投資和盈利而言，這顯然取決於市場情況。但基於我們目前所處的非常積極的環境，我們將繼續引領主要趨勢，並且近期仍有大量交易正在進行中。如果市場狀況不變，我們認為2026年的交易活動也完全有可能比2025年有所成長。

Excellent. Thank you very much.

出色的。非常感謝。

Michael Brown, UBS.

瑞銀集團的麥可布朗。

Hi. Good morning. So a lot of anxiety surfaced in the market yesterday around AI-driven disruption and including within the alternative space. Based on our analysis, your exposure screens below peers, but could you maybe break down Brookfield's software exposure broadly across private credit and private equity funds?

你好。早安.因此，昨天市場上出現了許多關於人工智慧驅動的顛覆性變革以及另類投資領域的焦慮情緒。根據我們的分析，您的風險敞口低於同行，但您能否詳細分析 Brookfield 在私募信貸和私募股權基金中的軟體風險敞口？

And then additionally, for the industry, Connor, I'd love to hear your high-level views on how AI-related disruption could flow through the private asset ecosystem? And if there are major losses, how do you think LP allocations to private assets could react?

此外，康納，對於整個產業，我很想聽聽你對人工智慧相關的顛覆性變革將如何影響私有資產生態系統的高層次看法？如果有重大損失，您認為有限合夥人對私募資產的配置會如何反應？

So there's really two punchlines from our side. First and foremost, this is a strong net positive for our business. it validates our focus on digital infrastructure and servicing increased power demand to support the growth in increased penetration of AI.

所以，我們這邊其實有兩個重點要說。首先，這對我們的業務來說是一個顯著的好消息。它驗證了我們專注於數位基礎設施建設和滿足日益增長的電力需求以支援人工智慧普及的正確性。

These are some of the largest and most active platforms we have at Brookfield and the announcement is not yesterday, but the increasing tailwinds over the last several months only provide further support for those initiatives. Obviously, this question is topical given the significant market move yesterday but given our firm-wide focus on AI, this is a trend we've been tracking for a while.

這些是布魯克菲爾德旗下規模最大、最活躍的一些平台，雖然公告並非昨天才發布，但過去幾個月來不斷增強的利好因素只會為這些舉措提供進一步的支持。顯然，鑑於昨天市場的大幅波動，這個問題具有現實意義；但鑑於我們公司對人工智慧的全面關注，我們已經關注這一趨勢一段時間了。

And as a result, the punch line is our exposure across the organization is very minimal. As a reminder, our portfolio is almost entirely focused on long-term contracted real assets where we don't take any technology risk or build on spec.

因此，最終結果是，我們在整個組織中的風險敞口非常小。再次提醒大家，我們的投資組合幾乎完全集中在長期合約的實體資產，我們不承擔任何技術風險，也不進行投機性建設。

Maybe to get into some of the specifics you asked about, within our private equity portfolio, we have less than 1% exposure to software businesses within our credit business, our focus has been on areas of expertise such as infrastructure and real estate credit, real asset lending and asset-backed finance where we get benefits from the Brookfield ecosystem, and we have no software exposure.

為了回答您提出的一些具體問題，在我們的私募股權投資組合中，我們在信貸業務中對軟體企業的投資不到 1%，我們的重點一直放在基礎設施和房地產信貸、實物資產借貸和資產支持融資等專業領域，在這些領域我們可以從 Brookfield 生態系統中受益，而我們沒有軟體方面的投資。

And then within our corporate credit portfolio, we've been actively positioning to where we see the best risk-adjusted returns. And as such, our opportunistic credit strategies have very little software exposure and our performing credit strategies are significantly underweight relative to indices.

然後，在我們的企業信貸組合中，我們一直在積極配置資產，以期獲得最佳的風險調整後收益。因此，我們的機會型信貸策略對軟體的依賴程度非常低，而我們表現良好的信貸策略相對於指數而言權重嚴重偏低。

Taking that all together, our firm-wide focus has been being positioned to benefit from increased AI penetration. And therefore, the headlines yesterday just further reinforce our conviction in that theme and our disciplined approach to building our credit business has once again put us in a favorable position to manage through this volatility and to continue to be a net beneficiary of the impacts from AI.

綜上所述，我們公司整體的重點已經轉向從人工智慧日益普及中受益。因此，昨天的頭條新聞進一步強化了我們對這一主題的信念，我們建構信貸業務的嚴謹方法再次使我們處於有利地位，能夠應對這種波動，並繼續成為人工智慧影響的淨受益者。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，加拿大皇家銀行資本市場。

Thanks and morning. Connor, also echoing the congrats on the CEO appointment. I wanted to ask around liquidity, just given you pay out most of your free cash flow. And so with the $2.5 billion of debt outstanding now, would you consider the business in a place where it's fully funded?

