Brookfield Corp (BN) 2024 Q4 法說會逐字稿

Hello, and welcome to the Brookfield Corporation fourth quarter 2024 conference call and webcast. (Operator Instructions) I would now like to hand the conference call over to our first speaker, Ms. Angela Yulo, Vice President, Investor Relations. Please go ahead.

您好，歡迎參加 Brookfield Corporation 2024 年第四季電話會議和網路廣播。（操作員指示）現在，我想將電話會議交給我們的第一位發言人，投資者關係副總裁安吉拉·尤洛女士。請繼續。

Thank you, operator, and good morning. Welcome to Brookfield Corporation's fourth quarter and full year 2024 conference call.

謝謝接線員，早安。歡迎參加 Brookfield Corporation 2024 年第四季和全年電話會議。

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 and the year. 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 request that you refrain from asking more than two questions.

今天參加電話會議的有我們的執行長 Bruce Flatt；以及 Brookfield Corporation 總裁 Nick Goodman。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和年度的財務和營運表現。在我們發表正式評論後，我們會將電話轉給接線員並回答分析師的問題。為了滿足所有想要提問的人的需求，我們要求您不要提出超過兩個問題。

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 laws. 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財務和營運績效的新舉措時，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法含義內的前瞻性陳述。這些聲明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，未來事件和結果可能與這些陳述有重大差異。

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 acquisition 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，當我們談到財富解決方案業務或 Brookfield 財富解決方案時，我們指的是 Brookfield 對該業務的投資，該投資支持了對其基礎營運子公司的收購。

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

說完這些，我將把電話轉給布魯斯。

Thank you, Angela, and welcome, everyone, on the call. We had a strong year in 2024 with record financial results. Distributable earnings before realizations increased 15% to $4.9 billion, that's $3.07 per share for the year, and total distributable earnings increased 31% to $6.3 billion. Nick will expand on these results later.

謝謝你，安吉拉，歡迎大家參加電話會議。2024 年是我們強勁發展的一年，財務表現創下了歷史新高。實現前可分配收益成長 15% 至 49 億美元，即全年每股 3.07 美元，總可分配收益成長 31% 至 63 億美元。尼克稍後會詳細闡述這些結果。

Our manager had over $135 billion of inflows and further expanded its credit platform. Our Wealth Solutions business is now firmly established as a top-tier annuity writer in the US, and we are just getting started in the UK. Our operating businesses continue to generate stable and growing cash flows backed by our high-quality essential service assets and businesses. With the 55% return in stock market during '24, that moved our 30-year track record up to a compound annualized return of 19% for the 30 years. Said differently, $1 million then became about $189 million today. That is a lot of compounding.

我們的管理人擁有超過 1,350 億美元的流入資金，並進一步擴大了其信貸平台。我們的財富解決方案業務現已牢固確立為美國頂級年金保險公司的地位，而我們在英國才剛剛起步。在優質基本服務資產和業務的支持下，我們的營運業務持續產生穩定且不斷成長的現金流。由於 1924 年股市報酬率高達 55%，我們 30 年來的業績記錄複合年化報酬率達 19%。換句話說，當時的 100 萬美元變成了今天的 1.89 億美元。這需要很大的複合量。

Turning briefly to the economic environment. Markets were constructive for most of '24 despite increased volatility caused by potential policy changes and geopolitics. But with inflation tempered, short-term rates are stabilizing at levels consistent with more normalized economic conditions. We capitalized on this backdrop, financing approximately $135 billion of debt and selling nearly $40 billion of assets at strong returns.

簡單談談經濟環境。儘管潛在的政策變化和地緣政治導致波動性加劇，但 2024 年大部分時間市場仍保持建設性。但隨著通膨得到緩和，短期利率正在穩定在與更正常化的經濟狀況一致的水平。我們利用這一背景，融資約 1,350 億美元債務，並出售近 400 億美元的資產，獲得了豐厚的回報。

Looking ahead, market conditions are becoming increasingly constructive, which should contribute to a continued recovery in transaction activity, especially for high-quality assets and businesses like ours. We expect to advance our robust pipeline of asset sales at attractive returns, which will lead to significant carried interest in the coming years. Nick will speak to that in more detail in his remarks.

展望未來，市場條件正變得越來越有利，這將有助於交易活動的持續復甦，特別是對於像我們這樣的優質資產和企業。我們期望以有吸引力的回報推進我們強勁的資產銷售管道，這將在未來幾年帶來可觀的附帶權益。尼克將在他的演講中更詳細地談論這個問題。

At the same time, with record deployable capital of approximately $160 billion and a constructive market backdrop, the outlook for deployment is wrong. This makes us quite confident in the outlook for growth in our earnings and cash flows, which should lead to increased intrinsic value for your shares. 2025 looks like it should be another good year.

同時，由於可部署資本達到創紀錄的約 1,600 億美元且市場背景良好，部署前景是錯誤的。這使我們對獲利和現金流成長前景充滿信心，這將導致您股票的內在價值增加。 2025 年看起來又會是一個好年。

Our strong stock performance in '24 was great. More importantly, though, the business' ability to consistently generate attractive investment returns has led to continued growth of our intrinsic value over the long term. The intrinsic value per share is now approximately $100 per share, which underpins your shares and should allow you to earn a greater return than the underlying performance of our business over time. In addition to that, this offers us an easy way to continue to add value per share by repurchasing shares. In 2024, we repurchased approximately $1 billion of shares with another $200 million to date in '25.

我們 2024 年的股票表現非常出色。但更重要的是，企業持續產生可觀的投資回報的能力使得我們的內在價值長期持續成長。每股的內在價值現在約為每股 100 美元，這支撐了您的股份，並且應該可以讓您獲得比我們業務長期基本表現更高的回報。除此之外，這也為我們提供了一種透過回購股票繼續增加每股價值的簡單方法。2024 年，我們回購了價值約 10 億美元的股票，2025 年迄今又回購了 2 億美元。

Our businesses also continue to get better. Our operations-oriented approach and our focus on high-quality cash-generative businesses has driven significant value creation for stakeholders. One such recent example is the dividend distribution and recapitalization of Clarios, which is the world's leading provider of advanced low-voltage batteries.

我們的業務也不斷好轉。我們以營運為導向的方法和對高品質現金創造業務的關注為利益相關者創造了巨大的價值。最近的一個例子是全球領先的先進低壓電池供應商 Clarios 的股息分配和資本重組。

In our six years of ownership, which I might emphasize included a lot of market volatility, the COVID era included, profitability increased by more than $500 million to over $2 billion a year of annual EBITDA. This allowed us to reduce debt by $2 billion and we solidified the business to service virtually all hybrids and electric cars.

