Brookfield Corp (BN) 2025 Q3 法說會逐字稿

Hello, and welcome to the Brookfield Corporation third-quarter 2025 conference call and webcast. (Operator Instructions). I would now like to hand the conference call over to your first speaker, Ms. Katie Battaglia, Vice President, Investor Relations. Please go ahead.

大家好，歡迎參加布魯克菲爾德公司2025年第三季電話會議和網路直播。（操作說明）現在我謹將電話會議交給第一位發言人，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 third-quarter 2025 conference call. On the call today are Bruce Flatt, our Chief Executive Officer; and Nick Goodman, President of Brookfield Corporation.

謝謝接線員，早安。歡迎參加布魯克菲爾德公司2025年第三季電話會議。今天參加電話會議的有我們的執行長 Bruce Flatt 和 Brookfield Corporation 總裁 Nick Goodman。

Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter. As a reminder, we completed a three-for-two stock split on October 9, 2025. Accordingly, all per share amounts that are discussed during the conference call are on a post-split basis.

Bruce 將首先介紹公司最新情況，然後 Nick 將討論我們本季的財務和營運表現。提醒各位，我們已於 2025 年 10 月 9 日完成了三比二的股票分割。因此，電話會議中討論的所有每股金額均為拆股後的價格。

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.

正式發言結束後，我們將把通話轉交給接線員，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 security laws. These statements reflect predictions of future events and trends and do not relate to historic events.

我想提醒各位，在今天的發言中，包括回答問題和討論我們在財務和營運業績方面的新舉措時，我們可能會發表前瞻性聲明，包括符合加拿大和美國適用證券法定義的前瞻性聲明。這些陳述反映的是對未來事件和趨勢的預測，與歷史事件無關。

They are subject to known and unknown risks, and future events and results may differ materially from such statements. 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.

它們存在已知和未知的風險，未來的事件和結果可能與此類聲明有重大差異。有關這些風險及其對我們公司的潛在影響的更多信息，請參閱我們在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資訊。

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，這些投資支持了對其下屬營運子公司的收購。

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

接下來，我將把電話交給布魯斯。

Thank you, and welcome, everyone, on the call. We delivered another strong quarter of financial results. Distributable earnings before realizations were $1.3 billion for the quarter, or $0.56 per share and $5.4 billion over the last 12 months; that was $2.27 per share. That was an 18% increase over the same period last year. Our outlook remains strong with each of our underlying businesses continuing to execute their strategic plans, driving strong organic earnings growth.

謝謝各位參加本次電話會議，歡迎各位。我們又取得了一季強勁的財務表現。本季未實現收益為 13 億美元，即每股 0.56 美元；過去 12 個月未實現收益為 54 億美元，即每股 2.27 美元。與去年同期相比成長了18%。我們的前景依然強勁，旗下各業務部門將繼續執行策略計劃，推動強勁的內生性獲利成長。

Turning first to markets. Economic activity and corporate earnings remain healthy. Capital markets are open and transaction activity is picking up across most asset classes. For our business, that backdrop is constructive and highly supportive of real assets. So far this year, we financed $140 billion of debt across our operations and closed $75 billion of asset sales at attractive values, including over $35 billion in just the past few months.

首先來看市場。經濟活動和企業獲利狀況依然良好。資本市場開放，大多數資產類別的交易活動都在增加。對我們的業務而言，這種背景是建設性的，並且對實體資產提供了極大的支持。今年到目前為止，我們已為各項業務的債務融資 1400 億美元，並以極具吸引力的價格完成了 750 億美元的資產出售，其中僅在過去幾個月就完成了超過 350 億美元的出售。

At the same time, the direction of monetary policy is turning. After an extended period of elevated interest rates, some softness in the labor market has started to prompt policy easing from the Federal Reserve to support growth and maintain balance across the economy.

同時，貨幣政策的方向正在轉變。在經歷了長期的高利率之後，勞動市場出現了一些疲軟跡象，促使聯準會放鬆貨幣政策，以支持經濟成長並維持經濟平衡。

And while the current environment is influencing policy decisions today, it is important to consider the structural forces that shape where policy goes from here. Over the past 15 years, governments have relied on fiscal stimulus to offset slowdowns, leading to a buildup of public debt that is difficult to sustain in a higher interest rate environment.

雖然當前的環境正在影響今天的政策決策，但重要的是要考慮塑造未來政策走向的結構性力量。過去 15 年來，各國政府依靠財政刺激來抵銷經濟放緩，導致公共債務不斷累積，在高利率環境下難以持續。

Policymakers around the world are now evaluating the tools available to stabilize these debt burdens. The most constructive outcome of that and the one that we hope for is faster economic growth that outpaces debt, which can be helped by AI and innovation.

世界各地的政策制定者目前正在評估可用於穩定這些債務負擔的工具。最具建設性的結果，也是我們所希望的結果，是經濟成長速度超過債務成長速度，而人工智慧和創新可以幫助實現這一目標。

Second, austerity is always possible, but not too many governments have shown the desire to push that. And third, if growth stays modest, policymakers may instead quietly manage rates below inflation to ease debt burdens, lowering short rates and guiding long rates down.

其次，緊縮政策始終是可行的，但很少政府表現出推行緊縮政策的意願。第三，如果經濟成長保持溫和，政策制定者可能會悄悄地將利率控制在通膨水平以下，以減輕債務負擔，降低短期利率並引導長期利率走低。

If this path is pursued, it would likely lead to a period of declining real yields and low nominal rates. This environment will provide the optimal conditions for real assets we invest into. Our portfolio is built around inflation-linked durable cash flows backed by hard assets that protect real returns.

如果走這條路，很可能會導致實質殖利率下降和名目利率走低的時期。這種環境將為我們投資的實體資產提供最佳條件。我們的投資組合以與通膨掛鉤的持久現金流為核心，並以硬資產為支撐，從而保障實際收益。

The benefits of real assets are always evident, but in this evolving and rough environment, they are becoming an essential investment product for every portfolio. A suppression of real yields will amplify these benefits and enhance long-term value across the franchise.

實體資產的優勢一直顯而易見，但在當前不斷變化且充滿挑戰的環境中，它們正成為每個投資組合中必不可少的投資產品。抑制實際收益將放大這些好處，並提高整個特許經營權的長期價值。

Turning to the business. We are entering the final quarter of 2025 with strong momentum and a record almost $180 billion of deployable capital, positioning our business to invest for value in powerful secular trends that define the next chapter of growth in Brookfield but also the global economy.

轉入正題。我們帶著強勁的發展勢頭進入 2025 年的最後一個季度，擁有創紀錄的近 1800 億美元可部署資本，這使我們的業務能夠投資於強大的長期趨勢，從而創造價值，這些趨勢不僅定義了 Brookfield 的下一個增長篇章，也定義了全球經濟。

First, AI innovation is fueling unprecedented demand for large-scale infrastructure. Second, aging populations are reshaping global savings and driving demand for new wealth and retirement products, which is going to last for decades. And third, the real estate recovery is well underway. Nick will cover that and gaining momentum.

