BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Brookfield Asset Management second quarter 2026 conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝各位撥冗等候。歡迎參加 Brookfield Asset Management 2026 年第二季電話會議與網路直播。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的講者——投資人關係部的 Jason Fooks。請開始。

Thank you for joining us today at Brookfield Asset Management's second quarter 2026 earnings call. On the call today, we have Connor Teskey, our Chief Executive Officer; Hadley Peer Marshall, our Chief Financial Officer; and joining us this quarter, Sikander Rashid, our Global Head of Infrastructure and Head of Europe.

感謝各位今天參加 Brookfield Asset Management 2026 年第二季財報電話會議。今天與會者包括：我們的執行長 Connor Teskey；財務長 Hadley Peer Marshall；以及本季加入的 Sikander Rashid——全球基礎建設主管兼歐洲區主管。

Before we begin, I'd like to remind you that in today's comments, including in responding to questions and in discussing new initiatives and our financial and operating performance, we may make forward-looking statements, including forward-looking statements in the meaning of applicable US and Canadian securities law. These statements reflect predictions of future events and trends and do not relate to historic events. They are 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.

在開始之前，我想提醒各位，我們今天的發言（包括回應提問、討論新計畫以及我們的財務與營運表現）可能包含前瞻性陳述，包括符合美國與加拿大適用證券法所定義之「前瞻性陳述」。這些陳述反映對未來事件與趨勢的預測，並非關於歷史事件。其受已知與未知風險影響，未來事件與結果可能與該等陳述存在重大差異。關於這些風險及其對本公司可能造成之影響的進一步資訊，請參閱我們向美國與加拿大證券監理機關提交的文件，以及我們網站上提供的資訊。

Connor will begin with an overview of the quarter, including our record fundraising and strategic partnerships that continue to strengthen our platform. Sikander will discuss our AI infrastructure strategy in greater detail, including the differentiated position we've built, our own momentum and the opportunity ahead. And Hadley will review our financial and operating results and our balance sheet. After our formal remarks, we'll open the line for questions. (Event Instructions)

Connor 將先就本季概況進行說明，包括我們創紀錄的募資，以及持續強化我們平台的策略性合作夥伴關係。Sikander 將更深入說明我們的 AI 基礎建設策略，包括我們所建立的差異化定位、我們自身的動能以及未來的機會。Hadley 則將回顧我們的財務與營運成果以及資產負債表狀況。在正式發言結束後，我們將開放提問。(活動指示)

With that, I'll turn the call over to Connor.

接下來，我把電話交給 Connor。

Thank you, Jason, and good morning, everyone. Similar to last quarter, we expect 2026 will be a record year for Brookfield and not by a small margin. Reinforcing this, the second quarter was exceptional by almost any measure, record fundraising with both earnings and fee-bearing capital growing well ahead of our long-term targets. It sets us up well for what we expect to be a record year across the board.

謝謝你，Jason，各位早安。與上一季類似，我們預期 2026 年將成為 Brookfield 的創紀錄年度，而且幅度不小。進一步印證這點的是，第二季幾乎以任何指標衡量都非常出色：募資創新高，且盈餘與計費資本（fee-bearing capital）的成長都遠超我們的長期目標。這讓我們對於今年全面創紀錄的展望奠定了良好基礎。

Fee-related earnings for the quarter were $808 million, up 20% from the prior year. Distributable earnings were $707 million, up 15%, and fee-bearing capital reached $672 billion, up 19% over the last 12 months. Perhaps most importantly, the quarter delivered $77 billion of fundraising. Our strongest fundraising quarter ever and was led by two of our flagship strategies and the $40 billion Just Group mandate. This mandate increases the insurance capital we manage by more than one-third and further extends our reach into retirement. It also reinforces our differentiated insurance model.

本季與費用相關的盈餘（fee-related earnings）為 8.08 億美元，較去年同期成長 20%。可分配盈餘（distributable earnings）為 7.07 億美元，成長 15%；計費資本達 6,720 億美元，過去 12 個月成長 19%。或許最重要的是，本季募資達 770 億美元。這是我們史上最強的單季募資表現，主要由兩項旗艦策略以及 400 億美元的 Just Group 委託案所帶動。該委託案使我們管理的保險資本增加逾三分之一，並進一步擴大我們在退休領域的觸及。同時也再次印證我們差異化的保險模式。

Brookfield Wealth Solutions holds the assets and liabilities on its balance sheet, while we manage the capital for a recurring fee. For BAM, that means recurring fee revenue at scale on an asset-light basis without assuming any insurance liabilities. However, even if we set the Just Group mandate aside, the second quarter would still have set a record for organic fundraising driven by momentum across our two flagships, both of which are on track to be the largest vintages of their kind, alongside a broad set of complementary strategies. This brings year-to-date fundraising to $98 billion and fundraising over the last 12 months to $163 billion.

Brookfield Wealth Solutions 在其資產負債表上持有資產與負債，而我們則以經常性費用管理該等資本。對 BAM 而言，這代表在不承擔任何保險負債的情況下，以輕資產（asset-light）模式取得具規模的經常性費用收入。然而，即便先不計 Just Group 的委託案，第二季仍會在有機募資方面創下紀錄，動能來自我們兩項旗艦策略（兩者皆有望成為同類型中規模最大的年度梯次/vintage），以及一系列廣泛的互補策略。這使得年初至今募資達 980 億美元，過去 12 個月募資達 1,630 億美元。

These results reflect the strength and diversity of our franchise, the depth of our client relationships, and the growing importance of the assets and businesses we own. Both our earnings and our fee-bearing capital are compounding above the long-term targets we set out and they are doing so across essentially every part of the platform. That breadth is especially valuable in the current environment. Last quarter, we discussed that we have limited exposure to the areas under the greatest pressure like software and sponsor-led direct lending. But at the same time, we have outsized exposure to the areas where there is high demand.

這些成果反映我們特許經營平台（franchise）的實力與多元性、客戶關係的深度，以及我們所擁有資產與企業的重要性日益提升。我們的盈餘與計費資本皆以高於我們所設定長期目標的速度持續複利成長，而且幾乎在平台的每一個部分都在發生。在當前環境下，這種廣度尤其珍貴。上一季我們提到，我們對壓力最大的領域（例如軟體與由贊助方主導的直接放貸）曝險有限。但同時，我們在需求旺盛的領域則有更高比重的曝險。

The developments of the past quarter have reinforced both sides of that equation. Our nontraded BDC sits within a broadly diversified suite of products, representing less than 1% of our fee-bearing capital. However, the team has been prudent in raising and deploying capital over the past several years, delivering strong performance and allowing the fund to enter this period under levered and with ample capital resources. This quarter, redemption requests fell below 5%, which the fund met in full.

過去一季的發展進一步強化了這個等式的兩個面向。我們的非交易型 BDC 隸屬於一套廣泛分散的產品組合之中，占我們計費資本不到 1%。然而，該團隊在過去數年於募資與資本部署上一直保持審慎，帶來強勁表現，並使基金在進入此一期間時槓桿水準偏低，且擁有充足的資本資源。本季，贖回申請降至 5% 以下，基金已全數滿足。

At the same time, we continue to see robust inflows into our other wealth strategies, particularly infrastructure. But more important than the strong downside protection is how we are positioned for the greatest growth opportunities in the market today, three areas stand out. The first is real assets. In today's environment, marked by pockets of uncertainty and volatility, investors gravitate towards high-quality, cash-generative assets and essential services businesses.

同時，我們仍持續看到資金穩健流入我們其他的財富管理策略，尤其是基礎建設。但比強勁的下行保護更重要的是，我們在當今市場最大的成長機會上所處的位置；其中有三個領域特別突出。第一個是實體資產（real assets）。在當前環境中，存在局部不確定性與波動，投資人傾向於高品質、能產生現金流的資產，以及提供必要服務的企業。

Real assets tend to outperform in periods like this because they offer precisely what investors are seeking. Capital preservation, inflation protection and both cash generation and value appreciation. This is exactly where we have leading strategies, and that strength is showing up across fundraising, deployment and monetization. The second area is credit. Last week, we completed the acquisition of Oaktree, fully combining the two businesses. Together, our credit platform has leading scale and depth of capability across asset-backed finance, real asset finance and opportunistic credit and is well positioned to perform across market cycles.

實體資產在這類期間往往表現更佳，因為它們正好提供投資人所尋求的特性：資本保全、抗通膨，以及現金流產生與價值增長。這正是我們具領先策略的領域，而這項優勢也正反映在募資、部署與變現上。第二個領域是信貸（credit）。上週，我們完成了對 Oaktree 的收購，並將兩項業務全面整合。整合後，我們的信貸平台在資產擔保融資、實體資產融資與機會型信貸方面具備領先的規模與能力深度，並能在不同市場循環中維持良好表現。

Full integration lets us source and underwrite more effectively and deliver the full breadth of our combined capabilities on behalf of all our investors. And the third area is AI. Our leadership across the entire AI infrastructure value chain, data centers, power generation and compute gives us a rare and differentiated set of capabilities. Notably, the ability to raise capital at scale to source proprietary opportunities and to build relationships with the hyperscalers, sovereign governments and other key players across the AI ecosystem.

