貝萊德 (BLK) 2025 Q4 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 Inc fourth quarter 2025 earnings teleconference.

早安.我叫詹妮弗，今天我將擔任你們的會議主持人。此時此刻，我謹代表貝萊德集團歡迎各位參加2025年第四季財報電話會議。

Our host for today's call will be Chairman and Chief Executive Officer, Laurence D Fink;, Chief Financial Officer, Martin S. Small; President, Robert S Kapito; and General Counsel, Christopher J. Meade.

今天的電話會議主持人是：董事長兼執行長 Laurence D Fink；財務長 Martin S. Small；總裁 Robert S Kapito；以及總法律顧問 Christopher J. Meade。

(Operator Instructions)

（操作說明）

Thank you, Mr. Meade. You may begin your conference.

謝謝你，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.

各位早安。我是克里斯·米德，貝萊德集團總法律顧問。在開始之前，我想提醒各位，在本次電話會議期間，我們可能會做出一些前瞻性陳述。我們在此提醒您，貝萊德的實際表現當然可能與這些說法有所不同。

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 see today. BlackRock assumes no duty and does not undertake to update any forward-looking systems.

如您所知，貝萊德已向美國證券交易委員會提交報告，其中列出了一些可能導致貝萊德業績與我們今天看到的業績有重大差異的因素。貝萊德不承擔任何義務，也不承諾更新任何前瞻性系統。

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

那麼，接下來就交給馬丁了。

Thanks, Chris. Good morning and happy New Year to everyone. It's my pleasure to present results for the fourth quarter and full year 2025.

謝謝你，克里斯。大家早安，新年快樂！我很榮幸向大家介紹2025年第四季和全年業績。

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 is included in today's press release. I'll be focusing primarily on our as adjusted results.

在把工作交給拉里之前，我會先回顧我們的財務表現和業務成果。我們的獲利報告同時揭露了根據美國通用會計準則 (GAAP) 計算的財務表現和經調整後的財務表現。今天的新聞稿包含了GAAP與我們調整後績效的調節表。我將主要關注我們經調整後的業績。

We're closing out one of the strongest years in our history. Clients awarded us nearly $700 billion in net new assets, 9% organic base fee growth, and 16% technology ACV expansion. Our whole portfolio strategy is winning both mind and wallet share with clients. It's bringing even more momentum to the breadth of our organic growth.

我們即將結束公司歷史上最強勁的年份之一。客戶為我們帶來了近 7,000 億美元的淨新增資產、9% 的有機基本費用成長和 16% 的技術 ACV 擴張。我們整個投資組合策略的目標是贏得客戶的信任和錢包份額。這將進一步推動我們有機成長的廣度。

We had nearly 150 products across our ETF and mutual fund ranges with over $1 billion in flows. We had over $24 billion in revenue alongside nearly $10 billion in operating income, both up 50% since 2020, and earnings per share was a new record. Our platform demonstrated resilience and growth even when markets were in turmoil back in April and captured steep upside when they rallied. 2025 was another proof point that BlackRock is a share gainer when there's money in motion.

我們的 ETF 和共同基金系列產品近 150 種，資金流入超過 10 億美元。我們實現了超過 240 億美元的收入和近 100 億美元的營業收入，兩者均比 2020 年增長了 50%，每股收益也創下了新紀錄。即使在四月市場動盪時期，我們的平台也展現出了韌性和成長勢頭，並在市場反彈時獲得了豐厚的回報。 2025年再次證明，當資金流動時，貝萊德總能從中獲益。

Our 10% increase to our 2026 dividend per share and increase in planned share repurchases to $1.8 billion are driven by our accelerating growth trajectory and platform success in 2025. That's our highest dividend increase since 2021 and comes after a record $5 billion payout to shareholders in 2025.

我們將 2026 年每股股息提高 10%，並將計畫股票回購額增加至 18 億美元，這主要得益於我們 2025 年加速成長的勢頭和平台的成功。這是自 2021 年以來我們最高的股息增幅，此前我們已於 2025 年向股東派發了創紀錄的 50 億美元股息。

Supported by both 9% organic base fee growth and favorable markets, we enter 2026 with a base fees run rate, that's approximately 35% higher than our base fees in 2024 and approximately 50% higher than 2023. This stronger entry point enhances our ability to deliver future earnings, return capital to shareholders, and execute on our 2030 ambitions.

在9%的有機基本費用增長和有利的市場環境的支持下，我們進入2026年時的基本費用運行率比2024年的基本費用高出約35%，比2023年高出約50%。這更強的入場點增強了我們實現未來收益、向股東返還資本以及實現 2030 年目標的能力。

We delivered 6% or higher organic base fee growth in each quarter of 2025. We finished the year with two consecutive quarters of double-digit organic base fee growth, including 12% in the fourth quarter. That growth is broad-based across our systematic franchise, private markets, ETFs, digital assets, cash, and outsourcing, and it's across capabilities that we've had for decades and others that we've built or acquired in the last two years.

我們實現了 2025 年每季 6% 或更高的有機基礎費用成長。我們以連續兩季兩位數的有機基本費用成長結束了這一年，其中第四季成長了 12%。這種成長是在我們的系統性特許經營、私募市場、ETF、數位資產、現金和外包等各個方面廣泛實現的，它涵蓋了我們幾十年來一直擁有的能力，以及我們在過去兩年中建立或收購的其他能力。

That gives us confidence we're on the right track with clients and we have a lot of optimism for the years ahead. You've heard us say it's not that the big are getting bigger, it's that the best are getting bigger. Size and scale are outputs and performance. We've wrapped a successful 2025, and now we're moving with speed and scale to go upward from here.

這讓我們確信我們與客戶的合作方向是正確的，我們對未來幾年充滿樂觀。你聽我們說過，不是規模大的公司變得更大，而是最好的公司變得更大。規模和體量就是產出和績效。我們已經成功完成了 2025 年的目標，現在我們將以更快的速度和更大的規模邁向更高的目標。

We're building leading franchises in newer high growth markets across the industry, private markets to insurance, private markets to wealth, digital assets, and active ETFs. We think these can all be $500 million revenue generators in the next five years.

我們正在整個產業的新興高成長市場中打造領先的特許經營權，從私募市場到保險，從私募市場到財富管理，再到數位資產和主動型 ETF。我們認為這些項目在未來五年內都能創造 5 億美元的收入。

We already have industry leading margins and we see real opportunity to drive margin expansion through the FRE growth trajectory of our private markets and our highly scaled foundational businesses. We entered 2026 with strong momentum and our first year as a fully integrated firm with GIP, Preqin, and HPS.

我們已經擁有行業領先的利潤率，並且我們看到了透過我們私募市場的 FRE 成長軌跡和我們高度規模化的基礎業務來推動利潤率擴張的真正機會。我們帶著強勁的發展勢頭進入了 2026 年，這是我們作為一家與 GIP、Preqin 和 HPS 完全整合的公司的第一年。

We're pioneering what we believe is the asset management model of the future. It's one that seamlessly brings together public and private markets. It interoperates between traditional and decentralized financial ecosystems, and it's powered by technology and data with Aladdin, EFront, and Preqin.

我們正在開創我們認為的未來資產管理模式。它巧妙地將公共市場和私人市場結合起來。它可在傳統金融生態系統和去中心化金融生態系統之間進行互通，並由 Aladdin、EFront 和 Preqin 的技術和數據提供支援。

BlackRock houses the world's number one ETF franchise, a top five alternatives platform with more than $675 billion in client assets, $0.5 trillion in target date AUM, leading advisory services, and a tech and data SaaS franchise with nearly $2 billion in revenue.

貝萊德擁有全球排名第一的 ETF 業務、排名前五的另類投資平台（客戶資產超過 6,750 億美元）、目標日期資產管理規模達 0.5 兆美元、領先的諮詢服務以及收入近 20 億美元的技術和數據 SaaS 業務。

Moving to financial results. Full year revenue of $24 billion was up 19% year over year. Operating income of $9.6 billion was up 18%, and earnings per share of $48.09 increased 10%. Fourth quarter revenue of $7 billion was 23% higher year over year, driven by the acquisitions of HPS and Preqin, organic base fee growth over the trailing twelve-month period, and the positive impact of market movements on average AUM.

接下來是財務業績部分。全年營收達240億美元，年增19%。營業收入達 96 億美元，成長 18%；每股收益為 48.09 美元，成長 10%。第四季營收達 70 億美元，年增 23%，主要得益於對 HPS 和 Preqin 的收購、過去 12 個月內有機基本費用的成長以及市場波動對平均資產管理規模的正面影響。

Quarterly operating income of $2.8 billion was up 22% while earnings per share of $13.16 increased 10% versus a year ago. EPS also reflected a lower tax rate, lower non-operating income, and a higher share count in the current quarter linked to the close of the HPS transaction on July 1.

季度營業收入為 28 億美元，年增 22%；每股收益為 13.16 美元，較去年同期成長 10%。由於 HPS 交易於 7 月 1 日完成，本季每股盈餘 (EPS) 也反映了較低的稅率、較低的非經營收入和較高的股份數量。

Non-operating results for the quarter included $106 million of net investment losses primarily due to a non-cash mark to market loss linked to our minority investment in circle. In mid December, we contributed a portion of our stake in circle to our existing donor advised fund. Following this transaction, we maintain approximately 1.1 million shares of circle common stock, which will continue to be marked through investment income.

本季非經營性業績包括 1.06 億美元的淨投資損失，主要原因是與我們對 Circle 的少數股權投資相關的非現金按市值計價損失。12月中旬，我們將Circle公司的部分股份捐給了我們現有的捐贈者建議基金。交易完成後，我們將繼續持有約 110 萬股 Circle 普通股，這些股票將繼續透過投資收益進行估值。

Our as adjusted tax rate for the fourth quarter was approximately 20% and benefited from discrete items. We currently estimate that 25% is a reasonable projected tax run rate for 2026. The actual effective tax rate may differ because of non-recurring or discrete items or potential changes in tax legislation.

我們第四季的調整後稅率約為 20%，受益於一些特殊項目。我們目前估計，2026 年 25% 是一個合理的預期稅率。實際有效稅率可能會因非經常性或一次性項目或稅務法規的潛在變化而有所不同。

Fourth quarter base fees and securities lending revenue of $5.3 billion was up 19% year over year, driven by the positive impact of market data on average AUM, organic base fee growth, and approximately $230 million in base fees from HPS.

第四季基本費用和證券借貸收入為 53 億美元，年增 19%，主要得益於市場數據對平均資產管理規模的正面影響、基本費用的自然成長以及來自 HPS 的約 2.3 億美元基本費用。

On an equivalent day count basis, our annualized effective fee rate was approximately one-tenth of a basis point lower compared to the third quarter. This decrease was primarily due to higher securities lending revenue in the third quarter, which benefited from specials.

