Brookfield Corp (BN) 2024 Q3 法說會逐字稿

Hello, and welcome to the Brookfield Corporation third-quarter 2024 conference call and webcast. (Operator Instructions)

您好，歡迎參加 Brookfield Corporation 2024 年第三季電話會議和網路廣播。（操作員說明）

I would now like to hand the conference call over to our first speaker, Ms. Angela Yulo, Vice President, Investor Relations. Please go ahead.

現在我想將電話會議交給第一位發言人、投資者關係副總裁 Angela Yulo 女士。請繼續。

Thank you, operator, and good morning. Welcome to Brookfield Corporation's third-quarter 2024 conference call. On the call today are Bruce Flatt, our Chief Executive Officer; and Nick Goodman, President of Brookfield Corporation. Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter. After our formal comments, we'll turn the call over to the operator and take analyst questions. In order to accommodate all those who want to ask questions, we ask that you refrain from asking more than two questions.

謝謝您，接線員，早安。歡迎參加 Brookfield Corporation 2024 年第三季電話會議。今天參加電話會議的是我們的執行長 Bruce Flatt；和布魯克菲爾德公司總裁尼克古德曼。布魯斯將首先介紹業務最新情況，然後尼克將討論我們本季的財務和營運業績。在我們提出正式意見後，我們會將電話轉給接線生並回答分析師的問題。為了方便所有想提問的人，我們要求您不要提出兩個以上的問題。

I would like to remind you that in today's comments, including in responding to questions and in discussing new initiatives in our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and US securities law. These statements reflect predictions of future events and trends and do not relate to historic events. They are subject to known and unknown risks, and future events and results may differ materially from such statements.

我想提醒您，在今天的評論中，包括在回答問題和討論我們的財務和營運業績的新舉措時，我們可能會做出前瞻性陳述，包括適用的加拿大和美國證券含義內的前瞻性陳述法律。這些陳述反映了對未來事件和趨勢的預測，與歷史事件無關。它們面臨已知和未知的風險，未來的事件和結果可能與此類聲明有重大差異。

For further information on these risks and their potential impacts on our company, please see our filings with the securities regulators in Canada and the US and the information available on our website. In addition, when we speak about our wealth solutions business or Brookfield Wealth Solutions, we are referring to Brookfield's investments in this business that supported the acquisitions of its underlying operating subsidiaries.

有關這些風險及其對我們公司的潛在影響的更多信息，請參閱我們向加拿大和美國證券監管機構提交的文件以及我們網站上提供的信息。此外，當我們談論我們的財富解決方案業務或布魯克菲爾德財富解決方案時，我們指的是布魯克菲爾德對該業務的投資，這些投資支持了其基礎營運子公司的收購。

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

這樣，我就把電話轉給布魯斯。

Thank you, Angela. And welcome, everyone, on the call. We delivered strong financial results in the third quarter. Distributed earnings before realizations increased 19% to a record $1.3 billion. That was $0.80 per share for the quarter and $4.6 billion or $2.90 per share for the last 12 months. Nick will cover these results later in the call.

謝謝你，安吉拉。歡迎大家致電。我們在第三季取得了強勁的財務表現。變現前分配收益成長 19%，達到創紀錄的 13 億美元。本季每股收益為 0.80 美元，過去 12 個月每股收益為 46 億美元，即每股 2.90 美元。尼克將在稍後的電話會議中介紹這些結果。

Focusing first on the market, a reduction in short interest rates globally, combined with solid growth and resilient economic data, is increasing the market's confidence in pricing risk. This is leading to liquidity returning to the capital markets and transaction activity picking up. In the past few months alone, we have seen an increased level of monetization, totaling over $17 billion across our business.

首先關注市場，全球短期利率的下降，加上穩健的成長和彈性的經濟數據，正在增強市場對定價風險的信心。這導致流動性回歸資本市場，交易活動回升。光是過去幾個月，我們的業務貨幣化水準就已超過 170 億美元。

We expect this momentum to continue across the franchise as high-quality, cash-flowing businesses with compelling growth profiles are proving to be highly attractive to both buyers and to lenders. Nick will speak to asset sales that we advanced across the business, all of which are expected to generate attractive returns. At the same time, we committed approximately $20 billion towards new investments and have a very robust pipeline that we are working on.

我們預計這種勢頭將在整個特許經營範圍內持續下去，因為事實證明，具有引人注目的成長前景的高品質、現金流量業務對買家和貸方都極具吸引力。尼克將談論我們在整個業務中推進的資產銷售，所有這些都預計將產生有吸引力的回報。同時，我們承諾投入約 200 億美元進行新投資，並且我們正在開發一個非常強大的管道。

So while 2024 has been a good year, 2025 should be better. We continue to focus on building long-term wealth for all stakeholders. And the secret to achieving this is to deliver strong compound returns over a long period of time. Our core principles in this regard are very simple: invest in good businesses, run them well, allocate excess free cash flow wisely, align everyone with long-term objectives, and evolve with the world around us.

因此，雖然 2024 年是美好的一年，但 2025 年應該會更好。我們持續致力於為所有利害關係人創造長期財富。實現這一目標的秘訣是在很長一段時間內提供強勁的複合回報。我們在這方面的核心原則非常簡單：投資優秀企業，經營好它們，明智地分配多餘的自由現金流，使每個人都與長期目標保持一致，並與我們周圍的世界一起發展。

These principles, combined with making sound strategic investment and business decisions, have been the foundation of Brookfield. All of this has enabled us to deliver compound annualized returns of 19% over the past 30 years and will continue to be extremely important going forward. Our ability to sustain our growth will be driven by our ability to continue to evolve our business with the world around us.