在我們擁有該公司的六年時間裡，我想強調的是，這其中包括許多市場波動，包括 COVID 時代，但盈利能力每年增加了 5 億多美元，達到每年 EBITDA 超過 20 億美元。這使我們減少了 20 億美元的債務，並鞏固了業務，為幾乎所有混合動力車和電動車提供服務。

All of this enabled us to refinance the business recently, funding a $4.5 billion distribution to Clarios shareholders that generated a 1.5 times multiple of our original equity. Just to be clear on that outcome, all owners, including ourselves, received back 1.5 times our original invested equity, and we still own 100% of the business.

所有這些使我們能夠在最近對業務進行再融資，向 Clarios 股東分配 45 億美元，相當於我們原始股本的 1.5 倍。為了明確這一結果，包括我們自己在內的所有所有者都收回了我們原始投資股權的 1.5 倍，而且我們仍然擁有 100％ 的業務。

On the opposite side, our observation on the public markets is that we continue to see a shift from active to passive investing. Over the past few decades, much of the investing for regular, non-professional investors has transferred to passive index investing.

另一方面，我們對公開市場的觀察是，我們繼續看到從主動投資轉向被動投資的轉變。在過去的幾十年裡，大部分普通非專業投資者的投資已經轉向被動指數投資。

While on balance, indexing has probably been beneficial for the average investor, there have been implications for listed businesses. This indexing impacts us in a couple of ways. First, increasingly, there are a group of companies that do not fit neatly into indexes and as a result, trade poorly relative to value. Our recent take privates such as Triton, Tritax EuroBox and Network International are all examples of companies that were excluded from indexes and therefore, were acquired at good value. Our collective knowledge and expertise, combined with our scale and resources have enabled us to execute these transactions, and we see more opportunities to come.

雖然整體而言，指數化可能對一般投資者有利，但對上市公司也有影響。這種索引在幾個方面對我們產生影響。首先，越來越多的公司無法完全融入指數，因此其交易價值較低。我們最近私有化的 Triton、Tritax EuroBox 和 Network International 都是被排除在指數之外的公司，因此以良好的價值收購。我們的集體知識和專業技能，加上我們的規模和資源，使我們能夠執行這些交易，並且我們看到了未來更多的機會。

Indexing also affects our own companies. And while our main job is to make money for you, we also pay attention to how that value trades in the market to ensure that the value of the business is ultimately reflected in the share price over the longer term. Our efforts to simplify the structure of our asset management business and establish its eligibility for all relevant major US indexes is the outcome of this reality.

指數化也會影響我們自己的公司。雖然我們的主要工作是為您賺錢，但我們也會關注該價值在市場上的交易情況，以確保企業價值最終能夠反映在長期股價中。我們努力簡化資產管理業務結構並確定其符合所有相關主要美國指數的資格，這就是這一現實的結果。

In summary, and before I turn it over to Nick, our access to capital and the embedded growth within each of our businesses, in conjunction with the transaction activity picking up in '25, positions us well to continue to deliver strong growth in our cash flows and intrinsic value per share over the long term.

總而言之，在我將話題轉交給尼克之前，我們的資本管道和每項業務的內在增長，再加上 25 年交易活動的回暖，使我們能夠繼續實現現金流和每股內在價值的強勁增長。

Thank you for your support and interest in Brookfield. I'll turn it over to Nick.

感謝您對 Brookfield 的支持與關注。我將把它交給尼克。

Thank you, Bruce, and good morning, everyone. We delivered record financial results in 2024, distributable earnings, or DE, before realizations were $4.9 billion or $3.07 per share for the year, and this represents an increase of 15% per share over the prior year. Total DE, including realizations was $6.3 billion or $3.96 per share, a 31% increase over the prior year, with total net income of $1.9 billion for the year.

謝謝你，布魯斯，大家早安。我們在 2024 年實現了創紀錄的財務業績，即當年實現前的可分配收益（DE）為 49 億美元或每股 3.07 美元，這比上一年每股增長 15%。包括實現在內的總 DE 為 63 億美元或每股 3.96 美元，比上年增長 31%，全年總淨收入為 19 億美元。

Now focusing first on our operating performance, each of our businesses leverage their strong operating platforms to deliver growing cash flows. Our asset management business generated distributable earnings of $2.6 billion or $1.67 per share for the year. Total inflows were over $135 billion in 2024, driving an increase to fee-bearing capital of 18%, which ended the year at $539 billion, and this resulted in a 17% growth in fee-related earnings compared to the prior year quarter.

現在我們首先關注的是我們的營運業績，我們的每個業務部門都利用其強大的營運平台來實現不斷增長的現金流。我們的資產管理業務全年創造了 26 億美元可分配收益，即每股 1.67 美元。2024 年總流入量超過 1,350 億美元，推動收費資本增加 18%，年底達到 5,390 億美元，這導致與去年同期相比，費用相關收益增加了 17%。

Heading into 2025, we expect to hold final closes for our latest flagship funds and continue to actively deploy capital, which should contribute to strong earnings growth. With that momentum, our manager announced a 15% increase in our quarterly dividend to approximately $0.44 per share, which for context is close to $300 million of incremental cash annually distributed to us from this business.

邁向 2025 年，我們預計將最終關閉我們的最新旗艦基金，並繼續積極部署資本，這將有助於強勁的獲利成長。在這一勢頭之下，我們的經理宣布將季度股息提高 15% 至每股 0.44 美元，這相當於該業務每年向我們分配近 3 億美元的增量現金。

Our Wealth Solutions business is scaling rapidly amidst a very attractive market backdrop. Distributable operating earnings were $1.4 billion or $0.85 per share for the year, nearly double compared to the prior year. That was close to $700 million of incremental cash flow and earnings this year and growing.

在極具吸引力的市場背景下，我們的財富解決方案業務正在迅速擴張。全年可分配營業利潤為 14 億美元，即每股 0.85 美元，幾乎是去年的兩倍。這意味著今年的增量現金流和收益接近 7 億美元並且還在成長。

Following the close of AEL, our wealth solutions business is now firmly established as a top-tier annuity writer in the US and when including the growth in our pension business, has the potential to originate over $25 billion of predictable liabilities annually.