首先，人工智慧創新正在推動對大規模基礎設施前所未有的需求。其次，人口老化正在重塑全球儲蓄格局，並推動對新型財富和退休產品的需求，這種情況將持續數十年。第三，房地產市場正在穩步復甦。尼克將報道此事，逐漸獲得進展。

Each of these trends represent a multi-decade opportunity to invest where our scale and expertise gives us a major advantage. To that end, we advanced a number of strategic transactions during the quarter.

這些趨勢中的每一個都代表著長達數十年的投資機會，而我們的規模和專業知識將使我們擁有巨大的優勢。為此，我們在本季推進了一系列戰略交易。

In our Wealth Solutions business, we received shareholder approval for our acquisition of Just Group in the UK, a region where growing retirement market is creating significant opportunities for long-term investment. We also announced a reinsurance agreement with a leading Japanese insurance company, marking our entry into Japan insurance market, the first of many expected opportunities in the region.

在我們的財富解決方案業務中，我們獲得了股東批准，收購了英國的 Just Group。英國的退休市場不斷成長，為長期投資創造了巨大的機會。我們也宣布與一家日本領先的保險公司達成再保險協議，標誌著我們正式進入日本保險市場，這也是我們在該地區眾多預期機會中的第一個。

We agreed to acquire the remaining 26% of Oaktree that we don't own already, which will bring our ownership to 100% upon completion of the transaction. From the outset, our partnership with Oaktree has been grounded on shared principles, including a value-oriented approach to disciplined investing with a focus on compounding capital over time. Our scale and real asset expertise combined with Oaktree's deep credit experience has created one of the most comprehensive and diversified credit platforms globally.

我們同意收購我們尚未持有的橡樹資本剩餘的 26% 股份，交易完成後，我們將持有橡樹資本 100% 的股份。從一開始，我們與橡樹資本的合作就建立在共同的原則之上，包括以價值為導向的嚴謹投資方法，專注於隨著時間的推移實現資本的複利增長。我們的規模和實體資產專業知識，加上橡樹資本深厚的信貸經驗，打造了全球最全面、最多元化的信貸平台之一。

Third, we continue to partner with leading institutions, corporates, and governments around the world, and this is what makes our business different, combining capital expertise and our global reach to capture opportunities for all. We have several initiatives underway to deliver the next generation of energy transition in AI infrastructure globally, and I'll just mention a few.

第三，我們繼續與世界各地的領先機構、企業和政府合作，這正是我們業務的獨特之處，將資本專業知識和全球影響力結合，為所有人創造機會。我們正在進行多項舉措，以在全球範圍內推動下一代人工智慧基礎設施的能源轉型，我僅舉幾例。

Through Westinghouse, during the quarter, we partnered with the US government to deliver $80 billion of nuclear reactors. For context, that is the equivalent of eight large-scale nuclear plants, enough, for example, to power the entire state of Utah. These projects will help rebuild critical supply chains in the US, revitalize the domestic nuclear industry, and marks an inflection point for the growth of nuclear energy in North America.

本季度，我們透過西屋電氣與美國政府合作，交付了價值 800 億美元的核反應器。作為參考，這相當於八座大型核電廠，例如，足以滿足整個猶他州的用電需求。這些項目將有助於重建美國的關鍵供應鏈，重振國內核工業，並標誌著北美核能發展的轉折點。

With Bloom Energy, we are developing 1 gigawatt of behind-the-meter power generation from fuel cells to meet the growing demand from AI data centers and other energy-intensive applications and we think this is just the beginning. And through our strategic partnership with Figure recently announced, a leading developer of humanoid robotics, we are providing access to our portfolio of real assets to create the real-world environments needed to develop, train, and deploy this technology safely and effectively, positioning us, most importantly, at the forefront of one of the most significant technological advances of the coming decades.

我們正在與 Bloom Energy 合作，開發 1 吉瓦的燃料電池表後發電項目，以滿足人工智慧資料中心和其他能源密集型應用日益增長的需求，我們認為這只是個開始。透過我們最近宣布與人形機器人領先開發商 Figure 建立的戰略合作夥伴關係，我們將提供我們真實資產組合的訪問權限，以創建開發、訓練和安全有效地部署這項技術所需的真實世界環境，最重要的是，這將使我們處於未來幾十年最重要的技術進步之一的前沿。

Looking ahead, despite our size and scale today, our growth potential is greater than it has ever been. Our investment discipline, operating expertise, and access to large-scale capital positions us to deliver another strong phase of growth for shareholders in years to come. As always, thank you for your support. We appreciate your continued interest in Brookfield and over to Nick.

展望未來，儘管我們目前的規模和體積都很大，但我們的成長潛力比以往任何時候都更大。我們的投資紀律、營運專長以及獲得大規模資本的管道，使我們能夠在未來幾年為股東帶來另一個強勁的成長階段。一如既往，感謝大家的支持。感謝您一直以來對布魯克菲爾德的關注，接下來請尼克為您介紹情況。

Thank you, Bruce, and good morning, everyone. We delivered strong financial results for the quarter, supported by continued momentum across our core businesses.

謝謝你，布魯斯，大家早安。本季我們取得了強勁的財務業績，這得益於我們核心業務的持續成長勢頭。

Distributable Earnings, or DE, before realizations were $1.3 billion for the quarter or $0.56 per share and $5.4 billion over the last 12 months or $2.27 per share, representing an 18% increase over the prior year period. Total DE, including realizations was $1.5 billion or $0.63 per share for the quarter and $6 billion or $2.54 per share over the last 12 months with total net income of $1.7 billion over the same period.

本季可分配收益（DE）在未實現收益之前為 13 億美元，即每股 0.56 美元；過去 12 個月可分配收益為 54 億美元，即每股 2.27 美元，比上年同期增長 18%。本季總收入（包括實現收入）為 15 億美元，即每股 0.63 美元；過去 12 個月的總收入為 60 億美元，即每股 2.54 美元；同期淨收入總額為 17 億美元。

Starting with our operating performance, each of our businesses continues to perform well. Our Asset Management business generated distributable earnings of $687 million or $0.29 per share in the quarter and $2.7 billion or $1.14 per share over the last 12 months. Strong fundraising momentum led to $30 billion of inflows during the quarter and included over $6 billion from our retail and wealth clients. Fee-related earnings increased by 17% to a record $754 million as fee-bearing capital grew to $581 billion.

首先從我們的營運表現來看，我們各項業務都持續表現良好。本季度，我們的資產管理業務產生了可分配收益 6.87 億美元，即每股 0.29 美元；過去 12 個月，該業務產生了可分配收益 27 億美元，即每股 1.14 美元。強勁的籌資勢頭使得本季資金流入達到 300 億美元，其中包括來自零售和財富管理客戶的 60 多億美元。隨著收費資本成長至 5,810 億美元，收費相關收入成長 17%，達到創紀錄的 7.54 億美元。

During the quarter, we held the final institutional close of our second vintage flagship global transition strategy with total commitments of $20 billion, exceeding our target and marking the largest private fund globally dedicated to energy transition. We also launched our seventh vintage flagship private equity fund focused on essential services and industrial businesses and are preparing to launch our inaugural AI infrastructure fund, which together, will drive strong fundraising momentum going into 2026.