這些原則與做出合理的策略投資和業務決策相結合，成為布魯克菲爾德的基礎。所有這些使我們能夠在過去 30 年中實現 19% 的複合年化回報率，並且在未來仍將極為重要。我們維持成長的能力將取決於我們與周圍世界繼續發展業務的能力。

A few examples: first, a few years ago, we made the decision to build a wealth solutions business when interest rates were zero. This led us to acquire three insurance companies and reinvest a large portion of our excess cash flow during that period of time into our wealth solutions business.

舉幾個例子：首先，幾年前，當利率為零時，我們決定建立財富解決方案業務。這導致我們收購了三家保險公司，並將這段時間內大部分的過剩現金流重新投資到我們的財富解決方案業務中。

In hindsight, this was well-timed; and today, the business is heading towards $2 billion of annualized earnings and is positioned as a top-tier underwriter of annuities in the United States. Next is expansion outside of North America with business announcing its first transaction in the UK today, and next steps will be growth in Asia.

事後看來，此舉恰逢其時。如今，該業務年化收益正邁向 20 億美元，並被定位為美國頂級年金承銷商。接下來是北美以外的擴張，該公司今天宣佈在英國進行第一筆交易，下一步將是在亞洲的成長。

Second, our ability to evolve and adapt with the world around us is critical to our success. 25 years ago, investing in the backbone of the economy meant buying hydro dams, building pipelines, railroads, and ports. While we still build those assets and they're still critical today, our investable universe has expanded significantly as the trends of decarbonization, digitalization, and deglobalization are reshaping the backbone of the global economy.

其次，我們發展和適應周圍世界的能力對於我們的成功至關重要。 25 年前，投資經濟支柱意味著購買水壩、建造管道、鐵路和港口。雖然我們仍在建立這些資產並且它們在今天仍然至關重要，但隨著脫碳、數位化和去全球化的趨勢正在重塑全球經濟的支柱，我們的可投資範圍已顯著擴大。

We have evolved our business accordingly, increasingly raising and deploying significant sums of capital into the energy transition and into infrastructure revolving around AI. On the back of this, we set up our global transition business, which has the potential to be our largest business over time, and we grew our capability around production and relocation of data centers.

我們相應地發展了我們的業務，越來越多地籌集和部署大量資金到能源轉型和圍繞人工智慧的基礎設施。在此背景下，我們建立了全球轉型業務，隨著時間的推移，該業務有可能成為我們最大的業務，並且我們圍繞資料中心的生產和搬遷增強了我們的能力。

When you add in the impact of the AI revolution and the expected incremental demand for data centers, compute capacity, chips, clean power, we find ourselves very well positioned around the most significant investment opportunities of this generation. We will continue to invest in a disciplined manner to create value for our clients but at the same time will remain focused on adapting with the ever-evolving backbone of the global economy to ensure we are able to participate in the next emerging investment opportunity.

當你考慮到人工智慧革命的影響以及對資料中心、運算能力、晶片、清潔能源的預期增量需求時，我們發現自己在這一代最重要的投資機會中處於非常有利的位置。我們將繼續以嚴謹的方式進行投資，為客戶創造價值，但同時將繼續專注於適應全球經濟不斷發展的支柱，以確保我們能夠參與下一個新興的投資機會。

Third, we have widened our service capabilities and product offerings to capture the growing demand for alternatives by high net worth and retail investors via our wealth solutions business and our private wealth platform. Looking forward, we are focused on deepening our distribution capabilities, expanding into new markets, and evolving our product offerings.

第三，我們擴大了我們的服務能力和產品範圍，透過我們的財富解決方案業務和私人財富平台來滿足高淨值投資者和散戶投資者對另類投資日益增長的需求。展望未來，我們的重點是深化我們的分銷能力、拓展新市場並改善我們的產品供應。

As we expect to scale our private wealth and retail fundraising to nearly $40 billion a year in the next five years, these inflows will add to our already large pool of discretionary capital after corporation and will at the same time continue to benefit BAM as it manages most of the capital raised across our franchise. All of this should drive significant earnings and cash flow generation for our stakeholders for years to come.

由於我們預計在未來五年內將我們的私人財富和零售籌款規模擴大到每年近400 億美元，這些流入將增加我們在公司成立後已經龐大的可自由支配資本池，同時將繼續使BAM 受益，因為它管理我們的特許經營權所籌集的大部分資金。所有這些都應該在未來幾年為我們的利害關係人帶來可觀的收入和現金流。

Lastly, we spun off our asset management business, which has surfaced significant value for shareholders, now with a market capitalization of $85 billion plus. The business is currently taking steps to position itself for inclusion in the US indices, which should further enhance its shareholder value. We are quite sure that BAM will eventually be included in all major US indexes due to its size and location of business. The only question is when, not if.

最後，我們剝離了資產管理業務，為股東帶來了巨大價值，目前市值已超過 850 億美元。該公司目前正在採取措施將自己納入美國指數，這將進一步提高其股東價值。我們非常確定，由於 BAM 的規模和業務地點，它最終將被納入美國所有主要指數。唯一的問題是何時，而不是是否。

Thank you for your continued support and interest in Brookfield, and I will now turn the call over to Nick.

感謝您對布魯克菲爾德的持續支持和興趣，我現在將把電話轉給尼克。

Thank you, Bruce. And good morning, everyone. Our financial results in the third quarter were strong. Distributable earnings or DE before realizations were a record $1.3 billion or $0.80 per share for the quarter, representing an increase of 19% over the prior period. Over the last 12 months, DE before realizations were $4.6 billion or $2.90 per share. Total DE, including realizations, was $1.3 billion or $0.84 per share for the quarter, and $6 billion or $3.78 per share over the last 12 months, with total net income of $1.5 billion for the quarter.