謝謝，早安。康納也對執行長的任命表示祝賀。我想問一下流動性方面的問題，因為你們把大部分自由現金流都用來支付了。那麼，鑑於目前未償債務高達 25 億美元，您認為該企業是否已經獲得充分資金？

And just related to that, could you give us a high-level sense of the duration over which the $130 billion-ish of uncalled commitments could get called? Thanks.

另外，能否大致說明一下，這1300億美元左右的未兌付承諾可能需要多長時間才能被兌付？謝謝。

Yeah. Sure. This is Hadley. So I'll take that question. In terms of our balance sheet and liquidity, we're in a really good place. We've got over $3 billion of liquidity. Now part of that is in anticipation of funding our share of the 26% of Oaktree that we currently don't own. And so that's a critical component. So we're well capitalized from that perspective.

是的。當然。這是哈德利。那我就來回答這個問題吧。就資產負債表和流動性而言，我們的狀況非常好。我們擁有超過30億美元的流動資金。部分資金用於預期收購我們目前尚未持有的 Oaktree 26% 股份。所以，這是至關重要的一個組成部分。所以從這個角度來看，我們的資金非常充足。

But then looking forward, we've been instrumental in supporting our business, whether that's through initiatives around our complementary strategies and the growth there as well as our partner managers and buying additional stakes related to our partner managers. So we're in a really good position.

但展望未來，我們一直在為公司業務的發展提供有力支持，無論是透過圍繞互補策略和成長的舉措，還是透過我們的合作夥伴經理和購買與合作夥伴經理相關的額外股份。所以我們處境非常有利。

For some time, we've benefited from the cash on hand from the spin out. But it slowly entered the bond market earlier last year and anticipate when we look forward in terms of our leverage, obviously, the capacity is quite ample and will continue to build as our business grows.

一段時間以來，我們一直受益於分拆後獲得的現金流。但該公司於去年年初緩慢進入債券市場，展望未來，就我們的槓桿而言，顯然，其能力相當充足，並且隨著我們業務的增長，這種能力還將繼續增強。

But when we look at 2026, we'll be much less active than we were in 2025 given we were obviously in a big growth area and wanting to support that growth. When we look at our other area of liquidity, that's the uncalled capital at $130 billion-ish. That's a significant amount of capital that can turn into fee-bearing capital.

但展望 2026 年，我們的活躍度將遠低於 2025 年，因為我們當時顯然處於高速成長的領域，並且想要支持這一成長。當我們審視流動性的另一個面向時，就會發現未繳資本約為 1,300 億美元。這是一筆可觀的資金，可以轉化為產生費用的資金。

And this is a critical component of our business. We always want to be in a position where we've got liquidity to take advantage of the environment that we're in. So a good example of that is our BSREP, our flagship for real estate closed its fundraising earlier in '25 and so in a great position to have ample liquidity to be quite active; and Peakstone, the announcement we made yesterday is a good example of that.

這是我們業務的關鍵組成部分。我們始終希望保持充足的流動資金，以便充分利用我們所處的環境。一個很好的例子就是我們的 BSREP，我們的房地產旗艦項目在 2025 年初完成了融資，因此擁有充足的流動性，可以非常活躍；而我們昨天發布的 Peakstone 公告就是一個很好的例子。

And so our flagships obviously built into some of that uncalled capital. But separately, our credit strategies, which are also heavily in market last year and some into this year have uncalled capital that will get deployed over time and become fee-bearing capital.

因此，我們的旗艦產品顯然利用了部分未被利用的資金。但另一方面，我們的信貸策略（去年也大量投放市場，今年部分策略也推出市場）擁有未調用的資本，這些資本將隨著時間的推移而部署並成為收費資本。

So that will take a few years to get called, but it puts us in a really good position no matter what environment we have going forward.

所以，要等幾年才能接到通知，但這讓我們無論未來身處何種環境都處於非常有利的地位。

Very helpful. Thanks, Hadley.

很有幫助。謝謝你，哈德利。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thanks. Good morning, everyone. And Connor, first is big congrats on your promotion to CEO Brookfield. And I think you're probably the youngest CEO in asset management, too.

謝謝。各位早安。康納，首先恭喜你晉升為布魯克菲爾德執行長。而且我認為你很可能也是資產管理產業最年輕的執行長。

Thanks.

