Blackstone Inc (BX) 2024 Q3 法說會逐字稿

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Yes, good day, and welcome to the Blackstone Third Quarter 2020 for investor call. Today's conference is being recorded. At this time, all participants are in a listen-only mode. If you require operator assistance at any time, please press star-zero. If you'd like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment.

是的，美好的一天，歡迎來到 Blackstone 2020 年第三季投資者電話會議。 今天的會議正在錄製中。 此時，所有參與者都處於只聽模式。 如果您隨時需要操作員幫助，請按星號零。 如果您想提問，請按下電話鍵盤上的一號星號。 如果您使用免持電話，請確保您的靜音功能已關閉，以便您的訊號到達我們的裝置。

At this time, I'd like to turn the conference over to Weston Tucker, Head of Shareholder Relations. Please go ahead. Great. Thank you, Katie, and good morning and welcome to Blackstone third-quarter conference call. Joining me today are Steve Schwarzman, Chairman and CEO, John Crane, President and Chief Operating Officer, and Michael J., Chief Financial Officer. Earlier this morning, we issu ed a press release and slide presentation which are available on our website.

這次，我想把會議交給股東關係主管韋斯頓‧塔克(Weston Tucker)。 請繼續。 偉大的。 謝謝凱蒂，早安，歡迎參加 Blackstone 第三季電話會議。 今天與我一起出席的有董事長兼執行長 Steve Schwarzman、總裁兼營運長 John Crane 和財務長 Michael J.。 今天早些時候，我們發布了一份新聞稿和幻燈片演示文稿，可在我們的網站上取得。

We expect to file our 10 Q report in a few weeks. 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 unde rtake any duty to update these statements and for a discussion of some of the factors that could affect results, please see the Risk Factors section of our 10 K will also refer to non-GAAP measures, and you'll find reconciliations in the press release on the shareholders page of our website.

我們預計將在幾週內提交 10 季報告。 謹提醒您，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報表的任何責任，對於可能影響結果的一些因素的討論，請參閱我們 10 K 的風險因素部分，該部分還將提及非 GAAP 衡量標準，您會找到調節表在我們網站股東頁面的新聞稿中。

Also, please note that nothing on this call constitutes an offer to sell or 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 on results, we reported GAAP net income for the quarter of 1.6 billion. Distributable earnings were 1.3 billion or $1.1 per common share, and we declared a dividend of $0.86 per share to overtake . With that, I'll turn the call over to Steve.

另請注意，本次電話會議中的任何內容均不構成出售任何 Blackstone 基金權益的要約或徵求購買任何 Blackstone 基金權益的要約。 該音訊廣播是 Blackstone 受版權保護的資料，未經同意不得複製。 可分配收益為 13 億美元，即每股普通股 1.1 美元，我們宣布派發每股 0.86 美元的股息，以超越 。這樣，我就把電話轉給史蒂夫。

Thank you, Weston, and good morning, and thank you for joining our call. Flagstone reported strong third quarter results, including distributable earnings of 1.3 billion. As Weston mentioned, the highest fee related earnings in two years since the Fed began its interest rate tightening cycle in 2022, we've spent considerable time on our earnings calls, discussing how we see the macro environme nt unfolds.

謝謝你，韋斯頓，早安，謝謝你加入我們的電話會議。 Flagstone 公佈了強勁的第三季業績，其中可分配收益為 13 億美元。 正如 Weston 所提到的，自 2022 年聯準會開始升息週期以來，費用相關收益達到了兩年來的最高水平，我們在收益電話會議上花了相當多的時間，討論我們如何看待宏觀環境的發展。

This included sharing our view on inflation when we saw it moderating more quickly than many other market participants, which paved the way for the Fed to begin cutting interest rates last month, we also stat ed our belief that an easing of the cost of capital would be very positive for Blackstone's asset values would be a catalyst for transaction activities, including deployment and ultimately realizations, which in turn fuels fundraising the virtuous cycle that powers our business.

