貝萊德 (BLK) 2025 Q3 法說會逐字稿

Good morning. My name is Jennifer, and I will be your conference facilitator today. At this time, I'd like to welcome everyone to the BlackRock Incorporated third-quarter 2025 earnings teleconference. Our host for today's call will be the Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer; Martin S. Small; President, Robert S. Kapito; and General Counsel, Christopher J. Meade. (Operator Instructions) Mr. Meade, you may begin your conference.

早安.我叫詹妮弗，今天我將擔任你們的會議主持人。現在，我歡迎大家參加貝萊德公司 2025 年第三季財報電話會議。今天電話會議的主持人是董事長兼首席執行官勞倫斯·芬克 (Laurence D. Fink)、首席財務官馬丁·斯莫爾 (Martin S. Small)、總裁羅伯特·卡皮托 (Robert S. Kapito) 和總法律顧問克里斯托弗·米德 (Christopher J. Meade)。（操作員指示）米德先生，您可以開始會議了。

Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock. Before we begin, I'd like to remind you that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may, of course, differ from these statements. \

大家早安。我是貝萊德總法律顧問克里斯‧米德。在我們開始之前，我想提醒您，在本次電話會議期間，我們可能會做出一些前瞻性的陳述。我們提請您注意，貝萊德的實際結果當然可能與這些聲明不同。\

As you know, BlackRock has filed reports with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we say today. BlackRock assumes no duty and does not undertake to update any forward-looking statements.

如您所知，貝萊德已向美國證券交易委員會提交了報告，其中列出了一些可能導致貝萊德的業績與我們今天所說的大不相同的因素。貝萊德不承擔任何義務，也不承諾更新任何前瞻性聲明。

So with that, I'll turn it over to Martin.

因此，我將把發言權交給馬丁。

Thanks, Chris, and good morning, everyone. It's my pleasure to present results for the third quarter of 2025. Before I turn it over to Larry, I'll review our financial performance and business results. Our earnings release discloses both GAAP and as adjusted financial results. A reconciliation between GAAP and our as adjusted results has been included in the tables attached to today's press release, I'll be focusing primarily on our as-adjusted results.

謝謝，克里斯，大家早安。我很高興公佈 2025 年第三季的業績。在將其移交給拉里之前，我將回顧我們的財務表現和業務成果。我們的收益報告揭露了 GAAP 和調整後的財務結果。今天的新聞稿所附的表格中包含了 GAAP 和我們調整後結果之間的對賬，我將主要關注我們的調整後結果。

At BlackRock, we always challenge ourselves to raise the bar and our results consistently reflect that mindset. We've been focused on building capabilities that we anticipate our clients will need in the future while also implementing some of the largest and most multifaceted mandates in our history.

在貝萊德，我們始終挑戰自己，不斷提升標準，而我們的表現也始終反映出這種心態。我們一直專注於建立我們預期客戶未來需要的能力，同時也實施我們歷史上一些最大、最多方面的任務。

This combination of forward-looking investment and consistent execution has fueled strong results across our business. The momentum we saw in the first half of the year accelerated in the third quarter. Our builds across ETFs private markets, whole portfolio and cash management drove 8% organic base fee growth over the last 12 months.

這種前瞻性的投資和持續的執行相結合，推動了我們整個業務的強勁業績。我們在上半年看到的勢頭在第三季加速了。過去 12 個月，我們在 ETF 私募市場、整個投資組合和現金管理方面的建設推動了 8% 的有機基礎費用成長。

That's our highest level in over four years, but even more importantly, it's broadly diversified. We have great momentum across both our foundational businesses and categories that we've developed in just the last few years. That strength and diversification is resonating in meaningful opportunities across regions, client channels, prototypes and asset classes. We're entering what's typically our seasonally strongest quarter and coming off significant milestones in just the last 90 days.

這是我們四年多來的最高水平，但更重要的是，它實現了廣泛的多樣化。過去幾年來，我們的基礎業務和發展類別都呈現出強勁勢頭。這種實力和多樣化在跨地區、跨客戶管道、跨原型和跨資產類別的有意義的機會中產生了共鳴。我們即將進入一個通常為季度最強勁的季度，並在過去的 90 天內取得了重要的里程碑。

Since July 1, we've closed our acquisitions of HPS and ElmTree, announced an $80 billion SMA solution with City Wealth and onboarded a $30 billion pension mandate. These represent just the start of what our newly integrated platform can unlock.

自 7 月 1 日以來，我們完成了對 HPS 和 ElmTree 的收購，宣布與 City Wealth 達成 800 億美元的 SMA 解決方案，並承擔了 300 億美元的退休金委託。這些只是我們新整合平台所能解鎖功能的開始。

We've expanded our capabilities across private markets, digital assets, data and technology. That strategy now moves forward with greater strength and scale. The opportunity in front of us far exceeds what we've ever seen before.

我們擴展了私人市場、數位資產、數據和技術方面的能力。目前，該戰略正在以更大的力度和規模向前推進。我們面前的機會遠遠超出了我們以前所見過的。

We finished the third quarter with record AUM, record units of trust of $13.5 trillion. Over the last 12 months, clients entrusted BlackRock with nearly $640 billion of net new assets powering 8% organic base fee growth.

我們以創紀錄的 AUM 和創紀錄的 13.5 兆美元的信託單位結束了第三季。在過去的 12 個月中，客戶向貝萊德注入了近 6,400 億美元的淨新資產，推動了 8% 的有機基本費用成長。

We generated $205 billion of net inflows in the third quarter, reflecting 10% annualized organic base fee growth, our highest quarter since 2021. This organic base fee growth was driven by broad-based client demand for iShares, private markets, systematic outsourcing and cash strategies. These are all capabilities we've invested in over recent years and demonstrate the success of our structural growth strategy.

我們在第三季產生了 2,050 億美元的淨流入，反映了 10% 的年化有機基礎費用成長，這是我們自 2021 年以來最高的季度。這項有機基本費用成長是由客戶對 iShares、私人市場、系統外包和現金策略的廣泛需求所推動的。這些都是我們近年來投資的能力，證明了我們的結構性成長策略的成功。

Moving to financial results. Third quarter revenue of $6.5 billion was 25% higher year over year, driven by the acquisitions of GIP, Preqin and HPS, organic base fee growth over the trailing 12-month period and the positive impact of market movements on average AUM.

轉向財務結果。第三季營收為 65 億美元，年增 25%，這得益於對 GIP、Preqin 和 HPS 的收購、過去 12 個月的有機基礎費用增長以及市場變動對平均 AUM 的正面影響。

Operating income of $2.6 billion was up 23% year over year. Earnings per share of $11.55 increased 1%, reflecting higher operating income, offset by lower nonoperating income and a higher diluted share count in the current quarter compared to a year ago.

營業收入 26 億美元，年增 23%。每股收益 11.55 美元，成長 1%，反映出營業收入增加，但與去年同期相比，本季非營業收入減少和稀釋股數增加抵消了這一影響。

The higher share count included 6.9 million shares issued at the close of the GIP transaction on October 1, 2024, and 8.5 million BlackRock Subco units issued at the close of the HPS transaction on July 1. The SubCo units are exchangeable on a one-for-one basis with BlackRock common stock and included as if converted in the company's fully diluted shares outstanding. Nonoperating results for the quarter included $84 million of net investment losses, primarily due to a mark-to-market noncash loss linked to our minority investment in circle.

增加的股份數量包括 2024 年 10 月 1 日 GIP 交易結束時發行的 690 萬股股份，以及 7 月 1 日 HPS 交易結束時發行的 850 萬股貝萊德 Subco 單位。SubCo 單位可與貝萊德普通股一對一兌換，併計入公司已發行的完全稀釋股份中。本季的非營業業績包括 8,400 萬美元的淨投資損失，主要由於與我們對圈子的少數股權投資相關的以市價計價的非現金損失。

Our as-adjusted tax rate for the third quarter was approximately 24% and benefited from discrete items. We continue to estimate that 25% is a reasonable projected tax run rate for the fourth quarter of 2025. The actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.

我們第三季的調整後稅率約為 24%，並受益於單一項目。我們繼續估計，25% 是 2025 年第四季合理的預計稅率。實際有效稅率可能會因非經常性或離散項目或稅法的潛在變化而有所不同。

Third quarter base fee and securities lending revenue of $5 billion increased 25% year over year, reflecting the positive impact of market beta on average AUM, organic base fee growth, higher securities lending revenue and approximately $215 million and $225 million in base fees from GIP and HPS, respectively.

第三季基本費用和證券借貸收入為 50 億美元，年增 25%，反映了市場貝塔對平均 AUM、有機基本費用成長、證券借貸收入增加以及 GIP 和 HPS 基本費用分別約為 2.15 億美元和 2.25 億美元產生的正面影響。

On an equivalent day count basis, our annualized effective fee rate was approximately [5, 10 basis points] higher compared to the second quarter. This increase was primarily due to the onboarding of higher fee alternative credit assets of HPS, which was partially offset by $48 million of lower private markets catch-up base fees compared to the second quarter. Performance fees of $516 million increased 33% from a year ago, primarily reflecting approximately $270 million of performance fees from HPS.

以等效日數計算，我們的年化有效費率比第二季高出約 [5, 10 個基點]。這一增長主要歸因於 HPS 引入了成本更高的替代信貸資產，但與第二季度相比，私人市場補繳基礎費用降低了 4,800 萬美元，這部分抵消了這一增長。5.16 億美元的績效費用比去年同期增加了 33%，主要反映了 HPS 約 2.7 億美元的績效費用。

Quarterly technology services and subscription revenue was up 28% compared to a year ago, reflecting sustained demand for our full range of Aladdin technology offerings and the closing of the Preqin transaction, which added approximately $65 million of revenue in the third quarter of this year.

季度技術服務和訂閱收入較去年同期增長 28%，反映了對我們全系列 Aladdin 技術產品的持續需求以及 Preqin 交易的完成，該交易在今年第三季度增加了約 6500 萬美元的收入。

Excluding Preqin, Technology Services revenue would have increased approximately 12% year over year. Annual contract value, or ACV, increased 29% year over year, including the impact of Preqin. ACV increased 13% organically.

不包括 Preqin，技術服務收入將年增約 12%。年度合約價值（ACV）年增 29%，其中包括 Preqin 的影響。ACV 有機成長了 13%。

Total expense was 26% higher year over year, primarily driven by higher compensation, sales asset and account expense and G&A expense. Employee compensation and benefit expense was up 33% year over year primarily reflecting higher incentive compensation associated with performance fees as well as higher operating income.

總支出年增 26%，主要由於薪酬、銷售資產和帳戶支出以及一般行政費用增加。員工薪資和福利支出較去年同期成長 33%，主要反映與績效費相關的激勵薪資增加以及營業收入增加。

The year-over-year increase also reflects the impact of the onboarding of GIP, Preqin and HPS employees. G&A expense was up 18% year over year, primarily due to M&A transactions and higher technology investment spend.