以等效天數計算，我們的年度有效費率比第三季低約十分之一基點。這一下降主要是由於第三季證券借貸收入增加，而這得益於特別交易。

We're seeing client demand from our structural growers like private markets, systematic models, OCIO, ETFs, and SMAs, and these capabilities provide positive leverage to average fee rates. The fee yields on new asset flows this year are 6 times to 7 times higher than they were in 2023 and are at a premium to our overall fee rate.

我們看到來自結構性成長型客戶的需求，例如私募市場、系統模型、OCIO、ETF 和 SMA，這些功能為平均費用率提供了積極的槓桿作用。今年新資產流入的費用收益率是 2023 年的 6 到 7 倍，並且高於我們的整體費用率。

Fourth quarter performance fees of $754 million increased from a year ago, reflecting higher revenue from alternatives and included $158 million from HPS. Full quarter and full year technology services and subscription revenue each increased 24% year over year, reflecting the successful onboarding of a number of new clients expanding relationships with existing clients, and the closing of the frequent transaction.

第四季業績費為 7.54 億美元，較上年同期有所成長，反映出另類投資收入增加，其中包括來自 HPS 的 1.58 億美元。季度和全年技術服務和訂閱收入均年增 24%，反映出成功引入了許多新客戶，擴大了與現有客戶的關係，並完成了頻繁的交易。

Frequent added approximately $65 million and $213 million of revenue in the fourth quarter and full year respectively. Annual contract value or ACV increased 31% year over year, including the impact of frequent. ACV increased 16% organically. Total expense increased 19% in 2025, primarily driven by higher compensation, sales asset and account expense, and G&A expense.

Frequent在第四季和全年分別新增了約6,500萬美元和2.13億美元的營收。年度合約價值（ACV）年增 31%，其中包括頻繁交易的影響。蘋果醋有機成長16%。2025 年總支出成長 19%，主要原因是薪資增加、銷售資產和帳戶支出以及一般及行政費用增加。

Full year employee compensation and benefit expense was up 20%, primarily reflecting higher incentive compensation associated with performance fees, as well as higher operating income. The year over year increase also reflects the impact of onboarding GIP, Preqin, and HPS employees.

全年員工薪酬和福利支出增加了 20%，主要反映了與績效費相關的激勵性薪酬增加，以及營業收入增加。與前一年相比，這一增長也反映了 GIP、Preqin 和 HPS 員工入職帶來的影響。

Full year G&A expense was up 15% primarily due to M&A transactions and higher technology investment spend. Our fourth quarter as adjusted operating margin of 45% was down 50 basis points year over year. Our full year as adjusted operating margin of 44.1% decreased 40 basis points from a year ago.

全年一般及行政費用成長 15%，主要原因是併購交易和技術投資支出增加。我們第四季的調整後營業利潤率為 45%，年減 50 個基點。經過調整後的全年營業利潤率為 44.1%，比上年同期下降了 40 個基點。

Both periods reflect the impact of performance fees and related compensation. We continue to deliver margin expansion on recurring fee-related earnings. Excluding the impact of all performance fees and related compensation, our adjusted operating margin for the fourth quarter would have been 45.5%, up 30 basis points year over year. Our full year margin would have been 44.9%, 60 basis points higher relative to 2024.

這兩個時期都反映了業績費及相關補償的影響。我們持續擴大經常性費用相關收益的利潤率。若剔除所有業績費及相關補償的影響，我們第四季的調整後營業利潤率為 45.5%，較去年同期成長 30 個基點。我們的全年利潤率將達到 44.9%，比 2024 年高出 60 個基點。

As we execute on our organic base fee growth and operating margin ambitions, we'll continue to be disciplined in both our hiring and our investments. After annualizing for the impact of HPS and Preqin, we would expect a mid-single-digit percentage increase in G&A. Additionally, we would expect BlackRock's headcount to be broadly flat in 2026.

在實現有機基礎費用成長和營運利潤率目標的同時，我們將繼續在招聘和投資方面保持謹慎。考慮到 HPS 和 Preqin 的影響，我們預計 G&A 將出現中等個位數百分比的成長。此外，我們預計貝萊德的員工人數在 2026 年將基本保持不變。

After investing for growth, we returned a record $5 billion to our shareholders through a combination of dividends and share repurchases in 2025. This includes 500 million and 1.6 billion of share repurchases for fourth quarter and full year respectively.

在進行成長投資後，我們在 2025 年透過股利和股票回購的方式向股東返還了創紀錄的 50 億美元。這其中包括第四季 5 億股和全年 16 億股的股票回購。

BlackRock's Board of Directors recently approved a 10% increase to our first quarter 2026 dividend per share, building on our track record of strong dividend growth and demonstrating confidence in our cash flow generation and durable earnings expansion. That represents a 13% increase in the dollar amount of dividends expected to be paid.

貝萊德董事會最近批准將 2026 年第一季每股股息提高 10%，這建立在我們強勁的股息成長記錄之上，並表明了我們對現金流產生和持續獲利成長的信心。這意味著預計支付的股息金額將增加 13%。

The Board also authorized the repurchase of an additional 7 million shares under our share repurchase program. At present, based on capital spending plans for the year and subject to market and other conditions, we are targeting the purchase of $1.8 billion worth of shares during 2026.

董事會也批准根據我們的股票回購計畫額外回購 700 萬股股票。目前，根據本年度的資本支出計劃，並視市場和其他情況而定，我們計劃在 2026 年購買價值 18 億美元的股票。

Full year total net inflows of $698 billion reflected positive flows and organic base fee growth across all asset classes and active and index. iShares led the industry and set a new flows record with $527 billion in 2025, representing 12% organic asset and 13% organic base fee growth. Net inflows were diversified across core equity and premium categories like fixed income, active, and digital assets ETPs.

全年淨流入總額達6,980億美元，反映了所有資產類別（包括主動型和指數型基金）的資金流入和基礎費用有機成長。 iShares引領產業，並創下2025年資金流入5,270億美元的新紀錄，分別代表12%的資產有機成長和13%的基礎費用有機成長。淨流入資金分散到核心股票和優質類別，如固定收益、主動型和數位資產ETP。

iShares net inflows of $181 billion in the fourth quarter once again demonstrated strong momentum into year end, supported by seasonal portfolio reallocations. Full year retail net inflows of $107 billion were led by the onboarding of the $80 billion SMA assignment from Citi Wealth during the fourth quarter.

iShares 第四季淨流入資金達 1,810 億美元，再次展現出強勁的年底成長勢頭，這得益於季節性的投資組合重新配置。全年零售淨流入1,070億美元，主要得益於第四季從花旗財富管理部門接收的800億美元SMA委託。

Separate from this assignment, Aperio had its fifth consecutive record year of net inflows with $15 billion. Active fixed income added $3 billion and alternatives generated $12 billion in 2025. BlackRock's institutional active franchise generated net inflows of $54 billion in 2025, reflecting the onboarding of multiple outsourcing mandates, the above target close of GIP5, and deployment in private credit.

除了這項任務之外，Aperio 連續第五年創下淨流入紀錄，達到 150 億美元。到 2025 年，主動式固定收益將增加 30 億美元，另類投資將創造 120 億美元的收入。貝萊德的機構主動型業務在 2025 年產生了 540 億美元的淨流入，這反映了多項外包委託的引入、GIP5 的超額完成以及在私募信貸領域的部署。

Institutional index net outflows of $119 billion were mainly driven by redemptions from low fee index equity strategies. Our scaled private markets platform delivered $40 billion of full year net inflows led by private credit and infrastructure.

機構指數淨流出1190億美元，主要原因是低費率指數股票策略的贖回。我們規模化的私募市場平台全年淨流入資金達 400 億美元，主要來自於自私募款和基礎建設領域。

We're targeting $400 billion in gross private markets fundraising through 2030, powered by origination, strong investment performance, and the depth of our client relationships. Our valuable position as a trusted long-term partner to corporates and sovereigns provides us with unique visibility and insight into capital markets and client activity, enabling differentiated deal flows, tailored solutions, and long-term value creation for our clients and shareholders.

我們的目標是到 2030 年實現 4,000 億美元的私募市場募資總額，這得益於我們強大的專案開發能力、強勁的投資績效以及與客戶建立的深厚關係。我們作為企業和主權國家值得信賴的長期合作夥伴，擁有獨特的優勢，這使我們能夠深入了解資本市場和客戶活動，從而為我們的客戶和股東創造差異化的交易流、量身定制的解決方案和長期價值。

Finally, BlackRock Cash Management saw $74 billion net inflows in the fourth quarter and $131 billion in 2025, driven by US government, international prime, and Circle reserve funds. BlackRock's platform is anchored by growth engines tied to the long-term expansion of global capital markets and fast growing client and product channels.

最後，貝萊德現金管理公司第四季淨流入740億美元，預計2025年將淨流入1,310億美元，主要得益於美國政府、國際優質資產和Circle儲備基金。貝萊德的平台以與全球資本市場長期擴張以及快速成長的客戶和產品管道相關的成長引擎為支撐。

The opportunity ahead is inspiring to reshape portfolios for more complex markets to deepen partnerships with clients, and to deliver durable, profitable growth for our shareholders. We entered 2026 with the combined strength of BlackRock, GIP, HPS, and Preqin, now all one BlackRock, and we're excited to share our growth with clients, employees, and shareholders.

未來的機會令人振奮，我們可以重塑投資組合，以適應更複雜的市場，深化與客戶的合作關係，並為我們的股東帶來持久、有利可圖的成長。進入 2026 年，我們擁有了 BlackRock、GIP、HPS 和 Preqin 的綜合實力，現在它們都已成為一家 BlackRock，我們很​​高興與客戶、員工和股東分享我們的成長成果。

I'll turn it over to Larry.

我把它交給拉里。

Thank you, Martin. Good morning, everyone, and Happy New Year. Thank you for joining. We entered 2026 with accelerating momentum across our entire platform.

謝謝你，馬丁。各位早安，新年快樂！感謝您的參與。進入 2026 年，我們整個平台的發展動能都在加速增強。

It will be the first full year with the combined strength of BlackRock, GIP, HPS and Preqin. We're coming off the strongest year and quarter of net inflows in our history. Clients awarded BlackRock with nearly $700 billion in new assets in 2025, including $342 billion in the fourth quarter.

這將是貝萊德、GIP、HPS 和 Preqin 強強聯合後的第一個完整年度。我們剛剛經歷了公司歷史上淨流入資金最多的一年和一個季度。客戶在 2025 年授予貝萊德近 7,000 億美元的新資產，其中第四季新增資產達 3,420 億美元。

And the consistency of our results stands out even more over the long term with nearly $2.5 trillion of net inflows over the last five years. Our pipeline of business has broadened across products and regions, spanning public and private markets, technology and data and client channels. We're seeing excellent fundraising activity.

從長遠來看，我們的業績穩定性更加突出，過去五年淨流入資金近 2.5 兆美元。我們的業務範圍已擴展到產品和地區，涵蓋公共和私人市場、技術和數據以及客戶管道。我們看到籌款活動非常成功。

We have an ambitious 2026 fundraising plan diversified across infrastructure, equity and debt, private financing solutions and multi alternatives. Our client relationships have never been stronger and deeper. We're a scale operator in public and private markets, investments and technology that's significantly enhancing our position with clients worldwide.