這包括當我們看到通貨膨脹比許多其他市場參與者更快放緩時分享我們對通貨膨脹的看法，這為聯準會上個月開始降息鋪平了道路，我們也表示我們相信資本成本的放鬆將對 Blackstone 的資產價值非常積極的投資將成為交易活動的催化劑，包括部署和最終變現，這反過來又會促進籌款的良性循環，為我們的業務提供動力。

We believe we're now advancing towards the stage in the cycle. It is always the most fun anticipating in anticipation of improving markets. We substantially increased our investment pace starting in the fourth quarter of 2023, close to a year ago. Weekly, which coincided with the peak of the 10-year treasury yields. Since then over the last 12 months, Blackstone has deployed $123 billion, representing one of the most active periods in our history. And double the prior year comparable period.

我們相信我們現在正在進入周期的階段。 期待市場改善總是最有趣的。 從 2023 年第四季開始，接近一年前，我們大幅加快了投資步伐。 每週一次，恰逢10年期公債殖利率見頂。 從那時起，在過去 12 個月裡，Blackstone 部署了 1,230 億美元，這是我們歷史上最活躍的時期之一。 是去年同期的兩倍。

We've been planting the seeds and future value of what we believe is a favorable time in terms of future harvesting. The third quarter marked the highest amount of overall fund depreciation in three years. Stepping back, this is a time of profound transformation across the economy and markets well as geopolitically today, more than ever, we believe Blackstone is the partner o f choice to help investors navigate a complex world.

我們一直在播下種子和未來價值，我們相信這是未來收穫的有利時機。 第三季基金整體折舊金額創三年來最高。 退一步來說，這是一個經濟、市場以及地緣政治發生深刻變革的時代，我們比以往任何時候都更相信 Blackstone 是幫助投資者駕馭複雜世界的首選合作夥伴。

Our scale and reputation provided the foundation for deep engagement centers. As the reference firm in our industry, we have a distinctive ability to convene the key decision makers from our limited partners t o discuss what's happening around the world. The insights we draw from our expansive platform and portfolio are highly valuable to them.

我們的規模和聲譽為深度參與中心奠定了基礎。 作為我們行業的參考公司，我們擁有獨特的能力，可以召集有限合夥人的關鍵決策者來討論世界各地正在發生的事情。 我們從廣泛的平台和產品組合中獲得的見解對他們來說非常有價值。

Most recently, we've been engaging with our confidence in the number of important areas, including revolution underway and artificial intelligence. The build out our digital energy infrastructur e needed to support a I the renewable energy transition through rise of private credit development of the secondaries market or alternatives. The extraordinary advances in drug development in the life sciences area.

最近，我們一直對許多重要領域充滿信心，包括正在進行的革命和人工智慧。 建造我們的數位能源基礎設施需要透過二級市場或替代品的私人信貸發展的興起來支持再生能源轉型。 生命科學領域藥物開發的非凡進展。

The emergence of India has one of the most important major economies and the cyclical recovery in commercial real estate. I'll spend a moment discussing two of these areas in mor e detail the platforms we are building in support of artificial intelligence and the recovery in real estate. First with respect to AI. on previous calls, we've provided updates on our data center investments today.

印度的崛起擁有最重要的主要經濟體之一和商業房地產的周期性復甦。 我將花一些時間更詳細地討論其中兩個領域，即我們正在建立的支援人工智慧和房地產復甦的平台。 首先是關於人工智慧。在先前的電話會議中，我們今天提供了資料中心投資的最新資訊。

Blackstone is the largest data center provider in the world withholdings across the US, Europe, India and Japan. Last month, we announced another major expansions by agreeing to acquire air trunk, the largest data center operator in the Asia-Pacific region. For 16 billion. We were uniquely positioned to execute on this investment in our deep expertise in this sector. The scale of our tactica l, the global integration of our teams and our connectivity to the world's largest data center customers.

Blackstone 是全球最大的資料中心供應商，在美國、歐洲、印度和日本預扣稅款。 上個月，我們宣布了另一項重大擴張，同意收購亞太地區最大的資料中心營運商 Air trunk。 160億。 憑藉我們在該領域的深厚專業知識，我們在執行這項投資方面處於獨特的地位。 我們的戰術規模、我們團隊的全球整合以及我們與全球最大資料中心客戶的連結。

Our ability to serve these customers represents a powerful illustration and trade solutions provider on a massive global scale to many of the largest and most valuable companies in the world. The Blackstone portfolio consists of 70 billion of datacenters and over 100 billion in perspective pipeline development, including air trunk and facilities under construction. We've conceptualize this new business area filled conviction and and only three years scaled it to the largest platform in the world.

