Brookfield Corporation (BN) 2026 Q2 法說會逐字稿

Good day, and welcome to the Brookfield Corporation's second quarter 2026 conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference call over to our first speaker, Ms. Katie Battaglia, Vice President, Investor Relations. Please go ahead.

各位好，歡迎參加 Brookfield Corporation 2026 年第二季電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把電話會議交給我們的第一位講者——投資人關係副總裁 Katie Battaglia 女士。請開始。

Thank you, operator, and good morning. Welcome to Brookfield Corporation's second quarter 2026 conference call. On the call today are Bruce Flatt, our Chief Executive Officer; Nick Goodman, President of Brookfield Corporation; and Sachin Shah, Chief Executive Officer of our Wealth Solutions business.

謝謝，接線員，大家早安。歡迎參加 Brookfield Corporation 2026 年第二季電話會議。今天與會者包括：我們的執行長 Bruce Flatt；Brookfield Corporation 總裁 Nick Goodman；以及我們 Wealth Solutions 業務的執行長 Sachin Shah。

Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter. And finally, Sachin will provide an update on our Wealth Solutions business. After our formal comments, we will 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 2 questions. 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.

Bruce 將先提供業務更新，接著由 Nick 說明本季的財務與營運成果。最後，Sachin 將就我們的 Wealth Solutions 業務提供最新進展。在正式發言結束後，我們將把電話交回接線員並回答分析師提問。為了讓所有想提問的人都有機會，我們請各位避免提出超過 2 個問題。我也想提醒各位，在今天的發言中（包括回應問題，以及討論新措施與我們的財務與營運表現時），我們可能會作出前瞻性陳述，包括在適用的加拿大與美國證券法意義下的前瞻性陳述。

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. 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.

這些陳述反映對未來事件與趨勢的預測，並不涉及歷史事件。其受已知與未知風險影響，未來事件與結果可能與該等陳述存在重大差異。關於這些風險及其對本公司的潛在影響之進一步資訊，請參閱我們向加拿大與美國證券監管機構提交的文件，以及我們網站上的相關資訊。

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

此外，當我們談到 Wealth Solutions 業務或 Brookfield Wealth Solutions 時，我們指的是 Brookfield 對該業務的投資；該等投資支持其收購其底層營運子公司。接下來我把電話交給 Bruce。

Thank you, Katie, and welcome to the call. Our business performed well in the second quarter and through the first half. Distributable earnings before realizations, increased 15% year-over-year to $1.4 billion in the quarter and $5.7 billion for the last 12 months. In the first half of the year, we were active. We raised $98 billion of capital, deployed $100 billion into opportunities and monetized $40 billion of assets, while a further $130 billion of assets were financed.

謝謝你，Katie，歡迎各位參加電話會議。我們的業務在第二季以及上半年表現良好。不含處分實現（realizations）的可分配盈餘（Distributable earnings before realizations）年增 15%，本季達 14 億美元，過去 12 個月合計為 57 億美元。在上半年，我們相當活躍。我們募集了 980 億美元資金，投入 1,000 億美元於各項機會，並變現 400 億美元資產，同時另有 1,300 億美元資產完成融資。

We advanced several important strategic initiatives, we expanded our insurance business with the acquisition of Just in the U.K., our assets through that increased to $190 billion. Shareholders approved the simplification of our capital structure bringing our insurance and investment capabilities together. This creates a stronger and more simpler Brookfield. Last, we completed the acquisition of Oaktree. Combined, our credit business is now one of the most comprehensive globally. Turning briefly to the market environment. There is no shortage of noise in the markets today, geopolitical conflict, higher energy prices and uncertainty around interest rates.

我們推進了數項重要的策略性計畫；我們透過在英國收購 Just 擴大了保險業務，藉此我們的相關資產增加至 1,900 億美元。股東也核准簡化我們的資本結構，將保險與投資能力整合在一起。這將打造更強大且更精簡的 Brookfield。最後，我們完成了對 Oaktree 的收購。合併後，我們的信貸業務如今成為全球最全面的業務之一。簡要談談市場環境。當前市場雜音不斷，包括地緣政治衝突、能源價格上升，以及利率走向的不確定性。

While these factors may influence markets in the near term, our focus remains on firmly building long-term value across the business. None of these factors in the short term will matter too much to our long-term business success. The market environment continues to though be constructive. Economic resilience and functioning capital markets are supporting operating performance throughout the business and transaction activity.

雖然這些因素可能在短期內影響市場，但我們的重點仍是堅定地在全業務範圍內打造長期價值。就我們的長期業務成功而言，這些短期因素不會造成太大影響。不過，市場環境整體仍具建設性。經濟韌性與運作良好的資本市場，正支撐我們各項業務的營運表現與交易活動。

While uncertainty around growth and inflation is increasing demand for high-quality heavy assets, with low obsolescence risk precisely the type of assets and businesses which we own. At the same time, long-term investment themes shaping our opportunity set are accelerating. Digitalization, decarbonization and deglobalization which we have been talking about for years are now creating opportunities unlike anything we have ever seen.

在成長與通膨不確定性升高之際，市場對高品質、重資產且汰舊風險低的資產需求增加——這正是我們所持有的資產與業務類型。同時，塑造我們機會集合的長期投資主題正在加速。我們多年來一直談到的數位化、去碳化與去全球化，如今正帶來前所未見的機會。

The opportunities are accelerating. Across AI infrastructure, energy addition, supply chain reorganization and data sovereignty, the opportunities are larger, more multifaceted and more capital intensive. Participating in these investments requires a broad range of capabilities and our advantage sits with our ability to deliver integrated solutions at scale.

機會正在加速湧現。在 AI 基礎設施、能源增量、供應鏈重組與資料主權等領域，機會更大、更複雜且更需要大量資本。參與這些投資需要廣泛的能力，而我們的優勢在於能以規模提供整合式解決方案。

We have invested decades deliberately building and strengthening the capabilities needed to pursue opportunities of this scale. Together, they have become one of the defining advantages of our business and position us to capitalize on these transformational investment opportunities in the years ahead.

我們花了數十年有意識地建立並強化追求此等規模機會所需的能力。這些能力合在一起，已成為我們業務最具代表性的優勢之一，並使我們在未來數年能把握這些具變革性的投資機會。

For us, this starts with relationships. Many of the opportunities we pursue are not broadly marketed. They come to us through bilateral discussions and strategic partnerships due to our scale or because certainty of execution matters. We aim to be the first call because of the relationships we have built across industries, geographies and capital markets to originate differentiated opportunities and give our partners access to transactions, they could not typically source or pursue directly.

對我們而言，這一切始於關係。我們追求的許多機會並非廣泛公開行銷。由於我們的規模，或因為執行確定性至關重要，這些機會往往透過雙邊討論與策略夥伴關係而來。我們希望成為對方的第一通電話，因為我們在各產業、各地區與資本市場建立的關係，能夠創造差異化的機會來源，並讓合作夥伴取得其通常無法自行取得或直接追求的交易。

Our global presence helps us determine where the best opportunities exist at any point in time. With teams on the ground across markets and asset classes, we see where demand is building, where capital is moving and where risks are emerging. That perspective helps us focus on the best risk-adjusted opportunities.

我們的全球布局有助於我們在任何時間點判斷最佳機會所在。我們在各市場與各資產類別皆有在地團隊，因此能看見需求正在累積之處、資本正在流向之處，以及風險正在浮現之處。這樣的視角幫助我們聚焦於最佳的風險調整後機會。

Our operating expertise is then what allows us to execute, many of today's most attractive opportunities spend multiple disciplines, and we can bring together teams across Brookfield to deliver integrated solutions that address the full scope of the opportunity.

接著，我們的營運專業使我們得以落實執行；當今最具吸引力的許多機會橫跨多個領域，而我們能整合 Brookfield 內部各團隊，提供涵蓋機會全貌的整合式解決方案。

Our ability to source and execute is driven by the capital we have available to deploy. Decades of strong investment performance and therefore, enabled us to build a diversified capital base that draws on public markets, institutions, private wealth, long-duration insurance and our own balance sheet.

我們的來源取得與執行能力，來自於我們可部署的資本。數十年強勁的投資表現，使我們得以建立多元化的資本基礎，資金來源涵蓋公開市場、機構資金、私人財富、長久期保險資金以及我們自有資產負債表。

These 5 things make us quite unique. This allows us to match the right capital to each investment and continue deploying through cycles. Nowhere is this more important of integrating the complementary capabilities more evident than in the rapid build-out of AI infrastructure.

這五項因素使我們相當獨特。這讓我們能為每項投資匹配最合適的資本，並在不同景氣循環中持續部署。在 AI 基礎設施的快速建置中，整合互補能力的重要性最為關鍵，也最為明顯。

The build-out of AI infrastructure brings together the capabilities of our real estate, energy, infrastructure and credit businesses each a leader in their field. At the same time, the rapid adoption of AI is driving tremendous demand for electricity. And while constraints across the grid are limiting how quickly new supply can come online.

AI 基礎設施的建置結合了我們房地產、能源、基礎設施與信貸業務的能力——各自皆為其領域的領導者。同時，AI 的快速採用正推動對電力的龐大需求。然而，電網各環節的限制正在抑制新增供給上線的速度。

The result is a widening gap between insatiable power and compute demand with constrained supply, Together, these trends are creating one of the most compelling investment opportunities we've seen in years and precisely the type of opportunities are scale enables us to pursue without taking undue risks.

其結果是：無止境的電力與算力需求，與受限的供給之間的缺口正在擴大。綜合而言，這些趨勢正創造出我們多年來所見最具吸引力的投資機會之一；而這也正是我們能憑藉規模在不承擔過度風險的情況下追求的機會類型。

We are bringing together power generation transmission land entitlement skills, financing and long-term customer relationships to deliver solutions that few organizations can provide. Our recent $100 billion announcement to build 1 of the world's most advanced AI factories in Kentucky in partnership with the U.S. government illustrates this well.