我們制定了雄心勃勃的 2026 年融資計劃，涵蓋基礎設施、股權和債務、私人融資解決方案和多種替代方案。我們與客戶的關係從未如此牢固和深入。我們在公共和私人市場、投資和技術領域擁有規模優勢，這大大提升了我們在全球客戶中的地位。

We're building off accelerating growth over the course of 2025. We delivered 6% or higher organic base fee growth each quarter, and we ended the year with 12% organic base fee growth and 16% technology ACV growth in the fourth quarter. These growth rates are both a 4 points higher than last year and 9% full year organic base fees growth represents $1.5 billion of net new base fees. That means we enter 2026 with base fees approaching $21 billion, 13% higher than 2025.

我們將在2025年實現加速成長。我們每季都實現了 6% 或更高的有機基礎費用成長，並在第四季度實現了 12% 的有機基礎費用成長和 16% 的技術 ACV 成長，從而結束了這一年。這些成長率均比去年高出 4 個百分點，全年有機基本費用成長 9%，相當於新增淨基本費用 15 億美元。這意味著到 2026 年，基本費用將接近 210 億美元，比 2025 年增加 13%。

And we delivered a premium 45% operating margin. Our scale and Aladdin technology fuels growth and helps push down our marginal cost. We're in an upward trajectory in our margins on fee occurring, reoccurring earnings as we continue to drive growth in private markets, and scale businesses like ETFs and systematic equities.

我們實現了高達 45% 的營業利潤率。我們的規模和阿拉丁技術推動了成長，並有助於降低我們的邊際成本。隨著我們不斷推動私募市場成長，並擴大 ETF 和系統性股票等業務規模，我們的費用產生和經常性收入的利潤率正處於上升趨勢。

Our belief in our future growth, increasing profitability and durability of cash flow led us to increase the dividend per share by 10%, and step up planned share repurchases. Over the last 10 years, we delivered a 10% compounded annual growth rate in our dividend and over a 15% annual return on our repurchases. And we're confident than ever in our model and the outsized opportunity we see across multiple growth engines.

我們對未來的成長、不斷提高的獲利能力和現金流的可持續性充滿信心，因此我們將每股股息提高了 10%，並加快了計劃中的股票回購。過去 10 年，我們的股利年複合成長率達到 10%，股票回購的年報酬率超過 15%。我們比以往任何時候都對我們的模式以及我們在多個成長引擎中看到的巨大機會充滿信心。

Our foundational businesses like iShares are unlocking new markets like in active ETFs and digital assets. At the same time, we're a leader in emerging trends like private markets to wealth, 401(k)s, tokenization and private market data. In private markets, our investments in infrastructure and private credit and all the wealth underpin our ambitions to raise $400 billion in private markets by 2030.

我們的基礎業務，例如 iShares，正在開拓主動式 ETF 和數位資產等新市場。同時，我們在財富私募市場、401(k)計畫、代幣化和私募市場數據等新興趨勢領域處於領先地位。在私募市場，我們對基礎設施和私募信貸的投資以及所有財富都支撐著我們到 2030 年在私募市場籌集 4000 億美元的雄心壯志。

BlackRock is already managing $3 trillion on behalf of insurance, wealth and OCIO clients. We have a significant opportunity to deliver better outcomes and experiences for clients in private market allocations. And for our shareholders, that shift represents new private markets AUM and potentially over $1 billion in new base fees.

貝萊德目前已代表保險、財富管理和外包首席投資長 (OCIO) 客戶管理 3 兆美元的資產。我們有很大的機會為私募市場配置的客戶提供更好的結果和體驗。對我們的股東而言，這項轉變意味著新增私募市場資產管理規模，並可能帶來超過 10 億美元的新基本費用。

For example, BlackRock is the largest general account manager for insurers with $700 billion in AUM. With HPS, we're now also one of the largest asset-based finance and high-grade managers. We're in about 20 late-stage conversations to help insurers build more dynamic and diversified portfolios across public and private markets.

例如，貝萊德是最大的保險公司綜合帳戶管理公司，管理資產規模達 7,000 億美元。收購 HPS 後，我們現在也是最大的資產融資和優質資產管理公司之一。我們正在與大約 20 家保險公司進行後期洽談，以幫助它們在公共和私人市場建立更具活力和多元化的投資組合。

Similarly, in wealth, we're focused on expanding access to private markets. We're bringing together strong investment performance track records with BlackRock's scaled global distribution model. We have the largest who selling team in the industry covering every corner of the United States marketplace. We have very strong relationships in private banks in Europe. Our more than $1 trillion of wealth platform spans and clients' whole portfolios for models and SMAs to ETFs and private markets.

同樣，在財富管理領域，我們專注於擴大進入私人市場的管道。我們將強大的投資業績記錄與貝萊德規模化的全球分銷模式結合。我們擁有業界規模最大的批發銷售團隊，涵蓋美國市場的每個角落。我們與歐洲的私人銀行建立了非常牢固的關係。我們擁有超過 1 兆美元的財富平台，涵蓋客戶從模型和 SMA 到 ETF 和私募市場的整個投資組合。

We're also a technology provider through Aladdin Wealth, which brings institutional quality portfolio construction right to the desktops of our financial advisers. We continue to expand and diversify distribution of HPS nontraded BDC to US warehouses and RIAs. And we believe model portfolios will be another unlock. We're also planning to widen our product range through an H Series family of funds.

我們也透過 Aladdin Wealth 提供技術服務，將機構級投資組合建構功能直接帶到我們財務顧問的桌面上。我們將繼續擴大和多元化 HPS 非上市 BDC 在美國倉庫和 RIA 的分銷管道。我們相信模型投資組合將是另一個突破。我們也計劃透過 H 系列基金來擴大我們的產品範圍。

That would be led by the flagship HLEND alongside junior capital, real assets, triple net lease, multi-strat credit and secondaries and co-investment strategies. We plan to bring all the building blocks to serve wealth investors through coordinated multi alts portfolios. Then the retirement. We're seeing important progress towards a framework to include private assets and target date funds. We expect to launch our first LifePath target date fund with private markets later this year.

這將以旗艦基金 HLEND 為主導，同時輔以次級資本、實物資產、三重淨租賃、多層次信貸和二級市場以及共同投資策略。我們計劃整合所有要素，透過協調的多元另類投資組合為財富投資者提供服務。然後就是退休。我們看到，在建立涵蓋私募資產和目標日期基金的框架方面，我們取得了重要進展。我們預計今年稍後將在私募市場推出我們的首隻 LifePath 目標日期基金。

Most Americans only experience with capital markets is through their 401(k) plan. I said many times that helping workers build and spend their retirement savings is one of the greatest challenges of our generation, with long associated for better retirement solutions and easier access to investment options.

大多數美國人接觸資本市場的唯一途徑就是透過他們的 401(k) 計畫。我曾多次說過，幫助勞工累積和使用退休儲蓄是我們這一代面臨的最大挑戰之一，這與更好的退休解決方案和更容易獲得投資選擇密切相關。

BlackRock has also championed early childhood savings accounts and the policies that make them possible, and we're encouraged by and supportive of the launch of these accounts in the United States. For retirement savers, there's a real opportunity to bring additional returns and diversification to investors through private markets.

貝萊德也一直倡導設立幼兒儲蓄帳戶以及促成這些帳戶的政策，我們對這些帳戶在美國的推出感到鼓舞和支持。對於退休儲蓄者來說，透過私募市場為投資者帶來額外收益和多元化投資的真正機會。

BlackRock will be at the forefront with our leading DCIO business, our $600 billion LifePath franchise, top five alternative platforms and definitely Prequin. We expect plan sponsors will need standardized benchmarking and performance data to validate their planned choices, and Preqin can be the central provider. Our leadership in all of these areas distinguishes BlackRock with plan sponsors and policymakers.

貝萊德將憑藉其領先的資料中心投資營運 (DCIO) 業務、6000 億美元的 LifePath 業務、排名前五的另類投資平台以及 Prequin 等優勢，走在行業前沿。我們預計計劃發起人需要標準化的基準和績效數據來驗證他們的計劃選擇，而 Preqin 可以作為中央提供者。我們在所有這些領域的領先地位使貝萊德在計劃發起人和政策制定者中脫穎而出。

We've always been a leader in retirement and a first-mover in developing new solutions in retirement. We started innovating LifePath Paycheck in 2018, and it's been the fastest-growing lifetime income target date strategy in the defined contribution market. We believe it will be the default retirement investment strategy. Guaranteed income and private markets are not two separate conversations.

我們一直是退休領域的領導者，也是開發退休新解決方案的先驅。我們從 2018 年開始創新 LifePath Paycheck，它一直是固定繳款市場中成長最快的終身收入目標日期策略。我們認為這將成為預設的退休投資策略。保障收入和私人市場並非兩個獨立的議題。

BlackRock can bring it all together. Our vision is not just for incremental addition of private markets, it's the design of an optimal target date solution, one that combines public markets, private markets and guaranteed income like LifePath paycheck. BlackRock has long-standing relationships and decades of experience in working with plan sponsors and building client-first retirement solutions for their members.

貝萊德可以將這一切整合起來。我們的願景不僅是逐步增加私募市場，而是設計一個最佳的目標日期解決方案，將公開市場、私募市場和像 LifePath 薪資單這樣的有保障的收入結合起來。貝萊德與計劃發起人建立了長期合作關係，並擁有數十年的經驗，致力於為他們的會員打造以客戶為中心的退休解決方案。

We're a bit over a year into closing our GIP transaction, and we're already seeing synergies through our combined expertise and relationships. GIP 5 closed above its $25 billion target in July, and our AI partnership, which was not part of the deal model, continues to attract significant capital. AIP has raised over $12.5 billion from partnership founders and clients. Our initial target is to mobilize and deploy $30 billion of equity capital with a potential of reaching $100 billion, including debt.

我們的 GIP 交易完成至今已一年有餘，我們透過雙方的專業知識和人脈關係看到了協同效應。GIP 5 在 7 月完成交易，超過了 250 億美元的目標，而我們的人工智慧合作夥伴關係（不屬於交易模式的一部分）繼續吸引大量資金。AIP 已從合夥人創始人和客戶處籌集了超過 125 億美元。我們的初步目標是籌集和部署 300 億美元的股權資本，並有可能達到 1,000 億美元，其中包括債務。

More broadly, we're seeing excellent progress across the range of infrastructure strategies, including mid-cap and emerging markets infra and equity and investment grade, high-yield and credit-sensitive infra debt. The current cash flow and inflation affected return profile of infrastructure makes it an attractive sector for our clients, especially those saving for retirement.

