Blackstone Inc (BX) 2024 Q2 法說會逐字稿

Good day, and welcome to Blackstone, second quarter 2024 investor call. Today's call is being recorded. (operator instructions) At this time I'd like to turn the conference over to Weston Tucker, Head of Shareholder Relations. Please go ahead.

美好的一天，歡迎致電 Blackstone 2024 年第二季投資者電話。今天的通話正在錄音。 （操作員指示） 現在我想將會議交給股東關係主管 Weston Tucker。請繼續。

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

謝謝大家，早安，歡迎參加 Blackstone 第二季電話會議。今天加入的有董事長兼執行長 Steve Schwarzman、總裁兼營運長 Jon Gray 和財務長 Michael Chea。

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. I'd like to remind you that today's call may include forward-looking statements, which are uncertain and may differ from actual results materially. We do not undertake any duty to update these statements.

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。我想提醒您，今天的電話會議可能包含前瞻性陳述，這些陳述具有不確定性，可能與實際結果有重大差異。我們不承擔更新這些聲明的任何責任。

For a discussion of some of the factors that could affect results, please see the Risk Factors section of our 10-K. We'll also refer to non-GAAP measures, and you'll find reconciliations in the press release on the shareholders page of our website.

有關可能影響結果的一些因素的討論，請參閱 10-K 的風險因素部分。我們也會參考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調節表。

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

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。此音訊廣播是 Blackstone 受版權保護的資料，未經同意不得複製。

So quickly on results. We reported GAAP net income for the quarter of $948 million. Distributable earnings were $1.3 billion or $0.96 per common share, and we declared a dividend of $0.82, which will be paid to holders of record as of July 29.

這麼快就有結果了。我們公佈的本季 GAAP 淨利潤為 9.48 億美元。可分配收益為 13 億美元，即每股普通股 0.96 美元，我們宣布派發股息 0.82 美元，將支付給截至 7 月 29 日在冊的股東。

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. Our last several earnings calls. We spend a good deal of time talking about how we saw inflation compared to many other market participants, we took a strong view that we were seeing different outcomes with inflation moderating more quickly in part because of our unique position in the real estate area and our understanding of the shelter component of the consumer price index.

早安，感謝您加入我們的通話。我們最近幾次財報電話會議。我們花了很多時間討論與許多其他市場參與者相比我們如何看待通膨，我們強烈認為我們看到了不同的結果，通膨放緩得更快，部分原因是我們在房地產領域的獨特地位以及我們的了解消費者物價指數的房屋部分。

As a result of our convictions, we decided to adopt a more aggressive approach to new investments. I'm pleased to report that in the second quarter, we deployed $34 billion, the highest level in two years and nearly $90 billion in the last three quarters since the 10-year treasury yield peaked.

由於我們的信念，我們決定對新投資採取更積極的態度。我很高興地報告，第二季度我們部署了340億美元，這是兩年來的最高水平，自10年期國債收益率見頂以來，過去三個季度部署了近900億美元。

With inflation continuing to recede. We expect the Fed to begin cutting interest rates later this year should be very positive for Blackstone's asset values and provide the foundation for a significant realization cycle over time.

隨著通貨膨脹持續消退。我們預計聯準會將於今年稍晚開始降息，這將對黑石的資產價值產生非常積極的影響，並為隨著時間的推移實現顯著的實現週期奠定基礎。

As the largest alternatives firm in the world with nearly $1.1 trillion of AUM, the real-time data collected across our global portfolio provides insights that help us decide in which areas to concentrate our investments.

作為一家擁有近 1.1 兆美元資產管理規模的全球最大另類投資公司，我們在全球投資組合中收集的即時數據提供了見解，幫助我們決定將投資集中在哪些領域。

This data also alerts us to major paradigm shifts, which is essential for any top-performing asset manager. Our firm has demonstrated this foresight repeatedly since our founding, including the decision to extend our private equity business into real estate in 1991, when values collapsed following the savings and loan crisis.

這些數據也提醒我們注意重大範式轉變，這對於任何表現最佳的資產管理公司都至關重要。自成立以來，我們公司一再證明了這種遠見，包括 1991 年儲蓄和貸款危機導致價值崩潰時決定將私募股權業務擴展到房地產領域。

By significantly expanding our credit platform in 2008 in advance of the extraordinary investment opportunities that arose from the global financial crisis being the first investment alternatives firm to start and develop a dedicated private wealth business in 2011 and introducing the first large-scale perpetual product for that channel in 2017.

2008 年，我們在全球金融危機帶來的非凡投資機會之前大幅擴展了我們的信貸平台，成為第一家在2011 年啟動和發展專門私人財富業務的另類投資公司，並為此推出了第一個大規模永續產品。

And our decision later the same year to create a perpetual infrastructure strategy for institutional investors, which now anchors an overall infrastructure platform across Blackstone of over $100 billion. This demonstrated ability to be in the right place at the right time continues on an accelerated basis today.

同年晚些時候，我們決定為機構投資者制定永久基礎設施策略，該策略現已成為 Blackstone 規模超過 1000 億美元的整體基礎設施平台的基礎。這種在正確的時間出現在正確的地點的能力如今仍在加速發展。

This includes our investments in innovation in all types of private credit. We were one of the world's largest managers. In global logistics as the largest private owner of warehouses in the world. In the energy transition field, where we own the largest private renewables developer in the United States.

這包括我們對所有類型私人信貸創新的投資。我們是世界上最大的管理公司之一。在全球物流領域，作為世界上最大的私人倉庫所有者。在能源轉型領域，我們擁有美國最大的私人再生能源開發商。

In India, where we believe Blackstone is the largest alternatives investor in what has become the fastest-growing major economy. And of course, in data centers where we own the fastest growing platform in the world.

在印度，我們認為黑石集團是印度成長最快的主要經濟體中最大的另類投資者。當然，在資料中心，我們擁有世界上成長最快的平台。

I'd like to take a moment to discuss what Blackstone is doing today in Artificial Intelligence, specifically in data centers, which is an essential part of that breakthrough area. AI is widely acknowledged as having the potential to be one of the greatest drivers of transformation in a generation.

我想花點時間討論 Blackstone 目前在人工智慧領域所做的工作，特別是在資料中心方面，這是這一突破領域的重要組成部分。人工智慧被廣泛認為有潛力成為一代人轉型的最大驅動力之一。

I have personally been active in this field since 2015. I believe the consequences of AI as profound as what occurred in 1880 when Thomas Edison patented the electric lightbulb, while it took years to develop commercially viable products, the subsequent build-out of the electric grid over the following decades has parallels to the creation of data centers today to power the AI revolution.

我個人自2015 年以來一直活躍在這一領域。隨後開發了電動燈泡。

Current expectations are that there will be approximately $1 trillion of capital expenditures in the United States over the next five years to build and facilitate new data centers, with another $1 trillion of capital expenditures outside the United States and the need to provide power for these data centers is a major contributor to an expected 40% increase in electricity demand in the United States over the next decade compared to minimal growth in the last decade.

目前的預期是，未來五年美國將有大約1兆美元的資本支出用於建設和促進新的數據中心，美國境外還有另外1萬億美元的資本支出以及為這些數據提供電力的需要未來十年，美國電力需求預計將成長40%，而過去10 年的成長微乎其微，而這些中心是其主要貢獻者。

We believe these explosive trends will lead to unprecedented investment opportunities for our firm. Blackstone is positioning itself to be the largest financial investor in AI infrastructure in the world as a result of our platform capital and expertise.

我們相信這些爆炸性趨勢將為我們公司帶來前所未有的投資機會。憑藉我們的平台資本和專業知識，黑石將自己定位為全球人工智慧基礎設施領域最大的金融投資者。

Our portfolio today consists of $55 billion of data centers, including facilities under construction, along with over $70 billion in prospective pipeline development, our largest data center portfolio company, QTS as ground lease capacity seven times since we took it private in 2021.

我們今天的投資組合包括550 億美元的資料中心，包括在建設施，以及超過700 億美元的預期管道開發，我們最大的資料中心投資組合公司QTS 自2021 年私有化以來已七次作為地面租賃容量。

Through QTS and our other holdings we have a robust, ongoing dialogue with the world's largest data center customers. We're also providing equity and debt capital to other AI related companies. For example, in the second quarter, we committed to provide AI focus cloud service provider core wave with $4.5 billion of a $7.5 billion financing package, the largest debt financing in our history.

透過 QTS 和我們的其他控股，我們與世界上最大的資料中心客戶進行了強有力的、持續的對話。我們也向其他人工智慧相關公司提供股權和債務資本。例如，在第二季度，我們承諾向專注於AI的雲端服務提供者芯浪潮提供75億美元融資方案中的45億美元，這是我們史上最大的債務融資。

And we're now focusing on addressing the sector's power needs in many differentiated ways. With large-scale platforms in infrastructure, real estate, private credit and renewable energy. We are extremely well positioned to be the partner of choice in this rapidly growing area.

我們現在專注於以多種不同的方式滿足該行業的電力需求。擁有基礎設施、房地產、私人信貸和再生能源領域的大型平台。我們完全有能力成為這個快速發展領域的首選合作夥伴。

And another important area where Blackstone, once again, has been in the right place at the right time is real estate, during the global financial crisis, most competitors were forced out of business. We've delivered mediocre results, in fact, sometimes losing money for their customers.

黑石再次在正確的時間出現在正確的地點的另一個重要領域是房地產，在全球金融危機期間，大多數競爭對手被迫關閉。事實上，我們的業績平庸，有時還為客戶造成了損失。

Where Blackstone for our investors ultimately doubled their money how did we do it? We own the right assets in the right sectors with the right capital structures, enabling us to emerge from the crisis as the clear market leader. As a result, institutional limited partners and subsequently individual investors allocated significant capital to Blackstone real estate in contrast to most other real estate managers.

黑石為我們的投資者最終將他們的資金翻了一番，我們是如何做到的？我們在正確的行業擁有正確的資產和正確的資本結構，使我們能夠擺脫危機，成為明顯的市場領導者。因此，與大多數其他房地產管理公司相比，機構有限合夥人以及隨後的個人投資者將大量資金分配給 Blackstone 房地產。

With that capital, we repositioned our portfolio over time by selling US office buildings and instead bars, warehouses, rental housing and eventually data centers. These three sectors comprise approximately 75% of our global real estate equity portfolio today, compared to 2% in 2007.