年比成長也反映了 GIP、Preqin 和 HPS 員工入職的影響。一般及行政費用較去年同期成長 18%，主要由於併購交易和技術投資支出增加。

Sales, asset and account expense increased 21% compared to a year ago driven by higher direct fund expense and distribution costs. Direct fund expense increased 22% year over year and 5% sequentially, primarily as a result of higher average ETF AUM.

由於直接基金費用和分銷成本增加，銷售、資產和帳戶費用比去年同期增加了 21%。直接基金費用較去年同期成長 22%，較上季成長 5%，主要原因是平均 ETF AUM 增加。

Our as-adjusted operating margin of 44.6% was down 120 basis points from a year ago, reflecting the impact of higher performance fees and related compensation. We continue to deliver margin expansion on recurring fee-related earnings.

我們的調整後營業利潤率為 44.6%，比去年同期下降了 120 個基點，反映了更高的績效費用和相關補償的影響。我們繼續透過經常性費用相關收益來擴大利潤率。

Excluding the impact of all performance fees and related compensation, our adjusted operating margin for the third quarter would have been 46.3% and up 110 basis points year over year. We provided additional disclosure in our earnings supplement on the contribution of performance fee related compensation to total expense.

不包括所有績效費用和相關補償的影響，我們第三季的調整後營業利潤率為 46.3%，年增 110 個基點。我們在收益補充報告中進一步揭露了績效費相關薪酬對總支出的貢獻。

In line with our guidance in July, we continue to expect a low teens percentage increase in 2025 core G&A expense. This year-over-year core G&A increase is mainly driven by the onboarding of GIP, Preqin and HPS. Our capital management strategy remains consistent.

根據我們 7 月的指導，我們繼續預計 2025 年核心 G&A 費用將出現低十幾個百分點的成長。核心 G&A 費用年增率主要得益於 GIP、Preqin 和 HPS 的加入。我們的資本管理策略保持一致。

We invest first in our business either to scale strategic growth initiatives or drive operational efficiency and then return cash to our shareholders through a combination of dividends and share repurchases. In the third quarter, we repurchased $375 million worth of shares.

我們首先投資於我們的業務，以擴大策略性成長計畫或提高營運效率，然後透過股利和股票回購的組合向股東返還現金。第三季度，我們回購了價值3.75億美元的股票。

At present, based on our capital spending plans for the year, and subject to market and other conditions, we still anticipate repurchasing at least $375 million worth of shares in the fourth quarter, consistent with our previous guidance.

目前，根據我們今年的資本支出計劃，並受市場和其他條件的影響，我們仍預計在第四季度回購至少價值 3.75 億美元的股票，這與我們先前的預期一致。

BlackRock's third quarter net inflows of $205 billion reflected deepening client engagement and were led by a new record flows quarters for iShares ETFs. We iShares ETFs generating $153 billion of net inflows in the third quarter.

貝萊德第三季淨流入 2,050 億美元，反映出客戶參與度不斷加深，而 iShares ETF 的季度流入創下新高。我們的 iShares ETF 在第三季產生了 1,530 億美元的淨流入。

Core equity and index fixed income led the way with $53 billion and $41 billion of net inflows, respectively. Our digital assets ETPs raised another $17 billion in the third quarter. Our flagship offerings in IBIT and Eta were among the top 5 inflowing products in the ETP industry. We're also seeing demand for our high-value higher fee active ETFs, which gathered $21 billion of net inflows.

核心股票和指數固定收益分別以 530 億美元和 410 億美元的淨流入領先。我們的數位資產 ETP 在第三季又籌集了 170 億美元。我們的旗艦產品 IBIT 和 Eta 是 ETP 產業流入量排名前五的產品之一。我們也看到了對高價值、高費用主動型 ETF 的需求，這些 ETF 的淨流入量達到 210 億美元。

Our institutional active franchise saw $22 billion of net inflows, driven by the onboarding of a $30 billion Dutch pension outsourcing mandate. This inflow was partially offset by a $15 billion single client transfer from quantitative to index equity with an immaterial revenue impact.

我們的機構主動特許經營業務實現了 220 億美元的淨流入，這得益於 300 億美元荷蘭退休金外包授權的加入。這筆資金的流入被單一客戶從量化股票向指數股票的 150 億美元轉移部分抵消，但對收入的影響並不重大。

Institutional index net outflows were $14 billion, inclusive of this transfer. Retail net inflows of $10 billion were led by demand for active fixed income, liquid alternatives and Aperio. Across private market strategies, we saw $13 billion of net inflows driven by strength in private credit, multi-alternatives and infrastructure.

包括此次轉移在內，機構指數淨流出量為 140 億美元。100 億美元的零售淨流入主要由對主動固定收益、流動性替代品和 Aperio 的需求所驅動。在私人市場策略中，我們看到 130 億美元的淨流入，這得益於私人信貸、多種替代品和基礎設施的強勁增長。

Our work with clients spans their entire portfolios from long-dated private market exposures to more near-term liquidity needs. Our cash management platform recently crossed $1 trillion in AUM, with $34 billion of net inflows in the quarter.

我們與客戶的合作涵蓋了他們的整個投資組合，從長期私人市場風險敞口到短期流動性需求。我們的現金管理平台的資產管理規模最近突破了 1 兆美元，本季淨流入 340 億美元。

The platform has grown 45% in just the last three years. We're seeing demand across scaled money market funds, customized and tokenized liquidity products and money market ETFs. And our partnership with Circle as the primary manager of their cash reserves is driving meaningful growth. Our mandate surpassed $64 billion this quarter.

該平台在過去三年內成長了 45%。我們看到了對規模化貨幣市場基金、客製化和代幣化流動性產品以及貨幣市場 ETF 的需求。我們與 Circle 合作，作為其現金儲備的主要管理者，正在推動有意義的成長。本季我們的授權金額超過了 640 億美元。

BlackRock delivered some of the strongest organic base fee growth in recent history, and we entered the fourth quarter in an excellent position. The fourth quarter has traditionally been our strongest for organic growth.

貝萊德實現了近代史上最強勁的有機基本費用成長，我們以極佳的地位進入了第四季。傳統上，第四季是我們有機成長最強勁的季度。

In my nearly 20 years at BlackRock, I've never been part of deeper, more far-reaching client engagements than in recent months. We believe our strategy will continue to deliver for both our clients and shareholders, resulting in market-leading organic growth differentiated operating leverage and earnings in multiple expansion over time.

我在貝萊德工作了近 20 年，從未像最近幾個月這樣參與過如此深入、如此深遠的客戶合作。我們相信，我們的策略將繼續為我們的客戶和股東帶來效益，從而實現市場領先的有機成長、差異化的經營槓桿和收益的倍數擴張。

With that, I'll turn it over to Larry.

說完這些，我就把麥克風交給拉里。

Thank you, Martin, and good morning to everyone, and thanks for joining the call. Our third quarter results reflect the strength of our global relationships and the deepening trust we've earned with clients. All of the high conviction growth themes we anticipated and invested ahead of are now leading in client conversations.

謝謝你，馬丁，大家早安，謝謝你們參加電話會議。我們的第三季業績反映了我們全球關係的牢固以及我們與客戶之間日益加深的信任。我們之前預期和投資的所有高信念成長主題現在都成為客戶對話的焦點。

BlackRock is always thinking out to the future towards what our clients will need and want. ETFs, private markets, tech and data, digital assets are just a few examples. We were ahead of the game in recognizing their importance for clients, and we took leading positions. The accelerating activity we're seeing is the validation of the BlackRock business model.

貝萊德始終著眼於未來，關注客戶的需求和願望。ETF、私人市場、技術和數據、數位資產只是幾個例子。我們率先認識到它們對客戶的重要性，並佔據領先地位。我們看到的加速活動是對貝萊德商業模式的驗證。

We nurture enduring and local client relationships, and we invest boldly. Total net inflows of $205 billion were positive across all asset classes and client types and powered 10% organic base fee growth in the quarter. That growth is even more notable than its diversification.

我們培育持久的本地客戶關係，並大膽投資。所有資產類別和客戶類型的總淨流入量為 2,050 億美元，推動本季 10% 的有機基本費用成長。這種增長比其多樣化更為引人注目。

Just looking across our top 5 organic base fee contributors, it's our systematic franchise. It's our private credit franchise. It's a digital asset franchise, our cash franchise. And the whole business of outsourcing portfolios and general accounts to BlackRock. BlackRock's multiple source of growth differentiates us and makes us really optimistic for the future.

只要看一下我們排名前五位的有機基本費用貢獻者，我們就會發現這是我們的系統特許經營權。這是我們的私人信貸特許經營權。這是數位資產特許經營權，也是我們的現金特許經營權。並將整個投資組合和一般帳戶業務外包給貝萊德。貝萊德的多種成長來源使我們與眾不同，並讓我們對未來充滿樂觀。

In April, tariff announcement shocked global markets. At the time, I traveled to several of our international offices to reinforce BlackRock's strong local mandates with each of our country managers. We bring our global expertise and tailored local insights to clients room and on the ground presence. That presence has strengthened our position as a trusted partner and adviser over many years, and it continues to further strengthen in 2025.

四月份，關稅公告震驚了全球市場。當時，我前往我們的幾個國際辦事處，向每個國家的經理強調貝萊德強而有力的本地授權。我們將全球專業知識和量身定制的本地見解帶到客戶辦公室和實地。多年來，這種存在鞏固了我們作為值得信賴的合作夥伴和顧問的地位，並將在 2025 年繼續進一步加強。

Over the last 12 months, we generated 8% organic base fee growth, excluding our target -- exceeding our target each quarter. Revenues grew (technical difficulty) new AUM records. Clients have entrusted BlackRock with $1.4 trillion of net inflows over the last three years and $2.3 trillion over the last five years.

在過去的 12 個月中，我們實現了 8% 的有機基本費用成長（不包括我們的目標）——每個季度都超過了我們的目標。收入成長（技術難度）創下新的 AUM 記錄。過去三年，客戶向貝萊德注入了 1.4 兆美元的淨流入資金，過去五年則達 2.3 兆美元。

When BlackRock acquired BGI and iShares, we gave investors the ability to blend active and index strategy seamlessly, something they hadn't been able to do before. Today, convergence of public and private markets is increasing.

當貝萊德收購 BGI 和 iShares 時，我們讓投資者能夠無縫整合主動策略和指數策略，這是他們以前無法做到的。如今，公共市場和私人市場的整合日益加深。

Clients are focused on strategies and solutions that work across the whole portfolio. Investors are seeking deeper, more dynamic partnerships across public and private asset classes. They're coming to BlackRock for a partner in portfolio management and in technology across a full range of capital markets.

客戶專注於適用於整個投資組合的策略和解決方案。投資者正在尋求公共和私人資產類別之間更深入、更有活力的合作夥伴關係。他們來到貝萊德是為了尋找一個在投資組合管理和全方位資本市場技術領域的合作夥伴。

As I meet with clients around the world, they've been excited about opportunity to do much more with BlackRock, and it's expanding the growth potential for GIP HPS and frequent. Our history of integrations is very different, and it has set us apart.