全面整合使我們能更有效地取得案源並進行承作/授信審核（underwrite），並代表所有投資人提供我們合併後能力的完整廣度。第三個領域是 AI。我們在整個 AI 基礎建設價值鏈——資料中心、發電與算力——的領導地位，賦予我們罕見且差異化的一套能力。尤其是：能以大規模募資以取得專有機會，並與超大規模雲端服務商（hyperscalers）、主權政府及 AI 生態系中的其他關鍵參與者建立關係。

Our ability to bring these skills together to meet one of the largest investment opportunities globally is why this has become one of the fastest-growing parts of our business. And we're pleased that Seconder is joining us today to walk you through the momentum in our AI infrastructure fund. That leadership is now translating into partnerships that are scaling rapidly. We have expanded our framework with Bloom Energy to finance quick-to-deploy power solutions for AI infrastructure fivefold from $5 billion to $25 billion in just nine months, a measure of the sheer scale of what lies ahead.

我們能將這些能力整合起來，以把握全球最大的投資機會之一，正是這項業務成為我們成長最快板塊之一的原因。我們也很高興 Seconder 今天加入我們，帶各位了解我們 AI 基礎建設基金的動能。這樣的領導地位如今正轉化為快速擴張的合作夥伴關係。我們已將與 Bloom Energy 的合作框架擴大五倍，在短短九個月內，將用於 AI 基礎建設之可快速部署電力解決方案的融資規模從 50 億美元提升至 250 億美元，這也衡量出未來機會的龐大規模。

Through our sovereign AI infrastructure initiatives, we've increased our development framework with France from EUR20 billion to EUR30 billion, and we've partnered with Naver and Nvidia to accelerate the expansion of South Korea's sovereign AI infrastructure. Nvidia who joined our AI infrastructure fund as an investor and a founding partner is also both a cornerstone investor and our technology partner in the Compute platform at the center of that build-out.

透過我們的主權 AI 基礎設施倡議，我們已將與法國的開發框架自 200 億歐元提高至 300 億歐元，並與 Naver 與 Nvidia 合作，加速擴大南韓的主權 AI 基礎設施。作為投資人與創始合作夥伴加入我們 AI 基礎設施基金的 Nvidia，同時也是該建置核心之運算平台（Compute platform）的基石投資人與我們的技術合作夥伴。

Through Westinghouse, we are continuing to support the US government's effort to accelerate nuclear deployment. Most recently, the Department of Energy issued a $17.5 billion financing commitment to support the development of up to 10 Westinghouse AP1000 reactors. And Sika will discuss our recently announced deal to build a large AI factory in Kentucky.

透過西屋（Westinghouse），我們持續支持美國政府加速核能部署的努力。最近，能源部（Department of Energy）發布了 175 億美元的融資承諾，以支持最多 10 座西屋 AP1000 反應爐的開發。Sika 也將說明我們近期宣布在肯塔基州興建大型 AI 工廠的交易。

We are also forming new relationships that broaden the opportunity set. We partnered with OpenAI to launch a company focused on accelerating commercial AI adoption including within our own portfolio of industrial and manufacturing businesses. And the same partner of choice dynamic extends beyond AI. We partnered with AllianceBernstein to bring private market real assets into their target date funds. An example of our growing involvement in the 401(k) market, a segment that we feel is well suited to our real asset focus and one of the largest long-term growth opportunities we see anywhere.

我們也正在建立新的關係，以擴大可把握的機會集合。我們與 OpenAI 合作成立一家公司，專注於加速商用 AI 的採用，包括在我們自身的工業與製造業投資組合之內。同樣的「首選合作夥伴」動能也延伸至 AI 以外。我們與 AllianceBernstein 合作，將私募市場的實體資產納入其目標日期基金（target date funds）。這是我們在 401(k) 市場參與度提升的一個例子；我們認為該領域非常適合我們以實體資產為核心的定位，也是我們在各處所見最大之一的長期成長機會。

Taken together, these partnerships demonstrate the strategic value of our platform. few firms can bring together capital, operating capabilities, energy, digital infrastructure and strategic relationships at this scale. So to conclude, we are entering the second half of the year with record results, exceptional strategic momentum limited exposure to the areas causing the most concern and meaningful exposure to where capital should continue to flow. We are positioned not simply to navigate this environment, but to outperform through it.

綜合而言，這些合作夥伴關係展現了我們平台的策略價值。能以此規模整合資本、營運能力、能源、數位基礎設施與策略關係的公司寥寥可數。因此總結來說，我們以創紀錄的業績、卓越的策略動能、對最令人擔憂領域的有限曝險，以及對資本應持續流入方向的實質曝險，進入下半年。我們的定位不僅是穿越此環境，更能在其中取得超額表現。

With that, we will hand the call over to Sikander to give you more color on the strong momentum in our AI infrastructure strategy.

接下來，我們將把電話會議交給 Sikander，請他就我們 AI 基礎設施策略的強勁動能提供更多細節。

Thanks, Connor. AI is not only shaping our AI infrastructure strategy is becoming an increasingly important theme across all of Brookfield. It is influencing capital deployment in our infrastructure, energy and credit businesses and business plans within every portfolio company, including efficiency and revenue growth in 600 businesses and assets in our portfolio. A brief word on the underlying thesis. We estimate $10 trillion in annual economic productivity potential for AI, requiring $10 trillion of CapEx across the AI value chain, including energy, data centers, compute and strategic adjacencies.

謝謝你，Connor。AI 不僅正在塑造我們的 AI 基礎設施策略，也正成為 Brookfield 全體業務中愈來愈重要的主題。它正在影響我們在基礎設施、能源與信貸業務的資本部署，以及每一家投資組合公司的營運計畫，包括我們投資組合中 600 家企業與資產的效率提升與營收成長。先簡要說明其基本論點。我們估計 AI 每年可帶來 10 兆美元的經濟生產力潛力，並需要在 AI 價值鏈（包括能源、資料中心、運算與策略性相鄰領域）投入 10 兆美元的資本支出（CapEx）。

For investors, the important point is that this is a physical infrastructure, the critical backbone of economies that are becoming more digital, not a technology bet on which model chip or application ultimately wins. This opportunity led us to launch our dedicated AI infrastructure strategy, which is off to a great start. We held our first close at the end of the second quarter fundraising momentum remains strong, and we have deep and growing pipeline of high-quality investment opportunities. Although BAF is a new strategy, the core capabilities behind it are not new to Brookfield. We own and operate approximately $85 billion of digital infrastructure and are one of the largest energy businesses.

對投資人而言，重點在於：這是一種實體基礎設施，是經濟體日益數位化之下的關鍵骨幹，而不是押注最終會勝出的模型、晶片或應用。這個機會促使我們推出專門的 AI 基礎設施策略，且開局表現非常強勁。我們在第二季末完成首次關帳（first close），募資動能仍然強勁，且我們擁有深厚且持續擴大的高品質投資機會管線。雖然 BAF 是一項新策略，但其背後的核心能力對 Brookfield 而言並不陌生。我們擁有並營運約 850 億美元的數位基礎設施，且是規模最大的能源業務之一。

BAF differentiation lies in its ability to integrate the broader AI value chain while capitalizing on Brookfield's access to capital, power and global relationships. Drawing on our leadership positions across the real estate infrastructure and energy businesses, we can sort an entitled power land, develop and operate large-scale AI factories delivered behind the meter and baseload power, provide contracted compute and pursue partnerships with some of the major stakeholders, including semiconductor players and hyperscalers. Not many firms can bring all of that together. This integrated capability is increasingly what the largest companies and governments are seeking. They are not well positioned to coordinate multiple providers for complicated and capital-intensive developments where speed to market is key.

BAF 的差異化在於：能整合更廣泛的 AI 價值鏈，同時運用 Brookfield 在資本、電力與全球關係上的優勢。憑藉我們在不動產、基礎設施與能源業務的領先地位，我們能取得具備權利（entitled）的電力與土地，開發並營運大規模、採用表後（behind the meter）與基載電力（baseload power）交付的 AI 工廠，提供合約式運算（contracted compute），並與包括半導體業者與超大規模雲端業者（hyperscalers）在內的主要利害關係人建立合作。能把這一切整合起來的公司並不多。這種整合能力，正是大型企業與政府日益尋求的。在速度至關重要的複雜且資本密集型開發案中，他們並不擅長協調多家供應商。

They want a trusted partner capable of combining capital, development and integration across the full value chain. Our large-scale partnerships with Microsoft, Google, Intel, Deutsche Telekom, Bloom and Nvidia as well as sovereign initiatives in Canada, European Union, South Korea and other parts of the world demonstrate our approach and capabilities.