我們正整合發電、輸電、土地權利取得能力、融資以及長期客戶關係，以提供少數組織能夠提供的解決方案。我們近期宣布與美國政府合作，在肯塔基州打造全球最先進的 AI 工廠之一、規模達 1,000 億美元的計畫，正充分說明了這一點。

We were selected by the U.S. Department of Energy to repurpose a federally owned industrial site and deliver a major world-class AI campus. Drawing on our certainty of execution, our ability to bring together land, power, transmission and capital at scale. This is federal land that the (inaudible) uses on it, and as a result, today, you need a few approvals to move forward.

我們獲美國能源部選定，將一處聯邦政府擁有的工業用地再利用，並交付一座大型、世界級的 AI 園區。這仰賴我們的執行確定性，以及我們以規模整合土地、電力、輸電與資本的能力。這是聯邦土地，（聽不清）在其上使用，因此目前你需要取得少數核准即可推進。

Turning now to Westinghouse. This is another example of how these long-term trends are creating new opportunities. No business we own today is more directly positioned to benefit from the growing importance of energy addition and energy security than Westinghouse.

接下來談 Westinghouse。這是另一個例子，說明這些長期趨勢如何創造新機會。在我們目前持有的所有業務中，沒有任何一項比 Westinghouse 更能直接受惠於能源增量與能源安全重要性日益提升的趨勢。

Governments and companies increasingly want reliable domestically available generation. Base load nuclear due to a scale is really, really important. We are supporting the next wave of nuclear deployment. Building on our strategic partnership with the U.S. Department of Commerce announced last year, the U.S.

各國政府與企業日益希望擁有可靠、可在國內取得的發電能力。具規模的基載核能確實非常、非常重要。我們正在支持下一波核能部署。在去年宣布與美國商務部建立策略夥伴關係的基礎上，美國

Department of Energy recently announced a further $17.5 billion financing commitment to us alongside our utility partners to acquire long lead time items to advance the production of the reactors we're going to build.

能源部近日宣布，將與我們及公用事業夥伴共同提供進一步的175億美元融資承諾，用於採購交期長的關鍵項目，以推進我們將建造之反應爐的生產。

It will reduce the time periods dramatically. It will shorten development time lines and establish a repeatable model for large-scale nuclear construction. Westinghouse is in various stages of construction today on 14 reactors has line of sight on another 40 and another 100 coming.

這將大幅縮短所需時間。它將縮短開發時程，並建立可複製的大型核能建造模式。西屋公司目前正處於14座反應爐的不同建造階段，另有40座可望推進，還有另外100座在後續規劃中。

This is part of a $6 trillion industry build-out where we hold a very dominant position. Turning to our capital base. It's also continuing to evolve. One of the most significant developments today is the role of private markets and retirement savings.

這是規模達6兆美元的產業擴建計畫的一部分，而我們在其中占有非常主導的地位。接著談我們的資本基礎。它也在持續演進。當前最重要的發展之一，是私募市場與退休儲蓄所扮演的角色。

Most individual savers have had very little access to private assets with their savings invested largely in public stocks and bonds, even as the investment world has evolved over the last 20 years. Businesses today are staying private longer, meaning a growing share of the world's essential assets and value creation now sits outside the public markets.

多數個人儲蓄者過去幾乎無法透過其儲蓄投資私募資產，資金主要投向公開市場的股票與債券，儘管過去20年投資世界已大幅演變。如今企業維持私有化的時間更長，意味著全球愈來愈多關鍵資產與價值創造已位於公開市場之外。

As a result, retirement savers are increasingly missing out on a meaningful share of global value creation and only participate once meaningful value has already been created. Recent changes to U.S. federal policy are beginning to open the door to greater private market participation in retirement portfolios, savers will soon have access to diversification, resilient cash flows, inflation-protected assets and all these types of investment products.

因此，退休儲蓄者正日益錯失全球價值創造中相當可觀的一部分，往往要等到已創造出顯著價值後才得以參與。美國聯邦政策近期的變化正開始為退休投資組合更大程度參與私募市場打開大門；儲蓄者很快將可取得分散投資、具韌性的現金流、抗通膨資產，以及各類投資產品。

This will become another important source of long-term duration capital for us, further growing and diversifying our capital base. I look -- I will end by saying that we look forward to seeing all of you at our Investor Day on September 17 in Manhattan. Additional details are on our website. As always, thank you for your continued support and interest in Brookfield. I'll now turn the call over to Nick.

這將成為我們另一個重要的長天期資本來源，進一步擴大並多元化我們的資本基礎。我想——最後我想說，我們期待在9月17日於曼哈頓舉行的投資人日與各位相見。更多細節請見我們的網站。一如既往，感謝各位持續支持並關注布魯克菲爾德。接下來我把電話交給Nick。

Thank you, Bruce, and good morning, everyone. We delivered another quarter of strong financial results supported by broad-based momentum across the business. Distributable earnings or DE, before realizations were $1.4 billion or $0.61 per share for the quarter representing an increase of 15% per share over the prior year quarter.

謝謝你，Bruce，各位早安。在全業務廣泛動能的支持下，我們又交出一季強勁的財務表現。本季可分配盈餘（Distributable Earnings，簡稱DE）在未計入處分實現收益前為14億美元，或每股0.61美元，較去年同期每股成長15%。

Over the last 12 months, DE before realizations was $5.7 billion or $2.39 per share. Total DE, including realizations was $1.5 billion or $0.66 per share for the quarter and $6.2 billion or $2.61 per share over the last 12 months. And starting with our operating performance, our asset management business delivered another strong quarter, generating distributable earnings of $740 million or $0.31 per share in the quarter and $2.9 billion or $1.24 per share over the last 12 months.

過去12個月，未計入處分實現收益前的DE為57億美元，或每股2.39美元。本季總DE（含處分實現收益）為15億美元，或每股0.66美元；過去12個月為62億美元，或每股2.61美元。先從營運表現談起，我們的資產管理業務本季再度表現強勁，創造可分配盈餘7.4億美元，或每股0.31美元；過去12個月為29億美元，或每股1.24美元。

Fundraising was a record $77 billion during the quarter, reflecting continued strong demand across our flagship and complementary strategies as well as growth. This included $17 billion raised across our flagship strategies of $100 billion for the 7th vintage of our private equity strategy and $9 billion for the 6th vintage of our infrastructure strategy. Both are progressing well and are on track to be the largest in the respective series.

本季募資創下770億美元的紀錄，反映我們旗艦與互補策略的持續強勁需求以及成長。其中包括：在旗艦策略方面募得170億美元——我們私募股權策略第7期募得100億美元，基礎建設策略第6期募得90億美元。兩者進展良好，並有望成為各自系列中規模最大的基金。

Fee-bearing capital increased by 19% to $672 billion at quarter end, driving a 20% increase in fee-related earnings compared to the prior year quarter. With the momentum we have across the platform, we are on track for what should be another record fundraising year.

截至季末，計收費用資本（fee-bearing capital）成長19%至6,720億美元，帶動費用相關盈餘（fee-related earnings）較去年同期成長20%。憑藉平台整體的動能，我們正朝著再創募資紀錄的一年邁進。

In July, we completed the acquisition of Oaktree, bringing the organizations fully together, further enhancing the scale and breadth of our global platform and strengthening our ability to serve clients with a broader range of investment solutions. Turning briefly to Wealth Solutions, which Sachin will cover in more detail in his remarks.

7月，我們完成對Oaktree的收購，使兩個組織全面整合，進一步提升我們全球平台的規模與廣度，並強化我們以更廣泛的投資解決方案服務客戶的能力。接著簡要談財富解決方案（Wealth Solutions），Sachin將在他的發言中更詳細說明。

The business generated distributable earnings of $480 million or $0.20 per share in the quarter an increase of 23% compared to the prior year quarter and $1.8 billion or $0.75 per share over the last 12 months. Results were driven by strong organic inflows, growth in net investment income and the first full quarter contribution from Just Group.

該業務本季創造可分配盈餘4.8億美元，或每股0.20美元，較去年同期成長23%；過去12個月為18億美元，或每股0.75美元。成果主要來自強勁的自然流入、淨投資收益成長，以及Just Group貢獻的首個完整季度。

We originated $5 billion of annuity sales during the quarter. Total insurance assets increased to over $190 billion, driven by positive net annuity flows and the closing of Just Group, which added $45 billion of insurance assets.

本季我們承作了50億美元的年金銷售。在年金淨流入為正以及完成Just Group併購（新增450億美元保險資產）的帶動下，保險資產總額增加至超過1,900億美元。

Our North American businesses investment performance remained strong. During the quarter, we deployed $5 billion into real asset investments contributing to an average net investment income yield of 5.7%. Disciplined underwriting in our P&C business contributed to a 99% combined ratio lowering our overall cost of funds supporting a gross spread of 2.2% for the quarter, further contributing to strong results on our invested capital.

我們北美業務的投資表現仍然強勁。本季我們投入50億美元於實體資產投資，帶來平均淨投資收益率5.7%。我們在產險（P&C）業務的嚴謹核保使綜合比率達99%，降低整體資金成本，支撐本季2.2%的總利差（gross spread），進一步推動已投資資本的強勁成果。

Turning to our operating businesses. They continue to generate resilient and stable cash flows with distributable earnings of $361 million or $0.15 per share in the quarter and $1.5 billion or $0.65 per share over the last 12 months. Underlying performance across our infrastructure, energy and private equity businesses remain strong, supported by long-term secular trends, increasing demand for their essential products and services.