我們為這些客戶提供服務的能力代表著我們在全球範圍內為世界上許多最大和最有價值的公司提供強大的插圖和貿易解決方案提供者。 Blackstone 投資組合包括 700 億美元的資料中心和超過 1000 億美元的遠景管道開發，包括空中幹線和在建設施。 我們充滿信心地構思了這個新的業務領域，並且僅用了三年時間就將其擴展為世界上最大的平台。

And there is much more we're doing and plan to do in this area, including addressing the sectors growing power needs, which we believe will create enormous additional opportunities for investment over time. Turning to the recovery in commercial real estate with the cost of capital moving lower, we have previously discussed our expectation of a new cycle of increasing values and improving investor sentiment towards the sector. one indication of this shift now underway.

我們在這一領域正在做和計劃做的還有很多，包括滿足該行業不斷增長的電力需求，我們相信隨著時間的推移，這將創造巨大的額外投資機會。 談到商業房地產隨著資本成本下降而復甦的問題，我們之前已經討論過我們對新一輪價值增值和投資者對該行業情緒改善的預期。 這種轉變的一個跡象正在發生。

He's been renewed interest in the asset class from limited partners and financial advisors, notably for BRE repurchase requests in September were down over 90% from their peak, and we're seeing encouraging signs in terms of new sales period is clearly moving towards positive net flows. Based on current trends, vehicles, largest share class has outperformed outperform the pu blic breed index by approximately 50% annually since its inception nearly eight years ago.

有限合夥人和財務顧問重新對他的資產類別產生了興趣，特別是9 月份的BRE 回購請求比峰值下降了90% 以上，而且我們看到新銷售期的令人鼓舞的跡象顯然正在朝著正淨值方向發展流動。 根據目前的趨勢，自近八年前推出以來，最大的股票類別汽車指數每年的表現優於公共品種指數約 50%。

We believe be read standing has the largest vehicle of its kind by far was strong investment performance and exceptional portfolio construction, including nearly for housing turnover, housing data ce nters, physicians, the vehicle extremely well in the context of improving flows into private real estate. Historically in multiyear recovery periods. Following a downturn, private real estate has delivered approximately double. The returns of all periods has the largest owner of commercial real estate. This dynamic shou ld be quite positive for Blackstone and our investors.

我們認為，迄今為止，讀站擁有同類最大的工具，即強勁的投資業績和卓越的投資組合建設，包括幾乎用於住房週轉、住房數據中心、醫生的工具，在改善私人房地產資金流入的背景下，該工具非常出色。 從歷史上看，處於多年恢復期。 在經歷了經濟低迷之後，私人房地產的交付量大約翻了一番。 各時期回報率擁有商業房地產最大的業主。 這種動態對於黑石和我們的投資者來說應該是非常積極的。

Overall, our limited partners have benefited significantly from an exceptional balance of the firm and the careful way we've positioned their capital in a volatile world. Looking forward, our business is accelerating and we are in the early days of penetrating markets have enormous size and potential.

總體而言，我們的有限合夥人從公司的卓越平衡以及我們在動蕩的世界中謹慎配置其資本的方式中受益匪淺。 展望未來，我們的業務正在加速發展，我們正處於滲透具有巨大規模和潛力的市場的早期階段。

We have established leading platforms in what we view as the most compelling high growth areas. The alternative industry still represents a small portion of investable assets globally. And I b elieve Blackstone is the best positioned firms in the world to capitalize on its long-term growth trajectory.

我們在我們認為最引人注目的高成長領域建立了領先的平台。 另類產業仍只佔全球可投資資產的一小部分。 我相信黑石是世界上最有能力利用長期成長軌跡的公司。

In closing, we've navigated many cycles since our founding in 1985 of each has presented challenges. It also created opportunities to invest and expand market share in existing product lines and to innovate and launch an altogether ne w businesses. Blackstone has emerged from every cycle even stronger than before with our firm. Moving on to extraordinary new heights. I fully expect the most recent cycle will lead to the same result with them. I'll turn it over to Josh.