他們希望有一位值得信賴的合作夥伴，能在完整價值鏈上結合資本、開發與整合能力。我們與 Microsoft、Google、Intel、德國電信（Deutsche Telekom）、Bloom 與 Nvidia 的大型合作夥伴關係，以及在加拿大、歐盟、南韓與世界其他地區的主權倡議，皆展現了我們的方法與能力。

The opportunity is substantial, but leadership in this market is not about deploying most capital or moving the fastest. It is about originating the best opportunities being selective about which ones we pursue and maintaining discipline. Questions about whether too much infrastructure capacity is being built are reasonable. As with every major infrastructure cycle, whether it be the railroad revolution in the 1800s or the fiber build-out in early 2000s, it is inevitable for some capital to be poorly allocated.

機會規模龐大，但在此市場取得領導地位，並不在於投入最多資本或跑得最快。而在於發掘最優質的機會、對我們追求的項目保持選擇性，並維持紀律。對於是否正在建置過多基礎設施產能的疑問，是合理的。如同每一次重大的基礎設施週期——無論是 1800 年代的鐵路革命，或 2000 年代初期的光纖建置——部分資本配置不當是不可避免的。

Our approach does not require us to forecast the AI market perfectly. It requires us to exhibit discipline in the investments we make and the risk we assume as we always do. We do not commit capital speculatively and remain thoughtful about our counterparties and infrastructure locations. We're building the backbone of AI, the infrastructure that underpins the AI economy. As such, we will build AI infrastructure backed by hard assets and long-term contracts where we seek a return on and off of our capital over the contract term.

我們的方法不需要完美預測 AI 市場。它要求我們一如既往，在投資決策與承擔風險上展現紀律。我們不會以投機方式承諾資本，並會審慎評估交易對手與基礎設施選址。我們正在打造 AI 的骨幹——支撐 AI 經濟的基礎設施。因此，我們將建置由硬資產與長期合約支撐的 AI 基礎設施，並在合約期間內，追求資本的報酬（return on）以及資本所帶來的收益（return off）。

Our base case returns are not dependent upon the market exit or imprudent renewal or financing assumptions. Same disciplined approach is applied across all of our key verticals, data centers or AI factories behind the meter power and compute. The Paducah American Energy Hub announced last week demonstrates our approach. Brookfield was selected by the US Department of Energy to develop a major A campus on a former uranium enrichment site in Kentucky.

我們的基本情境報酬並不依賴市場退出（exit），也不依賴不審慎的續約或融資假設。同樣的紀律方法也適用於我們所有關鍵垂直領域：資料中心、表後（behind the meter）的 AI 工廠、電力與運算。上週宣布的帕度卡（Paducah）美國能源樞紐（American Energy Hub）即展現了我們的方法。Brookfield 獲美國能源部選定，在肯塔基州一處前鈾濃縮場址上開發一個大型 AI 園區。

Rather than competing for conventional private sites require a speculative capital outlay and limited grid capacity Brookfield is repurposing federally owned industrial land with existing transmission, water, fiber and transportation infrastructure.

相較於競逐傳統的民間場址（往往需要投機性的資本支出且電網容量有限），Brookfield 正在重新利用聯邦政府擁有的工業用地；該用地既有輸電、水源、光纖與交通等基礎設施。

At its peak, this site supported approximately 3 gigawatts of electricity demand and consume 30 million gallons of water per day, illustrating its industrial scale. The proposed development is expected to attract up to $100 billion of private investment and support more than 2 gigawatts of compute capacity. This bring your own power structure which includes development of over 2 gigawatts of new generation and battery storage addresses one of the largest constraints facing the AI industry while protecting existing consumers from cost of new generation and grid infrastructure.

在高峰期，該場址曾支撐約 3 吉瓦的用電需求，並每日消耗 3,000 萬加侖的用水量，顯示其工業級規模。此一擬議開發案預計可吸引高達 1,000 億美元的民間投資，並支援超過 2 吉瓦的運算容量。這種「自帶電力」（bring your own power）的架構（包含開發超過 2 吉瓦的新發電能力與電池儲能），在保護既有用戶免於承擔新增發電與電網基礎設施成本的同時，也解決了 AI 產業面臨的最大限制之一。

Paducah highlights what differentiates Brookfield. Our ability to originate strategic opportunities, assemble complex partnerships and deliver integrated solutions across the full AI value chain while protecting our downside. It is also worth taking a minute to explain how AI infrastructure fits alongside our flagship infrastructure and transition pods. Base is distinct from but complementary to our other strategies. The mandate is new, but the playbook is familiar.

帕度卡案凸顯了 Brookfield 的差異化。我們能發掘策略性機會、整合複雜的合作夥伴關係，並在保護下行風險的同時，於完整 AI 價值鏈提供整合式解決方案。也值得花點時間說明，AI 基礎設施如何與我們的旗艦基礎設施與轉型基金（transition）並行。Base 與我們其他策略有所區別，但彼此互補。授權範圍是新的，但操作手冊是熟悉的。

Five years ago, we launched a dedicated transition energy strategy when the opportunity investor demand and investment pipeline became too large and specialized to solely reside our flagship infrastructure fund. That strategy has since become the largest of its kind globally.

五年前，當機會型投資人的需求與投資管線規模變得過大且專業化，已無法僅由我們的旗艦基礎建設基金承載時，我們推出了一項專門的能源轉型策略。此後，該策略已成為全球同類中規模最大者。

We believe air infrastructure can follow a similar trajectory. Each strategy has a clear role. Our flagship infrastructure fund invests in data centers as one sector among many, often through a stabilized operating businesses. Our transition fund develops and contracts renewable power for a broad range of customers. Based by contrast, target's large-scale AI factory development and direct power specifically towards AI capacity. Also, more than half of BAF's scope will be outside data centers altogether. Behind the meter power, compute and adjacent platforms where competition is teller and we believe returns are more attractive. A word on scale.

我們相信，空中基礎設施也能走出類似的發展軌跡。每一項策略都有其明確定位。我們的旗艦基礎建設基金將資料中心視為眾多投資領域之一，且往往透過已穩定營運的企業進行投資。我們的轉型基金則為廣泛客戶群開發並簽約再生能源電力。相較之下，BAF 以目標的大型 AI 工廠開發為核心，並將電力直接導向 AI 產能。此外，BAF 的投資範圍中，超過一半將完全不在資料中心領域。而是在表後電力、運算及相鄰平台等競爭較小、且我們認為報酬更具吸引力的領域。接著談談規模。

BAF is targeting $10 billion, but it will anchor a broader investment program capable of pursuing roughly $100 billion of opportunities supplemented by significant co-investment from our partners and prudent asset level financing. That structure allows us to pursue the largest opportunities without overconcentrating the fund while creating additional economics for Brookfield. Our partnerships with Bloom Energy on power and Nvidia on compute infrastructure are good examples of how quickly these opportunities can scale. Last October, we formed a $5 billion partnership to finance Bloom's rapidly deployable, highly reliable behind-the-meter power solutions for AI factories.

BAF 的目標規模為 100 億美元，但它將作為更廣泛投資計畫的基石，該計畫可追逐約 1,000 億美元的機會，並由合作夥伴的大量共同投資及審慎的資產層級融資加以補充。此一架構使我們能在不讓基金過度集中持倉的情況下，追求最大型的機會，同時為 Brookfield 創造額外經濟效益。我們與 Bloom Energy 在電力方面、以及與 Nvidia 在運算基礎設施方面的合作夥伴關係，就是這些機會能以多快速度擴張的良好例證。去年 10 月，我們成立了一項 50 億美元的合作計畫，為 Bloom 可快速部署且高度可靠的表後電力解決方案提供融資，以服務 AI 工廠。

Less than nine months later, on the back of strong customer demand, we expanded the partnership fivefold to $25 billion. That creates a significant additional investment opportunity for our partners in an area where we believe the risk-adjusted returns are particularly attractive. I'll conclude by reiterating that taken together, we believe Brookfield is uniquely positioned to lead this build-out. We have the scale and capabilities to pursue the largest opportunities, but just as importantly, the discipline to be selective and structured these transactions as infrastructure investments backed by hard assets, strong counterparties and contracted cash flows.

不到九個月後，在強勁客戶需求的帶動下，我們將該合作計畫擴大五倍至 250 億美元。這為我們的合作夥伴在一個我們認為風險調整後報酬特別具吸引力的領域，創造了顯著的額外投資機會。最後我想重申，綜合而言，我們相信 Brookfield 具備獨特優勢，能引領這一波建置擴張。我們擁有追逐最大型機會所需的規模與能力；同樣重要的是，我們也具備紀律，能夠嚴格篩選，並將這些交易結構化為由硬資產、強勁交易對手與合約化現金流所支撐的基礎建設投資。

And with that, let me turn it over to Hadley.