本季度，我們完成了第二期旗艦全球轉型策略的最終機構募資，總承諾額達 200 億美元，超過了我們的目標，並成為全球最大的專注於能源轉型的私募基金。我們也推出了第七期旗艦私募股權基金，專注於基本服務和工業企業，並正準備推出首支人工智慧基礎設施基金，這兩個基金將共同推動我們在 2026 年實現強勁的融資勢頭。

Finally, jointly with Brookfield Asset Management, we announced the acquisition of the remaining interest in Oaktree, of which $1.4 billion will be funded by the corporation. The transaction expands our ownership in Oaktree's carried interest, fee-related earnings, and balance sheet investments and further strengthens our global credit platform. Transaction is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals.

最後，我們與 Brookfield Asset Management 共同宣布收購 Oaktree 的剩餘股份，其中 14 億美元將由公司出資。此交易擴大了我們在橡樹資本的附帶權益、費用相關收益和資產負債表投資中的所有權，並進一步加強了我們的全球信貸平台。交易預計將於 2026 年上半年完成，但需滿足慣例成交條件並獲得監管部門批准。

Turning to our Wealth Solutions business. We delivered another quarter of strong growth with distributable earnings of $420 million or $0.18 per share in the quarter and $1.7 billion or $0.70 per share over the last 12 months. This represents organic growth of over 15% year-over-year, supported by strong investment performance, robust underwriting across property and casualty lines, and disciplined capital deployment.

接下來談談我們的財富解決方案業務。我們又實現了強勁成長，本季可分配收益為 4.2 億美元，即每股 0.18 美元；過去 12 個月可分配收益為 17 億美元，即每股 0.70 美元。這代表著超過 15% 的年內有機成長，這得益於強勁的投資業績、財產和意外傷害險業務的穩健承保以及嚴謹的資本部署。

During the quarter, we originated $5 billion of retail and institutional annuities, bringing our total insurance assets to $139 billion. Importantly, we continue to focus on raising long-duration liabilities with approximately 80% of new retail annuities written during the quarter, having durations of five years or longer.

本季度，我們推出了 50 億美元的零售和機構年金，使我們的保險資產總額達到 1,390 億美元。重要的是，我們繼續專注於增加長期負債，本季新簽發的零售年金中約有 80% 的期限為五年或更長。

Our investment portfolio generated an average yield of 5.7%, contributing to spread related earnings that were 1.7% above our average cost of funds. As we continue to reposition the portfolio into higher-yielding real asset investments sourced within Brookfield, we are well positioned to sustain strong spread-related earnings.

我們的投資組合產生了平均 5.7% 的收益率，使得利差相關收益比我們的平均資金成本高出 1.7%。隨著我們不斷調整投資組合，轉向布魯克菲爾德內部收益更高的實體資產投資，我們有能力維持強勁的利差相關收益。

During the quarter, we deployed $4 billion into Brookfield managed strategies at an average net yield of 9%, which helped support a 15% return on equity, consistent with our long-term target. We also made meaningful progress internationally, expanding across the fast-growing retirement markets in the UK and Japan.

本季度，我們向 Brookfield 管理的投資策略投入了 40 億美元，平均淨收益率為 9%，這有助於實現 15% 的股本回報率，與我們的長期目標一致。我們在國際上也取得了實質進展，拓展到了英國和日本這兩個快速成長的退休市場。

In the UK, we received shareholder approval for the acquisition of Just Group, which remains on track to close in the first half of 2026 subject to customary closing conditions and regulatory approvals. Upon closing, our insurance assets are expected to grow by approximately $40 billion to $180 billion.

在英國，我們已獲得股東批准收購 Just Group，該收購案仍有望在 2026 年上半年完成，但需滿足慣例成交條件並獲得監管部門批准。交易完成後，我們的保險資產預計將增加約 400 億美元，達到 1800 億美元。

In Japan, we announced our first reinsurance agreement in the region with a leading Japanese insurance company to reinsure annuity policies on a full basis. These initiatives strengthen our position in key international markets and position us to capture the growing global demand for retirement solutions.

在日本，我們宣布與一家領先的日本保險公司達成該地區首個再保險協議，全面再保險年金保單。這些措施鞏固了我們在主要國際市場的地位，使我們能夠抓住全球日益增長的退休解決方案需求。

Our operating businesses continue to deliver growing and resilient cash flows, generating distributable earnings of $336 million (sic - see press release, "$366 million") or $0.15 per share in the quarter and $1.7 billion or $0.72 per share over the last 12 months. These results underscore the strength of our operating performance and the continued momentum across each of the businesses.

我們的營運業務持續帶來不斷成長且穩健的現金流，本季可分配收益為 3.36 億美元（原文如此 - 請參閱新聞稿，「3.66 億美元」），即每股 0.15 美元；過去 12 個月可分配收益為 17 億美元，即每股 0.72 美元。這些業績凸顯了我們強勁的經營業績以及各業務部門持續成長的勢頭。

Our infrastructure and renewable power and transition businesses remain at the forefront of secular trends, reshaping global investment opportunities. Recently, we announced new initiatives to advance next-generation power and AI infrastructure, including our partnership with the US government through Westinghouse, to deliver $80 billion of new nuclear plants in the United States.

我們的基礎設施、再生能源和轉型業務始終處於長期趨勢的前沿，重塑著全球投資機會。最近，我們宣布了推動下一代電力和人工智慧基礎設施的新舉措，包括我們透過西屋公司與美國政府合作，在美國建造價值 800 億美元的新核電廠。

In our publicly listed private equity business, we announced plans to simplify its structure into a single listed corporate entity aimed at broadening the investor base and improving trading liquidity. Our real estate business continues to perform well, supported by improving market conditions and strong fundamentals.

在我們公開上市的私募股權業務中，我們宣布了將其結構簡化為單一上市企業實體的計劃，旨在擴大投資者基礎並提高交易流動性。由於市場狀況的改善和強勁的基本面，我們的房地產業務繼續表現良好。

Leasing activity remains concentrated in high-quality, well-located assets, driving strong operating performance across the portfolio. Our super core portfolio continues to outperform with 96% occupancy at the end of the quarter and our core plus portfolio, which shares similar high-quality characteristics, ended the quarter with 95% occupancy.

租賃活動仍然集中在高品質、地理位置優越的資產上，從而推動了整個投資組合的強勁營運表現。我們的超核心物業組合繼續表現出色，季度末入住率達到 96%；而具有類似高品質特徵的核心增強型物業組合，季度末入住率也達到了 95%。

During the quarter, we signed 3 million square feet of office leases with rents on newly signed leases averaging 15% above those expiring. Notably, at Canary Wharf, leasing activity remains very strong, with over 450,000 square feet leased year-to-date, putting 2025 on track to be its best leasing year in the past decade. The leasing pipeline is also the strongest it has been in years, underscoring the depth of demand for high-quality space and Canary Wharf positioned as one of the world's leading business destinations.