最後，自 1985 年成立以來，我們經歷了許多週期，每個週期都帶來了挑戰。 它還創造了投資和擴大現有產品線市場份額以及創新和推出全新業務的機會。 黑石集團在每個週期中都比以前更強大。 邁向非凡的新高度。 我完全預計最近的周期將為他們帶來同樣的結果。我會把它交給喬希。

Thank you, Steve. Good morning, everyone. Over the past several quarters, find our investors as we emerge from the high cost of capital environment of. We are pleased to see our business progressing on this pa th, especially the strong investment performance with broad-based acceleration across the firm.

謝謝你，史蒂夫。 大家早安。 在過去的幾個季度中，找到我們的投資者是因為我們擺脫了高資本成本的環境。 我們很高興看到我們的業務在這條道路上取得進展，特別是整個公司的強勁投資表現和廣泛的加速。

First, we said we would deploy significant capital ahead of the all clear signs as we believe some of the best investments are made during times of uncertainty in Q three. For the second consecutive quarter, we invested or committed to over 50 billion, the highest in mor e than two years. There's new commitments were concentrated in some of our favorite dramatic neighborhoods, including digital infrastructure, renewable energy and power solutions and enterprise software.

首先，我們表示，我們將在所有明確跡像出現之前部署大量資本，因為我們相信一些最好的投資是在第三季的不確定時期進行的。 我們連續第二季投資或承諾超過 500 億美元，創兩年多來最高。 新的承諾集中在我們最喜歡的一些引人注目的領域，包括數位基礎設施、再生能源和電力解決方案以及企業軟體。

Our largest commitment in the quarter was the air truck, as Steve noted, across multiple Blackstone funds in private equity, we agreed to acquire work management software company Smartsheet for 8.4 billion, representing one of the largest take-private of the year. And our credit business had its secon d busiest deployment quarter in history, vesting over $18 billion, up more than 50% from Q2, driven by significant activity in global direct lending as well as our infrastructure and asset based credit strategies.

正如 Steve 指出的那樣，我們本季最大的承諾是空中卡車，在私募股權領域的多個 Blackstone 基金中，我們同意以 84 億美元收購工作管理軟體公司 Smartsheet，這是今年最大的私有化之一。 在全球直接貸款的重大活動以及我們的基礎設施和基於資產的信貸策略的推動下，我們的信貸業務迎來了歷史上第二個最繁忙的部署季度，歸屬金額超過180 億美元，比第二季度增長了50% 以上。

Turning to the second key development. We've been highlighting the recovery underway in commercial real estate in January. In January, we made the call that values in this sector were bottoming. This informed our decision to invest or commit 22 billion in real estate in the first ni ne months of the year, nearly 2.5 times the same period last year. Our 30 billion global flagship fund is now nearly 40% committed Green Street's index and private real estate values has increased each quarter.

轉向第二個關鍵發展。 我們一直在強調一月份商業房地產的復甦。 一月份，我們認為該行業的價值正在觸底。 這促使我們決定在今年前 9 個月投資或承諾投資 220 億美元用於房地產，幾乎是去年同期的 2.5 倍。 我們 300 億美元的全球旗艦基金現已投入 Green Street 指數近 40%，私人房地產價值每季都在成長。

Since all the public real estate market has rallied sharply is also improving meaningfully providing the foundation for greater transact activity. At same time, new construction starts are falling dramatically for most types of real estate, including declines of approximately 40% to 75% from recent peak levels in logistics and US. apartment buildings, our two largest sectors and real estate. While the recovery will play out over time.

由於所有公共房地產市場都已大幅反彈，因此也正在顯著改善，為更大的交易活動奠定了基礎。 同時，大多數類型的房地產新開工率大幅下降，其中物流和美國的新開工率較近期高峰下降約 40% 至 75%。公寓大樓，我們最大的兩個部門和房地產。 雖然復甦將隨著時間的推移而顯現。

The combination of lower base rates, lower borrowing spreads and lower new supply makes the direction of travel quite a positive for our real estate business. The third key development we 've been speaking about regularly is a secular rise of private credit and the integrated platform. We've been building to offer clients and borrowers a one-stop solution across the full spectrum of credit strategies.