謝謝。

So my question is on artificial intelligence. So Brookfield has really built a leading business servicing the AI industry. So like your peers, it's a lot of picks and shovels, not actually the AI models, so data center and power. Can you talk about the mix of capital being deployed today between equity and also debt?

所以我的問題是關於人工智慧的。因此，Brookfield 確實已經建立起一家服務於人工智慧產業的領先企業。所以和你的同行一樣，這其中有很多工具，像是鎬和鏟子，而不是真正的人工智慧模型，而是資料中心和電力。您能否談談目前股權和債務融資的組合？

And on the equity side in data centers, is it mostly investment-grade tenants like the hyperscalers? And I'm sorry, but one more, I'm going to squeeze in, if you can address this one, too.

資料中心的股權方面，是否主要由像超大規模資料中心這樣的投資等級租戶構成？抱歉，我再擠出一個問題，如果您也能解答一下這個問題的話。

And on the leases, they're -- I think almost all 15-year plus leases, are there scenarios where they can be broken early or no because there's a financial benefit to the data center provider when it's broken? Sorry about the three, but they're all related.

至於租賃合同，我認為幾乎所有 15 年以上的租賃合同，是否存在可以提前終止的情況，或者是否因為終止合同會給數據中心提供者帶來經濟利益而無法提前終止？抱歉說了三個，但它們都相關。

So in terms of themes across Brookfield, AI continues -- AI and AI infrastructure and the value chain that supports the increased penetration of AI remains at the top of the list. And this is not only the digital infrastructure but also the energy generation that is required to support these data centers.

因此，就 Brookfield 的各個主題而言，人工智慧仍然是重中之重——人工智慧、人工智慧基礎設施以及支援人工智慧日益普及的價值鏈仍然是首要主題。這不僅包括數位基礎設施，還包括支援這些資料中心所需的能源生產。

Just as a general comment as to why the market opportunity is so robust today. You've got three dynamics that are all compounding on themselves. One more data centers are being built; two, the data centers that are being built are now larger; and then the third one is historically the financial investor in a data center typically funded the rack in the shell.

我只想就目前市場機會如此強勁的原因做一些概括性說明。這裡有三個相互疊加的動態因素。第一，正在建造的資料中心更多了；第二，正在建造的資料中心規模更大；第三，從歷史上看，資料中心的金融投資者通常會為機櫃外殼提供資金。

Increasingly, there is an opportunity for those that have the scale and the operating capabilities to not just fund the rack and the shell but to fund the rack, the shelves, the chips, the servers, the power supply, the grid redundancy, the substation, the interconnect, the whole system, if you will.

對於那些擁有規模和營運能力的人來說，越來越有機會不僅為機架和外殼提供資金，而且還為機架、貨架、晶片、伺服器、電源、電網冗餘、變電站、互連，也就是整個系統提供資金。

And that's creating a very large and attractive investment opportunity on both the credit side and the equity side because while that wallet is getting bigger, it's still backstopped by that same long-term take or pay off take with one of the greatest either hyperscaler or sovereign credits in the world.

這在信貸和股權方面都創造了一個非常巨大且有吸引力的投資機會，因為雖然資金規模越來越大，但它仍然有來自世界上最偉大的超大規模企業或主權信用之一的長期收益或回報作為後盾。

In terms of our pipeline today, it's as large as it's ever been, and we expect it to only continue going forward. There's two things that perhaps we would highlight that are of interest. There is -- the largest component of growth for AI demand is the hyperscalers.

就我們目前的專案儲備而言，規模達到了歷史最高水平，而且我們預計未來只會繼續擴大。有兩件事我們想重點提一下，這兩件事值得關注。確實如此——人工智慧需求成長的最大組成部分是超大規模資料中心。

And we are absolutely leading and supporting and investing the infrastructure to support their AI initiatives. But there's also a growing opportunity to support sovereign AI. This is the AI offtakes from countries to support the national interest of those regions.

我們絕對會引領、支持並投資基礎設施來支持他們的AI計劃。但支援自主人工智慧的機會也在不斷增加。這是各國為了支持本國利益而進行的AI技術出口。

Again, very high-quality credit offtakes, large-scale investment opportunities where our skills can be brought to bear. And this is an area where we do think we're market-leading given our announcements with Sweden, France, Qatar, et cetera.