在 AEL 收盤後，我們的財富解決方案業務現已穩固確立為美國頂級年金保險公司的地位，如果算上我們退休金業務的成長，每年有可能產生超過 250 億美元的可預測負債。

During the year, we originated approximately $19 billion of retail and institutional annuities, increasing insurance assets to over $120 billion. We continue to scale our credit investment platform, leveraging our unique positioning around real assets. During the quarter, the average investment yield on our assets was 5.4%, that's 1.8% higher than the average cost of capital. And as we continue to gradually rotate the investment portfolio, spread earnings are expected to increase to approximately 2%, which will in turn grow annualized earnings from approximately $1.6 billion today to $2 billion in the near term.

本年度，我們發行了約 190 億美元的零售和機構年金，保險資產增加至 1,200 多億美元。我們繼續擴大我們的信貸投資平台，利用我們圍繞實體資產的獨特定位。本季度，我們資產的平均投資報酬率為 5.4%，比平均資本成本高 1.8%。隨著我們繼續逐步輪換投資組合，利差收益預計將增加至約 2%，這反過來將使年化收益從目前的約 16 億美元增長至近期的 20 億美元。

It is worth emphasizing that this business continues to generate stable and growing long-dated cash flows by leveraging the investment capabilities of our asset management business, we're able to focus on long-duration investing in real assets and private credit that matches with our long-dated liabilities, which have an average duration of nine years and low annual churn. This is a key driver of selling best-in-class retirement income solutions for Americans.

值得強調的是，這項業務利用我們資產管理業務的投資能力，繼續產生穩定且增長的長期現金流，我們能夠專注於對與我們的長期負債相匹配的實物資產和私人信貸進行長期投資，這些負債的平均期限為九年，年周轉率較低。這是向美國人銷售一流退休收入解決方案的關鍵驅動因素。

Furthermore, we continue to scale our strong operating platforms and progress our plans to expand into new markets with teams on the ground in the UK and Japan. Our focus remains to compound capital and deliver 15% plus returns on our equity. Through our combined Wealth Solutions platform, we are raising close to $2 billion of retail capital per month, which includes over $450 million a month from our private wealth channel.

此外，我們將繼續擴大我們強大的營運平台，並透過在英國和日本設立的團隊來推進我們向新市場擴張的計劃。我們的重點仍然是複合資本並實現 15% 以上的股本回報率。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，其中包括每月從我們的私人財富管道籌集的超過 4.5 億美元。

Our operating businesses continued to deliver stable and growing cash flows, generating distributable earnings of $1.6 billion or $1.03 per share for the year. Operating funds from operations within our renewable power and transition and infrastructure businesses increased by 10% over the prior year, and our private equity business continues to contribute resilient high-quality cash flows.

我們的營運業務持續提供穩定且成長的現金流，全年可分配收益達 16 億美元，即每股 1.03 美元。我們的再生能源、過渡和基礎設施業務營運產生的營運資金比上年增加了 10%，我們的私募股權業務繼續貢獻有彈性的高品質現金流。

In our real estate business, our core portfolio delivered 4% growth in same-store net operating income over the prior year quarter. And during the year, we signed close to 27 million square feet of office and retail leases. A few highlights of our robust office leasing activity include approximately 5 million square feet leased in India, 2.5 million square feet in Toronto and New York and 1.3 million square feet in the UK.

在我們的房地產業務中，我們的核心投資組合實現了同店淨營業收入比去年同期成長 4%。今年，我們簽署了近 2700 萬平方英尺的辦公和零售租約。我們強勁的辦公室租賃活動的一些亮點包括在印度租賃約 500 萬平方英尺、在多倫多和紐約租賃 250 萬平方英尺以及在英國租賃 130 萬平方英尺。

In our retail portfolio, our occupancy levels remain high at 96%. Overall, rents on the newly signed leases in our office and retail portfolios were approximately 35% higher compared to those leases expiring in the fourth quarter. Also during the fourth quarter, our DE further benefited by approximately $125 million from monetizing a land parcel within our North American residential operations.

在我們的零售組合中，入住率仍然高達 96%。總體而言，我們辦公室和零售組合中新簽訂的租約的租金比第四季度到期的租約高出約 35%。此外，在第四季度，我們的 DE 還透過將北美住宅業務中的一塊土地貨幣化而獲利約 1.25 億美元。

Given the positive market dynamics for high-quality assets, we expect earnings and valuations from our real estate business to continue to strengthen in the coming years.

鑑於優質資產的積極市場動態，我們預計未來幾年房地產業務的獲利和估值將繼續加強。

Turning now to monetization activity. We continue to see strong demand for the globally diversified portfolio of high-quality, cash-generating assets and businesses we own. In 2024, we monetized nearly $40 billion of assets across the business. In our real estate business, we closed the sale of a portfolio of US manufactured housing assets for approximately $570 million, crystallizing an approximately 29% IRR and 3.4 times multiple of capital.

現在轉向貨幣化活動。我們繼續看到，對我們擁有的高品質、能產生現金的資產和業務的全球多元化投資組合的強勁需求。2024 年，我們在整個業務中將近 400 億美元的資產貨幣化。在我們的房地產業務中，我們以約 5.7 億美元的價格完成了美國製造房屋資產組合的出售，實現了約 29% 的內部收益率和 3.4 倍的資本倍數。

Our renewable power and transition business generated record proceeds of $2.8 billion from asset monetizations, returning a 2.5 times multiple of capital and an IRR of approximately 25%. In our infrastructure business, we advanced a number of sales, including the close of the previously announced sale of our fiber platform in France, delivering an IRR of 17%.

我們的再生能源和轉型業務透過資產貨幣化獲得了創紀錄的 28 億美元收益，回報率為資本的 2.5 倍，內部收益率約為 25%。在我們的基礎設施業務中，我們推進了多項銷售，包括先前宣布的法國光纖平台的出售，實現了 17% 的內部收益率。

Monetizing assets is the last step of the life cycle of carried interest as it crystallizes a large component of the profit of an investment. And as a reminder, we adopt a conservative approach to realizing carried interest into our earnings. Specifically, we only recognize carry once we have returned the invested capital of the entire fund as opposed to an individual deals to clients and have achieved a minimum compound return, resulting in a remote risk of clawback. This approach delays the carry recognition towards the end of a fund's life cycle, but leads to a larger contribution when recognized.

資產貨幣化是附帶權益生命週期的最後一步，因為它使投資利潤的很大一部分具體化。提醒一下，我們採取保守的方式將附帶權益計入收益。具體而言，只有當我們將整個基金（而不是單一交易）的投資資本回饋給客戶，並實現最低複合回報時，我們才會確認套利，從而導致追回風險很小。這種方法將套利確認延遲到基金生命週期結束時，但在確認後會帶來更大的貢獻。

Today, our total accumulated unrealized carried interest is $11.5 billion, of which $10 billion is directly owned by the corporation and most of which we expect to recognize into our earnings over the next five years. In 2024, we recognized approximately $400 million of net realized carried interest into income. And more importantly, as we advance our investment plans and continue to monetize assets, we expect to generate approximately $20 billion of cash flows directly to the corporation over the next 10 years. This will allow us to deliver further value for you by either reinvesting the cash back into the business or by returning capital through opportunistically repurchasing our shares.

