Brookfield Corp (BN) 2025 Q2 法說會逐字稿

Hello, and welcome to the Brookfield Corporation second quarter 2025 conference call and webcast. (Operator Instructions)

您好，歡迎參加 Brookfield Corporation 2025 年第二季電話會議和網路廣播。（操作員指示）

I would now like to hand the conference over to your speaker today, Ms. Katie Battaglia, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係副總裁凱蒂·巴塔利亞女士。請繼續。

Thank you, operator, and good morning. Welcome to Brookfield Corporation's Second Quarter 2025 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.

謝謝接線員，早安。歡迎參加 Brookfield Corporation 2025 年第二季電話會議。今天參加電話會議的有我們的執行長布魯斯·弗拉特 (Bruce Flatt) 和布魯克菲爾德公司總裁尼克·古德曼 (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的財務和營運業績。

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 you to refrain from asking more than two questions.

在我們正式發表評論後，我們將把電話轉給接線員並回答分析師的問題。為了方便所有想要提問的人，我們要求您不要提出超過兩個問題。

I would 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 security 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.

我想提醒大家，在今天的評論中，包括在回答問題和討論我們財務和經營業績的新舉措時，我們可能會做出前瞻性陳述，包括適用的加拿大和美國安全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 impact on our company, please see our filings with the securities regulators in Canada and the US and the information available on our website.

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的信息。

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.

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, and welcome, everyone, on the call. We delivered strong second quarter results. Distributed earnings before realizations increased 13% year-over-year to $1.3 billion. That was $0.80 per share for the quarter and $5.3 billion or $3.36 per share for the last 12 months.

謝謝大家，歡迎大家參加電話會議。我們第二季取得了強勁的業績。實現前分配收益年增 13%，達到 13 億美元。本季每股收益為 0.80 美元，過去 12 個月的每股收益為 53 億美元，即每股收益 3.36 美元。

Performance was supported by continued momentum across our core businesses and a significant pickup in transaction activity. Strong underlying operating fundamentals are driving demand and cash flow growth in both our asset management and operating businesses.

我們核心業務的持續成長動能和交易活動的大幅回升為業績提供了支持。強勁的基本營運基礎正在推動我們的資產管理和營運業務的需求和現金流成長。

Our Wealth Solutions business continues to grow its asset base. And last week, we announced an agreement to acquire Just Group, a leading provider of pension risk transfer solutions in the United Kingdom. This acquisition builds on the foundation we established in the UK earlier this year and will allow us to accelerate our growth in the country. As already one of the largest infrastructure renewable and property investors in the UK, this acquisition matches well with our capabilities and positions us to assist policyholders earn strong returns.

我們的財富解決方案業務繼續擴大其資產基礎。上週，我們宣布了一項協議，收購英國領先的退休金風險轉移解決方案提供商 Just Group。此次收購鞏固了我們今年稍早在英國建立的基礎，並將加速我們在英國的成長。作為英國最大的基礎設施、再生能源和房地產投資者之一，此次收購與我們的能力非常匹配，使我們能夠幫助保單持有人獲得豐厚的回報。

Turning briefly to the macro environment. Conditions continue to become increasingly constructive. During the quarter, as most of you will know, global equities hit all-time highs. Credit spreads tightened dramatically and interest rates remain largely unchanged, with growing expectations that we may see cuts on the short end of the curve in the next while.

簡單回顧一下宏觀環境。情況繼續變得越來越有利。正如大多數人所知，本季全球股市創下歷史新高。信貸利差大幅收緊，利率基本上保持不變，人們越來越預期，未來一段時間內，短期利率可能會有所下調。

This relative stability has been supportive of increased monotone, which reflects both the quality of the businesses we own and assets we have. So far this year, we've completed $55 billion of asset sales, including $35 billion in the quarter, each generating excellent returns and returning meaningful capital to investors.

這種相對穩定性支持了單調性的增加，這反映了我們所擁有的業務和資產的品質。今年迄今為止，我們已經完成了 550 億美元的資產出售，其中本季出售了 350 億美元，每筆資產都產生了優異的回報，為投資者帶來了可觀的資本回報。

We also saw continued strength in the financing markets where we opportunistically completed $94 billion of financings across the franchise, enabling our capital structure -- enhancing our capital structure and deploying significant capital within the business. Against this increasingly constructive backdrop, the key themes that ground our capital deployment, digitalization, deglobalization and decarbonization are accelerating. With a record $177 billion of deployable capital, we are well positioned to be at the forefront of these opportunities, including the next evolution of the build-out of the global economy.

我們也看到融資市場持續保持強勁，我們抓住機會在整個特許經營領域完成了 940 億美元的融資，增強了我們的資本結構並在業務中部署了大量資本。在這種日益建設性的背景下，我們資本部署、數位化、去全球化和脫碳等關鍵主題正在加速發展。憑藉創紀錄的 1,770 億美元可部署資本，我們完全有能力站在這些機會的前沿，包括全球經濟建設的下一輪變革。

As an example, we are launching our AI infrastructure strategy. At the core of this strategy is the development of AI factories, which are large-scale integrated sites that combine power, data shells and the equipment to provide compute capacity to the industry's leaders as well as governments and corporates seeking compute capacity.

例如，我們正在啟動我們的人工智慧基礎設施策略。該策略的核心是發展人工智慧工廠，即集電力、資料外殼和設備於一體的大型綜合場所，為產業領導者以及尋求運算能力的政府和企業提供運算能力。

This effort draws on our strength of our global operating teams in real estate, power and infrastructure, each today, a global leader in their category. At the same time, global electricity demand is accelerating at a very dramatic pace, driven by power demand for the AI revolution and the broader electrification of the energy grid. This, coupled with AI infrastructure presents a tremendous investment opportunity, particularly for our renewables and our infrastructure platforms.