謝謝你，布魯斯。大家早安。我們第三季的財務業績強勁。本季實現可分配收益（即實現前的 DE）創紀錄的 13 億美元，即每股 0.80 美元，較上一期增長 19%。過去 12 個月，變現前的 DE 為 46 億美元，即每股 2.90 美元。本季的 DE 總額（包括變現額）為 13 億美元，即每股 0.84 美元，過去 12 個月的 DE 總額為 60 億美元，即每股 3.78 美元，本季淨利總額為 15 億美元。

Starting with our operating performance, our focus on operational excellence continues to drive strong results. Our asset management business generated distributable earnings of $694 million or $0.44 per share in the quarter and $2.6 billion or $1.64 per share over the last 12 months. We continue to see strong fundraising momentum with total inflows of $21 billion in the quarter and $135 billion for the last 12 months, most notably from our credit franchise and insurance inflows.

從我們的營運業績開始，我們對卓越營運的關注繼續推動強勁的業績。我們的資產管理業務本季產生的可分配收益為 6.94 億美元，即每股 0.44 美元，過去 12 個月的可分配收益為 26 億美元，即每股 1.64 美元。我們繼續看到強勁的融資勢頭，本季總流入額為 210 億美元，過去 12 個月流入額為 1,350 億美元，其中最引人注目的是來自我們的信貸特許經營和保險流入。

The fee-bearing capital at quarter end was $539 billion, 23% higher than 12 months ago. This increase supported the 14% growth in fee-related earnings compared to the prior-year quarter. During the quarter, BAM closed on the previously announced strategic partnership with Castlelake and completed the acquisition of SVB Capital. But the anticipated closes on our latest flagship funds, we expect strong fundraising through the end of the year and into 2025, driving further earnings growth.

季度末的收費資本為 5,390 億美元，比 12 個月前增長 23%。與去年同期相比，這一增長支撐了與費用相關的收入增​​長 14%。本季度，BAM 結束了先前宣布的與 Castlelake 的策略合作夥伴關係，並完成了對 SVB Capital 的收購。但我們最新的旗艦基金預計將結束，我們預計年底到 2025 年籌資將強勁，推動獲利進一步成長。

Our wealth solutions business is growing fast, with its earnings doubled compared to the prior-year quarter. Distributable operating earnings were $364 million, or $0.23 per share in the quarter, and $1.2 billion, or $0.75 per share over the last 12 months. The business benefited from the acquisition of American Equity Life, continued growth in our annuity platform, and strong investment performance.

我們的財富解決方案業務成長迅速，獲利較去年同期翻了一番。本季可分配營業利潤為 3.64 億美元，即每股 0.23 美元；過去 12 個月可分配營業利潤為 12 億美元，即每股 0.75 美元。該業務受益於對 American Equity Life 的收購、年金平台的持續成長以及強勁的投資表現。

During the quarter, we generated approximately $4.5 billion of organic inflows, primarily driven by retail and institutional annuity sales. As a result, our insurance assets increased over $115 billion at quarter end. By leveraging our investment origination capabilities, we generated an average investment portfolio yield of 5.4%, 1.8% higher than our average cost of capital.

本季度，我們產生了約 45 億美元的有機流入，主要由零售和機構年金銷售推動。結果，我們的保險資產在季度末增加了超過 1,150 億美元。透過利用我們的投資發起能力，我們的平均投資組合收益率為 5.4%，比平均資本成本高出 1.8%。

As we continue to gradually reposition the investment portfolio, we expect to achieve spread earnings of approximately 2%, growing our annualized earnings from $1.5 billion today to $2 billion in the near term. Today, a subsidiary of Brookfield Wealth Solutions announced an agreement to re-insure $1.4 billion of UK pension liabilities. This is our first transaction outside of North America as we continue to look to diversify and expand our wealth solutions business.

隨著我們繼續逐步重新定位投資組合，我們預計將實現約 2% 的利差收益，將我們的年化收益從目前的 15 億美元增加到短期內的 20 億美元。今天，Brookfield Wealth Solutions 的子公司宣布達成協議，為 14 億美元的英國退休金負債提供再保險。這是我們在北美以外的第一筆交易，因為我們繼續尋求多元化和擴大我們的財富解決方案業務。

We have also been selected to participate in a CAD1.5 billion pension risk transfer transaction, whereby we will insure 75% of the liabilities. This is the second largest pension risk transfer ever in Canada, illustrating our market leading position. Through our combined wealth solutions platforms, we are raising close to $2 billion of retail capital per month, which now includes approximately $450 million a month from our private wealth channel.

我們也被選中參與一項15億加元的退休金風險轉移交易，我們將為75%的負債提供保險。這是加拿大有史以來第二大退休金風險轉移，彰顯了我們的市場領先地位。透過我們的綜合財富解決方案平台，我們每月籌集近 20 億美元的零售資本，其中現在每月從我們的私人財富管道籌集約 4.5 億美元。

Our operating businesses were very resilient, generating distributable earnings of $356 million or $0.23 per share in the quarter and $1.5 billion or $0.93 per share over the last 12 months. Cash distributions from our renewable power and transition, infrastructure, and private equity businesses are supported by their strong underlying performance. In our real estate business, our core portfolio delivered 4% growth in same-store net operating income over the prior-year quarter.

我們的營運業務非常有彈性，本季產生了 3.56 億美元或每股 0.23 美元的可分配收益，在過去 12 個月內產生了 15 億美元或每股 0.93 美元的可分配收益。我們的再生能源和轉型、基礎設施和私募股權業務的現金分配得到了其強勁的基本業績的支持。在我們的房地產業務中，我們的核心投資組合同店淨營業收入比去年同期成長了 4%。

In the quarter, we signed approximately 6 million square feet of office and retail leases, including over 1 million square feet of office leases in India and strong leasing in New York, Toronto, and Europe. In our retail portfolio, our occupancy level remains high at 95%. Overall rents on the newly signed leases in our office and retail portfolios were approximately 10% higher compared to those leases expiring. With interest rates having peaked and capital markets opening up, we expect a strong recovery across real estate markets over the next couple of years.