當我與世界各地的客戶會面時，他們對與貝萊德合作的機會感到非常興奮，這也擴大了 GIP HPS 和頻繁的成長潛力。我們的整合歷史非常不同，這使我們與眾不同。

BlackRock's acquisition philosophy has always been about growth. What makes our acquisitions so successful is our belief in full integration. Our culture strengthens and evolves as we welcome new teams and new capabilities.

貝萊德的收購理念始終圍繞著成長。我們的收購之所以如此成功，是因為我們對全面整合的信念。隨著我們迎來新團隊和新能力，我們的文化也得到了加強和發展。

But we continue to operate as One BlackRock, not a collection of boutiques. We do the work to make sure we are seamlessly connected to our clients with one platform, shared goals and a common Aladdin technology.

但我們將繼續以「貝萊德一家」的名義運營，而不是精品店的集合。我們致力於確保透過一個平台、共同的目標和通用的阿拉丁技術與客戶無縫連接。

We're organized so the clients have access to all of BlackRock at a comprehensive, consistent way. We intentionally structured the GIP, HBS transaction so that the consideration was largely in BlackRock equity with long-dated performance milestones.

我們的組織結構使得客戶能夠以全面、一致的方式存取貝萊德的所有資訊。我們有意建立了 GIP、HBS 交易，以便對價主要集中在具有長期業績里程碑的貝萊德股權。

We all have the same interest as significant shareholders alongside our broader shareholder base. Our acquired firms are becoming a part of the fabric of BlackRock, and I'm proud of the successes we see in just these early days.

我們與廣大股東一樣，都擁有與重要股東相同的利益。我們收購的公司正在成為貝萊德的一部分，我對我們在早期的成功感到自豪。

Our closing of HBS just three months ago brought more than 800 colleagues to the BlackRock family. Our combined platform is becoming a first call for clients and borrowers around the world. Client engagement is even stronger than we expected, especially in the insurance and wealth channels. We're positioned to be a preferred capital partner with insurers while maintaining our balance sheet light approach.

我們三個月前關閉了哈佛商學院，為貝萊德大家庭帶來了 800 多名同事。我們的綜合平台正成為全球客戶和借款人的首選。客戶參與度甚至比我們預期的還要強，尤其是在保險和財富管道。我們的定位是成為保險公司的首選資本合作夥伴，同時維持輕資產負債表策略。

In wealth, we brought together highly complementary capabilities that position us to be a leading player. On the investment side, our scaled franchises range from our nontraded senior bank BDC Acelend to credit solutions across the capital stack.

在財富方面，我們匯集了高度互補的能力，使我們成為領先的參與者。在投資方面，我們的規模特許經營範圍從非交易高級銀行 BDC Acelend 到整個資本堆疊的信貸解決方案。

Acelend continues to generate around $1 billion of net inflows a quarter, and from a distribution perspective, HBS has had strong connectivity to private banks and high net worth practices, that now that is now augmented by BlackRock's successive network across wirehouses, independents and RIAs.

Acelend 每季繼續產生約 10 億美元的淨流入，從分銷角度來看，HBS 與私人銀行和高淨值機構有著緊密的聯繫，而現在，貝萊德在大型證券公司、獨立機構和 RIA 之間的連續網絡進一步增強了這一聯繫。

Our $370 billion private financing solution platform alongside of our over $3 trillion public fixed sign franchise positions us to be our clients' strategic partner across public and private debt markets. And just a year into our closing of the GIP acquisition, we made significant progress in both fundraising and deployment.

我們擁有 3700 億美元的私人融資解決方案平台以及超過 3 兆美元的公共固定標誌特許經營權，這使我們成為客戶在公共和私人債務市場的戰略合作夥伴。在完成 GIP 收購僅一年後，我們在融資和部署方面都取得了重大進展。

GIP closed above its $25 billion target in July, and it represents the largest ever client capital raise in a private infrastructure fund. Our AI partnership continues to attract significant capital interest. Market-leading global technology, energy and financial organizations are considering -- are consolidating around AIP as a partner of choice.

GIP 7 月的收盤價超過了 250 億美元的目標，這是私人基礎設施基金有史以來最大的客戶資本籌集。我們的人工智慧合作夥伴關係繼續吸引大量資本的興趣。市場領先的全球技術、能源和金融機構正在考慮——圍繞 AIP 作為首選合作夥伴進行整合。

AIP includes MGX of Abu Dhabi, Microsoft, KIA of Kuwait and Temasek of Singapore and technology and energy advisers in [Navidea] XAI, Cisco, GE, Renova, NextEra Energy. Our combined relationships and expertise are coming together to advance key discussions on fantastic investment opportunity for our clients.

AIP 包括阿布達比的 MGX、微軟、科威特的 KIA 和新加坡的淡馬錫，以及 [Navidea] XAI、思科、通用電氣、Renova、NextEra Energy 的技術和能源顧問。我們結合雙方的關係和專業知識，共同推動有關為客戶帶來絕佳投資機會的關鍵討論。

GIP's track market in one of the largest data centers in the United States has been instrumental. There are significant opportunities for us ahead in the data center space, an estimated $1.5 trillion of capital is going to be needed in the next five years in just the core and shell of data centers. And that's not including the chips. The growth of cloud computing and AI propelling this capital demand and BlackRock with GIP is well positioned to expand our leadership.

GIP 在美國最大的資料中心之一的軌道市場中發揮了重要作用。資料中心領域為我們帶來了巨大的機遇，預計未來五年僅在資料中心的核心和外殼領域就需要 1.5 兆美元的資金。這還不包括晶片。雲端運算和人工智慧的成長推動了這種資本需求，而擁有 GIP 的貝萊德則有能力擴大我們的領導地位。

Caves across BlackRock are exploring how AI can play a bigger role in making markets more accessible and more efficient. We see a future commercial opportunities in using tokenization to further bridge the gap between traditional capital markets and the growing digital asset space.

貝萊德的各個部門正在探索人工智慧如何在使市場更易於進入和更有效率方面發揮更大的作用。我們看到了利用代幣化進一步彌合傳統資本市場與不斷增長的數位資產領域之間的差距的未來商業機會。

This is one of the most exciting areas of growth in financial markets. There's over $4.5 trillion in value sitting in digital wallets across crypto assets, stable coin and tokenized assets. We see this market growing significantly over the next few years.

這是金融市場最令人興奮的成長領域之一。數位錢包中的加密資產、穩定幣和代幣化資產價值超過 4.5 兆美元。我們預計未來幾年這個市場將大幅成長。

Today, there is no access to high-quality traditional investment products in digital wallets. BlackRock plans to change that. BlackRock is a foundational player in the ecosystem. We manage the largest crypto asset ETP with over $100 billion in AUM. We're the largest reserve fund manager for stable coin with over $60 billion in Circle's reserve fund.

如今，數位錢包中還無法獲得優質的傳統投資產品。貝萊德計劃改變這種狀況。貝萊德是該生態系統的基礎參與者。我們管理最大的加密資產 ETP，資產管理規模超過 1000 億美元。我們是最大的穩定幣儲備基金管理者，Circle 的儲備基金超過 600 億美元。

And we built a tokenized liquidity fund for digital assets native investors, which is available across multiple public blockchains. Bitla has grown to nearly $3 billion in AUM. Now we're exploring tokenizing long-term investment products like iShares. We envision a future where investors never need to leave a digital wallet to allocate efficiently across crypto, stable coin and exposures to long-term stocks and bonds.

並且我們為數位資產原生投資者建立了一個代幣化的流動性基金，可在多個公共區塊鏈上使用。Bitla 的資產管理規模已成長至近 30 億美元。現在我們正在探索將 iShares 等長期投資產品代幣化。我們設想未來投資者無需離開數位錢包即可在加密貨幣、穩定幣和長期股票和債券之間進行有效配置。

The US economy has been propelled in many parts by its leading market infrastructure. I believe the US needs to accelerate regulatory clarity and investments in digital assets innovation. We need to be a leader in market infrastructure for much of the larger part of the world of digital assets.

美國經濟在許多方面受到其領先的市場基礎設施​​的推動。我認為美國需要加快監管清晰度和對數位資產創新的投資。我們需要成為全球大部分數位資產市場基礎設施​​的領導者。

BlackRock brings technological and operational scale, client trust and a global footprint across 100 countries. We believe all these factors put us in a prime position to be a part of a global conversation around tokenization and digital assets. We've seen through AGS how innovation and financial technology can unlock growth by making it easier for more investors to access the capital markets.

貝萊德擁有技術和營運規模、客戶信任以及遍布 100 個國家的全球影響力。我們相信，所有這些因素都使我們處於有利地位，可以參與有關代幣化和數位資產的全球對話。透過 AGS，我們看到創新和金融技術如何讓更多投資者更容易進入資本市場，從而釋放成長潛力。

Our iShares franchise today has crossed over $5 trillion in assets during the third quarter with record net inflows of $153 billion. Double-digit organic base fee growth was once again led by digital assets, bond ETFs and active ETFs.

我們的 iShares 特許經營權在第三季的資產總額已超過 5 兆美元，淨流入達到創紀錄的 1,530 億美元。兩位數有機基礎費用成長再次由數位資產、債券 ETF 和主動型 ETF 引領。

Our digital assets and active iShares franchise as an example, of how BlackRock operates as an innovation and scale engine. We build these businesses from the ground up to be a category leader in just a few years. Our digital assets, ETPs and active ETFs have grown from practically zero in 2023 to over $100 billion in digital assets and over $80 billion in active ETFs. The rapid growth of these premium categories is another proof point of our success in scaling distribution and quickly adapting to new offerings and in new markets.

以我們的數位資產和活躍的 iShares 特許經營權為例，說明貝萊德如何作為創新和規模引擎運作。我們白手起家，在短短幾年內將這些業務打造成為產業領導者。我們的數位資產、ETP 和主動型 ETF 從 2023 年的幾乎為零增長到超過 1000 億美元的數位資產和超過 800 億美元的主動型 ETF。這些高端類別的快速成長再次證明了我們在擴大分銷規模和快速適應新產品和新市場方面的成功。

In Europe, the growth of the ETF market is at an inflection point. Our 2025 net inflows of $103 billion have already surpassed last year's record full year flows. We're bringing learnings from our US offerings to help grow the ETF market in Europe and better serve our clients in this region. And we're planting seeds for the future through our local investments as we facilitate the growth of capital markets and investing around the world.

在歐洲，ETF市場的成長正處於轉折點。我們 2025 年的淨流入量為 1,030 億美元，已經超過了去年創紀錄的全年流入量。我們正在利用美國產品的經驗來幫助歐洲發展 ETF 市場並更好地服務該地區的客戶。我們正在透過本地投資為未來播下種子，促進資本市場的發展和全球投資。

In India, our GEO BlackRock joint venture recently launched its first systematic active equity offering, building on our already high-performing global systematic franchise. The Indian market remains largely untapped and is today a country of savers rather investors.