接下來，我把時間交給 Hadley。

Thank you. As Connor discussed, we delivered another strong quarter, and I'll cover our financial performance, capital positioning and why we're on track to deliver a record 2026. Fee related earnings or FRE in the second quarter increased 20% from the prior year period to $808 million or $0.50 per share. Over the last 12 months, FRE has grown to $3.2 billion, up 19% from the prior year period. Distributable earnings or DE, were $707 million or $0.44 per share in the quarter, up 15% from the prior year period, bringing DE over the last 12 months to $2.8 billion. Growth in DE continues to closely track growth in FRE, underscoring the reoccurring resilient nature of our earnings profile.

謝謝。如 Connor 所談，我們又交出一個強勁的季度表現；我將說明我們的財務表現、資本配置狀況，以及為何我們正按計畫邁向 2026 年創紀錄的表現。第二季費用相關收益（FRE）較去年同期成長 20%，達 8.08 億美元（每股 0.50 美元）。過去 12 個月，FRE 成長至 32 億美元，較去年同期增加 19%。本季可分配收益（DE）為 7.07 億美元（每股 0.44 美元），較去年同期成長 15%，使得過去 12 個月的 DE 達到 28 億美元。DE 的成長持續與 FRE 的成長高度一致，凸顯我們獲利結構具備可重複且韌性強的特性。

Turning to margins. We continued to grow the business, delivering strong profitability with margins of 57% for the quarter and 58% over the last 12 months. Beginning next quarter, our reported margins will reflect the completion of our Oaktree acquisition, which will lower our consolidated margin due to business mix. We also plan to make the transition to the new partner manager presentation we've previously discussed. We think this new presentation will provide additional transparency into the revenues and expenses of our partner managers as they have grown to become a more meaningful part of our credit business.

接著談利潤率。我們持續擴大業務規模，並維持強勁獲利能力，本季利潤率為 57%，過去 12 個月為 58%。自下季起，我們揭露的利潤率將反映完成收購 Oaktree 的影響；由於業務組合變化，將使合併利潤率下降。我們也計畫轉換至先前討論過的新「合夥人管理人」呈現方式。我們認為，隨著合夥人管理人在我們信用業務中占比提升，這種新呈現方式將能就其收入與費用提供更高透明度。

Before turning to fundraising, I want to touch on share repurchases. We prioritize deploying capital into initiatives to expand our platform, including acquiring partner managers' interest and seeding complementary strategies. However, given the public market volatility this year, we believe our shares are meaningfully undervalued and so we've been more active in repurchases. In the second quarter, we opportunistically repurchased $200 million of stock, bringing our total year-to-date buyback activity to nearly $575 million.

在談募資之前，我想先提一下股票回購。我們優先將資本投入於擴大平台的各項計畫，包括收購合夥人管理人的權益，以及為互補策略提供種子資金。然而，鑑於今年公開市場波動，我們認為公司股價明顯被低估，因此我們更積極進行回購。第二季我們把握時機回購 2 億美元股票，使今年迄今的回購總額接近 5.75 億美元。

Now let me turn to the details of the record $77 billion we raised in the quarter. Within our Infrastructure and Energy businesses, we raised $12.5 billion, including $9.3 billion for infrastructure flagship strategy. We expect to hold a sizable first close in the coming months. The strong demand reflects both the powerful secular tailwinds, supporting infrastructure investment and the exceptional track record of the strategy itself, which stands us apart. Infrastructure is our largest flagship franchise. Across 15 years and 5 vintages, there are a wide range of market environments.

接下來我說明本季我們創紀錄募得的 770 億美元細節。在基礎建設與能源業務方面，我們募得 125 億美元，其中 93 億美元來自基礎建設旗艦策略。我們預期在未來幾個月完成一筆規模可觀的首次交割（first close）。強勁需求反映了支撐基礎建設投資的強大長期結構性趨勢，以及該策略本身卓越的歷史績效，使我們脫穎而出。基礎建設是我們最大的旗艦平台。橫跨 15 年與 5 個基金年度（vintage），涵蓋多種市場環境。

The strategy has remained focused on the same five core sectors and most importantly, has consistently generated returns in the mid-teens. That consistency makes the strategy straightforward for clients to underwrite. They understand the investment approach and know what to expect. In addition, we continued to see consistent strong demand for our super core infrastructure strategy and our infrastructure private wealth strategy, each of which raised $900 million this quarter.

該策略始終聚焦於相同的五大核心領域；更重要的是，一直穩定產生約 10% 中段（mid-teens）的報酬率。這種一致性使客戶更容易對該策略進行承作與評估。他們理解投資方法，也知道可以期待什麼。此外，我們的超核心（super core）基礎建設策略與基礎建設私募財富策略也持續呈現穩健且一致的強勁需求，兩者本季各募得 9 億美元。

Within our private equity business, we raised $8.9 billion, primarily comprised of $6.7 billion for our private equity flagship strategy, which we expect will be the largest ever. We also continue to raise capital in our complementary strategies, including for our Middle Eastern and financial infrastructure strategies. Our credit business continues to benefit from broad-based demand. In periods of heightened uncertainty, investors tend to favor strategies backed by tangible assets, contractual cash flows and strong downside protection, which is supporting allocation to real asset credit and SMAC finance. Further, the continued pockets of uncertainty bode well for our next opportunistic strategy.

在私募股權業務方面，我們募得 89 億美元，主要包括私募股權旗艦策略的 67 億美元；我們預期該基金將成為史上規模最大者。我們也持續為互補策略募資，包括中東策略與金融基礎設施策略。我們的信用業務持續受惠於廣泛的需求。在不確定性升高的時期，投資人往往偏好由有形資產、合約化現金流與強勁下檔保護所支撐的策略，這正支撐了對實體資產信用與 SMAC 融資的配置。此外，持續存在的局部不確定性，也有利於我們下一檔機會型策略。

This quarter, our credit business raised $51 billion of capital during the quarter, including $45 billion from Brookfield Wealth Solutions. Beyond insurance, we also saw strong fundraising across Oaktree and other partner managers. Demand for our infrastructure debt strategy also accelerated, with $600 million raised during the quarter as we approach its final close. The transaction environment for real assets and essential service businesses that form the backbone of the global economy continues to work in our favor.

本季，我們的信用業務募得 510 億美元資本，其中 450 億美元來自 Brookfield Wealth Solutions。除保險之外，我們也看到 Oaktree 與其他合夥人管理人募資表現強勁。我們的基礎建設債務策略需求亦加速成長，本季募得 6 億美元，並正接近最終交割（final close）。由實體資產與關鍵服務型企業所構成、支撐全球經濟運作的交易環境，仍持續朝對我們有利的方向發展。

During the quarter, we deployed $21 billion and monetized $11 billion with broad-based activity across the portfolio. This was particularly evident in real estate, where sentiment continues to improve and more market participants are coming off the sideline. As an example, we deployed our first investment for (inaudible), our value-add strategy to focus on the housing sector to US communities, one of the largest manufactured home community owners in the US marking an important step in our value-add strategies.

本季我們投入資金 210 億美元，並變現 110 億美元，整體投資組合各領域皆有廣泛活動。這在不動產領域尤其明顯，市場情緒持續改善，更多市場參與者開始重返市場。例如，我們完成了（聽不清）旗下價值增值（value-add）策略的首筆投資，該策略聚焦住宅領域，投資於 US Communities——美國最大的組合屋（manufactured home）社區業者之一，這標誌著我們價值增值策略邁出重要一步。

Our pipeline remains robust with over 10 billion of attractive transactions already announced or under contract. Based on the best and depth of activity underway, we expect transaction volumes to continue building through the second half of the year.

我們的交易管線依然強勁，已宣布或已簽約的具吸引力交易金額超過100億。基於目前進行中的活動之最佳狀況與深度，我們預期交易量將在今年下半年持續攀升。

Turning to our balance sheet. We maintain a highly flexible asset-light balance sheet that supports growth while preserving substantial liquidity. During the second quarter, we issued $1 billion of senior secured notes comprised of $550 million of five year notes at a coupon of 4.832% and $450 million of 10-year notes at a coupon of 5.298%. We ended the quarter with $3.1 billion of corporate liquidity. Since quarter end, we completed the acquisition of Oaktree using a portion of that liquidity, leaving us in a position with ample flexibility to support ongoing operations, strategic initiatives and growth across the business.

接著談談我們的資產負債表。我們維持高度彈性、輕資產的資產負債表，在支持成長的同時保有充足流動性。第二季期間，我們發行了10億美元的優先擔保票據，其中包括5年期5.5億美元票據，票面利率4.832%，以及10年期4.5億美元票據，票面利率5.298%。本季末我們的公司流動性為31億美元。自季末以來，我們使用其中一部分流動性完成了對Oaktree的收購，使我們仍保有充足彈性，以支持持續營運、策略性計畫以及全業務的成長。

Lastly, we declared a quarterly dividend of $0.525 per share payable September 30 to shareholders of record as of August 31. We've entered the second half of the year with considerable momentum and are well positioned to deliver another record year despite continued market uncertainty.

最後，我們宣告每股0.525美元的季度股利，將於9月30日支付給截至8月31日登記在冊的股東。我們帶著相當的動能進入下半年，儘管市場不確定性仍在，我們仍處於有利位置，有望再創一個創紀錄的年度。

With that, we'll open up the line for questions.

