BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Brookfield Asset Management first-quarter 2026 earnings call. (Operator Instructions)

各位好，感謝您撥冗等候。歡迎參加 Brookfield Asset Management 2026 年第一季財報電話會議。（接線員指示）

Please be advised at today's conference is being recorded. I'd now like to hand the conference over to Jason Fuchs, managing director, investor relations. Please go ahead.

請注意，今天的會議將進行錄音。現在我想把會議交給投資人關係董事總經理 Jason Fuchs。請開始。

Thank you for joining us today for Brookfield Asset Management's first quarter 2026 earnings call. On the call today we have Connor Teske, our Chief Executive Officer; Armand Penosian, co-CEO of Credit; and Hadley Peer Marshall, our Chief Financial Officer.

感謝各位今天參加 Brookfield Asset Management 2026 年第一季財報電話會議。今天與會者包括我們的執行長 Connor Teske；信貸業務共同執行長 Armand Penosian；以及財務長 Hadley Peer Marshall。

Before I 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 from the meaning of applicable US and Canadian securities law.

在開始之前，我想提醒各位，在今天的發言中（包括回覆提問、討論新計畫以及我們的財務與營運表現時），我們可能會作出前瞻性陳述，包括在適用的美國與加拿大證券法意義下的前瞻性陳述。

These statements reflect prediction 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. On the call today,

這些陳述反映對未來事件與趨勢的預測，並不涉及歷史事件。其受已知與未知風險影響，未來事件與結果可能與這些陳述存在重大差異。關於這些風險及其對本公司的潛在影響之更多資訊，請參閱我們向美國與加拿大證券監管機構提交的文件，以及我們網站上的相關資訊。在今天的電話會議上，

Connor will begin with an overview of the quarter and highlight the strategic momentum across our business. We are also pleased to have Armen join us to provide an update on the Oaktree integration and share his perspective on how our combined platform is positioned to be opportunistic in today’s market. And finally, Hadley will discuss our financial and operating results and balance sheet.

Connor 將先就本季表現作概述，並重點說明我們業務在策略面上的動能。我們也很高興 Armen 能加入，提供 Oaktree 整合進度更新，並分享他對我們合併後平台如何在當前市場把握機會的看法。最後，Hadley 將說明我們的財務與營運結果以及資產負債表狀況。

After our formal remarks, we will open the line for questions. To ensure we can hear from as many participants as possible, we are asking everyone to please limit themselves to one question. If you have additional questions, please rejoin the queue, and we will be happy to take more questions if time permits.

在正式發言結束後，我們將開放提問。為確保能讓盡可能多的與會者發言，我們請各位每人僅限提一個問題。如有其他問題，請重新排隊；若時間允許，我們也很樂意回答更多問題。

With that, I will turn the call over to Connor.

接下來，我把電話交給 Connor。

Thank you, Jason. Good morning to everyone on the call. 2026 will not only be a record year for Brookfield Asset Management Ltd., but one where we expect to exceed our long-term growth targets, and we are already off to a great start with a strong first quarter.

謝謝你，Jason。各位早安。2026 年不僅將是 Brookfield Asset Management Ltd. 的創紀錄年度，我們也預期將超越長期成長目標；而我們已在第一季以強勁表現取得良好開局。

Fee-related earnings for the quarter were up 11% to $772 million and distributable earnings were $702 million. We raised $21 billion of capital this quarter and fee-bearing capital increased 12% over the last twelve months to $614 billion, including the fundraising we have announced associated with the Just Group mandate and our flagship private equity fund.

本季費用相關收益（fee-related earnings）年增 11% 至 7.72 億美元，可分配收益（distributable earnings）為 7.02 億美元。本季我們募集資金 210 億美元，過去 12 個月的計費資本（fee-bearing capital）成長 12% 至 6,140 億美元，其中包含我們已宣布與 Just Group 委任案及旗艦私募股權基金相關的募資。

Year-to-date fundraising stands at $67 billion, more than half of the $112 billion we raised in all of 2025. More important than the numbers is what they reflect: the continued strength of our franchise, the quality of our client relationships, and the increasing importance of the areas where we invest.

年初至今的募資金額達 670 億美元，已超過我們 2025 年全年募得 1,120 億美元的一半。比數字更重要的是其所反映的意義：我們特許經營平台的持續強勁、客戶關係的高品質，以及我們投資領域的重要性日益提升。

We are operating from a position of strength with scale, liquidity, and a portfolio centered on essential assets and businesses that form the backbone of the global economy. This year is being supported by a number of important strategic developments across the broader platform.

我們憑藉規模、流動性，以及以關鍵資產與企業為核心、構成全球經濟骨幹的投資組合，正處於有利位置。今年，整體平台多項重要策略進展也提供了支撐。

In early April, Brookfield Wealth Solutions completed its purchase of Just Group, a leading pension risk transfer platform in the UK, and through that, Brookfield Asset Management Ltd. was awarded an additional $40 billion asset management mandate, further extending our presence in retirement and insurance-related capital.

4 月初，Brookfield Wealth Solutions 完成收購英國領先的退休金風險轉移平台 Just Group；藉此，Brookfield Asset Management Ltd. 獲授予額外 400 億美元的資產管理委任案，進一步擴大我們在退休與保險相關資本領域的布局。

We are also very close to completing our acquisition of Oaktree, which we expect to close in the second quarter, and which will further strengthen and integrate our global credit franchise. In a few minutes, Hadley will speak more specifically to the financial impact of both those transactions. At the same time, this year, we have one of the broadest product sets in the market.

我們也已非常接近完成對 Oaktree 的收購，預期將於第二季完成交割，這將進一步強化並整合我們的全球信貸特許經營平台。幾分鐘後，Hadley 將更具體說明這兩筆交易的財務影響。同時，今年我們擁有市場上最廣泛的產品組合之一。

This includes our flagship private equity strategy, which has already closed $6 billion and will be holding its first close in the coming months. It also includes our flagship infrastructure fund, in fact, all of our infrastructure funds, alongside a growing number of complementary strategies. We are also seeing excellent momentum across our partner managers, where each of Primary Wave, 17Capital, and Pine Grove recently held fund closes that not only exceeded their targets, but in all three cases represented the largest fund of their kind.

其中包括我們的旗艦私募股權策略，目前已完成 60 億美元募集，並將在未來數月進行首次關帳（first close）。也包括我們的旗艦基礎建設基金，事實上是我們所有的基礎建設基金，以及日益增加的互補策略。我們也看到合作夥伴管理人（partner managers）方面的優異動能：Primary Wave、17Capital 與 Pine Grove 近期皆完成基金關帳，不僅超越目標，且三者在各自領域皆為同類型中規模最大的基金。

That breadth is driving strong fundraising momentum and setting us up well for the balance of the year. Against this backdrop, we continue to expect 2026 to be Brookfield Asset Management Ltd.’s largest fundraising year ever.

這樣的廣度正推動強勁的募資動能，並使我們在今年剩餘期間具備良好態勢。在此背景下，我們仍預期 2026 年將是 Brookfield Asset Management Ltd. 史上募資規模最大的一年。

One of the clearest ways our platform is evolving is in how we engage with our largest clients. For some time, we have said that investors are consolidating more of their business with fewer managers, particularly with firms that can invest at scale across asset classes, geographies, and products, up and down the capital structure.

我們平台演進最清楚的方式之一，是我們與最大型客戶互動的方式。一段時間以來，我們一直表示投資人正把更多業務集中交由更少數的管理人，特別是能在不同資產類別、地理區域與產品上，以規模進行投資，並能沿資本結構上下配置的機構。

Our partners are not only asking us for a view on one sector or one fund, but rather they are asking what we are seeing across the $1.2 trillion of assets in our ecosystem, how capital is moving across markets, and how those linkages are shaping investment opportunities.

我們的合作夥伴不再只是向我們詢問單一產業或單一基金的觀點；相反地，他們想了解我們在生態系中 1.2 兆美元資產所觀察到的整體情況、資金如何在市場間流動，以及這些連結如何形塑投資機會。

More and more, those conversations are leading to broader strategic relationships where we start with the client’s objectives, across income, appreciation, duration, diversification, and liquidity, and then build customized solutions across our strategies to help meet those goals.

愈來愈多時候，這些對話促成更廣泛的策略性關係：我們從客戶的目標出發，涵蓋收益、增值、存續期間（duration）、分散化與流動性，並在我們的各項策略中打造客製化解決方案，以協助達成這些目標。

We are seeing tangible momentum for multibillion-dollar partnerships across multiple strategies, and we are investing behind it through our Investment Solutions Group, a dedicated team focused on delivering those insights and tailored solutions at greater scale. While this capability has long been a differentiator for our business, its importance has become more acute in recent years, and we expect it to be a key competitive advantage as alternatives continue to expand into retirement, insurance, and individual markets.

我們看到跨多項策略、數十億美元規模合作關係的具體動能，並透過投資解決方案團隊（Investment Solutions Group）加大投入；該專責團隊致力於以更大規模提供上述洞見與量身訂製的解決方案。雖然此能力長期以來一直是我們業務的差異化優勢，但近年其重要性更為凸顯；我們預期，隨著另類投資持續擴展至退休、保險與個人市場，這將成為關鍵競爭優勢。

In the near term, geopolitical uncertainty remains elevated. Trade and energy markets continue to adjust, and investors are assessing what that means for growth, inflation, and rates, while also considering how quickly AI may disrupt certain business models. Those issues matter, and they can move sentiment and market prices in the short run.