今天，我們累計未實現的附帶權益總額為 115 億美元，其中 100 億美元由公司直接擁有，我們預計其中大部分將在未來五年內計入我們的收益。2024 年，我們確認約 4 億美元的淨已實現附帶權益計入收入。更重要的是，隨著我們推進投資計畫並繼續將資產貨幣化，我們預計未來 10 年將直接為公司帶來約 200 億美元的現金流。這將使我們能夠透過將現金重新投資於業務或透過機會性地回購我們的股票來返還資本，為您創造更多價值。

Shifting to our balance sheet and liquidity. We continue to differentiate our business through the combination of our conservatively capitalized balance sheet and high levels of liquidity with record deployable capital of approximately $160 billion. Our financial strength enabled us to continue to opportunistically repurchase our shares at significantly lower prices compared to our view of intrinsic value.

轉向我們的資產負債表和流動性。我們繼續透過保守的資本化資產負債表和高水準的流動性以及創紀錄的約 1,600 億美元的可部署資本來使我們的業務與眾不同。我們的財務實力使我們能夠繼續以遠低於我們的內在價值的價格機會性地回購我們的股票。

In 2024, we completed approximately $1 billion of share buybacks, adding approximately $0.80 of value to each remaining share. Alternatively said, you now own 1.5% more of the assets we own for each share, and you did not have to put up any more money. In 2025, so far, we have repurchased over $200 million of shares.

2024 年，我們完成了約 10 億美元的股票回購，為剩餘的每股股票增加了約 0.80 美元的價值。換句話說，現在你每持有一股股票就多擁有我們 1.5% 的資產，而且你不需要再投入任何資金。2025年到目前為止，我們已經回購了超過2億美元的股票。

In the capital markets, we had an active year, we executed approximately $135 billion of financings, and notable examples include we access the hybrid debt markets, emphasizing our ability to raise capital from multiple sources. At the corporation, we issued $700 million of 30-year subordinated notes in December, which saw high demand from investors at relatively low spreads. We also closed a $1 billion seven year non-recourse asset level loan to a large institutional partner of ours, the proceeds of which will mainly be directed towards share repurchases.

在資本市場，我們度過了活躍的一年，執行了約 1,350 億美元的融資，值得注意的例子包括我們進入混合債務市場，強調了我們從多種來源籌集資金的能力。在該公司，我們於 12 月發行了 7 億美元的 30 年期次級債券，由於利差相對較低，投資者的需求很高。我們也向我們的一家大型機構合作夥伴提供了一筆 10 億美元七年期無追索權資產等級貸款，該貸款所得將主要用於股票回購。

In our real estate business, we financed approximately $40 billion of debt across 182 investments globally, of which over $12 billion relates to our office portfolio. Liquidity is coming back to real estate markets around the world and particularly for the high-quality portfolio of assets that we own.

在我們的房地產業務中，我們在全球 182 項投資中融資約 400 億美元，其中超過 120 億美元與我們的辦公室投資組合有關。流動性正在回歸全球房地產市場，特別是我們持有的優質資產組合。

Subsequent to year-end, our infrastructure business completed two large financings. This included the issuance of a $6.1 billion investment-grade financing at our semiconductor facility joint venture in Arizona, which further derisked the investment with the original debt facility now fully termed out in the capital markets, two years ahead of plan and at a lower cost. Both of the financings we executed were oversubscribed, showcasing the depth of liquidity available for high-quality infrastructure assets.

年末之後，我們的基礎設施業務完成了兩筆大型融資。其中包括在我們位於亞利桑那州的半導體工廠合資企業發行 61 億美元的投資級融資，這進一步降低了投資風險，原始債務融資現已在資本市場上完全到期，比計劃提前兩年並且成本較低。我們執行的兩筆融資均獲得超額認購，彰顯了優質基礎設施資產的流動性深度。

Overall, 2024 was a strong year. As we look ahead to 2025, we expect that the positive momentum in our financial performance, combined with our robust balance sheet and liquidity, sets us up well to drive further earnings growth and create significant value in the business.

整體而言，2024 年是強勁的一年。展望 2025 年，我們預計，我們財務業績的積極勢頭，加上我們強勁的資產負債表和流動性，將為我們進一步推動盈利增長並為業務創造重大價值奠定基礎。

Lastly, I am pleased to confirm that our Board of Directors has declared a 13% increase in the quarterly dividend to $0.09 per share payable at the end of March to shareholders of record at the close of business on March 14, 2025.

最後，我很高興地確認，我們的董事會已宣布將季度股息增加 13% 至每股 0.09 美元，並於 3 月底支付給 2025 年 3 月 14 日營業結束時登記在冊的股東。

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

謝謝您的時間，現在我將把電話交回給接線員以回答您的問題。

(Operator Instructions)

（操作員指令）

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

Hi, good morning. Thanks for taking the question. So much to ask here. But I think I'll focus on capital management. It would seem like a target-rich environment for Brookfield. And I would love to better understand what makes the most sense for you now given your view of the future, especially in the context of improving cash flows.

嗨，早安。感謝您回答這個問題。這裡有太多要問的了。但我想我會專注於資本管理。對 Brookfield 來說，這似乎是一個目標豐富的環境。並且我希望根據您對未來的看法，特別是在改善現金流的背景下，更好地了解現在什麼對您來說最有意義。

So in terms of insurance, could a large insurance deal still makes sense, assuming a good fit in price? Or are blocks, bolt-ons and organic growth really sort of the exclusive path forward on the insurance side? And then in infrastructure and renewables for Brookfield Corporation, given the size of the opportunity that you, asset management, your peers are all sort of talking about. And given the size of these deals, like Intel and now the French AI announcement, do you see increased indirect opportunity here such as BIP and BEP or even more direct opportunities for Brookfield Corporation from an investment perspective? Thanks.

