Blackstone Inc (BX) 2023 Q3 法說會逐字稿

Good day, and welcome to the Blackstone Third Quarter 2023 Investor Call. Today's call is being recorded. (Operator Instructions)

美好的一天，歡迎參加 Blackstone 2023 年第三季投資者電話會議。今天的通話正在錄音。 （操作員說明）

At this time, I would like to turn the conference over to Weston Tucker, Head of Shareholder Relations. Please go ahead.

現在，我想將會議交給股東關係主管韋斯頓·塔克(Weston Tucker)。請繼續。

Thank you, Katie, and good morning, and welcome to Blackstone's third quarter conference call. Joining today are Steve Schwarzman, Chairman and CEO; Jon Gray, President and Chief Operating Officer; and Michael Chae, Chief Financial Officer.

謝謝凱蒂，早安，歡迎參加 Blackstone 第三季電話會議。今天加入的還有董事長兼執行長史蒂夫‧施瓦茨曼 (Steve Schwarzman)；喬恩‧格雷，總裁兼營運長；和財務長 Michael Chae。

Earlier this morning, we issued a press release and slide presentation, which are available on our website. We expect to file our 10-Q report in a few weeks.

今天早些時候，我們發布了新聞稿和幻燈片演示，這些內容可以在我們的網站上找到。我們預計將在幾週內提交 10-Q 報告。

I'd like to remind you that today's call may include forward-looking statements, which are uncertain and outside of the firm's control and may differ from actual results materially.

我想提醒您，今天的電話會議可能包含前瞻性陳述，這些陳述是不確定的，超出了公司的控制範圍，並且可能與實際結果有重大差異。

We do not undertake any duty to update these statements.

我們不承擔更新這些聲明的任何責任。

For a discussion of some of the risks that could affect results, please see the Risk Factors section of our 10-K.

有關可能影響結果的一些風險的討論，請參閱 10-K 的風險因素部分。

We'll also refer to certain non-GAAP measures, and you'll find reconciliations in the press release on the Shareholders page of our website.

我們也會參考某些非公認會計準則衡量標準，您可以在我們網站股東頁面的新聞稿中找到對帳資訊。

Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone fund.

另請注意，本次電話會議中的任何內容均不構成任何 Blackstone 基金的出售要約或購買要約。

This audiocast is copyrighted material of Blackstone and may not be duplicated without consent.

此音訊廣播是 Blackstone 受版權保護的資料，未經同意不得複製。

On results, we reported GAAP net income for the quarter of $921 million. Distributable earnings were $1.2 billion or $0.94 per common share. And we declared a dividend of $0.80, which will be paid to holders of record as of October 30.

就業績而言，我們報告的本季 GAAP 淨利潤為 9.21 億美元。可分配收益為 12 億美元，即每股普通股收益 0.94 美元。我們宣布派發 0.80 美元的股息，將支付給截至 10 月 30 日登記在冊的持有人。

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

這樣，我就把電話轉給史蒂夫。

Good morning, and thank you for joining our call.

早安，感謝您加入我們的通話。

Before we begin, I wanted to take a moment to acknowledge the recent events in Israel. We were shocked by the horrific terrorist attacks that occurred, which are an affront to our shared human values. And we are deeply saddened by the violence and tragic loss of life unfolding in the region. Our thoughts are with the people of Israel, our colleagues there and all of those enduring pain and hardship throughout the region.

在我們開始之前，我想花點時間了解以色列最近發生的事件。我們對所發生的可怕恐怖攻擊感到震驚，這是對我們共同的人類價值的侮辱。我們對該地區發生的暴力和悲慘生命損失深感悲痛。我們與以色列人民、我們在那裡的同事以及整個地區所有遭受痛苦和困難的人同在。

Turning to our results. The third quarter of 2023 was a volatile period for global markets, including a dramatic increase in bond yields. Most major equity indices have declined and the median U.S. stock is negative on a year-to-year basis. Higher interest rates, along with the confluence of other factors, including economic uncertainty, geopolitical turbulence, high fiscal deficits, political dysfunction and labor unrest have adversely impacted investor sentiment. Today's environment is an extremely challenging one for investors to navigate.

轉向我們的結果。 2023年第三季是全球市場的動盪時期，債券殖利率大幅上升。大多數主要股指均下跌，美國股市中位數較去年同期為負值。利率上升，加上經濟不確定性、地緣政治動盪、高額財政赤字、政治失靈和勞工騷亂等其他因素的綜合作用，對投資者情緒產生了不利影響。當今的環境對投資者來說是一個極具挑戰性的環境。

Against this backdrop, Blackstone generated distributable earnings of $1.2 billion in the third quarter, which were stable with the second quarter. The environment today is less favorable for realizations, so we've chosen to sell less. But the firm's underlying earnings power continues to build, and we remain focused on executing the operating plans for our companies and driving the long-term value of our holdings.

在此背景下，黑石第三季實現可分配獲利12億美元，與第二季持平。現今的環境不利於變現，因此我們選擇減少銷售。但該公司的潛在盈利能力繼續增強，我們仍然專注於執行公司的營運計劃並推動我們所持有股份的長期價值。

Our limited partners continued to benefit from the favorable positioning of our portfolio with resilient fundamentals in the sectors where we've focused, which Jon will discuss further. The result is that nearly all of our flagship strategies outperformed market indices in the third quarter, as they have for nearly 40 years.

我們的有限合夥人繼續受益於我們投資組合的有利定位，以及我們重點關注的領域具有彈性的基本面，喬恩將進一步討論這一點。結果是，我們幾乎所有旗艦策略在第三季的表現都優於市場指數，近 40 年來一直如此。

The firm's global scale gives us deep insights into what's happening in the real economy, which inform how we position the firm and construct our portfolios amid changing conditions. We've been saying consistently that we believe the Fed will keep rates higher for longer, and we didn't share the previous consensus view that they would cut rates by the end of this year.

公司的全球規模使我們能夠深入了解實體經濟中正在發生的事情，從而指導我們如何在不斷變化的條件下定位公司並建立我們的投資組合。我們一直表示，我們相信聯準會將在更長時間內維持較高利率，但我們並不同意先前的共識，即他們將在今年年底前降息。

What we are seeing in the data: an economy that's strong today, but decelerating. We also see that significant progress is being made on inflation, perhaps more so than other market participants, based on the movement in bond yields recently. In our portfolio, we estimate input costs were largely flat year-over-year, wage growth is moderating and job openings are declining.

我們從數據中看到的是：當今的經濟強勁，但正在減速。根據最近債券殖利率的變動，我們也看到通膨方面正在取得重大進展，或許比其他市場參與者的進展更大。在我們的投資組合中，我們估計投入成本比去年同期基本持平，薪資成長正在放緩，職缺正在減少。

Though it will take time, we believe the collective weight of central bank actions will bring about the intended effect of cooling the economy, leading to the conditions for a more accommodative Fed stance and an eventual easing of the cost of capital.

儘管這需要時間，但我們相信央行行動的集體影響將帶來經濟降溫的預期效果，為聯準會採取更寬鬆的立場並最終降低資本成本創造條件。

Meanwhile, Blackstone's unique diversity and breadth with over 70 distinct investment strategies position us extremely well to navigate any environment. The balance of our firm allows us to pivot to where we see the greatest opportunities at a given point in the cycle. For example, our credit businesses are thriving today in the context of very favorable operating environment, given higher base rates, along with challenges to traditional lenders.

同時，Blackstone 獨特的多樣性和廣度以及 70 多種不同的投資策略使我們能夠很好地應對任何環境。我們公司的平衡使我們能夠在週期的特定時刻轉向我們看到的最大機會。例如，我們的信貸業務如今在非常有利的經營環境、較高的基本利率以及傳統貸款機構面臨的挑戰的背景下蓬勃發展。

Investment performance has been outstanding, including 14.4% appreciation over the last 12 months in our private credit strategies and 4.6% just in the third quarter. Unsurprisingly, client demand in this area is accelerating across all channels: institutional, insurance and individuals.

投資表現非常出色，包括我們的私人信貸策略在過去 12 個月中升值了 14.4%，僅第三季就升值了 4.6%。毫不奇怪，該領域的客戶需求在所有管道都在加速成長：機構、保險和個人。

In keeping pace with this evolving opportunity, we recently announced the integration of our corporate credit, asset-backed finance and insurance groups into a single new unit, BXCI. We expect this integration will create a more seamless experience for clients and borrowers, allowing us to offer a one-stop solution across corporate and asset-based private credit, including both investment grade and non-investment grade.

為了跟上這一不斷變化的機遇，我們最近宣布將我們的企業信貸、資產支持金融和保險集團整合為新部門：BXCI。我們預計這種整合將為客戶和借款人創造更無縫的體驗，使我們能夠提供跨企業和基於資產的私人信貸（包括投資級和非投資級）的一站式解決方案。

We believe these changes will further accelerate growth and that BXCI, real estate credit, collectively, could grow AUM from approximately $370 billion today to $1 trillion within the next 10 years given the powerful secular tailwinds and strength of our platform.

我們相信，這些變化將進一步加速成長，鑑於強大的長期推動力和我們平台的實力，BXCI（房地產信貸）的資產管理規模可能會在未來10 年內從目前的約3700 億美元增長到1 兆美元。

In addition to credit and insurance, we are seeing compelling near-term dynamics in several other areas where Blackstone has established leading businesses, such as infrastructure, notably, including digital infrastructure; energy transition and life sciences. The private wealth channel also remains a tremendous long-term opportunity for the firm. Jon will discuss the positive developments in these areas in more detail.

除了信貸和保險之外，我們還看到 Blackstone 在其他幾個領域建立了領先業務，例如基礎設施，特別是數位基礎設施；能源轉型和生命科學。私人財富管道對於公司來說仍然是一個巨大的長期機會。喬恩將更詳細地討論這些領域的積極進展。

Overall, limited partners continued to move away from the traditional 60-40 liquid portfolio. And despite market headwinds, they are allocating more capital to the best alternative managers across more asset classes.

總體而言，有限合夥人繼續放棄傳統的 60-40 流動性投資組合。儘管市場存在阻力，他們仍將更多資金分配給更多資產類別的最佳另類投資經理人。

Blackstone is extremely well positioned to capture future opportunities for growth in the alternatives area, which remains early in its long-term development. We are the reference institution among global LPs, a position that has been continually reinforced across market cycles of nearly 40 years. We have led the industry's evolution, and I expect we will continue to lead it in the future.

Blackstone 處於非常有利的位置，可以抓住替代品領域的未來成長機會，該領域仍處於長期發展的早期階段。我們是全球有限合夥人中的標竿機構，這一地位在近 40 年的市場週期中不斷得到鞏固。我們引領了產業的發展，我預計我們將在未來繼續引領產業發展。

Last month, we were gratified that S&P Dow Jones chose Blackstone as the first major alternative manager to be included in the S&P 500, the largest benchmark index and the last one where Blackstone was not yet a part of following our conversion to a corporation in 2019. This milestone is a further reflection of the firm's leadership position in our industry and the broader market, as well as our progression as a valuable and widely owned public company.