再次強調，這是非常高品質的信貸承購項目，也是可以發揮我們技能的大規模投資機會。鑑於我們與瑞典、法國、卡達等國的合作公告，我們認為我們在這一領域處於市場領先地位。

The last point I'd simply make here is this is not just an investment opportunity, we are seeing incredible demand from our clients to get exposure to this investment theme. We announced our AI infrastructure fund with a target of $10 billion.

最後我想強調的是，這不僅僅是一個投資機會，我們看到客戶對參與這個投資主題的需求非常旺盛。我們宣佈設立人工智慧基礎設施基金，目標規模為 100 億美元。

We've already secured $5 billion. We expect we'll hit our targets and expect the broader program to be well north of $20 billion when we include the co-invest given the size of some of these investment opportunities.

我們已經籌到了50億美元。我們預計我們將實現目標，並考慮到其中一些投資機會的規模，如果將共同投資也計算在內，整個計劃的總額預計將遠遠超過 200 億美元。

And sorry, I'm just seeing here. The second part of your question, these are very strong long-term offtakes very similar to what we would expect in other infrastructure asset classes. These are take-or-pay, where if we continue to provide the asset, the offtaker is locked in.

抱歉，我這裡只能看到。關於您問題的第二部分，這些都是非常強勁的長期承購協議，與我們在其他基礎設施資產類別中預期的情況非常相似。這是照付不議的交易，如果我們繼續提供資產，承購者就無法繼續取得該資產。

And similar to what we do on the power side, the real estate side, the infrastructure side, AI infrastructure is no different. We spend a lot of time ensuring it's a great revenue construct backed by a great high-quality credit counterparty.

就像我們在電力、房地產、基礎設施等領域所做的那樣，人工智慧基礎設施也並無不同。我們花費大量時間確保這是一個良好的收入結構，並由優質的信用交易對手提供支援。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Hey. Good morning. Thanks for taking the question. Maybe just sticking with AI and data centers. I understand the US administration wants to see new data centers stand up their own power generation. Curious, how do you see that impacting bottlenecks?

嘿。早安.感謝您回答這個問題。或許就只專注於人工智慧和資料中心吧。我了解到美國政府希望看到新建的資料中心能夠自給自足地發電。很好奇，您認為這會對瓶頸產生什麼影響？

And as you invest in data centers, talk about how you're bringing together your greenfield power capabilities, which is a major differentiator for you? And how are you expanding your capacity there given bottlenecks?

在投資資料中心時，請談談您如何整合您的新建電力能力，這對您來說是一項重要的差異化優勢？考慮到瓶頸問題，你們是如何擴大那邊產能的？

There is no question. The bottleneck to AI growth today is not capital, it is not demand; it is electricity supply. And unlocking that electricity supply and the slogan, Bringing your Own Power is a key differentiator. And while electricity grids around the world are doing everything they can to increase their capacity as much as possible, they very simply cannot keep up with the increased level of demand that we've been seeing in recent years, it's only going to accelerate going forward.

毫無疑問。如今限制人工智慧發展的瓶頸不是資金，也不是需求，而是電力供應。而釋放電力供應潛力以及「自備電力」的口號，是關鍵的差異化因素。儘管世界各地的電網都在盡一切努力盡可能提高其容量，但它們根本無法跟上近年來我們所看到的不斷增長的需求水平，而且這種情況只會加速發展。

And therefore, our ability to bring unique solutions beyond just simply flowing power through the grid as a key differentiator. Our ability to bring quick to deliver power through our investment in Bloom Energy longer term, our ability to use nuclear solutions through Westinghouse, and then behind the meter, energy storage and renewable solutions that can be hooked up directly to these data center complexes.

因此，我們能夠提供超越簡單地透過電網輸送電力的獨特解決方案，這是我們的關鍵差異化優勢。我們有能力透過對 Bloom Energy 的長期投資，快速輸送電力；我們有能力透過西屋公司使用核能解決方案；此外，我們還可以提供可直接連接到這些資料中心綜合體的儲能和再生能源解決方案。

All of these are different ways that we can look to capture this significant demand and essentially, not be restricted by the growth of the grid that is not going to keep up with the opportunity that we see in front of us.

這些都是我們可以考慮的不同方式來抓住這一巨大需求，並且從本質上講，不會受到電網增長速度的限制，因為電網的增長速度無法跟上我們眼前的機會。

Great. Thank you.

偉大的。謝謝。

Dean Wilkinson, CIBC.

迪恩·威爾金森，加拿大帝國商業銀行。

Thanks. Good morning and congrats, Connor and Bruce. Just want to circle back on credit overall. I mean, there's been concerns around private credit, I guess, going back to September of last year. Can you comment just on what you're seeing in credit within the portfolio, a general view and maybe a comment on some of the redemptions that you're seeing in the industry in the private wealth strategies? Thanks.