短期內，地緣政治不確定性仍處於高位。貿易與能源市場持續調整，投資人正在評估這對成長、通膨與利率的意涵，同時也在考量 AI 可能以多快速度顛覆某些商業模式。這些議題確實重要，且可能在短期內影響情緒與市場價格。

But our view is that those movements are temporary and manageable, while the long-term trends we invest behind remain firmly in favor and continue to accelerate. Our job is to own good businesses, operate them well, protect downside, and compound cash flows over time.

但我們的看法是，這些波動屬於暫時且可控；而我們所投資依循的長期趨勢仍明確有利，並持續加速。我們的工作是持有優質企業、把它們經營好、保護下行風險，並隨時間推進複利累積現金流。

That discipline has served us well through many cycles, and today we are seeing it in the continued performance of our assets, and we believe that this period will be no different. It is also worth reiterating something we have said before.

這項紀律在多個景氣循環中一直讓我們受益，而今天我們也從資產的持續表現中看見其成效；我們相信這一段期間也不會例外。同時，也值得再次重申我們先前說過的一點。

We are fortunate to have outsized exposure to the largest and most attractive segments of the alternatives market, and limited exposure to the areas where investor concern is currently the most concentrated. We have very limited exposure to software across our strategies. Sponsor-oriented direct lending is an immaterial part of our business. And our listed private wealth credit vehicles are disproportionately small, with our private BDC representing less than 1% of fee-bearing capital.

我們很幸運，在另類投資市場中最大且最具吸引力的細分領域擁有超比例的曝險，同時對目前投資人疑慮最為集中的領域之曝險有限。在我們各項策略中，對軟體的曝險非常有限。以贊助商為導向的直接放貸在我們業務中占比微不足道。而我們上市的私人財富信貸工具規模相對偏小，其中我們的私人 BDC 在計收費用的資本中占比不到 1%。

But we would caution against viewing our position as simply defensive. Limited downside does not fully capture where we sit today. In our view, we are not only protected from many of the areas under pressure, we are positively exposed to the areas that should outperform in this environment. The first reason is that in this environment, real assets win.

但我們要提醒，不宜僅將我們的定位視為防禦性。有限的下行風險並不足以完整反映我們當前所處的位置。我們認為，我們不僅在許多承壓領域受到保護，同時也正向曝險於在此環境下應可跑贏的領域。第一個原因是，在這樣的環境中，實體資產將勝出。

When there is uncertainty around growth, rates, or the durability of earnings, investors move toward high-quality, cash-generative assets and essential service businesses. That is exactly where we are concentrated. In real estate, we are clearly seeing the recovery accelerate.

當市場對成長、利率或獲利的持久性存在不確定性時，投資人會轉向高品質、能產生現金流的資產以及提供必要服務的企業。這正是我們集中布局的所在。在不動產方面，我們清楚看到復甦正在加速。

Sentiment is improving, financing markets are materially stronger, new supply remains muted in many sectors, and in a number of cases, assets can still be acquired well below replacement cost. In private equity, our strategy has always been focused on essential industrial and service businesses, where value creation comes from operations, not financial engineering. That approach is particularly well suited to the current market.

市場情緒正在改善，融資市場明顯轉強，許多產業的新供給仍然受抑制，而且在不少情況下，資產仍可在遠低於重置成本的水準取得。在私募股權方面，我們的策略一向聚焦於必要的工業與服務型企業，價值創造來自營運，而非財務工程。這種方法特別適合當前市場。

And lastly, infrastructure, where digitalization, rising energy demand, and deglobalization are all creating sustained demand for capital, we continue to see exceptional client interest and a very large opportunity set. The second reason is that concerns regarding AI disruption are equally balanced by accelerating AI adoption.

最後是基礎建設領域，數位化、能源需求上升以及去全球化都在創造對資本的持續需求；我們持續看到客戶的高度興趣以及非常龐大的機會集合。第二個原因是，對 AI 顛覆的擔憂，與 AI 採用加速所帶來的正面因素同樣強勁、相互平衡。

That is not a headwind for Brookfield Asset Management Ltd.; it is a very significant tailwind. AI requires enormous physical infrastructure: data centers, power generation, transmission, fiber, computing, cooling systems, and industrial capacity across the supply chain. We are already deeply invested across those areas. We have leadership positions in data centers and renewable power.

這對 Brookfield Asset Management Ltd. 而言不是逆風；而是非常顯著的順風。AI 需要龐大的實體基礎設施：資料中心、發電、輸電、光纖、運算、冷卻系統，以及供應鏈各環節的工業產能。我們早已在這些領域深度投資。我們在資料中心與再生能源發電方面具備領先地位。

We can combine real estate, infrastructure, and energy into integrated solutions at scale. And increasingly that is exactly what the largest hyperscalers, governments, and enterprise customers are looking for. This is also why all of our infrastructure, energy, and AI infrastructure strategies are seeing such significant interest. As AI adoption accelerates, Brookfield Asset Management Ltd.’s market-leading position in a very large portion of our assets becomes increasingly valuable.

我們能以規模化方式，將不動產、基礎建設與能源整合為一體化解決方案。而這也愈來愈正是最大型超大規模雲端業者（hyperscalers）、政府與企業客戶所尋求的。這也是為什麼我們所有的基礎建設、能源與 AI 基礎設施策略都獲得如此顯著的關注。隨著 AI 採用加速，Brookfield Asset Management Ltd. 在我們相當大一部分資產中所具備的市場領先地位，將變得愈發有價值。

The third reason is credit. If current concerns in select pockets of credit persist, or the natural credit cycle continues to turn, that is precisely the type of environment where our platform should be at its best. We have been disciplined in how we built our credit business. We have always preferred areas where underwriting matters, where structure matters, and where there is real downside protection, notably real asset credit, asset-backed finance, and opportunistic credit.

第三個原因是信貸。如果目前在信貸某些局部領域的疑慮持續存在，或自然的信貸循環持續轉向，這正是我們平台最能發揮的環境。我們在打造信貸業務的方式上一直保持紀律。我們一向偏好承作審核（underwriting）重要、結構設計重要、且具備真正下行保護的領域，尤其是實體資產信貸、資產擔保融資，以及機會型信貸。

And lastly, we could not be more thrilled with the timing of our integration with Oaktree. Through the combined Brookfield Asset Management Ltd. and Oaktree platform, we have what we believe is the preeminent opportunistic credit franchise in the world. When liquidity becomes scarce and capital is repriced, that is when disciplined investors with flexible capital and deep experience have historically generated some of their best returns. I will turn the call over to Armen in a moment, who will speak more specifically about the current credit environment and how Oaktree is seeing the opportunity set today.

最後，我們對與 Oaktree 整合的時點感到無比振奮。透過 Brookfield Asset Management Ltd. 與 Oaktree 的合併平台，我們擁有我們認為是全球首屈一指的機會型信貸特許經營（franchise）。當流動性變得稀缺、資本被重新定價時，具備紀律、資本彈性且經驗深厚的投資人，歷來往往能創造其最佳報酬之一。我稍後會把電話交給 Armen，他將更具體談談當前信貸環境，以及 Oaktree 目前如何看待今日的機會集合。

In conclusion, our message is simple. We are entering this period with strong results, significant strategic momentum, limited exposure to the areas causing the most concern, and meaningful exposure to where capital should continue to flow.

總結而言，我們的訊息很簡單。我們以強勁的成果、顯著的策略動能、對最令人擔憂領域的有限曝險，以及對資本應持續流入領域的實質曝險，進入這一階段。

We are positioned not just to navigate this backdrop, but to outperform through it. Armen?

我們的定位不僅能在此背景下穩健前行，更能在其中跑贏。Armen？

Thank you, Connor. It is a pleasure to join you at such an exciting and dynamic time at the firm, taking on the role of Co-CEO of Brookfield’s Credit Business. The integration of Oaktree and Brookfield will meaningfully strengthen our already differentiated platform, allowing us to bring more of the combined firm’s capabilities to clients across asset classes and up and down the capital structure.

謝謝你，Connor。在公司如此令人振奮且充滿動態的時刻加入你們，並擔任 Brookfield 信貸業務的共同執行長（Co-CEO），我深感榮幸。Oaktree 與 Brookfield 的整合將實質強化我們本已具差異化的平台，使我們能把合併後公司的更多能力帶給跨資產類別、以及資本結構上下各層的客戶。

Over the past six years, this partnership has already proven itself, and our cultures and investing principles are already well aligned. We share a long-term vision, a deep respect for disciplined capital allocation, and a focus on building client relationships over years and cycles, not quarters.

過去六年來，這項合作夥伴關係已經證明其價值，而我們的文化與投資原則也早已高度一致。我們共享長期願景，對紀律性的資本配置抱持深切尊重，並專注於在多年與不同循環中建立客戶關係，而非以季度為單位。

But there have also been natural limitations to how much we could do as two separate companies. Bringing the platforms together eliminates those barriers and creates immediate benefits: simplification, better alignment, and broader access to the combined capabilities of our firms. While this combination creates clear operating and financial benefits, its greatest significance and most meaningful impact will be on the strategic side.