上個月，我們很高興 S&P Dow Jones 選擇 Blackstone 作為第一個納入 S&P 500 指數的主要另類投資管理公司，這是最大的基準指數，也是我們 2019 年轉型為公司後 Blackstone 尚未加入的最後一個指數這一里程碑進一步反映了公司在行業和更廣泛市場中的領導地位，以及我們作為一家有價值的、廣泛擁有的上市公司的進步。

Most importantly, we've continued to generate exceptional long-term results for both our fund investors and our shareholders. This is our mission, it's what drives us forward as a firm. While the market environment will undoubtedly present challenges, we'll also provide opportunities we are well positioned to capitalize upon with over $200 billion of dry powder. These are the times that best highlight the distinctiveness of our firm and the enduring nature of our culture. Everyone at Blackstone is completely focused on delivering for all of our stakeholders.

最重要的是，我們繼續為我們的基金投資者和股東創造卓越的長期績效。這是我們的使命，也是我們公司不斷前進的動力。雖然市場環境無疑會帶來挑戰，但我們也將提供機會，我們可以利用超過 2000 億美元的乾粉來充分利用。這些時代最能凸顯我們公司的獨特性和我們文化的持久性。 Blackstone 的每個人都完全專注於為所有利害關係人提供服務。

And with that, I'll turn it over to Jon.

有了這個，我會把它交給喬恩。

Thank you, Steve, and good morning, everyone. The investment performance we've consistently produced over decades has created a huge reservoir of goodwill with our customers, allowing us to grow even in difficult periods. Meanwhile, our platform expansion provides multiple ways to win for them across market cycles. And as Steve noted, virtually all customer channels are increasing their allocations to alternatives over time, many in a material way. These key pillars give me great confidence in the future of Blackstone.

謝謝你，史蒂夫，大家早安。我們幾十年來持續取得的投資績效為我們的客戶創造了巨大的商譽，使我們即使在困難時期也能成長。同時，我們的平台擴展為他們提供了多種方式來跨越市場週期贏得勝利。正如史蒂夫所指出的那樣，隨著時間的推移，幾乎所有客戶管道都在增加對替代品的配置，其中許多是以物質方式增加的。這些關鍵支柱讓我對 Blackstone 的未來充滿信心。

Starting with investment performance. Our funds generated positive appreciation overall in the third quarter compared to declines in nearly all major market indices with significant strength in private credit, infrastructure and Life Sciences. Against a backdrop where the cost of capital has risen considerably, it is critical to own high-quality businesses with secular tailwinds or assets that benefit from higher rates like floating rate credit.

從投資績效入手。與幾乎所有主要市場指數的下跌相比，我們的基金在第三季度總體上實現了正值升值，其中私人信貸、基礎設施和生命科學領域表現強勁。在資本成本大幅上升的背景下，擁有長期有利的優質企業或受益於浮動利率信貸等較高利率的資產至關重要。

In real estate, Blackstone is in an extremely differentiated position. The majority of the equity portfolio is in logistics, data centers and student housing, which continue to benefit from robust fundamentals. Our data center business, QTS, held in BREIT, BPP and our infrastructure vehicle was the single largest source of appreciation at the firm, driven by explosive growth in data creation that is being accelerated by the AI revolution. Since privatizing the company 2 years ago, lease capacity has grown sixfold with the development pipeline pre-leased to major tech companies. And we are evaluating additional deployment opportunities in the space.

在房地產領域，黑石處於極為差異化的地位。大部分股票投資組合位於物流、資料中心和學生宿舍，這些領域繼續受益於強勁的基本面。我們的資料中心業務 QTS（由 BREIT、BPP 持有）和我們的基礎設施工具是公司最大的升值來源，受到人工智慧革命加速的資料創建爆炸性成長的推動。自兩年前將公司私有化以來，隨著開發管道預租給大型科技公司，租賃能力增加了六倍。我們正在評估該領域的其他部署機會。

In logistics, the firm's largest exposure overall, trends remained favorable with re-leasing spreads in our U.S. warehouses of over 60% in recent months, and similarly, strong dynamics in many of our other major logistics markets globally. At the same time, market rents continued to move higher.

在物流方面，該公司最大的整體業務，趨勢仍然有利，近幾個月我們美國倉庫的再租賃價差超過 60%，同樣，我們全球許多其他主要物流市場也表現強勁。與此同時，市場租金繼續走高。

In certain other areas of the portfolio, including our U.S. apartment buildings, we're seeing moderation in growth. But cash flows are stable or increasing across the vast majority of our real estate holdings. That said, higher interest rates are impacting valuation multiples in the sector. This is also having the effect of meaningfully reducing the new supply pipeline, which is favorable for values longer term.

在投資組合的某些其他領域，包括我們的美國公寓大樓，我們看到成長放緩。但我們持有的絕大多數房地產的現金流保持穩定或增加。也就是說，較高的利率正在影響該產業的估值倍數。這也有效減少了新的供應管道，這對長期價值有利。

Construction starts are falling sharply for virtually all types of real estate, including year-over-year declines of 30% to 70% for U.S. apartment buildings, warehouses and hotels. And in a dislocated market, having $66 billion of dry powder in real estate is a significant advantage.

幾乎所有類型的房地產開工量都在急劇下降，其中美國公寓大樓、倉庫和酒店的開工量比去年同期下降了 30% 至 70%。在一個錯置的市場中，擁有 660 億美元的房地產乾粉是一個顯著的優勢。

In corporate private equity, our operating companies reported resilient, high single-digit revenue growth in the third quarter with strong margin performance as cost pressures continued to abate.

在企業私募股權方面，我們的營運公司在第三季實現了彈性的高個位數收入成長，隨著成本壓力持續減弱，利潤率表現強勁。

In credit, the increase in base rates has been very positive for our clients. Today, we can originate high-quality senior loans with all-in yields of over 12% at sub-40% loan-to-value ratios. Meanwhile, our existing portfolio is stable and default rates remain historically low at under 50 basis points for our noninvestment-grade holdings. In our investment-grade credit portfolio, in 2023, we've delivered 140 basis points of excess spread to our major insurance clients while materially improving credit quality.

在信貸方面，基本利率的提高對我們的客戶來說非常積極。如今，我們可以以低於 40% 的貸款價值比發放總收益率超過 12% 的優質優先貸款。同時，我們現有的投資組合穩定，非投資等級資產的違約率仍處於歷史低點，低於 50 個基點。在我們的投資等級信貸投資組合中，到 2023 年，我們已向主要保險客戶提供了 140 個基點的超額利差，同時大幅提高了信貸品質。

And finally, BAAM had its 14th consecutive quarter of positive performance for the BPS Composite. Since the start of 2021, BAAM has achieved a 17% cumulative composite net return compared to a 2% decline in the 60-40 portfolio, equating to exceptional outperformance in liquid markets.

最後，BAAM 的 BPS 綜合指數連續第 14 季呈現正面表現。自 2021 年初以來，BAAM 累積複合淨回報率為 17%，而 60-40 投資組合則下降了 2%，這相當於在流動性市場中表現出色。

The strength of our returns and the breadth of our firm allow us to continue raising significant capital in a very difficult fundraising environment. Total inflows were $25 billion in the third quarter and $139 billion over the past 12 months. The greatest demand today is for private credit solutions, as Steve discussed. And our credit, insurance and real estate credit businesses comprised over 50% of total inflows again in the third quarter.

我們的回報實力和公司的廣度使我們能夠在非常困難的融資環境中繼續籌集大量資金。第三季總流入額為 250 億美元，過去 12 個月流入額為 1,390 億美元。正如史蒂夫所討論的，當今最大的需求是私人信貸解決方案。三季度，我們的信貸、保險和房地產信貸業務再次佔總資金流入的50%以上。

In the insurance channel, our major clients allocated $5 billion to us in the quarter bringing AUM to $178 billion with a promising pipeline of additional prospects.

在保險管道，我們的主要客戶在本季度向我們分配了 50 億美元，使 AUM 達到 1,780 億美元，並有大量潛在客戶。

We also finished raising our energy transition private credit fund, BGREEN, with the strategy reaching $7.5 billion, the largest of its kind in the world. And in the individual channel, BCRED, raised $2.5 billion in the third quarter, up 36% from Q2 on the back of strong performance.

我們也完成了能源轉型私人信貸基金 BGREEN 的募集，該基金的戰略規模達到 75 億美元，是全球同類基金中規模最大的。在個人管道中，BCRED 憑藉強勁的業績，第三季籌集了 25 億美元，較第二季成長 36%。

Outside of credit, other major fund closings in the third quarter included our European real estate flagship, which has raised over EUR 4 billion to date. Over half of our investment activity in real estate this year has been in Europe given greater dislocation and pressure on sellers in the region.

除信貸外，第三季關閉的其他主要基金包括我們的歐洲房地產旗艦基金，該基金迄今已籌集超過 40 億歐元。由於該地區賣家面臨更大的混亂和壓力，今年我們一半以上的房地產投資活動都在歐洲。

We also raised $1.2 billion in tactical opportunities, $1.1 billion for secondaries vehicles and an additional $500 million for our corporate private equity flagship.

我們還為戰術機會籌集了 12 億美元，為二級工具籌集了 11 億美元，並為我們的企業私募股權旗艦籌集了 5 億美元。

We previously highlighted several other growth avenues with favorable momentum. We've been innovating and planting seeds in these areas, which have now blossomed into major businesses at Blackstone. Our infrastructure platform has grown to $40 billion in only 5 years, including 28% growth in the last 12 months. Performance has been extraordinary with 17% net returns annually since inception for our BIP vehicle. Given the immense funding needs for infrastructure projects globally and outperformance, we believe this could be a $100 billion business over time.

我們之前強調了其他幾個具有良好勢頭的成長途徑。我們一直在這些領域進行創新並播下種子，這些領域現已發展成為 Blackstone 的主要業務。我們的基礎設施平台在短短 5 年內就成長至 400 億美元，其中過去 12 個月成長了 28%。自從我們的 BIP 工具成立以來，業績一直非常出色，每年淨回報率為 17%。鑑於全球基礎設施項目的巨大資金需求和出色的業績，我們相信隨著時間的推移，這可能是一項價值 1000 億美元的業務。

Key areas of focus include digital infrastructure, such as QTS, along with the energy transition. BIP's largest investment in Q3 was a wind and solar portfolio from AEP, which is part of a broader renewable asset strategy. Other significant investments by the firm recently in energy transition include additional capital in the nation's largest private renewables developer and a stake in a major U.S. utility to support its transition to green energy.

重點關注領域包括 QTS 等數位基礎設施以及能源轉型。 BIP 第三季最大的投資是 AEP 的風能和太陽能投資組合，這是更廣泛的可再生資產策略的一部分。該公司最近在能源轉型方面的其他重大投資包括向美國最大的私人可再生能源開發商追加資本以及持有美國一家主要公用事業公司的股份，以支持其向綠色能源轉型。

And in credit, we committed $600 million in Q3 to a platform we're building to provide preferred equity financing to leading renewable companies.