謝謝。早安，恭喜康納和布魯斯。想再跟大家說說整體信用狀況。我的意思是，人們對私人信貸的擔憂，我想可以追溯到去年九月。您能否就目前在投資組合中看到的信貸情況發表一下看法，做一個總體展望，並就您在私人財富策略領域看到的一些贖回情況發表一些評論？謝謝。

So the market demand for credit continues to be very robust, and it's driven by the same drivers we're seeing across our equity business. Huge capital requirements to build out assets around key themes of energy and digitalization and de-globalization.

因此，信貸市場需求仍然非常強勁，其驅動因素與我們在股權業務中看到的驅動因素相同。圍繞能源、數位化和去全球化等關鍵主題建立資產需要巨額資金。

And maybe to dive into what we're seeing, we continue to see very strong demand and attractive spreads in real asset and asset-backed lending where, quite frankly, demand continues to outweigh supply and we expect that dynamic to continue going forward.

或許我們可以深入探討我們所看到的現象，我們繼續看到實體資產和資產抵押貸款領域存在非常強勁的需求和有吸引力的利差，坦白說，需求繼續超過供應，我們預計這種動態將在未來繼續下去。

We are seeing incredibly tight spreads in select pockets of more commoditized segments of the market. And while that's subset-specific, some uncertainty in this space is significantly increasing the pipeline for our opportunistic credit business which we have seen increased its activity over the last couple of months.

我們看到，在部分商品化程度較高的市場領域，價差非常小。雖然這是特定子集的情況，但該領域的一些不確定性顯著增加了我們機會性信貸業務的業務量，我們已經看到該業務在過去幾個月中活動有所增加。

In terms of credit flows, you're absolutely right, across the market. There were modest increases in retail redemptions or wealth redemptions late last year. For us, these were very modest and very manageable but what they shouldn't overshadow is on the institutional side, we're still seeing very robust inflows into credit, especially those products that are well positioned to outperform in this market.

就信貸流動而言，你的說法完全正確，整個市場都是如此。去年底零售贖回或財富贖回略有增加。對我們來說，這些變動非常小，完全可以控制，但它們不應掩蓋的是，在機構方面，我們仍然看到信貸資金強勁流入，尤其是那些在這個市場中表現優異的產品。

Great. Thanks.

偉大的。謝謝。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Thanks. Just wanted to follow up on just the outlook for wealth flows. You've obviously had very good momentum exiting 2025. Can you talk about your product road map as you look into 2026 and beyond as well as just the continued momentum?

謝謝。我只是想了解一下財富流動的前景。顯然，你們在2025年之後的發展勢頭非常強勁。能否談談貴公司在 2026 年及以後的產品路線圖，以及公司如何維持目前的成長動能？

So 2025, our growth in the wealth channel was a little bit north of 40%, 4-0 percent. We expect that to continue in 2026, particularly on the back of a number of new products we launched in the space at the end of the last year, notably in the credit and private equity segments. And those are seeing great early reception.

因此，到 2025 年，我們在財富管道的成長率略高於 40%，即 40%。我們預計這種情況將在 2026 年繼續下去，尤其是在去年年底我們在該領域推出了一系列新產品之後，特別是信貸和私募股權領域。這些產品目前都獲得了很好的早期反響。

In terms of our outlook for the business, we're going to continue to build incrementally. This is an amazing opportunity in terms of the scale, the potential scale for our business, and we absolutely intend to capture it, but we want to go about doing it the right way.

就公司發展前景而言，我們將繼續穩步前進。就規模而言，這對我們的業務來說是一個絕佳的機會，具有巨大的潛力，我們絕對打算抓住這個機會，但我們希望以正確的方式去做。

We're focusing, first and foremost, on getting the right products on the right platforms. Here, we're having an incredible amount of success.

我們首要關注的是，將合適的產品放在合適的平台上。我們在這裡取得了巨大的成功。

Secondly, we're very focused on raising prudent amounts of capital to ensure that through these wealth products, we deliver the same strong and consistent returns that have defined our business for years. We feel that is the right way to build this business over time. we can lead in this space the same way we lead in the institutional space. And it's clearly not restricting our growth, taking this approach, given our 40%-plus CAGR.