本季度，我們簽訂了 300 萬平方英尺的辦公租賃合同，新簽訂的租賃合約租金平均比到期合約的租金高出 15%。值得注意的是，金絲雀碼頭的租賃活動仍然非常強勁，今年迄今已出租超過 45 萬平方英尺，2025 年預計將成為過去十年中租賃情況最好的一年。租賃市場也處於多年來最強勁的狀態，凸顯了市場對高品質辦公空間的強勁需求，以及金絲雀碼頭作為世界領先商業目的地之一的地位。

Turning to monetizations. Market conditions remain highly favorable for high-quality assets and businesses like the ones we own. To date this year, we have had $75 billion of monetizations across our franchise, including $22 billion of real estate assets, $14 billion of infrastructure assets, nearly $11 billion of renewable assets, $7 billion from private equity, $21 billion from credit and other diversified assets.

轉向盈利模式。市場環境對我們擁有的這類優質資產和企業仍然非常有利。今年迄今為止，我們已透過各種管道實現了 750 億美元的資產變現，其中包括 220 億美元的房地產資產、140 億美元的基礎設施資產、近 110 億美元的再生能源資產、70 億美元的私募股權投資、210 億美元的信貸和其他多元化資產。

Two recent highlights to note are as follows. In our infrastructure business, we completed the IPO of Rockpoint Gas Storage, one of the largest independent natural gas storage operators in North America. The offering was well received and oversubscribed raising CAD810 million, the largest IPO on the Toronto Stock Exchange since May 2022. Following the IPO, we have now realized a multiple of capital over 3 times for retaining significant ownership interest in the business.

以下是近期值得關注的兩個亮點。在我們的基礎設施業務方面，我們完成了 Rockpoint Gas Storage 的首次公開發行 (IPO)，該公司是北美最大的獨立天然氣儲存營運商之一。此次發行反應熱烈，認購踴躍，籌集資金 8.1 億加元，是自 2022 年 5 月以來多倫多證券交易所規模最大的 IPO。IPO之後，我們透過保留對公司的重大所有權權益，實現了超過3倍的資本回報。

And in our real estate business, we advanced the sale of the remaining assets in our US manufactured housing portfolio for $2.5 billion, resulting in a total investment IRR of 25% and a [3.5] multiple on invested capital. Substantially all sales completed this year were at or above carrying values and have crystallized significant value for our clients at attractive returns.

在我們的房地產業務中，我們推進了美國製造房屋組合中剩餘資產的出售，售價為 25 億美元，總投資內部收益率為 25%，投資資本的 [3.5] 倍。今年完成的幾乎所有銷售都達到了或超過了帳面價值，並為我們的客戶帶來了可觀的回報，實現了巨大的價值。

Through these monetizations, we realized $154 million of carried interest into income during this quarter. Importantly, because our earnings recognition follows European water for model where carried interest is recognized only after we have returned to funds invest the capital and achieved the preferred return, a number of the realizations have advanced our mature funds closer to that carried interest realization.

透過這些變現，我們在本季實現了 1.54 億美元的附帶權益收入。重要的是，由於我們的收益確認遵循歐洲水資源模型，其中只有在我們將資金返還給投資者並實現預期回報後才確認附帶權益，因此許多實現都使我們的成熟基金更接近實現附帶權益。

Shifting to capital allocation. During the quarter, we reinvested excess cash flow back into the business and returned to the $180 million to shareholders through regular dividends and share buybacks. To date this year, we have repurchased over $950 million of shares in the open market at a roughly 50% discount to our view of intrinsic value.

轉向資本配置。本季度，我們將多餘的現金流再投資於業務，並透過定期分紅和股票回購向股東返還了 1.8 億美元。今年迄今為止，我們已在公開市場上以比我們認為的內在價值低約 50% 的價格回購了超過 9.5 億美元的股票。

Moving on to our balance sheet and liquidity. We continue to maintain a conservatively capitalized balance sheet and high levels of liquidity with record deployable capital of $178 billion at the end of the quarter. We also maintained strong access to the capital markets, executing $140 billion of financing so far this year, including the issuance of $650 million of 10-year senior notes at the corporation during the quarter.

接下來我們來看看資產負債表和流動性。我們持續保持穩健的資本充足率和高流動性，截至季末，可部署資本達到創紀錄的 1,780 億美元。我們也保持了與資本市場的良好溝通，今年迄今已完成 1,400 億美元的融資，其中包括本季度公司發行的 6.5 億美元 10 年期高級票據。

Other notable financings include the successful refinancing of a $1.9 billion five-year loan at a luxury resort in the Bahamas and two five-year CMBS issuances at New York trophy office buildings each over $1.25 billion, reinforcing the capital continues to flow to high-quality assets at attractive returns.

其他值得關注的融資項目包括成功為巴哈馬豪華度假村的 19 億美元五年期貸款進行再融資，以及在紐約兩座標誌性辦公大樓發行兩筆五年期 CMBS，每筆金額均超過 12.5 億美元，這進一步表明資本繼續流入高質量資產，並獲得可觀的回報。

Bringing it all together, our financial results continue to be very strong, and we expect continued growth in our results over the remainder of the year and into 2026. I am pleased to confirm that our Board of Directors has declared a quarterly dividend of $0.06 per share, payable at the end of December to shareholders of record at the close of business on December 16, 2025. On a post-split basis, the quarterly dividend is consistent with the previous quarter's dividend.

綜上所述，我們的財務業績依然非常強勁，我們預計今年剩餘時間和2026年業績將持續成長。我很高興地確認，我們的董事會已宣布派發每股 0.06 美元的季度股息，將於 2025 年 12 月 16 日營業結束時支付給登記在冊的股東。拆股後，季度股利與上一季股利一致。

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

感謝您抽出時間，現在我將把電話轉回給接線員，以便回答您的​​問題。操作員？

(Operator Instructions) Michael Cyprys, Morgan Stanley.

（操作說明）邁克爾·西普里斯，摩根士丹利。

If we think about the pillars of your success over the years, I think it's been your ability to adapt the business and innovate in recent years. You've added Wealth Solutions; you continue to grow that. But recently, you've made some partnerships around AI, humanoid, partnership with Figure as one example.

如果回顧您這些年來的成功支柱，我認為是您在近年來不斷調整業務和創新的能力。您已新增財富解決方案業務；您將繼續發展該業務。但最近，你們在人工智慧、人形機器人領域建立了一些合作關係，例如與 Figure 的合作。

So I was hoping you could talk about how you see humanoid and AI broadly potentially creating another leg of the stool for Brookfield over time. I remember at your Investor Day, I think, embedded in your 2030 DE guide was about $2.6 billion of DE from capital allocation. Maybe you could help unpack the components there and how you think about other different contributors over time?

所以我希望您能談談您如何看待人形機器人和人工智慧技術在未來可能為Brookfield公司創造的另一項發展機會。我記得在你們的投資者日上，我想，你們的 2030 年發展經濟指南中提到了大約 26 億美元的資本配置發展經濟。或許您可以幫忙分析其中的各個組成部分，以及您隨著時間的推移是如何看待其他不同貢獻者的？

Good morning, Michael and thanks for the question. I would break the answer into two parts. I'd say most of the capital deployment and the focus that we have today is around building the backbone infrastructure to support the build-out of AI. The growing demand, the secular trend of the growth of AI, the need for compute capacity and also the need for the power to drive that and be able to supply the electricity for the compute capacity is where we are investing most of our time and our dollars right now.