這項努力充分利用了我們在房地產、電力和基礎設施領域的全球營運團隊的優勢，目前，每個團隊都是各自領域的全球領導者。同時，受人工智慧革命和電網更廣泛電氣化對電力需求的推動，全球電力需求正以驚人的速度成長。這與人工智慧基礎設施相結合，帶來了巨大的投資機會，特別是對於我們的再生能源和基礎設施平台。

As the backbone of the global economy transforms, so does our approach to investing our capital. Today, we have $180 billion of our own capital on our balance sheet, predominantly invested in real assets beside or to assist our clients, where we have deep investing and operating expertise.

隨著全球經濟支柱的轉變，我們的投資資本方式也正在改變。今天，我們的資產負債表上有 1800 億美元的自有資本，主要投資於客戶以外的實體資產或為客戶提供協助，我們在這方面擁有深厚的投資和營運專業知識。

Our long-term plan is to further enhance the efficiency of our capital structure, thereby enhancing the returns we can earn on our equity without changing the risk profile of the business. This is being done by continuing to refocus overall Brookfield as an investment-led insurance organization, using our large-scale capital base to back low-risk, long-duration insurance.

我們的長期計畫是進一步提高資本結構的效率，從而在不改變業務風險狀況的情況下提高股權投資的回報。我們正在透過繼續將 Brookfield 重新定位為投資主導型保險組織來實現這一目標，利用我們龐大的資本基礎來支持低風險、長期保險。

On the asset side of the balance sheet, importantly, we remain focused on the exact same asset classes where we have proven best-in-class investment skills for decades and which are ideally suited for wealth and insurance. This shift is a natural extension of our platform to continue to drive long-term shareholder value.

在資產負債表的資產方面，重要的是，我們仍然專注於完全相同的資產類別，幾十年來，我們已經證明了我們一流的投資技能，這些資產類別非常適合財富和保險。這種轉變是我們平台的自然延伸，旨在繼續推動長期股東價值。

To date, we have had two primary sources of capital, the first being our balance sheet and the second being institutional capital in our Asset Management business. In this next evolution, besides those two amounts, we are focusing our balance sheet to back our growing insurance operations, meaning that our capital will increasingly come from individual investors via our insurance float.

到目前為止，我們有兩個主要資本來源，第一是我們的資產負債表，第二是我們的資產管理業務中的機構資本。在接下來的發展中，除了這兩個金額之外，我們還將重點關注我們的資產負債表，以支持我們不斷增長的保險業務，這意味著我們的資本將越來越多地透過我們的保險浮動資金來自個人投資者。

Our intention is to continue funding our insurance operations from the Brookfield Corporation balance sheet to ensure that our policyholders and regulators know that we have our capital at risk to assist them. When we established our insurance business, we envisaged this as one arm of Brookfield. But after five years of meaningful growth and with a large number of opportunities ahead, this business is becoming increasingly foundational part of our long-term vision for Brookfield. There will be more to come, so stay tuned.

我們的目的是繼續從布魯克菲爾德公司的資產負債表中為我們的保險業務提供資金，以確保我們的保單持有人和監管機構知道我們有風險資本來協助他們。當我們建立保險業務時，我們將其設想為 Brookfield 的一個分支。但經過五年有意義的成長，並且未來有大量機遇，這項業務正成為我們對 Brookfield 的長期願景中越來越基礎的部分。還會有更多內容，敬請期待。

As we plan for the future, it's important also to reflect on what has been the foundation of our growth and success from past. Simply stated, it is our ability to consistently adapt and evolve with the shifts in the global economy, while staying focused on generating investment returns over the long term. This started 30 years ago with real estate, moved to pipelines and electricity transmission lines and is now led by renewable power data centers, fiber lines, telecom towers and more recently, AI infrastructure and battery storage, which are just developing.

當我們規劃未來時，反思過去成長和成功的基礎也很重要。簡而言之，它是我們不斷適應和發展全球經濟變化的能力，同時專注於長期創造投資回報。這個產業始於 30 年前的房地產，隨後發展到管道和輸電線路，現在則由再生能源資料中心、光纖線路、電信塔以及最近才剛發展起來的人工智慧基礎設施和電池儲存主導。

Each step has been about anticipating where the world is going and positioning ourselves and our investors at the center of each transformation. Our view is that AI is next and coming after that is AI-led advances in manufacturing. The world is always evolving and is exciting to be involved.

每一步都是為了預測世界的發展方向，並將我們自己和我們的投資者定位在每次轉型的中心。我們的觀點是，接下來是人工智慧，之後是人工智慧引領的製造業進步。世界總是在不斷發展變化，參與其中總是令人興奮的。

I will end my comments by saying that we look forward to seeing you at our Investor Day on September 10 at Brookfield Place in New York. Additional details are on our website. And as always, thank you for your continued support and interest in Brookfield. Over to Nick.

最後，我想說，我們期待在 9 月 10 日於紐約布魯克菲爾德廣場舉行的投資者日上見到您。更多詳細資訊請參閱我們的網站。一如既往，感謝您對 Brookfield 的持續支持和關注。交給尼克。

Thank you, Bruce, and good morning, everyone. Financial results were strong for the quarter. Distributable earnings or DE before realizations were $1.3 billion or $0.80 per share, representing an increase of 13% per share over the prior year quarter.

謝謝你，布魯斯，大家早安。本季的財務業績表現強勁。可分配收益或實現前的 DE 為 13 億美元或每股 0.80 美元，比去年同期每股增長 13%。

Over the last 12 months, DE before realizations was $5.3 billion or $3.36 per share. Total DE, including realizations, was $1.4 billion or $0.88 per share for the quarter and $5.9 billion or $3.71 per share over the last 12 months with total net income of $2.9 billion over the same period.

過去 12 個月，實現前的 DE 為 53 億美元，即每股 3.36 美元。本季總 DE（包括實現）為 14 億美元或每股 0.88 美元，過去 12 個月為 59 億美元或每股 3.71 美元，同期總淨收入為 29 億美元。

Starting with our operating performance. Our Asset Management business generated distributable earnings of $650 million or $0.41 per share in the quarter and $2.7 billion or $1.72 per share over the last 12 months. Strong fundraising across our flagship funds and complementary strategies led to inflows during the quarter of $22 billion, including over $5 billion from our retail and Wealth Solutions clients. Fee-bearing capital grew to $563 billion, resulting in fee-related earnings of $676 million, an increase of 10% and 16%, respectively, over the prior year quarter.