那麼從保險角度來說，如果價格合適，大額保險交易是否仍然有意義？或者，區塊、附加和有機成長真的是保險方面唯一的前進道路嗎？然後對於布魯克菲爾德公司來說，在基礎設施和再生能源領域，考慮到您、資產管理以及您的同行都在談論的機會的規模。考慮到這些交易的規模，例如英特爾和現在的法國人工智慧公告，從投資角度來看，您是否認為這裡有更多間接機會，例如 BIP 和 BEP，或為 Brookfield Corporation 帶來更多直接機會？謝謝。

Hi, Ken. Good morning. Ken, thanks for the question. I would say that as we think about capital management at Brookfield, there are a lot of highly attractive areas for capital deployment right now, and we sit at the center of the capital flows and have the expertise to invest into these sectors and allocate capital for what we think will be attractive returns.

你好，肯。早安.肯，謝謝你的提問。我想說，當我們考慮布魯克菲爾德的資本管理時，目前有很多非常有吸引力的資本配置領域，我們處於資本流動的中心，擁有投資這些領域和分配資本以獲得我們認為有吸引力的回報的專業知識。

I think to answer your question specifically on insurance, it will probably be a combination of everything. That's the way we tend to grow our businesses. We like to build platforms that can deliver organic growth at attractive returns. But then we also look at M&A that can enhance and provide sort of step change growth in the business, be it geographically or diversity by product. And so I think you'll see continued strong organic growth in that business, but still focusing on potentially bolting on M&A growth, and that could be geographic diversification or product diversification.

我認為，要具體回答您關於保險的問題，可能要綜合考慮所有因素。這就是我們發展業務的方式。我們喜歡建構能夠以誘人的回報實現有機成長的平台。但我們也研究了可以增強業務並提供階梯式成長的併購，無論是從地理或產品多樣性來看。因此，我認為你會看到該業務繼續保持強勁的有機成長，但重點仍然放在潛在的併購成長上，這可能是地域多樣化或產品多樣化。

As it relates to infrastructure and renewables, we've talked about this a lot with decarbonization and deglobalization and almost intersecting with each other. The investment opportunity is enormous. And we have a unique combination of capabilities to play across that spectrum with the provision of renewable power, the data center capability and the real estate expertise.

至於與基礎設施和再生能源相關的問題，我們已經就脫碳和去全球化進行了許多討論，而且它們幾乎相互交叉。投資機會巨大。我們擁有獨特的能力組合，能夠提供再生能源、資料中心能力和房地產專業知識，滿足這一領域的各種需求。

I think the investment for that largely resides within our listed affiliates and our clients where we have significant capital available to us, but the opportunity is significant, and I expect Brookfield to be a large player in that, but the capital largely comes directly off of the listed affiliates and in partnership with our clients who have very significant appetite for these sectors.

我認為這方面的投資主要集中在我們的上市附屬公司和客戶身上，我們擁有大量可用資金，但機會是巨大的，我預計 Brookfield 將成為其中的重要參與者，但資金主要直接來自於上市附屬公司以及與對這些行業有極大興趣的客戶的合作。

Thank you very much.

非常感謝。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Hey, good morning, thanks for taking the question. Maybe just one on real estate. I was hoping maybe you could elaborate a bit more on your expectations for monetizations this year. You sound pretty optimistic. Maybe you could unpack what sort of instills that confidence? How do you see sort of the impact from the recent uplift in 10-year treasury yield over the past 6 months and potential risks from tariffs and such. Maybe just talk a little bit about what gives you the confidence there? And how do you see the sort of pace, magnitude and cadence of this evolving throughout the year?

嘿，早上好，感謝您回答這個問題。也許只有一個關於房地產的。我希望您能更詳細地闡述您對今年貨幣化的期望。你聽起來相當樂觀。也許您可以解釋一下是什麼灌輸了這種信心？您如何看待過去六個月 10 年期公債殖利率上升帶來的影響以及關稅等潛在風險？也許您可以稍微談談是什麼讓您有信心呢？您如何看待這股趨勢全年演變的速度、幅度和節奏？

Thank you.

謝謝。

Mike, so yeah, I'll just make a general comment on real estate. I would say overall, globally, real estate markets continue to improve. And I'd say that's based on a few factors, ones which we said we should be watching out for over the last couple of years. One is the underlying fundamentals continue to improve across sectors. And two, the depth of liquidity in the capital markets is getting better every day and the cost of capital is compressing with spreads tightening. And yes, the 10-year may have corrected slightly, but spreads are continuing to come in, and we're seeing that across our portfolio and not just that, but the breadth of liquidity available across sectors is improving. And I think that is the ingredients that you need for a pickup in monetization activity.

麥克，是的，我只是對房地產做一個一般性評論。我想說，總體而言，全球房地產市場持續改善。我認為這基於幾個因素，我們說過過去幾年我們應該關注這些因素。一是各產業基本面持續改善。二是資本市場流動性深度日益增強，資金成本不斷壓縮，利差不斷收窄。是的，10 年期公債可能略有回調，但利差仍在繼續擴大，我們看到這在我們的投資組合中普遍存在，而且不僅如此，各行業的流動性廣度也在改善。我認為這就是實現貨幣化活動回升所需的因素。

And on a global scale, we're seeing that activity. We've been selling assets in different sectors and different markets around the world. And I expect that to continue and specifically in the US as we see the capital markets continue to improve. The operating performance is incredibly strong. The demand for our assets is probably the most robust we've seen it.

在全球範圍內，我們都看到了這種活動。我們一直在全球不同行業和不同市場出售資產。我預計這種情況將會持續下去，特別是在美國，因為我們看到資本市場持續改善。營運表現異常強勁。對我們資產的需求可能是我們所見過的最強勁的。

The tone is improving all the time. And so we do expect this year to be an attractive environment for monetization. We have assets across the franchise that we will be looking to bring to market. The balance of that between fund assets or those directly held on balance sheet, we'll see how that plays out. But as we sit here today and with the tone in the market, we do expect it to be an active year.

語氣一直在改善。因此，我們確實預期今年的貨幣化環境將非常有利。我們擁有遍布整個特許經營領域的資產，並希望將其推向市場。基金資產或直接在資產負債表上持有的資產之間的平衡，我們將看看其如何發揮作用。但當我們今天坐在這裡，考慮到市場的基調時，我們確實預計這將是活躍的一年。

Great. And just a follow-up question, if I could, on the wealth solutions side. Maybe you could talk a little bit to the organic growth of annuities and flows broadly on the wealth solutions side. Maybe talk a little bit about where you are in the process of expanding distribution, what steps are you looking to take in '25 to drive continued growth from here? How might a credit ratings upgrade be helpful, if at all, how you might think about achieving that?