接著談我們的營運事業。它們持續產生具韌性且穩定的現金流，本季可分配盈餘為3.61億美元，或每股0.15美元；過去12個月為15億美元，或每股0.65美元。我們的基礎建設、能源與私募股權業務的基本面仍然強勁，受長期結構性趨勢支撐，對其關鍵產品與服務的需求持續增加。

Our real estate business also continues to perform well. The operating fundamentals across our high-quality portfolio remain very strong. Our super core and core class portfolio finished the quarter at over 95% occupancy supported by continued tenant demand and very limited new supply.

我們的不動產業務也持續表現良好。我們高品質投資組合的營運基本面仍然非常強勁。我們的超核心（super core）與核心（core）級投資組合本季期末出租率超過95%，受持續的租戶需求與非常有限的新供給所支撐。

In our retail portfolio, nearly 1 million square feet of leases commenced during the quarter at rents 12% higher than those expiring. In office, we signed 4.5 million square feet of leases globally with average net rents 19% above expiring levels. That is worth emphasizing.

在零售投資組合方面，本季約有近100萬平方英尺的租約開始生效，租金較到期租約高出12%。在辦公室方面，我們全球共簽訂450萬平方英尺租約，平均淨租金較到期水準高出19%。這點值得特別強調。

Net rents on the leases we signed during the quarter were 19% higher than those expiring providing meaningful embedded cash flow growth as these tenants take occupancy. A few highlights include, in the U.S., we signed 1.3 million square feet of leases at rents 25% above expiring levels including 2 leases totaling 673,000 square feet at One Liberty Plaza, a core plus asset at net rents 44% above expiring levels.

本季我們簽訂租約的淨租金較到期租約高出19%，隨著這些租戶進駐，將帶來可觀的內嵌現金流成長。幾個亮點包括：在美國，我們簽訂130萬平方英尺租約，租金較到期水準高出25%；其中包含位於One Liberty Plaza的兩筆租約合計673,000平方英尺，該資產為核心加值（core plus）資產，淨租金較到期水準高出44%。

In Canada, we signed over 700,000 square feet at rents more than 70% above expiring levels, including a 433,000 square foot lease at Bay Adelaide Centre, a super core asset at rents more than double expiring wells and our leasing pipeline remains strong with more than 2 million square feet under active discussion.

在加拿大，我們簽訂超過700,000平方英尺租約，租金較到期水準高出逾70%；其中包括Bay Adelaide Centre一筆433,000平方英尺租約，該資產為超核心資產，租金較到期水準高出一倍以上；同時，我們的租賃洽談管線仍然強勁，超過200萬平方英尺正積極洽談中。

This leasing activity continues to demonstrate the strength of demand for high-quality real estate and the advantage of owning the best assets in supply-constrained markets. Turning to monetization. Transaction activity continued to build momentum through the first half of the year.

這些租賃活動持續展現高品質不動產的需求強度，以及在供給受限市場持有最佳資產的優勢。接著談資產變現。交易活動在今年上半年持續累積動能。

We executed approximately $40 billion of asset sales year-to-date, returning capital to our investors and crystallizing attractive returns. A few notable examples include in infrastructure, we completed the IPO of [Sesquare] our U.S. colocation data center platform, generating approximately $1.2 billion of proceeds at an attractive valuation.

截至目前，我們已執行約400億美元的資產出售，向投資人返還資本並鎖定具吸引力的報酬。幾個值得一提的例子包括：在基礎建設方面，我們完成了[Sesquare]（我們美國機房共置資料中心平台）的IPO，以具吸引力的估值取得約12億美元的募得款項。

We retain a 64% interest in the business, and we'll continue to participate in future value creation as demand for AI infrastructure accelerates. In real estate, we sold one Churchill Place, a premier office tower on our estate at Canary Wharf for GBP 750 million, further demonstrating the recovery of high-quality real estate.

我們保留該業務64%的持股，並將在AI基礎設施需求加速之際，持續參與未來的價值創造。在不動產方面，我們以7.5億英鎊出售位於金絲雀碼頭（Canary Wharf）園區內的頂級辦公大樓One Churchill Place，進一步展現高品質不動產市場的復甦。

And in private equity, we completed the $650 million sale of Multiplex, our construction business. During the quarter, we realized $121 million of net carried interest into income and ended the quarter with $12.5 billion of accumulated unrealized carried interest.

在私募股權方面，我們完成以6.5億美元出售旗下建築業務Multiplex。本季我們將1.21億美元的淨附帶權益（carried interest）實現並計入收益，季末累計未實現附帶權益達125億美元。

Shifting now to capital allocation and liquidity. We continued to return capital to shareholders during the quarter through a combination of dividends and share repurchases totaling $270 million. We maintained a disciplined approach to capital allocation. In addition to reinvesting in our existing businesses and completing the acquisition of Oaktree, we've repurchased approximately $580 million of BN shares in the open market year-to-date at an average price of $42 per share, keeping us on pace with the repurchases of the last 2 years.

接著談資本配置與流動性。本季我們透過股利與庫藏股回購的組合，合計向股東返還2.7億美元資本。我們維持嚴謹的資本配置紀律。除再投資既有業務並完成收購Oaktree之外，今年迄今我們亦在公開市場以每股平均42美元的價格回購約5.8億美元的BN股票，使我們的回購進度與過去兩年的回購步調一致。

Capital markets remain constructive, and year-to-date, we have completed $130 billion of financings across the franchise. Notably, at the corporation, we issued CAD 750 million of 10- and 30-year notes, the transaction was 4x oversubscribed, underscoring strong market demand and the strength of our credit profile.

資本市場環境仍具建設性，今年迄今我們已在整個平台完成1,300億美元的融資。值得一提的是，在母公司層級，我們發行了7.5億加幣的10年期與30年期票據，該交易獲得4倍超額認購，凸顯市場需求強勁以及我們信用體質的優勢。

We continue to maintain a strong liquidity position and a conservatively capitalized balance sheet and with record deployable capital of $210 billion, we have substantial flexibility to invest at scale as attractive opportunities arise.

我們持續維持強勁的流動性部位與保守資本化的資產負債表；在可動用資本創新高、達2,100億美元的情況下，當具吸引力的機會出現時，我們具備以大規模投資的高度彈性。

Bringing it all together, we had a very strong and active second quarter. Earnings grew 15% per share, fundraising reach record levels, transaction activity continued to build, and we completed several important strategic initiatives that will continue to support our growth.

綜合而言，我們第二季表現非常強勁且活動頻繁。每股盈餘成長15%，募資規模創下新高，交易活動持續升溫，我們也完成多項重要策略性舉措，將持續支持我們的成長。

We entered the second half with strong momentum across each of our businesses and are very well positioned to continue growing earnings and compounding intrinsic value per share. Before I hand over to Sachin, I want to briefly touch on the simplification transaction. shareholders approved the transaction at our annual meeting on July 16, marking an important step in bringing our insurance and investment capabilities together in a simpler and stronger structure.

我們以各業務線的強勁動能進入下半年，並具備非常有利的定位，可持續提升盈餘並複利成長每股內在價值。在我交棒給Sachin之前，我想簡要談一下簡化交易。股東已於7月16日的年度股東會上批准該交易，這是將我們的保險與投資能力整合至更簡單且更強健架構的重要一步。

Shareholders who are in nontaxable accounts are in all jurisdictions other than Canada and the U.K. do not need to do anything. You will receive new shares in your account once the transaction is complete. For taxable Canadian and U.K. shareholders who wish to complete their share exchange on a tax-deferred basis, the election period is now open and additional information is available on our website for you to do this.

持股位於免稅帳戶、且所在司法管轄區為加拿大與英國以外地區的股東，無需採取任何行動。交易完成後，您將在帳戶中收到新股票。對於希望以遞延課稅方式完成換股的加拿大與英國應稅股東，選擇（election）期間現已開放；更多資訊已公布於我們的網站供您辦理。

With that, I am pleased to confirm that our Board of Directors has declared a quarterly dividend of $0.07 per share payable at the end of September to shareholders of record at the close of business on September 14, 2026, with that, I thank you for your time, and I'll pass the call over to Sachin.

此外，我很高興確認董事會已宣告每股0.07美元的季度股利，將於9月底支付給截至2026年9月14日營業日結束時登記在冊的股東。就此感謝各位撥冗參與，我將把電話會議交給Sachin。

Thank you, Nick, and good morning, everyone. With the recent addition of the Just Group, we thought it would be useful to start with an update on the progress we are making in the U.K. then provide an update on our existing businesses and close with how we are thinking about the broader retirement markets.

謝謝你，Nick，各位早安。隨著近期納入Just Group，我們認為先就我們在英國的進展提供最新資訊會很有幫助，接著更新既有業務，最後分享我們對更廣泛退休市場的看法。

As always, our objective is to compound capital at 15% plus returns over the long term while maintaining a disciplined approach to risk and generating stable, predictable earnings. Turning first to the Just Group. We are very pleased with the progress since closing the acquisition in April.

一如既往，我們的目標是在長期以15%以上的報酬率複利增長資本，同時維持嚴謹的風險管理，並創造穩定、可預測的盈餘。首先談Just Group。自4月完成收購交割以來，我們對進展感到非常滿意。

Just is a high-quality retirement business with capabilities in both the pension risk transfer and retail annuity markets. It gives us meaningful scale in 1 of the largest and most development most developed retirement markets globally.

Just是一家高品質的退休業務公司，同時具備退休金風險移轉（pension risk transfer）與零售年金市場的能力。它使我們在全球最大且最成熟的退休市場之一取得具意義的規模。

It adds another important source of long-duration, predictable liabilities to our business. Since closing, we have focused on several areas. First, we have sharpened the business around its core pension risk transfer and retail franchises.