從我們的經營業績開始。我們的資產管理業務在本季創造了 6.5 億美元或每股 0.41 美元的可分配收益，在過去 12 個月中創造了 27 億美元或每股 1.72 美元的可分配收益。我們旗艦基金和互補策略的強勁籌資使得本季流入資金達 220 億美元，其中包括來自我們的零售和財富解決方案客戶的 50 多億美元。收費資本成長至 5,630 億美元，收費相關收益達 6.76 億美元，分別較去年同期成長 10% 和 16%。

With final closes anticipated for our fifth vintage flagship opportunistic real estate strategy and our second vintage global transition strategy, we expect fundraising momentum to continue into the second half of 2025, which should support further earnings growth.

隨著我們的第五個旗艦機會型房地產策略和第二個全球轉型策略即將最終完成，我們預計融資動能將持續到 2025 年下半年，這將支持進一步的獲利成長。

Our Wealth Solutions business delivered another quarter of strong results, benefiting from robust investment performance and disciplined capital deployment. Distributable operating earnings were $391 million or $0.25 per share in the quarter and $1.6 billion or $1.02 per share over the last 12 months.

由於強勁的投資業績和嚴格的資本配置，我們的財富解決方案業務在本季度再次取得了強勁的業績。本季可分配營業利潤為 3.91 億美元，即每股 0.25 美元；過去 12 個月可分配營業利潤為 16 億美元，即每股 1.02 美元。

During the quarter, we originated over $4 billion of retail and institutional annuities, bringing our total insurance assets to $135 billion. On the investment side, we deployed $3.5 billion into Brookfield managed strategies across our portfolio at an average net yield of 8%. Our investment portfolio generated an average yield of 5.8%, allowing us to achieve strong spread earnings, which were 1.8% higher than our average cost of funds.

本季度，我們發行了超過 40 億美元的零售和機構年金，使我們的保險資產總額達到 1,350 億美元。在投資方面，我們向 Brookfield 管理的投資組合策略投入了 35 億美元，平均淨收益率為 8%。我們的投資組合平均收益率為 5.8%，這讓我們實現了強勁的利差收益，比我們的平均資金成本高出 1.8%。

On both an LTM and annualized basis, we continue to deliver a return on equity that's broadly in line with our long-term target of 15% plus. As Bruce mentioned, we announced an agreement to acquire Just Group, a UK leader in buying pensions from companies who wish to get off the risks. This marks an important next step in scaling our global platform and expanding our presence in one of the world's fastest-growing retirement markets.

無論是以長期來看還是按年計算，我們都繼續實現與我們 15% 以上的長期目標大致一致的股本回報率。正如布魯斯所提到的，我們宣布了一項協議，將收購 Just Group，該公司是一家從希望擺脫風險的公司購買退休金的英國領先企業。這標誌著我們擴大全球平台和擴大在全球成長最快的退休市場之一的影響力邁出了重要的一步。

Per the announcement, we plan to acquire the company for $3.2 billion and we plan to fund this with roughly two-third from an acquisition credit facility and the balance from cash on hand at BWS. While we anticipate net investment income will take some time to ramp up following the close, we expect the transaction to deliver a return on equity in line with the long-term target for the overall business of 15% plus.

根據公告，我們計劃以 32 億美元收購該公司，我們計劃使用約三分之二的收購信貸額度和 BWS 庫存現金來支付這筆費用。雖然我們預期淨投資收益在交易結束後需要一段時間才能增加，但我們預計該交易將帶來符合整體業務 15% 以上的長期目標的股本回報率。

With this acquisition, our insurance assets are expected to grow by approximately $40 billion, significantly accelerating the growth of our business and advancing a short-term path towards $200 billion of insurance assets. Our operating businesses continue to deliver stable and growing cash flows, generating distributable earnings of $350 million or $0.22 per share in the quarter and $1.7 billion or $1.07 per share over the last 12 months. These results were supported by strong underlying fundamentals and resilient operating earnings.

透過此次收購，我們的保險資產預計將成長約400億美元，大大加速我們業務的成長，並朝著2,000億美元保險資產的短期目標邁進。我們的營運業務持續提供穩定且不斷成長的現金流，本季產生可分配收益 3.5 億美元或每股 0.22 美元，過去 12 個月產生可分配收益 17 億美元或每股 1.07 美元。這些業績受到強勁的基本面和強勁的營業利潤的支持。

As an example, we signed a landmark agreement with Google to deliver up to 3,000 megawatts of hydroelectric capacity across the US, a first-of-its-kind partnership and a testament to our unique capabilities and demonstrates our relationships with the largest buyers of power in the world. In our real estate business, market fundamentals across the platform continue to strengthen. While this quarter's performance was impacted by softer conditions in our North American residential business, where land and housing sales have moderated, most of our real estate businesses performed well, and we saw strong same-store NOI growth across our core portfolio.

例如，我們與Google簽署了一項具有里程碑意義的協議，將在美國境內提供高達 3,000 兆瓦的水力發電能力，這是史無前例的合作夥伴關係，證明了我們獨特的能力，並展示了我們與世界上最大的電力買家的關係。在我們的房地產業務中，整個平台的市場基本面持續增強。雖然本季的業績受到北美住宅業務疲軟的影響，土地和房屋銷售有所放緩，但我們的大部分房地產業務表現良好，核心投資組合的同店淨營業利潤增長強勁。

Demand for high-quality office and retail space remains the first choice for tenants with active requirements. We signed nearly 4 million square feet of office and retail leases during the quarter, reflecting both strong tenant demand and limited availability across our premium space.

高品質辦公室及零售空間需求仍是活躍需求租戶的首選。本季度，我們簽署了近 400 萬平方英尺的辦公室和零售租約，這反映了強勁的租戶需求和優質空間的有限可用性。

Our core office and retail assets continue to perform exceptionally well with occupancy in 94% and 97%, respectively. As the global supply of trophy office space tightens, we're seeing leasing interest begin to spill over into other high-quality, well-located assets across our portfolio, and we are seeing this trend play out in real time.