其次，我們非常注重籌集適量的資金，以確保透過這些財富產品，我們能夠提供多年來一直定義我們業務的強勁且穩定的回報。我們認為這是長期發展這項業務的正確方式。我們可以在這個領域像在機構領域一樣發揮領導作用。鑑於我們超過 40% 的複合年增長率，採取這種方法顯然沒有限制我們的成長。

And then maybe lastly, the one thing we are doing is taking some incremental steps in 2026, really around brand awareness for Brookfield and also filling out our product offering, most notably on the credit side.

最後，我們正在做的一件事是，在 2026 年採取一些漸進式措施，主要圍繞 Brookfield 的品牌知名度以及完善我們的產品系列，尤其是在信貸方面。

Crispin Love, Piper Sandler.

克里斯平·洛夫，派珀·桑德勒。

Thank you. First, congratulations, Connor. And then just on my question, FRE margins have expanded nicely in recent quarters to 60%-plus. Can you share your views on the margin trajectory from here? How do you feel about sustainability of current margins potential for further expansion, just given some of the tailwinds that you've discussed for the business broadly? Just any puts and takes there would be great. Thank you.

謝謝。首先，恭喜你，康納。關於我的問題，近幾季 FRE 利潤率已大幅成長至 60% 以上。能否分享一下您對未來利潤率走勢的看法？考慮到您剛才討論的一些利多因素，您認為目前的利潤率能否持續，以及未來是否有進一步擴張的潛力？任何投注和買入都歡迎。謝謝。

Sure. So I can describe that. I mean, you're absolutely right about the margins and the operating leverage that we've seen play out. As a reminder, when we close the 26% of Oaktree, that will have a shift in our margins just because of where they operate in the cyclicality of their business.

當然。所以我可以描述一下。我的意思是，你說的利潤率和經營槓桿效應完全正確，我們已經看到了這些變化。提醒一下，當我們完成 Oaktree 26% 股份的收購時，由於其業務週期性波動，我們的利潤率將會改變。

But the other thing that we mentioned that we're going to do, which is really just a onetime presentation change, is take our partner managers, which have continued to grow the business and our share has grown, which is reflecting more into our numbers, we're going to actually bifurcate their revenues and expenses, the portion that we own, whereas today, we include only their FRE.

但我們提到的另一件事，實際上只是一次性的演示方式改變，那就是將我們的合作夥伴經理（他們持續發展業務，我們的份額也隨之增長，這更多地反映在我們的數字中）的收入和支出分開，也就是我們擁有的部分，而今天，我們只包括他們的 FRE。

So this change won't impact FRE or DE, but it will increase the reported revenues and costs, and as a result, impact the margins. Now the reason why we've always just shown their FRE is because they were a small part of the business. But as I mentioned, they continue to grow, and we're quite excited about that.

因此，這項變更不會影響 FRE 或 DE，但會增加報告的收入和成本，從而影響利潤率。我們一直以來只展示他們的 FRE 的原因是，他們只是公司業務的一小部分。但正如我所提到的，它們仍在不斷發展壯大，我們對此感到非常興奮。

So we want to provide more transparency around that and this should also help investors better understand the components of our credit business specifically as well as the underlying fee rates for our credit strategies.

因此，我們希望提高這方面的透明度，這也有助於投資者更好地了解我們信貸業務的具體組成部分以及我們信貸策略的基本費率。

But importantly, to get to really the crux of your question, the margins for our business will continue to improve because of that operating leverage that's built in across all of our platforms. And in fact, when we look forward, every -- especially for 2026, every business should have stronger margins, except maybe real estate only because they don't have the catch-up fees. So we're quite excited about the business in general for 2026 and onwards, and that will be reflected in the margins.

但更重要的是，要真正回答你的問題，由於我們所有平台都內建了營運槓桿，我們業務的利潤率將繼續提高。事實上，展望未來，特別是到 2026 年，所有企業的利潤率都應該更高，也許只有房地產行業例外，因為他們沒有追趕費用。因此，我們對 2026 年及以後的業務發展前景感到非常興奮，這將在利潤率中得到體現。

Thank you, Hadley.

謝謝你，哈德利。

Mario Saric, Scotiabank.

馬裡奧·薩里奇，加拿大豐業銀行。

Hi. Good morning. I just had a quick follow-on question with respect to the emerging pursuit of the individual investor and wealth channel. I think, Connor, you highlighted three initiatives for '26 on that front, including brand awareness.

你好。早安.關於新興的個人投資者和財富管道，我還有一個後續問題想問。康納，我認為你重點介紹了 2026 年在這方面的三項舉措，包括品牌意識。

I'm just thinking from a cultural perspective, Brookfield's culture has been very consistent, very strong, excellent institutional culture to make Brookfield what it is today. How do you balance the drive from brand awareness on the private individual wealth side with maintaining that institutional culture that you've had historically?