它也為我們的業務新增另一個重要來源：長久期、可預測的負債。自交割以來，我們聚焦於幾個面向。第一，我們將業務更聚焦於其核心的退休金風險移轉與零售主力業務。

We exited the early-stage direct-to-consumer initiative and have been simplifying the organization around the areas where just has an established track record and a real competitive advantage. We have also been working on reducing the cost base. There is more work to do, but the direction is clear. we want a simpler operating model, a more efficient cost structure and a business that can scale.

我們退出了早期階段的直面消費者（direct-to-consumer）計畫，並持續圍繞Just已建立良好實績且具真正競爭優勢的領域簡化組織。我們也著手降低成本基礎。仍有更多工作要做，但方向很清楚：我們希望更簡化的營運模式、更有效率的成本結構，以及能夠擴張的業務。

Second, on the investment side, we have started bringing Brookfield origination capabilities into the portfolio with a strong investment pipeline for the remainder of the year that we expect to drive further growth into our investment yields, our spreads and the returns on the overall business.

第二，在投資端，我們已開始將Brookfield的資產發起（origination）能力導入投資組合；今年剩餘期間我們有強勁的投資案源管線，預期將進一步提升投資收益率、利差以及整體業務報酬。

Third, on the liability side, we have adopted the same discipline we apply across the broader wealth solutions business. And since closing, all new business has been underwritten based on our targets. From an earnings perspective, just generated approximately $29 million of earnings in our first quarter of ownership, representing a going-in return on equity of approximately 12%.

第三，在負債端，我們採用與更廣泛的財富解決方案（wealth solutions）業務一致的紀律。自交割以來，所有新增業務皆依照我們的目標進行承保。就盈餘而言，Just在我們持有的第一個季度約貢獻2,900萬美元盈餘，對應的期初股東權益報酬率（ROE）約為12%。

We think that is a solid starting point with many near-term and medium-term levers to grow the business from here. So taken together, we feel very good about where the business is today, just has a strong market position, a large opportunity ahead of it and a clear pathway to improve performance.

我們認為這是穩健的起點，且在短期與中期都有多項槓桿可推動業務成長。因此整體而言，我們對目前業務狀況感到非常良好；Just具備強勁的市場地位、龐大的前景機會，以及清晰的績效改善路徑。

Our focus from here is execution, keep the business simple, stay disciplined on capital and capture the opportunity in the U.K., which represents over $0.5 trillion of pensions coming to market over the next decade. Turning to our existing annuity platform. We continue to make good progress in expanding the business.

接下來我們的重點是執行：保持業務簡單、在資本運用上維持紀律，並把握英國市場機會；未來十年英國將有超過0.5兆美元的退休金資產進入市場。接著談我們既有的年金平台。我們在擴張業務方面持續取得良好進展。

On product development, we have continued to broaden our retail annuity offering. Through American National, we continue to launch new products, designed to offer pension-like attributes to retirees. On distribution, we've expanded through bank and broker-dealer channels with several new relationships launched this year and additional channels expected over the balance of the year and into 2027.

在產品開發方面，我們持續擴大零售年金產品線。透過American National，我們持續推出新產品，旨在為退休族提供類似退休金的特性。在通路方面，我們透過銀行與券商通路（broker-dealer）擴張，今年已啟動數個新合作關係，並預期在今年剩餘期間及2027年持續新增通路。

These new bank channels contributed approximately $200 million of sales during the quarter, and we expect them to become a very meaningful source of growth as they scale. Importantly, despite a competitive market, our spreads remain above 200 basis points.

這些新的銀行通路本季貢獻約2億美元的銷售額，我們預期隨著規模擴大，它們將成為非常重要的成長來源。重要的是，儘管市場競爭激烈，我們的利差仍維持在200個基點以上。

This reflects the discipline we continue to apply in matching the liabilities we originate with attractive investment opportunities and allocating capital only where we can achieve our target returns. Our U.S. property and casualty platform, Clearbrook, continues to make significant progress. We have derisked the liability profile and focus the business on profitable growth by exiting volatile lines, reducing catastrophe exposure and strengthening underwriting discipline.

這反映我們持續秉持的紀律：將我們所承作的負債與具吸引力的投資機會相匹配，並僅在能達成目標報酬的領域配置資本。我們在美國的產險平台Clearbrook亦持續取得顯著進展。我們已降低負債結構風險，並透過退出波動性較高的險種、降低巨災曝險及強化承保紀律，將業務聚焦於獲利性成長。

This has led to a stable and consistent underwriting income. As the P&C market sees pockets of softening, we believe there will be meaningful opportunities to continue scaling this platform both organically and through M&A. Bringing it all together, demand for retirement products continues to grow as populations age and retirement savings shortfalls widened.

這帶來穩定且一致的承保收益。隨著產險市場出現局部走軟，我們相信將有具意義的機會，透過有機成長與併購（M&A）持續擴大此平台。綜合而言，隨著人口老化與退休儲蓄缺口擴大，對退休產品的需求持續成長。

The U.S. fixed annuity market is expected to generate over $300 billion of sales in 2026, which would be the second best year on record, and we expect it will continue to grow in this interest rate environment. Across our key pension risk transfer markets in the U.K., the U.S. and Canada, we see a large pipeline of potential transactions coming to market over the next decade as corporations continue to derisk pension plans and transfer them to insurance companies, which have the capital and expertise to more appropriately manage them.

預期美國固定年金市場在2026年的銷售額將超過3,000億美元，將是史上第二佳年度；我們也預期在此利率環境下仍將持續成長。在我們主要的退休金風險移轉市場——英國、美國與加拿大——我們看到未來十年將有大量潛在交易案源進入市場，因企業持續降低退休金計畫風險並將其移轉至保險公司；保險公司具備資本與專業能力，能更適切地管理這些負債。

With our now scaled platform across products, distribution channels and geographies, we are well positioned to allocate capital to the most attractive opportunities while maintaining discipline on the returns we earn. Very few platforms have the depth and capabilities we have to originate attractive capital and the investment franchise to deliver strong risk-adjusted returns over a long sustained period of time.

隨著我們的平台如今已在產品、通路與地理版圖上擴大規模，我們具備良好條件在維持對所賺取報酬之紀律的同時，將資本配置到最具吸引力的機會上。很少有平台能像我們一樣，兼具發掘具吸引力資本配置機會的深度與能力，以及能在長期且持續的期間內交付強勁風險調整後報酬的投資特許經營優勢。

We are excited about the future of the business and the returns it can provide to Brookfield shareholders for years to come and we continue to see a pathway to more than $300 billion of insurance assets by the end of the decade. Thank you.

我們對業務的未來以及其在未來多年可為布魯克菲爾德股東帶來的報酬感到振奮，並且我們仍然看到一條路徑，可在本十年末之前使保險資產規模超過3,000億美元。謝謝。

With that, I will hand the call over to the operator for questions.

接下來，我把電話交給接線員進行問答。

(Operator Instructions) Michael Cyprys, Morgan Stanley.

(接線員指示) 摩根士丹利的 Michael Cyprys。

Maybe just starting off with a bigger picture question on the AI side. As you look across power data centers, increasingly compute. Curious if you could speak to where you're seeing some of the most attractive risk-adjusted returns there as there's clearly a lot of capital coming into the space. . And then maybe more strategically, how much of the opportunity for Brookfield is not just simply owning and developing these assets but also recycling them into stabilize homes with longer -- low cost of capital, longer duration pools over time.

我先從一個較宏觀的 AI 問題開始。當你們觀察電力、資料中心，以及日益增加的運算需求時，在顯然有大量資本湧入此領域的情況下，想請你們談談目前在哪些地方看到最具吸引力的風險調整後報酬。.另外從策略面來看，布魯克菲爾德的機會有多少不僅是單純持有與開發這些資產，還包括隨時間將其回收資本、轉入更穩定的持有者（具更低資本成本、期限更長的資金池）？

Mike, it's Nick. So listen, you're spot on. We are very excited about the opportunity. We see it as being significant and broad-based and that touches many different parts of our business being real estate energy and infrastructure. And the numbers are big right now, but we are, in our view, in the very early stages of what is a very significant investment cycle around AI, digital infrastructure and the whole power buildout that is needed.

Mike，我是 Nick。你說得非常到位。我們對這個機會非常興奮。我們認為它規模可觀且涵蓋面廣，會觸及我們業務的多個部分，包括不動產、能源與基礎建設。目前的數字已經很大，但在我們看來，這仍是圍繞 AI、數位基礎建設以及所需整體電力建設的一個非常重大投資循環的早期階段。

And one of the easiest ways to think about it is we are generally just scratching the surface right now of AI adoption and implementation into the world and into business. And so as that takes hold, the need and the scale and the earnings power that's going to be back in that is going to be very significant.

其中一個最容易理解的方式是：我們目前對 AI 的採用與導入，整體而言仍只是剛開始在全球與企業中落地。因此，隨著它逐步普及，所需的需求、規模，以及其背後將帶來的獲利能力都會非常可觀。

And you say where are we most excited, Bruce touched on a couple of the opportunities, just recent examples across data center development opportunities what we're seeing in our energy business across both renewable and nuclear, but it will be broader across infrastructure and real estate.

至於你問我們最興奮的地方，Bruce 提到了一些機會，例如近期在資料中心開發方面的機會，以及我們能源業務在再生能源與核能兩端所看到的趨勢；但機會也會更廣泛地延伸到基礎建設與不動產。

So I think we see a lot of opportunity. That being said, given our position in the market, our scale, our access to capital and operating expertise that affords us the ability to be disciplined and patient. So we are focusing on the highest quality investment opportunities with the highest quality counterparties looking at stable structures where we can earn attractive risk-adjusted returns.