早安，邁克爾，謝謝你的提問。我會把答案分成兩個部分。我認為，我們目前的大部分資本投入和重點都集中在建構支撐人工智慧發展的基礎架構。不斷增長的需求、人工智慧發展的長期趨勢、對運算能力的需求，以及驅動這些運算能力並為其供電的需求，正是我們目前投入最多時間和資金的領域。

And we have a very unique position around that, given our capability and our global reach and our operating expertise around renewable energy, nuclear, and other energy sources, and then our data center and AI fund that we're launching soon. So I'd say that that offers great growth potential for the franchise, and we're very well positioned to participate in that, and are investing in a disciplined way to drive really, really impressive results so far.

鑑於我們在再生能源、核能和其他能源方面的能力、全球影響力和營運專長，以及我們即將推出的資料中心和人工智慧基金，我們在這方面擁有非常獨特的地位。所以我認為這為該特許經營權提供了巨大的成長潛力，我們已做好充分準備參與其中，並且正在以嚴謹的方式進行投資，到目前為止已經取得了非常非常令人印象深刻的成果。

I'd say the second component and the figure transaction that you talked about, Brookfield Corporation, what we're doing is looking to stay ahead of the curve and deploy capital for the benefit of the rest of the organization and for the benefit of our operations. And what we see with the developments in AI in humanoid robotics, we believe that over time, will have a material impact on the way that businesses are run an even broader society.

我想說，你提到的第二個組成部分和交易數據，布魯克菲爾德公司，我們正在努力保持領先地位，並部署資本以造福公司其他部門和我們的營運。我們看到人工智慧在人形機器人領域的發展，我們相信，隨著時間的推移，這將對企業的運作方式甚至更廣泛的社會產生實質的影響。

And so I think this is about investing as a defensive investment and an opportunity to make money, but to really learn and be at the forefront for the benefit of the broader organization. And we would look to do that, I'd say, over time, we'd look to do that selectively as we see good opportunities to do so. So I don't think of this as necessarily the next leg. I think it's a force and a trend that's driving broad growth across the organization, and we're well positioned to participate in it.

所以我認為這是一種防禦性投資，也是一個賺錢的機會，但更重要的是學習並走在時代前沿，從而造福整個組織。我認為，隨著時間的推移，我們會有選擇地、有針對性地去做這件事，當我們看到好的機會時，我們會考慮去做。所以我並不認為這一定是下一階段的開始。我認為這是一種推動整個組織廣泛成長的力量和趨勢，而我們已經做好充分準備參與其中。

Okay. Thanks. And then just a follow-up question on Wealth Solutions. So you signed the first reinsurance agreement in Japan, expanding your global footprint. I was hoping you could talk about that arrangement? How you see that contributing? What's the scope for others in Japan as well as elsewhere around the world? Maybe you could just update us on your global ambitions. Clearly, you have that transaction underway in the UK.

好的。謝謝。然後，我還有一個關於財富解決方案的後續問題。所以，你們在日本簽署了第一份再保險協議，擴大了你們的全球商業版圖。我希望你能談談那項安排？你認為這會起到什麼作用？對於日本以及世界其他地方的人來說，其發展前景如何？或許您可以向我們介紹一下您的全球發展目標。顯然，您在英國正在進行這筆交易。

Yes. Thanks. My guess, as you mentioned, we made the transaction -- well, we've agreed the transaction in the UK, and we're working towards closing that transaction in the early part of next year. That's a significant step for us, scaling PRT and giving us access to a long-duration local of low-risk liability -- sorry, long duration pool of low-risk liabilities.

是的。謝謝。正如您所提到的，我的猜測是，我們已經完成了交易——確切地說，我們已經在英國達成了交易協議，我們正在努力爭取在明年年初完成這筆交易。對我們來說，這是一個重要的進步，它擴大了 PRT 的規模，使我們能夠獲得長期的低風險負債——抱歉，是長期的低風險負債池。

And so we're excited to close that. That really sets us up well in the UK market. And we identified Asia and Japan as the next market that we look to grow into and doing that in partnership with local players. This reinsurance, it's a flow agreement. So it's really a transaction that will build over time, month-to-month, quarter-to-quarter as we participate in the business that they're writing.

所以我們很高興能完成這項工作。這確實讓我們在英國市場佔有了有利地位。我們已將亞洲和日本確定為我們下一個希望拓展的市場，並將與當地企業合作實現這一目標。這份再保險，其實是資金流動協議。所以，隨著我們參與他們所開展的業務，這實際上是一項會隨著時間推移、逐月、逐季累積起來的交易。

So it has the potential to scale and then it also has -- we also have the potential to partner with other local players. So very much about continued growth in both markets. And those are the two markets we're predominantly focused on outside of North America today.

因此它具有規模化的潛力，而且我們也有可能與其他本地企業合作。所以，這兩個市場都將持續成長。目前，我們在北美以外的主要市場就是這兩個。

(Operator Instructions) Mario Saric, Scotiabank.

（操作員說明）馬裡奧·薩里奇，加拿大豐業銀行。

Coming back to the Wealth Solutions business, Nick, I was wondering how long do you think it may take to get to your approximate 200-basis-point target net investment yield spread? And then secondly, how should we think about the evolution of gross versus net insurance lows? I think in this quarter, it was -- the net was about 40% of growth. So just curious on what your thoughts are on those two items.

回到財富解決方案業務的話題，尼克，我想知道你認為需要多長時間才能達到你設定的大約 200 個基點的淨投資收益率目標？其次，我們該如何看待毛保險低點與淨保險低點的演變？我認為本季淨成長率約為 40%。所以，我很好奇你對這兩件事有什麼看法。

Yeah. I mean, listen, there, the 200 basis points is a long-term -- medium- to long-term target. So it will take time to grow into it. And as you know, as cash comes in, we're very disciplined on the deployment. And we're looking at a barbell approach on deployment, sitting in significant short-term liquidity and balancing that with investment into real assets or in credit and equity.

是的。我的意思是，聽著，200 個基點是一個長期目標——中長期目標。所以需要時間適應。如您所知，隨著資金的流入，我們在資金部署方面非常謹慎。我們正在考慮採用槓鈴式部署策略，持有大量短期流動性資金，並透過投資實體資產或信貸和股權來平衡流動性。

So it just takes time for the deployment. But as we work through the plan, we do expect that spread to start to broaden out and work towards it.

所以部署需要一些時間。但隨著我們逐步推進計劃，我們預計傳播範圍將開始擴大，並朝著目標努力。

Importantly, we think about ROE, Mario, as opposed to just spread and the return on equity that we're generating and the capital is compounding at 15%-plus, and that is in line with our long-term targets. We're very happy with the performance there.

重要的是，我們關注的是淨資產收益率（ROE），馬裡奧，而不是只關注利差。我們獲得的股本回報率，以及資本以超過 15% 的速度複利成長，都符合我們的長期目標。我們對那裡的表現非常滿意。

On the gross to net flows, it should stabilize out to about a third outflows versus inflows in a quarter as we move forward.