較低的基本利率、較低的借貸利差和較低的新供應量相結合，使旅遊方向對我們的房地產業務相當有利。 我們經常談論的第三個關鍵發展是私人信貸和綜合平台的長期崛起。 我們一直致力於為客戶和借款人提供涵蓋全方位信貸策略的一站式解決方案。

Today, we manage the largest third party private credit business in the world with 432 billion across corporate and real estate credit up a remarkable 20% year over year. We have one of the largest, if not the largest businesses in direct lending, CLOs, m ill estate debt and private investment grade credit. Total inflows across the combined platform were over 100 billion in the last 12 months in our non-investment grade strategies. Even as base rates move lower, there continues to be significant opportunity to generate excess returns for clients relative to liquid markets.

如今，我們管理全球最大的第三方私人信貸業務，企業和房地產信貸金額達 4,320 億美元，較去年同期成長 20%。 我們在直接貸款、抵押貸款債券、工廠債務和私人投資等級信貸方面擁有最大的業務（即使不是最大的）之一。 過去 12 個月，我們的非投資等級策略的總流入量超過 1,000 億美元。 即使基本利率走低，相對於流動性市場而言，仍有大量機會為客戶帶來超額報酬。

Meanwhile, we expect lower base rates will be subordinated supportive of the transaction activity and deployment employ. Currently private credit markets are expanding rapidly beyond financing M&A and what we're seeing a dramatic increase in demand for all f orms of investment grade private credit, including from many of the largest insurance company farm to table approach, which brings investors directly to borrowers resi results in a strong value proposition for clients.

同時，我們預計較低的基本利率將有助於支持交易活動和部署工作。 目前，私人信貸市場正在迅速擴張，超出了併購融資的範圍，我們看到對各種形式的投資級私人信貸的需求急劇增加，包括許多最大的保險公司從農場到餐桌的方法，這種方法將投資者直接帶到借款人那裡resi 為客戶帶來了強大的價值主張。

In the insurance channel, our business has grown to 221 billion, up 24% year over year, including for strategic relationships and 20 additional SME clients. We placed our originated a record 38 billion of A. rated credits on average year to date for private IG focus, cloud clients up nearly 70%, which generated approximately 185 basis points of excess spread versus comparably rated liquid credits.

在保險管道，我們的業務已成長至2,210億，較去年同期成長24%，其中包括策略關係和新增20家中小企業客戶。 迄今為止，我們為私人 IG 焦點、雲端客戶發放了創紀錄的 380 億 A 級信用，成長了近 70%，與同等評級的流動性信用相比，產生了約 185 個基點的超額利差。

Overall Flagstone scale and reach, create extraordinary connectivity with borrowers across the market, resulting in more opportune communities to originate high-quality private credit investments. Our equity and debt strategy to operate in multi-trillion dollar markets that generate enormous flow of investment grade debt, often where Blackstone is the leading player, including data centers, energy infrastructure and real estate. In the energy area, we estimate we were a lead financing provider for nearly 15% of all renewable projects in the US in the last 12 months.

Flagstone 的整體規模和覆蓋範圍與整個市場的借款人建立了非凡的聯繫，從而產生更多合適的社區來發起高品質的私人信貸投資。 我們的股權和債務策略是在數兆美元的市場中運作，這些市場產生大量投資等級債務，通常在 Blackstone 是領先參與者的領域，包括資料中心、能源基礎設施和房地產。 在能源領域，我們估計在過去 12 個月裡，我們是美國近 15% 的再生能源專案的主要融資提供者。

We've also established contractual relationships and forward flow agreements with banks and other originators across a wide range of areas, including credit card receivables, home improvement from finance and equipment finance. We are building a third party performing credit juggernaut, and we expect our business to grow significantly from here.