我只是從文化角度思考，布魯克菲爾德的文化一直非常一致、非常強大，優秀的機構文化造就了今天的布魯克菲爾德。如何在提升個人財富品牌知名度的同時，維持公司歷來擁有的機構文化？

Our culture is one of our biggest and most valuable assets, and it is not going to change going forward. I guides how we operate, how we partner with our clients, how we're disciplined and take a long-term view to investing.

我們的文化是我們最大、最有價值的資產之一，而且它在未來不會改變。它指導著我們的運作方式、我們與客戶的合作方式、我們的紀律性以及我們對投資的長期視角。

When we speak about increasing brand awareness, one of the important things is it's about increasing the awareness of the Brookfield brand, which, to your point, is very distinct. It speaks to stability, it speaks to discipline, it speaks to long-term focus. And that's all we will be reinforcing.

當我們談到提高品牌知名度時，重要的一點是提高布魯克菲爾德品牌的知名度，正如您所說，布魯克菲爾德品牌非常獨特。它體現了穩定性，體現了自律性，體現了長遠眼光。這就是我們要強調的全部。

One thing we're incredibly proud of at Brookfield is everybody represents the brand. And that's really what we're going to look to reinforce. As we do increase the brand awareness, it's just ensuring that people know who Brookfield is and what we stand for.

在Brookfield，我們最引以為傲的一點是，每個人都代表著這個品牌。而這正是我們要著重加強的。隨著我們品牌知名度的提升，我們只需確保人們了解 Brookfield 是誰以及我們所代表的價值觀。

Great. Thank you.

偉大的。謝謝。

Jaeme Gloyn, National Bank.

Jaeme Gloyn，國家銀行。

Yeah. Thanks. Good morning and congrats as well, Connor. On the private wealth and market, as that continues to evolve and access for private markets and 401(k) expands, how should we be thinking about the potential impact on BAM's fee-bearing capital and FRE? And what do you need to have happen for that to become material?

是的。謝謝。早安，也恭喜你，康納。關於私人財富和市場，隨著其不斷發展，私人市場和 401(k) 的准入不斷擴大，我們應該如何看待這對 BAM 的收費資本和 FRE 的潛在影響？那麼，要讓這件事變成現實，需要發生什麼事呢？

So when we think about the large opportunity in the future for the individual investor, we think about that in three parts: the retail and high net worth channel, the insurance policy and annuity holder, and the 401(k) and retiree benefit market. In that third bucket, we do expect the opportunity set to be very, very large, but we expect it to grow incrementally over time.

因此，當我們思考個人投資者未來的巨大機會時，我們會從三個方面來考慮：零售和高淨值通路、保險單和年金持有者，以及 401(k) 和退休福利市場。在第三個類別中，我們預計機會非常非常大，但我們預計它會隨著時間的推移而逐步成長。

In terms of what's happening in the near term, we do expect guidance to come later this week, which we expect will be highly supportive of alternatives in 401(k)s and will include -- we expect initiatives that will create catalysts for increased reviews of alternatives within these portfolios. And we are very well positioned to capture these opportunities in the DC channel.

就近期情況而言，我們預計本週晚些時候將發布指導意見，我們預計該意見將大力支持 401(k) 計劃中的另類投資，並將包括——我們預計這將為加強對這些投資組合中另類投資的審查創造催化劑的舉措。我們已做好充分準備，抓住華盛頓特區管道的這些機會。

We are already working with leading target date fund managers to provide the best of Brookfield strategies to improve participant plan outcomes. We've been focusing on professionally managed portfolios and target date funds where we can co-develop sleeves and solutions with the existing providers of those products.

我們已與領先的目標日期基金經理合作，提供 Brookfield 的最佳策略，以改善參與者計劃的結果。我們一直專注於專業管理的投資組合和目標日期基金，以便與這些產品的現有提供者共同開發配套產品和解決方案。

And in that regard, we're very confident that we can demonstrate value for cost while meeting the regulatory requirements and that really goes to the strength, track record, and durability of our private investment strategies.

在這方面，我們非常有信心能夠證明我們能夠在滿足監管要求的同時，實現成本效益，這真正體現了我們私募投資策略的實力、業績記錄和持久性。

Maybe the last point just on this market because we're very excited about it. From all stakeholders, we continue to receive very positive feedback that are focus on high-quality downside protected real assets that provide cash yield and inflation protection is uniquely suited to the objectives of these planned participants. And that's what we'll be looking to offer on an increasing basis going forward.