所以我認為我們看到很多機會。不過，鑑於我們在市場中的地位、規模、資本取得能力與營運專業，這讓我們能夠保持紀律並且有耐心。因此我們聚焦於最高品質的投資機會、最高品質的交易對手，並尋找穩定的結構，以取得具吸引力的風險調整後報酬。

And your second point is right, once we have developed and built these data centers into what will be very stabilized high core assets, they're very attractive for institutional owners for the long term. we have been recycling as late as you know, in both Europe and North America, and we would expect to continue that to recycle capital to generate strong returns for our clients but also to recycle capital to support the next build-out and the future build-out of these platforms. So we expect to see that as we move forward.

你第二點也沒錯：一旦我們把這些資料中心開發與建置完成，使其成為非常穩定的高核心（high core）資產，它們對長期的機構型持有者非常有吸引力。我們一直在進行資產回收（recycling），最近在歐洲與北美亦是如此；我們預期會持續這麼做，一方面為客戶創造強勁報酬，另一方面也回收資本以支持下一波以及未來的擴建，推動這些平台的持續成長。因此我們預期未來會看到這樣的發展。

And then could I ask a follow-up question? Or should I get back to you?

那我可以再追問一個問題嗎？還是我之後再回到你這邊？

Can ask a second.

可以問第二個。

And then just on Wealth Solutions with Just Group coming into the numbers here in the quarter. I was hoping you could maybe speak to how you were thinking about some in the near-term versus medium-term levers to expand $29 million of earnings contribution there, 12%. I think are we on that? How do you expect that performance to ramp as you look out over the next 12 to 18 months versus where do you see that over more of the medium term?

另外關於 Wealth Solutions，本季 Just Group 併入後開始反映在數字裡。我想請你們談談：你們如何看待短期與中期可用來擴大該業務 2,900 萬美元獲利貢獻（12%）的一些槓桿。我想我們是在這個軌道上嗎？展望未來 12 到 18 個月，你們預期這個表現會如何爬坡？以及在更中期的時間尺度上，你們又如何看待？

Sure. I'll first on the short term, I alluded to it in my comments around focusing the business, exiting some areas of the business that I would say were more early-stage venture type initiatives, direct-to-consumer, other new lines of business that really just were not profitable. We've shut those down, and we've exited them. So that in and of itself is a cost reduction exercise. To frame it, just cost structure is 2 to 3x what some of its competitors are as they bid for the same product.

當然。我先談短期。我在評論中提到，我們正聚焦於精簡業務，退出一些我會稱之為較偏早期創投型的計畫，例如直面消費者（direct-to-consumer）以及其他新業務線，這些其實並不獲利。我們已經把它們關掉並退出。這本身就是一項降低成本的措施。就背景而言，其成本結構是某些競爭對手的 2 到 3 倍，但卻在競標同樣的產品。

And in this market, you have to be a low-cost operator so that you're competitive when you're bidding on pensions. So that's our first and foremost focus area. Then I'd say the real big opportunity is bringing in our investment capabilities through Brookfield Asset Management. We source the perfect assets for long-duration liabilities through our real estate capabilities, our infrastructure and our energy businesses.

在這個市場中，你必須成為低成本的營運者，才能在競標退休金業務時具備競爭力。因此這是我們首要且最重要的聚焦領域。接著我會說，真正最大的機會在於透過 Brookfield Asset Management 導入我們的投資能力。我們透過不動產能力、基礎建設與能源業務，為長久期負債尋找最合適的資產。

And if you think about pensions, they are different than annuities, there's no lapse risk in a pension. So when you offer a pension to someone who's retired, you're paying them really until mortality. And to be able to back that with long duration, very high-quality assets whose cash flows grow over time and who have a real return type profile behind them.

如果你想想退休金，它與年金不同：退休金沒有退保（lapse）風險。因此當你向退休人士提供退休金時，你基本上會支付到其壽命終止為止。而要用久期長、品質極高、現金流會隨時間成長，且具備實質報酬（real return）型態特徵的資產來支撐這些負債。

It's a tremendous competitive advantage for us. So I think between those 2 things, that will allow us to get the returns up to similar to what you see in our U.S. business. And once you're there, you can capture a new business because you can bid more competitively than others in the marketplace.

這對我們而言是極大的競爭優勢。因此我認為，結合這兩件事，將使我們的報酬提升到與我們美國業務相近的水準。一旦達到那個水準，你就能承接新的業務，因為你可以比市場上的其他人更具競爭力地出價。

Bart Dziarski, RBC Capital Markets.

RBC Capital Markets 的 Bart Dziarski。

I wanted to ask a follow-up on the AI. So you announced a partnership with NVIDIA to launch a compute financing platform, mobilizing about $500 billion of capital. So congrats on that. And recognizing it's early days, but it would just be great to get your early views on -- Will this be made available to retail and institutional, maybe a bit more detail on how you're underwriting the downside case and which asset classes could benefit from this partnership?

我想就 AI 再追問一下。你們宣布與 NVIDIA 合作推出運算融資平台，動員約 5,000 億美元資本。恭喜。我知道現在還在早期階段，但很希望聽聽你們初步看法：這會提供給零售與機構投資人嗎？另外也想多了解你們如何承作（underwrite）下行情境，以及哪些資產類別可能從這項合作中受益？

Thanks, Bart. So as you know, this is an MOU at this stage that we have signed with NVIDIA pool together large pools of capital. I'd say generally, we're very excited about the opportunity. If we take a step back, as you know, compute is the critical part of the infra stack supporting AI. Up until now, our business historically largely focused on new build development, but now we're focused on developing partnerships to finance the chips and accelerate growth with bespoke deals.

謝謝你，Bart。如你所知，目前我們與 NVIDIA 簽署的是一份諒解備忘錄（MOU），在此階段是要把大型資本池匯聚在一起。整體而言，我們對這個機會非常興奮。如果退一步看，如你所知，運算是支撐 AI 的基礎設施堆疊（infra stack）中的關鍵部分。過去我們的業務歷來主要聚焦於新建開發（new build development），但現在我們正著重於建立合作夥伴關係，透過客製化交易來為晶片提供融資並加速成長。

And when you're building an AI factory, as you know, the GPUs can represent half of the required capital to complete the build. So finding efficient ways to finance the equipment is becoming increasingly important. We've been doing. We've been working with NVIDIA closely for the last 18 to 24 months, a number of partnerships, a host of initiatives, including a recent transaction in Korea.

而在建置一座 AI 工廠時，如你所知，GPU 可能占完成建置所需資本的一半。因此，尋找更有效率的方式為設備融資變得愈來愈重要。我們一直在做這件事。過去 18 到 24 個月，我們與 NVIDIA 密切合作，推動多項合作與一系列計畫，其中包括近期在韓國的一筆交易。

And we're building a real solid pipeline of investment opportunities and the opportunity is very attractive and access to a large pipeline. And to your question on risk is an attractive risk profile. We maintain focus on contractual cash flows, counterparty quality, and generating attractive risk-adjusted returns that are ideal for our institutional clients and retail clients as they look to invest alongside us into strategies. But that is part of the catalyst for starting the AI fund because these types of opportunities are ideal for that capital and the return that's looking for partnering with different parts of Brookfield.

我們正在建立非常扎實的投資機會管線，而這個機會非常具吸引力，且能接觸到龐大的案源。至於你問到風險，我們認為其風險輪廓具吸引力。我們仍聚焦於合約性現金流、交易對手品質，以及創造具吸引力的風險調整後報酬；這些都非常適合我們的機構客戶與零售客戶，讓他們在投資策略上與我們共同投資。而這也是成立 AI 基金的部分催化因素，因為這類機會非常適合該資本的配置需求，以及其所尋求的報酬，並可與布魯克菲爾德不同業務板塊進行合作。

Great. Very helpful. And then on Brookfield Wealth Solutions. So Sachin, you talked about seeing meaningful opportunities for both organic and inorganic ways to scale the business, especially on P&C with the softening pricing cycle. So could you just maybe talk through the latest view on the inorganic side? How are those conversations evolving? What you're seeing out there? As you look to scale BWS further?

很好。非常有幫助。接著談到 Brookfield Wealth Solutions。Sachin，你提到在擴大業務規模方面，無論是有機或無機成長都有相當有意義的機會，特別是在 P&C（財產與意外險）領域，因為定價循環正在走軟。那你能否談談目前在無機成長這一端的最新看法？這些對話是如何演變的？你在市場上看到了什麼？當你希望進一步擴大 BWS 規模時？

Sure. I touched on P&C in the prepared remarks. That market is softening pretty rapidly, both along property lines and casualty lines. And we're seeing that really across the board, in particular, in the specialty markets.

當然。我在事先準備的發言中提到過 P&C。那個市場正在相當快速地走軟，無論是財產險線還是責任險線。而且我們確實看到這種情況幾乎遍及各個領域，尤其是在專業險市場。

I think what that will lead to over the next 36 months is there will be platforms that either need capital, in particular, if they have too much cat exposure or if they have extended themselves too far in terms of aggressively pursuing new business and they'll need capital. or there will be great businesses who are just unable to grow because they have to be super patient and being part of our overall apparatus of Brookfield could be very helpful to them. in particular because we can drive the investment side of that business or those businesses.

我認為，這在未來 36 個月會導致：有些平台將需要資本，特別是如果它們承擔了過多的巨災（cat）曝險，或是在積極追求新業務方面擴張得太過頭，因而需要資本；或者也會有一些很優質的企業，只是因為必須非常有耐心而無法成長，而成為 Brookfield 整體體系的一部分可能會對它們非常有幫助，特別是因為我們可以推動該業務或那些業務的投資端。

So I just think the next 36 months in the P&C side will be very interesting. Some players will get caught out. as markets soften. And for us, that could represent a meaningful opportunity to partner with somebody, bring capital, bring investment expertise and really then drive that business going forward.