接下來我們開放提問。

(Operator Instructions)

(接線員指示)

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，RBC Capital Markets。

Maybe picking up on that last sentence there, Hadley, clearly, a very strong fundraising quarter. You're running at about $60 billion year-to-date if we adjust for Just Group. And so would love for you to just unpack the fundraising outlook for the back half of the year, including some of the key drivers that underpin that outlook.

Hadley，延續你剛才最後一句話，很明顯這是一個非常強勁的募資季度。如果我們調整掉Just Group，你們今年迄今的募資大約在600億美元左右。因此很希望你能拆解一下今年下半年募資展望，包括支撐該展望的一些關鍵驅動因素。

Thanks for the question. Yeah. So year-to-date, we're obviously on a record-setting fundraising pace at almost $100 billion in the first six months. We still expect to do a lot more this year. And as a result, we expect to far exceed the business's previous high watermark both on an absolute basis and if you excluded large insurance transactions.

謝謝你的提問。是的。今年迄今，我們顯然以接近1,000億美元的前六個月募資額，處於創紀錄的募資節奏。我們仍預期今年還會做得更多。因此，我們預期無論以絕對金額計，或是排除大型保險交易後來看，都將大幅超越公司過去的最高水位。

Perhaps the most important thing about that guidance is we expect to raise very significant amounts of capital throughout the remainder of the year. But it's very nicely balanced across four channels. We have -- we expect it almost to be roughly equal across flagships, complementary equity strategies, debt strategies, and insurance inflows. And that diversity gives us a lot of comfort that even if there are some changes in the unforeseen changes in the market over the next six months, we're certainly going to well -- land well into record territory almost no matter what.

或許這份指引最重要的一點是：我們預期在今年剩餘期間仍將募集非常可觀的資金。而且在四個管道之間分布得非常均衡。我們——預期在旗艦基金、互補型股權策略、債務策略以及保險資金流入之間，幾乎會大致相當。這種多元性讓我們很有信心，即使未來六個月市場出現一些意料之外的變化，我們幾乎無論如何都能——仍然穩穩落在創紀錄的區間。

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

Given that you just closed the acquisition of the remaining stake in Oaktree, maybe you could give us an update on your view of the credit landscape in two respects, one, whether there's enough depth to finance the scale of what has been proposed industry-wide in and then an update on your view of the opportunity set for Oaktree in sort of the 2027, 2028 time frame?

鑑於你們剛完成收購Oaktree剩餘股權，也許你可以就信貸環境從兩個面向更新一下看法：第一，是否有足夠的深度來為全產業所提出的規模提供融資；第二，更新一下你對Oaktree在大約2027、2028年時間框架內機會集合的看法？

Thanks, Cherilyn. Maybe just an overarching comment to frame this. We see credit markets as incredibly robust right now. Yes, but it's the small kind of pockets of uncertainty and very specific corners of credit markets. But by and large, the appetite for credit from banks, from insurance companies, from institutions, in particular for high-quality real assets remains incredibly strong.

謝謝，Cherilyn。也許先用一個總體性的評論來框架這個問題。我們認為目前信貸市場非常強勁。是的，確實存在一些小範圍的不確定性，以及信貸市場中非常特定的角落。但整體而言，銀行、保險公司與機構投資人對信貸的需求——尤其是對高品質實體資產的需求——仍然非常強。

And across all of our verticals, we're setting record financing levels at very attractive rates. So is there enough capacity and funding to support the build-out we're seeing in infrastructure and AI infrastructure? Absolutely. And candidly, we expect to play a fairly significant role in that.

在我們所有垂直領域中，我們都以非常具吸引力的利率創下融資水準新高。所以，是否有足夠的容量與資金來支持我們在基礎建設與AI基礎建設所看到的擴建？絕對有。坦白說，我們預期在其中將扮演相當重要的角色。

In terms of the opportunities for Oaktree, Yes, we closed the transaction on Monday, but candidly, the integration has been happening since last October. And where we really see the upside for that business is on the revenue front. The ability to include Oaktree into Brookfield's broader distribution, product development, multi-asset programs with our largest partners. We're already seeing the benefits of that flow through their business. Perhaps just the last comment I would make, and it goes a little bit to the previous comment on fundraising.

就Oaktree的機會而言，是的，我們在週一完成了交易，但坦白說，自去年10月以來整合就已經在進行。而我們真正看到該業務上行空間的地方是在營收端。也就是把Oaktree納入Brookfield更廣泛的通路、產品開發，以及與我們最大合作夥伴共同推動的多資產方案之中。我們已經看到這些效益開始在他們的業務中顯現。也許我最後再補充一點，這也與先前關於募資的評論有些關聯。

We're also seeing an incredibly nice staggering of major fundraises going forward. This year, obviously, is our infrastructure and private equity flagships. We very much expect our credit flagship Oaktree ops to be in the market in 2027. We expect our real estate flagship to be in the market in 2027. And then we expect energy to be back in the market in 2028. We're seeing all those flagship time lines being pulled forward just based on our deployment and demand.

我們也看到未來大型募資的節奏呈現非常理想的錯峰安排。今年，顯然是我們的基礎建設與私募股權旗艦基金。我們非常預期我們的信貸旗艦——Oaktree——將在2027年進入市場。我們預期我們的不動產旗艦基金也將在2027年進入市場。接著我們預期能源將在2028年回到市場。基於我們的資金部署與需求，我們看到所有這些旗艦基金的時間表都在往前拉。

Ken Worthington, JPMorgan.

Ken Worthington，JPMorgan。

I wanted to follow up on your prepared remarks on AI infrastructure investment, lots of firms and lots of funds are raising money for AI infrastructure. Demand seems big, but fundraising has been big here, too. Is infrastructure and AI structure investing getting crowded? And is what is competition like for the largest deals? And then along the same lines, you have a number of AI infrastructure partnerships across different regions. How important are these in future partnerships to be able to scale your infrastructure build-out given the substantial dedicated and co-mingled capital you are raising?

我想就你們事先準備的談話中關於AI基礎建設投資的部分追問一下：很多公司、很多基金都在為AI基礎建設募資。需求看起來很大，但這裡的募資規模也很大。基礎建設與AI基礎建設投資是否正在變得擁擠？而在最大型交易上，競爭情況如何？另外同樣脈絡下，你們在不同地區有多個AI基礎建設合作夥伴關係。考量你們正在募集大量的專屬資金與混合資金（co-mingled capital），這些合作關係對於未來要能擴大你們的基礎建設擴建規模有多重要？

Ken, it's Sikander. Thank you for the question. I can take this one. Look, so on competition, yes, we -- we agree the risk competition since we launched our dedicated AI infrastructure strategy last year, we've noticed the launch of several AI funds. But look, despite the competition, the demand for our AI infrastructure fund remains very strong, both from institutional investors, but also industrial partners, a host of whom we are in advanced discussions with at the moment.

Ken，我是Sikander。謝謝你的提問。我來回答這題。先談競爭：是的——我們同意，自從我們去年推出專屬AI基礎建設策略以來，我們注意到有好幾檔AI基金相繼成立。但儘管競爭存在，我們的AI基礎建設基金需求仍然非常強勁，來源不僅是機構投資人，也包括產業合作夥伴；其中有許多我們目前正進行深入洽談。

And the investor interest in our fund boils down to really our differentiators, which are as follows: number one is energy. So in the AI value chain today, energy is the largest bottleneck or context, the US alone needs 100 gigawatts of power for AI instructor in the next 10 years, but the grid can only make 30 gigawatts of that available. And what that means is, in the future, compute needs to migrate towards the power sources.

而投資人對我們基金的興趣，歸根究柢在於我們真正的差異化優勢，主要如下：第一是能源。在當今AI價值鏈中，能源是最大的瓶頸或限制條件；僅美國在未來10年就需要為AI基礎建設提供100吉瓦的電力，但電網只能提供其中的30吉瓦。這意味著，未來算力需要向電力來源遷移。

And when you look at our energy business today in the US or around the world, we are the largest energy business, and we've been developing large-scale power plants for decades. Secondly, we have strong digital infrastructure capabilities. As I mentioned in my remarks, we have an $85 billion business, which includes six distinguished data center platforms in five different continents. And lastly, look, our focus is not on data centers, only data centers.

而當你看看我們今天在美國或全球的能源業務時，我們是規模最大的能源業務之一，而且數十年來一直在開發大型發電廠。第二，我們具備強大的數位基礎設施能力。如我在發言中提到的，我們有一個850億美元的業務，其中包括分布於五大洲的六個卓越資料中心平台。最後，坦白說，我們的重點並不只是資料中心、只有資料中心。

This is not a data center fund. Our fund is focused on the full AI value chain, and that includes data centers, AI factories, power and compute. Power and compute will account for 60% of the capital in the next 10 years. And I think that's going to be a differentiator for us going forward.