或許最後一點要談談這個市場，因為我們對此感到非常興奮。我們從所有利害關係人不斷收到非常正面的回饋，他們專注於高品質的下行風險保護型實體資產，這些資產能夠提供現金收益和通膨保護，非常適合這些計畫參與者的目標。而這正是我們未來將逐步增加所提供的服務。

Kenneth Worthington, JPMorgan.

Kenneth Worthington，摩根大通。

Hi. Good morning, Connor. Congratulations. My question is for Hadley. There was a more meaningful increase in the long-term fund and co-investment revenue in both transition and private equity businesses this quarter. For transition, it went from like $5 million to $28 million sequentially. In private equity, the revenue went from $44 million to $62 million sequentially.

你好。早安，康納。恭喜。我的問題要問哈德利。本季度，轉型和私募股權業務的長期基金和共同投資收入均出現了更顯著的成長。過渡期間，費用從約 500 萬美元逐年增加到 2,800 萬美元。在私募股權領域，營收季減從 4,400 萬美元增至 6,200 萬美元。

What drove the jumps here? And to what extent is this sequential jump in revenue this quarter sustainable at these levels? Or were there one-offs that we should be accounting for?

是什麼原因導致了這些跳躍？本季營收的環比成長在多大程度上能夠維持在目前的水平？或者是否有我們應該考慮的特殊情況？

So one thing to keep in mind, and we've mentioned this for PE is Pinegrove, and they had a great first fund with a final close of $2.2 billion, and that had catch-up fees. So that's what you're seeing there. So there's some catch-up fees there. But that is capital that's now going to be earning FRE going forward. So very exciting outcome there.

所以有一點要記住，我們之前提到私募股權基金 Pinegrove，他們的第一支基金非常成功，最終募集了 22 億美元，而且還有追趕費用。這就是你看到的景象。所以這裡面有一些補繳費用。但這些資本未來將獲得 FRE 收益。所以結果非常令人興奮。

On the transition side, what you're seeing there is one of our partners that we have in terms of revenues that they generated from there. That is probably a little bit more one-off generated that the overall business is performing quite well, but they did have a solid wind. And so that's something that you're seeing flow through there.

在轉型方面，您看到的是我們的合作夥伴，以及他們從那裡獲得的收入。這可能更多是個別因素造成的，因為整體業務表現相當不錯，但他們的確遇到了強勁的順風。所以你會看到這種東西在那裡流動。

Okay. Great. Thank you very much. Yes, that's exactly it. Thank you.

好的。偉大的。非常感謝。沒錯，就是這樣。謝謝。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO資本市場。

Okay. Thank you for squeezing me. Congrats to Connor, as well. Hadley, can you just give us a sense of how you arrived at the 15% divi bump and whether or not you expect to the below 100% payout ratio next year?

好的。謝謝你擠壓我。也恭喜康納。Hadley，你能否簡要說明一下你是如何得出 15% 的股息增長幅度的，以及你是否預計明年的派息率會低於 100%？

Yeah. So look, we do a lot of forecasting and analysis around our business by each business, tops down and bottoms up. So this is a thorough analysis that we conduct. It does make it a little bit easier when we've got $200 million of FRE coming in for 2026 that we can forecast with incredible certainty around Oaktree and Just Group so that's quite supportive.

是的。所以你看，我們對每個業務都進行了大量的預測和分析，既有自上而下的，也有自下而上的。所以，這是我們進行的一項全面分析。2026 年，我們有 2 億美元的 FRE 資金流入，我們可以非常有把握地預測 Oaktree 和 Just Group 的資金流入，這確實讓事情變得容易一些，也給了我們很大的支持。

And when we think about our payout ratio over time, as you know, we target around the 95%. And so that is the goal that we're going to be leading into especially as we get in carry, which is the second leg of our growth. So what gives us that confidence around 15% is the analysis that we performed and then the overall long-term goal from that perspective.

如您所知，當我們考慮長期的派息率時，我們的目標約為 9​​5%。所以，這就是我們要努力實現的目標，尤其是在我們進入銷售環節之後，這是我們成長的第二個階段。因此，我們之所以對 15% 左右的成功率充滿信心，是因為我們進行了分析，並且從這個角度來看，我們設定了整體長期目標。

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

今天的問答環節到此結束。我想把電話轉回給傑森·福克斯，請他作總結發言。

Okay. Great. If anyone 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。如果大家對今天的發布還有任何疑問，請隨時直接與我聯繫。感謝大家的參與。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。