我們的核心辦公和零售資產持續表現優異，入住率分別達到 94% 和 97%。隨著全球高端辦公空間供應的收緊，我們看到租賃興趣開始蔓延到我們投資組合中其他高品質、位置優越的資產，而且我們正在實時看到這種趨勢的發生。

For example, in downtown Toronto, one of our long-term tenants in a trophy office building approached us with expansion plans. With our trophy office space full for a requirement of that size, we leveraged our broader platform to meet their needs by offering space in a nearby premium building where they ultimately signed a 17-year lease.

例如，在多倫多市中心，我們一棟高檔辦公大樓的長期租戶之一向我們提出了擴建計畫。由於我們的高檔辦公空間已經無法滿足如此規模的需求，我們利用更廣闊的平台來滿足他們的需求，在附近的一棟高檔大樓裡提供辦公空間，最終他們簽署了一份為期 17 年的租約。

At the same time, we're already in late-stage discussions to backfill the space they vacated at rents approximately 10% higher than prior levels. Rents in premium space are well above their highest on a net effective base ever. We expect this evolving shift in tenant demand to support performance across our broader office portfolio in the coming quarters.

同時，我們已經進入後期討論階段，以比之前高出約 10% 的租金填補他們騰出的空間。優質空間的租金遠高於有史以來的最高淨有效租金。我們預計，租戶需求的這種變化將在未來幾季支持我們更廣泛的辦公室組合的表現。

Moving to monetization. Market sentiment is improving and is increasingly supportive for transactions for high-quality assets. As Bruce mentioned, we've sold $55 billion of assets across the business so far this year, including over $35 billion since the last quarter alone. This includes $15 billion of real estate sales, nearly $13 billion of infrastructure investments and $7 billion within energy.

轉向貨幣化。市場情緒正在改善，對優質資產交易的支持日益增強。正如布魯斯所提到的，今年到目前為止，我們已經出售了價值 550 億美元的資產，其中僅上個季度就出售了超過 350 億美元的資產。其中包括 150 億美元的房地產銷售、近 130 億美元的基礎設施投資和 70 億美元的能源投資。

Some highlights include, in real estate, we exited a leading student housing platform in Southern Europe for EUR 1.2 billion, sold our triple net lease platform in the US for $2.2 billion. We also completed the successful IPO of Leela Palaces in India, valuing the portfolio of $1.8 billion and marking the largest hospitality IPO in India's history, and we executed the AUD 3.9 billion sale of a senior living platform in Australia, the largest direct real estate transaction in the country's history.

一些亮點包括，在房地產領域，我們以 12 億歐元的價格退出了南歐領先的學生住房平台，以 22 億美元的價格出售了我們在美國三重淨租賃平台。我們還在印度成功完成了 Leela Palaces 的 IPO，其投資組合估值達 18 億美元，是印度歷史上最大的酒店業 IPO，我們還在澳大利亞以 39 億澳元的價格出售了一個老年生活平台，這是該國歷史上最大的直接房地產交易。

In infrastructure, we sold our remaining interest in the US gas pipeline for $1.4 billion of proceeds and a stake in PD Ports, one of the UK's largest port operations for approximately $1.3 billion of proceeds. In energy, we sold $7 billion in assets, generating an aggregate 17% IRR, underscoring the strength of our strategy and execution while also illustrating the global demand for high-quality renewable power assets remains strong.

在基礎設施方面，我們出售了美國天然氣管道剩餘的權益，獲得 14 億美元的收益，並出售了英國最大的港口營運商之一 PD Ports 的股份，獲得約 13 億美元的收益。在能源領域，我們出售了價值 70 億美元的資產，產生了總計 17% 的內部收益率，這凸顯了我們戰略和執行力的強勁，同時也表明全球對高品質再生能源資產的需求仍然強勁。

Substantially, all sales were completed at or above our carrying values, monetizing significant value for our clients at attractive returns. And as a result, we realized $129 million of carried interest into income. But more importantly, with these asset sales, we've moved a number of our funds closer to carried interest realization.

基本上，所有銷售均以我們的帳面價值或高於帳面價值完成，以誘人的回報為我們的客戶帶來了巨大的價值。結果，我們實現了 1.29 億美元的附帶權益收益。但更重要的是，透過這些資產出售，我們的部分基金已更接近實現附帶權益。

And finally, across our assets, which are not our super prime -- super premium assets, we continue to make progress on our monetization pipeline, completing over 10 transactions this year. One highlight was the sale of an office building in Washington, D.C. at an 11% premium to recent market comps. This generated a 5.5 times multiple on invested capital. That is over 5 times equity of what we invested.

最後，對於我們的資產（非超級優質資產），我們繼續在貨幣化管道上取得進展，今年完成了 10 多筆交易。其中一個亮點是華盛頓特區一棟辦公大樓的售價比近期市場同類價格高出 11%。這使得投資資本獲得了 5.5 倍的收益。這是我們投資股權的5倍以上。

As markets remain constructive, we expect this momentum and monetization’s to continue through the remainder of 2025 and beyond as we continue to see strong demand for high-quality cash-generative assets we own.

由於市場保持積極性，我們預計這種勢頭和貨幣化將持續到 2025 年剩餘時間及以後，因為我們繼續看到對我們擁有的高品質現金產生資產的強勁需求。

Shifting to capital allocation. During the quarter, we invested excess cash flow back into the business and returned $432 million to shareholders through regular dividends and share buybacks. Notably, we repurchased over $300 million of shares in the open market in the quarter at an average price of $49.03, adding $0.21 of value to each remaining share.

轉向資本配置。本季度，我們將多餘的現金流重新投入到業務中，並透過定期股息和股票回購向股東返還了 4.32 億美元。值得注意的是，本季我們在公開市場上以平均 49.03 美元的價格回購了價值超過 3 億美元的股票，為剩餘的每股股票增加了 0.21 美元的價值。

We continue to remain strong access to the capital markets, executing $94 billion of financing so far this year, further bolstering our capital structure and liquidity. And we ended the quarter with conservative capitalization and high levels of liquidity, including record deployable capital of $177 billion.