但作為兩家獨立公司，我們能做的事情也存在自然限制。將平台整合在一起可消除這些障礙，並帶來立即效益：流程簡化、更佳的一致性，以及更廣泛地取得我們兩家公司合併後能力的途徑。雖然這次結合帶來明確的營運與財務效益，但其最大意義與最具實質影響之處，將體現在策略層面。

As an example, clients increasingly want broader solutions, whether that means flagship strategies, complementary strategies, customized multi-asset portfolios, or co-investment opportunities delivered at scale. Our combined platform positions us to meet that demand more effectively, to serve clients more comprehensively, and to compete for larger and more complex opportunities than either firm could do on its own.

例如，客戶愈來愈希望獲得更廣泛的解決方案，無論是旗艦策略、互補策略、客製化多資產投資組合，或可規模化交付的共同投資機會。我們的合併平台使我們能更有效地滿足這些需求、更全面地服務客戶，並競逐比任何一家公司單獨運作時更大且更複雜的機會。

And that matters especially in the market we are in today. Over the past five years, credit markets have undergone an extraordinary transformation. As economies reopened in 2021 and governments injected significant stimulus, inflation surged, prompting one of the most aggressive rate-hiking cycles in modern history. Short-term rates moved from near zero to over 5%, fundamentally reshaping capital markets. That shift created a meaningful dislocation and subsequently immense investment opportunity.

而這在我們今天所處的市場中尤其重要。過去五年，信貸市場經歷了非同尋常的轉變。隨著各國經濟在 2021 年重新開放、政府注入大量刺激措施，通膨飆升，引發現代史上最激進的升息循環之一。短期利率從接近零上升至超過 5%，從根本上重塑了資本市場。這一轉變造成了顯著的錯位，並隨後帶來巨大的投資機會。

Traditional bank lending and broadly syndicated markets pulled back, particularly for middle-market borrowers, and private credit stepped in to fill the gap, offering capital at initially wider spreads, which helped drive very attractive returns, often in the 10% to 12% range.

傳統銀行放貸與廣泛聯貸市場（broadly syndicated markets）收縮，特別是對中型市場借款人而言；私人信貸則挺身填補缺口，以起初更寬的利差提供資本，進而推動非常具吸引力的報酬，往往落在 10% 至 12% 的區間。

Those returns attracted capital, fundraising accelerated, competition increased, and spreads compressed back towards pre-pandemic levels. In response, parts of the market leaned into higher leverage, looser covenants, non-cash-pay interest loans or PIK structures, and greater exposure to certain sectors like software to gain higher returns. Today, we are entering a new phase.

這些報酬吸引了資本，募資加速、競爭加劇，利差也壓縮回到接近疫情前的水準。作為回應，市場的部分領域轉向更高槓桿、更寬鬆的契約條款（covenants）、非現金付息貸款或 PIK 結構，並為了追求更高報酬而提高對某些產業（如軟體）的曝險。如今，我們正進入一個新階段。

Recent headlines have raised legitimate concerns around certain parts of private credit: rising impairments, questions over valuations, the use of leverage, liquidity mismatches, refinancing risk, and software exposure in an increasingly AI-driven world. It is important to separate the fundamentals of private credit from the excesses in select parts of direct lending.

近期新聞標題引發了對私人信貸某些部分的合理疑慮：減損上升、估值疑問、槓桿使用、流動性錯配、再融資風險，以及在 AI 驅動日益加深的世界中對軟體的曝險。重要的是，要將私人信貸的基本面與直接放貸某些領域的過度行為區分開來。

Private credit itself, tailored, nonbank financing, is a proven model in which Oaktree has been actively involved for over three decades. It works, providing capital to help businesses grow and delivering fair and attractive returns across the cycle. The issue is that in a period of abundant capital and low rates, underwriting standards in the market become looser. Risk tends to build in strong markets and only becomes visible as conditions turn and become more stressed.

私募信貸本身——量身打造的非銀行融資——是一種已被驗證的模式，Oaktree 三十多年來一直積極參與其中。這套模式行之有效，提供資本協助企業成長，並在整個景氣循環中帶來公平且具吸引力的報酬。問題在於，當資本充裕且利率偏低時，市場的承作／授信標準往往會變得更寬鬆。風險通常在強勢市場中累積，只有在環境轉向、壓力升高時才會顯現。

What we are seeing now is less a systemic issue and more a period of recalibration. Taken together, today’s environment is characterized by tighter spread, higher leverage in certain segments, and increasing dispersion in credit quality.

我們目前看到的，與其說是系統性問題，不如說是一段再校準的時期。綜合而言，當前環境的特徵是利差收窄、某些細分領域槓桿更高，以及信用品質的分化加劇。

That creates both risk and opportunity, and it is exactly the kind of environment in which we thrive. Both Oaktree and Brookfield have a long history of investing through cycles. Our approach has always been grounded in discipline, patience, and a willingness to prioritize risk management and long-term value over short-term growth.

這同時帶來風險與機會，而這正是我們最能發揮的環境。Oaktree 與 Brookfield 都有跨越景氣循環投資的悠久歷史。我們的方法一向建立在紀律、耐心，以及願意將風險管理與長期價值置於短期成長之上的取捨。

We did not maximize deployment during the recent years of heightened competition. Instead, we maintained conservative leverage in our funds and remained selective in underwriting, even when that meant sacrificing near-term growth. As a result, we entered this period with a resilient platform, ample dry powder, and the flexibility to act as opportunities emerge. And that flexibility matters today.

在近年競爭加劇的期間，我們並未把資金投放推到最大化。相反地，我們在基金中維持保守槓桿，並在承作／授信上保持選擇性，即使這意味著犧牲短期成長。因此，我們以具韌性的投資平台、充足的可投資資金（dry powder），以及在機會浮現時採取行動的彈性，進入了這個階段。而這種彈性在今天格外重要。

Because as rates come off their peak and spread becomes a larger driver of returns, credit selection matters more than ever. We are already seeing greater differentiation across vintages, sectors, and structures, and the winners will continue to differentiate themselves as time progresses. We do not view private credit in isolation. We constantly compare relative value across performing credit, liquid markets, asset-backed finance, and opportunistic strategies.

因為當利率自高點回落、利差成為報酬更重要的驅動因素時，信貸標的的選擇就比以往任何時候都更關鍵。我們已經看到不同發行批次（vintages）、產業與結構之間的差異化加大，而勝出者將隨時間推移持續拉開差距。我們不會孤立地看待私募信貸。我們會持續在履約信貸、流動市場、資產擔保融資，以及機會型策略之間比較相對價值。

When we see early signs of stress in one area, it informs how we position elsewhere, both defensively and offensively. That perspective is even more valuable in collaboration with the Brookfield ecosystem. Together, we will have a fully integrated information network across credit and equity teams, industries and geographies, and public and private markets.

當我們在某個領域看到早期壓力跡象時，這會影響我們在其他領域的配置方式，無論是防禦性或進攻性。在與 Brookfield 生態系合作下，這種視角更具價值。我們將共同建立一個完全整合的資訊網路，橫跨信貸與股權團隊、各產業與各地區，以及公開與私募市場。

We are already tracking dozens of emerging opportunities in real time, sharing notes across teams, and identifying dislocations earlier through direct exposure to underlying businesses, assets, and capital structures. Brookfield’s strength as an owner-operator combined with Oaktree’s leadership in credit creates a differentiated platform for sourcing and executing complex capital solutions. While today’s market presents real risks, it is also creating exactly the kind of environment where our experience, discipline, and scale can drive meaningful outperformance.

我們已在即時追蹤數十個新興機會，跨團隊分享觀點，並透過直接接觸底層企業、資產與資本結構，更早辨識市場錯位。Brookfield 作為所有者兼營運者的優勢，結合 Oaktree 在信貸領域的領導地位，打造出一個差異化的平台，用於發掘並執行複雜的資本解決方案。雖然當前市場確實存在風險，但也正創造出一種環境，使我們的經驗、紀律與規模能夠帶來顯著的超額表現。

Thank you for having me on today’s call. With that, I will pass it over to Hadley.

感謝各位讓我參與今天的電話會議。接下來我把時間交給 Hadley。

Thank you, Armen. I will cover our quarterly results, capital positioning, and why we are on track to deliver a record 2026. Fee-related earnings, or FRE, in the first quarter were up 11% from the prior-year period to $772 million, or $0.48 per share.

謝謝你，Armen。我將說明我們的季度業績、資本配置狀況，以及為何我們正按計畫在 2026 年交出創紀錄的表現。第一季的費用相關收益（Fee-related earnings，FRE）較去年同期成長 11%，達 7.72 億美元，或每股 0.48 美元。

Over the last twelve months, FRE has grown to $3.1 billion, up 18% from the prior-year period. Distributable earnings, or DE, were $702 million, or $0.43 per share in the quarter, up 7% from the prior-year period, bringing DE over the last twelve months to $2.7 billion. Growth in DE continues to closely track growth in FRE, reflecting the high-quality, recurring, and stable nature of our revenue base.