這不是一檔資料中心基金。我們的基金聚焦於完整的AI價值鏈，其中包括資料中心、AI工廠、電力與運算。在未來10年，電力與運算將占資本的60%。我認為這將成為我們未來前進的一項差異化優勢。

And on your question on strategic partnerships. Okay. Look, a question on -- I'll just finish my remarks. On strategic partnerships, look, they are an important differentiator as well. Our industrial partners, whether it's Nvidia or Bloom, Today, the bottleneck is chips and power. So the fact that we have all these operating capabilities and relationships with some of the best OEMs in the world, further solidifies our position as a top AI infrastructure investor.

至於你關於策略夥伴關係的問題。好的。你看，關於——我先把我的發言補充完。就策略夥伴關係而言，它們同樣是一個重要的差異化因素。我們的產業夥伴，不論是Nvidia或Bloom，如今的瓶頸在於晶片與電力。因此，我們擁有這些營運能力，以及與全球一些最優秀OEM的關係，進一步鞏固了我們作為頂尖AI基礎設施投資人的地位。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

I wanted to actually just piggyback on some of the threat that Ken was talking about and expand a little bit more on how the AI-related boom is likely to benefit Brookfield, the asset manager more explicitly obviously, lots of momentum around very large deals and tens and hundreds of billions of dollars that you guys are citing. But as you think about the flow-through from that to management fee growth or opportunities around maybe capital markets, how would you frame that for investors in terms of fee growth over the next kind of 12 to 18 months that could perhaps be better relative to expectations based on kind of the deal activity that you're seeing?

我想接續Ken剛才談到的一些趨勢，再多延伸一點，談談與AI相關的繁榮如何可能讓Brookfield受益——更明確地說，是作為資產管理人的Brookfield。顯然，你們提到的超大型交易動能很強，規模達數百億甚至上千億美元。但當你們思考這些交易如何傳導到管理費成長，或是資本市場方面的機會時，你們會如何為投資人框架：在未來大約12到18個月，管理費成長是否可能因你們看到的交易活動而優於市場預期？

Thanks, Alex. I appreciate the question because it probably allows us to highlight one dynamic we're seeing AI infrastructure is, without a doubt, probably the largest and fastest-growing theme at Brookfield today. But the only -- but that is not to say the only way we capitalize on that theme is through one AI infrastructure fund. The deals we are doing across energy, across data centers, across gigafactories across compute, these are not all going in the AI fund. As Sika just said, the AI fund is not a data center fund.

謝謝你，Alex。我很感謝這個問題，因為它大概讓我們能凸顯一個我們正在看到的動態：AI基礎設施毫無疑問是Brookfield目前最大、成長最快的主題之一。但——這並不是說我們把握這個主題的唯一方式，就是透過一檔AI基礎設施基金。我們在能源、資料中心、超級工廠（gigafactories）以及運算等領域所做的交易，並不全都放進AI基金。正如Sika剛才所說，AI基金不是資料中心基金。

And therefore, we're seeing AI infrastructure investments support growth in our real estate strategies in our credit strategies, in our infrastructure strategies outside the AI fund and then obviously in our energy strategy. So the fee growth out of this trend is very significant beyond just our recently launched dedicated Brookfield artificial intelligence fund.

因此，我們看到AI基礎設施投資正在支持我們在AI基金之外的房地產策略、信貸策略、基礎設施策略的成長，當然也包括我們的能源策略。所以，這一趨勢帶來的費用成長非常可觀，不僅僅來自我們最近推出的Brookfield專屬人工智慧基金。

The other thing that we would say is, yes, these deal sizes are very large, and this has always been a key differentiator in value-add for Brookfield. This allows us to give co-invest to some of our largest investors that drives very significant fund commitments across our business. And then you said it given the scale of some of these transactions, we would expect them to drive incremental capital markets and transaction fees. But our business grows at, call it, 15%, 20% a year in general. We're certainly seeing our deployment and activity in AI infrastructure meaningfully, meaningfully above that level, probably kind of double those run rates.

另外我們想說的是，沒錯，這些交易規模非常大，而這一直是Brookfield在增值能力上的關鍵差異化優勢。這讓我們能夠提供共同投資（co-invest）給一些最大的投資人，進而在我們整體業務中帶動非常可觀的基金承諾（fund commitments）。而且你也提到了，鑑於其中一些交易的規模，我們預期它們會帶來額外的資本市場與交易手續費收入。不過我們的業務一般而言每年成長約15%到20%。我們確實看到在AI基礎設施上的資金部署與活動顯著、顯著高於那個水準，大概是那個運行速度（run rates）的兩倍左右。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

Roughly four weeks, S&P will announce their next index rebalancing, including for the S&P 500 is going to be the first rebalance post your August 3 Oaktree consolidation, which improved your US head count mix. On our math, it's going to add roughly 1,200 employees with more than 60% of them based in the US. So how do you see this transaction changing the potential for the S&P 500 had just given the US head count mix has been a factor in the past.

大約四週後，標普（S&P）將公布下一次指數再平衡，其中包括S&P 500；這將是你們8月3日完成Oaktree併表之後的第一次再平衡，而該交易改善了你們在美國的人力配置占比。按我們的計算，這將增加約1,200名員工，其中超過60%位於美國。因此，鑑於過去美國員工占比一直是個因素，你們如何看待這筆交易對納入S&P 500可能性所帶來的改變？

Thanks, Craig. I mean, overall, we are well positioned. And as you just pointed out, our story keeps strengthening. Historically, you've heard us talk about the changes we've made to our business like our headquarters moving to New York Editing ample, but in the past, call it, 18 months, our businesses continue to evolve in ways that further reinforces our position as a US company.

謝謝你，Craig。整體而言，我們的定位很有利。而且正如你指出的，我們的故事持續在強化。過去你們聽我們談過，我們對業務所做的改變，例如把總部搬到紐約等等；但在過去大約18個月，我們的業務持續以各種方式演進，進一步強化我們作為一家美國公司的定位。

We've significantly increased both our assets under management and revenues in the US, which remains our fastest and largest growing market. And picking up on the theme of the last few questions around AI as an example, where we heavily see the opportunity set is in the US. And that's the case for all of our businesses. So the recent closing of Oaktree does further strengthen that. You pointed out the employees, the assets under management.

我們在美國的資產管理規模與營收都大幅增加；美國仍是我們成長最快、規模最大的市場。再接續前幾個問題提到的AI主題作為例子，我們最看重的機會集合（opportunity set）主要就在美國。而這也適用於我們所有業務。因此，近期完成Oaktree交割確實進一步強化了這一點。你也提到了員工與資產管理規模。

All of that continues to bode very well for us, where we will be above 60% on the employee count. And then you think about the growth of our business, that will continue to strengthen. So given these developments, we plan to provide the S&P with an updated submission shortly and believe that the evolution of our business warrants that reclassification.

這些都持續對我們非常有利；我們的員工人數占比將超過60%。再加上你思考我們業務的成長，這個占比還會持續提升。因此，基於這些發展，我們計畫很快向S&P提交更新資料，並相信我們業務的演進足以支持該重新分類。

Mike Brown, UBS.

Mike Brown，瑞銀（UBS）。

I wanted to ask on the Wealth Solutions side of the business. You've had a few developments in the channel over the last 12 months or so. So how would you characterize the product suite today and maybe where you want it to go over time? How would you compare it to some of your peers in terms of size, scale and again, that product suite? And then can you just touch on some of the strategic partnerships I know you have one with Fidelity Canada and SocGen. Maybe just give us an update on any developments there and then touch on the AllianceBernstein partnership as well.

我想就Wealth Solutions（財富解決方案）這一塊業務提問。過去12個月左右，你們在通路方面有一些進展。那麼你會如何描述目前的產品組合（product suite），以及隨時間推移你希望它發展到什麼方向？就規模、體量，以及同樣是產品組合而言，你會如何把它與一些同業相比？另外也請你談談一些策略夥伴關係；我知道你們與Fidelity Canada以及法國興業銀行（SocGen）有合作。能否更新一下那邊的最新進展，並也談談與AllianceBernstein的合作關係？

Great. Thank you for the question. In terms of what we're seeing on the private wealth side, it's very much -- continues to be a significant growth vertical for us. We continue to see significant net inflows into our platform today. Obviously, there's some relative softness in kind of the nontraded BDC space. But even there, Oaktree's product clearly has significantly outperformed the market. And any softness there is being more than offset by significant inflows we're seeing in other of our private wealth products, in particular, infrastructure. which continues to go from strength to strength.