我們持續保持強勁的資本市場准入，今年迄今已執行 940 億美元的融資，進一步增強了我們的資本結構和流動性。本季結束時，我們保持了保守的資本化和較高的流動性，其中包括創紀錄的 1,770 億美元的可部署資本。

Bringing it all together, our financial results were strong, and we expect continued growth in our results over the remainder of the year. I'm pleased to confirm that our Board of Directors has declared a quarterly dividend of $0.09 per share, payable at the end of September to shareholders of record at the close of business on September 12, 2025.

綜合起來，我們的財務業績表現強勁，我們預計今年剩餘時間內業績將持續成長。我很高興地確認，我們的董事會已宣布每股 0.09 美元的季度股息，將於 9 月底支付給 2025 年 9 月 12 日營業結束時登記在冊的股東。

The Board of Directors also approved a three-for-2 stock split of the outstanding Class A limited voting shares, implemented by way of a stock dividend, which will be payable on October 9, 2025, to shareholders of record at the close of business on October 3, 2025.

董事會也批准對已發行的 A 類有限投票權股份進行二拆三的股票分割，以股票紅利的方式實施，該紅利將於 2025 年 10 月 9 日支付給 2025 年 10 月 3 日營業結束時登記在冊的股東。

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

感謝您的時間，我會將電話轉回給接線生以解答您的疑問。

(Operator Instructions) Bart Dziarski, RBC Capital Markets.

（操作員指示） Bart Dziarski，RBC 資本市場。

So just wanted to ask about the -- in the letter to shareholders, you talked about the growth that you're seeing in the P&C over time and potentially scaling that business to $30 billion to $50 billion of equity. So can you just unpack that a little bit and how you're thinking about getting there? What time frame and any inorganic or organic plans?

所以只是想問一下——在致股東的信中，您談到了隨著時間的推移，您在財產和意外傷害保險業務中看到的增長，以及可能將該業務的股權規模擴大到 300 億美元至 500 億美元。那麼，您能否稍微解釋一下這個問題以及您打算如何實現這一目標？什麼時間框架以及任何無機或有機計劃？

Welcome to the call. Listen, when we started this business, our focus was and still is to focus on low-risk liabilities, and that's meant the predominant focus so far has been on the annuity business, the PRT market, and that's where we've scaled significantly.

歡迎來電洽詢。聽著，當我們開始這項業務時，我們的重點是、現在仍然是關注低風險負債，這意味著到目前為止的主要重點是年金業務、PRT 市場，而這正是我們規模大幅擴張的領域。

We also identified P&C as a potential opportunity for us if we could find product lines where we felt we could bring a competitive advantage where the Brookfield experience and insight could allow us to scale something. And if operated well, we could run at a less than 100 combined ratio, effectively giving us access to attractive float to be invested into the things that we do at Brookfield and it could be very profitable.

我們也認為，如果我們能夠找到能夠帶來競爭優勢的產品線，而 Brookfield 的經驗和洞察力能夠讓我們擴大規模，那麼 P&C 對我們來說就是一個潛在的機會。如果營運良好，我們的綜合比率可以低於 100，從而有效地讓我們獲得有吸引力的浮動資金，投資於我們在 Brookfield 所做的事情，這可能會非常有利可圖。

We've taken our time to assess that. We continue to assess it. But as we do and as we identify those markets where we think we could scale while managing risk and operating something differentiated, then we will do that and allocate capital to scale.

我們花了一些時間來評估這一點。我們將繼續評估。但是，當我們這樣做並確定那些我們認為可以在管理風險和營運差異化產品的同時擴大規模的市場時，我們就會這樣做並分配資本來擴大規模。

So that will be done organically to begin with. And that's where we focus with Argo and some P&C within American National. We are refocusing those businesses on the lines that we think of long-term potential. And as we proceed, there could be inorganic opportunities. But for now, the focus is organic.

因此，這將首先有機地完成。這就是我們在 Argo 和 American National 內部的一些 P&C 業務上關注的重點。我們正在重新調整這些業務的重點，以期實現長期潛力。隨著我們不斷前進，可能會出現無機機會。但目前，重點是有機的。

Great. And then just a follow-up on the pricing competitive advantage that you talked about within P&C. Like, help us understand some of those dynamics in terms of what you see in these assets your ability to price better than the incumbents?

偉大的。然後，我們再來談談您在財產和意外險領域談到的定價競爭優勢。例如，能否幫助我們了解這些動態，您認為這些資產的定價能力是否比現有企業更好？

I think that just comes down to risk tolerance, which comes down to your experience with an asset class. And that's leveraging our operating capabilities around the assets where we are not just an investor, but we've been an operator in those assets for a very long time. And that allows you to price risk better, we believe, whilst not actually increasing the risk profile of the business because we just have a deeper understanding of operations. So that's what we'll be leveraging as we look to grow.

我認為這取決於風險承受能力，而風險承受能力取決於你對某一資產類別的經驗。這充分利用了我們在資產方面的營運能力，我們不僅是投資者，而且長期以來一直是這些資產的經營者。我們相信，這可以讓你更好地定價風險，同時實際上不會增加業務的風險狀況，因為我們對營運有了更深入的了解。這就是我們在尋求發展時所要利用的。

Kenneth Worthington, JPMorgan.

摩根大通的肯尼斯‧沃辛頓。

I wanted to dig into carry and real estate disposition really centered around this theme of market conditions are getting better. So is the environment better enough to start to pull forward carry that might have logically been expected for 2027 and '26 into the second half of this year or maybe even early '26, if the market condition path sort of continues on its current trajectory.

我想深入研究圍繞市場狀況正在好轉這一主題的套利和房地產處置情況。那麼，如果市場狀況繼續按照目前的軌跡發展，環境是否足夠好，可以開始將原本預計在 2027 年和 2026 年出現的利差提前到今年下半年，甚至可能是 2026 年初？

And then from a real estate perspective, fleshing out, Nick, your comments, are the conditions better enough to pull forward the timing of dispositions on that T&D portfolio as well?