我們還與銀行和其他廣泛領域的發起人建立了合約關係和遠期流量協議，包括信用卡應收帳款、家居裝修融資和設備融資。 我們正在建立一個第三方履約信貸巨頭，我們預計我們的業務將從這裡開始顯著成長。

The four key development we've been talking about is our momentum in private wealth following a challenging two year period for markets, we've seen a robust reacceleration of sales in 2024. We raised $21 billion in the channel year to date through September, nearly double what we raised from individuals in the same period last year, including 18 billion for the perpetual vehicles be credit led the way with over $9 billion raised in the first nine months of 2024, including $3 billion in the third quarter in nine months after launch and for BV, flows are trending favorably, as Steve discussed, were also in the process of launching two more private wealth perpetual vehicles in credit and infrastructure.

我們一直在談論的四個關鍵發展是，在市場經歷了充滿挑戰的兩年之後，我們在私人財富方面的勢頭，我們看到2024 年銷售強勁加速。中籌集了210 億美元，幾乎是去年同期我們從個人籌集的資金的兩倍，其中包括用於永久車輛的180 億美元，以信貸為首，2024 年前9 個月籌集了超過90 億美元，其中9 個月內第三季籌集了30 億美元正如史蒂夫所討論的，對於 BV 來說，資金流趨勢良好，並且還在信貸和基礎設施領域推出另外兩種私人財富永續工具。

As we noted previously, with the track record of our products, the depth of our release, fashion shifts with financial advisors and their clients and the strength of the Blackstone brand. We are more confident about our prospects in this channel and ever in addition to private wealth momentum is building in our drawdown fund area with a number of exciting new initiatives in front of us to reset activity from our limited partners feels more positive today than in the past several years.

正如我們之前指出的，隨著我們產品的追蹤記錄、我們發布的深度、財務顧問及其客戶的時尚變化以及 Blackstone 品牌的實力。 我們對這一管道的前景更加充滿信心，除了私人財富勢頭正在我們的提款基金領域不斷增強之外，我們面前還有許多令人興奮的新舉措，旨在重置我們有限合夥人的活動，今天的感覺比過去更積極。

We will soon complete fundraising for a number of our flagship vehicles, including corporate private equity, private equity, energy transition, European real estate and real estate debt in credit, we recently launched fundraising for the successor to our 9 billion opportunistic strategy with initial closings of $2.4 billion. And in our equity oriented business, we've launched or will soon launch a fund raising for the next vintages of three. Highly successful strategies are $22 billion private equity, secondary strategy, $6 billion private equity, Asia strategy and 5 billion life sciences strategy.

我們很快就會完成多項旗艦工具的融資，包括企業私募股權、私募股權、能源轉型、歐洲房地產和房地產信貸債務，我們最近為 90 億美元機會主義戰略的後續戰略啟動了融資，並已初步完成24億美元。 在我們以股權為導向的業務中，我們已經或即將為下一個三個年份啟動資金籌集活動。 非常成功的策略是220億美元的私募股權、二級策略、60億美元的私募股權、亞洲策略和50億美元的生命科學策略。

We expect to successors to be at least as large or larger than the current vintages. Also worth noting, as of this week, we closed on EUR1 billion for our new open-ended Europe focus infrastructure vehicle, a very promising development. Finally, alongside these multiple positive developments unfolding in our business, something that is not changing is our commitment to our Capital Light brand, heavy, open art and our track record, our people and the power of our brand and to grow the firm's balance sheet investments comprise less than 1% of AUM.

我們預計繼任者的規模至少與當前年份一樣大或更大。 另外值得注意的是，截至本週，我們為新的開放式歐洲重點基礎設施工具籌集了 10 億歐元，這是一個非常有前景的發展。 最後，除了我們業務中出現的這些多項積極發展之外，沒有改變的是我們對Capital Light 品牌、厚重、開放的藝術和我們的業績記錄、我們的員工和我們品牌的力量以及擴大公司資產負債表的承諾投資佔 AUM 的比例不到 1%。

We have virtually no net debt, no, no insurance liabilities and a share count that is almost unchanged over the past seven years despite the extraordinary growth we've achieved, we've done that while also returning 100% of earnings to shareholders over this period through dividends and share repurchases totaling over three 80 billion.