好的。謝謝你的問題。就我們在私人財富端所看到的情況而言，這仍然——而且持續——是我們一個重要的成長縱深（growth vertical）。我們目前持續看到資金淨流入我們的平台，規模相當可觀。顯然，非交易型BDC領域相對有些疲弱。但即便如此，Oaktree的產品表現也明顯大幅優於市場。而那邊的任何疲弱，都被我們在其他私人財富產品中看到的顯著資金流入所遠遠抵消，尤其是基礎設施產品，持續愈做愈強。

In terms of how we build that product suite out we're going to continue to be very methodical and disciplined in how we build out our private markets business as we have been in the past. It's -- we've been expecting this business to grow at 30% plus CAGRs, even with the softness in the BDC space, we expect to be close to that level this year and back to that 30% to 50% growth rate going forward. And that's really driven by two things: growing new products. In particular, we expect to add some new products on the credit side in the near term. And then secondly, we have a very large pipeline of platforms that will be distributing our products coming online over the next two to three quarters.

就我們如何打造該產品組合而言，我們將一如既往，持續以非常有條不紊且嚴謹自律的方式來建構我們的私募市場業務。我們一直預期該業務即使在 BDC 領域偏疲弱的情況下，仍可實現 30% 以上的複合年成長率（CAGR）；我們預期今年將接近該水準，並在未來回到 30% 至 50% 的成長率區間。而這主要由兩個因素驅動：推出新產品。特別是，我們預期短期內會在信貸端新增一些新產品。其次，我們有非常龐大的平台管線，這些平台將在未來兩到三個季度陸續上線並分銷我們的產品。

Maybe just a comment on the AllianceBernstein partnership we're very excited about that. As we've said for probably over a year now, we view the 401(k) market as one of the largest long-term opportunities for our business and one that our focus on real assets is really well positioned to capture outsized share in. But in our approach to that market, we didn't simply just want to stuff our products on shelves and not get it distributed. We've taken the approach of being in the recommended or default fund of some of the largest target date in inteveral fund designers and distributors. And that's what we did with AllianceBernstein. And we expect to announce other partnerships like that, hopefully before the end of the year.

另外補充一下關於與 AllianceBernstein 的合作夥伴關係，我們對此非常振奮。正如我們可能在過去一年多來所說的，我們將 401(k) 市場視為我們業務中最大的長期機會之一，而我們對實體資產的聚焦也非常有利於在其中取得超額市占。但在我們切入該市場的方式上，我們並不只是把產品放到貨架上卻沒有真正推動分銷。我們採取的做法是，成為一些最大型目標日期與區間基金設計者及分銷商之「推薦」或「預設」基金的一部分。這就是我們與 AllianceBernstein 所做的事。我們也預期會宣布其他類似的合作夥伴關係，希望能在年底前完成。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

Just a question on AI infrastructure. Today, AI compute clearly a scarce and heavily constrained resource. Just curious how you see that perhaps evolving over time. as more capital and resources are brought to bear over time. Do you see that ultimately becoming more of a commodity?

我想問一個關於 AI 基礎設施的問題。目前，AI 算力顯然是一種稀缺且高度受限的資源。我想了解你們如何看待這種情況隨時間演變——隨著更多資本與資源逐步投入。你們是否認為最終它會更像是一種大宗商品（commodity）？

And then how do you envision the right longer-term home or vehicle for these data centers and related infrastructure? Would you envision like a series of core, core plus strategies over time, similar to what we've seen develop in real estate for stabilized properties? Just how big of an opportunity could this be? And maybe talk about some of the steps we could see from Brookfield over time.

另外，對於這些資料中心及相關基礎設施，從長期來看你們認為最合適的歸屬或載體（vehicle）會是什麼？你們是否會設想隨時間推出一系列 core、core plus 策略，類似我們在不動產領域針對穩定型資產所看到的發展？這會是多大的機會？也請談談我們未來可能看到 Brookfield 會採取哪些步驟。

Yeah. Michael, this is Sikander, I can take the first question, and then I'll hand over to Connor for the second one. So look, firstly, we agree. Compute is completely constrained at the moment. And in fact, the full AI value chain has bottlenecks, whether it's memory, whether it be memory, GPUs or power and this significant supply/demand imbalance is a big positive for us.

好的。Michael，我是 Sikander，我先回答第一個問題，然後把第二個問題交給 Connor。首先，我們同意你的看法。目前算力確實完全受限。事實上，整個 AI 價值鏈都有瓶頸，不論是記憶體、GPU 或電力；而這種顯著的供需失衡對我們而言是很大的利多。

As I mentioned earlier, we have strong operating platforms literally across the world. When you couple that with the shortfalls in GPUs and power that, in fact, positions us really well to enter into very attractive long-term take-or-pay contracts with some of the best counterparties in the world, whether it's the technology firms or the sovereign governments. And I think that is a positive for us.

如我先前提到的，我們在全球各地都有強大的營運平台。再結合 GPU 與電力的短缺，這其實讓我們處於非常有利的位置，能與全球最優質的交易對手簽訂極具吸引力的長期 take-or-pay（要麼提取要麼付費）合約，無論是科技公司或主權政府。我認為這對我們是正面的。

So maybe with that, I'll hand over to Connor for the second one.

那麼我就把第二個問題交給 Connor。

Certainly. So in terms of where we see in terms of a product suite from here, no different than with our largest investment strategies around the world, we always want to start with building and scaling a flagship and going from there. Maybe tying back to one of the previous questions. The important thing to recognize is we actually already have a lot of vehicles that can absorb and deploy into digital infrastructure. So the demand and the deployment we have will not just support the AI infrastructure fund, but a number of our strategies.

當然。就我們從現在起如何看待產品組合而言，這與我們在全球最大的投資策略並無不同：我們總是希望先建立並擴大一個旗艦產品，然後再由此延伸。也許呼應前面其中一個問題。需要注意的一點是，我們其實已經有許多載體（vehicle）可以吸收資金並投向數位基礎設施。因此，我們的需求與部署不僅會支持 AI 基礎設施基金，也會支持我們多項策略。

But make no mistake, from here, do we think we will have more products related to AI infrastructure in the future? Absolutely, yes. Our focus today is on the flagship, not dissimilar to what we did when we launched energy transition. But is this a market where we think we will be so sizable in our deployment investment and operating going forward that it will require more than one strategy and more than one investment vehicle? Yes, it will. And we do expect there to be multiple vehicles dedicated to AI infrastructure over time.

但毫無疑問，從現在起，我們是否認為未來會有更多與 AI 基礎設施相關的產品？絕對會。我們目前的重點放在旗艦產品上，這與我們當初推出能源轉型策略時的做法相似。但這是否是一個我們認為未來在投資部署與營運上都會做到相當規模、以至於需要不只一種策略與不只一個投資載體的市場？是的，會的。我們確實預期隨時間推進，將會有多個專注於 AI 基礎設施的載體。

Dean Wilkinson, CIBC.

Dean Wilkinson，CIBC。

Connor, I just want to circle back on the AllianceBernstein collaboration. Just a point of clarification. Does that open up the door to the existing100 and change billion of target date solutions they have? And what would you expect the cadence of sort of your deployment into those programs look like, say, over the next two to three years?

Connor，我想回到 AllianceBernstein 合作這件事再追問一下。先做個釐清。這是否等於打開了他們現有超過 1,000 億美元的目標日期解決方案（target date solutions）的通路？另外，未來兩到三年，你們預期在這些方案中的部署節奏大概會是什麼樣子？

So what is being done is a product, I would say, is being created, where AllianceBernstein will provide the credit, Brookfield will provide the real assets and Carlyle will provide the private equity. That product will begin distributing in 2027, and it will grow from there. And as we've said with this space, we do expect it to be very significant over time, but it will grow incrementally off pretty modest origins. There's 2 points I think that can be helpful, though, is this structure, this product has been designed such that it can be deployed through other target date providers beyond AllianceBernstein as well. That's point one.

目前正在做的是建立一個產品：AllianceBernstein 提供信貸，Brookfield 提供實體資產，Carlyle 提供私募股權。該產品將於 2027 年開始分銷，並在此基礎上成長。正如我們對這個領域所說的，我們確實預期它隨時間推進會非常可觀，但會從相當有限的起點逐步增長。我認為有兩點可能有幫助：第一，這個架構、這個產品的設計，使其也可以透過 AllianceBernstein 以外的其他目標日期供應商來部署。這是第一點。

And two, we also expect to enter into other partnerships like this with other product providers and distributors because what we're seeing in the market is Brookfield's leadership in long-duration, cash-generative, inflation-linked real assets is such a perfect complement to these -- the desires and objectives of long-term retirement pools of capital, we're seeing all the product developers reach out to us to try and get our products as part of their solutions.

第二，我們也預期會與其他產品供應商與分銷商建立更多類似的合作關係。因為我們在市場上看到的是，Brookfield 在長久期、可產生現金流、與通膨連動的實體資產方面的領導地位，與長期退休資金池的需求與目標形成了完美互補；我們看到所有產品開發者都在主動接觸我們，希望把我們的產品納入他們的解決方案之中。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

So obviously, you've talked to a very strong 2026 in terms of fundraising, which also is leading to strong FRE growth. I was hoping to get a little bit more context as we think about next year and what we'll be able to sustain some of the momentum and some of the products you expect to be in market with still raising and growing within 2027?