所以我只是認為，未來 36 個月在 P&C 這一端會非常有意思。隨著市場走軟，有些參與者會被逮個正著。而對我們而言，這可能代表一個相當有意義的機會：與某個對象合作、提供資本、帶來投資專業，並在此基礎上推動該業務未來的發展。

On the annuity and pension side, we are focused today on several things. One is much more organic growth, both in just in the U.K., which I discussed. But in the U.S. We have a leading franchise in the IMO market.

在年金與退休金這一端，我們目前聚焦在幾件事上。其中之一是更偏向有機成長，不僅是在我提到的英國。也包括在美國。我們在 IMO 市場擁有領先的特許經營地位。

We sell -- we're the strongest seller of retail annuities through IMOs, but we're not really advanced in the bank and broker-dealer market, which represents of U.S. sales of annuities. So our ability to get on to these platforms in this last 12 months and continue to get on to more platforms over the next 12 months, just will open up new markets for us and scale our program to be able to sell more annuities to a wider audience. So we're making tremendous progress in that regard, but I'd say it's more of an organic growth story in the U.S.

我們銷售——我們是透過 IMO 通路銷售零售年金最強的業者，但在銀行與券商（broker-dealer）市場方面，我們其實還不夠深入，而那一塊占了美國年金銷售的相當部分。因此，我們在過去 12 個月能夠上架到這些平台，並在未來 12 個月持續上架更多平台，將為我們打開新市場，並擴大我們的計畫規模，使我們能向更廣泛的受眾銷售更多年金。所以我們在這方面取得了巨大的進展，但我會說在美國這更像是一個有機成長的故事。

Cherilyn Radbourne, TD Securities.

Cherilyn Radbourne，TD Securities。

Thanks very much, and good morning. As you know, concerns have been raised about circularity in the deals underpinning AI investment industry-wide. So I'd love to get your perspective on how much of that is perceived versus real? And how Brookfield is staying disciplined with its counterparties and contract structures?

非常感謝，早安。如你所知，市場對於支撐 AI 投資的交易在全產業層面存在「循環性」的疑慮。所以我很想聽聽你的觀點：其中有多少是被感知的、多少是真實存在的？以及 Brookfield 如何在交易對手與合約架構上保持紀律？

Cherilyn, it's Nick. Listen, I think when you look again at the cash flow is being generated by these transactions and the scale and the potential of the earnings that will be realized over time as compute is increasingly adopted into business. . We have conviction that working with the highest quality hyperscalers, offtakers, chip providers is an attractive risk profile for our business. And I think that a lot of what is happening is integrated and there is a lot of synergies between the different counterparties working together.

Cherilyn，我是 Nick。聽著，我認為當你再看一次這些交易所產生的現金流、其規模，以及隨著算力愈來愈多被企業採用、未來隨時間可實現的獲利潛力。。我們深信，與最高品質的超大規模雲端業者（hyperscalers）、承購方（offtakers）、晶片供應商合作，對我們的業務而言具有吸引力的風險輪廓。而且我認為，很多正在發生的事情是整合式的，不同交易對手之間的合作也存在大量協同效應。

But we believe we can invest around this with the right risk controls when we look at the relevance of the contracts we're signing, the revenue on an overall percentage of what we're doing, we're very diversified businesses. This is a strong driver of growth today, but we still have a broad infrastructure platform, a very broad energy platform and a very broad real estate platform.

但我們相信，只要具備適當的風險控管，我們就能圍繞這些機會進行投資；當我們檢視所簽署合約的相關性、以及相關收入占我們整體業務的比例時，我們的業務非常多元分散。這是當前強勁的成長驅動力，但我們仍然擁有廣泛的基礎建設平台、非常廣泛的能源平台，以及非常廣泛的不動產平台。

So I think we believe that the risk is well managed. We've been very active in capital recycling, and we've been very focused on the highest quality counterparties in the highest quality projects with the right contractual protections. So I think we believe that we are not really stepping out from our historical focus on risk management and earning attractive returns while taking a moderate amount of risk, but we can do it at scale here, which is what is the most exciting part.

所以我認為，我們相信風險是被妥善管理的。我們一直非常積極地進行資本回收再配置（capital recycling），並且非常專注於最高品質專案中的最高品質交易對手，同時搭配適當的合約保護條款。因此我認為，我們相信自己並沒有偏離過去在風險管理上的一貫重點——在承擔適度風險的同時賺取具吸引力的報酬；但我們可以在這裡以規模化方式做到，這也是最令人興奮的部分。

That's really helpful context. And then maybe this is a 1,000 feet. But as you grow the insurance business, which hedges interest rate sensitivity elsewhere in the business, how do you think about your interest rate exposure and how that evolves over time?

這個脈絡非常有幫助。接著也許是從更高層次（1,000 英尺）的角度來問：當你擴大保險業務，而保險業務又能對沖公司其他部分對利率敏感度時，你如何看待自身的利率曝險，以及它會如何隨時間演變？

Cherilyn, I'd say there's 2 models out there. There's the passive model where you just match your assets and liabilities, and you don't worry about rate risk to a certain degree. I always worry about it, but you get my point.

Cherilyn，我會說市場上有兩種模式。一種是被動模式：你只是把資產與負債做匹配，在某種程度上就不太去擔心利率風險。我其實一直都會擔心，但你懂我的意思。

And then there's a more active model where you -- from time to time, understand where you are in the right cycle. We got into this business 5, 6 years ago because we were at historically low levels of rates, and we understood that. And we understood that, that was an asymmetric opportunity.

另一種是更主動的模式：你會不時地判斷自己在循環中的位置是否合適。我們在 5、6 年前進入這個業務，是因為當時利率處於歷史低位，而我們理解這一點。我們也理解那是一個不對稱的機會。

At that time, we kept meaningful exposure to rising rates by shortening our asset book, lengthening our liability duration and really keeping that exposure for the benefit of Brookfield shareholders. Today, I'd say we're much more careful. We're largely matched. Our asset and liability duration is almost entirely matched and cash flows are matched because we're at a point in cycle where -- as you heard from Bruce's opening remarks, there's just a lot of noise in the market and there's some risk premium built into the rate curve.

在那個時候，我們透過縮短資產組合、拉長負債久期，保留了對利率上升的顯著曝險，並且真正把這個曝險保留下來，讓 Brookfield 股東受益。而今天，我會說我們謹慎得多。我們大致上已經匹配。我們的資產與負債久期幾乎完全匹配，現金流也匹配，因為我們正處於循環中的一個階段——正如你在 Bruce 的開場發言中聽到的，市場雜訊很多，而且利率曲線中已經反映了一些風險溢酬。

And therefore, we'll be patient. And once all of this, what I'd call, short-term noise comes out we can see a clear picture, and we'll continue to take views. But for now, we're matched and we're not taking an aggressive position either way.

因此，我們會保持耐心。等到我所稱的這些短期雜訊消退、我們能看清楚全貌時，我們會繼續形成觀點。但就目前而言，我們是匹配的，並不會在任何一個方向採取激進的部位。

Mario Saric, Scotiabank.

Mario Saric，Scotiabank。

I wanted to touch on your commentary on the importance of scale. So really highlighted on the call as well as in the shareholder letter in terms of the relative scale in providing integrated solutions to global relationships.

我想談談你對規模重要性的評論。你在電話會議以及致股東信中都特別強調了相對規模在為全球客戶關係提供整合式解決方案方面的重要性。

So my question is, more pertaining to the incremental benefits from incremental scale from here, Brookfield already a large organization. Is it missing opportunities today because of your size and if so, where are the opportunities going forward for Brookfield to increase its big deal market share or become, as you mentioned, the first call even more frequently.

所以我的問題更關於：從現在開始，進一步擴大規模所帶來的邊際效益。Brookfield 已經是一個大型組織了。你們是否因為規模而在今天錯失了一些機會？如果是，未來 Brookfield 在哪裡還有機會提升大型交易的市占，或如你所說，更頻繁地成為客戶的第一通電話？

Mario, it's Nick. Listen, I think having access to scale, which Bruce said, the scale matters, it's the capital, it's the operating expertise. It's the reliability as a counterparty because what matters most is delivery of these projects when we talk about AI.

Mario，我是 Nick。聽著，我認為能夠取得規模——正如 Bruce 所說，規模很重要——包括資本、營運專業能力。以及作為交易對手的可靠性，因為當我們談 AI 時，最重要的是這些專案的交付落地。

So that is giving us access to those incremental projects. And I think that we are very well positioned now to grow with the market as one of the established partners for the build-out. I would say, though, that what that's not doing, I didn't get all your -- I didn't hear all the question, but that's not eliminating the ability to do smaller transactions at the same time because we build platforms.

所以這讓我們能取得那些增量專案。而且我認為，我們現在非常有利於作為既有的建置合作夥伴之一，隨著市場一起成長。不過我會說，這並不會——我沒有完全聽到你的——我沒有聽清楚整個問題，但這並不會同時消除我們做較小型交易的能力，因為我們是在打造平台。

We have large-scale platforms and those platforms are doing tuck-ins and small acquisitions to add incremental value every day. So we're operating across the spectrum of deal transactions and all of that tuck-ins and operating platforms that we have all feed into the overall scale of the business and the ability to participate in the large build-out in the large transactions.

我們擁有大型平台，而這些平台每天都在透過補強型交易（tuck-ins）與小型併購來增加增量價值。因此，我們在各類型的交易活動上全面運作；而我們所做的這些補強型併購與營運平台，皆會回饋到整體業務規模，以及參與大型擴建與大型交易的能力。

Got it. Okay. And then maybe my follow-up, just for Sachin. Coming back to the organic growth vis-a-vis the bank broker network expansion, I think you mentioned there was $200 million in sales this quarter. Can you help frame for us where you believe that can move to once you're at your desired number of relationships, like what is kind of what inning are we in? What is the potential upside?