然後從房地產的角度來看，尼克，充實你的評論，條件是否足夠好，可以提前處置 T&D 投資組合的時間？

Thanks, Ken. So I'll start with the timing of carry. Listen, we are making excellent progress on the monetization. As we said, it's $55 billion year-to-date, and it's diversified across asset class and geography, which is very encouraging and the breadth and depth of interest from viruses has been very strong.

謝謝，肯。因此我將從攜帶的時間開始。聽著，我們在貨幣化方面取得了巨大進展。正如我們所說，今年迄今的投資額已達 550 億美元，並且實現了跨資產類別和跨地域的多元化，這非常令人鼓舞，而且人們對病毒的關注廣度和深度也非常強烈。

As it relates to carried interest, it obviously takes time. The market is strong. The focus today is on well-run assets with good platform and good growth potential, and that's what we've been bringing to market. To bring them to market, to execute sales, to complete the sales takes time. So I think what we are doing is executing probably in line with the plan that we had expected at the start of the year.

由於它與附帶權益有關，顯然需要時間。市場強勁。今天的重點是擁有良好平台和良好成長潛力的運作良好的資產，這也是我們一直推向市場的。將它們推向市場、執行銷售、完成銷售需要時間。所以我認為我們正在做的事情可能符合我們年初預期的計劃。

And obviously, the capital markets and general conditions are being conducive to executing that plan. So it has not changed significantly our expected timing on carry. We would still expect this year to be sort of a bridge year broadly in line with last year and then see a significant step up into next year. And that will just really be dependent on the actual timing of the transactions and the processes. But right now, it points to us being broadly in line with what we would have laid out before.

顯然，資本市場和總體條件有利於該計劃的實施。因此，這並沒有顯著改變我們預期的攜帶時間。我們仍然預計今年將是與去年大致相同的過渡年，然後到明年將出現顯著的進步。這實際上取決於交易和流程的實際時間。但目前，這顯示我們與先前製定的計劃大致一致。

On real estate, what I'd say on real estate, my observation is we've talked extensively over the last few years, and we've been fairly consistent in saying that for real estate transaction activity pickup, we need two key foundations to be in place. One, we need to see the strong operating fundamentals and therefore, the sentiment turn more positive.

關於房地產，我想說的是，我的觀察是，過去幾年我們已經進行了廣泛的討論，並且我們一直相當一致地認為，要促進房地產交易活動的回升，我們需要建立兩個關鍵基礎。首先，我們需要看到強勁的經營基本面，因此情緒會變得更加正面。

And secondly, we need to see constructive capital markets to support transaction activity. And I'd say that both of those boxes feel like they are checked now. The operating fundamentals for high-quality real estate across the board are very strong. Specifically, as you're asking on balance sheet for office and retail, as we talked about, the occupancy is high, supply-demand fundamentals are heavily in our favor. And that is why we're seeing consistent record rents signed across the portfolio and across the globe.

其次，我們需要看到建設性的資本市場來支持交易活動。我想說的是，現在這兩個盒子感覺都已經被檢查過了。整體優質房地產的經營基本面非常強勁。具體來說，正如您所問的辦公和零售資產負債表，正如我們所討論的，入住率很高，供需基本上面對我們非常有利。這就是為什麼我們看到整個投資組合和全球範圍內的租金持續創下紀錄。

So I think with those two boxes checked, we're now starting to see transaction activity pick up. And within the T&D portfolio, we said we sold over 13 assets so far this year. We have a lot of assets there that's contributing equity, and we'll continue to execute. Again, it takes time to execute those sales, but we have more assets coming to market. We have some actively in the market right now, and we will just continue to execute the plan.

因此，我認為，透過檢查這兩個框，我們現在開始看到交易活動回升。在 T&D 投資組合中，我們表示今年迄今為止我們已經出售了超過 13 項資產。我們在那裡擁有大量資產，可以貢獻股權，我們將繼續執行。再次強調，執行這些銷售需要時間，但我們有更多的資產進入市場。我們目前在市場上已經有一些活躍的參與者，我們將繼續執行該計劃。

Okay. Great. And just a little one on the Just acquisition. I think you said two-third of the financing was coming from a facility. Can you sort of describe what that facility is? And how does that facility or the funding from that facility impact the economics for you and the accretion, if at all?

好的。偉大的。關於 Just 收購，我還有一點想說的話。我認為您說過三分之二的融資來自一家工廠。您能描述一下這個設施是什麼嗎？那麼該設施或該設施提供的資金對您的經濟狀況和增值有何影響（如果有的話）？

So Ken, I would just make a general comment, and this would apply to broadly most questions on Just that you may have on the call that this is a public to private transaction and it's subject to pretty strict UK takeover rules.

因此，肯，我只是做一個一般性的評論，這適用於您在電話會議上可能提出的關於 Just 的大多數問題，即這是一筆公私交易，並且受英國相當嚴格的收購規則的約束。

So we are very limited in what we will and can say about the transaction at this stage. If you read the information contained in the public 2.7 announcement, that will give you extra detail and there are extra documents filed on a micro site that we can point you to, but we're limited in what we can say at this time about the transaction.

因此，現階段我們對於該交易能透露的資訊非常有限。如果您閱讀 2.7 號公開公告中包含的信息，您將獲得更多詳細信息，並且我們可以向您提供微型網站上提交的額外文件，但目前我們對該交易能說的內容有限。

Mario Saric, Scotiabank.

加拿大豐業銀行的馬裡奧·薩里奇。

Just one for me. And maybe coming back to the disclosed evolution of focusing the balance sheet on growing the insurance operations. With that in mind, are there any longer-term kind of desired or implications for the corporate structure that exists today that perhaps you didn't envision five years ago when this initiative started, including perhaps desired ownership levels and other listed vehicles?