偉大的。如果可以的話，我還有一個關於財富解決方案的後續問題。也許您可以就財富解決方案方面的年金和資金流動的有機增長稍微談一談。也許您可以稍微談談您在擴大分銷方面的進展，您希望在 25 年採取哪些措施來推動持續成長？信用評級升級有何幫助？

Yeah. Listen, I'd say again that in the industry, in the broad industry, the tailwinds are strong with strong drivers and the most fundamental one being demographics. And within our business, we're seeing strong sales and strong demand, and the momentum is continuing.

是的。聽著，我想再說一遍，在這個行業，在整個行業中，順風勢頭強勁，驅動力強勁，而最根本的因素就是人口統計。在我們的業務中，我們看到強勁的銷售和強勁的需求，而且這種勢頭還在持續。

When you talk about how we're setting ourselves up, we've expanded our distribution channels and our partners as well as the product lineup, including sort of new proprietary products, and we're starting to see the benefits of that diversified capability. We've built out capabilities across PRT. We've done the largest deal, I think, ever done in Canada this year. We did our first large transaction in the UK, and we're doing large deals in the US. So that is broadening and diversifying our growth channels.

當您談到我們如何定位自己時，我們已經擴大了分銷管道和合作夥伴以及產品陣容，包括一些新的專有產品，並且我們開始看到這種多元化能力的好處。我們已經建構了 PRT 的全部功能。我認為，我們今年在加拿大完成了有史以來最大的一筆交易。我們的第一筆大型交易是在英國進行的，目前我們在美國也正在進行大型交易。這正在拓寬和多樣化我們的成長管道。

We're also now set up to issue in the institutional market. We did our first FABN product, which is really an institutional annuity for $500 million in the first quarter, and we expect that to continue to scale. And in January alone, we wrote $2 billion of annuities out of the business. So it feels like momentum is strong. And I'd say the growth potential coming from the business is getting better every day as we continue to diversify into new products and grow into new markets.

我們現在也準備在機構市場發行債券。我們推出了第一款 FABN 產品，實際上是第一季價值 5 億美元的機構年金，我們預計該產品將繼續擴大規模。僅在一月份，我們就從該業務中註銷了 20 億美元的年金。因此感覺勢頭很強勁。我想說，隨著我們繼續拓展新產品和新市場，業務的成長潛力每天都在變得更好。

As for the rating, the entity is already fairly high rated. So we're more focused on broadening out the growth channels, but the business is heavily overcapitalized in all of the markets and in all of our insurance entities. So we think we're really well set up to continue growing.

至於評級，該實體的評級已經相當高。因此，我們更注重拓寬成長管道，但所有市場和所有保險實體的業務都嚴重資本過剩。因此我們認為我們已經做好了繼續發展的準備。

Great thank you.

非常感謝。

Robert Kwan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Robert Kwan。

Great, good morning. If I can just start to ask about the carried interest. And so you've got the $11.5 billion or $7 billion net and most you're talking about realizing over the next five years. So can you just talk about how you could see that pace of realizations annually? And if you want to talk about 2025, that would be obviously very interesting. And then just as that $20 billion number you put out there over 10 years, is there any material amount of that, that you would see falling into the five year period?

太好了，早安。我是否可以開始詢問有關附帶權益的問題？因此，您獲得了 115 億美元或 70 億美元的淨利潤，而您所說的大部分利潤將在未來五年內實現。那麼您能談談您如何看待每年的實現速度嗎？如果你想談論 2025 年，那顯然會非常有趣。那麼，就像您所說的 10 年內達到 200 億美元的數字一樣，您是否認為其中有任何實質性的數額會在 5 年內下降？

Rob, I think we laid out for Investor Day, the 10-year view and the five year view, five year closer to sort of maybe $5 billion, the balance coming over the longer-term period. Beyond five years. And as you know, the -- in our view, it's really a matter of when, not if. The performance of the underlying investments is very strong. And as market tone continues to improve, and we work our way through the early return of capital, which are now in higher funds with larger investments, we expect to get to the point where carry will meaningfully step up.

羅布，我想我們為投資者日制定了 10 年期和 5 年期的計劃，五年期的計劃可能接近 50 億美元，而平衡則將在更長期內實現。超過五年。如你所知，我們認為，這實際上只是時間問題，而不是是否會發生的問題。基礎投資的表現非常強勁。隨著市場基調不斷改善，我們努力完成早期資本回報，目前這些資本已投入規模更大的優質基金，我們預計套利將顯著增加。

As it relates to 2025, it looks like it will be another sort of bridge year, similar to last year, maybe a bit higher. But then we expect a significant pickup to really come in '26 and '27. And that's just a product of where we are in the life cycle of the funds. So the story hasn't really changed compared to what we would have seen in the last few quarters.

就 2025 年而言，它看起來將是另一個橋樑年，與去年類似，甚至可能略高一些。但我們預計在26年和27年將出現明顯回升。這只是我們所處的基金生命週期的產物。因此，與過去幾個季度相比，情況並沒有什麼變化。

Okay. Got it. No update there. And then just on the listed affiliates, just overall, the fundraising has been strong at BAM, and we heard that commentary yesterday. Just some of the listed affiliate valuations and just how they're trading, struggling a bit. And just given you've done such a good job with growing the other fundraising channels, just -- do you have some updated thoughts as to how you're thinking about the vehicles? Is the solution that maybe just participate in future funds at a lower amount? Or is there something larger that you're considering here?

好的。知道了。那裡沒有更新。然後就上市附屬公司而言，總體而言，BAM 的籌款活動一直很強勁，我們昨天聽到了這樣的評論。只是一些上市附屬公司的估值以及它們的交易方式有點掙扎。鑑於您在發展其他募款管道方面做得如此出色，您對這些工具的看法有什麼最新的想法嗎？解決方案是不是可能只是以較低的金額參與未來的基金？或者您正在考慮更大的事情？

Yeah. Listen, I think with the listed affiliates, you have to not get distracted by the price at times and look at the underlying value creation that's being generated in those businesses, and they continue to invest for excellent value and deliver excellent returns. Just look at the returns we're generating on the funds. Those returns are also being realized by the listed affiliates. And price is temporary, markets are volatile. But I think -- I mean, you know BIP quite well. The investor sentiment, people like the stock, the dividend has performed incredibly well over a long period of time. And we expect, as you know, price is temporary, but the value we're creating is significant, and that will be realized in markets over time.

是的。聽著，我認為對於上市附屬公司，你有時不能被價格分散注意力，而要看這些業務中產生的潛在價值創造，他們會繼續投資以獲得卓越的價值並帶來卓越的回報。看看我們在基金上獲得的回報。這些回報也正在由上市附屬公司實現。價格是暫時的，市場是波動的。但我認為 — — 我的意思是，你非常了解 BIP。投資人情緒、人們喜歡股票、股利在很長一段時間內表現得非常好。如您所知，我們預計價格是暫時的，但我們創造的價值是巨大的，而且它將隨著時間的推移在市場上實現。

Okay, that's great thank.