更廣泛地說，我們看到各種基礎設施策略都取得了顯著進展，包括中型和新興市場基礎設施​​和股權以及投資級、高收益和信用敏感型基礎設施債務。在當前基礎設施的現金流量和通貨膨脹影響下的回報情況使其成為我們客戶，特別是那些為退休儲蓄的客戶來說，一個極具吸引力的行業。

More broadly, income-oriented strategies are a critical component of our clients' portfolios. BlackRock manages over $4.5 trillion in assets across both public fixed income, cash and private credit. This means we can provide an integrated fixed income solution for clients that deliver scale benefits. In 2025, we generated over $45 billion of net inflows across our high-performing active fixed income franchise, led by Rick Reeder.

更廣泛地說，以收益為導向的策略是我們客戶投資組合的重要組成部分。貝萊德管理的資產規模超過 4.5 兆美元，涵蓋公共固定收益、現金和私募信貸等領域。這意味著我們可以為客戶提供具有規模效益的綜合固定收益解決方案。2025 年，在 Rick Reeder 的領導下，我們業績優異的主動式固定收益業務創造了超過 450 億美元的淨流入。

We believe 2026 is shaping up to be another year where returns may be driven primarily by income rather than price appreciation. We're well positioned to capture flows with strong performance and differentiated strategies across municipals, high-yield, total return and unconstrained fixed income strategies.

我們認為，2026 年很可能又是收益主要由收入而非價格上漲驅動的一年。我們憑藉著強勁的業績和差異化的策略，在市政債券、高收益債券、總回報債券和非限制性固定收益策略方面佔據有利地位，能夠抓住資金流動。

And we're leveraging active ETFs to provide access to our portfolio managers inside along with the benefits of the ETF wrapper. Our active ETFs drove more than $50 billion in net inflows in 2025, nearly tripling their assets in the last year. Rick's flexible actives income ETF Bank, BINC, and our systematic US equity factor rotation ETF, DYNF, led our active ETF flows for the year. DYNF was the highest inflowing active ETF in the industry with $14 billion of net inflows. It is our flagship of our systematic equity platform.

我們正在利用主動式 ETF，讓投資者能夠接觸到我們內部的投資組合經理，同時享受 ETF 帶來的各種好處。我們的主動式 ETF 在 2025 年推動了超過 500 億美元的淨流入，其資產在過去一年中幾乎增加了兩倍。Rick 的靈活主動收益 ETF Bank (BINC) 和我們系統的美國股票因子輪動 ETF (DYNF) 引領了我們今年的主動 ETF 資金流動。DYNF是業界資金流入最多的主動式ETF，淨流入資金達140億美元。這是我們系統化股票交易平台的旗艦產品。

Overall, our systematic equity franchise raised over $50 billion in 2025, even as the active equity industry saw another year of outflows. Our systematic investments have been using data and AI for 20 years. We've invested in this business, and today, its IP delivers alpha to clients and helps portfolio managers across BlackRock to invest better.

總體而言，我們的系統性股票投資業務在 2025 年籌集了超過 500 億美元，儘管主動股票投資產業又經歷了一年的資金外流。20年來，我們的系統性投資一直運用數據和人工智慧技術。我們已經投資了這家公司，如今，它的智慧財產權為客戶帶來超額收益，並幫助貝萊德的投資組合經理更好地進行投資。

As more investors are looking at how to use AI for investments, we already have one of the best platforms utilizing AI and Big Data to drive thousands of alpha signals. We're optimistic about our systematic platform, continued double-digit organic base fee growth potential and its position as a bright spot in the active equity industry.

隨著越來越多的投資者開始關注如何利用人工智慧進行投資，我們已經擁有了利用人工智慧和大數據來產生數千個超額收益訊號的最佳平台之一。我們對我們的系統化平台、持續兩位數的有機基礎費用成長潛力以及其在主動型股票投資行業中的亮點地位充滿信心。

iShares continues to be an innovation engine for BlackRock. iShares remains the market leader in ETFs in terms of organic assets and base fee growth country served and in product lineup. 2025 was another record year for iShares with $527 billion of net inflows. In 2000, with just 40 ETFs, BlackRock's iShares set out to revolutionize investing. And over those 25 years, iShares has led the way in democratization of access to the growth of capital markets.

iShares 一直是貝萊德的創新引擎。無論從資產規模、基礎費用成長、服務國家或產品線來看，iShares 都保持著 ETF 市場的領先地位。 2025 年是 iShares 又一個創紀錄的年份，淨流入資金達 5,270 億美元。2000 年，貝萊德旗下的 iShares 僅憑 40 檔 ETF 就著手革新投資產業。在過去的25年裡，iShares 一直引領資本市場成長准入民主化的進程。

BlackRock shaped the industry and we continue to expand choice and access for investors around the world. We brought US investors access to international markets, and we introduced ETF to Europe. We launched the world's first bond ETF. We provide over 1,700 ETFs today, more than 6 times the next largest issuer, and we're focused on providing investors value for their money while driving growth and margin expansion for our shareholders.

貝萊德塑造了整個產業，我們將繼續為世界各地的投資者擴大選擇範圍和管道。我們讓美國投資者有機會進入國際市場，並將 ETF 引入歐洲。我們推出了全球首隻債券ETF。我們目前提供超過 1700 隻 ETF，是第二大發行商的 6 倍多，我們致力於為投資者提供物有所值的投資，同時推動股東的成長和利潤率提升。

iShares AUM was about $300 billion when we announced our acquisition in 2009. Today, it's $5.5 trillion, and iShares revenues have more than quadrupled to over $8 billion. iShares is delivering growth both through core channels and newer premium initiatives like active ETFs, digital assets and in international markets. In Europe, ETF net inflows of $136 billion was approximately 50% higher than 2024, and we're seeing more individuals coming to iShares through digitally enabled offerings and monthly savings plans.

2009 年我們宣布收購 iShares 時，其資產管理規模約 3,000 億美元。如今，全球市場規模已達5.5兆美元，iShares的營收也成長了四倍多，超過80億美元。 iShares的成長動力不僅來自其核心管道，也來自諸如主動型ETF、數位資產和國際市場等新興高端業務。在歐洲，ETF淨流入1,360億美元，比2024年高出約50%，我們看到越來越多的個人透過數位化產品和每月儲蓄計畫加入iShares。

We're seeing similar trends in India where our JioBlackRock joint venture operates through a digital-first direct-to-consumer model. JioBlackRock raised $2 billion upon launch, 6 times the previous industry record and now manages 12 funds spanning cash index, systematic equities on behalf of nearly 400 institutions and already more than 1 million Indian retail investors.

我們在印度也看到了類似的趨勢，我們的 JioBlackRock 合資企業採用的是數位化優先的直接面向消費者的模式。JioBlackRock 在成立之初就籌集了 20 億美元，是此前行業紀錄的 6 倍，目前管理著 12 檔基金，涵蓋現金指數、系統性股票等，代表近 400 家機構和超過 100 萬印度散戶投資者。

More broadly, we're seeing great momentum in connectivity with clients in international markets. Both in Asia and in LatAm, we saw double-digit organic base fee growth in 2025. Growth in Asia was led by our active wealth strategies and $30 billion of ETF net inflows across our locally listed and global ETF range.

更廣泛地說，我們看到與國際市場客戶的聯繫勢頭強勁。2025 年，我們在亞洲和拉丁美洲都看到了兩位數的有機基礎費用成長。亞洲市場的成長主要得益於我們積極的財富管理策略，以及本地上市和全球 ETF 產品系列 300 億美元的 ETF 淨流入。

In Latin America, our local presence is similarly resonating through our onshore ETFs and wealth offerings. And in the Middle East, we have a strong history as a trusted adviser to countries looking to allocate capital or to build out their own local markets. It is one of our fastest-growing regions.

在拉丁美洲，我們透過本土ETF和財富管理產品，在當地市場也產生了類似的正面影響。在中東，我們擁有悠久的歷史，一直是各國尋求配置資本或發展本國市場的值得信賴的顧問。它是我們成長最快的地區之一。

Our Aladdin technology powers and unites all of our platform and all our work. The fact that BlackRock is the largest user of Aladdin allows us to stay attuned to changes in the marketplace and adapt Aladdin for our clients. Today, we're enabling our clients to more easily manage their exposure through end-to-end integration across public and private markets. 16% technology ACV growth reflected several innovative multiproduct wins, which will drive future revenues.

我們的 Aladdin 技術為我們所有的平台和所有工作提供動力並將其統一起來。貝萊德是 Aladdin 的最大用戶，這使我們能夠密切關注市場變化，並根據客戶需求調整 Aladdin。如今，我們透過跨公共和私募市場的端到端整合，幫助客戶更輕鬆地管理其風險敞口。 16% 的技術年度合約價值成長反映了多項創新多產品的成功案例，這些案例將推動未來的收入成長。

Through Preqin, we're expanding access to actionable private market data, giving investors the analytics they need to build strong and reliable portfolios. The BlackRock platform is comprehensive. It's global. We're a leader in public markets, we're a leader in private markets and we are a leader in technology and data. We're a foundational provider in the traditional financial markets and the evolving decentralized financial ecosystem.

透過 Preqin，我們正在擴大可操作的私募市場數據的存取範圍，為投資者提供建立強大可靠的投資組合所需的分析。貝萊德平台功能全面。它是全球性的。我們在公開市場、私募市場以及科技和數據領域都是領導者。我們是傳統金融市場和不斷發展的去中心化金融生態系統的基礎性服務提供者。

Most importantly, we bring it all together to deliver BlackRock to our clients in a comprehensive, consistent, determined way. We're entering 2026 with elevated momentum, and we're positioned to have a big future opportunities. We ended the year with 12% organic base seed growth, record flows and a new AUM high at $14 trillion. This already lifts our base fee entry level rate by 13%.

最重要的是，我們將所有資源整合起來，以全面、一致、堅定的方式為客戶提供貝萊德服務。我們帶著強勁的發展勢頭進入2026年，並已做好迎接未來巨大機會的準備。今年年底，我們實現了 12% 的有機種子基數成長，創紀錄的資金流入，以及 14 兆美元的新資產管理規模。這已經使我們的基本費用入門費率提高了 13%。

We are confident in our organic base fee growth ambitions. We plan to raise the cumulative $400 billion in private markets by 2030. We're focused on our margins and driving profitable growth. This all should translate to shareholder value through higher earnings and then multiple expansion.

我們對我們的有機基礎費用成長目標充滿信心。我們計劃在 2030 年於私募市場累計籌集 4,000 億美元。我們專注於提高利潤率，並推動獲利成長。這一切都將透過更高的獲利和估值倍數的提升轉化為股東價值。

I'd like to thank our employees for the work they do every day on behalf of our clients, each and every client that we stand by as a fiduciary. When we do well for our clients, we also do well for our employees, and then we do well for our shareholders. I believe they'll all be beneficiaries of our future growth.

我要感謝我們的員工每天為我們的客戶所做的工作，感謝他們作為受託人對每一位客戶的盡心盡力。當我們為客戶創造價值時，我們的員工也會受益，進而我們的股東也會受益。我相信他們都將成為我們未來發展的受益者。

Operator, let's open it up for questions.

操作員，現在開始接受提問。

(Operator Instructions)

（操作說明）

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Hi Craig. Happy New Year.