在印度，我們的 GEO BlackRock 合資企業最近推出了其首個系統性主動股票發行，以鞏固我們已經表現優異的全球系統性特許經營權。印度市場很大程度上仍未開發，如今印度是一個儲蓄者而非投資者的國家。

Through GEO BlackRock, we're enabling individuals to more easily invest in their local economies and their local financial assets, and we're helping them build towards a more secure financial future. Many of our clients are investing on behalf of retirement savers and they're turning to BlackRock to scale and modernize the retirement plans options.

透過 GEO BlackRock，我們使個人能夠更輕鬆地投資當地經濟和當地金融資產，並幫助他們建立更安全的金融未來。我們的許多客戶都代表退休儲蓄者進行投資，他們求助於貝萊德來擴大和現代化退休計畫選項。

BlackRock continues to lead with innovation for retirement. With LifePath Paycheck, we're embedding lifetime income into plan options, and we're working to enable access to growth-oriented private market strategies in 401(k).

貝萊德持續引領退休創新。透過 LifePath Paycheck，我們將終身收入嵌入到計劃選項中，並致力於實現 401(k) 中以成長為導向的私人市場策略。

Defined benefit pension funds, pension plans have been investing in private markets for decades, and we believe this opportunity should also be available for US defined contribution plans. Even if a past clears for private markets in 401(k)s, the fiduciary standard rule still holds.

固定收益退休基金、退休金計畫幾十年來一直在私人市場進行投資，我們相信美國的固定繳款計畫也應該有這樣的機會。即使過去的 401(k) 計劃為私人市場掃清了障礙，受託人標準規則仍然有效。

Plan fiduciaries will need to carefully diligence all investments. just as they are required to do today. I think that could create an acceleration in demand for all the Aladdin products, including Preqin. Plans would need better data, better analytics on private markets to substantiate and justify their inclusion in 401(k) offerings, representing a large potential unlock for Aladdin and frequent. We're already helping clients better manage private markets investments with eFront, alongside Preqin performance and investment data.

計劃受託人需要仔細審查所有投資，就像他們今天需要做的那樣。我認為這可能會加速所有阿拉丁產品（包括 Preqin）的需求。計劃需要更好的數據、更好的私人市場分析來證實和證明將其納入 401(k) 產品中，這對阿拉丁和頻繁來說意味著巨大的潛在釋放。我們已經透過 eFront 以及 Preqin 績效和投資數據幫助客戶更好地管理私人市場投資。

We recently signed our first whole portfolio technology mandate encompassing Aladdin front and frequent as a seamless public private workflow and data solution. And we're continuing to engage with clients on opportunities to integrate these capabilities to drive greater efficiency and growth for each and every one of our clients' portfolios.

我們最近簽署了第一份全套技術組合授權，涵蓋阿拉丁前端和頻繁無縫公共私人工作流程和資料解決方案。我們將繼續與客戶合作，尋找機會整合這些能力，以提高我們每位客戶的投資組合的效率和成長。

I'm immensely proud of the connectivity we've seen from employees and clients alike as we fully integrate GIP, HPS and Preqin. As we've grown our firm, we've also evolved our leadership structure to help us meet client needs and develop our talent. We recently expanded our executive team to include a group exceptional enterprise leaders to better serve clients and advance our long-term strategy.

當我們完全整合 GIP、HPS 和 Preqin 時，我對員工和客戶所展現的連結性感到非常自豪。隨著公司的發展，我們也改進了領導結構，以幫助我們滿足客戶需求並培養人才。我們最近擴大了執行團隊，吸收了一群傑出的企業領導者，以便更好地服務客戶並推進我們的長期策略。

Together, we're both defining and fulfilling the future of asset management through a truly differentiated platform, one that is anchored by public private investment models backed by Aladdin technology united by a shared culture of performance and client service. I have never been more excited about the future of BlackRock, our firm and the opportunities ahead for the entire worldwide position for BlackRock in the future.

我們共同透過一個真正差異化的平台來定義和實現資產管理的未來，該平台以阿拉丁技術支援的公私投資模式為基礎，並以共同的績效和客戶服務文化為紐帶。我從未像現在這樣對貝萊德的未來、我們公司以及貝萊德未來在全球範圍內的發展機會感到如此興奮。

Operator, let's open it up for questions.

接線員，讓我們開始提問吧。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning, Craig.

早安，克雷格。

Hey, good morning, Larry. Hope everyone is doing well. My question is on the breadth of the 10% base or the organic growth in the quarter. So we can all see that iShares was the major driver of the AUM flows. But I was curious on what the contribution looked like on a revenue-adjusted basis, really because it looked like alts, digital assets and systematic, all a pretty sizable when you look at it on a Phase 3 basis. Thank you, Larry.

嘿，早上好，拉里。希望大家都一切順利。我的問題是關於 10% 基數的廣度或本季的有機成長。因此我們都可以看到，iShares 是 AUM 流動的主要驅動力。但我很好奇，在收入調整的基礎上，貢獻是什麼樣的，因為當你從第三階段的角度來看，它看起來像是替代品、數位資產和系統，所有這些都相當可觀。謝謝你，拉里。

Martin?

馬丁？

Hi, Craig, thanks for the question. I just think contextual I go back to our Investor Day in June, we outlined our growth plan to 2030, targeting 5%-plus organic base fee growth organic base fee growth continues to outperform that 5%-plus target at 10% for Q3, 8% in the last year, 8% for the trailing 12 months.

你好，Craig，謝謝你的提問。我只是認為，回到 6 月份的投資者日，我們概述了到 2030 年的增長計劃，目標是實現 5% 以上的有機基本費用增長，有機基本費用增長繼續超過 5% 以上的目標，第三季度為 10%，去年為 8%，過去 12 個月為 8%。

And that growth continues to take higher each quarter, Craig, from 5% in the third quarter last year, 6%, 7% in the last few quarters and now 10% for the third quarter. BlackRock's strategy has always been a whole portfolio strategy. We've always been about breadth, but I'd say, this quarter and the way the strategy is playing out is what we're trying to do.

克雷格說，而且這種成長率每季都在不斷提高，去年第三季為 5%，最近幾季為 6%，7%，現在第三季為 10%。貝萊德的策略一直是整體投資組合策略。我們一直注重廣度，但我想說，本季以及策略的實施方式正是我們正在努力做的事情。

That breadth is really impressive. It's every corner of a client's portfolio. And you see that in the contribution. The growth was highly diversified across franchises. Some of those are foundational platforms like ETFs that we've been in for years, and others are more recent innovations from just the last few years.

這種廣度確實令人印象深刻。它是客戶投資組合的每個角落。您可以在貢獻中看到這一點。各特許經營店的成長高度多樣化。其中一些是我們已經使用多年的基礎平台，例如 ETF，而另一些則是最近幾年才出現的創新。

The top organic base fee growth contributors, you're right, they were in digital assets with IID and [Eta] in the top grossing categories, active ETFs, where we've had $40 billion of flows year-to-date that basically doubles what we did in active ETFs last year, including two of the leading tickers there with DYNF that's managed by the systematic team.

您說得對，有機基礎費用成長的最大貢獻者是數位資產，其中 IID 和 [Eta] 屬於收入最高的類別，即主動型 ETF，今年迄今為止，我們的流量已達 400 億美元，基本上是去年主動 ETF 流量的兩倍，其中包括由系統團隊管理的兩支領先的股票代碼為 DYNF 的股票。

That's now a $30 billion franchise and ink the flexible income fund that's managed by Rick Reader and the team, that's a $13 billion franchise. We had huge outsourcing wins that we noted, the Aperio direct indexing business continues to really grow a double-digit organic growth.

現在這是一個價值 300 億美元的特許經營權，加上由 Rick Reader 和團隊管理的靈活收入基金，這是一個價值 130 億美元的特許經營權。我們取得了巨大的外包勝利，Aperio 直接索引業務繼續實現兩位數的有機成長。

And overall, we're seeing liquid alts also as a contributor from systematic and fixed income teams as well. With more growth coming from private market systematic strategies and models, we think we should be able to power organic base fee growth.

整體而言，我們也看到流動性替代品是系統和固定收益團隊的貢獻者。隨著私人市場系統策略和模型帶來更多成長，我們認為我們應該能夠推動有機基礎費用成長。

I think we're consistently at 6%, 7% or higher. And when markets are supportive like this, with risk on sentiment, we think that can tilt to even higher. The last thing I'd flag is these strategies are contributing, I think, to the yield improvement we continue to see fields on flows increasing with these high value-add capabilities. We showed that at Investor Day in June. The fee yields on new assets to the firm are 6 to 7 times higher than they were in 2023, and we'll continue to really aim at serving clients' whole portfolios and driving breadth.

我認為我們的成長率一直保持在 6%、7% 甚至更高。當市場如此支持時，考慮到情緒風險，我們認為市場可能會進一步走高。我最後要指出的是，這些策略有助於提高產量，我們繼續看到流量中的油田憑藉這些高附加價值能力不斷增加。我們在六月的投資者日上展示了這一點。公司新資產的費用收益率比 2023 年高出 6 到 7 倍，我們將繼續致力於服務客戶的整個投資組合併擴大其廣度。

Michael Cyprys, Morgan Stanley.

摩根士丹利的邁克爾·賽普里斯。

Just wanted to ask about tokenization. I was hoping you could talk about your ambitions and steps that you're taking there, including how you might go about tokenizing ETFs. You already have the tokenizes Muddy fund with (inaudible).

只是想問一下有關標記化的問題。我希望您能談談您的抱負和您正在採取的步驟，包括您將如何實現 ETF 代幣化。您已經擁有代幣化的 Muddy 基金（聽不清楚）。

So hope you could talk about some of the traction there you're seeing? And more broadly on use cases, how you see this all developing? And when we think about tokenization, curious your views on what's been the holdback from wider adoption of this technology has been around for some time. What do you see as the major unlock here?

那麼希望您能談談您所看到的一些牽引力嗎？更廣泛地從用例角度來看，您如何看待這一切的發展？當我們考慮標記化時，我很好奇您對阻礙這項技術更廣泛採用的原因的看法。您認為這裡的主要解鎖內容是什麼？

So first of all, this is probably one of the most exciting potential markets for BlackRock. Let's just start off with our global footprint with our scale operation in ETFs worldwide and our leading position in terms of digital assets we already are part of.

首先，這可能是貝萊德最令人興奮的潛在市場之一。讓我們先了解我們的全球影響力，包括我們在全球 ETF 領域的規模運作以及我們在數位資產領域的領先地位。

We are having conversations with all the major platforms today about how can we move forward on the whole digitization and tokenization of traditional assets so they could play a role in the role of digital wallets. The theory is, as I said in my prepared remarks, if you could keep all your money in a digital platform and a digital wallet, you could then seamlessly buy what we would traditionally say traditional assets like stocks and bonds. There was -- we had a survey related to the percent of young people are investing in equities that came out last weekend.