從總流量到淨流量的比例來看，隨著時間的推移，應該會穩定在一個季度內流出流量與流入流量之比約為三分之一。

Got it. Okay. And then my follow-up, just with respect to the recently announced Oaktree acquisition, has the composition of the $3 billion purchase price between BAM BN shares and cash, has that been settled? And how do you see the transaction impacting the velocity of BN share repurchases going forward, if at all?

知道了。好的。那麼，關於最近宣布的橡樹資本收購案，我的後續問題是：30億美元的收購價格是以BAM BN股票還是現金支付？這個問題是否已經解決？那麼，您認為這筆交易會對BN未來的股票回購速度產生怎樣的影響（如果有的話）？

So yeah, Mario, we do have the elections finalized. And the end result, what I'd say, roughly, was $250 million of BN shares elected. The balance will be in cash and almost 100% of the BAM consideration will be in cash. And it will have zero impact on our buyback. We will buy back the 250 million of shares that we issue, but it won't have impact on our broader buyback strategy.

是的，馬裡奧，選舉結果已經最終確定了。最終結果，我估計，大約有 2.5 億美元的 BN 股票被選中。餘額將以現金支付，BAM 的對價幾乎 100% 將以現金支付。這不會對我們的回購計劃產生任何影響。我們將回購我們發行的 2.5 億股股票，但這不會對我們更廣泛的股票回購策略產生影響。

(Operator Instructions) Alex Blostein, Goldman Sacs.

（操作說明）Alex Blostein，高盛。

Just maybe zoning back to trajectory of the insurance business, so really good growth. So the sales are coming through nicely.

或許保險業正在回歸正軌，因此成長勢頭良好。所以銷售情況相當不錯。

On the spread, though, and I hear your comment around the ROE. But the spread, I think in annuities was 165 basis points this quarter. So maybe help us think through the near-term dynamics over the last maybe 12 to 24 months on the trajectory of that spread as you start to earn your way back towards the targets?

不過，關於價差，我聽到了你對 ROE 的評論。但我認為本季年金利差為 165 個基點。那麼，您能否幫助我們分析過去 12 到 24 個月內，隨著您逐步恢復到目標水平，該價差的近期動態走勢？

Yeah. So first of all Alex, welcome to the call. I know it's your first one. It's great to have you.

是的。首先，Alex，歡迎參加通話。我知道這是你的第一個。很高興你能來。

I'd just say that the spread is right 165 basis points, and it's really because we're being disciplined in deployment. And you know the way we think about the business. We run it for the long term. And so we're being patient in the deployment.

我只想說，價差剛好是 165 個基點，這確實是因為我們在部署方面非常嚴謹。你知道我們看待生意的方式。我們計劃長期營運。因此，我們在部署方面保持耐心。

We are sourcing very attractive real asset investment opportunities in the credit and equity side, as I just said, and so as we look forward, we do expect it to work its way back up, but we're not running, as you know, the business quarter-to-quarter. We're running it long term.

正如我剛才所說，我們正在信貸和股權領域尋找非常有吸引力的實體資產投資機會，因此展望未來，我們預計它會逐步回升，但正如你所知，我們並不是按季度來經營業務的。我們會長期運行這個專案。

So we're going to be patient and wait for the right investment opportunities. And as they come in, you'll start to see that spread widen out. But again, what it all comes back to is the ROE. And so we're happy with the performance.

所以我們會保持耐心，等待合適的投資機會。隨著他們的到來，你會看到這種差距開始擴大。但歸根結底，一切都取決於資產回報率。因此，我們對這個表現很滿意。

Got you. Thanks for that. And then for my follow-up, we will just maybe stay with insurance. Can you spend a couple of minutes maybe on how you're progressing towards closing the Just acquisition? I know there's probably a lot of limitations to what you could say publicly.

抓到你了。謝謝。至於後續事宜，我們或許還是會繼續使用保險。您能否花幾分鐘時間談談您在完成對Just的收購方面的進展？我知道在公開場合你能說的話可能有很多限制。

But as you were to frame the spread-related earnings contribution and then strategically, how you think this could accelerate growth of your presence outside the US and PRT markets in UK and Europe broadly, which would be helpful to understand what this deal could mean financially for the business over medium term.

但正如您要闡述價差相關的收益貢獻，以及從戰略角度來看，您認為這將如何加速您在美國和英國及歐洲以外的PRT市場的業務增長，這將有助於了解這筆交易在中期內對公司財務狀況的意義。

So I do apologize because we are limited in what we can say, and we haven't really talked to date about what the pro forma looks like as we work our way through the regulatory approvals. I would just tell you that we're working through it. We have the shareholder vote. We're working with the regulator. As you know, we previously were licensed under Bluemont in the UK, so we have a good relationship with PRI, but we're working through that process.

因此，我深表歉意，因為我們能說的有限，而且到目前為止，我們還沒有真正討論過在獲得監管部門批准的過程中，最終的財務報表會是什麼樣子。我只想告訴你，我們正在努力解決這個問題。我們有股東投票權。我們正在與監管機構合作。如你所知，我們之前在英國獲得了 Bluemont 的許可，所以我們與 PRI 有良好的關係，但我們正在努力完成相關流程。

I'd say that Just has got a good track record of issuing PRT on a consistent basis in the UK; I think in the year before we acquired them, about GBP5 billion of origination. So we would expect to hopefully be able to continue that and scale it with our capital. But as for performers, it will have to wait until we're further along in the process.

我認為 Just 在英國持續發行 PRT 方面有著良好的記錄；我認為在我們收購他們的前一年，發行額約為 50 億英鎊。因此，我們希望能夠繼續這項工作，並利用我們的資金擴大規模。但對於表演者而言，這還得等到專案進行到更深入的階段才能確定。

(Operator Instructions) Cherilyn Radbourne, TD Cowen.

（操作說明）Cherilyn Radbourne，TD Cowen。

Ever since the framework agreement to build new nuclear capacity in the US was announced, the biggest question we've been getting from clients is to the extent that Brookfield alongside LPs will invest capital in nuclear project development, what kind of downside protection would you be seeking? And is that investment likely to occur in a discrete nuclear strategy or in the DGTF strategy?

自從宣佈在美國建造新的核電產能的框架協議以來，我們從客戶那裡得到的最大問題是，如果 Brookfield 與有限合夥人一起投資核電項目開發，您會尋求什麼樣的下行保護？這項投資有可能以獨立的核子戰略形式進行，還是以DGTF策略形式進行？

Hi, Cherilyn. Thanks for the question. So I'd say, first of all, I'd say that it's been bought within Westinghouse. So the transaction that is being done is being done between Westinghouse and the US government and the US government is buying, as the equity investor, $80 billion of nuclear facilities. Our role within that is to help deliver the facilities and then provide, as you know, the services that we provide, which is the fuel rods, the fuel, and then the servicing of the facilities going forward.

你好，Cherilyn。謝謝你的提問。所以，首先我想說，它已經被西屋公司收購了。因此，這筆交易是在西屋公司和美國政府之間進行的，美國政府作為股權投資者，正在購買價值 800 億美元的核設施。我們的角色是幫助交付設施，然後提供，如您所知，我們提供的服務，即燃料棒、燃料，以及未來的設施維護。

So the end result will look very much like the Westinghouse business that we have today, which is to service and provide the fuel to the nuclear reactors. And it's really scaling Westinghouse as a global nuclear champion, but it will be done through Westinghouse which is owned by BGTF 1.