本季度，我們簽署了約 600 萬平方英尺的辦公室和零售租賃合同，其中包括印度超過 100 萬平方英尺的辦公室租賃合約以及紐約、多倫多和歐洲的強勁租賃合約。在我們的零售投資組合中，我們的入住率仍然高達 95%。我們的辦公室和零售組合中新簽訂的租約的總租​​金比到期租約高出約 10%。隨著利率見頂和資本市場開放，我們預計未來幾年房地產市場將強勁復甦。

Shifting now to monetizations, we have seen a considerable pickup in transaction activity. We closed or advanced over $17 billion of asset sales across the business in recent months. A few notable examples of asset sales include: in our real estate business, we closed on the sale of nine retail parts in the UK. Over the three-year hold period, we enhanced cash flows by increasing occupancy rates.

現在轉向貨幣化，我們看到交易活動大幅增加。近幾個月來，我們整個業務完成或推進了超過 170 億美元的資產出售。資產出售的一些著名例子包括：在我們的房地產業務中，我們完成了英國九個零售部分的出售。在三年的持有期內，我們透過提高入住率來增加現金流。

The sale of this portfolio generates an approximately 30% IRR and 2.2 times multiple of capital. We also agreed to sell the PGA National Resort in Palm Beach, Florida; an office asset in Sydney, Australia; and a portfolio of manufactured housing assets in the US. Property transaction markets are recovering. Our renewable power and transition business recently signed four transactions with excellent outcomes.

出售該投資組合產生約 30% 的 IRR 和 2.2 倍的資本。我們也同意出售佛羅裡達州棕櫚灘的 PGA 國家度假村；位於澳洲雪梨的辦公資產；以及美國的製造業房屋資產組合。房地產交易市場正在復甦。我們的再生能源和轉型業務最近簽署了四項交易，取得了良好的成果。

To date, this year, this business raised over $2.3 billion of proceeds from asset monetizations, generating an IRR of approximately 25% and a multiple of capital of 2.5 times. Overall, the larger monetizations were related to our second and third vintage funds across real estate and infrastructure. These monetizations advanced the funds further towards the point of realizing carried interest, which we expect to happen in the next 6 to 18 months and will result in substantial cash flows to the corporation.

今年迄今為止，該業務透過資產貨幣化籌集了超過 23 億美元的收益，產生了約 25% 的 IRR 和 2.5 倍的資本倍數。總體而言，較大的貨幣化與我們在房地產和基礎設施領域的第二和第三個經典基金有關。這些貨幣化使資金進一步實現附帶利息，我們預計這將在未來 6 至 18 個月內實現，並將為公司帶來大量現金流。

Over the last 12 months, we generated $2.4 billion of unrealized carried interest, increasing our total accumulated unrealized carried interest to $11.5 billion, of which $10.1 billion is directly owned by the corporation. We also recognized $295 million of net realized carried interest into income so far this year, and we expect to realize additional carried interest through the end of the year.

在過去 12 個月中，我們產生了 24 億美元的未實現附帶權益，使我們的累計未實現附帶權益總額增加到 115 億美元，其中 101 億美元由公司直接擁有。今年迄今為止，我們還將已實現的淨附帶利息確認為 2.95 億美元，併計入收入，並且我們預計到年底將實現額外的附帶利息。

Outside of our financial results, we continue to strengthen our business by differentiating ourselves with our access to large-scale capital. Our balance sheet and liquidity are robust, and the combination of the two positions as well to capitalize on investment opportunities through market cycles and protect us against downside risks.

除了我們的財務表現之外，我們還透過獲得大規模資本來使自己脫穎而出，從而繼續加強我們的業務。我們的資產負債表和流動性強勁，這兩種部位的結合也可以利用市場週期的投資機會，並保護我們免受下行風險。

With interest rates coming down, liquidity continues to return to the capital markets. In the past few months, we have executed over $30 billion of financings across the business. Notable highlights include, in our real estate business, the CMBS markets remain very active. We recently refinanced an $850 million loan on a high-quality mall in Las Vegas with a new five-year term at a fixed rate, which is substantially more favorable than a year ago.

隨著利率下降，流動性繼續回流資本市場。在過去的幾個月裡，我們在整個業務領域執行了超過 300 億美元的融資。值得注意的亮點包括，在我們的房地產業務中，CMBS 市場仍然非常活躍。我們最近為拉斯維加斯一家優質購物中心的 8.5 億美元貸款進行了再融資，貸款期限為五年，固定利率比一年前優惠得多。

We also financed office properties for approximately GBP465 million in the UK and over $400 million in India, and these financings demonstrate that there is significant liquidity for high-quality office properties. In addition, we executed an over $2.5 billion of financings for two recent acquisitions in our infrastructure and private equity businesses and we repriced over $5 billion of financings across four portfolio companies, reducing the credit spreads by 45 basis points on average.

我們還在英國為辦公物業提供了約 4.65 億英鎊的融資，在印度為辦公物業提供了超過 4 億美元的融資，這些融資表明優質辦公物業存在大量流動性。此外，我們最近為基礎設施和私募股權業務的兩項收購執行了超過25 億美元的融資，並對四家投資組合公司超過50 億美元的融資進行了重新定價，將信用利差平均降低了45個基點。

Turning to capital allocation, we reinvested our excess cash flow back into our business and return $203 million to shareholders through regular dividends and share buybacks during the quarter. Over the last 12 months, we repurchased approximately $1 billion of shares in the open market, adding approximately $0.80 of value to each remaining share, and we expect to continue to allocate capital to share repurchases.