對我來說只有一個。也許又回到了披露的將資產負債表重點放在擴大保險業務上的演變。考慮到這一點，對於現有的公司結構，是否存在一些長期期望或影響，而這些是您在五年前啟動這項計劃時沒有想到的，包括期望的所有權水平和其他上市工具？

Not as it pertains to those, Mario. Listen, I think Bruce said it in his remarks that when we started this company, we thought it would be a very attractive opportunity to deploy capital. And it would have synergies with broader Brookfield, but it would be a discrete investment. I think what we're seeing is the opportunity and the synergies are more significant, and therefore, it's become more integrated into overall Brookfield.

與這些無關，馬裡奧。聽著，我認為布魯斯在他的演講中說過，當我們創辦這家公司時，我們認為這將是一個非常有吸引力的資本部署機會。它將與更廣泛的 Brookfield 產生協同效應，但這將是一項獨立的投資。我認為我們看到的機會和協同效應更加顯著，因此，它與整個 Brookfield 的融合度更高。

And I think when we started this, we always had the intention to fund it on balance sheet. And what we're seeing in the business is just reaffirmed that expectation. This business will stay heavily integrated into Brookfield, and that would be the approach.

我認為，當我們開始這個專案時，我們一直打算透過資產負債表來為其提供資金。我們在業務中看到的情況再次證實了這個預期。這項業務將與 Brookfield 保持緊密整合，這就是方法。

And I think the important three things to note as we scale the business is, one, it will be a tremendous engine for growth for BAM, who manages the capital. Two, as pension markets open up, this will be very powerful for broader Brookfield. And three, we just think it could be -- it is or it will be a more efficient capital structure and will allow us to enhance our returns on capital. So I think that's the key message.

我認為，在擴大業務規模時要注意的三件重要的事情是：第一，它將成為管理資本的 BAM 的巨大成長引擎。二，隨著養老金市場的開放，這將對更廣泛的布魯克菲爾德產生很大的影響。第三，我們認為它可能是一個或將會是一個更有效的資本結構，並能讓我們提高資本報酬率。所以我認為這是關鍵訊息。

And probably the last thing I would add and just to be very clear, like our single skill in Brookfield is investing people's capital, institutions, sovereigns individuals and making good risk-adjusted returns. And none of that is changing. This is just potentially a more efficient way to accelerate the scale and the returns of our business.

我可能最後要補充的是，為了非常清楚起見，我們 Brookfield 的唯一技能就是投資人民資本、機構、主權個人並獲得良好的風險調整回報。而這一切都沒有改變。這只是潛在的一種更有效的方式來加速我們的業務規模和回報。

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

With respect to the dedicated AI infrastructure strategy that you're preparing to launch, can you give us some color on whether you expect to have cornerstone investors to support that launch, the way that you did with the inaugural transition strategy? And can you elaborate on how you will mitigate exposure to technological obsolescence risk inside the box?

關於您準備推出的專用人工智慧基礎設施策略，您能否透露一下，您是否預計會有基石投資者來支持這項策略的推出，就像您在首個過渡策略中所做的那樣？能詳細說明一下如何減輕盒子內部技術過時的風險嗎？

Yeah. Cherilyn, it's Nick. I think first of all, yes, I think that is something that we are working on when we launch these new strategies. It can be very appealing to some of our largest shareholders around the world, and this is obviously an asset class they're very focused on. So we are engaged with a number of our largest clients. And if things play out, it would be similar to how we launched the transition fund.

是的。Cherilyn，我是 Nick。我認為首先，是的，我認為這是我們在推出這些新策略時正在努力的事情。對於我們全球的一些最大股東來說，它非常有吸引力，而且這顯然是他們非常關注的資產類別。因此，我們與許多最大的客戶都有合作關係。如果一切順利的話，它將與我們啟動過渡基金的方式類似。

I think on your second question, that is sort of how -- that's through our engagement with the off takers or who will be providing these services to. We will be structuring these investments in a way where we can limit our downside risk and exposure and effectively providing capital to fund the build-out of the backbone of that infrastructure. So it will come down to the structure and in terms of the capital we provide, but it will be done to meet the criteria of the risk-return profile of this capital, which will be similar to other funds that we've raised.

我認為關於你的第二個問題，這就是——透過我們與承購商或將向其提供這些服務的人的接觸。我們將以能夠限制下行風險和敞口的方式來建構這些投資，並有效地提供資金來資助基礎設施主幹的建設。因此，這將取決於我們提供的結構和資本，但我們將滿足該資本的風險回報狀況的標準，這將與我們籌集的其他基金類似。

Great. And then just as a quick follow-up with respect to carried interest. Can you remind us which funds are currently recognizing carried interest and which are approaching that milestone?

偉大的。然後，我們再快速跟進一下附帶權益的問題。您能否提醒我們哪些基金目前正在確認附帶權益以及哪些基金正在接近這一里程碑？

Yeah. So the carry contribution this year has come from some Oaktree funds. And then we've been finishing off the carry really in the first global vintage of our funds, which would have been the first infrastructure fund, the first real estate fund, which is actually now tied up. It's finished. It's complete. It's delivered an excellent return of north of 20%. And so that fund is now done with the final two transactions this quarter.

是的。因此，今年的利差貢獻來自部分橡樹資本基金。然後，我們實際上已經完成了基金第一個全球年份的套利，這本來是第一個基礎設施基金，第一個房地產基金，現在實際上已經被捆綁了。完成了。已經完成了。它實現了超過 20% 的出色回報。因此，該基金本季已完成最後兩筆交易。

And it would have been our fourth private equity fund, which is also largely done. Those would have been the contributors to date. The next funds, which will be significant contributors as we execute on currently signed and planned sales will be the next global infrastructure fund. So BIP II and then working into BSREP II, BSREP III and then the Oaktree opportunity funds coming short after that into 10 and 11.

這本來是我們的第四隻私募股權基金，目前也基本完成。這些人就是迄今為止的貢獻者。下一批基金將是下一個全球基礎設施基金，它將在我們執行目前簽署和計劃的銷售過程中做出重要貢獻。因此，BIP II 隨後進入 BSREP II、BSREP III，然後是 Oaktree 機會基金，之後進入 10 和 11。

Jaeme Gloyn, National Bank.