了解。好。那我接著追問一下，想請教 Sachin。回到有機成長相對於銀行經紀通路網絡擴張這件事，我記得你提到本季銷售額是 2 億美元。你能否幫我們框架一下：當你們達到目標的合作關係數量後，你認為這個數字可以提升到哪裡？我們現在大概處於哪一局（inning）？潛在上行空間是什麼？

The upside is that we start to see, I would say, half of our sales coming from the bank network and preservation of the sales that we have from the independent marketing organizations. So if you look at the U.S., where we're selling almost $12 billion to $13 billion through independent marketing organizations and little through the bank network, you can see us getting to an additional $10 billion to $12 billion just coming through banks over the next few years.

上行空間在於：我們開始看到我會說大約一半的銷售來自銀行通路，同時也能維持我們透過獨立行銷組織（independent marketing organizations）所取得的銷售。所以如果你看美國市場，我們透過獨立行銷組織銷售接近 120 億到 130 億美元，而透過銀行通路的量很少；你可以想像，未來幾年僅透過銀行就能再增加 100 億到 120 億美元。

And that's very meaningful. That would take our current billion a year between pensions and annuities, up to $35 billion a year pretty comfortably. And so the opportunity is very meaningful. And for us, it just takes time to season those relationships and make sure that we're providing the necessary support to frontline agents who sell the product.

而這非常有意義。這會讓我們目前每年在退休金與年金之間約 10 億美元的規模，相當舒適地提升到每年 350 億美元。所以這個機會非常可觀。對我們而言，這需要時間讓這些合作關係成熟，並確保我們為銷售產品的一線業務人員提供必要的支援。

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通。

Maybe first on [Carry.] Ponder on the Brookfield Asset Management call talked about the pull forward of [carry] for funds relevant for them. which you benefit you as well. To what extent are you also seeing the pull forward of carry in funds where [carry] is exclusive to BN and if you are seeing it, what's sort of the magnitude of the pull forward that you're seeing?

也許先從[Carry（績效分成）]談起。Brookfield Asset Management 的電話會議提到，對他們相關的基金而言，[carry]有提前確認（pull forward）的情況，而你們也會受惠。你們在那些[carry]僅歸屬於 BN 的基金中，也在多大程度上看到 carry 的提前確認？如果有看到，你們觀察到的提前幅度大概有多大？

Ken, it's Nick. I'd say the BN level, our outlook is largely consistent with what we've talked about recently. We're focusing on the next 12, 24 months when we think about the inflection point of our carry. And in that, the material drivers, as you know, for BN or earlier vintage funds -- the earlier vintage infrastructure funds, Oaktree funds being big drivers.

Ken，我是 Nick。我會說在 BN 層面，我們的展望大致與我們最近談到的一致。在思考 carry 的拐點時，我們聚焦於未來 12 到 24 個月。在這之中，如你所知，主要驅動因素是 BN 或較早期年份（earlier vintage）的基金——早期的基礎建設基金，以及 Oaktree 的基金是很大的驅動來源。

And I'd say on both of those, we're making good progress -- and while the second ever fund is smaller than the third, obviously, is less impactful, but has now worked its way through the preferred return and incremental sales from here will realize carry the third infrastructure fund is not far behind. We have a number of monetizations coming out of Oaktree and the monetization pipeline is very strong. So we're bullish on the outlook, but it's largely consistent with what we would have talked about recently.

我會說這兩者我們都取得了不錯的進展——而且第二期基金比第三期小，顯然影響較小，但它現在已經走過優先報酬（preferred return）門檻，從現在起的增量銷售將會實現 carry；第三期基礎建設基金也不遠了。我們有多筆來自 Oaktree 的變現（monetizations）即將發生，而變現管線非常強勁。所以我們對展望偏樂觀，但整體仍大致符合我們最近所談的內容。

I would note that there are some funds raised after the BAM spin where BAM is eligible for carry that are outperforming to Conor's comment and they may realize carry ahead of schedule. But that -- I wouldn't say that's necessarily material to the short-term BN outlook.

我也要補充，有一些在 BAM 分拆（spin）之後募集的基金，BAM 具備取得 carry 的資格；如 Conor 所說，它們的表現優於預期，可能會提前實現 carry。但我不會說這對 BN 的短期展望有必然的重大影響。

Okay. Perfect. And then just maybe broadly on the outlook of the pension risk market in the U.K. To what extent did the announcement of the Just acquisition impact the new business pipeline? And where does that sort of pipeline for new business stand today maybe relative to prior to the announcement of the deal.

好的。非常好。接著更廣泛地談一下英國退休金風險市場的展望。Just 併購案的宣布，在多大程度上影響了新業務管線？以及目前新業務管線相較於交易宣布前，大概處於什麼位置？

For sure, our entry through Just -- our acquisition of Just has resulted in the company. Just being invited to see and to bid on much more than they ever have. Just the fact that Brookfield is now behind them. And then people understand we have the capital and the expertise I would say, for just to largely focused on very small pensions, they're now getting invited to all of the larger schemes that are coming to market.

當然，我們透過 Just 的切入——也就是我們收購 Just——使得公司（Just）被邀請去看案子並參與投標的機會，比以往多得多。Just 被邀請去接觸與投標的案子遠超過過去。原因就在於現在背後有 Brookfield。而且市場也理解我們具備資本與專業能力；我會說，Just 過去主要聚焦在非常小型的退休金計畫，現在他們開始被邀請參與所有進入市場的大型計畫。

That's the good news. I'd say where we're being very patient is pensions in that market today continue to be bid up to rates that drive a much lower return than we're comfortable with. And so we're being patient. Again, these businesses -- we are not in this market to just grow at all costs. We're being patient in terms of the returns.

這是好消息。我會說我們目前非常有耐心的地方在於：該市場的退休金資產目前仍被競價推高到某些利率水準，導致回報率遠低於我們能接受的程度。因此我們保持耐心。再說一次，這些業務——我們不是為了不計成本地成長才進入這個市場。我們在報酬率方面會保持耐心。

And so I would say for now, we're seeing pensions trade at values that we're just not comfortable with the returns, but that will ebb and flow. And the good news is we're being invited to all of the large options. And when the time is right, the business will scale.

所以我會說，就目前而言，我們看到退休金以某些估值成交，而其回報我們並不舒適；但這會隨時間起伏變化。好消息是，我們被邀請參與所有大型選項。當時機成熟時，業務就會擴大規模。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

Thank you for the questions. Well, first, I would love to hit on the maybe interplay of the very large AI opportunity, as you described, with the balance sheet management and curious how you guys are thinking about allocating capital at the BN level? And to what extent any of the kind of AI opportunity will require more of BN's capital being invested alongside of third-party capital or some other way.

謝謝讓我提問。首先，我想談談你所描述的非常龐大的 AI 機會，與資產負債表管理之間可能的互動；也想了解你們在 BN 層級如何思考資本配置？以及這類 AI 機會在多大程度上會需要投入更多 BN 的資本，與第三方資本一起投資，或以其他方式參與？

Yes. I mean, Alex, first of all, I'd say that we highlighted our access to scale capital. And I'd say, as we think about the strategies today, it's largely being funded within the funds with co-invest from very large institutions around the world to have very large appetite for these kinds of transactions, given how attractive they are and participating alongside our listed issuers.

是的。我的意思是，Alex，首先我會說，我們已強調我們取得大規模資本的能力。而就我們目前的策略來看，資金主要是在基金內部出資，並由全球非常大型的機構共同投資（co-invest）；這些機構對此類交易有非常大的胃納，因為它們非常具吸引力，同時也會與我們的上市發行人（listed issuers）一起參與。

So I'd say that's largely how we expect to fund. But as the opportunities become attractive, as you think about the integration of BN and BWS and the scale of capital that we will have available to us we will have potentially the opportunity to participate alongside the funds. But that's not the base assumption that we have in the plan, which should be largely funded through our client business and through that.

所以我會說，這大致是我們預期的資金來源。但當機會變得更具吸引力時，隨著你思考 BN 與 BWS 的整合，以及我們可動用的資本規模，我們可能有機會在基金之外、與基金並行參與。不過這不是我們計畫中的基本假設；計畫應主要透過我們的客戶業務來出資，並以此為主。

Okay. Got you. And then I had a couple of just more specific questions around BBS. So if possible, above to run through that. So Sachin, I heard your points around Just and the steps you guys will take to improve the spread -- from what it looks like, I think today, on that $85 million, the spread is, I think, below 80 basis points.

好的。了解。接著我有幾個更具體、關於 BBS 的問題。如果可以的話，我想逐一問一下。Sachin，我聽到你提到關於 Just 以及你們將採取的措施來改善利差——從目前看起來，在那 8,500 萬美元上，利差我認為低於 80 個基點。

So just ripping out some of the operational costs, as you described, what kind of magnitude of a benefit you think the spread could get adjust over the next kind of like 12 months because rotating the portfolio probably takes a little longer. So that's kind of the best part.

所以就像你描述的那樣，若把一些營運成本剔除，你認為在接下來大約 12 個月內，利差可調整改善的幅度大概會有多大？因為輪替投資組合可能需要更久一些。所以這部分算是最好的那一塊。

And then on the existing kind of core annuities business, I think the spread is also below 180. I think you mentioned that you guys see spreads above 200. So I'm just curious, is that on new business and that's kind of still the bogey as some of the old business runs off? I'm just trying to reconcile the reported sub-1.80, to the 200 number you mentioned.