在資本配置方面，我們將多餘的現金流重新投資回我們的業務，並在本季透過定期股利和股票回購向股東返還 2.03 億美元。在過去 12 個月中，我們在公開市場回購了約 10 億美元的股票，為剩餘每股增加了約 0.80 美元的價值，我們預計將繼續分配資本用於股票回購。

Bringing it all together, our financial performance was strong, and we expect continued growth in our results over the remainder of the year and into 2025. As the economic tailwinds turn in our favor, we are well set up to drive strong earnings and deliver 15% plus total returns on a per-share basis to our shareholders over the long term. With that, I am pleased to confirm that our Board of Directors has declared a quarterly dividend of $0.08 per share payable on December 31 to shareholders of record at the close of business on December 16, 2024.

總而言之，我們的財務表現強勁，我們預計今年剩餘時間和 2025 年我們的業績將持續成長。隨著經濟順風向對我們有利的方向發展，我們已做好充分準備，能夠推動強勁的盈利，並在長期內為股東提供每股 15% 以上的總回報。在此，我很高興地確認，我們的董事會已宣佈於 12 月 31 日向 2024 年 12 月 16 日營業結束時在冊的股東派發每股 0.08 美元的季度股息。

Thank you for your time and I will now hand the call back to the operator for questions.

感謝您抽出時間，我現在將把電話轉給接線員詢問問題。

(Operator Instructions) Mario Saric, Scotiabank.

（操作員指令）Mario Saric，豐業銀行。

Hi, good morning, and thank you for taking my questions. My first one, just on capital allocation on page 5 of the supplemental, I noticed that you've changed the disclosure in terms of capital return to common shareholders, changing it to capital return as opposed to distributions.

你好，早安，謝謝你回答我的問題。我的第一個，就補充文件第 5 頁的資本分配而言，我注意到您已經更改了普通股股東資本回報方面的揭露，將其更改為資本回報而不是分配。

The stocks moved up nicely this year, part of which perhaps relates to a pretty active NCIB. Should we infer from the disclosure change that you expect share repurchases to be a structurally bigger part of returning capital to shareholders than it has been four to five years out of this year, or am I reading a bit too much into it?

這些股票今年上漲得很好，部分原因可能與相當活躍的 NCIB 有關。我們是否應該從揭露的變化中推斷出，您預期股票回購在結構上將在向股東返還資本中所佔的比例比今年四到五年更大，還是我對它的解讀有點太多了？

Hey, Mario, it's Nick. I think you're reading too much into it. There was nothing more substantial than just we thought it was a better illustration of the complete return of capital that we've delivered over recent time. Obviously, with the disconnect between our view of value and where the shares have traded, we've done close to $1 billion of share repurchases in the last 12 months. And as we said, we continue to see that disconnect and we'll allocate capital to buybacks, but there's nothing more to it than that.

嘿，馬裡奧，我是尼克。我認為你讀得太多了。沒有什麼比我們認為它更好地說明了我們最近一段時間所交付的資本的完全回報更重要的了。顯然，由於我們對價值的看法與股票交易地點之間存在脫節，我們在過去 12 個月中進行了近 10 億美元的股票回購。正如我們所說，我們繼續看到這種脫節，我們將分配資金進行回購，但僅此而已。

Okay. And then my second one, just pertaining to the wealth solutions business, the 180 basis points spread to liability costs was up 10 basis points quarter over quarter, but still below and near target, 200 basis points. I appreciate it takes time to redeploy the AUM into higher-yielding private funds, but how would you define your $2 billion annualized DE target? You mentioned it was in the short term. How would you define short term and when do you think you can hit your 200-basis-point spread?

好的。然後是我的第二個，與財富解決方案業務有關，負債成本的 180 個基點利差比上一季上升了 10 個基點，但仍低於或接近目標 200 個基點。我知道將資產管理規模重新部署到收益更高的私募基金需要時間，但您如何定義 20 億美元的年化 DE 目標？你提到這是短期的。您如何定義短期？

Listen, I think if we're being conservative, I'd say the next 12 months. It just takes time. There's some easy wins. And when you take over the portfolio, investing some of the cash, reinvesting shorter dated assets, the rest of it, it just takes time to reallocate into higher-yielding opportunities. But I think over the next 12 months, we should get there comfortably.

聽著，我想如果我們保守的話，我會說未來 12 個月。只是需要時間。有一些輕鬆的勝利。當你接管投資組合，投資一些現金，再投資較短期的資產，其餘的，只需要時間來重新分配到更高收益的機會。但我認為在接下來的 12 個月裡，我們應該可以輕鬆實現這一目標。

Okay, those are my two. Thank you.

好吧，那是我的兩個。謝謝。

Thank you.

謝謝。

Our next question comes from Sohrab Movahedi.

我們的下一個問題來自索拉博·莫瓦赫迪​​。

Okay, thanks. Nick, just looking at the real estate portfolio, I mean, I think over the past year, maybe the transition and development bucket is down about [$1 billion] or so. I think if I've got my numbers right, maybe about 13 properties -- a number of properties kind of disposed of. Can you remind us what's the eventual plan with that lump sum? And then secondarily, given where the rates have moved, is there any thought as to changing the discount rates you're using to come up with the value of these portfolios?

好的，謝謝。尼克，只要看看房地產投資組合，我的意思是，我認為在過去的一年裡，轉型和開發項目可能下降了約 [10 億美元] 左右。我想，如果我的數字正確的話，可能有大約 13 處房產——其中一些房產已經被處置了。您能提醒我們這筆一次性付款的最終計劃是什麼嗎？其次，考慮到利率的變化，是否考慮過改變您用來計算這些投資組合價值的折現率？

Sure. Just tackling the first part, our plans are consistent, and we're executing on what we've been laying out for the last couple of years, which is where -- the T&D portfolio where assets bought with a specific business plan in mind, a value-creation strategy. And as we execute on that, we plan to monetize those assets and recycle the capital elsewhere in the business. We've executed those plans for a lot of the assets, and now we're just waiting for the right market conditions to monetize, and we'll just execute that at the right time. Your second question, remind me, sorry?