在信貸方面，我們在第三季向我們正在建立的平台承諾提供 6 億美元，為領先的再生能源公司提供優先股權融資。

With BIP and our dedicated credit and private equity energy transition vehicles, we are extremely well positioned to benefit from the massive tailwinds in this rapidly growing sector.

憑藉 BIP 以及我們專門的信貸和私募股權能源轉型工具，我們處於非常有利的位置，可以從這個快速成長的行業的巨大推動力中受益。

In Life Sciences, our BXLS business had a terrific quarter and is experiencing strong momentum. Our funds appreciated 11.7% with notable positive developments for several life-saving medications and technologies, including an anticoagulant drug to help prevent strokes, a treatment for hypertension and a next-generation implantable defibrillator. We're also being -- actively deploying capital most recently to help fund a leading biotech firm focused on treatments for rare diseases. We plan to start raising our next Life Sciences flagship vehicle early next year.

在生命科學領域，我們的 BXLS 業務季度表現出色，並且勢頭強勁。我們的基金增值了 11.7%，幾種救命藥物和技術取得了顯著的積極進展，包括有助於預防中風的抗凝血藥物、高血壓治療方法和下一代植入式除顫器。我們最近也積極部署資金，以幫助資助一家專注於罕見疾病治療的領先生物技術公司。我們計劃在明年初開始籌集我們的下一個生命科學旗艦產品。

Finally, in Private Wealth, we raised $3.3 billion in our perpetual vehicles in the third quarter, led by BCRED.

最後，在私人財富領域，我們在第三季透過永續投資工具籌集了 33 億美元，由 BCRED 主導。

For BREIT, while sales remained muted due to the environment at $724 million, repurchase requests have declined materially, down nearly 30% from Q2 and nearly 60% from the January peak. BREIT's largest share class has delivered 12% net return since inception, approximately 7 years ago, nearly 4x the public REIT index. Meanwhile, all investors [who] have been submitting repurchase requests during the proration period have been substantially redeemed in 6 months or less. BREIT's semi-liquid vehicle has worked exactly as intended by providing liquidity for investors in a deliberate and thoughtful way while protecting performance.

對於 BREIT 來說，儘管受環境影響銷售額仍保持低迷，為 7.24 億美元，但回購請求大幅下降，較第二季下降近 30%，較 1 月高峰下降近 60%。自約 7 年前成立以來，BREIT 最大的股票類別已實現 12% 的淨回報率，幾乎是公共 REIT 指數的 4 倍。同時，所有在配售期間提交回購請求的投資者均已在 6 個月或更短的時間內大量贖回。 BREIT 的半流動性工具完全按照預期運作，以深思熟慮的方式為投資者提供流動性，同時保護績效。

Blackstone has established the largest private wealth alternatives platform in the world. Now in addition to our perpetual strategies in real estate and credit, we're extending our leading franchise to include private equity with the launch of a new perpetual vehicle, BXPE. This diversified vehicle will leverage the firm's unique breadth of investment capabilities across the PE spectrum, including buyout, secondaries, tactical opportunities, life sciences and other opportunistic strategies. We are working with several distributors and expect inflows to start early next year. We're excited to add this new vehicle to our product lineup and remain optimistic about our long-term growth trajectory in this vast and underpenetrated channel.

黑石建立了全球最大的私人財富另類平台。現在，除了我們在房地產和信貸方面的永久策略外，我們還透過推出新的永久工具 BXPE，將我們的領先特許經營範圍擴展到私募股權。這種多元化的投資工具將利用該公司在私募股權領域獨特的廣泛投資能力，包括收購、二級市場、戰術機會、生命科學和其他機會主義策略。我們正在與幾家分銷商合作，預計資金將於明年初開始流入。我們很高興將這款新車添加到我們的產品陣容中，並對我們在這個龐大且滲透不足的管道中的長期成長軌跡保持樂觀。

In closing, despite the market's near-term challenges, we remain focused on delivering for our investors over the long term. We are executing our asset-light, brand-heavy strategy with minimal net debt and no insurance liabilities. And we have powerful momentum across a multitude of growth channels of enormous size.

最後，儘管市場近期面臨挑戰，我們仍專注於為投資者提供長期服務。我們正在執行輕資產、重品牌的策略，淨債務最小化，沒有保險負債。我們在眾多規模龐大的成長管道中擁有強大的動力。

With that, I will turn things over to Michael.

這樣，我就把事情交給麥可了。

Thanks, Jon, and good morning, everyone. The headline for the firm's financial performance in the third quarter is stability amid a challenging external operating environment. Despite executing fewer sales in less favorable markets, we are generating a consistent and attractive baseline of earnings and dividends for shareholders. Meanwhile, we continued to expand the foundation of the firm's earnings power across multiple drivers of growth.

謝謝喬恩，大家早安。該公司第三季財務業績的主要內容是在充滿挑戰的外部經營環境中保持穩定。儘管在不太有利的市場中執行的銷售額較少，但我們正在為股東創造一致且有吸引力的獲利和股息基準。同時，我們繼續在多個成長驅動因素上擴大公司獲利能力的基礎。

Starting with results. As Steve and Jon highlighted, the firm's extraordinary breadth has supported continued growth in AUM despite the broader market declines. Total AUM increased 6% year-over-year, moving beyond the $1 trillion milestone, led by 10% growth in the credit insurance segment. Fee-earning AUM rose 4% to a record $735 billion, driving base management fees up 6% to $1.6 billion, reflecting the 55th consecutive quarter of year-over-year base management fee growth at Blackstone.

從結果開始。正如史蒂夫和喬恩所強調的那樣，儘管市場整體下滑，但該公司非凡的業務範圍支持了資產管理規模的持續成長。在信用保險領域成長 10% 的帶動下，總資產管理規模年增 6%，突破 1 兆美元大關。收費資產管理規模成長 4%，達到創紀錄的 7,350 億美元，帶動基本管理費成長 6%，達到 16 億美元，反映出 Blackstone 的基本管理費連續第 55 個季度同比增長。

Fee-related earnings were $1.1 billion in the third quarter or $0.92 per share, largely stable with Q2 underpinned by steady top line performance along with the firm's strong market position. The year-over-year comparison was affected by a decline in transaction fees, which are activity-based, as well as lower fee-related performance revenues.

第三季與費用相關的收益為 11 億美元，即每股 0.92 美元，第二季基本上穩定，這得益於穩定的營收業績以及公司強大的市場地位。年比比較受到基於活動的交易費用下降以及與費用相關的績效收入下降的影響。

Notwithstanding these headwinds, the firm generated $275 million of fee-related performance revenues in the third quarter across multiple perpetual vehicles in real estate and credit, notably reflecting the growing contribution from BCRED along with a material year-over-year increase from the BPP platform.

儘管存在這些不利因素，該公司在第三季度透過房地產和信貸領域的多種永續工具創造了2.75 億美元的與費用相關的業績收入，特別反映了BCRED 的貢獻不斷增長以及BPP 平台的同比大幅增長。

Distributable earnings were $1.2 million in the third quarter or $0.94 per share, again, stable with Q2.

第三季可分配收益為 120 萬美元，即每股 0.94 美元，與第二季保持穩定。

On a year-over-year basis, net realizations declined given the market backdrop. However, we did execute the sales of public stock in the London Stock Exchange Group and our stake in an India-based software company, along with certain other holdings in private equity.

在市場背景下，淨變現額較去年同期下降。然而，我們確實出售了倫敦證券交易所集團的公開股票和我們在印度軟體公司的股份，以及其他一些私募股權公司的股份。

Realizations also included a significant sale in BREIT, which, as a reminder, does not earn performance revenues based on individual asset sales but on NAV subject to a hurdle. The sale was of a self-storage company for $2.2 billion, one of the largest-ever transactions in the sector, which generated a profit of over $600 million and a gross multiple of invested capital of 1.8x in less than 3 years. BREIT's asset sales since the beginning of last year when interest rates began moving materially higher have occurred at an average premium to their prior carrying value of 4%.

變現還包括 BREIT 的重大出售，提醒一下，BREIT 並不是根據個人資產銷售賺取業績收入，而是根據受到障礙的資產淨值 (NAV) 賺取業績收入。這次以 22 億美元的價格出售一家自助倉儲公司，是該行業有史以來最大的交易之一，在不到 3 年的時間內創造了超過 6 億美元的利潤，投資資本總額增長了 1.8 倍。自去年年初利率開始大幅走高以來，BREIT 的資產出售價格比之前的帳面價值平均溢價 4%。

Overall, we've been highly selective in terms of realizations, and activity is likely to remain muted in the near term given the environment. But the firm's FRE continues to provide real balance to earnings, and Q3 represented the eighth consecutive quarter of FRE over $1 billion.

總體而言，我們在實現方面進行了高度選擇性，鑑於環境，短期內活動可能會保持平靜。但該公司的 FRE 繼續為盈利提供實際平衡，第三季 FRE 連續第八個季度超過 10 億美元。

Meanwhile, our long-term fund structures let us focus on building value in the portfolio while we wait for market conditions to improve.

同時，我們的長期基金結構讓我們在等待市場狀況改善的同時專注於創造投資組合價值。

Performance revenue eligible AUM in the ground increased in the third quarter to a record $505 billion and has nearly doubled in the past 3 years. Net accrued performance revenue on the balance sheet, the firm's store value, stands at $6.4 billion or $5.29 per share. We hold an expansive portfolio of exceptional quality and embedded value, including $16 billion of public stock in our private equity and real estate drawdown funds. When markets ultimately become more receptive, we are well positioned for an acceleration in realization activity as well.

第三季符合績效收入的實際資產管理規模增加至創紀錄的 5,050 億美元，並且在過去 3 年中幾乎翻了一番。資產負債表上的淨應計績效收入（公司的儲值）為 64 億美元，即每股 5.29 美元。我們擁有品質卓越且具有內在價值的廣泛投資組合，其中包括我們的私募股權和房地產提取基金中價值 160 億美元的公共股票。當市場最終變得更容易接受時，我們也將處於有利位置，加速變現活動。

Moving to the outlook. We remain highly confident in the multiyear expansion of the firm's earning power and FRE with several embedded growth drivers. First, in our drawdown fund business, we've raised nearly 80% of our $150 billion target, but less than half was earning management fees at quarter end. We launched the investment period for the new European real estate flagship in September, which will earn management fees after an effective 4-month fee holiday for first closers. Over the next several quarters, subject to deployment, we expect to activate the new flagships for private equity, private equity energy transition, growth equity and infrastructure secondaries, followed by the respective fee holidays.

轉向展望。我們對公司的獲利能力和 FRE 的多年擴張以及多個內在成長動力仍然充滿信心。首先，在我們的提款基金業務中，我們已經籌集了 1500 億美元目標的近 80%，但在季度末賺取管理費的不到一半。我們於 9 月啟動了新的歐洲房地產旗艦店的投資期，在為第一批成交者提供 4 個月的有效費用假期後，該投資期將賺取管理費。在接下來的幾個季度中，根據部署情況，我們預計將啟動私募股權、私募股權能源轉型、成長股權和基礎設施二級市場的新旗艦，然後是相應的費用假期。

Second, our platform of perpetual strategies has continued to expand, including BCRED, which generates fee-related performance revenues quarterly based on investment [detail] and our BIP infrastructure vehicle with its next crystallization scheduled to occur in the fourth quarter of 2024 with respect to 3 years of gains.