過去十二個月，FRE 成長至 31 億美元，較去年同期增加 18%。本季可分配收益（Distributable earnings，DE）為 7.02 億美元，或每股 0.43 美元，較去年同期成長 7%，使得過去十二個月的 DE 達到 27 億美元。DE 的成長持續緊密追蹤 FRE 的成長，反映我們收入基礎具高品質、經常性與穩定性的特質。

Turning to margins, we have maintained strong levels alongside this growth, with margins at 57% for the quarter and 58% over the last twelve months. As previously discussed, once the Oaktree acquisition closes, likely in the second quarter, we will report a consolidated margin that includes 100% of Oaktree.

就利潤率而言，我們在成長的同時仍維持強勁水準，本季利潤率為 57%，過去十二個月為 58%。如先前所述，一旦 Oaktree 收購案完成（可能在第二季），我們將揭露包含 Oaktree 100% 的合併利潤率。

We will also provide more transparency in our partner managers, which will impact the presentation of our margin but will not reflect any change in the underlying economics of the business. Importantly, while our partner managers operate at lower margins, they are highly accretive and strategically beneficial to our platform. As Connor mentioned, they are also expected to be meaningful growth contributors to Brookfield Asset Management Ltd.

我們也將提高對合作夥伴管理公司（partner managers）的透明度，這會影響我們利潤率的呈現方式，但不代表業務底層經濟實質有任何改變。重要的是，雖然合作夥伴管理公司的利潤率較低，但它們對我們的平台具有高度增益（accretive）且具策略性效益。如 Connor 所提，它們也預期將成為 Brookfield Asset Management Ltd. 重要的成長貢獻來源。

As they continue to scale, we will benefit from their inherent operating leverage, further expanding their margins as well as our consolidated margin. Before turning to fundraising, I want to touch on share repurchases. Historically, share repurchases have not been a primary use of capital as we have had compelling opportunities to invest in the growth of the business, including acquiring partner managers’ interests and seeding complementary strategies.

隨著它們持續擴張，我們將受惠於其內生的營運槓桿，進一步擴大它們的利潤率以及我們的合併利潤率。在談募資之前，我想先提一下庫藏股回購。過去，股票回購並非主要的資本用途，因為我們有具吸引力的機會可投資於業務成長，包括收購合作夥伴管理公司的權益，以及為互補策略提供種子資金。

However, given recent public market volatility, we believe our shares are meaningfully undervalued, so we have been more active in repurchases. In the first quarter, we opportunistically repurchased $375 million of stock and have so far repurchased an additional $200 million in the second quarter.

然而，鑑於近期公開市場波動，我們認為公司股價被明顯低估，因此我們更積極進行回購。第一季我們把握時機回購 3.75 億美元股票，第二季迄今也已額外回購 2 億美元。

This brings our total buyback activity over the past seven months to nearly $800 million. We also remain committed to our objective of broader index inclusion. The continued growth and scale of our U.S. business, including the acquisition of Angel Oak and our increased ownership of Oaktree, further support our path toward broader US equity index eligibility over time.

這使得我們在過去七個月的回購總額接近 8 億美元。我們也仍致力於達成納入更廣泛指數的目標。我們美國業務的持續成長與規模擴大，包括收購 Angel Oak 以及提高對 Oaktree 的持股，進一步支持我們隨時間推進、朝向納入更廣泛美國股票指數資格的路徑。

Now let me turn to the details of the $21 billion we raised in the quarter, which was driven by our complementary strategies and insurance inflows. Within our infrastructure business, we raised $3.4 billion, including $800 million for our super-core infrastructure strategy, which now has over $20 billion of capital, and $800 million for our infrastructure private wealth strategy, which now has over $8 billion of capital.

接下來我說明本季募得的 210 億美元細節，這主要由我們的互補策略與保險資金流入所帶動。在基礎建設業務方面，我們募得 34 億美元，其中包括為我們的超核心（super-core）基礎建設策略募得 8 億美元，使該策略資本規模目前超過 200 億美元；以及為我們的基礎建設私募財富策略募得 8 億美元，使其資本規模目前超過 80 億美元。

Within our private equity business, we raised $1.4 billion, including $1 billion for our private equity special situations strategy, which held its first close of $2.4 billion. Within our credit business, we continue to see broad-based demand. We raised $13 billion of capital, including $4.7 billion of long-term private funds and $3.8 billion from Brookfield Wealth Solutions.

在私募股權業務方面，我們募得 14 億美元，其中包括為我們的私募股權特殊情況（special situations）策略募得 10 億美元，該策略完成首次募集（first close）達 24 億美元。在信貸業務方面，我們持續看到廣泛的需求。我們募得 130 億美元資本，其中包括 47 億美元的長期私募基金，以及來自 Brookfield Wealth Solutions 的 38 億美元。

17Capital completed the final close of Credit Fund II, adding $2.5 billion in the quarter and bringing the strategy to $7.5 billion, the largest NAV lending strategy raised to date. Our fundraising benefits from strong performance and our disciplined approach focused on fundamentals and risk-adjusted returns.

17Capital 完成 Credit Fund II 的最終募集（final close），本季新增 25 億美元，使該策略規模達到 75 億美元，為迄今募資規模最大的淨資產價值（NAV）借貸策略。我們的募資受惠於強勁的績效，以及以基本面與風險調整後報酬為核心的紀律化方法。

That approach has led both Brookfield and Oaktree, independently, to limit exposure to areas such as direct lending and software where we saw less compelling risk-adjusted opportunities. This discipline has reinforced our clients’ confidence in our capabilities and continues to support fundraising. Fundraising is also well diversified geographically.

這種方法使 Brookfield 與 Oaktree 各自獨立地限制對直接放款與軟體等領域的曝險，因為我們在那些領域看到的風險調整後機會較不具吸引力。這份紀律強化了客戶對我們能力的信心，並持續支持募資。募資在地理分布上也相當多元。

We continue to see strong traction around our high-conviction strategies, and the trend we have previously discussed, large clients concentrating commitments with fewer strategic managers that can offer a broad range of strategies at scale, appears to have become even more pronounced. These drivers, together with our flagship fundraising and the recently awarded Just Group investment mandate, position us well for a record year of fundraising.

我們持續看到市場對我們高信念策略的強勁動能，而我們先前討論過的趨勢——大型客戶將承諾更集中於較少數、能以規模提供廣泛策略的策略型管理人——似乎變得更加明顯。這些驅動因素，加上我們旗艦基金的募資以及近期獲頒的 Just Group 投資委任案，使我們有望迎來創紀錄的募資年度。

Turning to deployment and monetization, we invested or committed $34 billion and generated approximately $8 billion of equity proceeds from monetizations. Based on our deep pipeline, we expect activity to further build as the year progresses. Overall, M&A has picked up, particularly in larger strategic transactions where buyers are moving with greater conviction.

談到資金部署與變現，我們投資或承諾投入 340 億美元，並透過變現產生約 80 億美元的股權收益。基於我們深厚的專案儲備，我們預期隨著年度推進，活動將進一步升溫。整體而言，併購（M&A）已回溫，尤其是在較大型的策略性交易中，買方正以更高的確信度推進。

Despite pockets of uncertainty, both corporates and sponsors are increasingly willing to transact. In many cases, that uncertainty is driving activity rather than constraining it, as companies are using stronger access to capital to reposition portfolios in response to structural shifts including AI, geopolitics, and evolving supply chains.

儘管仍有局部不確定性，企業與贊助方（sponsors）都愈來愈願意進行交易。在許多情況下，這種不確定性反而推動活動而非抑制活動，因為企業正利用更強的資本取得能力，因應包括 AI、地緣政治與供應鏈演變等結構性變化來重新配置投資組合。

At the same time, sponsors are seeking to return capital, which is contributing to increased deal supply. While a normalized rate environment requires discipline on valuations and greater operating expertise to drive returns, we are seeing markets adjust to this environment. This creates opportunities for us. Our focus on high-quality real assets and essential services businesses aligns where demand is strongest, particularly where durability and cash flow visibility are at a premium.

同時，贊助方正尋求回收資本，這也促使可交易標的供給增加。雖然利率環境正常化要求在估值上更自律，並需要更強的營運專業以帶動報酬，但我們看到市場正在適應這一環境。這為我們創造了機會。我們聚焦於高品質實體資產與必要服務型企業，與需求最強的領域一致，尤其是在市場更重視耐久性與現金流可見度之處。

In addition, our scale, global platform, operating capabilities, and access to capital position us to be both an active acquirer and a disciplined seller in today’s environment. As M&A activity broadens, we expect to benefit from both increased deployment opportunities and an improving backdrop for monetizations. Turning to our balance sheet, we continue to operate with a strong, asset-light financial profile that provides flexibility to support growth while maintaining healthy liquidity.

此外，我們的規模、全球平台、營運能力與資本取得能力，使我們在當前環境中既能成為積極的收購方，也能成為自律的出售方。隨著併購活動擴大，我們預期將同時受惠於更多部署機會，以及更有利的變現環境。談到資產負債表，我們持續以強健、輕資產的財務結構運作，在維持充足流動性的同時，提供支持成長所需的彈性。

Subsequent to quarter-end, we took advantage of an opening in the market and issued $1 billion of senior unsecured notes, comprised of $550 million of five-year notes at a coupon of 4.832% and $450 million of ten-year notes at a coupon of 5.298%.