當然。就解決第一部分而言，我們的計劃是一致的，我們正在執行過去幾年的計劃，即 T&D 投資組合，其中資產購買時考慮到了特定的業務計劃，價值創造策略。當我們執行該計劃時，我們計劃將這些資產貨幣化，並將資本回收到業務的其他方面。我們已經對許多資產執行了這些計劃，現在我們只是在等待合適的市場條件來貨幣化，我們將在適當的時間執行該計劃。你的第二個問題，提醒我一下，抱歉？

It was just around the discount rates you're using for the various portfolios and whether --

這只是關於您對各種投資組合使用的折扣率以及是否--

Yes. Listen, on the discount rates, we made the point when rates went to zero, we didn't take our rates all the way down. And as rates have come back up, we have taken them up slightly. We will assess that over time, but I think we feel where we've had our discount rates has been consistent. Again, this is a long-term view on what we think a sustainable value of these assets is, not fluctuating them based on short-term movements and price in the market. So we'll assess it at year-end, but I wouldn't expect any significant changes.

是的。聽著，關於折扣率，我們在利率降至零時指出了這一點，我們並沒有將利率一路下調。隨著利率回升，我們略有上調。我們將隨著時間的推移對此進行評估，但我認為我們認為我們的折扣率是一致的。同樣，這是我們對這些資產的可持續價值的長期看法，而不是根據市場的短期走勢和價格來波動它們。因此，我們將在年底對其進行評估，但我預計不會發生任何重大變化。

Okay, thank you very much.

好的，非常感謝。

Cherilyn Radbourne, TD Cowen.

謝裡琳·拉德伯恩，TD·考恩。

Thanks very much and good morning. First, in terms of the structural changes that are being made to improve BAM eligibility for US index inclusion, a related question that I get a lot is, how you can improve the liquidity of the public flow of BAM? And related to that, what is the desired stake in BAM longer term?

非常感謝，早安。首先，就為提高 BAM 納入美國指數的資格而進行的結構性改變而言，我經常聽到的一個相關問題是，如何提高 BAM 公共流量的流動性？與此相關的是，從長遠來看，BAM 的預期股權是多少？

Yes. Hi, Cherilyn. Listen, I think the first thing, as you know, we're doing for BAM is, and what we're very focused on right now, is positioning it for broad index inclusion in the US. And we think that will be highly beneficial to the stock and therefore to our shareholders. As it relates to our ownership and the liquidity, we're down to 73%. We use a small amount of our ownership as consideration for the AEL transaction.

是的。嗨，切瑞琳。聽著，我認為，正如您所知，我們為 BAM 所做的第一件事是，我們現在非常關注的是將其定位為廣泛納入美國指數。我們認為這對股票以及我們的股東來說都是非常有利的。由於這與我們的所有權和流動性有關，我們的持股比例下降至 73%。我們使用少量的所有權作為 AEL 交易的對價。

I wouldn't say we have a specific target in mind, but it's obviously a business with a very strong growth profile ahead of it, and one that we have a lot of conviction in, and we will be a significant owner of that business for the long term. We have some flexibility around the ownership, nothing imminent planned. But obviously, we're very supportive of the business, and we'll see how things evolve over time.

我不會說我們心裡有一個具體的目標，但這顯然是一項具有非常強勁增長前景的業務，我們對此充滿信心，我們將成為該業務的重要所有者長期來看。我們在所有權方面有一定的靈活性，沒有任何迫在眉睫的計劃。但顯然，我們非常支持這項業務，我們將看到事情隨著時間的推移如何發展。

Okay, and then on the insurance side, I was hoping you could go into a bit more detail on the international expansion, including today's announcement, and just how competitive you see the UK. And I believe it's Japan that you're targeting and Asia. How competitive are those markets relative to North America?

好的，然後在保險方面，我希望您能更詳細地介紹一下國際擴張的情況，包括今天的公告，以及您認為英國的競爭力如何。我相信你們的目標是日本和亞洲。這些市場相對於北美的競爭力如何？

Yes, Cherilyn, the first comment I'd make on that is that we want to set this business up like we've set up our other businesses, which is we don't want to be beholden to any one market as it relates to capital deployment. Having a global footprint will allow us to allocate our capital where we see the best investment opportunities at any point in time.

是的，Cherilyn，我對此的第一條評論是，我們希望像我們建立其他業務一樣建立這項業務，我們不想受制於任何一個市場，因為它涉及資本部署。擁有全球足跡將使我們能夠在任何時候看到最佳投資機會的地方配置我們的資本。

We've obviously built a scale platform in the US. We see a lot of growth potential here, but we want the flexibility to move globally. Having a presence in the UK and Asia will allow us to do that. Obviously, markets have -- they're competitive in the UK. They're competitive everywhere, but we think we can find areas in which we can participate, or we can drive strong returns. And this transaction in the UK is just a very good example of that.

顯然我們已經在美國建立了一個規模化的平台。我們在這裡看到了巨大的成長潛力，但我們希望能夠靈活地在全球範圍內開展業務。在英國和亞洲開展業務將使我們能夠做到這一點。顯然，英國市場具有競爭力。他們在任何地方都具有競爭力，但我們認為我們可以找到我們可以參與的領域，或者我們可以帶來豐厚的回報。英國的這筆交易就是一個很好的例子。

That's all from me. Thank you.

這就是我的全部。謝謝。

Thank you.

謝謝。

Robert Kwan, RBC Capital Markets.

羅伯特‧關 (Robert Kwan)，加拿大皇家銀行資本市場部。

Great. Thank you. Good morning. I just wanted to ask a little bit more around the asset transaction environments from the BAM call. There was the statement that it's a good environment to be a buyer and a seller, and we've heard that with a bunch of the affiliates too. But just from the top of the house, what business segments do you think offer the best opportunities for asset monetization activity? And similarly, where are you seeing the best value for acquisitions?