其次，我們的永續策略平台不斷擴大，包括BCRED，它根據投資每季產生與費用相關的績效收入[詳情]，以及我們的BIP 基礎設施工具，其下一個具體化計劃將於2024 年第四季度進行3年的收穫。

Third, in the insurance area, AUM has reached $178 billion, as Jon noted, up 18% year-over-year, driven by robust inflows from our major clients from whom we anticipate substantial, largely contractual inflows in the years ahead.

第三，正如喬恩所指出的那樣，在保險領域，資產管理規模已達到1,780 億美元，同比增長18%，這得益於我們的主要客戶的強勁資金流入，我們預計未來幾年將有大量的、主要是合約性的資金流入。

In closing, the firm's all-weather business model provides resiliency and staying power in difficult markets. Meanwhile, our underlying earnings power continues to build and we have greater investment firepower than ever before. With multiple growth engines driving us forward, we are well positioned for the future.

最後，該公司的全天候業務模式在困難的市場中提供了彈性和持久力。同時，我們的潛在獲利能力持續增強，我們擁有比以往任何時候都更強大的投資火力。多個成長引擎推動我們前進，我們為未來做好了充分準備。

With that, we thank you for joining the call. I would like to open it up now for questions.

在此，我們感謝您加入此通話。我現在想打開它來提問。

(Operator Instructions) We'll go first to Glenn Schorr with Evercore ISI.

（操作員說明）我們將首先前往 Evercore ISI 的 Glenn Schorr。

I'll try to simplify this because you just went through some of the building blocks for '24 and beyond. But it feels like there has to be a little bit of reset down just because in this environment, performance fees can only be so much. So maybe my key question is if you've had good strong double-digit FRE growth in the past, can we see double-digit FRE growth in '24 given the building blocks that you just ran through?

我將嘗試簡化這一點，因為您剛剛完成了 24 週年及以後的一些構建塊。但感覺必須進行一些重置，因為在這種環境下，性能費用只能是這麼多。因此，也許我的關鍵問題是，如果您過去擁有強勁的兩位數 FRE 成長，考慮到您剛剛經歷的構建塊，我們能否在 24 年看到兩位數的 FRE 增長？

And maybe a side bar to that is, can real estate and private equity work in a higher-for-longer rate backdrop, which we seem to be in?

也許還有一個問題是，房地​​產和私募股權能否在我們似乎所處的長期較高利率背景下發揮作用？

So Glenn, thank you for the question. It's Michael. I think on the first one -- I think Jon will handle the second. Obviously, at this point, especially for 2024, we're not going to give granular guidance. I would say there are a number of key drivers that certainly inform our view over the long term of sustained double-digit FRE growth.

格倫，謝謝你的提問。是麥可。我認為第一個問題——我認為喬恩會處理第二個問題。顯然，目前，特別是對於 2024 年，我們不會給予詳細的指導。我想說，有許多關鍵驅動因素肯定會影響我們對 FRE 長期持續兩位數成長的看法。

In the [nearer] term, I think it's really important the point that I spent time on in my remarks, which is the idea that management fee revenues, which were stable quarter-over-quarter, really have an underlying ramp that based on activation of a number of these funds that will be a tailwind for our top line growth.

在[近期]術語中，我認為我在演講中花時間討論的一點非常重要，即管理費收入（季度環比穩定）確實具有基於激活的潛在增長其中許多基金將成為我們收入增長的推動力。

And so as I said, $150 billion flagship fundraising cycle, as we've talked about, nearly 80% raised and less than half, about 45%, earning management fees as of the end of the quarter. We expect that percentage to move up to a substantial majority of that total amount in the coming quarters by sort of the middle of next year. So that is a built-in thing.

正如我所說，正如我們所討論的，1500 億美元的旗艦融資週期中，截至本季度末，籌集了近 80% 的資金，不到一半（約 45%）賺取了管理費。我們預計，到明年年中，這一比例將在未來幾季上升到總量的絕大部分。所以這是一個內建的東西。

And the reason why, if we step back again, why that ramp has been somewhat slower than maybe it was expected a couple of years ago is because of market conditions and deployment because basically a lower deployment environment in the context of these markets, the investment periods last, all else equal, longer for the predecessor funds and the launch of the new funds are delayed. So the money is substantially there from a fundraising standpoint. From a management fee earnings standpoint, it will come on as these funds launch, after fee holidays as is the case with the European fund.

如果我們再退一步，為什麼成長速度比幾年前的預期要慢一些，是因為市場條件和部署，因為基本上在這些市場的背景下，部署環境較低，投資在其他條件相同的情況下，前任基金的周期會更長，而新基金的推出會被延後。所以從募款的角度來看，這筆錢是相當多的。從管理費收入的角度來看，它將隨著這些基金的推出而出現，在收費假期之後，就像歐洲基金的情況一樣。

I think on fee-related performance revenues, if you step back, I highlighted the credit fee-related performance revenues. If you look in the segment financials, those were up in the credit segment, 31% in the third quarter, 57% in the 9 months year-to-date. So there's real expansion going on there. And as you know, that earns incentive fees every quarter on the NAV base based on investment income, which is a very steady growing source of fees.

我認為在與費用相關的績效收入方面，如果你退一步，我強調了與信用費用相關的績效收入。如果你看一下該部門的財務數據，你會發現信貸部門的財務狀況有所上升，第三季成長了 31%，今年迄今的 9 個月成長了 57%。所以那裡正在發生真正的擴張。如您所知，每個季度都會根據投資收入的資產淨值賺取激勵費用，這是一個非常穩定成長的費用來源。

And then BREIT, we think, is a portfolio well positioned. And in BPP, we have a scheduled crystallization in the fourth quarter. We have a meaningful amount next year. And then we have a very significant, as I mentioned, scheduled crystallization on infrastructure in the fourth quarter of next year. That is a fund that's appreciated 17% net historically, and we'll have another 5 quarters of gains built into whatever the ultimate incentive fees late next year.

我們認為，BREIT 是一個定位良好的投資組合。在 BPP 中，我們計劃在第四季度實現結晶。明年我們會有一筆有意義的金額。正如我所提到的，我們計劃在明年第四季對基礎設施進行具體化。該基金歷史上淨增值 17%，無論明年底的最終激勵費用如何，我們都將再獲得 5 個季度的收益。

So I would just give that as a framing for the underlying earnings power that we certainly see is very much intact long term. And in the near term, near term and in next year, there's a significant, I think, underlying momentum.

因此，我只想將其作為潛在盈利能力的框架，我們當然認為從長遠來看，它是非常完美的。我認為，在近期、近期和明年，存在著巨大的潛在動力。

I'll just add, Glenn, to your question on can the firm operate in real estate and private equity, maybe more broadly, in a higher-rate environment. And I would just point to, over decades, this firm has delivered for customers in higher rate environments and lower rate environments. And the reason is what we do at our core is what creates the incremental return. So if you buy a business or asset, you improve the management, you allocate capital in the right way, you can generate higher returns even if borrowing costs are higher. And so we have a lot of confidence that we can do that.

格倫，我只想補充一下你的問題，即公司是否可以在房地產和私募股權領域（也許更廣泛地說，在更高利率的環境中）運作。我只想指出，幾十年來，該公司為較高費率環境和較低費率環境中的客戶提供了服務。原因是我們的核心工作就是創造增量回報。因此，如果你購買企業或資產，改善管理，以正確的方式配置資本，即使借貸成本更高，你也可以產生更高的回報。因此，我們非常有信心能夠做到這一點。

The other thing I would point out is when you get to an environment of higher rates, as we're seeing on the screen, asset prices can come down. So your entry point in, in a higher rate environment allows you to set up transactions better. Over time, as rates come back down, maybe you then see some more multiple expansions. So there's more opportunities for deployment.

我要指出的另一件事是，當您進入利率較高的環境時，正如我們在螢幕上看到的那樣，資產價格可能會下降。因此，您的切入點在更高的利率環境中可以讓您更好地設定交易。隨著時間的推移，隨著利率回落，也許你會看到更多的多重擴張。所以有更多的部署機會。

And I would also add that at a moment like this, dislocation comes about. And so when you're sitting on $201 billion of dry powder, there can be situations where people need to raise capital in a hurry, need to sell something quickly. And again, that's advantageous for our model. Because if you think about what we do, we're not forced sellers of assets on the one side and yet we have the ability to move very quickly when there is dislocation to take advantage of an opportunity.

我還要補充一點，在這樣的時刻，就會出現錯位。因此，當你坐擁 2010 億美元的乾粉時，有時人們可能需要匆忙籌集資金，需要快速出售某些東西。再說一次，這對我們的模型是有利的。因為如果你想想我們所做的事情，我們一方面不會被迫出售資產，但我們有能力在出現混亂時迅速採取行動，並利用機會。

And then more broadly, a bunch of our capital solutions business related to private credit, certainly; tactical opportunities, which I think will be super helpful and people deleveraging their portfolios; our secondaries business, which provides liquidity as well, they're well positioned in this environment.

更廣泛地說，我們的一系列資本解決方案業務當然與私人信貸有關；戰術機會，我認為這將非常有幫助，人們可以去槓桿化他們的投資組合；我們的二級業務也提供流動性，他們在這種環境中處於有利地位。

So the environment changes, we move from low rates to high rates. But it doesn't mean the basic business of delivering better returns has gone away, and the clients' desire for this continues to be extremely high.

因此，環境發生了變化，我們從低利率轉向高利率。但這並不意味著提供更好回報的基本業務已經消失，客戶對此的渴望仍然非常高。

We'll go next to Michael Cyprys with Morgan Stanley.

接下來我們將討論摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

I was hoping you might be able to elaborate on the deployment and realization environment activity. It seemed like activity levels were starting to pick up in August, but then slowed a bit in September as yields went higher. So what will it take for the green shoots that we were seeing just a couple of months ago to convert to sustained capital markets activity?

我希望您能夠詳細說明部署和實現環境活動。活動水準似乎在 8 月開始回升，但隨著收益率走高，9 月略有放緩。那麼，幾個月前我們看到的萌芽需要怎樣才能轉化為持續的資本市場活動呢？

And if current levels of rates persist for the next year or 2, what sort of impact might that have broadly on activity levels, perhaps in for sales and real estate? But also what sort of impact might higher rate have on the broader system and the potential for credit losses?

如果目前的利率水準在未來一兩年持續下去，可能會對銷售和房地產活動水準產生什麼樣的廣泛影響？但更高的利率可能會對更廣泛的系統和潛在的信貸損失產生什麼樣的影響？

Okay. Mike, there's a lot embedded there. Let me go -- on transaction activity, it's not a surprise when you see in the third quarter and now in the fourth quarter long rates moving as rapidly as they are that market participants pause and you see a suppressing of transaction volume. And we've seen this in the past in moments of market volatility and instability. And so until you get some settling out of that, I think it will mute the transaction activity on all sides.