有了這筆資金，我們隨著時間的推移重新定位了我們的投資組合，出售了美國辦公大樓，轉而出售酒吧、倉庫、出租房屋以及最終的資料中心。目前，這三個產業約占我們全球房地產股票投資組合的 75%，而 2007 年這一比例為 2%。

This repositioning drove the outperformance and extraordinary growth of our real estate business over the last decade in the half. Real estate markets of course, are cyclical. And over the past 2.5 years, the increase in interest rates and borrowing costs has created a more challenging environment.

這種重新定位推動了我們房地產業務在過去十年中的優異表現和非凡成長。房地產市場當然是週期性的。在過去2.5年裡，利率和借貸成本的上升創造了更具挑戰性的環境。

Even through this period. Blackstone real estate has delivered differentiated performance. BREIT, for example, has generated a cumulative return of 10% net in its largest share classes since the beginning of 2022 and 10% plus net returns annually since inception, 7.5 years ago, more than double the return of the public REIT market.

即使經歷了這段時期。黑石房地產實現了差異化的業績。例如，自 2022 年初以來，BREIT 最大股票類別的累積淨回報率為 10%，自 7.5 年前成立以來，每年淨回報率均超過 10%，是公共 REIT 市場回報率的兩倍多。

Nearly 90% of BREIT portfolio is in warehouse rental housing in data centers with data centers alone contributing almost 500 basis points to returns in the last 12 months. The Performance BREIT has achieved is the key reason it is three times larger today, then the next five largest non-traded REITs combined.

BREIT 投資組合的近 90% 位於資料中心的倉庫出租房屋中，光是資料中心就在過去 12 個月中貢獻了近 500 個基點的回報。 BREIT 所取得的表現是其如今規模是排名第二的五個最大非交易房地產投資信託基金總和的三倍的關鍵原因。

Now, the cost of capital has begun to decline, which should be further helped by Fed cuts later this year, we believe creating the basis for a new cycle of increasing values in real estate. At the same time, new construction for most types of real estate is declining, dramatically down 40% to 70% year over year, depending on the asset class.

現在，資本成本已經開始下降，聯準會今年稍後的降息應該會進一步幫助這一點，我們相信為房地產增值的新周期奠定了基礎。同時，大多數類型房地產的新開工量正在下降，年比大幅下降 40% 至 70%，具體取決於資產類別。

Looking forward, we are confident the outcomes experienced by our investors in this cycle. We'll further reinforce our leadership position and will result in higher allocations to Blackstone from both institutional and private wealth channels in the future.

展望未來，我們對投資者在本週期中所經歷的結果充滿信心。我們將進一步鞏固我們的領導地位，並導致未來機構和私人財富管道對黑石的分配增加。

Real estate as one of the largest asset classes in the world and having the largest business when the cycle is turning should be very advantageous for our shareholders. Blackstone is the reference firm in the alternatives industry. And for nearly four decades, we've been an essential partner to our investors, helping them navigate a dynamic world.

房地產作為世界上最大的資產類別之一，並且在周期轉變時擁有最大的業務，應該對我們的股東非常有利。 Blackstone 是替代品產業的標竿公司。近四十年來，我們一直是投資者重要的合作夥伴，幫助他們駕馭充滿活力的世界。

The Blackstone brand engenders deep trust with our clients, allowing us to innovate and build leading businesses across asset classes. We now have 75 individual investment strategies, and we are working on many more currently.

Blackstone 品牌贏得了客戶的深厚信任，使我們能夠創新並建立跨資產類別的領先業務。我們現在有 75 種個人投資策略，目前正在研究更多策略。

Our near term plans include launching several new products in the private wealth channel. The global expansion of our infrastructure platform, further deepening our penetration of the private credit and insurance markets and expanding our business in Asia.

我們的近期計劃包括在私人財富管道推出多種新產品。我們基礎設施平台的全球擴張，進一步加深了我們對私人信貸和保險市場的滲透，並擴大了我們在亞洲的業務。

Our firm is as innovative today as at any point in our history. Innovation in finance done correctly is essential to create the virtuous cycle of satisfies investors who provide more and more capital for future growth. I have great confidence that we are firmly on this path.

我們公司今天與歷史上的任何時候一樣具有創新精神。正確實施金融創新對於創造讓投資者滿意的良性循環至關重要，投資者可以為未來的成長提供越來越多的資本。我非常有信心，我們堅定地走在這條路上。

And with that, I'd like to turn it over to John.

說到這裡，我想把它交給約翰。

Thank you, Steve, and good morning, everyone.

謝謝你，史蒂夫，大家早安。

In January, we highlighted three powerful dynamics emerging in our business. First, that investment activity was picking up meaningfully across the firm. Second, that commercial real estate values were bottoming. And third, that our momentum in private wealth was accelerate. Since then, each of these dynamics has progressed in a very positive way.

一月份，我們強調了我們業務中出現的三個強大動力。首先，整個公司的投資活動正在顯著增加。其次，商業不動產價值正在觸底。第三，我們的私人財富成長動能正在加速。從那時起，這些動態都以非常積極的方式取得了進展。

Starting with investment activity. We deployed $34 billion in the second quarter, up 73% year over year and committed to an additional $19 billion pending deals. Activity was broad-based across the firm BXCI, our credit and insurance business had one of its busiest quarters ever with $21 billion invested or committed, including in global direct lending, along with infrastructure and asset base credit.

從投資活動開始。我們第二季部署了 340 億美元，年增 73%，並承諾追加 190 億美元的待定交易。 BXCI 公司的活動基礎廣泛，我們的信貸和保險業務經歷了有史以來最繁忙的季度之一，投資或承諾了 210 億美元，包括全球直接貸款以及基礎設施和資產基礎信貸。

In private equity, new commitments included to take privates in Japan a music royalties business in the UK and a fast-growing insurance broker in India. Back in the US, we bought tropical smoothie, a franchise or a fast-casual cafes. This acquisition launched the investment period for our Corporate Private Equity flagship for which we've raised more than $20 billion to date.

在私募股權領域，新的承諾包括收購日本的私人公司、英國的音樂版稅業務以及印度快速成長的保險經紀公司。回到美國，我們買了熱帶冰沙、特許經營店或休閒快餐咖啡館。這項收購開啟了我們企業私募股權旗艦產品的投資期，迄今為止我們已籌集了超過 200 億美元的資金。

In real estate. As I said, we made the call in January that values were bottoming and the pillars of recovery were coming into place. What did we do with our conviction? We deployed nearly $15 billion in the first six months of the year. And real estate approximately 2.5 times the same period last year.

在房地產領域。正如我所說，我們在一月份就曾呼籲，價值正在觸底，復甦的支柱正在就位。我們對自己的信念做了什麼？今年前六個月我們部署了近 150 億美元。而房地產約為去年同期的2.5倍。

Since January, Green Street's index of private real estate values has had six consecutive months of flat or increasing values for the first time in over two years. In our own portfolio, we're now seeing more bidders show up to sales processes for single assets, driving price improvement.

自一月份以來，格林街私人房地產價值指數連續六個月持平或上漲，這是兩年多來首次。在我們自己的投資組合中，我們現在看到更多的投標者出現在單一資產的銷售流程中，這推動了價格的提高。

Overall, the cost of capital has declined significantly with borrowing spreads and base rates moving lower. While the availability of debt capital has increased significantly. At the same time, new construction starts are falling sharply and are at or near 10-year lows in the US for both warehouses and apartment buildings, our two largest areas of concentration.

整體而言，隨著借貸利差和基本利率下降，資本成本大幅下降。同時，債務資本的可用性大幅增加。同時，美國倉庫和公寓大樓（我們最大的兩個集中領域）的新開工率急劇下降，並且處於或接近 10 年來的低點。

Our market driven by supply and demand is very positive for long term values. Nevertheless, the office sector remains under substantial pressure with more troubled assets likely to emerge. For Blackstone, as we've discussed, we have minimal exposure to traditional US office in our expansive equity portfolio.

我們的市場由供需驅動，對長期價值非常有利。儘管如此，辦公室產業仍面臨巨大壓力，可能會出現更多問題資產。對於黑石來說，正如我們所討論的，在我們廣泛的股票投資組合中，我們對傳統美國辦事處的投資很少。

Exposure is higher in our public mortgage rate, creating some challenges, although its focus on senior loans has been an important factor in navigating the sector's dislocation, with the vast majority of our global real estate portfolio, concentrated in logistics, rental housing and data centers, Blackstone is in a very differentiated position.

我們的公共抵押貸款利率風險較高，帶來了一些挑戰，儘管其對高級貸款的關註一直是解決該行業混亂的一個重要因素，因為我們的全球房地產投資組合絕大多數集中在物流、租賃住房和資料中心，黑石處於非常差異化的地位。

Moving to our private wealth business, where our momentum has been accelerating. We raised $7.5 billion in the channel overall in the second quarter. In the perpetual vehicles, we raised over $6 billion in the second quarter and nearly $13 billion in the first half of the year already exceeding what we raised from individuals in all of 2023.

轉向我們的私人財富業務，我們的勢頭一直在加速。第二季我們透過該管道籌集了 75 億美元資金。在永續投資工具中，我們第二季籌集了超過 60 億美元，上半年籌集了近 130 億美元，已經超過了我們 2023 年全年從個人籌集的資金。

Fee credit led the way with $3.4 billion raised in the quarter, the highest level in two years. BXPE raised $1.6 billion in the quarter, reaching $4.3 billion in its first month -- six months and BREIT is seeing encouraging signs on the new sales front, raising $900 million in Q2, the best quarter in over a year. The vehicle has delivered six straight months of positive performance and has fulfilled 100% of repurchase requests every month since February.

費用信貸一馬當先，本季籌集了 34 億美元，為兩年來的最高水準。 BXPE 在本季籌集了16 億美元，在六個月內就達到了43 億美元，而BREIT 在新的銷售方面看到了令人鼓舞的跡象，在第二季度籌集了9 億美元，這是一年多來最好的季度。該車輛已連續六個月表現良好，自 2 月以來每個月都滿足了 100% 的回購請求。

Requests in June were down 85% from the peak last year, down 50% from May and have declined further month to date in July. As we've been saying for some time, we believe flows in the wealth channel ultimately follow performance.

6 月的請求量較去年高峰下降 85%，較 5 月下降 50%，7 月迄今進一步下降。正如我們一段時間以來所說的那樣，我們相信財富管道的流動最終取決於業績。

We built the leading platform in our industry with over $240 billion and three large scaled perpetual vehicles. We have more in development, including two, we plan to bring to market by early next year. First, an infrastructure vehicle that will provide investors access to the full breadth of the firm's strategies in this area, including equity, secondaries and credit.