嗨，克雷格。新年快樂。

Good morning, Larry. Happy New Year, and I have to congratulate you on the record base fee organic growth because 12% is pretty impressive for a $14 trillion manager.

早安，拉里。新年快樂！我必須祝賀你們實現了創紀錄的基本費用自然增長，因為對於一家管理著 14 兆美元資產的基金來說，12% 的增長相當令人印象深刻。

Well, I hope it's going to be impressive when we're in a much larger manager than $14 trillion.

我希望當我們管理的資產規模遠超過 14 兆美元時，情況會更加令人矚目。

As we look ahead to 2026, can you flush out what you're all seeing in thinking on the net flow pipeline? And a sort of follow-up would be your money market business, which, is not a new modern business, has done really, really well over the last five years. Higher rates has been a factor there. But with the Fed cutting, do you see flows reversing in this business? And if it does, where do you think that liquidity goes?

展望 2026 年，您能否詳細說明您對淨流量管道的看法？而後續發展可以追溯到貨幣市場業務，雖然它不是一項新興的現代業務，但在過去五年發展得非常非常出色。利率上升是造成這種情況的原因之一。但隨著聯準會降息，你認為這個產業的資金流動會逆轉嗎？如果真的發生這種情況，你認為這些流動性會流向哪裡？

Thanks, Craig. It's Martin. Happy New Year. Let me just start by saying that organic base fee growth continues to outperform our 5-plus percent baseline target, 10% in Q3, 12% print in Q4, 9% for the year. And it's the momentum, I think, that really gives us a lot of energy. The growth has ticked higher each quarter. We were 1% to start 2024, 6-plus percent each quarter this year and then ending with two back-to-back quarters that are at double digits.

謝謝你，克雷格。是馬丁。新年快樂。首先我想說的是，有機基礎費用成長持續超過我們 5% 以上的基準目標，第三季達到 10%，第四季達到 12%，全年達到 9%。我認為正是這種勢頭給了我們很大的動力。每個季度成長率都在穩定上升。2024 年初，我們的成長率為 1%，今年每季都超過 6%，然後連續兩個季度都達到了兩位數。

That means clients want to do more business and are giving more business to BlackRock. I think the success we've had with this structural growth strategy, it's driving strength and it's doing it across market environments in an all-weather way. And with more growth coming from our pipeline of private markets, systematic strategies, models, SMAs, digital assets, we think we can power organic base fee growth. It's more consistently 6%, 7% or higher.

這意味著客戶希望開展更多業務，並將更多業務交給貝萊德。我認為我們透過這種結構性成長策略所取得的成功，是推動了公司發展，並且能夠在各種市場環境下以全天候的方式實現這一目標。隨著我們在私募市場、系統策略、模型、SMA、數位資產等領域的更多成長，我們認為我們可以推動基礎費用的有機成長。通常情況下，這個比例在 6%、7% 或更高。

And in supportive market environments, I think like Q4, where there's some risk on sentiment for higher fee international precision exposures, private markets can tilt even higher. But we've always talked about our strategy being grounded in the whole portfolio, it's always been about breadth and serving every corner of a client's portfolio.

在有利的市場環境下，例如第四季度，市場情緒對更高收費的國際精準投資曝險有一定的風險，私募市場可能會進一步走高。但我們一直強調，我們的策略應該立足於整個投資組合，重點在於廣度，服務於客戶投資組合的每個角落。

This year, we had really excellent breadth in organic base fee growth, and we're seeing that same breadth in our pipeline. Our fundraising plan is diversified across infrastructure, private financing solutions, multi alternatives. And I think 2026, to your point, on money funds it's shaping up to be the year of a steeper yield curve, and we think that era of EZ287 fund income looks to be fading. We think that bond returns are going to be driven more by income rather than rate moves or spread compression.

今年，我們的有機基礎費用成長非常強勁，而且我們在潛在客戶開發方面也看到了同樣的強勁勢頭。我們的籌款計劃涵蓋基礎設施、私人融資方案和多種替代方案。我認為，正如你所說，2026 年貨幣基金殖利率曲線將變得更加陡峭，我們認為 EZ287 基金收益的時代似乎正在消逝。我們認為債券收益將更受收入驅動，而不是受利率變動或利差收窄的影響。

And I think even though cash is always going to be an allocation in a well-balanced portfolios, we'd expect that rate cuts are going to cause money market yields to fall and that some of the best opportunities for investors to be locking in bond yields are going to be in intermediate-term bonds. I think if the bond team was here, they say there's a generational opportunity to earn high quality, steady income in the front and middle of the yield curve using that full toolkit in fixed income, credit, securitized, government bonds, munis, active and index.

我認為，儘管現金始終是均衡投資組合中的一種配置，但我們預計降息將導致貨幣市場收益率下降，而投資者鎖定債券收益率的最佳機會之一將是中期債券。我認為如果債券團隊在這裡，他們會說，利用固定收益、信貸、證券化、政府債券、市政債券、主動型和指數型債券的全部工具，在收益率曲線的前端和中端獲得高品質、穩定的收入，這是一個千載難逢的機會。

And we're seeing that energy on our platform. We saw more than $80 billion of fixed income flows in Q4 and more than $40 billion outside the new city mandate. iShares' bonds had $52 billion in Q4, $175 billion, that's 18% organic growth for the year. We manage over $3 trillion in fixed income. So we think we can meet clients with fixed income offerings across sectors and durations wherever they need it and to do it in a vehicle that works best for them. That's an ETF.

我們在平台上看到了這種活力。第四季固定收益資金流入超過800億美元，其中超過400億美元來自新城市強制投資範圍以外的資金。 iShares的債券在第四季持有520億美元，全年總持有量達1,750億美元，較去年同期成長18%。我們管理的固定收益資產超過3兆美元。因此，我們認為我們可以隨時隨地為客戶提供各個行業和期限的固定收益產品，並以最適合他們的方式實現這一目標。那是一隻ETF。

It's a separate account, a mutual fund or even yield-oriented exposures being a top CLO issuer and manager and by blending public and private fixed income through direct lending BDCs like HLEND. Our field on new assets to the firm in this pipeline is running 6 times or 7 times higher than the field on new assets in '23. And we think clients want to do more with BlackRock across the platform. We saw it in the 2025 activity and in the early momentum in '26. So it gives us confidence that we're on the right track and gives us a lot of energy about what 2026 can look like on the organic growth front.

這是一個獨立的帳戶，一個共同基金，甚至是收益導向投資，作為頂級 CLO 發行人和管理人，透過像 HLEND 這樣的直接貸款 BDC 將公共和私人固定收益相結合。我們目前在公司新資產儲備方面的投入，是 2023 年新資產儲備的 6 到 7 倍。我們認為客戶希望在整個平台上與貝萊德進行更多合作。我們在 2025 年的活動和 2026 年的早期勢頭中都看到了這一點。這讓我們確信我們走在正確的道路上，也讓我們對 2026 年有機成長的發展前景充滿信心。

Let me just add one more point. As global capital markets grow, cash is going to grow alongside of it. So the base holdings of cash will be elevated as long as the global capital market continues to grow. And if you overlay, if tokenization becomes more real and the opportunity to have a tokenized money market fund alongside tokenizing other assets, I actually believe you're going to see probably above-trend holdings and cash.

我再補充一點。隨著全球資本市場的成長，現金也會隨之成長。因此，只要全球資本市場持續成長，現金基礎持有量就會維持在高位。而且，如果代幣化變得更加現實，並且有機會將代幣化的貨幣市場基金與其他資產代幣化結合起來，我相信你會看到高於趨勢水平的持股和現金。

That being said, I agree with everything what Martin said, we're going to see much more -- you're going to see more and more investors going out the curve, especially if the yield curve become steeper and steeper, which probably is going to be the outcome. But I think we have to look at the overall scale of the capital markets and its growth globally, and that is one of the foundational reasons like cash holdings will -- they look larger than ever, which they certainly are, but I think as the capital markets grows, so does holdings in capital markets cash.

話雖如此，我完全同意馬丁所說的一切，我們將會看到更多——你會看到越來越多的投資者選擇殖利率曲線之外的投資，尤其是在殖利率曲線變得越來越陡峭的情況下，這很可能就是最終的結果。但我認為我們必須從全球資本市場的整體規模及其成長來看，這是現金持有量——看起來比以往任何時候都更大（當然也確實如此）——的基本原因之一，但我認為隨著資本市場的增長，資本市場現金持有量也會增長。

And I think that is important -- there's an important connection between that. And it's not -- it's -- cash is just not an outcome of people are nervous and holding and are not looking to do it. As the capital market grows and as more people's wallets are in the capital markets, the role of the money market fund just grows. And I think that is one of the foundational reasons why we continue to believe that money market holdings will continue to be quite large.

我認為這很重要——這兩者之間存在著重要的關聯。而且，現金短缺並不是因為人們感到緊張、手頭拮据、不願出手所致。隨著資本市場的成長和越來越多的人將資金投入資本市場，貨幣市場基金的角色也越來越大。我認為這是我們繼續相信貨幣市場持有量將繼續保持相當大規模的根本原因之一。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Hey, good morning.

嘿，早安。

Michael. How are you?

麥可。你好嗎？

Great, thanks for taking the question. I wanted to ask one about Asia. I was hoping you could speak to your priorities across your footprint in Asia, from your local partnership in India, two initiatives you have in Japan, among other countries. How are you looking to accelerate growth and expand contribution from Asia over the next couple of years? And what aspects might be most meaningful to the overall firm?

太好了，謝謝你回答這個問題。我想問其中一位關於亞洲的問題。我希望您能談談您在亞洲的業務重點，包括您在印度的本地合作夥伴關係、您在日本的兩項舉措以及其他國家的情況。未來幾年，您打算如何加速成長並擴大亞洲地區的貢獻？那麼，哪些方面對公司整體而言最有意義呢？

Well, I would say, first and foremost, Asia capital markets grew faster than the US capital markets. More IPOs in Asia, especially in Hong Kong. So let's just start with that foundational base. The capital markets are going faster there.

首先，我認為亞洲資本市場的成長速度超過了美國資本市場。亞洲，尤其是香港，將有更多公司進行首次公開發行（IPO）。那麼，我們就從這個基礎知識開始吧。那裡的資本市場運作速度更快。

You're seeing historical changes in Japan because the NISA accounts and retirement accounts, you're just seeing more of wealth entering the capital markets out of the banking system. And that just represents more and more opportunities.

日本正在經歷歷史性的變化，因為有了NISA帳戶和退休帳戶，越來越多的財富正從銀行體系流入資本市場。這代表著越來越多的機會。

So Japan has been an exceptional platform for growth. The insurance industry in Japan, the pension fund industry as the NISA accounts grow, so that's just one really good foundational example. As I said, IPOs in Hong Kong and the scale of wealth management in Hong Kong and Singapore, the wealth that is being generated in Southeast Asia, all leads to bigger opportunities, not just bigger opportunities to manage the money, but bigger opportunities to invest like GIP invested in the airports of Malaysia.