好的。麥克，裡面蘊藏著很多東西。讓我繼續說吧——就交易活動而言，當你看到第三季和現在第四季的長期利率變化如此之快時，市場參與者會暫停，交易量受到抑制，這並不奇怪。我們過去在市場波動和不穩定的時刻就看到過這種情況。因此，在你解決這個問題之前，我認為這將會抑制各方的交易活動。

I think the positives here are the Fed, I believe, is pretty close to done. We believe that based on the progress they're making against inflation. Also the long end, I think, will start to do a fair amount of work for them as it drives up mortgage rates, as it drives up consumer loans like auto loans. And so I think getting stability in the rate environment, starting with the Fed on the short end and some settling here on the long end, will be important.

我認為積極的一面是，我相信聯準會已經接近完成任務。我們相信這是基於他們在對抗通膨方面的進展。我認為，從長遠來看，這將開始為他們做大量的工作，因為它會推高抵押貸款利率，因為它會推高汽車貸款等消費貸款。因此，我認為維持利率環境的穩定非常重要，從短期的聯準會開始，到長期的一些解決方案。

What's important to remember, of course, is there is cyclicality to the transaction environment, but there's ultimately underlying demand for people to buy and sell businesses. It could be a company that needs to sell a division. It could be a family. It could be somebody who needs to refinance because of a maturity. And you look back over the long history of the firm, again, over 4 decades, there are periods, certainly after the financial crisis, where things were slow. Very slow for a few weeks, of course, during COVID.

當然，要記住的重要一點是，交易環境存在週期性，但最終存在人們買賣企業的潛在需求。它可能是一家需要出售一個部門的公司。這可能是一個家庭。可能是由於成熟而需要再融資的人。當你回顧公司的悠久歷史時，你會發現，在過去的四十年裡，有一些時期，尤其是在金融危機之後，事情進展緩慢。當然，在新冠疫情期間，幾週的速度非常緩慢。

You can go back to other periods of time. But eventually, it comes back because people need to transact. So it's hard to put a date on this. But I would say as a predicate for transaction activity to pick up, you want to see a little bit of settling of rates. If we get that, I do think you will. Our pipelines in our various businesses actually are reasonable today. We've got some transactions we're doing, it's certainly not an elevated level. But I do think we need a little settling in the environment.

你可以回到其他時間段。但最終，它會回來，因為人們需要交易。所以很難確定這個日期。但我想說，作為交易活動回升的前提，你希望看到一點點的費率結算。如果我們能做到這一點，我相信你也會的。今天，我們各個業務的管道實際上是合理的。我們正在進行一些交易，這當然不是一個高水準。但我確實認為我們需要適應環境。

And so I would say we have extremely high long-term confidence that there will be plenty of opportunities to deploy the capital we've raised. It's very hard to put your finger on exactly when that's going to happen.

因此，我想說，我們對長期的信心非常高，並相信將有很多機會來部署我們籌集的資金。很難確切地說出這種情況何時會發生。

You also asked about the, I guess, the financial system and so forth. Whenever you have sharp movements, that does create some additional risk. So far, we haven't seen anything out there, but there are incremental risk given the sharp movement we've seen in rates. I think that the Fed and the fiscal authorities did a good job in March handling that banking issue. It's hard to predict where the next spot may be. The good news is the underlying U.S. economy has shown remarkable resilience. That's provided some ballast.

我猜你還問了金融體係等問題。每當你有劇烈的運動時，就會產生一些額外的風險。到目前為止，我們還沒有看到任何情況，但考慮到我們看到的利率急劇變動，風險也隨之增加。我認為聯準會和財政當局在三月處理銀行業問題方面做得很好。很難預測下一個地點可能在哪裡。好消息是美國經濟基礎已展現出非凡的彈性。這提供了一些鎮流器。

And then I would say the financial system overall is so much less leveraged than what we experienced in the '06, '07 period. Consumers don't have nearly the same kind of leverage they did in housing. Businesses are so much less leveraged.

然後我想說，整個金融體系的槓桿率比我們在 06 年、07 年期間所經歷的要低得多。消費者在住房方面幾乎沒有同樣的影響力。企業的槓桿率要低得多。

So there's always a risk that something. There could be some bump out there, but the system just as healthier as we go into this more dislocated time in the market.

所以總是存在著某種風險。可能會出現一些衝擊，但當我們進入市場更加混亂的時期時，系統會更加健康。

We'll take our next question from Alex Blostein with Goldman Sachs.

我們將回答高盛的 Alex Blostein 提出的下一個問題。

Jon, I'd love to get your perspective on the impact that higher interest rate environment is going to have on investment performance and portfolio marks, especially into year-end in real estate and private equity as kind of higher discount rates get reflected. Or maybe the flip coin, some of the higher rates already reflected in your assumptions.

喬恩，我很想了解您對高利率環境將對投資績效和投資組合標記產生的影響的看法，特別是到年底房地產和私募股權，因為更高的貼現率得到反映。或者也許是翻轉硬幣，一些較高的利率已經反映在您的假設中。

So just trying to get a better sense of like is there another sort of leg down based on the 10-year having done what it's done or the worst on the markets is largely behind you guys?

那麼，只是想更好地了解一下，是否有另一種基於 10 年來所做的事情的下降，或者市場上最糟糕的情況基本上已經過去了？

Well, Alex, obviously, things are fluid. The 10-year has moved a fair amount in the last month or so. But we -- the good thing about our businesses' background has been how we positioned the portfolios. We said here in the remarks that our private equity portfolio had 8% revenue growth and margin expansion in the quarter, which was obviously quite positive. In real estate, our positioning majority of our portfolio that we own in logistics and student housing and data centers has made a big difference for us. Faster growth allows you to absorb a higher rate environment, but no one is immune.

嗯，亞歷克斯，顯然，事情是不穩定的。 10 年期公債在過去一個月左右的時間裡變動了相當大的幅度。但我們——我們企業背景的好處在於我們如何定位投資組合。我們在發言中表示，我們的私募股權投資組合在本季實現了 8% 的收入成長和利潤率擴張，這顯然是相當積極的。在房地產領域，我們將擁有的大部分投資組合定位在物流、學生宿舍和資料中心，這對我們產生了很大影響。更快的成長可以讓你適應更高速率的環境，但沒有人能倖免。

It's hard to predict where things are going to sit a couple of months from now, what's going to happen over time. Higher rates do have an impact across valuations, but obviously, there's an interplay with cash flow. So I certainly don't want to get in the business of predicting what it's going to be, but this is a headwind out there in markets and you're seeing it on the screen right now.

很難預測幾個月後事情會怎樣，隨著時間的推移會發生什麼。較高的利率確實會對估值產生影響，但顯然，它與現金流有相互作用。因此，我當然不想參與預測未來的發展，但這對市場來說是一個逆風，你現在可以在螢幕上看到它。

We'll go next to Craig Siegenthaler with Bank of America.

接下來我們將討論美國銀行的克雷格‧西根塔勒 (Craig Siegenthaler)。

If we take the last (inaudible) and we look a little bit further out, most economists are expecting the U.S. economy to weaken next year and most bond investors are forecasting rising defaults broadly. So I wanted your perspective on how you think this will impact private asset returns, especially in private credit and real estate. And could this lead to more investing opportunities next year (inaudible)

如果我們考慮最後一個（聽不清楚），再把目光放得更遠一些，大多數經濟學家預計明年美國經濟將疲軟，大多數債券投資者預計違約率將普遍上升。因此，我想了解您對這將如何影響私人資產回報的看法，特別是在私人信貸和房地產領域。這是否會帶來明年更多的投資機會（聽不清楚）

Well, I think it's reasonable to assume if you have elevated levels of rate and you have the economy slow down that, that puts more pressure. And I think most market forecasters are anticipating higher default rates in various sectors.

嗯，我認為可以合理地假設，如果利率水準升高而經濟放緩，就會帶來更大的壓力。我認為大多數市場預測者預計各行業的違約率都會更高。

I would say that we're starting off a very low default rate today. I mean in our private credit portfolio, less than half of 1%. In our BCRED vehicle, I think we have just 1 asset that's on nonaccrual. So we certainly are starting off in a very good spot.

我想說的是，我們今天的違約率非常低。我的意思是，在我們的私人信貸投資組合中，不到 1% 的一半。在我們的 BCRED 工具中，我認為我們只有 1 項非應計資產。因此，我們無疑是從一個非常好的起點開始的。

Overall, if you talk to the banks, you guys are closer to that, I think default rates are fairly low. They're starting to pick up a little bit in subprime.

總的來說，如果你與銀行交談，你們會更接近這一點，我認為違約率相當低。次貸危機開始好轉。

But I think it is reasonable to assume there's going to be more pressure in real estate, certainly. In some of the most challenged asset classes, I think we'll see higher default rates. The cost of capital and less availability will have an impact. And having this large pool of capital, that huge amounts of dry powder really in almost every part of the firm should help us a lot. And one of my partners, Kathleen McCarthy, said this is when we do our best work.

但我認為，可以合理地假設房地產領域肯定會面臨更大的壓力。在一些最具挑戰性的資產類別中，我認為我們會看到更高的違約率。資本成本和可用性的降低將會產生影響。擁有如此龐大的資金池，公司幾乎每個部門都有大量的乾粉，應該對我們有很大幫助。我的合夥人之一凱瑟琳麥卡錫 (Kathleen McCarthy) 表示，這是我們盡最大努力的時候。

And I think that's a good description that when there's high uncertainty, people need capital in a hurry. And you're willing to take a longer-term view on asset values and normalization, you can step in, in these times and make attractive investments. So yes, when we think about what makes us enthusiastic, having this large pool of capital with some more pressure out there, that should create opportunities. But overall, we would go into this environment with the financial system and default rates pretty healthy at this point.

我認為這是一個很好的描述，當存在高度不確定性時，人們急需資金。如果您願意對資產價值和正常化採取更長遠的看法，那麼您可以在這個時期介入並進行有吸引力的投資。所以，是的，當我們思考是什麼讓我們充滿熱情時，擁有如此龐大的資金池並承受更大的壓力，這應該會創造機會。但總體而言，我們將進入這種金融體系和違約率目前相當健康的環境。

And Craig, it's Michael. I'd just add to that, that -- and this is particularly focused on our private credit, noninvestment-grade portfolio, that we're talking about quite low loans-to-value against a very healthy portfolio today, quite performing portfolio today.

克雷格，是麥可。我只想補充一點，這特別關注我們的私人信貸、非投資級投資組合，我們正在談論相對於今天非常健康的投資組合、今天表現相當出色的投資組合的相當低的貸款價值比。

So as you know, in our direct lending area, the average loan-to-value of this portfolio that we've built over the last few years, around 40%. So when you just -- and the underlying companies in quite good position, supported by very supportive financial sponsors in many cases.

如您所知，在我們的直接貸款領域，我們過去幾年建立的投資組合的平均貸款價值比約為 40%。因此，當你和基礎公司處於相當有利的地位時，在許多情況下得到非常支持的財務贊助商的支持。

And so when you think about even a rising default rate from a very low starting point, as Jon mentioned, against anything resembling sort of historical recovery values on a theoretical basis and then you combine that with sort of the total return available right now in the private credit area, with those portfolios, I think that performance can absorb what may come from our point of view.