在季末之後，我們把握市場出現的窗口，發行 10 億美元的高級無擔保票據，其中包括 5 年期 5.5 億美元、票面利率 4.832%，以及 10 年期 4.5 億美元、票面利率 5.298%。

We ended the quarter with $2.5 billion of corporate liquidity, providing ample flexibility to support ongoing operations, strategic initiatives, and growth across the business. We are off to a great start in 2026 and remain well positioned for a record year. While markets remain uncertain, our scale and expertise position us to navigate the environment and execute effectively. With that, let us open up the line for questions.

本季末我們的公司層級流動性為 25 億美元，提供充足彈性以支持持續營運、策略性計畫與全業務的成長。我們在 2026 年開局良好，並仍具備迎來創紀錄年度的有利條件。儘管市場仍不確定，我們的規模與專業能力使我們能夠駕馭環境並有效執行。接下來，我們開放提問。

(Operator Instructions) Kenneth Worthington, JPMorgan.

(接線員指示) JPMorgan 的 Kenneth Worthington。

Hi, good morning, and thanks for taking the question. Armen, thanks so much for your comments. I wanted to dig further into Oaktree and the distressed market. I think, as you stated, we have been in a very strong credit environment for an extended period. How much money does Oaktree have to invest, and how much could Oaktree reasonably deploy if a distressed window opens briefly, or for a more extended period? And what does that mean for Brookfield Asset Management Ltd.’s credit business? And then, Connor, you mentioned that partner manager companies have raised their largest vintages ever.

嗨，早安，謝謝讓我提問。Armen，也非常感謝你的評論。我想進一步深入談談 Oaktree 與困境資產市場。我想如你所說，我們已在非常強勁的信貸環境中維持了相當長一段時間。Oaktree 目前有多少資金可投資？如果困境窗口短暫開啟，或是維持更長一段時間，Oaktree 合理上可以部署多少資金？這對 Brookfield Asset Management Ltd. 的信貸業務意味著什麼？另外，Connor，你提到合夥管理人公司募得了史上最大的基金年度（vintage）。

Can you quantify how Brookfield Asset Management Ltd.’s acquisitions of these businesses are impacting that fundraising and to what extent strong fundraising has been influenced by Brookfield Asset Management Ltd.’s bigger sales force and broader client relationships?

你能量化 Brookfield Asset Management Ltd. 收購這些業務對募資的影響嗎？以及強勁募資在多大程度上受到 Brookfield Asset Management Ltd. 更大的銷售團隊與更廣泛客戶關係的影響？

Thanks, Kenneth. I appreciate the question. Oaktree does have funds under management and relationships with LPs that are considerable. I want to hesitate to answer questions specifically about fundraising, but we have a lot of dry powder to invest into the market currently and have a long-term track record of really leaning into the markets when distressed opportunities present themselves.

謝謝你，Kenneth。我很感謝這個問題。Oaktree 的確擁有相當可觀的管理資產與與有限合夥人（LPs）的關係。我對於特別針對募資的問題會稍微保留，但我們目前有大量可投入市場的乾粉（dry powder），並且長期以來在困境機會出現時，確實有大舉進場的紀錄。

Today, we do not see a broad-based macro condition that would result in meaningfully higher deployment patterns than what we have seen over the last five years, but we always see sector-specific distress. Today, we see distress in software, building products, chemicals, autos, and packaging. That sector-specific distress, I would say, gives a more normal pattern of vintage years.

目前，我們尚未看到會導致部署節奏顯著高於過去五年的廣泛宏觀條件，但我們一直都會看到特定產業的困境。今天，我們在軟體、建材、化學品、汽車與包裝等領域看到困境。我會說，這種產業別的困境，使基金年度（vintage years）的型態更接近常態。

It numbers in the billions, but it does not number in the tens of billions with our kind of risk-control way of investing. Now, if we do see a dislocation, our deployment capabilities measured in a 12- to 24-month period would be in the tens of billions. We have done that in the past. We are prepared to do that in the future. We are right now watching what is unfolding in a variety of respects globally. We are looking at inflation caused by energy prices. We are looking at the software industry. We have a target list of credits that we are watching closely and willing to buy at the right prices.

規模是以數十億美元計，但以我們這種風險控管的投資方式，不會到數百億美元的量級。不過，如果我們確實看到市場錯位（dislocation），以 12 到 24 個月衡量，我們的部署能力將可達數百億美元。我們過去做過。未來也準備好再做一次。我們目前正觀察全球多個面向正在發生的情況。我們在關注能源價格帶來的通膨。我們在關注軟體產業。我們有一份目標信貸名單，正密切追蹤，並願意在價格合適時買入。

We are constantly boiling the ocean and looking for the opportunities. We do not think at this moment it is the time to really lean hard, but we are seeing the beginnings of a real opportunity set developing. A part of that has to do with the maturities that we see in a lot of LBOs, some software, some outside of software, really coming to play in 2027 and 2028. So we are getting ready for a big opportunity. It is probably not measured in the immediate quarters to come, but in the next couple of years, we would expect to deploy a considerable amount of capital.

我們持續廣泛掃描市場、尋找機會。我們不認為此刻是需要大幅加碼的時點，但我們確實看到一個真正的機會集合正在形成的初期跡象。其中一部分與我們在許多 LBO、部分軟體以及非軟體領域看到的到期債務有關，這些到期主要會在 2027 年與 2028 年開始發酵。因此我們正在為一個大型機會做準備。它可能不會在接下來幾個季度立即反映出來，但在未來幾年，我們預期將部署相當可觀的資本。

Thanks, Ken. There is no doubt, whenever we acquire a partner manager, we specifically pick market leaders in a given sector where we think we can accelerate the growth profile of that business as part of the Brookfield Asset Management Ltd. platform. We are really beginning to see that play out. We had three partner managers raise new funds this year that were not only the biggest of their kind, but the biggest in their industry. Partner managers are increasingly driving earnings growth across the consolidated business.

謝謝你，Ken。毫無疑問，每當我們收購一個合夥管理人（partner manager），我們都會特別挑選在特定領域的市場領導者，因為我們相信把它納入 Brookfield Asset Management Ltd. 平台後，能加速該業務的成長曲線。我們確實開始看到這一點正在發生。今年有三家合夥管理人募集了新基金，不僅是同類型中規模最大，更是其產業中規模最大的。合夥管理人正日益成為合併後整體業務獲利成長的驅動力。

Cherilyn Radbourne, TD Cowen.

TD Cowen 的 Cherilyn Radbourne。

Thanks very much, and good morning. I was hoping that you could touch on a few aspects of AI: how fundraising is going for your fund; in what respects you think you are differentiated versus peers; and, more strategically, how you manage the balancing act of leaning in enough to AI without getting over-allocated to it?

非常感謝，早安。我希望你們能談談 AI 的幾個面向：你們基金的募資進展如何；你們認為相較同業有哪些差異化；以及更策略性地說，你們如何在對 AI 充分加碼與避免配置過度之間取得平衡？

Thanks, Cherilyn. AI, which for Brookfield Asset Management Ltd. really means a focus on AI infrastructure, is undoubtedly the largest and fastest-growing theme across our broader business. This is derived from the fact that we have always been a leader in the historical inputs into AI, real estate, energy, and digital infrastructure, but we have also recently expanded into leadership positions in the new forms of AI infrastructure, sovereign AI, and actually selling the compute itself.

謝謝你，Cherilyn。AI——對 Brookfield Asset Management Ltd. 而言，主要是聚焦於 AI 基礎設施——無疑是我們更廣泛業務中規模最大、成長最快的主題。這源於我們一向是 AI 歷史性投入要素的領導者，包括不動產、能源與數位基礎設施；而我們近期也擴展到新型態 AI 基礎設施、主權 AI（sovereign AI）的領導地位，甚至實際銷售運算能力本身。

To your questions around growth and what we are seeing, maybe to point to something tangible, and it is very representative of what we are seeing in the market, is the first deal we did in our AI Infrastructure Fund was our partnership with Bloom Energy.

針對你關於成長以及我們所觀察到的情況的問題，也許舉一個具體的例子，而且這非常能代表我們在市場上看到的情況：我們在 AI 基礎設施基金做的第一筆交易，就是與 Bloom Energy 的合作夥伴關係。

That was announced, I want to say, six or nine months ago, a $5 billion partnership. We are already in conversations to expand that partnership not by percentages, but by multiples. That is very reflective of the opportunity set and the scale at which we expect to play.

那項合作我記得是在六到九個月前宣布的，一個 50 億美元的合作。我們已經在洽談擴大該合作，而且不是按百分比擴大，而是按倍數擴大。這非常反映了機會集合，以及我們預期參與的規模。

On remaining balanced, it is important to recognize that while there is a significant amount of capital flowing into the sector, the investment opportunity set is incredibly vast. As a result, we can be incredibly selective. We can focus on the best assets and the best markets with the best revenue constructs and the best corporate credit counterparties. Even being that selective, we can still deploy very significant sums of capital.

在保持平衡方面，重要的是要認知到：雖然有大量資金流入這個產業，但投資機會集合極其龐大。因此，我們可以非常挑剔。我們可以聚焦在最好的資產、最好的市場、具備最佳收入結構的項目，以及擁有最佳企業信用對手方。即使如此挑剔，我們仍然可以部署非常可觀的資本。

We do see all the activity, but in terms of some of the risk-adjusted returns that we are actually executing on, they are certainly some of the most attractive opportunities we are seeing in the market.