Jaeme Gloyn，國家銀行。

Just in the Wealth Solutions business, just wanted to get a little bit more color. It looks like spread at 1.8% came in a little lighter than the last couple of quarters by my calculations. Am I reading that right? And then maybe you can just sort of talk through some of the drivers of that slight step down.

只是在財富解決方案業務中，只是想獲得更多的色彩。根據我的計算，1.8% 的利差似乎比前幾季略小。我讀得對嗎？然後，也許您可以談談導致這種輕微下降的一些因素。

Sure. And also welcome to the call. Thanks for joining. We were roughly at 1.8% last quarter. So it's broadly consistent with last quarter. I think when you look at the rounding, it's down slightly compared to last quarter. I'd say there's nothing really instructive in that. We are still seeing excellent deployment opportunities, and it's probably more just about the timing of the inflows versus the speed to deployment.

當然。也歡迎來電。感謝您的加入。上個季度我們的成長率大約是 1.8%。因此，這與上一季基本一致。我認為，當你看四捨五入時，它與上一季相比略有下降。我想說這並沒有什麼指導意義。我們仍然看到絕佳的部署機會，這可能更多的只是資金流入的時間與部署速度的問題。

So when we look at the opportunity set for deployment, we're really seeing an excellent opportunity set and don't see any risk to the downside on that spread as we sit here today.

因此，當我們審視部署的機會時，我們確實看到了一個絕佳的機會，並且我們今天沒有看到該價差有任何下行風險。

Great. And then on the real estate operating business, two questions here. First, cash distributions coming in a little lighter than previous quarters. What could be driving that? And then with the improved operating environment for real estate, do you have a sense as to the time line when operating FFO or NOI would begin to close the gap to those cash distributions?

偉大的。然後關於房地產運營業務，這裡有兩個問題。首先，現金分配比前幾季略少。是什麼原因導致的呢？那麼，隨著房地產經營環境的改善，您是否知道經營 FFO 或 NOI 何時會開始縮小與現金分配的差距？

Sure. So just on your first question, the cash distribution this quarter, the reduction is really just a product of the residential land and housing business, where last year, we had onetime income from lot sales that were not repeated this year. And we have seen a little bit of a slowdown in home sales. And I'd say the long-term outlook for the business remains strong and intact, really driven by the supply/demand fundamentals in housing. But that reduction this quarter in the DE was really driven by the land and housing business.

當然。所以就您的第一個問題，本季的現金分配減少實際上只是住宅土地和住房業務的結果，去年，我們從地塊銷售中獲得了一次性收入，而今年沒有重複。我們發現房屋銷售略有放緩。我想說，該業務的長期前景依然強勁且完整，這實際上受到住房供需基本面的推動。但本季德國的減幅實際上是由土地和住房業務推動的。

On your question about the operating FFO for the business and the outlook, listen, I think the underlying fundamentals for the business are very strong. And so we had -- obviously, we had the impact from resi. I would tell you that the FFO this quarter also, if you look at it year-over-year, is impacted by the fact that we have sold assets. So that has an impact to income. And then we have the absence of some onetime events that were there last year.

關於您關於該業務的營運 FFO 和前景的問題，我認為該業務的基本面非常強勁。因此，我們顯然受到了 resi 的影響。我想告訴你，如果與去年同期相比，本季的 FFO 也受到我們出售資產的影響。所以對收入有影響。然後，我們發現去年舉辦的一些一次性活動也消失了。

These impacts were offset by lower rates, tightening credit spreads and the effects of the deleveraging we've undertaken in the business. And I think that deleveraging, better capital markets, tighter spreads, but that's supported by the core NOI continuing to grow in the business is going to drive FFO growth over the next months and years.

這些影響被較低的利率、收緊的信貸利差以及我們在業務中進行的去槓桿的影響所抵消。我認為去槓桿、更好的資本市場、更窄的利差，以及核心淨營業收入 (NOI) 持續成長的支持將在未來數月和數年推動 FFO 成長。

And as we sign these new rents like just this week, we're poised to sign a rent in a building in New York at close to $300 a square foot. It's $300 a square foot for a new lease were poised to sign in New York this week. And as those leases start to work their way through earnings as we burn off the rent freeze and they start to work their way through earnings, we have a tremendous tailwind for FFO coming from these assets.

就在本週，我們簽署了這些新的租賃協議，準備以每平方英尺近 300 美元的價格簽署紐約一棟建築的租賃協議。本週，我們準備在紐約簽署一份新租約，價格為每平方英尺 300 美元。隨著我們取消租金凍結，這些租約開始透過盈利發揮作用，這些資產將為 FFO 帶來巨大的推動力。

So I think you have strong FFO coming from those assets. And while the FFO may take time to pick up, these leases are fully reflected into the valuation of the assets now as people do a long-term DCF on these assets. So I think you have that positive driver. And then I think on top of that, the increased pace of monetization is going to bring significant capital and cash flow back to the business.

所以我認為這些資產能帶來強勁的 FFO。儘管 FFO 可能需要一些時間才能恢復，但由於人們對這些資產進行長期 DCF，這些租賃已完全反映在資產估值中。所以我認為你有積極的驅動力。然後我認為最重要的是，貨幣化速度的加速將為企業帶來大量資本和現金流。

I mean just if you think about the three transactions announced out of BSREP and our interest in those assets, that's going to be $500 million to $600 million of cash flow for the real estate business from three transactions alone. So I think the outlook for the liquidity, capital and FFO for the real estate business is very positive.

我的意思是，如果你考慮 BSREP 宣布的三筆交易以及我們對這些資產的權益，那麼光是這三筆交易就會為房地產業務帶來 5 億至 6 億美元的現金流。因此我認為房地產業務的流動性、資本和FFO前景非常樂觀。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO 資本市場。

And as there are no more questions, I will now turn it back to Ms. Katie Battaglia for any closing remarks.

由於沒有其他問題，我現在將話題交還給凱蒂·巴塔利亞女士，請她做最後發言。

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

感謝大家今天加入我們。就這樣，我們就結束通話了。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。