我們幾乎沒有淨債務，沒有，沒有保險負債，儘管我們取得了非凡的增長，但過去七年裡我們的股票數量幾乎沒有變化，我們做到了這一點，同時也將 100% 的收益返還給股東期間透過股利和股票回購總額超過3800億美元。

In closing, the firm is in terrific shape by any measure. We have powerful tailwinds at our back and the virtuous cycle. Underpinning our business is accelerating. With that, I'll turn things over to Michael Chang. Thanks, John, and good morning, everyone. The firm delivered strong results in the third quarter. And as we've highlighted previously, we are moving toward a meaningful step up in the firm's earnings power.

總而言之，無論以何種標準衡量，該公司的狀況都非常出色。 我們背後有強大的順風和良性循環。 我們的業務正在加速發展。 這樣，我就把事情交給張德培了。 謝謝約翰，大家早安。 該公司第三季取得了強勁的業績。 正如我們之前強調的那樣，我們正在努力提高公司的獲利能力。

I will first review financial results and will then discuss investment performance and the outlook starting with results. The firm's extraordinary breadth continues to power AUM to new record levels. Total AUM increased 10% year over year to $1.1 trillion of inflows of 41 billion in the third quarter and 167 billion over the last 12 months. Fee earning inflows were 161 billion for the LTM period, lifting fee earning AUM by 12% to 820 billion.

我將首先回顧財務業績，然後從業績開始討論投資績效和前景。 該公司非凡的業務範圍繼續推動資產管理規模達到新的紀錄水平。 總資產管理規模年增 10%，達到 1.1 兆美元，第三季流入 410 億美元，過去 12 個月流入 1,670 億美元。 LTM 期間的手續費收入流入為 1,610 億美元，使手續費收入 AUM 成長 12%，達到 8,200 億美元。

We activated the investment periods for our Corporate Private Equity and PE. energy transition flagships in the second quarter and our infrastructure secondary strategy in the third quarter representing two $96 billion of fee AUM. In average, these vehicles were in the respect to fee holidays for most or all of Q. three, depending on the strategy, notwithstanding the temporary impact from these fee holidays.

我們啟動了企業私募股權和私募股權的投資期間。第二季的能源轉型旗艦策略和第三季的基礎設施二級策略代表了 960 億美元的費用管理規模。 平均而言，這些工具在第三季的大部分或全部時間都在享受費用減免，具體取決於策略，儘管這些費用減免會產生暫時的影響。

Management fees in the third quarter increased 8% year over year to a record 1.8 billion. And the outlook is quite positive, which I'll discuss in a moment. Fee related earnings were $1.2 billion in the third quarter or $0.96 per share, up 5% year over year, underpinned by the growth in management fees, a funnel of fee-related performance revenues in the third quarter.

第三季管理費較去年同期成長8%，達到創紀錄的18億。 前景非常樂觀，我稍後會討論這一點。 第三季與費用相關的收益為 12 億美元，即每股 0.96 美元，年增 5%，這得益於管理費的成長，管理費是第三季與費用相關的績效收入的一個漏斗。

These revenues included $186 million in the credit insurance segment, up 27% year over year, reflective of a steady growing contribution from our direct lending business, along with the contribution from a co-investment vehicle and the PPP. platform. Distributable earnings were $1.3 billion in the third quarter or $1.1 per common share, up 7% 7% on a per-share basis. Net realizations for 226 million in the quarter.

這些收入包括信用保險部門的 1.86 億美元，年增 27%，反映出我們的直接貸款業務的貢獻穩定成長，以及共同投資工具和 PPP 的貢獻。平台。 第三季可分配收益為 13 億美元，即每股普通股 1.1 美元，每股成長 7% 7%。 本季淨實現額為 2.26 億美元。

Primary we generated by the sale of public stock of an India-based retail rate and certain energy positions, along with proceeds from other public and private holdings. Overall disposition activity has remained more limited in the current environment, characterized by nearly three year period of lower activity levels in the broader capital markets.