今天，我們正在與所有主要平台進行討論，討論如何推進傳統資產的整體數位化和代幣化，以便它們能夠在數位錢包中發揮作用。正如我在準備好的演講中所說，理論上，如果你能把所有的錢都放在一個數位平台和一個數位錢包裡，那麼你就可以無縫地購買我們傳統上所說的傳統資產，如股票和債券。上週末我們進行了一項有關年輕人投資股票比例的調查。

And we believe if we could orchestrate a business plan around tokenization of ETFs. It is young people who are heavily users of tokenized assets. And then we can introduce them to more and more traditional assets sooner in their life path, the more prepared people will be related to long-term savings opportunities like in retirement. And so we are in deep conversations. We're spending a great deal of time on trying to develop our own technology related to this.

我們相信，如果我們能夠圍繞 ETF 代幣化製定商業計劃。年輕人是代幣化資產的重度使用者。然後，我們可以在他們的人生道路上儘早向他們介紹越來越多的傳統資產，人們就越能為退休等長期儲蓄機會做好準備。因此，我們正在進行深入的交談。我們花了大量時間嘗試開發與此相關的我們自己的技術。

And I do believe we have some exciting announcements in the coming years on how we could play a larger role on this whole idea of the tokenization and digitization of all assets. I mean it is our belief that we need to move rapidly, not just financial assets, but we need to be tokenizing all assets, especially assets that have multiple levels of intermediaries.

我確實相信，在未來幾年裡，我們會發布一些令人興奮的公告，說明我們如何在所有資產的代幣化和數位化這一整體理念中發揮更大的作用。我的意思是，我們相信我們需要快速行動，不僅僅是金融資產，而且我們需要將所有資產代幣化，特別是具有多層中介的資產。

So when you see the intermediaries in each and every intermediary is charging fees, for instance, like in real estate, the tokenization of these type of assets would eliminate much of the fees, and it would make it -- we're talking about homeownership at home, the cost of home ownership, it would reduce the cost of buying real estate. That's something that we're not focusing on.

因此，當您看到每個中介機構都收取費用時，例如在房地產中，這類資產的代幣化將消除大部分費用，這將使——我們正在談論家庭房屋所有權，房屋所有權的成本，它將降低購買房地產的成本。這不是我們關注的重點。

But to me, that is just one of the great applications and the simplification. But if we could legitimately move towards a digital offerings of ETFs through tokenization. We could bring down the execution costs, the ability to deliver seamlessly remaining in a digital wallet environment. we believe this will begin a sooner and a broader pathway for more investments in our capital markets across bonds and stocks.

但對我來說，這只是偉大的應用和簡化之一。但如果我們能夠透過代幣化合法地實現 ETF 的數位化發行。我們可以降低執行成本，實現在數位錢包環境中無縫交付的能力。我們相信，這將為我們在債券和股票資本市場上的更多投資開闢一條更快、更廣泛的途徑。

Martin, do you want to add anything that? You got it?

馬丁，你還有什麼要補充的嗎？你明白了嗎？

That's it. Thank you.

就是這樣。謝謝。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯·布洛斯坦。

Hi, Alex.

你好，亞歷克斯。

Hi, Larry. Good morning, everybody. Question for you guys around private credit. The market has grown increasingly anxious given some of the recent dynamics, both related to perhaps growth, kind of amid lower rates and data spreads as well as some of the kind of specific credit names out there.

你好，拉里。大家早安。問大家一個關於私人信貸的問題。鑑於近期的一些動態，市場變得越來越焦慮，這些動態可能與成長有關，在較低的利率和數據利差以及一些特定的信貸名稱下。

Curious what the HPS team is seeing on the ground, both with respect to kind of credit trends across their direct rent lending portfolios in the third quarter? And any growth implications you're seeing for the asset class broadly from lower rates and tighter spreads? Thanks.

好奇 HPS 團隊在實際中看到了什麼，包括第三季直接租金貸款組合的信貸趨勢？您認為較低的利率和較小的利差會對資產類別的成長產生什麼影響？謝謝。

Thanks, Alex. I hope you're doing well. Listen, I'd start by saying just that the heritage of BlackRock and HPS and definitely the combined firms, it's steeped in rigorous underwriting. It's steeped in managing credit risk. Our clients, they expect us to generate risk-adjusted returns, attractive risk-adjusted returns, and they also, of course, expect us to protect their investments and protect their principal.

謝謝，亞歷克斯。我希望你一切都好。聽著，我首先要說的是，貝萊德和 HPS 以及合併後的公司的傳統都深深植根於嚴格的承保。它致力於管理信用風險。我們的客戶期望我們產生風險調整後的回報，有吸引力的風險調整後的回報，當然，他們也期望我們保護他們的投資並保護他們的本金。

So we've been talking a lot with the teams about the news. But I'd say the teams are generally seeing strong credit quality from borrowers. They're generally seeing a positive environment for credit investing. Even in syndicated loan markets, default rates have been declining. We, of course, read the same headlines that you do around private credit bankruptcies.

因此，我們一直在與各團隊討論這個消息。但我想說，各團隊普遍認為借款人的信用品質很高。他們普遍認為信貸投資環境良好。即使在銀團貸款市場，違約率也一直在下降。當然，我們也讀到過與您一樣的私人信貸破產的頭條新聞。

But those exposures are actually in syndicated bank loan and CLO markets they're not with large private credit managers and direct lending books. And in those very public cases, the ones that we're reading about, you're reading about, potential frauds also been reported.

但這些風險敞口實際上是在銀團貸款和 CLO 市場，而不是大型私人信貸經理和直接貸款帳戶。在那些非常公開的案件中，也就是我們所讀到的、您所讀到的案件中，也報道了潛在的詐欺行為。

But I think stepping back, when we talk to the teams, they always highlight the private credit market and outside of banks and public debt markets is a $2 trillion plus market. It's mainly focused on direct lending to corporates. Those are companies that borrow in private credit.

但我認為退一步來看，當我們與團隊交談時，他們總是強調私人信貸市場以及銀行和公共債務市場之外的 2 兆美元以上的市場。其主要業務是向企業提供直接貸款。這些是透過私人信貸借款的公司。

They're not inherently riskier than those that borrow with banks or syndicated loan markets. And the team would highlight that private credit lenders have more control over credit agreements and terms. They tend to have more access to management teams.

它們本質上並不比從銀行或銀團貸款市場借款的人承擔更大的風險。團隊強調，私人信貸機構對信貸協議和條款擁有更多控制權。他們往往能更多地接觸管理團隊。

They have more information about company performance relative to the public markets. I think they'd also flag on much of what we're reading in the news, that private asset-based finance is a smaller market, call it somewhere between $200 billion and $300 billion and the consumer receivables portion of that market is even smaller at maybe 10% of the total.

他們擁有更多有關公司相對於公開市場表現的資訊。我認為他們還會指出我們在新聞中讀到的大部分內容，即私人資產融資是一個較小的市場，大約在 2000 億至 3000 億美元之間，而該市場的消費者應收賬款部分甚至更小，可能只佔總額的 10%。

It's smaller in scope and the reported cases look more like idiosyncratic pockets of stress and things like deep subprime or again, where there's been potential fraud reported, they don't look like broad stresses on asset-based finance or consumer credit.

它的範圍較小，所報告的案例看起來更像是特殊的壓力點，例如深度次級抵押貸款，或者再次報告了潛在的欺詐行為，它們看起來並不像對資產融資或消費信貸的廣泛壓力。

All that said, I know the teams are being very vigilant with our clients and monitoring credit conditions, but they're not seeing widespread credit stresses at this point. We're seeing steady allocations to our nontraded BDCs in HLand and BD. You see the deployment numbers in the earnings release are strong and steady.

儘管如此，我知道我們的團隊對客戶非常警惕，並監控信貸狀況，但他們目前並沒有看到普遍的信貸壓力。我們看到 HLand 和 BD 中非交易 BDC 的分配穩定。您會看到收益報告中的部署數字強勁且穩定。

And they would tell you the historical experience is that when syndicated loan markets and banks may reduce their lending activity and volatility tends to be some of the best opportunities for private credit deployment and the potential for wider spreads. That's generally, I think, good for continued access to credit for corporates, but it's also a good opportunity for clients to secure excess spread and long-term attractive risk-adjusted returns.

他們會告訴你，歷史經驗表明，當銀團貸款市場和銀行減少貸款活動和波動時，往往是私人信貸部署的最佳機會，並且有可能擴大利差。我認為，這總體上有利於企業繼續獲得信貸，但對於客戶來說，這也是獲得超額利差和長期有吸引力的風險調整回報的好機會。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

Hi, good morning, thanks for taking the question. You mentioned throughout the call the success you're having in your active ETFs. There's been recent developments to potentially create ETF share classes for mutual funds. What could this mean for BlackRock? And do you think this could change the ETF landscape?

大家好，早安，謝謝您回答這個問題。您在整個通話過程中都提到了您在主動型 ETF 方面的成功。最近出現了為共同基金創建 ETF 份額類別的可能性。這對貝萊德意味著什麼？您認為這會改變 ETF 格局嗎？

Thanks, Ken. So let me start by just saying that there's a proven track record that the ETF vehicle, the ETF wrapper, I think, is most optimal for the management of active equities and fixed income. We've launched almost all our active strategies that are new strategies in the last few years in ETF format. And you can see the results that we've highlighted in our active ETF book I talked a bit about DIF managed by Rafaeli Savi and our systematic team. That's a $30 billion ATF today, $10 billion of flows this year.

謝謝，肯。首先我想說的是，有記錄證明，ETF 工具、ETF 包裝對於主動股票和固定收益的管理來說是最理想的。近幾年來，我們幾乎全部以 ETF 形式推出了主動策略，這些策略都是新策略。您可以在主動 ETF 書中看到我們重點介紹的結果，我談了一些由 Rafaeli Savi 和我們的系統團隊管理的 DIF。這意味著今天的 ATF 為 300 億美元，今年的流量為 100 億美元。

Bank the flexible fixed income ETF managed by Rick Reader and the fundamental teams, $1 billion plus, and our active ETF inflows are over $40 billion. So there's a proven track record that this wrapper and vehicle is optimal for managing these strategies.

由 Rick Reader 和基本面團隊管理的靈活固定收益 ETF 銀行資金超過 10 億美元，我們的主動 ETF 流入量超過 400 億美元。因此，有記錄證明，這種包裝和載體是管理這些策略的最佳選擇。

That said, we view the introduction potentially of ETF share classes as a positive development, I think, for investors moving from brokerage to fee-based advice relationships and the ability of wealth and asset managers to serve them more efficiently in that context.