因此，最終結果將與我們今天所看到的西屋公司的業務非常相似，即為核反應器提供服務和燃料。這確實將西屋公司發展成為全球核能領導企業，但這將透過西屋公司來實現，而西屋公司是 BGTF 1 旗下的子公司。

And maybe just extending that to the plans that are being evaluated in South Carolina, maybe you can elaborate on how that might be structured?

或許我們可以把這個想法延伸到南卡羅來納州正在評估的方案上，您能否詳細說明一下這些方案的結構？

Yeah. So again, we're in a process there, and it's very early days. But what I can tell you is, as we think about the growth in the space, we are focused on downside protection. So anything that we would do in the space where we're looking to get involved in either bringing Westinghouse services or Brookfield Capital and would be structured in a way to provide strong downside protection.

是的。所以，我們目前還處於這個過程中，現在還處於非常早期的階段。但我可以告訴你們的是，當我們考慮這個領域的成長時，我們關注的是下行風險保護。因此，我們在尋求參與的領域，無論是引入西屋電氣服務還是布魯克菲爾德資本，我們所做的任何事情都將以提供強有力的下行保護的方式進行結構化安排。

(Operator Instructions) Kenneth Worthington, JPMorgan.

（操作說明）肯尼斯‧沃辛頓，摩根大通。

You've talked in the past about 2025 being a transition year for [carry]. You've talked about the improved outlook going through 2030. Given what continues to be -- continues to look like a better M&A environment and a better realization environment with better valuations, can you talk about how carry generation is shaping up for 2026?

你之前曾說過2025年是過渡年…[攜帶]。您曾談到 2030 年前景會有所改善。鑑於併購環境和實現環境持續向好，估值也越來越好，您能否談談 2026 年的收益分成情況？

And then maybe wrapping the follow-up in the same question, as we think about realizations, how is the outlook developing for realizations on balance sheet versus realization in the Brookfield funds as you think about the intermediate term outlook? I guess, I'll be vague like that.

然後，或許可以用同一個問題來補充後續問題，當我們考慮實現收益時，您認為資產負債表上的實現收益與布魯克菲爾德基金的實現收益在中期前景方面有何不同？我想，我就這麼含糊其辭吧。

Okay. Thanks, Ken. So I'll just say that the outlook for carry hasn't changed. So this year, as we said, would be a bit of a bridge year and it's played out in that direction, largely consistent with last year. And with the monetizations that we have in the pipeline, either those that are progressed or that we plan on launching and through the end of this year or into the early part of next year, therefore, which should close in 2026.

好的。謝謝你，肯。所以我只想說，持倉前景並沒有改變。所以，正如我們所說，今年將是一個過渡年，而實際情況基本上符合去年的情況。而我們正在籌備的各種獲利模式，無論是已經推進的還是計劃在今年年底或明年年初推出的，預計將在 2026 年完成。

We do still see the potential for a step up in carried interest in 2026. So that is still continuing to step up in 2026 and then again into '27, and a strong year in '28. So that's the outlook. The expectation of what we can achieve in the next three years really hasn't changed from what we presented at Investor Day and we're still optimistic and we still believe that it is a very healthy transaction market and the strong capital markets is supporting that activity.

我們仍認為 2026 年附帶權益有可能進一步提高。因此，2026 年和 2027 年將繼續成長，2028 年將是強勁的一年。這就是目前的情況。我們對未來三年能夠取得的成就的預期與我們在投資者日上提出的預期並沒有改變，我們仍然保持樂觀，並且仍然相信這是一個非常健康的交易市場，強勁的資本市場正在支持這一活動。

As it relates to the split between the balance sheet and what's being done in the funds. As you know, we operate completely independently of each other. So we continue to advance the monetizations in the fund. It's a globally diversified portfolio of many assets in many geographies, so it has the ability to be a bit nimble around where assets are ready to trade and where the capital is there and the appetite is strong.

這與資產負債表和基金運作之間的差異有關。如您所知，我們彼此完全獨立運作。因此，我們將繼續推動基金的貨幣化進程。這是一個全球多元化的投資組合，涵蓋許多地區的多種資產，因此它能夠靈活地根據資產是否準備交易、資本是否足夠以及市場需求是否強勁來調整投資策略。

On the balance sheet, we're talking about the office and retail assets in the US, and I can tell you that the capital markets are stronger now even than when we had our last call when we talked about the strength of the markets. We had very successful financings in the quarter at spreads and all-in rates we couldn't have achieved even a month ago.

從資產負債表來看，我們指的是美國的辦公和零售資產，我可以告訴你們，現在的資本市場比我們上次通話討論市場強勁時還要強勁。本季我們獲得了非常成功的融資，利差和綜合利率是我們一個月前都無法實現的。

And that all lends itself very favorably towards increasing transaction activity. We've been able to dispose of a few smaller assets, which don't make a dent in the numbers, but they do show that appetite for acquisition activity is returning. So as that picks up, we expect to see continued activity into next year.

所有這些都非常有利於增加交易活動。我們已經處置了一些較小的資產，雖然這些資產對整體數字影響不大，但它們確實表明，市場對收購活動的興趣正在恢復。隨著這一趨勢的復甦，我們預計明年將持續保持活躍。

(Operator Instructions) Bart Dziarski, RBC Capital Markets.

（操作員說明）Bart Dziarski，RBC Capital Markets。

Just wanted to ask on real estate. So within the LP, the NOI really ticked up this quarter. So $465 million versus, I think, last year is about $80 million. So apologies if I missed this in the prepared remarks, but anything to call out there in terms of the drivers of that step up?

想問一下房地產方面的問題。因此，在LP內部，本季NOI確實大幅上升。所以今年是 4.65 億美元，而去年我認為是 8,000 萬美元左右。如果我事先準備好的發言稿中遺漏了這一點，請見諒。關於促成這轉變的因素，您有什麼需要特別指出的嗎？

Hey, Bart. Yeah. So listen, the performance of the LP portfolio is the running returns that we earn plus it's the disposition gains that we earned. So during the quarter, we benefited from disposition gains from monetization and that's what's driving the increase, sorry, in the FFO during the quarter.

嘿，巴特。是的。所以聽著，LP投資組合的績效是我們獲得的持續收益加上我們獲得的處置收益。因此，本季我們受惠於資產變現帶來的收益，這也是本季 FFO 成長的驅動因素。

Okay. Got it. And then just a follow-up on carry. With regards to target carry framework that you have, could you help us understand if there's a pickup that will -- like will the target carry increase once your Oaktree pickup deal closes? And if so, maybe a rough frame as to how much that could increase?

好的。知道了。然後是關於持有情況的後續問題。關於您目前的目標持倉框架，您能否幫助我們了解一下，一旦您完成從 Oaktree 收購股票的交易，目標持倉是否會增加？如果真是這樣，能否大致估算一下成長幅度？

So we will own more of Oaktree target carries represents the annualized carry that's compounding for us on the carry eligible capital that we manage. So yes, when we do acquire Oaktree and we have more carry eligible capital, it will pick up, but it won't be material. It won't be a significant adjustment to the numbers that we have today.