我們確實看到所有的活動，但就我們實際正在執行的一些風險調整後報酬而言，這些無疑是我們在市場上看到最具吸引力的機會之一。

Alexander Blostein, Goldman Sachs.

Alexander Blostein，高盛。

Hi, good morning, everybody. Was hoping we can start with a question on the broader outlook for the rest of the year. Clearly, the business is facing a number of structural tailwinds, you mentioned energy, AI, many other things, so it is encouraging to hear you reaffirm expectations to exceed your Investor Day goals for 2026.

嗨，各位早安。我想先從今年剩餘時間的整體展望問起。很明顯，業務正面臨多項結構性順風，你提到了能源、AI，以及許多其他因素，因此很令人鼓舞的是，聽到你再次確認預期將超越你們在 2026 年投資人日所設定的目標。

A couple of questions here. First, just a point of clarification: are we talking fee-related earnings per share for 2026 up off the 2025 base? And then more importantly, how has the fundraising backdrop evolved in the last three to four months given the changes in the landscape to build on that momentum? What is feeling better, what is feeling worse, and what is feeling the same?

這裡有幾個問題。第一個是釐清：我們談的是 2026 年的費用相關每股盈餘（FRE EPS）相較於 2025 年基期的成長嗎？更重要的是，鑑於過去三到四個月環境的變化，募資背景如何演變，以延續這股動能？哪些感覺變好了、哪些變差了、哪些則維持不變？

Thank you for the question, Alex. You are absolutely right. We have an incredibly positive outlook for 2026. We expect it to be a record year for fundraising, not by a little bit. We expect it to be a significant record year for fundraising. In response to your question, outperformance will be largely on the FRE side, and that outperformance for the remainder of the year feels largely secured, other than the limited market exposure we have through our listed affiliates.

謝謝你的問題，Alex。你說得完全正確。我們對 2026 年的展望非常正面。我們預期那將是募資的創紀錄一年，而且不是小幅創高。我們預期會是顯著的募資紀錄年。回應你的問題，超預期表現主要會來自 FRE 端，而今年剩餘時間的這種超預期表現，基本上感覺已大致確定，除了我們透過上市關聯公司所承擔的有限市場曝險之外。

That is driven by run-rating of strong performance through the end of last year, very strong growth in our partner managers, and then some big step-change revenue adders that start this year and will, candidly, carry into next year as well: our flagship PE fund, our flagship infrastructure fund, the Just Group mandate, and the Oaktree acquisition. In terms of the big things that will drive that FRE growth, it is exactly those. We expect to see incredibly strong demand for our two flagships. PE is off to a great start; we expect that to be the largest vintage of its kind.

這主要由幾個因素驅動：去年年底前強勁表現所帶來的運行率（run-rate）、我們合作夥伴管理人非常強勁的成長，以及一些從今年開始、坦白說也會延續到明年的重大「階躍式」收入增量來源：我們的旗艦私募股權基金、旗艦基礎設施基金、Just Group 的委託案，以及 Oaktree 的收購。就推動 FRE 成長的關鍵因素而言，正是上述這些。我們預期兩檔旗艦基金將出現極為強勁的需求。私募股權基金開局非常好；我們預期這將是同類型中規模最大的一個年度梯次（vintage）。

We are in a very fortunate position that we have all of our funds in the market right now at a time when we are in the greatest infrastructure capital deployment environment in history. Those are the biggest drivers. We are seeing growth across everything on the infrastructure and energy side, and then outperformance relative to past precedent on the private equity side.

我們非常幸運的是，在當前這個可說是史上最強的基礎設施資本部署環境中，我們所有基金此刻都在市場上。這些是最大的驅動因素。我們看到基礎設施與能源端全面成長，同時在私募股權端也看到相較過往慣例更佳的超額表現。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，RBC 資本市場。

Great, thanks for taking the question and good morning everyone. Wanted to ask around capital allocation. Nice to see you stepping in on the buyback to take advantage of dislocation. How are you thinking about buybacks going forward? And related to that, you issued debt in the quarter, the commercial paper program and the senior notes. Maybe just an update in terms of your funded position and, more broadly, philosophically how you think about the buyback and issuing more debt?

很好，謝謝讓我提問，各位早安。我想問資本配置相關的問題。很高興看到你們在回購上出手，把握價格錯位的機會。你們如何看待未來的回購？另外，你們本季也發行了債務，包括商業本票計畫與優先票據。能否更新一下你們的資金到位狀況（funded position），以及更廣泛、從理念上你們如何看待回購與發行更多債務？

Thanks for the question. When we think about our options, obviously, when it comes to liquidity, we have a lot of attractive opportunities within Brookfield Asset Management Ltd., around our partner managers and seeding our complementary strategies, and so we are always assessing those attractive opportunities to grow our business.

謝謝你的問題。當我們思考各種選項時，顯然在流動性方面，我們在 Brookfield Asset Management Ltd. 內部有許多具吸引力的機會，包括我們的合作夥伴管理人，以及為互補策略提供種子資金（seeding），因此我們會持續評估這些具吸引力、可用來擴大業務的機會。

When we see irrationally undervalued stock prices associated with Brookfield Asset Management Ltd., that is an opportunistic time for us to take our under-levered position as an asset manager and use that capital to generate attractive returns for us. That is something that we do opportunistically. We have been active starting in the fourth quarter up until now, and that is about $800 million of buybacks that we have executed.

當我們看到與 Brookfield Asset Management Ltd. 相關的股價出現非理性低估時，對我們而言就是一個機會點：以我們作為資產管理人相對低槓桿的狀態，運用資本來為我們創造具吸引力的報酬。這是我們會機會性進行的事情。我們自第四季開始一直到現在都很積極，累計已執行約 8 億美元的回購。

In terms of our liquidity, we accessed the bond market earlier this year, back in April, when we saw an opening in the market that was quite constructive to add liquidity. We issued $1 billion with strong execution. That puts us in a position where we have $2 billion-plus of excess debt capacity. Remember that as our DE grows, our debt capacity grows as well. That positions us to continue to be opportunistic with the opportunities that we see within Brookfield Asset Management Ltd. holistically, as well as continuing to support buying our partner managers’ remaining stakes and our complementary strategies.

就我們的流動性而言，我們在今年稍早、約在四月，看到市場出現一個相當有利的窗口，因此進入債券市場以增加流動性。我們發行了 10 億美元，執行效果強勁。這使我們處於擁有超過 20 億美元額外舉債能力的狀態。請記得，隨著我們的 DE 成長，我們的舉債能力也會隨之成長。這讓我們能夠持續以機會性的方式，整體性地把握 Brookfield Asset Management Ltd. 內部所看到的機會，同時也持續支持買回我們合作夥伴管理人的剩餘持股，以及我們的互補策略。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO 資本市場。

Thank you. Connor, you highlighted a bunch of issues that have been hurting the sector, one of which was retail redemptions. In the past, you have highlighted the importance of retail both from a fundraising perspective and individual participation and probably a big, important source of growth for you on the funding side.

謝謝。Connor，你提到了一些一直在傷害這個產業的問題，其中之一是零售端的贖回。過去你曾強調零售的重要性，無論是從募資角度、個人參與角度來看，零售可能也是你們在資金端一個很大、很重要的成長來源。

As you have been watching what has been happening, you are always methodical and disciplined, are you rethinking your retail ambitions based on what we have seen more recently? To the extent you are not rethinking those ambitions, is this one of those cases where the second mouse gets the cheese, an opportunity where you get to run in as folks are running out? And maybe, like the Oaktree acquisition that you had done has aged well, an opportunity may present itself. How willing would you be to expedite those retail plans?

在你觀察最近發生的事情時，你一向很有方法且自律，你是否會基於近期所見而重新思考你們的零售企圖心？如果你們不打算重新思考，這是否屬於那種「第二隻老鼠拿到起司」的情況——當別人撤退時，你們反而有機會進場？也許就像你們做的 Oaktree 收購案後來證明很成功一樣，可能會出現機會。你們願意在多大程度上加速這些零售計畫？

Thank you for the question.

謝謝你的問題。

In terms of what we are seeing and what that leads to in terms of our approach going forward, we are very proud of how we have built the private wealth, retail, and individual market, and we think our approach is paying dividends now and the market is coming to us.

就我們所看到的情況，以及這對我們未來做法的意涵而言，我們對自己建立私人財富、零售與個人市場的方式感到非常自豪；我們認為我們的方法現在正在帶來成果，而市場也正在向我們靠攏。

Private wealth is a smaller portion of our business relative to some of our peers as we have been very methodical and thoughtful in how we built that business for the long term. Our private wealth business grew versus this point last year. Despite concerns in private wealth credit, we continue to see tremendous inflows to our private wealth products on the real asset side.