因此，日本一直是促進成長的絕佳平台。日本的保險業、退休基金業，以及NISA帳戶的成長，都是一個很好的基礎例子。正如我所說，香港的IPO以及香港和新加坡的財富管理規模，東南亞正在創造的財富，所有這些都帶來了更大的機遇，不僅是更大的資金管理機遇，還有更大的投資機遇，例如GIP投資馬來西亞機場。

In India, I believe we have the best single platform to grow in India with a JioBlackRock partnership. I talked about the growth in 2025, but we have -- we believe that the transmission of the growth of the capital markets in India is just at the very beginning.

我認為，透過與 JioBlackRock 的合作，我們擁有了在印度發展的最佳單一平台。我談到了 2025 年的成長，但我們認為——我們認為印度資本市場成長的傳導才剛開始。

Historically, Indians kept most of their money either in gold or in cash. And I think the opportunities to develop a self-directed retirement platform in India is real. And as the platform grows in terms of retirement, the opportunities for us are very large.

歷史上，印度人大多將錢財以黃金或現金的形式保存。我認為在印度發展自主型退休平台的機會是真實存在的。隨著退休平台的發展，我們的機會也越來越大。

But even in places like in Saudi Arabia, there's conversations going on now to really build a Pillar 2 retirement system there and then obviously, a Pillar 3, and we're engaged in those conversations and opportunities. So historically, we looked at a lot of these markets who are exporters of capital, but now, in many cases, there are importers of capital, but more importantly, they're developing their own capital markets.

但即使在沙烏地阿拉伯這樣的地方，現在也正在進行關於真正建立第二支柱退休制度的討論，然後顯然還有第三支柱，我們也參與了這些討論和機會。從歷史上看，我們觀察了許多資本輸出市場，但現在，在許多情況下，這些市場變成了資本輸入市場，但更重要的是，它們正在發展自己的資本市場。

This is a trend that I've been talking about for years, and I think it's just that we're at the early stages of the growth of the capital markets in every place in the world. If you look at our growth rates, the double-digit growth rates and base fees in LatAm, it is another example of the growth of wealth and the opportunity that we have. And so the key is BlackRock is going to grow as long as the world and global capital markets grow.

我多年來一直在談論這種趨勢，我認為這只是因為我們正處於世界各地資本市場發展的早期階段。如果你看看我們在拉丁美洲的成長率，兩位數的成長率和基本費用，這再次證明了財富的成長和我們所擁有的機會。因此，關鍵在於，只要世界和全球資本市場成長，貝萊德就會成長。

But I would -- what I would clearly, say, what '25 indicates and what '26 offers is the growth of these capital markets are very beneficial for platforms like BlackRock, and we are involved in these conversations. We're building our platform in each and every country. And I believe this is one of the real foundational opportunity for us in the future.

但我會明確地說，2025 年的跡象和 2026 年的前景表明，這些資本市場的成長對像貝萊德這樣的平台非常有利，我們也參與了這些討論。我們正在每個國家/地區建立我們的平台。我相信這是我們未來真正的奠基性機會之一。

Mike Brown, UBS.

麥克布朗，瑞銀集團。

Good morning, Mike. Hi, good morning.

早上好，麥克。您好，早安。

Hi, good morning. Happy New year.

您好，早安。新年快樂。

Happy New Year to you.

祝你新年快樂。

So Larry, you touched on the insurance channel in your prepared remarks, and BlackRock is a major player in the space and about 5% of your AUM today. But certainly, competition seems to be rising in the space. Can you just talk a little bit about how your differentiated offering like a full spectrum cash to private credit differentiates here maybe unpack your comments about how the demand for the channel is shaping up here in 2026?

拉里，你在事先準備好的演講稿中提到了保險管道，而貝萊德是該領域的主要參與者，目前約佔你資產管理規模的 5%。但可以肯定的是，該領域的競爭似乎正在加劇。您能否談談貴公司提供的差異化產品，例如全方位的現金和私人信貸，是如何脫穎而出的？或許您也可以談談您對2026年該通路需求發展趨勢的看法？

Thanks. Maybe I'll start, Martin, and then I know Larry will add some color. So I'd start with, yes, the balance sheets of the world's largest insurance companies were traditionally invested in public fixed income. BlackRock has been very successful at capturing those allocations, and today, we're the largest insurance company, general account manager in the industry with $700 billion in assets, more than 450 insurance relationships.

謝謝。也許我先開始，馬丁，然後我知道拉里會添上一些色彩。所以，首先我要說的是，是的，世界最大保險公司的資產負債表歷來都投資於公共固定收益產品。貝萊德在獲取這些資產配置方面非常成功，如今，我們已成為業內最大的保險公司和總客戶經理，擁有 7,000 億美元的資產，與 450 多家保險公司建立了合作關係。

HPS also manages over $60 billion of credit assets for over 125 insurance companies. And I think with our combined platform, we're better positioned than ever to be a high-grade solutions provider. We also have a service to the largest insurance companies on our Aladdin platform as well as an array of middle office services and accounting services.

HPS 也為超過 125 家保險公司管理超過 600 億美元的信貸資產。我認為，憑藉我們合併後的平台，我們比以往任何時候都更有優勢成為一流的解決方案提供者。我們也透過 Aladdin 平台為最大的保險公司提供服務，以及一系列中台服務和會計服務。

We think that private credit and building great public private portfolios is a very important growth vector within private markets and there's an opportunity for growth with asset-based finance and private high grade with insurance companies.

我們認為，私人信貸和建構優秀的公私合營投資組合是私人市場中非常重要的成長動力，而資產融資和保險公司的私人高等級貸款則蘊藏著成長機會。

Just the penetration in this market is much smaller when compared to the corporate credit market. We have over 20 conversations right now where we're working on high-grade SMAs with leading insurers and building private high-grade portfolios. A number are in later stages. We'd hope to start seeing deployments pull through through the second half of 2026 and we're really focused on three things with them.

與企業信貸市場相比，該市場的滲透率要小得多。我們目前正在與 20 多家領先的保險公司洽談高品質的獨立管理帳戶 (SMA)，並建立高品質的私人投資組合。許多病例已進入後期階段。我們希望在 2026 年下半年開始看到部署工作逐步展開，我們主要關注以下三點。

The first is delivering better outcomes for our insurance clients by working with them to migrate something on order of 10% of their existing public fixed income assets into private high grade. So think of a $700 billion base migrating to $70 billion on order of that in private high grade.

首先，我們將與保險客戶合作，協助他們將約 10% 的現有公共固定收益資產轉移到私募高等級資產，從而為他們帶來更好的結果。所以想像一下，一個價值 7000 億美元的基礎資產，以這個規模轉移到價值 700 億美元的私人高級資產。

The second is expanding high-grade mandates, meaning new assets and winning new assets with clients away from our existing book.

第二點是擴大優質委託業務，這意味著獲得新資產，並從我們現有的客戶群中贏得新資產。

And the third is also pursuing strategic partnerships, minority investments to increase the pool of insurance assets managed here at BlackRock, similar to the minority investment and strategic alliance that we announced with Viridian last year.

第三，我們也在尋求策略夥伴關係和少數股權投資，以增加貝萊德管理的保險資產池，類似於我們去年宣布與 Viridian 達成的少數股權投資和策略聯盟。

I think on our competitive advantages. I'd note that insurance company asset management, it's a highly customized effort working with clients every day. It's not one of these mandates that give me a benchmark, and I'll beat it and give you a monthly report.

我認為關鍵在於我們的競爭優勢。我想指出的是，保險公司的資產管理是一項高度客製化的工作，需要每天與客戶合作。這不是那種給我設定基準，然後我會超越它並每月向你們提交報告的任務。

Teams are basically in-sourced by the insurance company to be looking at cash flows, to be thinking about credit, to be thinking about the intersection of accounting and capital and managing those portfolios. It is a highly interactive day-to-day thing. So being able effectively to blend turnkey full-service capabilities for insurance companies. That's a key competitive advantage for BlackRock.

保險公司基本上會組成內部團隊，負責查看現金流量、考慮信貸、考慮會計和資本的交集以及管理這些投資組合。這是一項高度互動性的日常活動。因此，能夠有效地將一站式全方位服務能力融入保險公司。這是貝萊德的一項關鍵競爭優勢。

Integrating public fixed income, private credit, Aladdin, accounting, middle office services makes working with BlackRock a performance enhancer, a scale enabler. So there's no doubt that this space has become more competitive, especially in private high grade. But I think our experience is that insurance companies want a full-service partner and that we're well positioned to play that role given our track record in public fixed income technology and world-class capabilities in private credit.

整合公共固定收益、私人信貸、Aladdin、會計、中台服務，與貝萊德合作可提升業績，實現規模化。因此，毫無疑問，這個領域的競爭變得更加激烈，尤其是在私人高檔住宅領域。但我認為，根據我們的經驗，保險公司需要的是一個全方位服務的合作夥伴，而鑑於我們在公共固定收益技術領域的良好記錄和在私人信貸領域的世界一流能力，我們完全有能力扮演這一角色。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Happy New Year, Alex.

新年快樂，亞歷克斯。

Hey, good morning, Larry. Happy New Year to you guys as well. So question to you guys about margins, Larry, you mentioned it a couple of times, and Martin did as well. Obviously, the business has grown really well. You outlined a number of really compelling initiatives how growth could continue for '26, '27. So when I think about the 45% operating margin, excluding performance fees that you sort of highlighted for 2025, how should we think about that progressing over the course of '26, assuming kind of normal markets?

嘿，早上好，拉里。也祝你們新年快樂。那麼，關於利潤率的問題，拉里，你提到過幾次，馬丁也提到過。顯然，公司發展得非常好。您概述了一些非常有說服力的舉措，說明 2026 年和 2027 年如何持續成長。所以，當我想到您提到的 2025 年 45% 的營業利潤率（不包括業績費）時，假設市場處於正常狀態，我們應該如何看待它在 2026 年的發展？

And then Martin, just a follow-up for you, the specifics around G&A, I heard mid-single digits, but maybe you guys could just remind us what the right base is? Thanks.

馬丁，還有一個後續問題想問你，關於一般及行政費用的具體情況，我聽說在個位數中段，但你們能不能提醒我們一下正確的基準是多少？謝謝。

Sure. Thanks, Alex. Happy New Year. So BlackRock, as I mentioned, we continue to deliver industry-leading margins. As we talked about at our Investor Day, we continue to target 45% or greater adjusted operating margin profile with our margin on recurring fee-related earnings running higher. Our operating margin in the quarter was 45%. And as I mentioned in my remarks, we continue to deliver margin expansion on recurring fee-related earnings.