話雖如此，我們認為引入 ETF 股票類別可能是一個積極的發展，我認為，對於從經紀關係轉向收費諮詢關係的投資者以及財富和資產管理者在此背景下更有效地為他們提供服務的能力而言。

At BlackRock, we're definitely committed to providing clients choice on the investment products we offer and we ultimately think the multi-share class structure will allow advisers and investors to choose share classes that best fit their needs. That's not just about investing.

在貝萊德，我們絕對致力於為客戶提供我們提供的投資產品的選擇，我們最終認為多股票類別結構將允許顧問和投資者選擇最適合他們需求的股票類別。這不僅涉及投資。

It's about their operational model. There's a lot of excellent work being done across the industry. I'm part of the operational teams and the investment company institute's that's working to operationalize ETF share classes, especially with service providers and intermediaries.

這是關於他們的營運模式。整個行業正在進行許多出色的工作。我是營運團隊和投資公司研究所的成員，致力於與服務提供者和中介機構合作，使 ETF 股票類別投入營運。

And so there's really good progress there, but it will take some time for this to work its way, I think, through the product ecosystem. For BlackRock and ETF share class would allow us to leverage our mutual fund AUM and track records to offer mutual fund strategies and ETF wrappers. It would allow us to expand distribution reach within fee-based models and self-directed accounts where ETFs are becoming more of a vehicle of choice.

因此，這方面確實取得了很好的進展，但我認為，這需要一些時間才能在產品生態系統中發揮作用。對於貝萊德和 ETF 份額類別，我們可以利用我們的共同基金 AUM 和業績記錄來提供共同基金策略和 ETF 包裝。它將使我們能夠擴大收費模式和自主導向帳戶內的分銷範圍，在這些模式下，ETF 正逐漸成為一種首選工具。

As far as what we would pursue, we're going to evaluate that on a fund-by-fund strategy level basis, whether to offer an ETF share class. These considerations that we'd apply would be things like does the investment strategy fit well to the creation and redemption process does the portfolio turnover match well creation and redemption. How do we think about transparency and the shareholder base. For example, ETF share classes, they're not as relevant for fund shares, largely held in retirement accounts or brokerage.

就我們的追求而言，我們將根據每個基金的策略水準來評估是否提供 ETF 份額類別。我們要考慮的因素包括投資策略是否適合創建和贖回過程，投資組合週轉率是否與創建和贖回相符。我們如何看待透明度和股東基礎。例如，ETF 份額類別與基金份額較不相關，主要由退休帳戶或經紀公司持有。

So this really is a bottom-up kind of building brick by brick by product and platform set of questions. I do think it could give us an opportunity to expand our share in the liquid active market, capturing money in motion as we continue to see a transition from mutual funds to ETF. Again, that will take some time to play out. But we've really been able to capture the flag, I think, in active ETFs, and this would give us another lever to do so.

所以這其實是一種由下而上、透過產品和平台逐步建構的問題。我確實認為它可以給我們一個機會來擴大我們在流動性活躍市場的份額，在我們繼續看到從共同基金到 ETF 的轉變時捕捉流動資金。再次強調，這需要一些時間才能實現。但我認為，我們確實能夠在主動型 ETF 中佔據優勢，這將為我們提供另一個槓桿來實現這一目標。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Good morning --

早安--

Good morning. I just wanted to follow up a bit more on private credit. You talked about momentum in insurance and wealth with I was hoping you could expand upon that opportunity a bit more in terms of what you're specifically doing in terms of expanding distribution as well as given the contribution of what HPS in terms of flows did in the quarter? Thank you.

早安.我只是想進一步了解私人信貸。您談到了保險和財富的發展勢頭，我希望您能夠進一步闡述這一機會，說明您在擴大分銷方面的具體做法，以及 HPS 在本季度的流量貢獻？謝謝。

Great. Thanks so much for the question. Let me tackle each of those. So we've been really consistent on what we're trying to do, I think, on the private credit markets both in delivering private credit to insurance portfolios and in trying to deliver, I'd say, kind of retail also more broadly. We start with the fact that BlackRock is the largest insurance company general account manager in the industry with over $700 billion of assets across core fixed income.

偉大的。非常感謝您的提問。讓我來逐一解決這些問題。因此，我認為，我們在私人信貸市場上所做的努力一直是一致的，既為保險投資組合提供私人信貸，也試圖提供更廣泛的零售服務。首先，貝萊德是業界最大的保險公司總客戶管理公司，其核心固定收益資產超過 7,000 億美元。

Insurance company asset management is a really highly customized effort working with clients every single day. It's not an arrangement where clients say, let's give you some money and here's a benchmark go beat it. You're highly connected.

保險公司資產管理是一項高度客製化的工作，每天都要與客戶打交道。這並不是客戶說『我們給你一些錢，然後給你一個基準，然後你就可以超越它』這樣的安排。您的人脈很廣。

You're basically in-sourced by the company to be looking at premium cash flows every day to be thinking about credit every day to be thinking about the intersection of accounting and capital in managing those portfolios.

你基本上是由公司內部人員負責每天查看溢價現金流，每天考慮信貸，在管理這些投資組合時考慮會計和資本的交集。

So we think we're in a great position effectively being extensions of the in-house team to help insurance companies rotate their portfolios to build great public private portfolios, in particular, with exposures to high grade.

因此，我們認為我們處於有利地位，可以有效地延伸內部團隊，幫助保險公司輪換其投資組合，以建立優秀的公私投資組合，特別是高等級投資組合。

We have over 20 conversations going on now with the largest leading insurers in the general account about building private ABS and building private high-grade exposures. The team at HPS has brought some really terrific talent, both on the origination, asset management, but also the insurance solutions side.

目前，我們已經與普通帳戶領域最大的領先保險公司進行了 20 多次對話，討論如何建立私人 ABS 和建立私人高等級風險敞口。HPS 團隊帶來了一些非常出色的人才，既包括發起、資產管理，也包括保險解決方案方面。

Those have been core skill sets with BlackRock as well and being able to integrate all of that with Aladdin, we think will really allow us to grow and make meaningful progress here. Those discussions are all ongoing. We're starting to see some wins pull through, and I expect you'll see a lot more of that in the numbers into 2026.

這些也是貝萊德的核心技能，能夠將所有這些與阿拉丁相結合，我們認為將真正讓我們在這裡成長並取得有意義的進展。這些討論仍在進行中。我們開始看到一些勝利的出現，我預計到 2026 年你會看到更多這樣的勝利。

When I think about kind of the wealth markets, HPS has a long heritage here of building, I think, a market-leading BDC in HLand across the private wealth market BlackRock has the largest distribution teams and great home office relationships across US and Europe. We really see an opportunity to accelerate what we're doing here.

當我考慮財富市場時，我認為 HPS 在這裡有著悠久的歷史，在私人財富市場中建立了市場領先的 BDC，貝萊德在美國和歐洲擁有最大的分銷團隊和良好的總部關係。我們確實看到了加速我們在此所做工作的機會。

We are accelerating the launch and marketing of semi-liquid products for wealth in both the US and Europe across private credit capital solutions, multi-asset credit and interval funds, triple net lease REIT, real assets, multifamily and senior housing and, of course, model portfolios.

我們正在加速在美國和歐洲推出和行銷半流動性財富產品，包括私人信貸資本解決方案、多元資產信貸和間隔基金、三重淨租賃房地產投資信託基金、實體資產、多戶住宅和老年住宅，當然還有模型投資組合。

I think Scott Kanik laid this out really well at Investor Day with our vision to go from probably what's about $30 billion of retail alts today on a fully consolidated basis with all these capabilities to $60 billion plus across private markets for wealth by 2030. We think there's real upside in that number. And we'll be looking forward to working on that with the teams over the coming quarter and into '26.

我認為 Scott Kanik 在投資者日上很好地闡述了這一點，我們的願景是，到 2030 年，在完全合併的基礎上，零售另類投資的規模可能從目前的 300 億美元增至私人市場的 600 億美元以上。我們認為這個數字確實有上升空間。我們期待在接下來的一個季度以及 2026 年與各團隊一起努力實現這一目標。

Brennan Hawken, BMO.

布倫南·霍肯，BMO。

Good morning.

早安.

Hi Larry, thanks for taking the question. You spoke to this a little bit in your prepared remarks, but I was hoping to get maybe a bit more color on it. You guys have now done two rather substantial mergers with the private asset side.

你好，拉里，謝謝你回答這個問題。您在準備好的發言中稍微談到了這一點，但我希望能夠對此進行更詳細的闡述。你們現在已經與私人資產方面進行了兩次相當重大的合併。

And BlackRock's got a very strong M&A track record. But these businesses are kind of different than a lot of the sort of platform approach given how alpha-oriented they are. So I was hoping to hear a little bit about how you're adjusting the approach to integration in order to maintain that One BlackRock approach even though these businesses are rather different?

貝萊德擁有非常強勁的併購業績。但這些企業與許多平台方法有所不同，因為它們是以 alpha 為導向的。因此，我希望聽到一些關於您如何調整整合方法以維持「一個貝萊德」方法的信息，儘管這些業務相當不同？

Of course, they're different, but we were already in those businesses beforehand. And we had teams that are absorbed and part of the overall private credit team and the infrastructure team. We look at these integrations no differently than the integrations we did years ago with BGI or Merrill Lynch Investment Management.

當然，它們是不同的，但我們之前就已經從事這些業務了。我們擁有專注於整體私人信貸團隊和基礎設施團隊的團隊。我們對這些整合的看法與多年前與 BGI 或美林投資管理公司進行的整合沒有什麼不同。

In actuality, those merger integrations were far more difficult than what we're accomplishing here because those were much broader in developing the entirety of the firm. This is not enveloping the entirety of the firm by any imagination.

實際上，這些合併整合比我們在這裡完成的要困難得多，因為它們對整個公司的發展影響更大。這並不是用任何想像力就能涵蓋整個公司的。

So the reality is what I think is as our new partners join the firm and they see the power of the platform as we are participating in more and more of our presentations where we have conversations about Aladdin as an insurance company, we do have conversations about LifePath Paycheck, it is about how can we take on a part of their general account, let's say, in private credit or how can we invest in infrastructure to help their general account.

所以我認為，現實情況是，隨著我們的新合夥人加入公司，他們看到了平台的力量，因為我們參與了越來越多的演示，我們在演示中討論了阿拉丁作為一家保險公司，我們確實討論了 LifePath Paycheck，討論的是我們如何承擔他們一般賬戶的一部分，比如私人信貸賬戶，或者我們如何投資基礎設施來幫助他們的一般信貸賬戶。

So I think what we've witnessed and now in O

所以我認為我們所見證的，現在在 O

ctober 1, we crossed the one-year anniversary with GIP. And I would say across the board throughout the firm, the success of integration, the success of interconnectivity between all our parts of the firm, the interconnectivity with our clients worldwide, it has been a huge success. And we're going to have many, many more announcements over the coming year about all the successes we're seeing in infrastructure with GIP and BlackRock.