很明顯，你們談到 2026 年在募資方面會非常強勁，這也帶動了強勁的 FRE 成長。我希望能多了解一些背景：當我們展望明年時，你們認為能在多大程度上延續這股動能？以及你們預期在 2027 年仍會在市場上持續募資並成長的產品有哪些？

Great. So we'll come at this in two different ways. Obviously, we expect fundraising to be very significant in the latter half of 2026. But is 2027 going to be as big as 2026? Probably not, but it will be very, very strong nonetheless because you're going to get the final closes of our private equity and infrastructure flagships, and you're going to get the launches of our real estate and credit flagship funds next year.

好的。我們會從兩個角度來回答。很明顯，我們預期 2026 年下半年募資將非常可觀。但 2027 年會跟 2026 年一樣大嗎？可能不會，但仍然會非常、非常強勁，因為你會看到我們私募股權與基礎設施旗艦基金的最終關帳（final closes），同時也會看到我們不動產與信貸旗艦基金在明年啟動募集。

And we're really liking the sequencing of that and the fact that both those credit and real estate flagship launches are being pulled forward from their original forecast. To your comment on kind of fee and earning outlook going forward, I would say the fee trajectory feels rock solid through the end of the year and into next. Obviously, in Q4, we lapped a very strong prior year quarter, which may reduce the quarter-over-quarter growth for one quarter. But as we turn to 2027, the exceptional fundraising in 2026 positions us to maintain that accelerated growth trajectory into next year.

而且我們非常喜歡這樣的推進節奏，也很高興看到信用與不動產兩個旗艦產品的推出時間都較原先預測提前。針對你提到的未來費用與獲利展望，我會說費用的走勢到今年年底、並延續到明年都非常穩健。當然，在第四季我們會遇到去年同期非常強勁的基期，這可能會讓單季的季對季成長在某一季有所放緩。但當我們展望 2027 年時，2026 年卓越的募資表現讓我們有條件在明年延續這條加速成長的軌跡。

Perhaps the last point I would make is one thing we're pretty excited about, which is due to significant investment outperformance in some of our strategies since we spun out at the end of 2022, we expect to begin generating and realizing carry earlier than we previously forecasted with some carry generation some carry realization expected this year. and certainly pulling forward larger carry realization from the latter part of the decade into the next few years, and that's certainly going to be an upside to our earnings that we probably weren't forecasting 6 or 12 months ago.

或許我最後想補充的一點是，有一件事我們相當振奮：由於自 2022 年底分拆以來，我們部分策略的投資績效顯著超越，我們預期將能比先前預測更早開始產生並實現業績分成（carry），今年就預計會有部分 carry 的產生與部分 carry 的實現。

Mario Saric, Scotiabank.

Mario Saric，豐業銀行（Scotiabank）。

Just maybe, Connor, just following up on the commentary on kind of late '26 and 2027, while it sounds like '27 might not be as big as '26. Do you envision the growth being delivered to remain above your 5-year Investor Day forecast? And if so, like how much of that growth do you feel is baked in for lack of a better way of describing it today versus being contingent upon a more uncertain macro environment?

Connor，我想就你剛才關於 2026 年末與 2027 年的評論追問一下；聽起來 2027 年可能不會像 2026 年那麼大。你是否預期所實現的成長仍會高於你們在投資人日提出的 5 年期預測？如果是的話，就目前而言，你覺得其中有多少成長可以說是已經「大致確定」（借用一個不太精準的說法），又有多少仍取決於較不確定的總體環境？

So as we look out to 2027, I would say the core growth trajectory of the business remains very strong, and I would say, in line with our long-term targets. There are potential upsides to that number, particularly around outperformance in our public market vehicles. That is a little bit market dependent. But if some of that comes through, we certainly could see ourselves above our long-term targets.

當我們展望 2027 年時，我會說公司核心的成長軌跡依然非常強勁，並且我認為與我們的長期目標一致。這個數字也存在一些潛在上行空間，特別是來自我們公開市場投資工具的超額表現。這在一定程度上取決於市場狀況。但如果其中一部分得以實現，我們確實可能會高於我們的長期目標。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

In the prepared remarks, you called out the comments about too much digital infrastructure capacity being built as reasonable. If that thesis does turn out to be correct, can you just share how you're protected beyond being able to be more selective now because of the many opportunities you're seeing. Just curious if you can dig into that a little bit further. Key risks from your end as you look out over the next several years and then are you able to mitigate those.

在事先準備的發言中，你提到「數位基礎設施容量建置過多」的說法是合理的。如果這個論點最後被證實正確，除了因為你們看到許多機會而能夠更具選擇性之外，能否分享一下你們還有哪些保護機制？想請你再深入談一點。從你們的角度來看，未來幾年主要風險是什麼？以及你們是否能夠加以緩解？

I think the most important thing when we think about AI infrastructure and our approach, is it's absolutely no different to our broader market-leading infrastructure business and the discipline and approach we've been using there for multiple decades. How do we protect ourselves the same way we protected ourselves across our real assets business. We don't build on spec. We only build against long-term revenue constructs that are already secured. And importantly, we can focus on only building the best projects in the best markets with the best revenue constructs backstopped by the best credit counterparties.

我認為當我們思考 AI 基礎設施以及我們的做法時，最重要的一點是：這與我們更廣泛、在市場上領先的基礎設施業務並無二致，也就是我們數十年來一直採用的紀律與方法。我們如何保護自己？方式與我們在實體資產業務中保護自己的方式相同。我們不做投機性建置（不先建再找客戶）。我們只會在已經鎖定的長期收入架構之下進行建置。而且重要的是，我們可以專注於只在最好的市場打造最好的專案，搭配最好的收入條款，並由信用最好的交易對手作為支撐。

That ability to be selective and ensure that we are always going to get both a return of and on our capital in the contract -- in the initial contracted life that you are building the project against without taking any recontracting or terminal value risk, that is where we are very differentiated versus some others in the space. And it's very just reflective of applying the same infrastructure discipline that's driven our platform for two decades to this rapidly growing AI infrastructure asset class. It's the best contracts with the best counterparties no different than when we build real estate. It's with the best tenants against the longest term leases or when we build power plants, it's with the best offtakers against 20- or 25-year corporate offtakes.

這種能夠保持選擇性、並確保在你所依據的專案初始合約期間內，我們一定能同時拿回本金並取得資本報酬（在合約期內），且不承擔任何續約或終值風險的能力，正是我們相較於同業在此領域非常差異化之處。這其實只是把過去二十年推動我們平台成功的同一套基礎設施投資紀律，應用到這個快速成長的 AI 基礎設施資產類別上。也就是最好的合約、最好的交易對手；這與我們做不動產時沒有不同。不動產是與最好的租戶合作、簽訂最長期的租約；而當我們建電廠時，則是與最好的承購方（offtakers）合作，簽訂 20 年或 25 年期的企業承購合約。

Jaeme Gloyn, NBCCM.

Jaeme Gloyn，NBCCM。

I just wanted to go to Oaktree what the acquisition now closed. What can you tell us about the evolution of fee rates in the credit -- in the credit business today likelihood of sustaining levels we've seen in the last few quarters in the next few quarters and the ability to potentially expand that fee rate over time.

我想把問題轉到 Oaktree，現在收購已完成。你能否談談目前信用業務的費率演變？未來幾季是否有可能維持過去幾季所見的水準？以及隨時間推進，費率是否有機會進一步擴張？

So the inclusion of Oaktree, we wouldn't expect to dramatically impact the fee rates. We're really not changing Oaktree's the front side of Oaktree's business in any way other than growing it going forward into Q3, there might be a modest mix issue just as we acquired 25% more of the business. But in terms of what we expect in terms of revenues and profits from that business going forward, we do think the combination of the two platforms will drive significant earnings growth in that business on the revenue side. And then similarly, we do think the combination of the businesses will drive significant operating leverage on the back office side. I guess that goes a little bit more to margins and profits than fee rate, but that's what we expect to see going forward.

就納入 Oaktree 而言，我們不預期會對費率造成顯著影響。我們基本上不會改變 Oaktree 業務的前端運作方式，除了在未來持續擴張；進入第三季時，可能會因為我們多收購了 25% 的業務而出現些許組合上的影響。但就我們對該業務未來的營收與獲利預期而言，我們確實認為兩個平台的結合，將在營收端帶來顯著的獲利成長。同樣地，我們也認為兩項業務的整合，將在後台端帶來顯著的營運槓桿。我想這更偏向於毛利率與獲利，而不是費率本身，但這就是我們對未來的預期。

And I am showing no further questions at this time. I would now like to turn it back to Jason Fooks for closing remarks.

目前我這邊顯示沒有其他提問。接下來我想把時間交回 Jason Fooks 作結語。

Okay. If anyone should have any additional questions on today's release, please feel free to contact me directly. Thank you, everyone, for joining us, and we'll see you next quarter.

好的。如果任何人對今天的公告還有其他問題，歡迎直接與我聯繫。感謝各位參與，我們下季再見。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的電話會議。本次會議到此結束。您現在可以掛線。