當然。謝謝你，亞歷克斯。新年快樂。正如我之前提到的，貝萊德將繼續保持業界領先的利潤率。正如我們在投資者日上所談到的，我們繼續以 45% 或更高的調整後營業利潤率為目標，同時希望經常性費用相關收入的利潤率能夠更高。本季我們的營業利益率為 45%。正如我在演講中提到的，我們繼續擴大經常性費用相關收入的利潤率。

So excluding the impact of performance fees and related comp, our margin would have been 45.5%, up 30 basis points. Think of that as more akin to an FRE margin burden for stock-based compensation. This growth here at BlackRock is fueled by strong FRE growth in our private markets franchises, along with high value, higher fee rate and scaled strategies and active ETFs, digital assets, systematic equities and other areas.

因此，如果不計入業績費和相關補償的影響，我們的利潤率將達到 45.5%，成長 30 個基點。可以把它看作是股票選擇權激勵的 FRE 利潤負擔。貝萊德的這一成長得益於私募市場業務的強勁自由交易收入成長，以及高價值、高費率和規模化策略、主動型ETF、數位資產、系統性股票和其他領域的成長。

So we think that over time, we'll see the margin on fee-recurring earnings driving upwards towards the trajectories of the best-in-class private market name, so think north of 50%. A couple of things I'd remind you that we defer a portion of compensation linked to performance fees for talent retention. So in years where we see higher performance fees, we also see higher deferrals, which impact comp in future years.

因此我們認為，隨著時間的推移，費用經常性收入的利潤率將會上升，朝著一流私募市場公司的水平邁進，預計將超過 50%。有幾點需要提醒大家，為了留住人才，我們會將一部分與演出費用相關的報酬延長。因此，在績效費較高的年份，我們也會看到較高的遞延收入，影響未來幾年的薪資。

We continue to drive operating leverage and growth through technology and automation, using the benefits of size and scale to reduce costs, strategically footprinting our business. And as we set out in the Investor Day, we're targeting that 45% or higher greater adjusted operating margin. We're delivering steady operating margin expansion before the GIP, Preqin and HPS transactions.

我們繼續透過技術和自動化推動營運槓桿和成長，利用規模優勢降低成本，並策略性地佈局我們的業務。正如我們在投資者日上所宣布的那樣，我們的目標是實現 45% 或更高的調整後營業利潤率。在完成 GIP、Preqin 和 HPS 交易之前，我們已經實現了穩定的營業利潤率成長。

As we talked about during the announcement of those transactions, GIP and HPS both have 50% or higher FRE margins. So that's accretive to our margin on fee-related earnings. So we think the growth in these franchises alongside the highly scaled platforms like iShares, cash, model portfolios, they can fuel higher margins on fee-related earnings and over time, our overall adjusted operating margin.

正如我們在宣布這些交易時所討論的那樣，GIP 和 HPS 的 FRE 利潤率均為 50% 或更高。因此，這增加了我們與費用相關的收入利潤率。因此，我們認為這些特許經營業務的成長，以及像 iShares、現金、模型投資組合等高度規模化的平台，可以推動費用相關收入的利潤率提高，並隨著時間的推移，提高我們整體的調整後營業利潤率。

And just in terms of your question, Alex, on G&A. We've talked about our financial rubric and how we aim to align organic revenue growth and controllable expenses across base salaries as well as G&A. Ultimately, I think with the long growth, the market is a structural tailwind, that's going to deliver more beta to the bottom line in op income growth and the benefits of scale to our clients and shareholders.

至於你問的關於 G&A 的問題，Alex。我們已經討論過我們的財務準則，以及我們如何努力使有機收入成長與基本工資和一般及行政費用等可控支出保持一致。最終，我認為隨著長期成長，市場將成為結構性順風，這將為營業收入成長帶來更大的利潤，並為我們的客戶和股東帶來規模效益。

As I mentioned on my prepared remarks, after annualizing for the impact of HPS and Preqin, we'd expect a mid-single-digit percentage increase in G&A. In 2025, we didn't see the full year impact of acquired HPS and Preqin G&A, so it will impact the year-over-year comparison in 2026. If you annualize our second half 2025 G&A results, which fully captures HPS and Preqin G&A, our 2026 expected G&A growth is in the mid-single digits.

正如我在準備好的演講稿中提到的，在將 HPS 和 Preqin 的影響按年計算後，我們預計 G&A 將出現中等個位數百分比的增長。2025 年，我們還沒有看到收購 HPS 和 Preqin G&A 的全年影響，因此這將影響 2026 年的年比比較。如果將我們 2025 年下半年的 G&A 業績按年計算（其中完全包含了 HPS 和 Preqin 的 G&A），我們預計 2026 年的 G&A 成長率將達到個位數中段。

Once we've lapped the 2026 results with a full year of integrated expense in our results, we expect you'll continue to see controllable expenses within organic base fee growth, as we drive our 2030 strategy forward, that implies future years are in the mid-single-digit percentage growth.

一旦我們將 2026 年的業績與全年的綜合費用計入業績，我們預計隨著我們推進 2030 年戰略，您將繼續看到有機基本費用增長中的可控費用，這意味著未來幾年將保持中等個位數百分比的增長。

Ken Worthington of JPMorgan.

摩根大通的肯‧沃辛頓。

Happy new year, Ken.

肯，新年快樂。

Hi, good morning. Happy New Year to you. I wanted to dig a little bit further into Preqin. The alternative data business is evolving, several alternative managers and index companies have launched private market partnerships over the last few quarters with plans to launch various private market indices. How should we view the evolution of Preqin and BlackRock's initiatives around private market data? And what sort of outlook do you see for Preqin and BlackRock to participate in investable alternative indices?

您好，早安。祝你新年快樂。我想更深入地了解 Preqin。另類數據業務正在不斷發展，過去幾個季度，多家另類資產管理公司和指數公司已啟動私募市場合作項目，計劃推出各種私募市場指數。我們該如何看待 Preqin 和 BlackRock 在私募市場數據方面所採取的措施的演變？您認為 Preqin 和 BlackRock 參與可投資另類指數的前景如何？

Thanks. I'd start with we're basically nine months-plus past the close of Preqin. The integration has really been terrific. We're very excited about the plans going forward. The four big things to do as part of bringing Preqin into BlackRock is first, expanding the distribution, obviously, of world-class Preqin data across our client base.

謝謝。首先，我想說的是，距離 Preqin 結束已經過了九個多月。整合效果真的非常棒。我們對未來的計劃感到非常興奮。將 Preqin 引入貝萊德的四件大事中，首先，顯然是要擴大世界一流的 Preqin 數據在我們的客戶群中的分發範圍。

The second is the build-out of data and models for private markets using the Preqin data, creating that great ecosystem where you have data and models being able to power how asset allocators think about investing in the private markets, how they think about benchmarking and comparing returns, effectively creating the language of private markets, both in risk models and in data.

第二點是利用 Preqin 數據建立私募市場的數據和模型，創建一個強大的生態系統，在這個生態系統中，數據和模型能夠影響資產配置者如何思考投資私募市場，如何思考基準測試和比較收益，從而有效地創建私募市場的語言，無論是在風險模型還是數據方面。

The third is enriching the data and building scale in the data factory. And then the fourth is the opportunity, you're touching on, which we think is the larger long-term opportunity of leveraging our engines in Aladdin and iShares to build the machine for the indexing of the private markets.

第三點是豐富數據並建構數據工廠的規模。第四個機會，正如您所提到的，我們認為這是一個更大的長期機會，即利用我們在 Aladdin 和 iShares 中的引擎來建立私募市場指數化的機制。

And when I think about what the creation of public markets did to drive stock markets, which especially we see through iShares, we think BlackRock and Preqin to do that for the private markets. We see that opportunity as being particularly compelling. We're working on building investable indices that we hope to bring to market here in the next few years.

當我想到公開市場的創立對股票市場的影響，尤其是透過 iShares 看到的，我們認為貝萊德和 Preqin 對私募市場也扮演了同樣的角色。我們認為這個機會尤其具有吸引力。我們正在努力建立可投資的指數，希望在未來幾年內將其推向市場。

And I think the real opportunity is to try to standardize index rules to try to standardize pricing frameworks and ultimately, publication so that you can create markets and transparency that ultimately can power futures contracts, can ultimately power iShares, and that's a big part of our strategy in the overall growth of Preqin.

我認為真正的機會在於嘗試規範指數規則，嘗試規範定價框架，並最終實現資訊公開，從而創造市場和透明度，最終推動期貨合約的發展，最終推動 iShares 的發展，而這正是 Preqin 整體成長策略的重要組成部分。

Let me add one other point. Because more and more insurance companies, more and more pension funds and sovereign funds are deploying more and more private market strategies and more wealth managers are anticipating more private market strategies, the need to have a comprehensive risk management platform is even more imperative.

我再補充一點。由於越來越多的保險公司、越來越多的退休基金和主權基金正在部署越來越多的私募市場策略，越來越多的財富管理機構也在預期會出現更多的私募市場策略，因此，擁有一個全面的風險管理平台就顯得更加迫切了。

So having a separate risk management system only for private markets is not going to be workable. And I think what Aladdin is bringing across the world and the spectrum of public and private markets, we're in a position of very large growth, and you saw that in our ACV growth in 2025.

因此，僅為私人市場設立單獨的風險管理系統是行不通的。我認為阿拉丁正在為全世界以及公共和私人市場帶來巨大成長，我們正處於一個非常大的成長階段，這一點從我們 2025 年的年度合約價值成長中就可以看出。

And we expect that to continue over the coming years, the need to have a comprehensive risk platform. And especially if the Department of Labor approves the utilization of private markets in the 401(k) and the defined contribution business, each and every firm is going to have to validate and authenticate the risk that is being implied when they add private markets.

我們預計未來幾年，對綜合風險管理平台的需求仍將持續存在。尤其是如果勞工部批准在 401(k) 和固定繳款業務中使用私人市場，那麼每一家公司都必須驗證和確認引入私人市場所帶來的風險。

We are still going to have to live under some prudent ruling, maybe still a fiduciary ruling of some sort, we don't know. But I could say with absolute certainty, the need to have a comprehensive risk tools to understand the risks associated with adding private markets to a, what is, all public market portfolio is imperative. And so the need for a platform like Aladdin has never been greater, especially with the addition of private markets in the defined contribution space.

我們仍需要遵守一些審慎的規定，或許還是某種信託規定，我們不得而知。但我可以非常肯定地說，要了解將私募市場添加到完全公開市場的投資組合中所帶來的風險，就必須擁有全面的風險工具。因此，像 Aladdin 這樣的平台的需求從未如此迫切，尤其是在固定繳款退休金領域增加了私人市場之後。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Good morning, Dan.

早上好，丹。

Thanks. Good morning. So just a question on private credit. I was hoping you could first disclose what the HPS flows were in the quarter? And then more broadly, how you're thinking about the outlook for growth given the headlines and news flow around this asset class, has that changed at all as we think about 2026 and beyond?

謝謝。早安.我有一個關於私人信貸的問題。希望您能先公佈一下本季HPS的流量狀況？更廣泛地說，鑑於圍繞該資產類別的頭條新聞和新聞流，您如何看待成長前景？當我們展望 2026 年及以後時，您的看法是否有所改變？

Thanks a lot. So we deployed $25 billion in 2025 across private markets led by private credit and infrastructure. The deployment trends have been strong. We had $7 billion of private credit net inflows in the quarter, primarily due to deployment activity. We're seeing good and building momentum for private markets investing and private credit, I think, in particularly.