10月1日，我們與GIP迎來了一週年紀念日。我想說，在整個公司範圍內，整合的成功、公司各部門之間互聯互通的成功、與全球客戶的互聯互通都是巨大的成功。未來一年，我們將發布更多公告，介紹我們與 GIP 和貝萊德在基礎設施領域的成功。

And I think, look, the HBS closing was 3 months ago, we're not as far down the pathway as we were at HBS, but these are -- these take time. And in some cases, they take 1.5, 2 years to fully integrate. As I said, the GIP integration was probably less than six months in terms of fully integrated onto the platform.

而且我認為，看看，哈佛商學院關閉是在三個月前，我們還沒有像在哈佛商學院那樣走那麼遠，但這些都需要時間。在某些情況下，他們需要 1.5 到 2 年的時間才能完全融入。正如我所說，GIP 整合可能在不到六個月的時間內就完全整合到平台上。

So we actually feel very, very good about it, because I think as more and more of our new partners and more and more of our old partners who are now part of the new platform, seeing the virtue and the business logic and they're seeing it firsthand it brings that spirituality of everybody understanding how this be bold forward. So it's early with HBS.

因此，我們實際上對此感到非常非常好，因為我認為，隨著越來越多的新合作夥伴和越來越多的老合作夥伴（現在已成為新平台的一部分）看到其優點和商業邏輯，並且親眼看到它，它給每個人帶來了理解如何大膽推進的精神。所以 HBS 還處於早期階段。

We're far down the road with HBS. We're actually far down the road with Preqin, which is another one. I think we feel as strong and as good as ever related to the integrations of these organizations. As I said in my prepared remarks, we do all the hard work upfront. The key is if we are going to win whole portfolios, we cannot represent ourselves as a boutique.

我們與 HBS 的合作已經很深入了。事實上，我們在 Preqin 的進展已經很順利了，這是另一個例子。我認為，我們對這些組織的整合感到一如既往的強大和良好。正如我在準備好的演講中所說的那樣，我們提前做好了所有艱苦的工作。關鍵是，如果我們要贏得整個投資組合，我們就無法將自己表現為精品公司。

So I think across the board, our -- more and more of our teams are realized, we can't just go in there and selling a product, we're going there in a comprehensive way. Now indeed, clients may only want one product, and that's what we're going to try to do.

所以我認為，從整體上看，我們的越來越多的團隊意識到，我們不能只是去那裡銷售產品，而是要以全面的方式去那裡。現在確實，客戶可能只想要一種產品，這就是我們要嘗試做的。

But then we then bring entirety of the firm together, and it expands the conversation and they see the breadth of the opportunity. And I could highlight many different insurance companies now where we had this legacy huge platform that Martin talked about earlier, where we had over $800 million, $900 billion of insurance assets.

但隨後我們將整個公司聚集在一起，擴大了對話範圍，他們也看到了機會的廣度。我可以重點介紹現在許多不同的保險公司，我們擁有馬丁之前提到的這個巨大的傳統平台，我們擁有超過 8 億美元、9000 億美元的保險資產。

Now bringing those relationships into HBS, bringing those relationships with GIP, it shows the acceleration of our business and the opportunity. So I could not be more happy. That being said, we're not perfect, everything takes time.

現在將這些關係帶入 HBS，將這些關係帶入 GIP，這表明我們的業務和機會正在加速發展。所以我非常高興。話雖如此，我們並不完美，一切都需要時間。

But I think our business model is intact, and it is going to -- again, and I want to underscore it again differentiating yourself versus all the other organizations that generally add on different businesses, but they keep them siloed, boutique and we will not do that because we want to see each and every client worldwide as one firm. And through that, we are able to win more share of wallet by representing ourselves to this organization as one firm, one conversation.

但我認為我們的商業模式是完整的，而且它將——再次，我想再次強調，我們要將自己與所有其他通常會增加不同業務的組織區分開來，但他們卻將它們保持孤立、精品化，我們不會這樣做，因為我們希望將全球每個客戶視為一家公司。透過這種方式，我們能夠以一家公司、一次對話的形式向該組織展示我們自己，從而贏得更多的錢包份額。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Oh great, thanks. Good morning. Good morning. Thanks for taking my question. A lot of good things to talk about. I think you can tie two concepts together, the tokenization concept that you discussed and then tying that with maybe model portfolio.

噢，太好了，謝謝。早安.早安.感謝您回答我的問題。有很多好事情要談。我認為你可以將兩個概念結合在一起，也就是你討論的標記化概念，然後將其與模型組合連結在一起。

So as you think about exploring tokenization opportunities, do you envision having this the BlackRock centric digital wallets or rather participate in the broader intermediated ecosystem allowing your products to be tokenized there for sort of open distributed on an open architecture basis. And then tying it into model portfolios, is there an opportunity to create BlackRock centric digital wallet model portfolios?

因此，當您考慮探索代幣化機會時，您是否設想擁有以貝萊德為中心的數位錢包，或者更確切地說，參與更廣泛的中介生態系統，允許您的產品在那裡進行代幣化，以便在開放架構的基礎上進行開放分發。然後將其與模型投資組合結合起來，是否有機會創建以貝萊德為中心的數位錢包模型投資組合？

Great question. Martin.

好問題。馬丁。

Thank you. So listen, the first thing I'd do is I'd echo Larry's comments. This is one of the most exciting areas in the financial markets. There's over $4.5 trillion of value sitting in digital wallets across crypto assets, stable coins and tokenized assets. But Larry's point here resonates, which is there's really no access to long-term investment products.

謝謝。所以聽著，我要做的第一件事就是附和拉里的評論。這是金融市場中最令人興奮的領域之一。數位錢包中的加密資產、穩定幣和代幣化資產的價值超過 4.5 兆美元。但拉里的觀點引起了共鳴，那就是實際上無法獲得長期投資產品。

And so our goal is to basically replicate everything that sits in traditional wealth management, everything that sits in traditional finance in the digital wallet so that an investor never needs to leave the digital wallet in order to build a long-term investment portfolio that's high quality in order to build an asset allocation portfolio that can mix stocks, bonds, crypto, commodities and the like.

因此，我們的目標是基本上將傳統財富管理中的所有內容、傳統金融中的所有內容複製到數位錢包中，以便投資者無需離開數位錢包即可建立高品質的長期投資組合，從而建立可以混合股票、債券、加密貨幣、商品等的資產配置組合。

And we really think that, that model is best executed through partnerships, which is what we've been pursuing. We have successful partnerships with many of the leading exchanges and providers. And so that's pretty much what we expect and what we're actively working on, as Larry mentioned now.

我們確實認為，該模式最好透過合作來執行，這也是我們一直在追求的。我們與許多領先的交易所和供應商建立了成功的合作夥伴關係。正如拉里現在所提到的，這正是我們所期望的，也是我們正在積極努力的。

And so we do see a world where we could build great model portfolios that bring together crypto assets, tokenized long-term investment products and other exposures all natively in your digital wallet with all the same technologies effectively that we've used to build a scaled model portfolio platform, tokenization can make that even better, faster, more efficient.

因此，我們確實看到了這樣一個世界：我們可以建立出色的模型投資組合，將加密資產、代幣化的長期投資產品和其他風險敞口全部原生地整合到您的數位錢包中，並使用我們用於構建規模化模型投資組合平台的所有相同技術，代幣化可以使其變得更好、更快、更有效率。

So when I think about some of the operational things that have to happen in managing the model portfolio today, especially one that's public private. It's having to deal with different settlement systems, it's having to deal with PDF subducts for private markets and then dealing with cash markets for [T+1] mutual funds or the idea that all of these could be cleared and instantaneously settled and a tokenized market could make model portfolios even better than the ones that we know in traditional finance. So that's where we've aimed a lot of our energy.

因此，當我思考當今管理模型投資組合時必須發生的一些操作事項時，特別是公私投資組合。它必須處理不同的結算系統，必須處理私人市場的 PDF 分項，然後處理 [T+1] 共同基金的現金市場，或者所有這些都可以清算和即時結算的想法，而代幣化市場可以使模型投資組合甚至比我們在傳統金融中所知的更好。因此，我們將大量精力投入這個領域。

Ben Budish, Barclays.

巴克萊銀行的本‧布迪什 (Ben Budish)。

Good morning, Ben.

早安，本。

Hi, hi. Good morning, Larry. Thanks for taking the question. I wanted to ask just a few housekeeping questions on HPS and the private markets business. I guess maybe two, I can wrap into one. First, just on the performance fees. I think the 270 reference came in a bit ahead of what was sort of implied by the guidance last quarter. So curious what came in better than expected.

嗨，嗨。早安，拉里。感謝您回答這個問題。我只想問一些有關 HPS 和私人市場業務的一些基本問題。我想也許兩個，我可以將其合併為一個。首先，僅就演出費用而言。我認為 270 這個數字比上個季度的指導數字略高一些。非常好奇結果比預期的好。

And then just looking at your private markets flows, those sort of stepped up nicely sequentially as they did earlier in the year when you acquired GIP. Just curious if we're looking at fair sort of run rate as we think out over the next several quarters or anything unusual about this quarter? Thank you.

然後，只要看一下您的私人市場流量，就會發現這些流量就​​像您今年稍早收購 GIP 時一樣，連續穩定成長。只是好奇，當我們考慮接下來的幾個季度時，我們是否會考慮公平的運行率，或者本季是否存在任何異常情況？謝謝。

Thanks very much for the question. So as I mentioned in my prepared remarks, HPS added $225 million in base fees in the quarter and $270 million in performance fees inclusive of [part one fees] HP GIP, they're both stable, high earnings power businesses. I think you've all had a chance to observe kind of HPS -- excuse me, GIP management fee run rates now for a couple of quarters, HPS now for this quarter, stable high earnings power businesses.

非常感謝您的提問。正如我在準備好的演講中提到的那樣，HPS 在本季度增加了 2.25 億美元的基本費用和 2.7 億美元的績效費用（包括 [第一部分費用] HP GIP），它們都是穩定、高盈利能力的企業。我想你們都有機會觀察 HPS——對不起，GIP 管理費運行率現在已經持續了幾個季度，HPS 現在是本季度，穩定的高盈利能力業務。

I think the third quarter is a good starting point for modeling HPS management fees. The performance fees have some seasonality to them. I think we'd expect slightly lower performance fees from HPS in the fourth quarter. And so I think that's a good model. Just in terms of, I think, kind of the deployment numbers and flow numbers that you've seen.

我認為第三季是建立 HPS 管理費模型的一個很好的起點。演出費用有一定的季節性。我認為我們預計第四季度 HPS 的績效費用會略有下降。所以我認為這是一個很好的模型。就我認為的部署數字和流量數字而言。

I think this quarter, I think, in private credit is a good indicator of kind of the velocity that we've seen a mix between deployment that's coming from drawdown funds like the junior capital strategies as well as coming out of HLA and the I'd say in infrastructure, that can tend to have a bit more of periodicity to it.