我們用超過2400億美元和三輛大型永續汽車打造了業界領先的平台。我們正在開發更多產品，其中有兩個，我們計劃在明年初推向市場。首先，基礎設施工具將使投資者能夠了解公司在該領域的全面策略，包括股權、二級市場和信貸。

And second, a vehicle that we'll invest across our expansive credit platform. Our commitment to the $85 trillion private wealth market is stronger than ever. Multiple other areas of the firm are showing strong momentum today. Our credit and insurance business is thriving in an environment of higher interest rates and accelerating demand for both investment grade and non-investment grade strategies.

其次，我們將在我們廣泛的信貸平台上投資的工具。我們對 85 兆美元私人財富市場的承諾比以往任何時候都更加堅定。今天，該公司的多個其他領域也表現出強勁的勢頭。我們的信貸和保險業務在利率上升以及投資等級和非投資等級策略需求加速的環境中蓬勃發展。

Our performance has been outstanding with minimal defaults of less than 40 basis points over the last 12 months and our noninvestment grade portfolio. Our scale allows us to focus on larger investments where competitive dynamics are more favorable and where the quality of borrowers and sponsors is higher.

我們的表現非常出色，過去 12 個月的最低違約率低於 40 個基點，而且我們的投資組合均為非投資等級。我們的規模使我們能夠專注於競爭更有利、借款人和發起人更高品質的更大投資。

In our nearly $120 billion global direct lending business, our emphasis on senior secured positions with average loan to values of 44% provides significant equity cushion subordinate to our loans. We are the sole or lead lender in approximately 80% of our US portfolio helping us to drive document negotiations and control the dialogue with borrowers if any challenges arise.

在我們近 1,200 億美元的全球直接貸款業務中，我們對平均貸款價值為 44% 的優先擔保頭寸的重視為我們的貸款提供了重要的股權緩衝。我們是我們約 80% 的美國投資組合的唯一或主要貸款人，幫助我們推動文件談判並在出現任何挑戰時控制與借款人的對話。

We believe our scale, careful sector and asset selection and deep experience will differentiate us in a world of greater performance, dispersion in credit. In our investment grade Focused Credit business. Our goals to deliver higher yields declined primarily insured by migrating a portion of their liquid portfolios to private credit.

我們相信，我們的規模、謹慎的行業和資產選擇以及豐富的經驗將使我們在業績更高、信貸分散的世界中脫穎而出。在我們的投資等級重點信貸業務。我們提供更高收益率的目標下降主要是透過將部分流動性投資組合遷移到私人信貸來保證的。

We placed or originated $24 billion of a rated credit on average in the first half of 2024, up nearly 70% year over year, which generated approximately 185 basis points of excess spread versus comparably rated liquid credits.

2024 年上半年，我們平均發放或發放了 240 億美元的評級信貸，年增近 70%，與同等評級的流動信貸相比，產生了約 185 個基點的超額利差。

Our insurance AUM grew 21% year over year to $211 billion, driven by strong client interest in our asset-light open architecture model. We have four large strategic relationships and 15 SMAs today, and we expect our business to grow significantly from here.

由於客戶對我們的輕資產開放架構模型的強烈興趣，我們的保險資產管理規模年增 21% 至 2,110 億美元。如今，我們擁有 4 個大型策略關係和 15 個 SMA，我們預計我們的業務將從這裡開始顯著成長。

Moving to infrastructure, our total platform across the firm now exceeds $100 billion, as Steve noted, including our perpetual BIP strategy, infrastructure, secondaries and other infrastructure equity and credit investments.

轉向基礎設施，正如史蒂夫指出的那樣，我們整個公司的總平台現已超過 1000 億美元，包括我們的永久 BIP 戰略、基礎設施、二級市場和其他基礎設施股權和信貸投資。

We built this platform from the ground up to become one of the largest in the world. BIP specifically reached a $50 billion milestone, including July fundraising, up 21% from year end 2023, performance has been exceptional with the co-mingled BIP strategy, generating 16% net returns annually since inception, beating the public infrastructure index by nearly 1,100 basis points per year.

我們從頭開始建立這個平台，使其成為世界上最大的平台之一。 BIP 具體達到了500 億美元的里程碑，包括7 月的融資，較2023 年底增長21%，混合BIP 策略的表現非常出色，自成立以來每年產生16% 的淨回報，比公共基礎設施指數高出近1,100 個基點每年點數。

We are well positioned to address the massive funding needs for infrastructure projects globally, including digital and energy infrastructure. Just last week, we agreed to invest nearly $1 billion in a portfolio of solar and wind projects in the US alongside next era, the largest public renewables developer in the country.

我們有能力滿足全球基礎設施項目（包括數位和能源基礎設施）的大量資金需求。就在上週，我們同意與美國最大的公共再生能源開發商 Next Age 一起投資近 10 億美元在美國的太陽能和風能項目組合。

A final comment on our drawdown fund business where there are a number of initiatives we're quite excited about. We've launched or expect to launch fundraising in the next few quarters from the new vintages, multiple strategies. These include the successors to our $5 billion Life Sciences Fund, $9 billion, Private Credit, Opportunistic Strategy, $22 billion Private Equity Secondaries Fund and $6 billion Private Equity Asia Fund.

最後評論一下我們的提款基金業務，其中有許多舉措讓我們感到非常興奮。我們已經啟動或預計在未來幾季透過新年份、多種策略啟動募款活動。其中包括 50 億美元生命科學基金、90 億美元私人信貸、機會主義策略、220 億美元私募股權二級基金和 60 億美元私募股權亞洲基金的後續基金。

All have strong track record and we expect the new vintages to be at least as large as and in most cases, hopefully larger than the current funds. While the fundraising environment has been challenging. We're seeing more receptivity from LPs today as markets improve. Importantly, when we meet with our clients around the world, what we consistently hear is that they are holding or increasing their allocations to alternatives and to Blackstone.

所有基金都有良好的業績記錄，我們預計新年份的基金規模至少與現有基金一樣大，而且在大多數情況下，希望比現有基金更大。儘管募款環境充滿挑戰。隨著市場的改善，我們今天看到有限合夥人的接受度越來越高。重要的是，當我們與世界各地的客戶會面時，我們不斷聽到的是他們正在持有或增加對另類投資和黑石的配置。

In closing, our firm is emerging from this multiyear period of higher cost of capital even stronger than before. And we're sticking with our model of being a third party asset manager, relying on our track record, our people and the power of our brand to grow.

最後，我們公司正在擺脫資本成本較高的多年時期，甚至比以前更強大。我們堅持作為第三方資產管理公司的模式，依靠我們的業績記錄、我們的員工和我們品牌的力量來發展。

With that, I will turn things over to our very capable CFO, Mr. Chae.

這樣，我將把事情交給我們非常有能力的財務長蔡先生。

Thanks, John, and good morning, everyone. The firm delivered steady financial results in the second quarter with positive momentum in fundraising and deployment as you've heard today. I will first review results and will then discuss investment performance and the outlook.

謝謝約翰，大家早安。正如您今天所聽到的，該公司第二季度的財務業績穩定，籌款和部署勢頭良好。我將首先回顧結果，然後討論投資績效和前景。

Starting with results, the firm's expansive range of growth engines continues to power AUM to new record levels, total AUM increased 7% year over year to $1.1 trillion with inflows of $39 billion in the quarter and $151 billion over the last 12 months.

從業績開始，該公司廣泛的成長引擎繼續推動資產管理規模達到新的紀錄水平，資產管理規模總額年增7%，達到1.1 兆美元，本季流入390 億美元，過去12 個月流入1,510 億美元。

Fee-earning inflows were also $151 billion for the LTM period, including $53 billion in the second quarter, the highest level in 2.5 years lifting fee-earning AUM by 11% to $809 billion. We activated the investment periods for our Corporate Private Equity and PE energy transition flagships in the second quarter which along with BXPE and private wealth, were in fee holidays as of quarter end, representing $27 billion of fee AUM in aggregate.

LTM 期間的手續費收入流入也為 1,510 億美元，其中第二季為 530 億美元，為 2.5 年來的最高水平，使手續費收入 AUM 增長 11% 至 8,090 億美元。我們在第二季度啟動了企業私募股權和 PE 能源轉型旗艦項目的投資期，截至季度末，該投資期與 BXPE 和私人財富一起處於費用假期，總計 270 億美元的費用 AUM。

Notwithstanding the temporary impact from these fee holidays management fees increased 5% year over year to a record $1.8 billion in the second quarter. Notably, Q2 represented the 58, consecutive quarter of year-over-year growth in base management fees at the firm.

儘管受到這些費用假期的暫時影響，第二季的管理費仍年增 5%，達到創紀錄的 18 億美元。值得注意的是，第二季是該公司基本管理費連續第 58 季年增率。

Fee related earnings were $1.1 billion or $0.91 per share. The comparison of FRE to prior periods was impacted by decline in fee-related performance revenues in the real estate segment, including from BREIT as its positive year to date, depreciation came in modestly below the required hurdle.

與費用相關的收益為 11 億美元，即每股 0.91 美元。 FRE 與前期的比較受到房地產領域與費用相關的業績收入下降的影響，其中包括 BREIT 作為其今年迄今為止的積極收入，折舊略低於所需的門檻。

These revenues carry favorable margins and their decline impacted the firm's FRE margin in the second quarter. These factors are partly offset by the steadily growing contribution from our direct lending business with fee-related performance revenues in the credit and insurance segment, rising 24% year over year to $168 million.

這些收入具有良好的利潤率，其下降影響了該公司第二季的 FRE 利潤率。這些因素被我們的直接貸款業務穩定成長的貢獻所部分抵消，信貸和保險領域的費用相關績效收入年增 24% 至 1.68 億美元。

Distributable earnings were $1.3 billion in the second quarter or $0.96 per share of 3% year over year. PE was underpinned by the firm steady baseline of fee-related earnings, with Q2 representing the 11 consecutive quarter of FRE over $1 billion.

第二季可分配收益為 13 億美元，每股收益 0.96 美元，年增 3%。 PE 受到費用相關收益穩定基線的支撐，第二季 FRE 連續 11 個季度超過 10 億美元。

Net realizations were $308 million in the second quarter, up year over year, but still reflective of that of a backdrop. That is not yet robust as it relates to scale dispositions. That said, we executed the sale of a number of public and private holdings in the second quarter, concentrated in our Asia private equity business, including a leading healthcare services company in Korea, the IPO and subsequent sale of stock to one of the largest housing finance platforms in India and the sale of stock of an India-based technology company.