相較於部分同業，私人財富在我們業務中的占比更小，因為我們在打造這項業務時一直非常有方法、也很審慎，著眼於長期。相較於去年此時，我們的私人財富業務有所成長。儘管市場對私人財富信貸有所擔憂，我們仍持續看到在實體資產端的私人財富產品出現大量資金流入。

This continues to be a more modest part of our business today, but one that is growing very quickly, it has been growing at about 40% for the last couple of years, and we expect that growth to continue, particularly as investors in that market continue to pivot increasingly toward real assets. I would also mention the individual retirement market. We think our growth and penetration of the individual market is perhaps accelerating faster than people appreciate.

這在我們目前的業務中仍屬較為溫和的一部分，但成長非常迅速，過去幾年約以 40% 的速度成長，我們預期這樣的成長將會持續，特別是當該市場的投資人持續愈來愈轉向實體資產之際。我也想提到個人退休市場。我們認為，我們在個人市場的成長與滲透，可能比大家所理解的還要更快加速。

On the 401(k) and retiree market side, we are in advanced discussions with some of the largest target-date fund providers who are interested in putting Brookfield Asset Management Ltd.’s real asset products into some of their default portfolios.

在 401(k) 與退休族群市場方面，我們正與一些最大的目標日期基金提供者進行深入洽談，他們有興趣將 Brookfield Asset Management Ltd. 的實體資產產品納入其部分預設投資組合中。

They are recognizing the role that long-duration, inflation-linked, cash-generative, downside-protected investments can play. We are also the market leader in introducing real asset exposure into insurance policy and annuity portfolios through our partnership with Brookfield Wealth Solutions.

他們正在認知到，具備長存續期、與通膨連動、可產生現金流、且具下行保護的投資，能扮演的重要角色。我們也透過與 Brookfield Wealth Solutions 的合作，成為將實體資產曝險導入保險保單與年金投資組合的市場領導者。

Our approach is working. It plays very well in this market. We are going to continue to lean in, but it is more of the same as opposed to a major shift in strategy.

我們的方法正在奏效。在這個市場中非常契合。我們將持續加大投入，但這更像是延續既有作法，而非策略上的重大轉向。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Great, thanks. Good morning. Thanks for taking my question. Maybe just shift to the topic of energy transition. You are a leader in that space, and the energy platform broadly has been rebranded from the renewables side. Does that change any of your marketing within those products? How do you link energy and infrastructure, many of those themes are similar, and I would imagine the LP investor base has similar ambitions. How do you sell those products as a solution to LP investors? And then your view on the demand for energy transition given the power needs for AI and the disruption of supply chains amid the geopolitical backdrop.

很好，謝謝。早安。謝謝讓我提問。或許轉到能源轉型這個主題。你們是該領域的領導者，而能源平台整體也已從再生能源端重新品牌定位。這是否會改變你們在這些產品上的行銷方式？你們如何連結能源與基礎建設，許多主題相似，我想 LP 投資人基礎也有類似的目標。你們如何將這些產品作為解決方案銷售給 LP 投資人？另外，考量 AI 的用電需求以及地緣政治背景下供應鏈的擾動，你們如何看待能源轉型的需求？

I will address that in reverse order. The demand for energy is at an unprecedented high and will continue to be at an unprecedented high throughout the end of this decade and well into the next one, and perhaps beyond. This is going to require, pick your slogan, an all of the above type of energy solution, and we are fortunate to be a leading player across all of them. The big ones are obviously going to be low-cost renewables, flexible gas, and dependable nuclear. Where we (inaudible). It changed nothing in terms of our allocation strategies and (inaudible)

我將倒過來回答。能源需求正處於前所未有的高點，並將在本十年末以及下一個十年很長一段時間內持續維持在前所未有的高位，甚至可能更久。這將需要——隨你選一句口號——一種「各種方案並行（all of the above）」的能源解決方案，而我們很幸運在各個面向都是領先的參與者。顯而易見的幾個重點將是低成本再生能源、具彈性的天然氣，以及可靠的核能。在我們(聽不清)。就我們的配置策略而言沒有任何改變，並且(聽不清)

On linking energy and infrastructure for clients, increasingly we are packaging solutions, power plus data center plus grid upgrades, for example, and delivering them through our flagship strategies and tailored mandates, so clients can access integrated outcomes rather than isolated products.

至於為客戶連結能源與基礎建設，我們愈來愈多地在打包整體解決方案，例如「電力 + 資料中心 + 電網升級」，並透過我們的旗艦策略與客製化委託來交付，讓客戶能取得整合式成果，而非各自孤立的產品。

Daniel Fannon, Jefferies.

Daniel Fannon，Jefferies。

Thanks, good morning. Following up on the strength in fundraising, could you give a little help around the management fee cadence given timing, and also catch-up fees as we think about first and final closes as the year progresses? Any timing or guidance around that would be helpful.

謝謝，早安。延續募資強勁的話題，能否就管理費的認列節奏（考量時點）提供一些協助，並且在我們思考今年進行中的首次與最終關帳時，補收費（catch-up fees）的情況如何？任何時點或指引都會很有幫助。

Sure. We have already closed for our flagship private equity strategy, we had an initial first close of $6 billion, and we will have the final first close later this year. We anticipate with our infrastructure flagship fundraising to have a meaningful first close also in 2026. Fees should be turning on for both of those strategies very shortly. As an example, this quarter we did not have any catch-up fees, but you will see that build throughout the year.

當然。我們的旗艦私募股權策略已經完成關帳，首次關帳（first close）金額為 60 億美元，而今年稍晚我們將進行最終的首次關帳。我們預期在旗艦基礎建設募資方面，也會在 2026 年有一個具規模的首次關帳。這兩個策略的費用應該都會在不久後開始計提。舉例來說，本季我們沒有任何補收費，但你們會看到它在今年逐步增加。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

Hey, good morning, everyone. Brookfield Asset Management Ltd.’s stock-based comp payout is the lowest in the US peer group, but it does jump around a little bit. I know part of this is seasonal, but could you refresh us on the seasonal drivers and how stock-based comp fits into your overall employee compensation program? This is an important input for a lot of us with valuation.

嗨，大家早安。Brookfield Asset Management Ltd. 以股票為基礎的薪酬（stock-based comp）發放在美國同業中是最低的，但確實會有些波動。我知道其中一部分是季節性因素，但能否請你們更新一下季節性驅動因素，以及股票薪酬在你們整體員工薪酬制度中的定位？這對我們很多人在估值上是重要的輸入。

Sure. Perhaps I can take it from a corporate side. We use stock-based compensation as our primary form of compensation for the entirety of the senior leadership team at Brookfield Asset Management Ltd. Beyond that, we include stock-based comp as a component for every single investment professional across the firm.

好的。或許我可以從公司層面來說明。我們將股票為基礎的薪酬作為 Brookfield Asset Management Ltd. 全體高階領導團隊的主要薪酬形式。除此之外，我們也將股票薪酬納入公司每一位投資專業人員的薪酬組成。

We think that is unique in that it aligns the broader firm such that investment professionals are not only focused on driving value in their individual strategy, but driving value across the entire firm. Whenever we see an opportunity, regardless of vertical, group, or geography, if someone can add value to a transaction or initiative, they get brought in. We use stock-based comp extremely widely across the firm, in our view, far wider than almost anyone in the peer group.

我們認為這點很獨特，因為它能讓整個公司更一致地對齊，使投資專業人員不僅專注於在各自策略中創造價值，也會致力於為整個公司創造價值。只要我們看到任何機會，不論是產業垂直、團隊或地理區域，只要有人能為某筆交易或某項計畫增值，就會被納入參與。我們在公司內非常廣泛地使用股票薪酬；在我們看來，其覆蓋範圍遠比同業中幾乎任何一家都更廣。

Mario Saric, Scotiabank.

Mario Saric，豐業銀行（Scotiabank）。

Maybe for Armen, coming back to the Oaktree integration. As you mentioned, the relationship between Brookfield and Oaktree has been in effect for some time now. Can you provide some examples of low-hanging fruit that may not be as apparent from the outside that comes from owning 100% and the integration that may have a direct incremental impact on FRE for Brookfield Asset Management Ltd., more so than existing as separate entities?

也許問 Armen 一題，回到 Oaktree 的整合。如你所提到，Brookfield 與 Oaktree 的合作關係已經存在一段時間。你能否提供一些「低垂的果實」的例子——也就是從外部不那麼容易看出來、但因為持有 100% 並進行整合而帶來的機會——這些機會相較於作為獨立實體存在，可能對 Brookfield Asset Management Ltd. 的 FRE（費用相關收益）產生直接的增量影響？

Thanks for the question. A couple of things. Brookfield Asset Management Ltd. and Oaktree established their partnership in 2019, and that partnership and the relationships between the two institutions have grown and become a lot closer. We have gotten to know each other very well. We are very aligned. The foundation is very strong, and we share a lot of the same cultures and investment principles, including taking a long-term view through the cycle. It is not early days; it is several years in the making now. We have had a chance to think about the synergies.

謝謝你的問題。有幾點。Brookfield Asset Management Ltd. 與 Oaktree 在 2019 年建立合作夥伴關係，而這段合作以及兩家機構之間的關係已經成長並變得更加緊密。我們彼此非常了解。我們高度一致。基礎非常穩固，我們也共享許多相同的文化與投資原則，包括在景氣循環中採取長期視角。這不是剛開始；而是已經醞釀了好幾年。我們也有機會思考協同效益。

The synergies are largely revenue synergies, in that the combination gives us the ability to offer more tailored solutions to some of the biggest clients in the market, a broader solution base that taps into the strength of Brookfield Asset Management Ltd. as an owner-operator and the strength of Oaktree as a credit manager, having invested through many cycles with distressed as our single largest strategy over 30-plus years.