因此，正如喬恩所提到的那樣，當您考慮從非常低的起點開始上升的違約率時，與理論上類似歷史恢復值的任何事物相比，然後您將其與目前可用的總回報結合起來私人信貸領域，透過這些投資組合，我認為業績可以吸收我們觀點中可能出現的情況。

We'll take our next question from Finian O'Shea with Wells Fargo Securities.

我們將回答富國銀行證券公司 Finian O'Shea 的下一個問題。

A question on retail. Can you talk about the potential for BXPE, given it's formatted as a private offering? Can it be distributed as broadly as, say, BREIT and BCRED? Or is it meant for different market channels?

關於零售的問題。鑑於 BXPE 是私募發行形式，您能談談它的潛力嗎？它可以像 BREIT 和 BCRED 那樣廣泛分發嗎？還是針對不同的市場通路？

So I'm not sure how much we could talk about the subscription of these individual vehicles, but BXPE is structured a little bit differently, which means the universe is a little more limited, but I would say is still very large. We think the response to this, a more accessible private equity vehicle that offers private equity secondaries, tactical opportunities, growth, life sciences, opportunistic investments, we think this is going to be very attractive.

所以我不確定我們可以談論多少關於這些單獨車輛的訂閱，但 BXPE 的結構有點不同，這意味著宇宙有點有限，但我想說仍然非常大。我們認為對此的回應是，一種更容易獲得的私募股權工具，提供私募股權二級市場、戰術機會、成長、生命科學、機會主義投資，我們認為這將非常有吸引力。

So the short answer is, yes, a little bit of a different structure. But I think the bigger answer is we think the TAM for this is quite large and we think this can scale up quite a bit.

所以簡短的回答是，是的，結構有點不同。但我認為更大的答案是我們認為 TAM 相當大，而且我們認為這可以擴大很多。

We'll go next to Ken Worthington with JPMorgan.

接下來我們將討論摩根大通的肯‧沃辛頓。

Would love an update on the secondary business. Returns here over the last 12 months have trailed just about all other asset classes at Blackstone with the exception of real estate. So maybe, first, what's weighing on returns there? And as we think about the deployment opportunities, is it still really LP-driven? Or are we starting to see -- I'm sorry, still GP-driven? Or are we starting to see more LP activity picking up as well?

希望了解二次業務的最新情況。過去 12 個月，黑石集團的回報率幾乎落後於房地產以外的所有其他資產類別。那麼，也許首先，是什麼因素影響了那裡的回報？當我們思考部署機會時，它仍然是真正由 LP 驅動的嗎？或者我們開始看到——對不起，仍然是全科醫生驅動的？或者我們也開始看到更多有限的合夥人活動回升？

Well, I'd start by saying we love our secondaries business. Vern Perry and the team do a terrific job. Structurally, what's happening in that market is alternatives continue to grow, and therefore, there's a need for liquidity. And there's a very limited number of players who are invested in, say, 4,000 funds. And so it leads to this favorable discount and premium you get in terms of return for providing liquidity. Having a $20-plus billion fund is obviously well timed. We have additional funds in infrastructure and real estate beyond private equity, but we think we're super well positioned.

好吧，我首先要說的是，我們熱愛我們的二級市場業務。弗恩佩里 (Vern Perry) 和他的團隊做得非常出色。從結構上看，該市場的替代品不斷增長，因此需要流動性。而且投資 4,000 資金的玩家數量非常有限。因此，就提供流動性的回報而言，它會帶來有利的折扣和溢價。設立20多億美元的基金顯然是恰逢其時。除了私募股權之外，我們在基礎設施和房地產領域還有額外的資金，但我們認為我們處於非常有利的位置。

The markdowns or the low growth in this space reflects what's happening in underlying private equity portfolios. But if you look at returns across our various funds, they remain incredibly strong. And there is a lag, of course, where you're looking at funds that are 6 or 9 months older. So if there were better quarters more recently in private equity, you'll pick those up later. It's not the same real time you're seeing, let's say, in our direct private equity or real estate activities.

這一領域的降價或低成長反映了基礎私募股權投資組合中發生的情況。但如果你看看我們各種基金的回報，它們仍然非常強勁。當然，當您查看 6 或 9 個月前的基金時，就會存在滯後。因此，如果私募股權最近有更好的季度，您會稍後再選擇。比方說，這與您在我們的直接私募股權或房地產活動中看到的即時情況不同。

In terms of transaction activity, I would say the pipeline is starting to build. It will be more LP-driven because distributions have slowed, and in many cases, there's a denominator effect and they're thinking about ways to open up capacity to commit to new funds and we think that will lead to more transaction activity. I would say we've been patient because we think it's possible that discounts could widen again and that would be a better timing in terms of entry point.

就交易活動而言，我想說管道正在開始建立。它將更多地由有限合夥人驅動，因為分配已經放緩，而且在許多情況下，存在分母效應，他們正在考慮如何開放能力以投入新資金，我們認為這將導致更多的交易活動。我想說，我們一直保持耐心，因為我們認為折扣可能會再次擴大，這對切入點來說是更好的時機。

So it's a business we like a lot. We think the environment should be favorable here just given the relatively limited amount of capital against what we think is a scale opportunity. And so we think that business will pick up in activity over time. it may take a little bit as sort of sellers readjust their expectations.

所以這是我們非常喜歡的事業。我們認為，考慮到相對有限的資本和我們認為的規模機會，這裡的環境應該是有利的。因此，我們認為隨著時間的推移，業務活動將會回升。隨著賣家重新調整他們的期望，這可能需要一點時間。

We'll go next to Brian Bedell with Deutsche Bank.

接下來我們將採訪德意志銀行的布萊恩‧比德爾 (Brian Bedell)。

Maybe just similar to the deployment outlook question, maybe flipping that around -- that you answered earlier, flipping that around to fundraising in terms of this environment where sounds like, obviously, activity across the board is freezing up a little bit as people watch rates. But how do you see that impacting the fundraising outlook? And if you maybe can contrast a few different segments where it might be slower near term versus areas where it could be stronger. And I guess, certainly in terms of LP's decision-making versus retail would play into that.

也許與部署前景問題類似，也許翻轉一下——您之前回答過，在這種環境下進行籌款，聽起來顯然，隨著人們關注利率，全面的活動有點凍結。但您如何看待這對募款前景的影響？如果你可以對比幾個不同的領域，短期內可能會較慢的領域與可能會更強的領域進行比較。我想，就有限合夥人的決策與零售而言，肯定會發揮作用。

So Brian, I think the biggest backdrop to keep in mind is the vast majority of our clients continue to increase their allocation to alternatives across institutional, insurance and individual investors. And despite the environment, we still see a lot of interest. I've been all around the world in the last 6 weeks meeting with major clients and I can't point to one of those meetings where somebody said, hey, I want to reduce my exposure. Now there are some who were saying, I'm more cautious on real estate or I'm more cautious on growth equity or private equity. But there's obviously a lot of enthusiasm for private credit. Some investors are just starting to move into the infrastructure space or the secondaries space. So I think that's the key backdrop.

所以布萊恩，我認為要記住的最大背景是我們的絕大多數客戶繼續增加對機構、保險和個人投資者的另類投資的配置。儘管環境不佳，我們仍然看到了許多興趣。在過去的 6 周里，我在世界各地與主要客戶會面，我無法指出其中哪一次會議上有人說，嘿，我想減少我的曝光。現在有些人說，我對房地產更加謹慎，或者我對成長股權或私募股權更加謹慎。但顯然人們對私人信貸抱持著很大的熱情。一些投資者剛開始進入基礎設施領域或二級市場領域。所以我認為這是關鍵的背景。

In terms of different channels here, I would say the institutional or pension fund channel is where the allocations are higher. And in some cases, there is a denominator effect. And so fundraising is a little -- is certainly tougher, we've talked about that over the previous quarters. It had certainly gotten better since the lows of March. We'll see given the current environment what happens.

就不同管道而言，我認為機構或退休基金管道的分配較高。在某些情況下，存在分母效應。因此，籌款確實有點困難，我們在前幾個季度已經討論過這一點。自三月的低點以來，情況確實有所改善。我們將看看在當前環境下會發生什麼。

But I feel pretty good about our relationships and our ability to fundraise even in a difficult period. I would point out European real estate. Given Europe and real estate, the fact that we raised EUR 3-plus billion in the quarter says something powerful about Blackstone. And the fact that we had $25 billion of inflows in this quarter and $139 billion over the last year, again, says something powerful. So I think the institutional channel is a little more constrained in this environment, but their desire for alternatives remains very high.

但即使在困難時期，我對我們的關係和籌款能力也感覺很好。我會指出歐洲房地產。考慮到歐洲和房地產市場，我們在本季籌集了超過 3 億歐元的資金，這一事實說明了 Blackstone 的強大實力。本季我們有 250 億美元的資金流入，去年有 1,390 億美元的資金流入，這一事實再次說明了一些強有力的事實。所以我認為，在這種環境下，機構管道受到了一些限制，但他們對替代方案的渴望仍然很高。

I would say as you move towards insurance companies, they're in early days of not moving as we know to the higher-returning alternatives, but to private investment-grade credit. That is what the opportunity is. It's about providing them higher returns with the same or lower risk, which is what we've been doing for our major insurance clients and for some of the SMAs. We believe we're still in the early stages of that. We think that business can continue to grow significantly with our existing clients and some additional conversations we're having.

我想說，當你轉向保險公司時，他們還處於早期階段，不會像我們所知的那樣轉向更高回報的替代方案，而是轉向私人投資級信貸。這就是機會。這是為了在相同或更低的風險下為他們提供更高的回報，這就是我們一直為我們的主要保險客戶和一些 SMA 所做的事情。我們相信我們仍處於早期階段。我們認為，透過我們現有的客戶以及我們正在進行的一些額外對話，業務可以繼續顯著成長。

And then I would say in the individual investor channel, we've talked about this as well, there's $80-plus trillion in that market of individuals around the world with more than $1 million of investable assets. We think they're allocated in the low single-digit percentages to alternatives today. You've seen, obviously, the strength in what we built up with BREIT over time, the strength in BCRED certainly today, we talked a little bit about BXPE. I think there are opportunities around the world. And I think some investors will do drawdown funds. I think many more will do these semi-liquid products. And as long as we produce outperformance and have structures that work for them, I think the opportunity remains very significant.

然後我想說，在個人投資者管道中，我們也討論過這個問題，全球個人市場有超過 80 兆美元，可投資資產超過 100 萬美元。我們認為，如今它們被分配給替代品的比例只有低個位數。顯然，您已經看到了我們隨著時間的推移與 BREIT 建立的實力，今天當然也看到了 BCRED 的實力，我們談論了一些 BXPE。我認為世界各地都有機會。我認為有些投資者會提取資金。我認為更多人會做這些半液體產品。只要我們表現出色並擁有適合他們的結構，我認為機會仍然非常重要。

And so our long-term confidence in the private wealth channel is significant. The fact that we have nearly 1/4 of our firm's assets, they are much, much larger than anyone else; an enormous amount of relationships with financial advisers around the globe and underlying customers; 300-plus people on the ground, we just elevated a new head of our Asia region, we think there's a lot of opportunity here. Markets go up and down, but the long-term opportunity for individuals coming to alternatives remains quite significant.