好的，非常感謝。

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

Thanks very much and good morning. You mentioned that your internal view of intrinsic value has increased to $100 versus $84 in late September, can you comment on some of the major contributors to that increase?

非常感謝，早安。您提到，您對內在價值的內部看法已從 9 月底的 84 美元升至 100 美元，您能否評論一下這一增長的一些主要因素？

Yeah. Cherilyn, I would just say it's broad-based growth across the business. As you know, BAM has performed incredibly well in the capital markets. We continue to scale the earnings on the Wealth Solutions platform. Those would be two large contributors to the growth in that value. And I just think it's continued execution of the plan. It's really earnings growth coming from the underlying operations.

是的。Cherilyn，我只想說這是整個業務的廣泛增長。眾所周知，BAM 在資本市場上的表現非常出色。我們將繼續擴大財富解決方案平台的收益。這將是該價值成長的兩個主要貢獻者。我只是認為這是計劃的持續執行。這實際上是來自於基礎營運的獲利成長。

Separately, in terms of the private wealth market, as I understand it, Brookfield is very competitive in terms of its product offerings and shelf space but has been a bit more conservative versus peers as far as modulating intake to stay disciplined on deployment. Does that give you any concern from a competitive perspective?

另外，就私人財富市場而言，據我所知，布魯克菲爾德在產品供應和貨架空間方面非常有競爭力，但在調節攝入量以保持部署紀律方面，與同行相比略顯保守。從競爭角度來看，這會讓您擔心嗎？

Not really. I mean the numbers that we are raising are significant. I think through our wealth platform within the asset manager, we raised about $5 billion across 2024, and we see that probably accelerating this year. I don't think we're worried about being competitive. What we're worried about is building products that we believe are sustainable and can deliver attractive returns to clients over the long term. And so we'll modulate them and scale them as we see fit.

並不真地。我的意思是，我們籌集的數字是巨大的。我認為，透過資產管理公司內部的財富平台，我們在 2024 年籌集了約 50 億美元，我們認為今年這一數字可能會加速。我認為我們並不擔心競爭力。我們所關心的是打造我們認為可持續的產品，並能在長期內為客戶帶來可觀的回報。因此，我們會根據自己的需求對它們進行調整和縮放。

But what we're most focused on is delivering a sustainable growth and returns for our clients and a product that will be durable over the long term. And so we'll scale it up at the right time. But I would say we have amazing products for those channels in credit and infrastructure and others are coming to the market, and we're very well set up to scale significantly over the coming years.

但我們最關注的是為客戶實現可持續的成長和回報，以及提供長期耐用的產品。因此，我們會在適當的時候擴大規模。但我想說的是，我們針對信貸和基礎設施管道擁有令人驚嘆的產品，其他產品也即將進入市場，我們已經做好了在未來幾年大幅擴大規模的準備。

A quick follow-up. Like, do you have any concern that there might be an accident elsewhere that could taint the market for everyone?

快速跟進。例如，您是否擔心其他地方可能發生事故，進而影響到所有人的市場？

Listen, it's hard for me to say. I don't have insight into everyone deploys capital, but it's like anything else, it's competitive and people are deploying capital and maybe mistakes will be made along the way, but I don't have the insight into everyone else's investing their capital.

聽著，我很難說。我無法洞悉每個人如何部署資本，但這就像其他任何事情一樣，它具有競爭性，人們在部署資本，也許在此過程中會犯錯，但我無法洞悉其他人如何投資資本。

That's all for me. Thank you.

對我來說這就是全部了。謝謝。

Mario Saric, Scotiabank.

加拿大豐業銀行的馬裡奧·薩里奇 (Mario Saric)。

Thank you and good morning. When it comes to Brookfield, I think the market has historically been very focused on the trading discount to intrinsic value as part of the investment thesis. That said at the Investor Day, you did highlight a five year CAGR on DE of 25%, which I think still kind of flies under the radar a little bit. How do you think about the corporation's ability to exceed that 25% target in the short term, like, let's say, over the next couple of years, perhaps highlighting some of the puts and takes in terms of '25 and '26 versus the five year horizon?

謝謝，早安。談到 Brookfield，我認為市場歷來非常關注交易折扣相對於內在價值的投資理論的一部分。話雖如此，在投資者日，您確實強調了 DE 的五年複合年增長率為 25%，但我認為這仍然有點不為人知。您認為公司在短期內（比如說未來幾年）超越 25% 目標的能力如何？

Mario, I think the important part of that growth plan, 25% was the headline growth. I think 17% was the growth that we can deliver -- we target to deliver from the existing platform pre-monetization carried interest. That's the amount, I would say, more directly within our control, and we feel good about the 17% and the ability to achieve that.

馬裡奧，我認為該成長計畫的重要部分是 25% 的整體成長率。我認為 17% 是我們能夠實現的成長率——我們的目標是從現有平台的貨幣化前收益中實現。我想說，這是我們更直接可以控制的金額，我們對 17% 的目標和實現這一目標的能力感到很滿意。

Maybe the slight chance of outperformance, but I think if we achieve that, we're doing pretty well over a five year period. The chance of outperformance obviously comes from monetization activity, cash reinvestment, which will be highly accretive. And as it comes in, we'll allocate it. And I think over five years, we still -- 25% growth, I think, is a very attractive earnings profile for our business over the next five years, and we're very well positioned to achieve it.

也許，超越預期的可能性很小，但我認為，如果我們能夠實現這一目標，那麼在五年內，我們的表現就相當不錯了。優異表現的機會顯然來自於貨幣化活動、現金再投資，這將帶來高度的增值。當它到來時，我們會進行分配。我認為，在未來五年內，我們仍然能夠實現 25% 的成長率，這對於我們未來五年的業務獲利狀況來說是一個非常有吸引力的目標，而且我們完全有能力實現這一目標。

Okay. And then just coming back to the intrinsic value versus trading price, you're continuing to buy back shares. I think year-to-date, the volume exceeded the combined second half of '24 despite the share price being up 55% in '24. So when you look at '25, are you open to putting a target out there like you did for '24? And then I guess the second part of the question would be, when you think about the intrinsic value per share growth driver in '25 in the business, what do you think is the one part of the business that you're most excited about today in terms of near-term growth that the market under appreciating?