這些協同效益主要是收入端的協同，因為結合之後，我們能為市場上一些最大的客戶提供更客製化的解決方案，並擁有更廣泛的解決方案基礎：一方面運用 Brookfield Asset Management Ltd. 作為持有並營運（owner-operator）的優勢，另一方面運用 Oaktree 作為信貸管理人的優勢；Oaktree 在超過 30 年、歷經多個循環的投資經驗中，以困境投資（distressed）作為其單一最大策略。

That tailored solution opportunity is executed through a new group at Brookfield Asset Management Ltd. called the Investment Solutions Group that has portfolio analytical capabilities to advise clients on how to adjust their portfolios over time, and how possibly Brookfield Asset Management Ltd., Oaktree, and partner manager solutions could be brought to bear.

這項客製化解決方案的機會，將透過 Brookfield Asset Management Ltd. 新成立的一個團隊來落地執行，名為投資解決方案團隊（Investment Solutions Group）。該團隊具備投資組合分析能力，可就客戶如何隨時間調整其投資組合提供建議，以及如何可能整合運用 Brookfield Asset Management Ltd.、Oaktree 與合作管理人（partner manager）的解決方案。

The breadth and depth we have as a combined institution is really unmatched, and being able to offer those products in a seamless, one-firm way is new and exciting. Another benefit is balance sheet optimization. Oaktree had a balance sheet on its own; Brookfield Asset Management Ltd. had a balance sheet on its own.

作為合併後的機構，我們所具備的廣度與深度確實無可匹敵，而能以無縫、單一公司（one-firm）的方式提供這些產品，是一件嶄新且令人振奮的事。另一項好處是資產負債表的最佳化。Oaktree 本身有一張資產負債表；Brookfield Asset Management Ltd. 本身也有一張資產負債表。

Optimizing two balance sheets separately was not as efficient as it could have been. Bringing them together helps us maximize value for shareholders under a single platform, rather than having disparate ownership between one balance sheet and the other.

分別最佳化兩張資產負債表，效率不如原本可以達到的水準。把它們整合在一起，有助於我們在單一平台下為股東創造最大價值，而不是在這張資產負債表與另一張資產負債表之間存在分散的所有權結構。

Finally, Oaktree has a very large and built-out credit platform with a substantial middle and back office able to support our strategy and more. As we grow our credit capabilities in partnership with Brookfield Asset Management Ltd. in a more integrated way, we can layer on additional revenue and AUM with only a modest increase in cost. We do not need to step up costs in a meaningful way because we are already a scale player.

最後，Oaktree 擁有非常龐大且建置完善的信貸平台，並具備可支援我們策略及更多需求的中後台。隨著我們與 Brookfield Asset Management Ltd. 以更整合的方式合作擴展信貸能力，我們可以在成本僅小幅增加的情況下，疊加額外的營收與資產管理規模（AUM）。我們不需要以顯著的方式提高成本，因為我們本來就是具規模的參與者。

So there is a cost benefit, but it is not about taking a big knife to cost structures; it is about using the platform in a scaled manner to drive profitability as we grow.

因此確實有成本效益，但重點不是用一把大刀去砍成本結構；而是以規模化方式運用平台，在成長的同時推動獲利能力。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

Thank you. Good morning. I appreciate you taking my question. First, on real estate, Connor, you hit on the recovery accelerating in your prepared remarks. Can you dig into that a bit further? Which areas of real estate are you seeing the most opportunities today to put capital to work, and then relatedly, your outlook on office?

謝謝。早安。感謝讓我提問。首先談不動產，Connor，你在事先準備的發言中提到復甦正在加速。你能再深入說明一下嗎？目前你們在不動產的哪些領域看到最多可投入資本的機會？另外也想請教你對辦公室市場的展望？

In addressing that, two things. The real estate recovery, and its very rapid acceleration, is a part of our business where what we are seeing on the ground is far ahead of what you are reading in the headlines. We are seeing very significant increases in transaction activity, deal volumes, and valuations. Across our real estate platform on the asset side, we are looking to do about $20 billion of real estate transactions in a two-month period here, just to give a sense of the pace and breadth of deal volume. In terms of where we are seeing that activity, it is primarily in what I will call the growth forms of real estate: hospitality, logistics, and housing.

針對這點，有兩件事。不動產的復甦，以及其非常快速的加速，是我們業務中的一個部分：我們在第一線看到的情況，遠遠領先於你在新聞標題中讀到的內容。我們看到交易活動、成交量與估值都大幅上升。就我們不動產平台的資產端而言，僅為了讓大家感受交易量的速度與廣度，我們在這裡預計在兩個月期間完成約 200 億美元的不動產交易。至於活動主要集中在哪裡，主要是在我所稱的成長型不動產：旅宿、物流與住宅。

We have seen lower deal activity to date in office and retail, but we think that is coming because the fundamentals for office are absolutely flying, and it comes down to one thing. On a relative basis, nobody started new construction. There was no new supply generated starting in 2020 because of the pandemic, then following 2020 because of the rise in rates, and then because of work-from-home concerns.

迄今為止，辦公室與零售的交易活動較少，但我們認為這將會到來，因為辦公室的基本面表現非常強勁，而關鍵只有一點。相對而言，幾乎沒有人啟動新建案。自 2020 年起因疫情影響、2020 年之後又因利率上升，以及對居家辦公的疑慮，市場幾乎沒有新增供給。

We have now seen a recovery in demand that is being matched by zero new supply in the market. In tier-one markets, we are seeing the top come off rents, rents legitimately 50%, 70%, 80% higher than they were five years ago, and that is beginning to flow through the numbers. If that continues, it is only logical that we are going to see deal activity return to that sector as well.

我們現在看到需求正在復甦，但市場上新增供給為零。在一線市場，我們看到租金上行非常明顯，租金確實比五年前高出 50%、70%、80%，而這也開始反映在數據上。如果這種情況持續下去，那麼交易活動回到該領域也就合乎邏輯。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，Morgan Stanley。

Michael Brown, UBS.

Michael Brown，UBS。

Great, thanks for taking my question. A lot has already been covered, but I wanted to ask two that are impactful for the model. Margins have expanded to the high-50s, but you will be consolidating Oaktree, and that is at kind of a cyclical low in terms of margins, so it would be dilutive. Can you talk about the medium-term margin trajectory as you think about 2Q and then, as Oaktree normalizes and you have more operating leverage to the platform, how does that margin continue to rebuild?

很好，謝謝讓我提問。很多內容已經談過了，但我想問兩個對模型影響較大的問題。利潤率已擴張到接近 50% 後段，但你們將合併 Oaktree，而其利潤率正處於某種週期性低點，因此會造成稀釋。你能談談中期的利潤率走勢嗎？就你們對 2Q 的看法，以及隨著 Oaktree 正常化、平台營運槓桿提升後，利潤率將如何持續回升？

And then on fee rates, because there is an implication for margin there too, talk about some of the puts and takes, in 1Q some fee rates came in lower than expected, and for 2Q there is going to be a bit of noise around some of the partner buy-ins as well. Any implications for 2Q as well?

另外關於費率，因為這也會影響利潤率，請談談其中的拉鋸因素：在 1Q 有些費率低於預期，而 2Q 也會因部分合夥人買入（partner buy-ins）而出現一些雜訊。對 2Q 是否也有任何影響？

Sure. On the margin front, in the second quarter, assuming we close Oaktree, which is the anticipated timing, we will adjust our margins to show our partner managers in a more transparent way. We will also have 100% of Oaktree flowing through, which, given they operate at a slightly lower margin, will be an offset.

當然。就利潤率而言，在第二季，假設我們完成 Oaktree 的交割（這是預期時點），我們將調整利潤率呈現方式，以更透明地反映我們的合夥人管理人（partner managers）。同時，Oaktree 的 100% 也會納入報表，由於他們的營運利潤率略低，這將形成抵銷因素。

What is important to note is that across all of our businesses, when we look at our projections for the year and going forward, there is operating leverage for each of the businesses. That will continue to be evident on an apples-to-apples basis, which is important to emphasize around our margins. In terms of fee rates, overall we are seeing no spread compression around fee rates.

需要強調的重要一點是，放眼我們所有業務，當我們檢視今年及未來的預測時，每一項業務都具備營運槓桿。在可比（apples-to-apples）的基礎上，這一點將持續清楚呈現，這也是我們在利潤率議題上必須強調的。至於費率，整體而言我們沒有看到費率出現利差壓縮。

We continue to see strong fundraising. Transaction fees play a part of that. When you look at our 2026 numbers, as Connor explained, this is going to be a record year in all categories.

我們仍持續看到強勁的募資。交易費用也是其中一部分。當你看我們 2026 年的數字時，如 Connor 所說，這將會是各類別都創紀錄的一年。

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

以上結束今天的問答環節。我想把電話交回 Jason Fooks 作結語。

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

如果你對今天的發布內容還有任何其他問題，歡迎直接與我聯繫。感謝各位參與。

Today’s conference call has concluded. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。