第二季淨變現額為 3.08 億美元，年成長，但仍反映了大背景。這還不夠穩健，因為它涉及規模配置。也就是說，我們在第二季度出售了一些公共和私人持股，主要集中在我們的亞洲私募股權業務，包括韓國一家領先的醫療服務公司的首次公開募股以及隨後將股票出售給最大的房地產公司之一印度的金融平台以及出售印度科技公司的股票。

Moving to investment performance. Our funds generated healthy overall appreciation in the second quarter led by strength in infrastructure, private credit and life science. Infrastructure reported 6.3% appreciation in the quarter and 22% over the last 12 months, with broad gains across digital, transportation and energy infrastructure.

轉向投資績效。在基礎設施、私人信貸和生命科學實力的帶動下，我們的基金在第二季實現了健康的整體升值。基礎設施本季成長 6.3%，過去 12 個月成長 22%，數位、交通和能源基礎設施領域廣泛成長。

Our data center platform was again the single largest driver of appreciation in our real estate and infrastructure businesses and for the firm overall in the second quarter. In credit, we reported another outstanding quarter against a continuing positive backdrop for private debt market fundamentals.

我們的資料中心平台再次成為我們的房地產和基礎設施業務以及第二季整個公司升值的最大推動力。在信貸方面，在私人債務市場基本面持續積極的背景下，我們報告了另一個出色的季度。

The private credit strategies generated a gross return of 4.2% in the quarter and 18% for the LTM period. The default rate across our 2000 plus non-investment grade credits was less than 40 basis points over the last 12 months. As John noted, with no new defaults in private credit in the second quarter.

私人信貸策略本季的總回報率為 4.2%，LTM 期間的總回報率為 18%。過去 12 個月，我們 2000 年以上非投資等級信貸的違約率低於 40 個基點。正如約翰指出的那樣，第二季私人信貸沒有出現新的違約情況。

Our Multi-Asset Investing platform, BXMA reported a 2.1% gross return for the absolute return composite, the 17 consecutive quarter of positive performance and 12% for the last 12 months. The BXMA has done an extraordinary job delivering resilient all-weather returns over the past several years through volatile equity markets and the longest and deepest drawdown in bonds on record.

我們的多元資產投資平台 BXMA 報告稱，絕對回報率綜合總回報率為 2.1%，這是連續 17 個季度取得積極表現，過去 12 個月為 12%。過去幾年，BXMA 表現出色，透過動盪的股市和有史以來最長、最深的債券回撤，提供了具有彈性的全天候回報。

Since the start of 2021, the absolute return composite net of fees is a cumulative 27% or nearly double the traditional 60, 40 portfolio. The corporate PE funds appreciated 2% in the second quarter and 11% for the LTM period. Our operating companies overall reported stable mid-single digit year over year revenue growth, along with continued margin strength and real estate values were stable overall in the quarter, supported by strength in data centers and global logistics. This was offset by declines in our office portfolio, including life sciences office and certain other factors.

自 2021 年初以來，扣除費用後的絕對綜合回報累計達到 27%，幾乎是傳統 60、40 投資組合的兩倍。企業 PE 基金第二季升值 2%，LTM 期間升值 11%。在資料中心和全球物流實力的支持下，我們的營運公司整體上實現了穩定的中個位數年收入成長，利潤率持續走強，房地產價值在本季整體保持穩定。這被我們辦公室組合的下降所抵消，包括生命科學辦公室和某些其他因素。

One final highlight on investment performance. Our dedicated life sciences business delivered a standout second quarter funds appreciated 11.9% and a remarkable 33% for the LTM period after achieving positive milestones for multiple treatments under development, including for stroke prevention, cardiovascular disease and rare forms of epilepsy in children.

最後一個亮點是投資表現。我們專注的生命科學業務在第二季度表現出色，在開發中的多種治療方法（包括中風預防、心血管疾病和兒童罕見癲癇）方面取得了積極的里程碑之後，基金在LTM 期間增長了11.9% ，在LTM 期間增長了33%。

The growth in performance of this business is yet another example of the firm's ability over many years to innovate and translate mega-trends into large-scale businesses for the benefit of our investors. Turning to the outlook, we're putting in place the foundation for a favorable step-up in earnings power over time.

該業務業績的成長是該公司多年來創新並將大趨勢轉化為大規模業務以造福投資者的能力的又一例證。談到前景，我們正在為隨著時間的推移獲利能力的有利提升奠定基礎。

First, in terms of net realizations, we expect a near-term lag between improving markets and a pickup in these revenues. As we stated previously. In the meantime, the firm's underlying performance revenue potential has continued to build with performance revenue eligible AUM in the ground reaching a record $531 billion at quarter-end.

首先，就淨實現而言，我們預期市場改善與收入回升之間存在短期滯後。正如我們之前所說。同時，該公司的潛在業績收入潛力持續增強，符合條件的業績收入資產管理規模在季度末達到創紀錄的 5,310 億美元。

Meanwhile, net accrued performance revenue on the balance sheet, the firm's store value grew sequentially to $6.2 billion or $5.08 per share as markets heal and liquidity improves, we are well positioned for a significant acceleration in net realizations over time.

同時，隨著市場的復甦和流動性的改善，資產負債表上的淨應計績效收入、公司的儲值連續增長至62 億美元或每股5.08 美元，隨著時間的推移，我們已經做好了淨變現大幅加速的準備。

In terms of FRE, we anticipate a material step-up in FRE in the fourth quarter with multiple drivers of note. First, with respect to management fee holidays, the corporate PE and energy transition flagships will exit their respective fee holidays in the coming months and will generate full management fees in Q4, the BXPE the exited the holiday this month.

就 FRE 而言，我們預計第四季度 FRE 將出現實質成長，並有多個值得注意的驅動因素。首先，就管理費假期而言，企業PE和能源轉型旗艦將在未來幾個月退出各自的費用假期，並將在第四季度產生全額管理費，BXPE本月退出假期。

Second, in terms of fee-related performance revenues, Q4 includes a scheduled crystallization for the co-mingled BIP infrastructure strategy with respect to three years of significant accrued gains as well as BXPE's first crystallization event. With respect to full year 2024 gains.

其次，就與費用相關的績效收入而言，第四季度包括混合 BIP 基礎設施策略的預定結晶，涉及三年的重大應計收益以及 BXPE 的第一次結晶事件。就 2024 年全年收益而言。

Looking forward, to 2025, we will see the full year benefit of the flagship vehicles that were activated in 2024. We also expect to raise multiple other flagship throughout the course of 2025, including life sciences, private equity, secondaries, private equity, Asia and other major strategies.

展望 2025 年，我們將看到 2024 年啟用的旗艦工具的全年效益。其他重大戰略。

In addition, we expect the continued expansion of our platform and perpetual strategies, which has grown by 2.5 times in the past three years. And importantly, our credit insurance business is on a strong positive trajectory with segment FRE increasing nearly 30% year over year in the second quarter. The dual engines of performance and innovation at Blackstone continue to drive the firm forward.

此外，我們預計我們的平台和永久策略將持續擴張，在過去三年中成長了2.5倍。重要的是，我們的信用保險業務正處於強勁的積極軌道，第二季 FRE 業務較去年同期成長近 30%。 Blackstone 的業績和創新雙引擎繼續推動公司前進。

In closing, the firm is exceptionally well positioned against today's evolving backdrop with powerful structural tailwinds and multiple engines of growth. Our long-term capital provides the flexibility and firepower to invest and the patients to sell assets when the time is right, we are very optimistic about the future of Blackstone.

最後，在當今不斷發展的背景下，該公司擁有強大的結構性順風和多個成長引擎，處於極其有利的地位。我們的長期資本提供了投資的靈活性和火力以及患者在時機成熟時出售資產的能力，我們對黑石的未來非常樂觀。

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

在此，我們感謝您加入此次電話會議，並希望現在可以開始提問。

(operator Instructions)

（操作員說明）

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning, everyone.So my question is on investing. It was nice to see the sharp pickup in both deployments and commitments in the quarter and with the credit piece more steady. We wanted to get your perspective on the two equity businesses, real estate and private equity.

大家早安，我的問題是關於投資的。很高興看到本季度的部署和承諾都急劇上升，並且信用部分更加穩定。我們希望了解您對房地產和私募股權這兩項股權業務的看法。

So and do you think we'll likely see further progress in the second half or is a $24 billion deployment and $19 billion commitment on rates driven by upticks in PE real estate, really good run rate going forward, just given the strong activity levels that already achieved this quarter?

那麼，您認為我們可能會在下半年看到進一步的進展嗎？ 。

So Craig, it's a good question. I think it's hard to put an exact number, but there are some, I think, very positive signs the fact that we have $19 billion committed at the end of the quarter is a good forward indicator, have a lot of activity. I would say that just the volume of what we're seeing across our business.

克雷格，這是一個很好的問題。我認為很難給出一個確切的數字，但我認為有一些非常積極的跡象，即我們在本季末承諾投入 190 億美元，這是一個很好的前瞻性指標，有很多活動。我想說的是我們在整個業務中看到的數量。

Our equity strategies is picking up. We did this last quarter, our first growth deal in a while buying an ERP software business in Israel, we've seen good activity in our secondaries business that has clearly picked up year on year, I think double the activity over last year's level. Infrastructure, quite busy, real estate a little more episodic, but we are definitely leaning in as we've talked about and then private equity, broad-based global, we bought a couple of companies in Japan.

我們的股票策略正在回升。我們上個季度完成了這項交易，這是我們在以色列購買ERP 軟體業務以來的第一筆成長交易，我們看到我們的二級業務活動良好，同比明顯有所回升，我認為活動是去年水平的兩倍。基礎設施相當繁忙，房地產有點不穩定，但我們肯定會像我們所討論的那樣傾斜，然後是私募股權，基礎廣泛的全球性，我們在日本購買了幾家公司。

We bought an insurance brokerage in India. We bought some software and online platforms in Europe. We bought a fast food business here in the United States. And I would say by virtue and I said it last quarter, sort of my briefcase indicator continues to be getting full and indicates that there should be increasing solid levels of transaction activity.

我們在印度買了一家保險經紀公司。我們在歐洲購買了一些軟體和線上平台。我們在美國買了一家快餐店。我想說的是，我上個季度說過，我的公文包指標繼續變滿，顯示交易活動的水平應該會不斷增加。

So I think the fact that we're seeing REITs coming down and some of the markets being more conducive, more people are thinking about selling assets. I think as the IPO market reopens, we should see more. It's hard to say it's a straight line, but the overall trend lines on investing are positive.