多謝。因此，我們計劃在 2025 年向以私人信貸和基礎設施為主導的私人市場投入 250 億美元。部署趨勢一直很強勁。本季我們獲得了 70 億美元的私人信貸淨流入，主要原因是投資活動。我認為，私募市場投資，尤其是私募信貸，目前正呈現良好且不斷增強的發展動能。

So that number, I think, is in the tables. We're generally seeing stable credit conditions across the main HPS strategies that today form the core of our private credit platform. We think some of the headlines that we've read often highlight isolated stress points rather than painting the full picture. But we generally see stable credit conditions across the portfolios that we're managing.

所以，我想，這個數字應該在表格裡。我們看到，目前構成我們私人信貸平台核心的主要 HPS 策略的信貸狀況總體上保持穩定。我們認為，我們看到的一些新聞標題往往只關注孤立的壓力點，而沒有展現全貌。但我們總體上看到，在我們管理的投資組合中，信貸狀況保持穩定。

But I think the context is critical. Like defaults and losses in the non-IG direct lending to corporates have been abnormally low for years following low rates. Default rates in the broader leveraged loan market are averaging slightly below the long-term average of 3%. And in economic slowdowns like default rates rose to 4% to 5%, the all-time peak in the GFC hit 15% on an issuer-weighted basis, and so direct lending defaults are rising, but they remain in historical ranges. So I think we see this period as do many of the other firms as a period of expected catch-up following a long period of very low defaults.

但我認為背景至關重要。與此類似，多年來，由於利率一直很低，非投資等級直接貸款給企業的違約和損失也異常低。更廣泛的槓桿貸款市場的違約率平均略低於 3% 的長期平均值。在經濟放緩時期，違約率上升至 4% 至 5%，全球金融危機期間，以發行人加權計算的違約率高峰達到 15%，因此直接貸款違約率正在上升，但仍處於歷史範圍內。所以我認為，我們和其他許多公司一樣，將這段時期視為在經歷了長期的低違約率之後，預期的追趕期。

So returning to normal defaults is something I think we expect. When we look through the universe of BDC loans, the $400 billion across 20,000 loans sitting in the valuation databases, we see nonaccruals that are inside the historical average. We see PIC as a percentage of total interest income in line with historical norms, recovery rates that are in line with historical norms.

所以，我認為我們都會期待恢復正常的預設設定。當我們查看 BDC 貸款的全部情況時，在估值資料庫中，我們發現 20,000 億美元的貸款總額為 4000 億美元，非應計項目都在歷史平均水平之內。我們看到 PIC 佔總利息收入的百分比符合歷史標準，回收率也符合歷史標準。

The data does show some stratification between smaller companies and larger companies. So a $0 to $50 million EBITDA company looks very different than a $100 million to $200 million EBITDA company in terms of the ability to generate earnings. So I think going forward, it's not that there's nothing to see here, it's just that we'd expect smaller borrowers, particularly those that were financed at very high or peak valuations and capital structures that didn't contemplate a 3% to 4% neutral rate.

數據顯示，小公司和大公司之間存在著一定的分層現象。因此，EBITDA 為 000 到 5000 萬美元的公司與 EBITDA 為 1 億到 2 億美元的公司在盈利能力方面截然不同。所以我認為，展望未來，並非沒有什麼值得關注的，只是我們預計規模較小的借款人，特別是那些在估值非常高或達到頂峰時獲得融資，且資本結構沒有考慮到 3% 到 4% 的中性利率的借款人，可能會面臨更大的風險。

Those are the credits that we'd expect to be more challenged. The HPS teams have focused very consistently over the years on larger companies. The weighted average EBITDA in the HLEND portfolio is about $250 million. But these are lending businesses. There will be normalized default rates through cycles.

這些學分預計將面臨更大的挑戰。多年來，HPS團隊一直非常專注於大型公司。HLEND投資組合的加權平均EBITDA約2.5億美元。但這些都是貸款機構。違約率會隨著週期而趨於正常化。

And I think the team is very fond of saying the promise of private credit is not that there will be no defaults, is that detailed credit work is going to be rewarded and that lenders will be in a better position to maximize recoveries.

而且我認為該團隊非常喜歡說，私人信貸的承諾不在於不會出現違約，而在於細緻的信貸工作將會得到回報，貸款人將更有能力最大限度地提高回收率。

We continue to see good flows. We had strong gross subscriptions of $1.1 billion in the fourth quarter in HLEND. Redemptions were 4.1%, which was higher than recent quarters, but in line with the broader industry. I think a mix of factors affected the Q4 flows. There's generally elevated seasonal redemptions. There was media attention, some profit taking.

我們持續看到良好的流量。HLEND 第四季總訂閱營收強勁成長，達到 11 億美元。贖回率為 4.1%，高於最近幾季的水平，但與整個行業的情況一致。我認為第四季的資金流動受到多種因素的影響。季節性兌換率通常會升高。媒體對此進行了報道，有人從中牟利。

And then I think forward expectations on lower base rates also plays in. But still, most BDCs posted positive flows. In our Preqin survey data, we see the structural pipeline for private credit fundraising and deployment as intact. In the Preqin data, over 80% of investors plan to maintain or increase their allocations to private credit in the next 12 months. It's just becoming a more standard part of our overall fixed income allocations to provide income and diversification.

我認為，對基準利率走低的預期也起了一定作用。但即便如此，大多數商業發展公司（BDC）的資金流動仍然是正的。根據我們的 Preqin 調查數據，我們看到私募信貸融資和部署的結構性管道完好無損。Preqin 數據顯示，超過 80% 的投資者計劃在未來 12 個月內維持或增加對私募信貸的投資配置。它正逐漸成為我們整體固定收益配置中越來越標準的一部分，以提供收入和分散風險。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Good morning, Ben. Happy New Year.

早安，本。新年快樂。

Hi, good morning and happy New Year to you. Maybe just following up on Dan's question. Just curious if you could provide a little bit more color on your expectations for the wealth channel more generally in 2026. HLEND, obviously, some good, if not better than average trends in Q4. What's the latest you're hearing from advisers?

您好，早安，祝您新年快樂。或許只是想回應丹的問題。我很好奇您能否更詳細地談談您對 2026 年財富管道的整體預期。HLEND 顯然在第四季度出現了一些不錯的趨勢，即使不是優於平均水平。你從顧問那裡得到的最新消息是什麼？

For GIP, I know there was some press indicating that there were maybe some challenges getting a product off the ground. So just curious if there's anything you can share there? And then I think in the prepared remarks, you talked about model portfolios using private markets. So anything you can share in terms of what those products might look like, what we should expect in terms of timing would be helpful? Thank you.

我知道有媒體報導稱，GIP在產品上市方面可能遇到了一些挑戰。所以，我只是好奇你有沒有什麼可以分享的？然後，我想在事先準備好的演講稿中，您談到了利用私募市場建立模型投資組合。所以，如果您能分享一些關於這些產品可能的外觀以及預計上市時間方面的信息，那就太好了？謝謝。

Sure. I'll give that one a go. I'd start with the framing that, again, at our Investor Day, we discussed how our platform is going to target $400 billion in gross fundraising from 2025 to 2030. We raised over $40 billion in private markets in 2025, and we're entering '26, I think, with strong momentum, very excited about the integrated public-private capabilities that now include GIP, HPS and Preqin.

當然。我試試看。首先我想說明的是，在我們的投資者日上，我們討論了我們的平台將如何在 2025 年至 2030 年間實現 4000 億美元的總募資目標。我們在 2025 年透過私募市場籌集了超過 400 億美元，我認為我們帶著強勁的勢頭進入了 2026 年，我們對目前包括 GIP、HPS 和 Preqin 在內的公私合作能力感到非常興奮。

In private wealth and retail channels, we currently have the flagship private credit BDC HLEND, as you mentioned, been raising about $1 billion a quarter. And we have semi-liquid strategies in senior secured loans, junior capital and broadly syndicated loans.

在私人財富和零售管道方面，我們目前擁有旗艦私人信貸 BDC HLEND，正如您所提到的，它每個季度籌集了約 10 億美元。我們在優先擔保貸款、次級資本和廣泛銀團貸款方面擁有半流動性策略。

In 40 Act interval and tender offer funds, we have multi-strategy credit and private equity solutions that combine for about $1 billion in AUM under the tickers (inaudible). And in Europe, we recently launched multi-alternative solutions products using the LTIP vehicles, which stand at sort of $600 million plus in AUM, generally offered through private banks and retirement plans.

在第 40 項投資法案規定的間隔期和要約收購基金中，我們擁有多元化的信貸和私募股權解決方案，這些基金的股票代號為：（聽不清楚）在歐洲，我們最近推出了利用長期激勵計劃 (LTIP) 工具的多替代方案產品，這些產品的管理資產規模 (AUM) 已超過 6 億美元，通常透過私人銀行和退休計劃提供。

Looking ahead, as Larry mentioned, we're bringing in H series of vehicles to the market for private wealth and retail channels versus '26. The H Series is going to give investors access to key private markets building blocks, direct lending, junior capital, real assets, triple net lease, private equity solutions.

展望未來，正如 Larry 所提到的，我們將把 H 系列車輛引入私人財富和零售通路市場，而不是 2026 年。H 系列將為投資者提供進入關鍵私募市場基礎、直接貸款、次級資本、實物資產、三方淨租賃、私募股權解決方案的管道。

And at our Investor Day, we set out a goal to grow the private markets to wealth series of products to at least $60 billion of AUM by 2030. So I think you'll see here in the near term, a real asset strategy coming to market in the US, European direct lending to European private wealth clients and following the triple net lease and other strategies in the US later this year.

在我們的投資者日上，我們設定了一個目標，到 2030 年將私募市場財富系列產品的資產管理規模至少擴大到 600 億美元。所以我認為在不久的將來，你會看到美國推出實體資產策略，歐洲向歐洲私人財富客戶提供直接貸款，並在今年稍後在美國推出三重淨租賃和其他策略。

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，提問環節的時間已經到了。芬克先生，您還有什麼總結發言嗎？

Thank you, operator. I want to thank all of you for joining us this morning and for the continued interest in BlackRock. Our results in 2025 validate the power of our integrated platform and the strength of our positioning with clients. We entered 2026 with differentiated momentum and opportunities ahead for us. I think we're well positioned to deliver for our clients and in turn, create longer-term value for our shareholders. Everyone, have a very good first quarter and enjoy the winter.

謝謝接線生。感謝各位今天上午蒞臨，也感謝大家一直以來對貝萊德的關注。我們在 2025 年的成果驗證了我們一體化平台的強大實力以及我們在客戶心中的穩固地位。進入2026年，我們擁有了獨特的發展動能和廣闊的發展機會。我認為我們有能力為客戶提供服務，進而為股東創造長期價值。祝大家第一季一切順利，享受美好的冬天。

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了。