偉大的。謝謝。早安.我只是想透過 BAM 電話會議詢問更多有關資產交易環境的問題。有說法稱，對於買家和賣家來說，這是一個良好的環境，我們也從許多附屬公司聽到了這樣的說法。但從高層來看，您認為哪些業務領域為資產貨幣化活動提供了最佳機會？同樣，您認為收購的最佳價值在哪裡？

Thanks, Robert. Listen, I would say that it's almost within each of our business groups. There's different areas within those where there are good opportunities to buy and sell. They all have their own specific themes and trends right now, but we're looking for opportunities to buy assets where maybe there's capital structures out of the last few years that have become broken, but they're underlying them as high-quality assets or operations where we believe we can generate attractive returns.

謝謝，羅伯特。聽著，我想說，這幾乎存在於我們的每個業務部門內。其中的不同領域都有很好的買賣機會。他們現在都有自己特定的主題和趨勢，但我們正在尋找購買資產的機會，這些資產可能在過去幾年中已經被打破，但它們將其作為高品質資產或我們相信我們能夠產生可觀回報的業務。

Markets that have fallen out of favor -- assets have fallen out of favor with the public markets. And I say we see those opportunities across the different businesses that we have in specific areas or markets. So it's hard to be specific to any one asset class. But we're definitely seeing a number of attractive investment opportunities now coming to us where having capital and operating expertise is putting us in a unique position to be able to find those opportunities where we can drive value creation.

已經失寵的市場－資產不再受到公開市場的青睞。我說我們在特定領域或市場的不同業務中看到了這些機會。因此很難具體針對任何一種資產類別。但我們確實看到許多有吸引力的投資機會正在向我們襲來，擁有資本和營運專業知識使我們處於獨特的地位，能夠找到那些能夠推動價值創造的機會。

Whereas at the same time, once those assets are stabilized and we de-risk the operations, there are buyers for those assets on the other side. So that's how we're seeing the good opportunity on both sides. And I'd say it's prevalent across all of our businesses right now.

同時，一旦這些資產穩定下來並且我們降低了營運風險，另一邊就會有這些資產的買家。這就是我們如何看待雙方的好機會。我想說，這種情況現在在我們所有的企業中都很普遍。

Thanks, Nick. And just as the second question related to that, just with your expectation of increased monetization activity, what are you thinking about with respect to the realized carried interest, say, over the next 12 months?

謝謝，尼克。正如第二個問題與此相關，正如您對貨幣化活動增加的預期一樣，您對未來 12 個月內實現的附帶權益有何看法？

Yes, the one thing I'd like to remind you and everyone, and I know most people know this, but the way the carried interest works for our funds is as we monetize assets and we return capital to our shareholders, carry is collected on the fund in its entirety, not on individual investments. That's the way that we operate. So we have to return all the capital to shareholders in the fund, we have to work through the preferred return, and then we start to realize carried interest and we recognize it into our statements when we're past that period where we believe there's minimal risk of clawback.

是的，我想提醒您和所有人的一件事是，我知道大多數人都知道這一點，但是附帶利息對我們的基金的作用方式是，當我們將資產貨幣化並將資本返還給股東時，附帶利息是收集的整個基金，而不是個人投資。這就是我們的運作方式。因此，我們必須將所有資本返還給基金股東，我們必須解決優先回報問題，然後我們開始實現附帶權益，並且當我們過了我們認為附帶權益最小的時期後，我們將其納入我們的報表中。撥的風險。

So as we monetize our assets right now, We are returning that initial capital to shareholders in this next vintage of funds at excellent returns. And as we work our way through that, you'll start to see the carried interest being realized. And that just takes time. So you're starting to see progression this year. You see a small step up next year. And then '26 and beyond, you'll see a significant step up as we work our way through the various stages of that.

因此，當我們現在將資產貨幣化時，我們將在下一期基金中以優異的回報率將初始資本返還給股東。當我們努力解決這個問題時，您將開始看到附帶權益正在實現。這只是需要時間。所以今年你開始看到進展。明年你會看到一個小小的進步。然後 26 年及以後，當我們努力完成各個階段時，您會看到一個重大的進步。

That's great. Thank you very much.

那太棒了。非常感謝。

Dean Wilkinson, CIBC.

迪恩·威爾金森，CIBC。

Thanks. God morning. Just first question is on sort of the discount to plan value. I think, historically, the market or investors may have erroneously described the discount as purely real estate. But when I look at it, Brookfield Property Group, wealth solutions, and the target carry are almost equal components of plan value. Which one of those buckets do you think that the market most misunderstands, and how do we close that gap?

謝謝。天哪早安。第一個問題是關於計劃價值的折扣。我認為，從歷史上看，市場或投資者可能錯誤地將折扣描述為純粹的房地產。但當我看到它時，布魯克菲爾德房地產集團、財富解決方案和目標利差幾乎是計劃價值的同等組成部分。您認為市場最容易誤解其中哪一個？

Hi, Dean. Listen, it's very hard for me to assume what other people are thinking when they value our business. We believe all of them are highly valuable and differ them -- have different discussions and focus around them. The carried interest. As I said, we just need to execute and deliver the returns, and it's going to realize and crystallize a significant amount of cash for us over time. We just have to execute.

嗨，迪恩。聽著，我很難猜測其他人在重視我們的業務時的想法。我們相信它們都非常有價值並且各不相同——有不同的討論並圍繞它們進行關注。附帶權益。正如我所說，我們只需要執行並交付回報，隨著時間的推移，它將為我們實現並具體化大量現金。我們只需要執行。

On the insurance business, we are building and scaling a business. So maybe we just have to prove it out. The track record and the proof of execution will lead to that higher multiple earnings coming through in the valuation. And obviously, real estate, we execute and we monetize. So we believe all of this will come to fruition, and all of it will present itself in plan -- in value over time and price. We just have to execute. How the market allocates each value to each of those, we can't really influence.