因此，我認為事實上，我們看到房地產投資信託基金正在下降，而且一些市場變得更加有利，更多的人正在考慮出售資產。我認為隨著 IPO 市場重新開放，我們應該會看到更多。很難說這是一條直線，但投資的整體趨勢線是正面的。

Michael Cyprus, Morgan Stanley.

麥可‧塞浦路斯，摩根士丹利。

Morning, Mike. Mike, are you with us.

早上好，麥克。麥克，你和我們一起嗎？

Please check your mute function, we're unable to hear you.

請檢查您的靜音功能，我們聽不到您的聲音。

Let's move on to the second one.

讓我們繼續討論第二個。

Alex Blostein, Goldman Sachs

亞歷克斯·布洛斯坦，高盛

Jonathan, maybe just building on your point around deployment activity picking up, I was hoping we could go on and on what that could mean for real estate fundraising. Obviously, it's been an area of somewhat of a challenge, but as deployment ramps and you guys are making nice progress on breadth of 10, I believe in other areas as well.

喬納森，也許只是基於您關於部署活動回升的觀點，我希望我們可以繼續討論這對房地產籌款意味著什麼。顯然，這是一個有點挑戰的領域，但隨著部署的逐步推進，你們在 10 個領域取得了不錯的進展，我相信其他領域也是如此。

So what areas do you think will be the soonest to come back when it comes to real estate fundraising and your broader outlook there over the next 12 to 18 months?

那麼，在未來 12 到 18 個月內，您認為哪些領域的房地產融資以及您對這些領域的更廣泛的展望將最快回歸？

Well, obviously, the sentiment for investors on real estate has been pretty negative given what's happened in much of their portfolios. We have been an outlier. We've raised over $8 billion for our latest opportunistic European fund.

顯然，考慮到大部分投資組合所發生的情況，投資者對房地產的情緒相當消極。我們一直是個局外人。我們已為最新的機會主義歐洲基金籌集了超過 80 億美元。

We've raised now a little over $5 billion for our latest Real Estate Debt Fund. I think they're going to be a little more cautious going into open-ended funds till they see more of a pickup. I think it is an area that's probably a little more muted for a period of time just because of investor caution.

目前，我們已為最新的房地產債務基金籌集了略高於 50 億美元的資金。我認為他們在投資開放式基金時會更加謹慎，直到看到更多的回升。我認為，由於投資者的謹慎態度，這個領域在一段時間內可能會更加平靜。

But we've seen this before. If you went back to the financial crisis, now, people wait for the numbers to get better to feel better about a sector and then they start to jump in. I will say the tenor of the conversations around real estate have improved. I think people are recognizing that prices have reset and that it's an interesting time to get back in.

但我們以前見過這個。如果你回到金融危機，現在，人們等待數據好轉，以便對某個行業感覺更好，然後他們開始介入。我認為人們正在認識到價格已經重置，現在是回歸的有趣時機。

And I think one of the really important things, and Steve pointed this out in his remarks, is the differentiation of our performance the fact that we're three quarters allocated, so logistics, rental housing and data centers, which looks very different than other investors. And I think like the financial crisis and may take a bit of time.

我認為真正重要的事情之一，史蒂夫在他的演講中指出了這一點，是我們業績的差異化，事實上我們分配了四分之三，所以物流、租賃住房和數據中心，這看起來與其他地方非常不同投資者。我認為像金融危機一樣，可能需要一些時間。

But when people see the dispersion in performance and how we've done, I think we'll see significant capital moving in our direction. So the path of travel here, I think for us is good. But in real estate, I think it'll take a little bit of time just because of the experience investors have had in the sector.

但當人們看到業績的分散性以及我們的表現時，我認為我們會看到大量資本朝著我們的方向發展。所以我認為這裡的旅行路線對我們來說是好的。但在房地產領域，我認為這需要一點時間，因為投資者在該領域擁有豐富的經驗。

I'd just add Alex, it's Michael. In terms of the BREP drawdown area, obviously, I think our timing was fortuitous in terms of being able to raise those funds over the last two or three years and now being in a really amazing position with 60 billion of dry powder. And so we're in a good position where it subject to finishing the Europe, the drawdown fund raise, we have a lot of dry powder to divest from those opportunistic vehicles.

我只想添加亞歷克斯，這是邁克爾。顯然，就 BREP 回撤領域而言，我認為我們的時機是偶然的，能夠在過去兩三年內籌集到這些資金，而且現在擁有 600 億乾粉，處於非常驚人的位置。因此，我們處於一個有利的位置，隨著歐洲的結束、回撤資金的籌集，我們有很多乾粉可以從那些機會主義工具中剝離。

Thanks so much.

非常感謝。

Glenn Schorr, Evercore ISI.

格倫·肖爾，Evercore ISI。

Hello, there. Good morning. Curious if we get a little more age on bank partnerships and asset-backed finance, there was another deal announced today outside of you guys, but there's been a tremendous amount of news flow in that space and the asset back opportunity might be multiples larger than what we've seen in middle-market lending. So I wonder if you could help frame the opportunity and remind us what you have on the ground already?

你好呀。早安.很好奇，如果我們在銀行合作夥伴關係和資產支持融資方面有更多的經驗，今天除了你們之外還宣布了另一項交易，但該領域有大量的新聞流，資產支持機會可能比你們大好幾倍我們在中間市場貸款中看到的情況。所以我想知道您是否可以幫助建立這個機會並提醒我們您已經擁有什麼？

Well, I think it is a big area of opportunity because I think you can offer clients higher returns in investment grade private credit, particularly in the asset-backed sector because you're able to take out a lot of the distribution cost in an ABS, ABS transaction and so.

嗯，我認為這是一個很大的機會領域，因為我認為你可以在投資級私人信貸方面為客戶提供更高的回報，特別是在資產支持領域，因為你可以在 ABS 中扣除大量分配成本、 ABS交易等。

We've seen a tremendous amount of interest in this area. In fact, we talk about 15 SMAs with insurance companies away from the big four strategic partnerships. And virtually all of those have some piece of asset-backed finance, it could be fund finance. It could be transportation digital. It could be green energy. It could be residential.

我們看到人們對這一領域表現出極大的興趣。事實上，我們與四大保險公司以外的保險公司談論了 15 份 SMA 策略合作夥伴關係。事實上，所有這些都擁有某種資產支持融資，可能是基金融資。它可能是數位化的交通。它可能是綠色能源。它可能是住宅。

We're just seeing a tremendous amount of interest in this area. We've been building up the number of platforms. We have partnerships flow agreements with banks. We've been making some smaller strategic investments from our partners. As you know, we have a balance sheet light approach to this, but I think that market is something like a $5 trillion market and it's the penetration remains very low.

我們剛剛看到人們對這一領域表現出極大的興趣。我們一直在建立一定數量的平台。我們與銀行簽訂了合作夥伴流動協議。我們一直在從合作夥伴那裡進行一些較小的策略性投資。如您所知，我們對此採取了輕資產負債表的方法，但我認為這個市場類似於 5 兆美元的市場，而且滲透率仍然很低。

And we have seen a big pickup in terms of our volumes in this area. And I would expect you'll see more I would also point out that the build-out of the AI infrastructure, which Steve dwelled on and I think is really important.

我們已經看到我們在這一領域的銷售量大幅上升。我希望你會看到更多，我還要指出人工智慧基礎設施的構建，史蒂夫詳細討論了這一點，我認為這非常重要。

Much of that will be an Asset Backed Finance. And so if you think about financing data centers and financing the power that's going to support that it will be ABF in the fact that we have an enormous equity business that invests in scale in both of these areas and have a lot of expertise makes credit investors and insurance companies, particularly want to allocate more capital.

其中大部分將是資產支持融資。因此，如果您考慮為資料中心提供融資並為支援的電力提供融資，那麼ABF 是事實，因為我們擁有龐大的股權業務，在這兩個領域進行了規模投資，並且擁有大量專業知識，這使得信貸投資者保險公司尤其希望配置更多資本。

So it feels to us like a very big market early days in terms of penetration and because these are long duration assets, I think the holders really appreciate additional spread and the dialogue in this area is as good as anywhere the firm today.

因此，就滲透率而言，我們感覺早期市場是一個非常大的市場，而且因為這些是長期資產，我認為持有者真的很欣賞額外的價差，而且該領域的對話與公司今天的任何地方一樣好。

Thanks John.

謝謝約翰。

Crispin Love, Piper Sandler.

克里斯平·洛夫，派珀·桑德勒。

Thanks. Good morning, everyone. Appreciate you taking my question.

謝謝。大家，早安。感謝您回答我的問題。

Just a big picture question on the election. Just with the US election rapidly approaching, can you speak to what you expect to be the biggest impacts to you prior to the election? And then how that could impact near term deployment and realizations?

只是一個關於選舉的大問題。隨著美國大選的臨近，您能談談您認為大選前對您最大的影響是什麼嗎？那麼這將如何影響近期部署和實作？

And then how you would also expect the differences between former President Trump or President Biden or perhaps another Democrat occupying the White House can impact Blackstone in the environment over there intermediate term and beyond and how that could change, if any just depending on what we see in November?

然後，您還會預期前總統川普或總統拜登或另一位入主白宮的民主黨人之間的差異會如何影響黑石在中期及以後的環境中以及這種情況會如何改變（如果有的話），這取決於我們所看到的情況十一月？

I think on the pre-election side, I think investors, frankly are more focused on what's happening with the economy and in particular with inflation. I know there will be a lot of press coverage, of course, rightfully on how the Democrats Republicans are doing work, how things look.

我認為在選舉前方面，坦白說，我認為投資者更關注經濟，特別是通貨膨脹的情況。當然，我知道會有很多媒體報導民主黨共和黨如何開展工作以及事情看起來如何。

But I think if we get good prints on inflation, that gives the fed more air cover to cut rates, that will be more determinative of how markets perform. So I think that is really the key thing to keep your eye on, even though there will be a lot of press focus on the election itself.

但我認為，如果我們獲得有關通膨的良好數據，這將為聯準會提供更多降息空間，這將更能決定市場表現。因此，我認為這確實是值得關注的關鍵事情，儘管會有許多媒體關注選舉本身。

I think post-election, you could see some very different policies I would just back up and say, look, we've operated in blue environments in red and purple environment, and the constant for us is delivering great returns for our customers.