因此，我們對私人財富管道的長期信心是重大的。事實上，我們擁有公司近 1/4 的資產，它們比其他任何人都大得多；與全球財務顧問和潛在客戶建立的大量關係；當地有 300 多名員工，我們剛剛任命了亞洲地區的新負責人，我們認為這裡有很多機會。市場有起有落，但個人尋求替代品的長期機會仍然相當大。

And so the growth in that effort, you think, can sort of cut into the -- any kind of reticence on the retail side in the sort of near to intermediate term and continue to propel that channel forward in the sort of intermediate term?

因此，您認為，這種努力的成長可以在某種程度上消除零售方面在近中期的任何沉默，並在中期繼續推動該管道向前發展？

It's always hard to say what the market is going to do. When there's more volatility, people become a little more cautious. But we're not living or building our business week to week or month to month, we're building it for decades. It is an enduring institution, where we're building a brand, where we're so incredibly focused on performance. I know everybody looks at the quarter and says, oh, realization is down. You missed earnings by this amount or the flows were this. What we're focused on is we deliver performance because when we sit with the customers, that's what they look at.

總是很難說市場會做什麼。當波動更大時，人們會變得更加謹慎。但我們並不是每週或每月都在生活或建立我們的業務，我們是在幾十年的時間裡建立它。這是一個歷久不衰的機構，我們在這裡打造品牌，非常注重績效。我知道每個人看到這個季度都會說，哦，實現率下降了。您錯過了這個金額的收入或流量是這樣的。我們關注的是我們提供的性能，因為當我們與客戶坐在一起時，這就是他們所關注的。

They may be more hesitant in a more volatile market, but their desire to allocate capital to Blackstone actually goes up when we outperform. And when they get confidence again, they come back to us if they're institutions, insurance companies or individual investors. So that's what gives us a lot of confidence about the future. Projecting what's going to happen in the next month or 2, that's, of course, very challenging.

在更波動的市場中，他們可能會更加猶豫，但當我們跑贏大盤時，他們向黑石配置資金的願望實際上會增加。當他們再次獲得信心時，無論他們是機構、保險公司還是個人投資者，他們都會回到我們這裡。這讓我們對未來充滿信心。預測未來一兩個月會發生什麼，當然是非常具有挑戰性的。

We'll go next to Steven Chubak with Wolfe Research.

接下來我們將採訪沃爾夫研究中心的史蒂文·丘巴克。

So I wanted to start off with a question on the fundraising outlook for BCRED. I mean as you noted, Jon, the flow trends have remained robust. But the nontraded BDC market has grown increasingly crowded, it's going to get even more saturated given a growing number of funds in registration. So while you have a head start on a lot of your peers in the space, was hoping to your thoughts on the growth outlook for BCRED as well as any potential sources of pressure, such as fees, as the markets become increasingly saturated here.

所以我想先問一個關於 BCRED 籌款前景的問題。我的意思是，正如你所指出的，喬恩，流量趨勢仍然強勁。但非交易 BDC 市場已經變得越來越擁擠，隨著註冊資金數量的不斷增加，它將變得更加飽和。因此，雖然您在該領域的許多同行中處於領先地位，但隨著市場日益飽和，我們希望了解您對 BCRED 成長前景以及任何潛在壓力來源（例如費用）的看法。

So I'd say a couple of things. I think it's hard to overstate the power of the Blackstone brand and what that means to financial advisers and individual customers. This is not a decision. When somebody thinks about putting $50,000 in a nontraded BDC, that's a significant decision. And the Blackstone brand means a lot.

所以我想說幾件事。我認為怎麼強調 Blackstone 品牌的力量及其對財務顧問和個人客戶的意義都不為過。這不是一個決定。當有人考慮將 50,000 美元投入非交易 BDC 時，這是一個重大決定。 Blackstone 品牌意義重大。

Also, the performance we've delivered here, I think approaching now 10% since inception in this product; the current yields, 10-plus north. Actually, the vehicle is earning 200 basis points higher than that. The default rate because, I believe, we've done a great job focusing on larger companies in the right sectors, default rate remains extremely low.

此外，我認為我們在這裡提供的性能自該產品誕生以來已經接近 10%；目前的產量，北部10+。事實上，該車的獲利比這高出 200 個基點。違約率是因為，我相信，我們在專注於正確行業的大公司方面做得很好，所以違約率仍然極低。

For us, delivering for customers, the strength of the brand, the performance, the relationship with financial advisers matters. And I would point out, unlike the institutional business where there can be thousands of players, if you think about our large distribution partners, I think they're unlikely to put very significant numbers of players on their platforms in these different areas. So if you think about in credit or in real estate or in private equity, I think there'll be a handful of players. I think we'll have a slot in each of those and we have these really deep long-term relationships and we're delivering for the customer.

對我們來說，為客戶提供服務，品牌的實力、業績以及與財務顧問的關係都很重要。我想指出的是，與可能有數千名玩家的機構業務不同，如果你考慮我們的大型分銷合作夥伴，我認為他們不太可能在這些不同領域的平台上放置大量玩家。因此，如果你考慮信貸、房地產或私募股權領域，我認為會有少數參與者。我認為我們將在每個領域都有一席之地，我們擁有非常深厚的長期關係，並且我們正在為客戶提供服務。

So yes, the market is getting more competitive. There are other entrants, but we think we have some things here that are very differentiated. And I think we've done a particularly good job in BCRED, where we've deployed the capital, I think we're going to do quite well. Even as the environment gets more difficult because we focused on big companies at much lower loan-to-values on average 43% in origination, we think that will make a real difference. And when we outperform and you do that against our brand, that tends to be a powerful combination.

所以是的，市場競爭越來越激烈。還有其他進入者，但我們認為我們這裡有一些非常與眾不同的東西。我認為我們在 BCRED 方面做得特別好，我們在那裡部署了資金，我認為我們會做得很好。儘管環境變得更加困難，因為我們專注於大公司，貸款價值比平均水平低得多，為 43%，但我們認為這將產生真正的影響。當我們表現出色，而你針對我們的品牌做到這一點時，這往往是一個強大的組合。

We'll go next to Patrick Davitt with Autonomous Research.

接下來我們將請來自主研究中心的 Patrick Davitt。

I have another question on wealth. There's obviously been a lot of reporting on your efforts to more successfully penetrate the European wealth channel, and within that theme, chatter of a lot of new products coming to market. So could you update us on what is currently in the market, how traction is evolving on those and then what the pipeline looks like for things coming online in the coming quarters?

我還有一個關於財富的問題。顯然有很多關於您為更成功地打入歐洲財富管道所做的努力的報道，並且在這個主題中，有很多新產品即將上市的傳言。那麼，您能否向我們介紹一下目前市場上的最新情況、這些市場的吸引力如何演變以及未來幾季上線的管道是什麼樣的？

So I would say on Europe, it is definitely a harder market to penetrate. Certainly, the U.S. is the largest market and the most open to alternatives. Asia would be next: Hong Kong, Singapore, increasingly Japan.

所以我想說，在歐洲，這絕對是一個更難滲透的市場。當然，美國是最大的市場，也是對替代品最開放的市場。亞洲將是下一個：香港、新加坡，尤其是日本。

Europe has several challenges. One is just regulatory. Virtually every country has slightly different rules, and many of the rules make it a little more challenging there. The second thing is investors there have not had a lot of exposure to alternatives. There tends to be, particularly on the continent, more aversion to anything that's perceived as risky or even though, we would point out, the returns we've generated, the risk we've taken have been very favorable over time.

歐洲面臨多項挑戰。一是監管。事實上每個國家的規則都略有不同，而且許多規則使得那裡的規則更具挑戰性。第二件事是那裡的投資者沒有大量接觸另類投資。尤其是在非洲大陸，人們往往對任何被認為有風險的事物更加厭惡，甚至我們會指出，隨著時間的推移，我們所產生的回報和所承擔的風險都非常有利。

So it's a little bit of a -- it's really a tougher terrain. We have a couple of small products today in credit and real estate, but right now, it's not a meaningful piece of what we do. We are a persistent group. We do want to try to build scale products in Europe. We've got a number of people on the ground, but it's going to be a little bit tougher sledding.

所以這確實是一個更艱難的地形。今天，我們在信貸和房地產領域有一些小產品，但目前，這對我們所做的事情來說並沒有什麼意義。我們是一個執著的團體。我們確實想嘗試在歐洲生產規模化產品。我們在地面上有很多人，但是雪橇會有點困難。

But I think over time, there should be opportunity because the same outperformance relative to liquid markets, this basic idea of trading liquidity for higher returns, make sense. I think it should happen in Europe, but it's certainly slower today.

但我認為隨著時間的推移，應該會有機會，因為相對於流動性市場同樣表現出色，這種透過流動性交易以獲得更高回報的基本理念是有意義的。我認為這應該發生在歐洲，但今天肯定要慢。

We'll go next to Brennan Hawken with UBS.

接下來我們將與瑞銀一起前往布倫南·霍肯 (Brennan Hawken)。

So you clearly built a leading capability in real estate, and incredibly impressive. Curious to hear your view about maybe what narrows the bid-ask spread in that market. And we heard from Goldman actually earlier this week that they've got a portfolio of $15 billion CRE and they're looking to sell a significant chunk of that and they've marked it down 15% across the board to do that. The office position is down 50%, right, but I know you're underexposed to office. So sort of 15% probably more relevant.

因此，你們顯然在房地產領域建立了領先的能力，令人印象深刻。很想聽聽您對縮小該市場買賣價差的因素的看法。事實上，我們本週稍早從高盛得知，他們擁有價值 150 億美元的 CRE 投資組合，他們正在尋求出售其中的很大一部分，為此他們將其全面下調了 15%。辦公室職位下降了 50%，對吧，但我知道你對辦公室的接觸不足。所以大概有 15% 的相關性更高。

So while -- and we're hearing other banks that are coming to market, too. So while they're not all forced sellers, they have different motivations than profit maximizing. So what do you think the implications of these transactions are going to be on the market? And is it going to lead to downward pressure on marks?

同時，我們聽到其他銀行也即將進入市場。因此，雖然他們並不都是被迫賣家，但他們的動機與利潤最大化不同。那麼您認為這些交易將對市場產生什麼影響？這會導致分數下降嗎？

Well, I think transaction volume has been slow for the reason we've talked about. Obviously, the move in cost of capital has certainly slowed things down. I don't know, given the size of the real estate market that if any individual transactions are enough to move the market. In fact, I don't know the specifics of Goldman, but I think that's a bunch of different companies and portfolios so it's not one large trade.

嗯，我認為由於我們已經討論過的原因，交易量一直很緩慢。顯然，資本成本的變化確實減緩了發展速度。我不知道，考慮到房地產市場的規模，任何個別交易是否足以推動市場。事實上，我不知道高盛的具體情況，但我認為這是一堆不同的公司和投資組合，所以這不是一筆大型交易。

I think the market will ultimately clear based on where buyers and sellers are willing to transact. And you'll see that now, I'm sure, over the coming months as things start to settle in and if we stay here at this higher rate environment.