因此，我們將持有更多 Oaktree 的股票。目標收益代表我們管理的符合收益條件的資本的年化收益，該收益正在為我們帶來複利增長。所以，是的，當我們收購橡樹資本並擁有更多符合條件的資本時，情況會有所改善，但這不會是實質的。這不會對我們目前的數據造成重大調整。

(Operator Instructions) Sohrab Movahedi, BMO.

（操作說明）Sohrab Movahedi，BMO。

Okay. Thank you. I just wanted to go back to the earlier remarks about, broadly speaking, the three types of economic environments that could play out. I think Bruce was talking to that. And I understand the implications of those from an investing perspective. Is any one environment of those three better than the others from a fundraising perspective?

好的。謝謝。我只是想回到之前關於可能出現的三種經濟環境類型的評論。我想布魯斯當時是在跟那個人說話。從投資角度來看，我理解這些事件的影響。從募款角度來看，這三種環境之間是否存在哪一種比其他兩種好？

Listen, I think, Sohrab, we've been through a pretty severe cycle in just the last five years, and we've experienced a few environments in a very short period of time. And I think through all of that, demand for alternatives has stayed strong. And I mean specifically, real asset alternatives and essential service investing.

聽著，索拉布，我認為，在過去的五年裡，我們經歷了一個相當嚴峻的周期，在很短的時間內經歷了幾種不同的環境。我認為，儘管經歷了這一切，人們對替代品的需求仍然強勁。具體來說，我指的是實體資產另類投資和基本服務投資。

So I think as it plays out, the ones that we framed for you should still attract strong demand from the clients into the assets that we have. They've proven their durability. They've found their place in investment portfolios and investors now appreciate and like the characteristics of the income and the returns that they generate. And so I think that, irrespective of where we end up, demand for real assets will stay strong.

所以我認為，就目前的情況來看，我們為您制定的方案應該仍然能夠吸引客戶對我們擁有的資產的強烈需求。它們已經證明了自身的耐用性。它們已經在投資組合中找到了自己的位置，投資者現在欣賞並喜歡它們產生的收入和回報的特徵。所以我認為，無論最終結果如何，對實體資產的需求都將保持強勁。

Okay. I appreciate that. I just wanted to see if there's a likelihood in a scenario, some of the targets that would have been discussed, let's say, at the Investor Day could actually get upgraded --

好的。我很感激。我只是想看看，在某種情況下，比如說在投資者日上討論的一些目標公司，是否有可能獲得評級上調。--

Sure. I mean, listen, if you go into the environment of lower nominal yields then I do think real assets have the potential maybe to become even more attractive in that scenario. So maybe it could be an upside. But not to the extent that we've changed our plans today. We continue to drive the business and think that the growth outlook is incredibly strong already.

當然。我的意思是，聽著，如果進入名義收益率較低的環境，那麼我認為實體資產在這種情況下可能會變得更有吸引力。所以，這或許也是好事。但還沒到今天改變計畫的地步。我們將繼續推動業務發展，並認為成長前景已經非常強勁。

(Operator Instructions) Dean Wilkinson, CIBC World Markets.

（操作說明）迪恩·威爾金森，CIBC 世界市場。

Nick, I guess, when you look at growth of the business over time, do you hit a point where you start to worry about the law of large numbers? I mean the ability for you to put out capital is seeming to exceed the rapid rate that you're growing BN and BAM, and everything together. Is there a point where that flattens out? Or do you think that those opportunity sets are going to continue to grow quicker than you can actually grow the underlying business?

尼克，我想，當你觀察企業隨著時間的推移而成長的情況時，你會不會遇到一個臨界點，開始擔心大數定律呢？我的意思是，你們的資本投入能力似乎超過了你們BN和BAM以及所有業務整體的快速成長速度。是否存在一個趨於平緩的臨界點？還是你認為這些機會的成長速度會持續超過你實際發展基礎業務的速度？

I think it's exactly that. When we look today at the trends going on in the market and the amount of capital that is needed to deliver in the areas of AI infrastructure renewable power, we see that being a significant growth. And I think today, the scale of the opportunities are significant.

我認為正是如此。當我們審視當今市場的發展趨勢以及人工智慧基礎設施和再生能源領域所需的資金量時，我們發現這是一個顯著的成長。我認為如今的機會規模非常巨大。

I say the quality of the opportunities are probably the best we've ever seen. And so the ability to earn returns while deploying large amounts of capital is a great place to be, and I don't think we foresee in the short term any shortage of opportunities to deploy and probably even in the medium and long term.

我認為，這些機會的品質可能是我們前所未見的。因此，能夠在投入大量資金的同時獲得回報，這無疑是一個絕佳的機會。我認為，在短期內，我們不會缺乏投資機會，即使在中長期內，投資機會也可能依然存在。

(Operator Instructions) Jaeme Gloyn, National Bank.

（操作員指示）Jaeme Gloyn，國家銀行。

Thanks, and sorry, I jumped on late, so I apologize if this was addressed. But in the Wealth Solutions business, just looking at the annuities, distributable earnings from annuities stepped down a little bit quarter-over-quarter, year-over-year. Hoping you can talk through a little bit of the moving parts there? And as well as the -- looks like a 10-basis-point step down in the yield on investments in that portfolio.

謝謝，不好意思，我來晚了，如果這個問題之前已經有人問過了，請見諒。但在財富解決方案業務中，僅​​就年金而言，年金的可分配收益環比和年比均略有下降。希望您能稍微講解一下其中的各個環節？此外，該投資組合的收益率似乎下降了 10 個基點。

Yeah. I would say there's nothing significant. The year-over-year performance, we continue to drive strong earnings. We may have had some one-off small movements in the portfolio of the earnings, but nothing significant. The portfolio continues to perform incredibly well.

是的。我認為沒什麼大不了的。與去年同期相比，我們持續保持強勁的獲利能力。投資組合的收益可能會出現一些一次性的小幅波動，但不會有任何重大變化。該投資組合持續表現出色。

The drop-down in the spread, which we touched on briefly earlier, is really just a product of capital coming in, inflows coming, really, being parked in cash until we invest them. And the point I made earlier was that we're being very patient and waiting for the right real asset investment opportunities and getting the right time to put the capital to work and it will come. And as we put that capital to work, you'll start to see the spread increase again back towards long-term targets.

我們之前簡要提到的利差下降，實際上只是資本流入的結果，資金實際上以現金形式存放，直到我們進行投資。我之前提到過，我們正在保持耐心，等待合適的實體資產投資機會，等待合適的時機投入資金，機會終會到來。隨著我們投入這些資金，您將會看到利差再次擴大，並向長期目標靠攏。

Okay. Thank you. And the yield --? Sorry. This is just cash (inaudible)

好的。謝謝。以及產量——？對不起。這只是現金。（聽不清楚）

Yes, that's right.

是的，沒錯。

Thank you. That is all the time we have for question and answers today. I would now like to turn the call over to Ms. Katie Battaglia for closing remarks.

謝謝。今天問答環節的時間就到此為止了。現在我謹將電話交給凱蒂·巴塔利亞女士，請她作總結發言。

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

謝謝各位今天蒞臨。通話到此結束。

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了。