我認為選舉後，你可能會看到一些非常不同的政策，我會支持並說，看，我們在藍色環境、紅色和紫色環境中運營，而我們不變的是為我們的客戶帶來巨大的回報。

And that's what we focus on and we focus on a lot of these long-term trends that we've talked about. What's happening in digitalization, what's happening in power and life sciences, the growth of the alternatives business, private credit.

這就是我們關注的重點，我們關注我們已經討論過的許多長期趨勢。數位化領域正在發生什麼，電力和生命科學領域正在發生什麼，另類業務的成長，私人信貸。

We think those are the long term determinants of value. That being said, what happens here, there will be differences. There'll be differences in the regulatory front. Certainly, if you had a Republican administration in areas like antitrust, you would see a different posture, I would believe.

我們認為這些都是價值的長期決定因素。話雖如此，這裡發生的事情將會存在差異。監管方面會有差異。當然，我相信，如果在反壟斷等領域有一個共和黨政府，你會看到不同的姿態。

And energy, you could see obviously a different approach on hydrocarbons versus renewables, and you have to factor that into investing. And you could see a very different policy in terms of tariffs, broadening out and maybe being certainly higher you have to think about that in terms of manufacturing businesses.

在能源方面，您可以明顯看到碳氫化合物與再生能源的不同方法，您必須將其納入投資中。你可能會在關稅方面看到一個非常不同的政策，擴大範圍，也許肯定會更高，你必須在製造業方面考慮這一點。

So the good news is I think we have a pretty good sense of what that may look like. And we're really focused on the long-term and some of these big sectors where we think there are huge opportunities. And regardless of which side winds, I think those things will be really the critical item in terms of driving higher returns.

所以好消息是我認為我們對這可能會是什麼樣子有很好的了解。我們真正關注的是長期發展，以及我們認為存在巨大機會的一些大領域。無論哪一邊的風向，我認為這些事情都將是推動更高回報的關鍵因素。

Thank you, John.

謝謝你，約翰。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

All right. Great. Thanks. Good morning, folks, Maybe a quick question for Michael. On the FRE margin. You obviously as you're scaling or I should say, as you're building the base management fees with the funds coming off holiday and these new funds coming into market in '25.

好的。偉大的。謝謝。早安，夥計們，也許有一個簡單的問題要問邁克爾。在 FRE 邊際上。顯然，你正在擴大規模，或者我應該說，你正在利用假期結束後的基金和這些 25 年進入市場的新基金來建立基本管理費。

And obviously, on the deployment on the credit side, as you think about '25 from an FRE margin perspective, I know, Michael, you've said, certainly want to scale the FRE margin over time, but should we be set up for a step-up in the FRE margin in '25, excluding the impact of whatever happens with fee-related performance fees. And then if you could just remind us of what you think the comp ratio overall on FRE is. Maybe that depends by product a few questions in there, but basically FRE margin ex-purpose is the base question?

顯然，在信貸方面的部署，當你從 FRE 利潤率的角度考慮 25 時，我知道，邁克爾，你說過，當然希望隨著時間的推移擴大 FRE 利潤率，但我們是否應該為25 年FRE 利潤率有所提高，不包括與費用相關的績效費用所發生的影響。然後您能否提醒我們您認為 FRE 的整體薪酬比率是多少？也許這取決於產品中的一些問題，但基本上 FRE 利潤的目的是基本問題？

I think the underlying sort of trajectory and baseline for margins, certainly ex-purpose, is one of stability in the near term and we think operating leverage over the long term. I think, you know correctly, the two sort of key variables in the nearer term, fee holidays and that level of sensitivity to fee-related farms revenues on fee holidays, core private equity energy transition both activated in this quarter as I mentioned.

我認為利潤率的基本軌跡和基準（當然是預先目的）是短期內的穩定性之一，我們認為長期的營運槓桿。我認為，您正確地知道，近期的兩個關鍵變量，收費假期以及收費假期對收費相關農場收入的敏感性水平，核心私募股權能源轉型，正如我提到的，都在本季度啟動。

We'll have some other funds that will be in holiday proportions to second half. So we'll come through that in the latter part of the year and into next year, and then second, that level of sensitivity fee-related performance revenues.

我們將有一些其他基金將在下半年按假期比例。因此，我們將在今年下半年和明年完成這個任務，然後是與敏感費相關的績效收入水準。

So core plus fee-related performance revenues do carry higher incremental margins generally as do direct lending incentive fees and on the other side for infrastructure Q4 represents this first large crystallization. As we've been building and scaling up that business. It carries with it a modestly lower effective margin at this stage of its development.

因此，核心加上與費用相關的績效收入確實通常會帶來更高的增量利潤，就像直接貸款激勵費用一樣，另一方面，基礎設施第四季度代表了第一個大規模的結晶。正如我們一直在建立和擴大該業務一樣。在其發展的現階段，它的有效利潤率略低。

But of course, it's been performing extraordinarily well and that's very positive for FRE an absolute dollar basis. So overall, in the near term, we'd expect full year margins to be sort of in a reasonable range relative to last year, where it falls within that, a function of the factors I mentioned that you cited and then longer term, that sort of picture of stability and over time, some operating leverage.

當然，它的表現非常出色，這對 FRE 的絕對美元基礎來說是非常積極的。因此，總體而言，在短期內，我們預計全年利潤率將相對於去年處於合理範圍內，這是我提到的您引用的因素的函數，然後是長期來看，某種程度的穩定性以及隨著時間的推移，一些營運槓桿。

So I think you framed the picture, right? I think you alluded to the right couple of variables in both the near term and into 2025. And obviously on on a long-term basis, we're very comfortable and optimistic obout it.

所以我認為你把照片裝框了，對嗎？我認為您提到了近期和 2025 年的幾個正確的變數。

Thanks Chae.

謝謝蔡。

Kenneth Worthington, JPMorgan.

肯尼斯‧沃辛頓，摩根大通。

Hi, good morning. Thanks for taking the question. In terms of the secondary business, there's been an overwhelmingly positive course of commentary from the industry at large. Two things. Maybe can you talk about deployment opportunities and the competitiveness, a private equity, equity secondaries these days.

早安.感謝您提出問題。就二級業務而言，整個產業給予了壓倒性的正面評價。兩件事情。也許你能談談部署機會和競爭力、私募股權、股權二級市場這些天的情況。

And then your secondary returns in your investment performance table as trailed private equity in other asset classes in recent years, I think in '23, up 2.5% in ;24, up 3% to date. As you go into flagship secondary fund raising what anchors your confidence in being able to raise more money in the next vintage in our returns you're here?

然後，你的投資績效表中的二級回報近年來落後於其他資產類別的私募股權，我認為在 23 年，成長了 2.5%；在 24 年，迄今成長了 3%。當您進入旗艦二級基金籌款領域時，是什麼讓您對能夠在下一個年份的回報中籌集更多資金充滿信心？

So a couple of things on the secondaries business, what I would say is that if you just look at what's happening in alternatives for growth in alternatives, which has been a double digit grower now for a long period of time, what we've seen is the need for liquidity as an asset class grows.

關於二級業務的一些事情，我想說的是，如果你看看替代品的成長情況，替代品在很長一段時間內一直保持兩位數的成長，我們所看到的是隨著資產類別增長而對流動性的需求。

And so that's why secondaries business continues to grow in our business which we started with 10 years ago and $10 billion has grown eightfold. And so there's a need for liquidity. And even today, if you look at the volume of secondaries, that trade is 1% to 2% of the underlying nav in funds, which is very low for most asset classes in terms of liquidity.

這就是我們 10 年前開始的二級業務業務持續成長的原因，目前規模已達 100 億美元，現已成長八倍。因此需要流動性。即使在今天，如果你看看二級市場的交易量，你會發現該交易僅佔基金基礎資產淨值的 1% 到 2%，這對於大多數資產類別的流動性而言都非常低。

So there is as alternatives grow the fact that this sector, there's not enough liquidity today in the sector that creates and the sector's growing, it creates a secular opportunity. And also, as you know, in the institutional market, what we've seen, is a bunch of clients who are over their targets, and that's creating a deployment opportunity.

因此，隨著替代品的成長，這個產業目前沒有足夠的流動性，而該產業的成長卻創造了一個長期的機會。而且，如您所知，在機構市場中，我們看到的是一群超越目標的客戶，這正在創造部署機會。

So I think we, as the largest player in the space, feel very good when you comment on returns, if you look at those overall and they've been remarkably strong. Yes, in recent quarters, not as strong, but since inception, mid 10s or higher returns, latest funds, high-teens net returns.

因此，我認為，作為該領域最大的參與者，當您評論回報時，我們感覺非常好，如果您從整體上看，它們非常強勁。是的，最近幾個季度，沒有那麼強勁，但自成立以來，回報率為 10 多歲或更高，最新基金的淨回報率為 10 多歲。

So when we think about going back out to raise our next flagship fund. Our confidence level is extremely high. Our last vintage, I think, was $22 billion for our private equity secondaries business. The team there in [Paris] and incredible job, our expectation is we would raise something larger.

因此，當我們考慮回去籌集下一個旗艦基金。我們的信心非常高。我認為，我們上一個年份的私募股權二級市場業務價值為 220 億美元。 [巴黎]的團隊和令人難以置信的工作，我們的期望是我們會籌集到更大的東西。

So it feels like a segment that is well positioned that there is a bit of structural inefficiency that's allowed you to generate attractive returns. Clients are beginning to really recognize that the risk return is favorable and we think it can continue to be a real growth driver here at Blackstone.

因此，感覺這個細分市場處於有利位置，存在一些結構性低效率，可以讓您產生有吸引力的回報。客戶開始真正認識到風險回報是有利的，我們認為它可以繼續成為 Blackstone 的真正成長動力。

Just to add onto and reinforce John's point. First of all, on the long-term track record, as John said, you could see them investment record 14% across the business and in the two most recent sort of invested funds at 24% and 21% net.

只是為了補充和強化約翰的觀點。首先，從長期業績記錄來看，正如約翰所說，你可以看到他們在整個業務中的投資記錄為 14%，而在最近的兩種投資基金中，淨投資率為 24% 和 21%。

I would say in the last year or so. That the return versus private equity. First of all, there is, as you know, a lag on the reporting of the secondaries business relative to the underlying GPs. Moreover, I'd say it's the nature of the secondaries business is portfolios that tend to have more mature investments.