我認為本季私人信貸的成長速度是一個很好的指標，我們看到了來自提取資金（如初級資本策略）以及 HLA 的混合部署，我認為在基礎設施方面，這往往具有更多的周期性。

There's large transactions, and then there's larger realizations and you see some of that come through in the move of infra AUM. Those teams are tending to do kind of bigger, more episodic deals. And so, I'd expect those flows to have a little bit more periodicity to them rather than the private credit flows that are a little bit more regular way.

有大額交易，然後有更大規模的實現，你會看到其中一些是透過基礎設施 AUM 的轉移實現的。這些團隊傾向於進行規模更大、更具階段性的交易。因此，我預期這些資金流動會更具週期性，而私人信貸流動則更具規律性。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

(multiple speakers) Okay, thank you very much. Good morning, everybody. Thank you so much for taking the question today. Maybe switch gears a little bit and talk about the retirement area. You seem to be ahead of many of your peers in terms of positioning as we look ahead.

（多位發言者）好的，非常感謝。大家早安。非常感謝您今天回答這個問題。也許稍微換個話題，談談退休區。展望未來，你們在定位方面似乎領先許多同行。

Could you speak to a couple of things, just how your conversations with maybe the consultant community, the regulators, the legislators are going around, so this change? And then how you sort of see pricing relative to maybe the legacy book of business that's sort of that retirement? Thank you.

您能否談幾件事，您與顧問界、監管機構、立法者的對話進展如何，以及這種變化如何？那麼，您如何看待相對於退休後遺留的業務帳簿的定價呢？謝謝。

Thanks, Bill. I appreciate it. I have spent a lot of my time this year in Washington, D.C. I know Larry has as well. And so as our team I've had a lot of detailed discussions with policymakers, lawyers, trade associations for asset managers, plan sponsors.

謝謝，比爾。我很感激。今年我在華盛頓特區度過了很多時間。我知道拉里也是如此。因此，作為我們的團隊，我與政策制定者、律師、資產管理者產業協會、計畫發起人進行了大量詳細的討論。

Let's not forget that this is about bringing the same portfolio of public and private markets that defined benefit plan investors have enjoyed for generations to the hourly workers that have defined contribution in 401(k) today. I've seen more momentum in the last six months than we've seen in decades of managing target date funds.

我們不要忘記，這是為了將幾代固定收益計畫投資者所享有的公共和私人市場投資組合帶給今天在 401(k) 中固定繳款的計時工人。過去六個月我看到的勢頭比我們管理目標日期基金幾十年來所看到的還要強勁。

There's the President's executive order, there's drafts of various safe harbor provisions that I think are making good progress. There's a draft class exemption under ERISA to address a lot of product level issues and address the obligations of service providers, and I'd say there's real interagency coordination and engagement between the Department of Labor and the SEC, which is so critical and important, and we really applaud all that work. All that said, still lots to do very significant word ahead, but the momentum is positive.

有總統的行政命令，還有各種安全港條款的草案，我認為這些都取得了良好的進展。《僱員退休收入保障法》中有一項類別豁免草案，旨在解決許多產品層面的問題並解決服務提供者的義務，我想說勞工部和證券交易委員會之間存在真正的跨部門協調和合作，這是非常關鍵和重要的，我們非常讚賞所有這些工作。儘管如此，未來仍有許多重要的事情要做，但勢頭是積極的。

For BlackRock, more than half the assets we manage are for retirement. We're the number one DC investment-only firm, $585 billion in target date AUM. And today, we have over $660 billion in private markets and alternatives, which allows us to bring the best of public and private to the target date funds.

對貝萊德來說，我們管理的資產有一半以上用於退休。我們是排名第一的 DC 純投資公司，目標日期資產管理規模達 5,850 億美元。如今，我們在私人市場和另類投資領域擁有超過 6,600 億美元的資金，這使我們能夠將最好的公共和私人資產引入目標日期基金。

I think it's a great opportunity for BlackRock to do well for our clients in retirement, but also grow our business in target date and importantly, as Larry mentioned in his remarks, in data. We've got a leading presence in retirement channels.

我認為這對貝萊德來說是一個很好的機會，不僅可以為我們的客戶提供退休服務，還可以在目標日期發展我們的業務，更重要的是，正如拉里在他的演講中提到的那樣，在數據方面。我們在退休通路方面處於領先地位。

We've got relationships distribution, investment expertise. So the regulatory bodies coming into focus here, I think, will be a real accelerant for us. We do think the vast majority of the opportunity is embedding private markets in target date funds.

我們擁有關係分佈和投資專業知識。因此，我認為，監管機構的關注將對我們起到真正的推動作用。我們確實認為，絕大多數機會是將私人市場嵌入目標日期基金。

It's embedding private markets and target date funds. In that structure, there's a professionally managed qualified default investment alternative that fits well within the existing Arista framework and it also fits well within the operational rails of the DC market.

它嵌入私人市場和目標日期基金。在這個結構中，有一個專業管理的合格預設投資替代方案，它非常適合現有的 Arista 框架，也非常適合 DC 市場的營運軌道。

There's a reason that QDIA target date funds today capture the substantial majority, really the bulk of 401(k) participant-directed individual account plans. And in target date, BlackRock, I think, is really well positioned against the market with our glide path design as a differentiator.

QDIA 目標日期基金如今佔據了絕大多數，實際上是 401(k) 參與者指導個人帳戶計劃的大部分，這是有原因的。我認為，在目標日期，貝萊德憑藉著我們的滑行路徑設計作為差異化因素，在市場上佔據了非常有利的地位。

Our glide path, meaning how we scientifically take clients from their mix and stock bonds, real estate commodity public private, has more than 30 years of IP and experience. We've actually implemented it with a real track record over three decades and we think that it allows us to build portfolios that take appropriate levels of risk across the working life and manage different levels of portfolio liquidity. I think some of what we've seen in the market are ideas that a fix 10% or 20% allocation to private asset classes, regardless of age and circumstances.

我們的滑行路徑，即我們如何科學地將客戶從他們的組合和股票債券、房地產商品公共私人中帶出來，擁有超過 30 年的智慧財產權和經驗。實際上，我們已經實施了該政策三十多年，並取得了實際成效，我們認為，它使我們能夠構建在整個工作生涯中承擔適當風險水平的投資組合，並管理不同水平的投資組合流動性。我認為我們在市場上看到的一些想法是，無論年齡和情況如何，都將 10% 或 20% 的資金固定分配給私人資產類別。

Like those things we just don't think are right for every investor early career investors generally need growth assets, while later career and in retirement investors need diversification, capital preservation and income, and we think our glide path and our product lineup allow us to do that in a way that's really, really unique and differentiated.

就像我們認為不適合每個投資者的事情一樣，早期職業投資者通常需要成長資產，而後期職業和退休投資者需要多樣化、資本保全和收入，我們認為我們的滑行路徑和產品陣容使我們能夠以真正獨特和差異化的方式做到這一點。

The second thing is data where I think it's a real opportunity. As Larry said, like good fiduciary practice and all of the advice safe harbors, they're going to require some format for benchmarking and portfolio analysis like DC plan sponsors and their consultants are going to need more data and analytics to support a fiduciary decision that involves private markets and target date portfolios. We think that's a real another meaningful unlock for Preqin.

第二件事是數據，我認為這是一個真正的機會。正如拉里所說，就像良好的受託人實踐和所有建議安全港一樣，他們將需要某種基準測試和投資組合分析的格式，例如 DC 計劃發起人和他們的顧問將需要更多的數據和分析來支持涉及私人市場和目標日期投資組合的受託人決策。我們認為這對 Preqin 來說又是一個真正有意義的解鎖。

Just going to market and some of your questions about kind of pricing and product. Our initiative with -- Great Gray, the collective trust company that we told you about earlier this year. It's a great first step in providing more access to private markets. Pricing on that is firming up as it comes to market. We'd expect the smaller adviser sold plans to be first movers.

只是去市場並詢問有關定價和產品的一些問題。我們與 Great Gray 合作的倡議，Great Gray 是一家集體信託公司，我們在今年稍早向你們介紹這家公司。這是提供更多私人市場進入的重要第一步。隨著產品上市，其定價正逐漸穩定。我們預期規模較小的顧問銷售計畫將成為先行者。

They have the most familiarity with private markets and wealth management accounts. And historically, smaller plans have historically led faster on innovation. We're expecting to launch a proprietary LifePath with private target date fund in '26.

他們最熟悉私人市場和財富管理帳戶。從歷史上看，規模較小的計劃往往能更快地推動創新。我們預計將於 26 年推出專有的 LifePath 私人目標日期基金。

And depending on the status, I think, of legal and regulatory to more meaningful engage with our clients on exposures in the existing LifePath range. The executive order is a great positive step, and we look forward to kind of keeping you updated in this area.

我認為，這取決於法律和監管的現狀，以便與我們的客戶就現有 LifePath 範圍內的風險進行更有意義的接觸。這項行政命令是一個非常積極的舉措，我們期待向您通報這一領域的最新進展。

Let me just add one last point. The sooner we could get young people to be investing in their retirement fund. And that's why we're so encouraged about what's going on digital wallets, where that money is if we could transform some of that digital liquidity into a retirement product to ETFs or whatever we can do, the better off the individuals will be, and they'll have -- will enjoy a much longer duration of compounding returns over time. I think it's essential that we elevate this call the action to get more and more people focusing on the needs to investing in retirement sooner. And this is a worldwide phenomenon.

我再補充最後一點。我們越早讓年輕人投資他們的退休基金。這就是為什麼我們對數位錢包的發展如此感到鼓舞，如果我們可以將部分數位流動性轉化為退休產品、ETF 或任何我們可以做的事情，那麼個人的境況就會越好，而且他們將享受更長時間的複合回報。我認為我們必須提高這項呼籲的行動水平，讓越來越多的人儘早關注退休投資的需求。這是一個世界性的現象。

Ladies and gentlemen, we have reached the allotted time for questions. Mr. Fink, do you have any closing remarks?

女士們、先生們，我們已經到了規定的提問時間。芬克先生，您還有什麼結束語嗎？

Thank you, operator. I want to thank everybody for joining us this morning, and for your continued interest at BlackRock. Our third quarter results demonstrates again the depth and breadth of our global platform, our local position with clients our ability to provide them with whole portfolio analytics and research.

謝謝您，接線生。我要感謝大家今天早上的到來，以及你們對貝萊德的持續關注。我們的第三季業績再次證明了我們全球平台的深度和廣度、我們在客戶中的本地地位以及我們為他們提供整體投資組合分析和研究的能力。

We exhibited in the third quarter, the strong momentum, and we already are entering the fourth quarter with even stronger momentum. We're confident in our ability to deliver differentiated performance for our clients and our long-term value for our shareholders. Once again, thank you, and have a good quarter.

我們在第三季展現了強勁勢頭，並且已經以更加強勁的勢頭進入第四季度。我們有信心為客戶提供差異化服務，並為股東創造長期價值。再次感謝您，祝福您本季一切順利。

This concludes today's teleconference. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。