在保險業務方面，我們正在建立和擴大業務。所以也許我們只需要證明這一點。往績記錄和執行證明將導致估值中出現更高的本益比。顯然，在房地產領域，我們執行並貨幣化。因此，我們相信所有這一切都將實現，並且所有這些都將在計劃中呈現出來——隨著時間和價格的變化而體現價值。我們只需要執行。市場如何將每個價值分配給每個人，我們無法真正影響。

No, fair enough. And then just a question on, I'll call it the sort of reallocation of how you will hold the BAM shares. Is there anything that comes out of that vis-a-vis taxes or a realized disposition gain, or is that accounting stuff behind the scenes?

不，很公平。然後只是一個問題，我將其稱為您將如何持有 BAM 股票的重新分配。與稅收或已實現的處置收益相比，是否有任何結果，或者是幕後的會計內容？

Yes, there's no impact to us whatsoever. The only difference is at the end of this, we'll own liquid Class A shares as opposed to the privately held shares we have today.

是的，對我們沒有任何影響。唯一的區別是，最終我們將擁有流動性 A 類股票，而不是我們今天擁有的私人持有的股票。

Right. So it's just the IFRS book value that changes?

正確的。那麼只是 IFRS 帳面價值改變了？

No, I don't think there's any change to that. There's no change at all.

不，我認為這沒有任何改變。一點變化都沒有。

Okay. Perfect. All right, thanks. Appreciate it.

好的。完美的。好的，謝謝。欣賞它。

Kenneth Worthington, JPMorgan.

肯尼斯‧沃辛頓，摩根大通。

Hi, this is Alex Bernstein on for Ken. Thanks so much for taking our questions. We first want to touch on insurance. We appreciate you've narrowed your focus to the annuities business, with annuities now accounting for 91% of total insurance liabilities, up from 88% the quarter prior.

大家好，我是亞歷克斯伯恩斯坦（Alex Bernstein）為肯代言。非常感謝您回答我們的問題。我們首先想談談保險。我們感謝您將注意力集中在年金業務上，年金目前佔保險負債總額的 91%，高於上一季的 88%。

But we wanted to touch on the P&C business as well and check if there were any negative impacts on results from hurricane or other weather-related events in Q3, just given some of the prominent headlines there; and if so, if there are any expectations on what that hurricane activity may look like for Q4 as well. Thanks.

但我們也想談談財產和意外傷害業務，並檢查颶風或其他與天氣相關的事件在第三季度是否對結果產生任何負面影響，僅考慮到那裡的一些著名頭條新聞；如果是這樣，是否對第四季的颶風活動有任何預期？謝謝。

Yes, hi there. So there was a small impact but not material in the third quarter. And in the fourth quarter, currently, we don't expect anything significant because we've actually taken steps in [Argo] to de-risk some of our exposure to the market and in Florida where we have re-insured a lot of our exposure in that market. So we're not currently expecting anything material in the fourth quarter.

是的，你好。因此，第三季影響不大，但影響不大。目前，我們預計第四季度不會發生任何重大事件，因為我們實際上已經在[Argo] 採取了措施，以降低我們在市場上的部分風險，並且在佛羅裡達州，我們已經為我們的許多業務進行了再保險。因此，我們目前預計第四季不會有任何實質進展。

Great, that's great to hear. And maybe one more broader question, just thinking about the US election, the Trump victory, and what increasingly looks like a red wave that's happening here. You mentioned earlier on the call today that the energy transition business could become one of your largest over time.

太好了，很高興聽到這個消息。也許還有一個更廣泛的問題，想想美國大選、川普的勝利，以及這裡正在發生的越來越像是紅色浪潮的情況。您早些時候在今天的電話會議上提到，隨著時間的推移，能源轉型業務可能會成為您最大的業務之一。

I appreciate that it's a global mandate and Brookfield in particular is a global investor, so I presume you're to some degree insulated from what happens just in the US specifically. But I wanted to check if you anticipate any regulatory changes or in general any changes as relating to the opportunity here in energy. Thank you.

我明白這是一項全球性的任務，尤其是布魯克菲爾德是一個全球投資者，所以我認為你在某種程度上不會受到美國發生的事情的影響。但我想了解您是否預計會出現任何監管變化或與能源領域相關的整體變化。謝謝。

Yes, listen, I would reiterate the comments that Connor has made about the business, which is we invest based on underlying demand and fundamentals. And in the markets we operate in, renewable energy, solar and wind is the lowest-cost producer of power. And the underlying demand for clean and green power, specifically from technology companies but corporates, is significant. And we think that that is a long-term trend that is not necessarily going to change and it's going to support our business renewables, both in the US and internationally. So I think we're still as optimistic about that business as we've ever been.

是的，聽著，我想重申康納對業務的評論，即我們根據潛在需求和基本面進行投資。在我們經營的市場中，再生能源、太陽能和風能是成本最低的電力生產商。對清潔和綠色電力的潛在需求，特別是來自科技公司和企業的需求，是巨大的。我們認為這是一個長期趨勢，不一定會改變，它將支持我們在美國和國際上的再生能源業務。所以我認為我們仍然一如既往地對該業務持樂觀態度。

Understood. I appreciate the responses. Thanks again.

明白了。我很欣賞你們的回應。再次感謝。

Thank you.

謝謝。

As there are no more questions, I will now turn it back to Ms. Angela Yulo for closing remarks.

由於沒有其他問題了，我現在請 Angela Yulo 女士做總結發言。

Thank you, everybody, for joining us today. And with that, we'll end the call.

謝謝大家今天加入我們。這樣，我們就結束通話了。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。