我想說的是去年左右。即回報與私募股權的比較。首先，如您所知，二級業務的報告相對於基礎普通合夥人來說存在滯後。此外，我想說，二級業務的本質是往往擁有更成熟投資的投資組合。

And so when I think in terms of a cyclical rebound in returns, that will also lag and be more muted to some degree than the overall market and what you'll see in our own private equity business, there's also a variable around the sort of the level of deal flow a year ago and the benefit that comes from buying those funds at a discount and to the fund returns in the short term. But long term overall is it has an outstanding track record.

因此，當我認為就回報的周期性反彈而言，這也會滯後，並且在某種程度上比整體市場以及我們自己的私募股權業務中看到的情況更加溫和，圍繞這種情況也存在一個變數一年前的交易流量水準以及以折扣價購買這些基金所帶來的收益以及基金的短期回報。但從長遠來看，它擁有出色的業績記錄。

Great. Thank you.

偉大的。謝謝。

Daniel Fannon, Jefferies.

丹尼爾‧範農，傑弗里斯。

Thanks. Good morning. John, hoping you could expand a bit more on the fundamentals you're seeing in real estate and just obviously fueling some of the confidence around your accelerating deployment. I think you mentioned more buyers out in the market, but hoping to get a little more context around the broader real estate environment?

謝謝。早安.約翰，希望您能進一步擴展您在房地產領域看到的基本面，並顯然增強了對加速部署的信心。我想您提到了市場上更多的買家，但希望了解更廣泛的房地產環境的更多背景資訊？

So what we said on real estate and you guys know because we've been certainly talking about it for some time, is there are a couple of I'd say very positive signs that are emerging in the overall real estate picture office, as we've said, is more challenged.

所以我們在房地產方面所說的話，你們都知道，因為我們確實已經討論了一段時間了，我想說的是，在整個房地產圖片辦公室中出現了一些非常積極的跡象，因為我們已經說過，更具挑戰性。

Vacancy rates in office today are sort of mid 20s and it's going to take awhile to work through that. In the other sectors, the fundamentals are better. If you think about apartments and logistics in the US, 5%, 6% vacancy demand has softened a bit, but pretty steady, I'd say in both of those areas very positively supply has come down of 50 ish percent and multifamily starts 75% from the peaks in warehouse starts.

如今辦公室的空缺率約為 20 多歲，需要一段時間才能解決這個問題。其他行業的基本面較好。如果你考慮美國的公寓和物流，5%、6% 的空置需求有所減弱，但相當穩定，我想說，在這兩個領域，供應量下降了50% 左右，多戶住宅開工率達到75%從倉庫峰值開始的百分比。

So that's very good long term. But the near term thing that is really impacted price and transaction volume has been cost and availability of capital. So if you went back to the fall, the 10-year was, 80 basis points higher than it is today. Spreads were probably 100 basis points or more basis points wider.

所以從長遠來看這是非常好的。但近期真正影響價格和交易量的是成本和資本可用性。因此，如果你回到秋季，10 年期公債比今天高 80 個基點。利差可能擴大了 100 個基點或更多基點。

And the CMBS market was basically close. That's changed pretty significantly. And the result of that is in those sectors where we have our greatest exposure, which would be logistics and rental housing, we see two, three times more bidders showing up to buy assets.

CMBS市場基本收盤。這已經發生了相當大的變化。結果是，在我們擁有最大風險的領域，即物流和租賃住房，我們看到購買資產的競標者數量增加了兩到三倍。

So I think that is clearly a positive. We have said we don't see some sort of a rocket ship V-shape recovery here, but we definitely have seen if you look at the Green Tree property report six quarters, as I noted, where things have been flat and rising and the sentiments improving.

所以我認為這顯然是積極的。我們已經說過，我們在這裡沒有看到某種火箭飛船V 形復甦，但如果你看看綠樹地產六個季度的報告，我們肯定已經看到了，正如我所指出的，情況一直持平並不斷上升，情緒好轉。

So you've got a better cost of capital environment. You've got decent fundamentals and that sets the groundwork. And if you went back to the financial crisis, of course, we started deploying in the summer of 09, there were still plenty of negative headlines from troubled deals for the next couple of years and it was a great deployment period for us and there's some similarities we're seeing today.

因此，您擁有更好的資本成本環境。你已經有了良好的基礎，這為你奠定了基礎。如果你回到金融危機，當然，我們在09 年夏天開始部署，在接下來的幾年裡，仍然有很多來自陷入困境的交易的負面新聞，這對我們來說是一個很好的部署時期，有一些我們今天看到的相似之處。

The sentiment we think will stay negative because there still will be some troubled assets or through the system. But on the ground prices have cleared and some of these headwinds have gone away and that creates a favorable environment. And what we're doing now is seed planting for the future. And so these huge public to privates we've done in the US, the big push in European logistics. We think this will pay real dividends for our investors over time.

我們認為情緒將保持負面，因為仍然存在一些問題資產或通過系統。但從實際情況來看，價格已經出清，其中一些不利因素已經消失，這創造了一個有利的環境。我們現在所做的就是為未來播下種子。因此，我們在美國所做的這些大規模的公共對私人的活動，大大推動了歐洲的物流。我們認為，隨著時間的推移，這將為我們的投資者帶來真正的紅利。

Great. Thank you.

偉大的。謝謝。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

Hi, good morning and thanks for taking the question. I wanted to ask maybe a specific one on BPP. If you could give an update on sort of what's happening there with the redemption queue?

你好，早上好，感謝您提出問題。我想問一個關於 BPP 的具體問題。您能否提供有關兌換隊列的最新情況？

And then it sounds like based on your optimism around real estate performance and inflows potentially picking up over the near to medium term. How should we think about the sort of inflows and outflows of that fund evolving over the next, say, six to 12 months?

這聽起來像是基於您對房地產表現和資金流入在中短期內可能回升的樂觀態度。我們應該如何考慮該基金在未來（例如 6 到 12 個月）內的流入和流出？

On our core plus institutional business, we've seen a little bit of a pickup. It's still single digit in terms of the redemption queue across our BPP a product line. I think as you know, in this difference and then what we have in our individual investor vehicle that it's based on new capital coming in, in terms of providing liquidity over time, any institutional investors have a recognition that it takes time in a period of light like this to get liquidity.

在我們的核心業務和機構業務方面，我們看到了一些回升。就我們 BPP a 產品線的兌換隊列而言，它仍然是個位數。我認為正如你所知，在這種差異以及我們個人投資者工具的基礎上，它是基於新資本的流入，隨著時間的推移提供流動性，任何機構投資者都認識到，這需要一段時間才能實現。

As I said earlier on fundraising, my expectation would be open-ended funds will take some time before investors feel a little more confident. We're starting to see some interest, particularly folks thinking about Could they buy in that a little bit of a discount and so forth.

正如我之前在融資時所說的那樣，我的預期是開放式基金需要一段時間投資者才會感到更有信心。我們開始看到一些興趣，特別是那些想知道他們是否能以一點折扣購買的人等等。

But I think it's a question of working our way through the cycle. Again here. I think we've done a very nice job on how we've set these portfolios up for success over time. In terms of the portfolio positioning. But I would say my expectations on inflows here would be a little bit muted over the near term. But as fundamentals certainly as real estate starts to deliver more positive performance, we can see that shift. And that's exactly what happened.

但我認為這是一個如何度過這個週期的問題。又在這裡。我認為我們在如何設定這些投資組合以隨著時間的推移取得成功方面做得非常好。在投資組合定位方面。但我想說，我對短期內資金流入的預期會有點低迷。但隨著基本面肯定隨著房地產開始帶來更積極的表現，我們可以看到這種轉變。事實正是如此。

If you went back to the post-financial crisis period. Interestingly, what you see in that case is people want to get deployed and then they pull their redemptions from the queue. So in many cases they get in the queue thinking about we'll maybe I want liquidity then when the world turns, they pull that back. So I think that could happen over time as well. And it is obviously a tie here to what happens in the cycle.

如果你回到後金融危機時期。有趣的是，在這種情況下你看到的是人們想要被部署，然後他們從隊列中提取他們的兌換。因此，在很多情況下，他們在排隊時會考慮我們也許需要流動性，然後當世界發生轉變時，他們就會收回流動性。所以我認為隨著時間的推移這也可能發生。這顯然與週期中發生的事情有關。

Got it. Thank you, John.

知道了。謝謝你，約翰。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

Good morning. Thanks for taking my questions. So I was curious, given the tightening of redemption limits that we saw at S-REIT during the quarter. Can you speak to the impact that you saw in the wealth market on the back of that? And I totally appreciate that the read is dramatically and better positioned.

早安.感謝您回答我的問題。因此，考慮到本季度我們在 S-REIT 看到的贖回限制收緊，我很好奇。您能談談您在財富市場上看到的影響嗎？我非常欣賞這本書的戲劇​​性和更好的定位。

And you are actually allowed for no more redemptions, went above the limit and a clear sign of strength is not really about BREIT specifically, but more about what that impact that had on that market and maybe I have risk appetite?

事實上，你不再被允許贖回，超過了限額，一個明顯的強勢跡象並不是特別針對 BREIT，而是更多地關於這對市場的影響，也許我有風險偏好？

As you noted, there was a short term impact in May in BREIT specifically as investors got nervous. We were able to assure investors that we manage the liquidity in a very differentiated way. And then we saw in June redemption specifically and BREIT come down pretty sharply, 50% from May levels.

正如您所指出的，由於投資者感到緊張，5 月份 BREIT 受到了短期影響。我們能夠向投資者保證，我們以非常差異化的方式管理流動性。然後我們特別看到 6 月的贖回，BREIT 大幅下跌，比 5 月的水平下降了 50%。

And as I noted in my remarks, month to date, so far come down. Additionally, we have not seen a dramatic change or frankly much of a change in terms of sentiment of what's happening in the private wealth channel. I think in real estate specifically, investors are still waiting and seeing here a bit. Although we pointed out in the quarter, we had our best inflows and BREIT in a year.

正如我在發言中指出的那樣，本月迄今為止，到目前為止，情況有所下降。此外，我們還沒有看到對私人財富管道正在發生的事情的情緒發生巨大變化，或者坦率地說有很大變化。我認為，特別是在房地產領域，投資者仍在觀望。儘管我們在本季度指出，但我們的資金流入和 BREIT 都是一年來最好的。

BCRED had its best quarter in two years in fund raising and BXPE has continued to raise significant money, and that has been a very successful launch in the first six months. Ultimately, this is about performance that's what matters. That's what drives things. It's the same story as our institutional business.