好的。然後回到內在價值與交易價格，你將繼續回購股票。我認為，儘管 24 年股價上漲了 55%，但年初至今的成交量還是超過了 24 年下半年的總成交量。那麼，當您展望 25 年時，您是否願意像展望 24 年那樣設定一個目標呢？然後我想問題的第二部分是，當您考慮 25 年業務中每股內在價值的成長動力時，就市場低估的近期成長而言，您認為目前最讓您興奮的業務部分是什麼？

Yeah. Listen, I don't think we need to put a specific target, but all I would say is, yes, the share price has gone up, but still has the value of the business. And we continue to see a discount that is attractive for us to repurchase shares, and we will opportunistically do that throughout the year. We've done over $200 million already so far this year, and we'll continue to be active.

是的。聽著，我認為我們不需要設定一個具體的目標，但我想說的是，是的，股價確實上漲了，但仍然具有企業的價值。我們繼續看到有吸引力的折扣來回購股票，並且我們將在全年抓住機會這樣做。今年到目前為止我們已經完成了超過 2 億美元，我們將繼續積極行動。

As it relates to the value of the business, listen, we look across the business and every part of the business is performing incredibly well right now. I think the Wealth Solutions platform will continue to scale. The organic growth platform there, as I talked about, is continuing to really perform well and exceed even our expectations we had a couple of years ago. So that's going incredibly well. The asset management business, as you heard from Connor yesterday, it's poised to have a really, really strong year with fundraising from institutional, retail and high net worth. And so I think when we look across the business, I think it's broad-based strength.

就其與業務價值的關係而言，聽著，我們縱觀整個業務，現在業務的每個部分都表現得非常好。我認為財富解決方案平台將繼續擴大規模。正如我所說，那裡的有機成長平台繼續表現良好，甚至超出了我們幾年前的預期。一切進展順利。正如您昨天從康納那裡聽到的，資產管理業務有望迎來真正強勁的一年，從機構、零售和高淨值人士那裡籌集資金。因此，我認為，當我們縱觀整個業務時，我認為這是全面的優勢。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO 資本市場。

Okay, thank you. Nick, I appreciate lots of liquidity. But is there a preference to monetize before investing?

好的，謝謝。尼克，我很欣賞大量的流動性。但是否存在先貨幣化再投資的偏好呢？

Monetize what specifically, Mario -- sorry, Sohrab?

具體透過什麼賺錢，馬裡奧——對不起，索赫拉布？

Monetize assets. Yeah, just monetize assets. I mean, obviously, I think we've heard also yesterday that it's a good market to both buy and sell. How important is it to -- preferential, I guess, what's the preference, to monetize first or just remain opportunistic and roll with the punches?

將資產貨幣化。是的，只是將資產貨幣化。我的意思是，顯然，我認為我們昨天也聽說過，這是一個適合買賣的好市場。優先考慮有多重要，我猜，優先考慮的是什麼，是先貨幣化還是只是保持機會主義並隨機應變？

Listen, I think we remain opportunistic. What is unique, and we've often said and one of the key differentiators of the corporation is we have significant scale capital available to us and significant liquidity with lots of levers that we can pull. And so we're not dependent on monetizations to be doing acquisitions. And I think we believe there's lots of potentially interesting things we'll be able to do, and it's not dependent on executing sales first.

聽著，我認為我們仍然是機會主義者。我們經常說，我們的獨特之處在於，我們擁有可觀的規模資本和充足的流動性，並且可以利用多種槓桿。因此，我們並不依賴貨幣化來進行收購。我認為我們相信我們可以做很多潛在的有趣的事情，而且這並不依賴於首先執行銷售。

Okay. And so when you think about at least what some of us think through the uncertainty, whether it's around trade, whether it's policy, it doesn't seem to be just unique to the US. I mean, I suppose it's creating this near-term uncertainty, which you guys like because it creates medium-term opportunities. But if you had to think through the various vectors or the silos of investing that you do, like where is the opportunity greatest? And where are you being a little bit more cautious because of the uncertainty caused in the current environment?

好的。因此，當你思考至少我們中的一些人對不確定性的看法時，無論是圍繞貿易，還是政策，它似乎不只是美國獨有的。我的意思是，我認為這會造成短期的不確定性，但你們喜歡這種不確定性，因為它會創造中期機會。但如果你必須仔細思考你所做的各種投資載體或投資環節，那麼最大的機會在哪裡呢？由於當前環境造成的不確定性，您在哪些方面會更加謹慎？

Yeah, not to skirt your question, but I think the opportunity really is broad-based. And the underlying fundamentals of each of the businesses and where the opportunities lie in terms of the sectors we want to invest in, they haven't really changed. And the operations of our business, as Connor said just on the call, they're largely domestic, inelastic to demand. And with our operating capabilities, we believe that our operations are largely insulated from what's going on right now.

是的，我不是要迴避你的問題，但我認為機會確實是廣泛的。每項業務的基本面以及我們想要投資的行業中存在的機會實際上並沒有改變。正如康納在電話中所說，我們的業務運作主要是國內業務，對需求缺乏彈性。憑藉我們的營運能力，我們相信我們的營運基本上不會受到當前發生的情況的影響。

But it does create volatility. And when we see that in the market and scarcity of capital in certain pockets, that could create better value entry points for the asset classes around which we're focused, but that's not specific to one sector or asset class, I don't think.

但它確實會造成波動。當我們看到市場中某些領域的資本稀缺時，這可以為我們關注的資產類別創造更好的價值切入點，但我認為這不是針對某個產業或資產類別。

I think for all of us, and independent of what's going on, we came into the year believing this would be a good year for deployment and for monetization, and it has not really changed based on what's happened in the last few weeks or month.

我想對我們所有人來說，無論發生什麼，我們都相信今年將是部署和貨幣化的好年頭，而且根據過去幾週或一個月發生的事情，這種情況並沒有真正改變。

So just a quick one on that one. So it hasn't changed. So you are just as, I'll call it, optimistic today, as you would have been, I don't know, six months ago or four months ago when you had an outlook on 2025 for your business?

我只想快速地回答一下這個問題。所以它沒有改變。所以，我可以說，您今天還是像六個月前或四個月前那樣樂觀，當時您對 2025 年的業務進行了展望，對嗎？

Correct. That's correct, Sohrab.

正確的。沒錯，索赫拉布。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

And that does conclude our question-and-answer session for today's call. I'd now like to turn the conference back to Ms. Angela Yulo for any closing remarks.

今天的電話問答環節到此結束。現在，我想請安琪拉·尤洛女士致閉幕詞。

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

感謝大家今天的參與。我們就此結束通話。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

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。祝大家有美好的一天。