另外，關於既有的核心年金業務，我認為利差也低於 180 個基點。我記得你提到你們看到的利差會高於 200 個基點。所以我想確認一下：那是指新承作業務的利差嗎？而隨著一些舊業務到期退出，200 個基點仍是目標水準（bogey）嗎？我只是想把你們報告的低於 1.80，和你提到的 200 這個數字對起來。

Yes. I'll start with your second first because I think it's -- that's been a very important concept that I want to make sure people understand. The $180 million is just the income spread. It excludes the fact that a large portion of our portfolio is invested in equities both our funds that are equity oriented and also public equities, which makes us very different than some of our competitors.

是的。我先從你的第二個問題談起，因為我認為這——這是一個非常重要的概念，我想確保大家都能理解。這1.8億美元只是收益利差。它未包含我們投資組合中有很大一部分投資於股票的事實——包括我們偏股票導向的基金以及公開市場股票——這使我們與一些競爭對手非常不同。

And therefore, so much of this business's value will be a total return over time. If you just take the unrealized marks on our funds that are invested in equity-oriented strategies that 180 spread goes to about 220 in the current quarter. And I think we've provided some disclosure in that regard.

因此，這項業務的價值在時間推移下很大程度上將體現在總回報上。如果你只看我們投資於股票導向策略的基金之未實現估值變動，那麼本季這180的利差大約會到220。而且我認為我們也就此提供了一些揭露。

What I would say is in that -- as we grow our equity base and we start to see equity returns come in closer to the long-term total return of that underlying position, we would assume that spreads would actually go up. We're using the word spread, but the reality is it's more of a total return concept.

我想說的是，隨著我們擴大股權基礎，並開始看到股權回報更接近該底層部位的長期總回報，我們會假設利差其實會上升。我們用「利差」這個詞，但實際上它更像是一個總回報的概念。

And therefore, we've been able to continue to outperform the broader market where spreads are much tighter closer to 100 to 110 basis points. Moving to just I would say there's at least 50 basis points of opportunity to enhance spreads simply by taking costs out of the business. So that will take time. But from the 80, I could see us comfortably adding 50 on top of that. And then the asset rotation program and letting our asset strategy work through the system, and you can see a path to getting close to that 200 basis point spread in that market as well.

因此，我們得以持續跑贏更廣泛的市場；在那個市場中，利差要緊得多，接近100到110個基點。接著我想說，僅僅透過降低業務成本，至少就有50個基點的機會來提升利差。這需要時間。但以80為基礎，我可以很有把握地看到我們在此之上再增加50。然後透過資產輪換計畫，讓我們的資產策略在系統中逐步發揮作用，你也可以看到一條路徑，使我們在那個市場的利差也接近200個基點。

Jaeme Gloyn, National Bank.

Jaeme Gloyn，加拿大國家銀行。

A quick one just on the DUC shift from BN to BWS. Can you just talk about the baskets to each of the companies of shifting a portion of that holding?

快速問一個，關於DUC從BN轉到BWS的調整。你能否談談，將其中一部分持股轉移時，分配到各家公司之「籃子」是怎麼安排的？

Jaeme, it's Nick. Yes, this was just -- as you know, we have lots of investments on the BAN balance sheet that can be attractive for pools of capital within insurance. We have moved BBU shares across in the past, (inaudible) bit peers, and you've actually performed incredibly well for the insurance accounts. So this is just a continuation of -- we have almost a ready-made investment pipeline for insurance accounts that can be highly attractive. And at certain times, you may choose to move them over and let the policyholders benefit from the great returns.

Jaeme，我是Nick。是的，這只是——如你所知，我們在BAN資產負債表上有很多投資，對保險體系內的資金池可能很有吸引力。我們過去也曾把BBU的股份轉過去，（聽不清）以及同業，而你們其實為保險帳戶帶來了非常出色的表現。所以這只是延續——我們幾乎有一條為保險帳戶量身打造的投資管線，可能非常有吸引力。在某些時點，你可能會選擇把它們轉過去，讓保單持有人受惠於優異的回報。

Okay. Great. And then in Bruce's letter, a couple of mentions of index inclusion, do you feel like you've done enough at this stage? Or are there other strategies or initiatives you could take to achieve that outcome?

好的。很好。另外，在Bruce的信中有幾處提到納入指數，你覺得你們現階段做得夠了嗎？或者還有其他策略或措施可以採取，以達成那個結果？

Well, the first thing I would say is that we've now given ourselves optionality that did not exist before. So under our current structure, we had 0 path to U.S. index inclusion, I would say, now being a domicile of convenience and with the fat pattern around our business, we have the option.

嗯，我首先想說的是，我們現在已經為自己創造了以前不存在的選擇權。在我們原本的架構下，我會說我們納入美國指數的路徑是0；而現在，作為一個便利的註冊地（domicile of convenience），加上我們業務周邊的既有模式，我們有了這個選項。

And I think it will take time. But as rules emerge as they evolve and our footprint of our business evolves, I think there are things that could be done over time to enhance it, that we can do and the rules as they evolve, will accommodate different for our business. So I think we have the optionality today, it will take time, but it should be a significant positive as we move forward if we can materialize it.

我認為這需要時間。但隨著規則逐步出現、演進，以及我們業務版圖的演進，我認為隨時間推移可以做一些事情來加強它；我們可以去做，而規則在演進時，也會以不同方式來容納我們的業務。所以我認為我們今天已經具備這個選擇權；這需要時間，但如果我們能把它落實，隨著我們往前推進，這應該會是一個顯著的正面因素。

Etienne Ricard, BMO Capital Markets.

Etienne Ricard，BMO資本市場。

Just Group is the leader of the series of acquisitions you've made in Wealth Solutions. When you onboard a new insurance leadership team, how do you make sure the acquired assets meet Brookfield's risk tolerance and that returns are prioritized over volumes.

Just Group是你們在Wealth Solutions所做一系列收購中的領頭項目。當你們導入新的保險領導團隊時，如何確保所收購的資產符合Brookfield的風險承受度，並且回報優先於規模（量）？

Look, I think the first thing for us is to make sure there's alignment throughout the system. So one, all of the capital that we provide and that goes into these insurance companies comes from Brookfield. So we have complete alignment with policyholders. Number two, we incentivized management teams to also have that long-term alignment through LTIP programs that look and feel like Brookfield where there's a long-term focus and the focus is on capital compounding.

你看，我認為對我們而言，第一件事是確保整個體系的利益一致。第一，我們提供的、投入這些保險公司的所有資本都來自Brookfield。因此我們與保單持有人完全一致。第二，我們也透過LTIP計畫激勵管理團隊在長期上保持一致；這些計畫看起來、運作方式都很像Brookfield，重點在長期，聚焦於資本複利成長。

Number three, we spend time with management teams to make sure that the culture is strong and that the people who are leading these companies align with our culture, which is very value focused. And I think if you do those things, I know it sounds soft, but if you do those things, then generally good things in the business will start to happen. And we've been fortunate that in all of the businesses that we've acquired, we've been able to execute those simple steps.

第三，我們會花時間與管理團隊相處，確保文化強健，並且領導這些公司的人成員與我們以價值為核心的文化一致。我知道這聽起來有點「軟」，但如果你把這些事情做好，通常業務上就會開始發生好的結果。我們很幸運，在我們收購的所有業務中，都能夠落實這些簡單步驟。

And to follow up on carried interest. We've seen quite an increase in asset sales in recent years. while the carried interest realizations have not picked up as meaningfully. So Nick, I'm wondering what are your expectations for asset sales over the next year? And why should it translate into better carry realization?

再追問一下關於附帶權益（carried interest）。我們看到近年來資產出售大幅增加，但附帶權益的實現並沒有同等幅度地提升。所以Nick，我想問你對未來一年資產出售的預期是什麼？以及為什麼它應該會轉化為更好的carry實現？

Etienne. Look, you're right, the monetizations have been very strong, a testament to the quality of the assets that we own and the value creation plans that we've executed and the breadth of the diversification of the assets we own across asset class, geography, allowing us to execute many sales at the same time to different investor pools. . So the monetization progress is good. But as you know, the way we realized carry is on a very conservative basis. And we realize on a fund-by-fund basis not investment by investment. And that just means it takes time. These are large funds we have to return all of the original capital to investors.

Etienne。你說得對，變現（monetizations）一直非常強勁，這證明了我們所擁有資產的品質、我們所執行的價值創造計畫，以及我們在資產類別與地理分布上的廣泛多元化，讓我們能同時向不同投資人資金池執行多筆出售。。所以變現進展良好。但如你所知，我們實現carry的方式非常保守。我們是以基金為單位來實現，而不是以單一投資為單位。這就意味著需要時間。這些都是大型基金，我們必須先把所有原始資本返還給投資人。

We have to work our way through the preferred return. And when there is limited to no risk of callback, we start to realize carry. And that's why we've talked about an inflection point because it takes about -- it takes time to compound that return to return the capital at scale and then to start realizing carry, and we're getting closer to that point, as I mentioned earlier, in our earlier vintage infrastructure funds and our Oaktree funds. And then it should be -- continue to scale as we then work through even larger funds as we move forward.

我們必須逐步跨過優先回報（preferred return）。當回撥（callback）風險很低或幾乎沒有時，我們才開始實現carry。這也是為什麼我們談到一個拐點，因為——這需要時間來複利累積回報、以規模返還資本，然後才開始實現carry；而我們正如先前提到的，在我們較早期的基礎建設基金與Oaktree基金上，正逐漸接近那個時間點。接著，當我們往前推進、處理更大型的基金時，規模也應該會——持續擴大。

Thank you. As there are no more questions, I will now turn the call back to Ms. Katie Battaglia for closing remarks.

謝謝。由於沒有更多問題，我現在把電話交回給Katie Battaglia女士作結語。

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

謝謝大家今天加入我們。那麼，我們就結束本次電話會議。

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

本次電話會議到此結束。感謝各位參與，現在您可以掛線。