我認為市場最終將根據買家和賣家願意交易的情況而出清。我相信，在接下來的幾個月裡，隨著事情開始穩定下來，如果我們繼續保持在這種更高的利率環境下，你現在就會看到這一點。

I think it's very hard to predict exactly what happens. But ultimately, there will be real estate to buy and real estate to sell. And with our $66 billion of dry powder, I think we're going to be in a really unique position. I mean we raised this $30-plus billion global fund, I think we've invested less than 5% of that fund today. We have the vast majority of our Asia fund uninvested. And our Europe fund we're just raising, so by definition, it's uninvested.

我認為很難準確預測會發生什麼。但最終，將會有房地產可供購買和房地產出售。憑藉我們價值 660 億美元的乾粉，我認為我們將處於一個非常獨特的位置。我的意思是，我們籌集了這個 30 多億美元的全球基金，我認為我們今天投資的資金還不到該基金的 5%。我們的亞洲基金絕大多數都沒有投資。我們剛剛籌集的歐洲基金，因此根據定義，它是未投資的。

So we think we're well positioned in this environment, particularly if banks pull back and their liquidity shortfalls. We're also raising capital for our real estate debt business. So we think it will be a favorable environment, and like everybody, we'll be watching what happens on the transaction side.

因此，我們認為我們在這種環境下處於有利地位，特別是在銀行撤資和流動性短缺的情況下。我們也為我們的房地產債務業務籌集資金。因此，我們認為這將是一個有利的環境，並且像每個人一樣，我們將關注交易方面發生的情況。

We'll go next to Ben Budish with Barclays.

接下來我們將與巴克萊銀行的 Ben Budish 會面。

I wanted to ask about BREIT. I know you don't often comment on the performance of very specific funds, but just since it's also public and investors are following this quite closely, it looked like there was some kind of nice momentum in performance coming into September. Maybe if you could kind of parse out what sort of changed in the month. Was it cap rate assumption revisions? Was it a slowdown in operating performance?

我想問一下 BREIT 的事。我知道您通常不會評論非常具體的基金的表現，但正因為它也是公開的並且投資者正在密切關注這一點，所以看起來九月份的表現有某種良好的勢頭。也許你能分析一下這個月發生了什麼變化。是上限利率假設的修正嗎？是經營業績放緩嗎？

And is there any color you can share perhaps on the performance of the hedge and how that either impacted September or how you would expect it to sort of benefit the fund over the next couple of months based on the current outlook?

您是否可以分享有關對沖表現的任何信息，以及這對 9 月份的影響，或者根據當前的前景，您預計它在未來幾個月將如何使基金受益？

So what I would say on BREIT is you really hit on it. In September, the tailwinds in the business were twofold. As you've heard from us, I think, we did a very good job hedging out the balance sheet for long duration. That's proven to be very beneficial to the shareholders of BREIT.

所以我想對 BREIT 說的是，你真的很喜歡它。九月份，該行業的順風車是雙重的。我認為，正如您從我們那裡聽到的那樣，我們在長期對沖資產負債表方面做得非常好。事實證明，這對 BREIT 的股東非常有利。

The second thing is we have a quite sizable position. I think it's now 8% of the portfolio in data centers. Again, that turned out to be a really, really great decision for our shareholders and has benefited us and there was very significant appreciation, which we talked about in the remarks.

第二件事是我們擁有相當大的地位。我認為現在它佔資料中心投資組合的 8%。事實證明，這對我們的股東來說是一個非常非常偉大的決定，讓我們受益匪淺，我們在演講中談到了這一點。

On the headwind side, yes, we, of course, raised cap rate assumptions in the portfolio in light of the higher movement in the 10-year treasury yield. And so those were the forces that you saw reflected in the valuations in the month and the quarter.

在逆風方面，是的，鑑於 10 年期公債殖利率的走高，我們當然提高了投資組合的上限利率假設。這些就是您在本月和季度的估值中看到的反映的力量。

We'll go next to Mike Brown with KBW.

接下來我們將與 KBW 一起前往邁克布朗 (Mike Brown)。

Okay. Great. Just wanted to touch base on the insurance channel here. You said that you had $5 billion of inflows in the quarter. Can you just touch on what were the key contributions there and then maybe expectations for next quarter?

好的。偉大的。只是想了解這裡的保險管道。您說本季有 50 億美元的資金流入。您能否談談其中的主要貢獻是什麼以及對下個季度的期望？

And then if you could just touch on Resolution Life specifically, was that part of the $5 billion inflows this quarter? And how can that partnership progress here over the coming quarters?

那麼，如果您能具體談談Resolution Life，這是否屬於本季50億美元流入的一部分？在接下來的幾個季度中，這種夥伴關係將如何取得進展？

So for clarity, I think we had $5 billion from the big 4 accounts in insurance, $7 billion overall because we have some SMAs with other major insurers, but not for nearly as large pieces of their portfolio.

因此，為了清楚起見，我認為我們從四大保險帳戶中獲得了 50 億美元，總共 70 億美元，因為我們與其他主要保險公司有一些 SMA，但不是他們投資組合中幾乎同樣大的部分。

I'm not sure I'm going to go into any of the individual clients where the money is coming from and so forth. But obviously, some of the clients are issuing fixed annuities, which is a fast-growing area. That would be, namely, there, I guess I'd point out, Corebridge and Fidelity & Guaranty and we're helping them with that by deploying capital on their behalf and generating attractive yields.

我不確定我是否會進入任何個人客戶的資金來源等等。但顯然，有些客戶正在發行固定年金，這是一個快速成長的領域。我想我會指出，那就是 Corebridge 和 Fidelity & Guaranty，我們正在透過代表他們部署資本並產生有吸引力的收益率來幫助他們。

I think Resolution as a platform has a lot of opportunity around legacy books, closed books, buying those from insurers who are trying to reallocate their portfolios. And as part of the recapitalization we did with them, we put a significant amount of capital from our LP community into the company that gives them some firepower to grow.

我認為，Resolution 作為一個平台，在遺留帳簿、封閉帳簿、從試圖重新分配其投資組合的保險公司購買這些帳簿方面有很多機會。作為我們與他們進行的資本重組的一部分，我們將來自有限合夥人社區的大量資金投入到公司中，為他們提供了一些發展的火力。

And then I would just add, we're having other discussions. Investors are seeing what we're doing, taking up credit quality. I think if you look at the numbers in the quarter, on average, our clients had BBB portfolios. This year, we've originated, on average, single A credit quality fixed income, and the spreads have been 140 basis points higher over comparable liquid BBBs.

然後我想補充一點，我們正在進行其他討論。投資者正在看到我們正在做的事情，專注於信用品質。我認為，如果你看一下本季的數字，我們的客戶平均擁有 BBB 投資組合。今年，我們推出了平均單一 A 級信用品質固定收益產品，其利差比同類流動性 BBB 高出 140 個基點。

So higher credit quality and still higher spreads. And so this is something that our existing clients are happy about, our SMA clients are happy about and it's leading to more discussions. I still think we're in early days. It's hard to predict the timing of these, but this is becoming something that I think is increasingly important for major insurers to have more of these private credit origination capabilities. And they're excited about being partners with us, particularly because we're not an insurance company, we're not directly competing with that.

因此，更高的信用品質和更高的利差。因此，我們現有的客戶對此感到高興，我們的 SMA 客戶也對此感到高興，而這引發了更多的討論。我仍然認為我們還處於早期階段。很難預測這些的時間，但我認為對於大型保險公司來說，擁有更多的私人信貸發放能力變得越來越重要。他們很高興與我們成為合作夥伴，特別是因為我們不是一家保險公司，我們不與之直接競爭。

We'll take our last question from Arnaud Giblat with BNP.

我們將回答法國巴黎銀行的阿諾吉布拉特 (Arnaud Giblat) 提出的最後一個問題。

I just had a follow-up question on BXPE. I'm wondering how much capacity you're warehousing there? Is there an opportunity, I think, to scale up this product rapidly if demand is there? How do you manage that? Is that perhaps by having a large proportion that you can allocate to your secondaries to absorb any rapid uptakes?

我剛剛有一個關於 BXPE 的後續問題。我想知道你們那裡的倉庫容量有多少？我認為，如果有需求，是否有機會快速擴大產品的規模？你是如何做到這一點的？是否可以透過將很大一部分資金分配給二級機構來吸收任何快速吸收？

Arnaud, it's Michael. On the first part about warehousing, we have, as we often do when we help support the launch of a product like this, we have, I'd say, a relatively modest amount in the grand scheme of our balance sheet in warehouse for the support of the launch of this in the coming months, we expect that will grow somewhat as we approach that point. And then once we're up and running, the needs from a warehousing standpoint will be much more modest. Jon, if you want to comment on sort of the asset allocation?

阿諾，是麥可。關於倉儲的第一部分，正如我們在幫助支持此類產品的推出時經常做的那樣，我想說，我們在倉庫資產負債表的宏偉計劃中擁有相對適中的金額，用於我們預計，隨著我們接近這一點，支持率會在未來幾個月內啟動。一旦我們啟動並運行，從倉儲的角度來看，需求將變得更加溫和。喬恩，您是否想對資產配置發表評論？

Well, I think we will have a mix of things. Secondaries will certainly be part of the mix. I think we'll do a bunch of opportunistic things in this environment. I think we'll do large-scale private equities; middle market private equity; as I said, Life Sciences growth. One of the unique things about Blackstone is the scale of our private equity platform, it's not just one area. And when you think about the individual investor channel and money coming in on a monthly basis, having a very broad platform is important. So we're going to take advantage of our platform as we deploy capital.

嗯，我想我們會混合一些事情。二級肯定會成為組合的一部分。我認為我們會在這種環境下做很多機會主義的事情。我認為我們會做大規模的私募股權；中間市場私募股權；正如我所說，生命科學的增長。 Blackstone 的獨特之處之一是我們私募股權平台的規模，它不僅僅是一個領域。當您考慮個人投資者管道和每月流入的資金時，擁有一個非常廣泛的平台非常重要。因此，我們在部署資本時將利用我們的平台。

And the key thing is we design this product is to deliver strong returns to the customers because that's how we build something of scale over time. So if we do a very good job deploying into this dislocated environment, build a track record, then we do believe the scale opportunity is significant.

關鍵是我們設計這個產品是為了帶給客戶豐厚的回報，因為這就是我們隨著時間的推移打造規模化產品的方式。因此，如果我們在這個混亂的環境中部署得很好，並建立了良好的記錄，那麼我們確實相信規模機會是巨大的。

With no additional questions in queue at this time, I'd like to turn the call back over to Mr. Weston Tucker for any additional or closing remarks.

由於目前沒有其他問題，我想將電話轉回韋斯頓塔克先生以獲取任何補充或結束語。

Great. Thanks, everyone, for joining us today and look forward to following up after the call if you have any questions. Thanks very much.

偉大的。感謝大家今天加入我們，如果您有任何疑問，歡迎在電話會議後跟進。非常感謝。