BCRED 的融資經歷了兩年來最好的季度，BXPE 繼續籌集了大量資金，前六個月的推出非常成功。最終，這與性能有關，這才是最重要的。這就是事物的驅動力。這與我們的機構業務是一樣的。

We are relentless in focusing on where we invest capital, how we manage the assets and how we deliver returns. And if you look at BREIT since inception, remarkable double digit net returns over 7.5 years, more than double the public REIT index, you look at the double digit net returns and BCRED to a strong start for BXPE.

我們不懈地關注我們的資本投資方向、我們如何管理資產以及我們如何提供回報。如果你看看BREIT 自成立以來的7.5 年，驚人的兩位數淨回報率，是公共REIT 指數的兩倍多，你會看到兩位數的淨回報率和BCRED 為BXPE 帶來了強勁的開端。

This is what ultimately matters to our underlying clients. And this is what we've got to do. And I think, frankly, getting through this downturn period and people seeing the semi liquid structure work, I think will give additional confidence. So as long as we continue to execute, I think that's the key in this private wealth channel, and I feel good about our ability to do that. So our confidence in the channel remains extremely high.

這對我們的潛在客戶來說最終是重要的。這就是我們必須要做的。坦白說，我認為，度過這個低迷時期並且人們看到半流動結構的作用，我認為這會帶來額外的信心。因此，只要我們繼續執行，我認為這就是這個私人財富管道的關鍵，我對我們做到這一點的能力感到滿意。因此，我們對該通路的信心仍然非常高。

Right. Thanks for that color.

正確的。謝謝那個顏色。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

Maybe to pick up on the retail discussion, you obviously very early and very precedent in terms of building the platform. However, less than four years has been a very big pickup of focus and new players into that.

也許要繼續進行零售討論，您顯然在建立平台方面非常早並且非常有先例。然而，不到四年的時間，人們的關注點和新參與者都進入了一個非常大的成長階段。

So I was wondering, as you look ahead how you sort of see the evolution of the wealth management opportunity, certainly a big denominator, but how does having the competition shakes out?

所以我想知道，當你展望未來時，你如何看待財富管理機會的演變，這當然是一個很大的分母，但競爭如何產生影響？

And how are the conversations with the financial advisors and intermediaries playing out in terms of how they're allocating to the bigger brands?

就如何分配給更大的品牌而言，與財務顧問和中介機構的對話進展如何？

It's definitely an area of large scale opportunity and everybody in the industry is recognizing this now. I think a credit to our firm to get into this well before other people to focus on financial advisors and their underlying clients to build out now a 300 plus person global team led by Joan Solotar that's focused on serving individual investors and also innovating creating these perpetual products that brought costs down very significantly from what would have existed historically in non-traded REITS, in non-traded BDCs and really innovating to create things that would work from a cost structure, tax standpoint, liquidity standpoint. And so I think we will see more competitors move into the space.

這絕對是一個蘊藏著巨大機會的領域，業內的每個人現在都意識到了這一點。我認為，我們公司比其他人更早進入這個領域，專注於財務顧問及其潛在客戶，現在已經建立了一個由Joan Solotar 領導的300 多人的全球團隊，該團隊專注於為個人投資者提供服務，並透過創新創造這些永久的投資機會，這對我們公司來說是值得讚揚的。並且真正創新，創造出從成本結構、稅收角度和流動性角度來看都可行的產品。因此，我認為我們將看到更多的競爭對手進入該領域。

The advantage we have is our brand. I touched on at the end of my remarks, but I think that is perhaps the most powerful asset of our firm, along with our people. Investors know us trust us because we've done such a great job investing capital for four decades and the relationship and reservoir of goodwill we have with individual investors and the products in the results we've delivered in BREIT and BCRED and in the drawdown funds that we have sold into the channel have built up a lot of positive feelings.

我們的優勢是我們的品牌。我在演講結束時談到了這一點，但我認為這可能是我們公司以及我們的員工最強大的資產。投資者知道我們信任我們，因為四十年來我們在資本投資方面做得非常出色，而且我們與個人投資者的關係和商譽儲備以及我們在 BREIT 和 BCRED 以及提款基金中交付的產品我們已經在通路銷售中建立了很多正面的感情。

So I think others will show, but we're continuing to innovate here. We talked about in the remarks new products in infrastructure and multi-asset credit. I think the one advantage I'd say in this market versus the institutional market where you can have thousands and thousands of individual private equity firms are real estate firms, credit firms.

所以我認為其他人會展示，但我們將繼續在這裡創新。我們在演講中談到了基礎設施和多資產信貸方面的新產品。我認為，與機構市場相比，我想說的一個優勢是房地產公司和信貸公司，在機構市場上可以擁有成千上萬的個人私募股權公司。

I think when you get to private wealth, the brands are going to matter the scale, the ability to service. And I think it will be a smaller number of players in that segment. It will grow over time, but it requires something different.

我認為，當你涉及私人財富時，品牌將影響規模和服務能力。我認為該領域的參與者數量將會減少。它會隨著時間的推移而增長，但它需要不同的東西。

We have a pretty meaningful first mover advantage, 240 billion of total assets, and we are absolutely committed to delivering great performance and great service to the underlying customer. So we recognize it's going to be more competitive. Others will tried to do things in the marketplace. We respect them, but we really like our first mover position in this very large and growing markets.

我們擁有相當有意義的先發優勢，2400億的總資產，我們絕對致力於為基礎客戶提供卓越的業績和優質的服務。所以我們認識到它將更具競爭力。其他人會嘗試在市場上做事。我們尊重他們，但我們真的很喜歡我們在這個非常大且不斷增長的市場中的先驅地位。

Michael Patrick Davitt, Autonomous Research.

邁克爾·帕特里克·戴維特，自主研究。

Most of mine have been asked the gross to net flow gap and AUM was fairly dramatic for a low realization quarter. So to what extent is that a result of the assets moving between strategies and or funds?

我的大多數人都被問到總流量與淨流量的差距，而在實現率較低的季度，資產管理規模相當大。那麼，這在多大程度上是資產在策略和/或基金之間流動的結果呢？

And if so, could you give the volume of that rotation that was included in gross flows, if any and then taking a step back, is this a trend we should expect more of on a go forward basis? Or do you think 2Q was uniquely large? Thanks.

如果是這樣，您能否給出包含在總流量中的輪換量（如果有的話），然後退後一步，這是我們應該在未來的基礎上期待更多的趨勢嗎？還是你認為2Q特別大？謝謝。

I think Patrick, did some there has been over time a bit more of that dynamic that it involves to some degree, the open-ended funds and the nature of how those work. And there have been some shifts. But in terms of allocation of capital between businesses that cross segments and also we had in the second quarter that the move of the cut and from a reporting standpoint, a couple of businesses between credit and BXMA. So so that's been the nature of the business involves more of that. But it's not I think it's not it. It'll be dramatically different over time.

我認為帕特里克做了一些事情，隨著時間的推移，它在某種程度上涉及開放式基金及其運作方式的本質。並且出現了一些轉變。但就跨部門業務之間的資本分配而言，我們在第二季度進行了削減，從報告的角度來看，信貸和 BXMA 之間有一些業務。所以這就是業務的本質涉及更多的內容。但我認為不是這樣的。隨著時間的推移，情況將會發生巨大的變化。

Thank you.

謝謝。

Arnaud Giblat, BNP.

阿諾·吉布拉特，法國巴黎銀行。

Good morning. A quick question on the wealth channel. I'm just wondering what I'm missing here and share with us why you think the Europeans and liquid products lagged so much versus the US products? And do you think that a refresh of the rules with the new [LTE So 2.0 was ROSA] unlikely to offer a material opportunity to grow in the single channel?

早安.關於財富頻道的一個快速問題。我只是想知道我在這裡錯過了什麼，並與我們分享為什麼您認為歐洲和液體產品比美國產品落後這麼多？您是否認為新的 [LTE So 2.0 是 ROSA] 規則的刷新不太可能提供單一管道增長的實質機會？

So we love Europe I'll be there next week, but it is harder on the regulatory front. If you look at European Union, you have a completely different set of rules for private wealth products almost by country. And some of the rules I do believe need to be updated, the definitions of who can invest the term professional investor, which is technical there are a lot of limitations by country and the structures you can use are very different.

所以我們喜歡歐洲，我下週就會去那裡，但在監管方面更困難。如果你看看歐盟，你會發現幾乎每個國家都有一套完全不同的私人財富產品規則。我確實認為一些規則需要更新，誰可以投資專業投資者這個術語的定義，這是技術性的，不同國家/地區有很多限制，您可以使用的結構也非常不同。

So you have to attack Italy different than Switzerland and Spain or Germany. We built up a lot of capabilities. We're having some success today with our European direct lending platform, although it's still small. I think European investors ultimately will want the same thing as US investors, they tend to be a little more risk-averse, but I think their desire for strong returns in a product that's designed and works for them will be high and we're just going to wear a persistent bunch.

所以你必須以不同於瑞士、西班牙或德國的方式攻擊義大利。我們建立了很多能力。今天，我們的歐洲直接貸款平台取得了一些成功，儘管規模仍然很小。我認為歐洲投資者最終會想要與美國投資者相同的東西，他們往往更厭惡風險，但我認為他們對為他們設計和使用的產品帶來豐厚回報的渴望會很高，而我們只是會戴上一串持久的東西。

We're going to stick at it in Europe. We do want to work with the regulators to tried to make this a little bit more of a user friendly environment and the distributors, the big financial institutions recognize this as well. So I think it's a long term process. I think it can change. We've seen some changes in places like Japan that were conducive to selling some of these private wealth products.

我們將在歐洲堅持下去。我們確實希望與監管機構合作，努力創造一個用戶友好的環境，分銷商、大型金融機構也認識到這一點。所以我認為這是一個長期的過程。我認為它可以改變。我們看到日本等地發生了一些變化，這些變化有利於銷售一些私人財富產品。

And I think we will over time, hopefully see changes in Europe because I think the products make a lot of sense for customers. So we'll stick at it and it's probably going to take some time.

我認為隨著時間的推移，我們希望看到歐洲發生變化，因為我認為這些產品對客戶來說很有意義。所以我們會堅持下去，這可能需要一些時間。

Thank you. That will conclude our question and answer session. At this time, I'd like to turn the call back over to Weston Tucker for any additional or closing remarks.

謝謝。我們的問答環節到此結束。此時，我想將電話轉回韋斯頓·塔克（Weston Tucker），詢問任何補充或結束語。

Thank you, everyone, for joining us today and look forward to following up after the call. Have a great day.

謝謝大家今天加入我們，並期待在電話會議後跟進。祝你有美好的一天。