我們主要透過出售印度零售利率的公共股票和某些能源部位以及其他公共和私人持有的收益來產生。 在當前環境下，整體處置活動仍然較為有限，其特點是近三年來更廣泛的資本市場活動水準較低。

However, we are optimistic about a meaningfully more constructive environment for realizations in 2025. Moving to investment performance. Our funds generated the highest overall dollar appreciation in three years in the third quarter, highlighted by corporate private equity and infrastructure. The corporate PE funds appreciated 6.2% in the quarter and 15% over the last 12 months. And our operating companies overall reported stable mid single digit year-over-year revenue growth in the quarter, along with continued notable margin strength.

然而，我們對 2025 年實現更具建設性的環境持樂觀態度。 我們的基金在第三季創造了三年來最高的整體美元升值，企業私募股權和基礎設施的表現尤為突出。 企業 PE 基金本季上漲 6.2%，過去 12 個月上漲 15%。 我們的營運公司總體報告本季收入實現了穩定的中個位數同比增長，並且利潤率持續顯著增強。

Infrastructure reported 5.5% appreciation in the third quarter and 18% for the LTM period, with significant gains across digital, transportation and energy infrastructure. Our data center platform was again the single largest driver appreciation in our infrastructure and real estate businesses and for the firm. Overall in the third quarter, a co-mingled BIP. strategy has generated 16% net returns annually since inception powering continued growth.

基礎設施第三季成長 5.5%，LTM 期間成長 18%，其中數位、交通和能源基礎設施成長顯著。 我們的資料中心平台再次成為我們基礎設施和房地產業務以及公司升值的最大推動力。 總體而言，第三季的 BIP 是混合的。自成立以來，該策略每年產生 16% 的淨回報，推動持續成長。

Us growth with total BIP. platform AUM increasing 32% year over year to $53 billion. Our credit business also reported another strong quarter against a healthy backdrop for private debt markets. A non-investment grade private credit strategies generated a gross return of 3.6% in the quarter and 17% for the LTM period. The default rate across our two lead 50 basis points for the last 12 months.

美國整體 BIP 的成長。平台資產管理規模年增 32%，達到 530 億美元。 在私人債務市場健康的背景下，我們的信貸業務也報告了另一個強勁的季度。 非投資等級私人信貸策略本季的總報酬率為 3.6%，LTM 期間的總報酬率為 17%。 過去 12 個月，我們兩家公司的違約率領先 50 個基點。

Our Multi-Asset Investing platform be ex M&A reported a 2.2% gross return for the absolute return composites, the 18th consecutive quarter of positive performance and 12% for the last 12 months. And real estate values were stable overall in the third quarter, supported by strength in data centers, rental housing global logistics, offset primarily by a decline in the unrealized value of our interest rate hedges as treasury yields fell in the quarter.

我們的多元資產投資平台（除併購外）的絕對回報組合總回報率為 2.2%，這是連續第 18 個季度取得積極業績，過去 12 個月為 12%。 在資料中心、租賃房屋全球物流實力的支撐下，第三季房地產價值總體穩定，但主要被本季國債殖利率下降導致我們的利率對沖未實現價值下降所抵銷。

These hedges, which locked in low cost fixed rate financing ahead of the rise in interest rates had the effect of reducing appreciation in the third quarter by approximately 50 basis points for the opportunistic funds at 200 basis points for the core plus funds with Zen core plus be reaped class up Class I net return was flat in Q3, but positive 2.3% excluding the effect of its interest rate hedge.

這些對沖在利率上升之前鎖定了低成本固定利率融資，使機會主義基金在第三季的升值幅度降低了約 50 個基點，而 Zen core plus 基金的升值幅度則降低了 200 個基點。季度，I 類淨報酬率持平，但剔除利率對沖影響後，淨報酬率為2.3%。

Finally, outside firms major report business lines, we have a number of strategies in various stages of development that have been generating outstanding results. I'll highlight two of them are GP Stakes platform approach appreciate at 12.6% in Q2 3% and 31% over the last 12 months, reflecting the attractiveness investing in high-quality alternative managers and our life sciences funds appreciated 5.9% in the third quarter and 28% for the LTM period, benefiting from key milestones achieved from multiple treatments under development, including medicines for the prevention of heart failure and arrhythmia, along with a vaccine for pneumonia.

最後，除了公司的主要報告業務線外，我們還有許多處於不同發展階段的策略，並且已經產生了出色的成果。 我要強調的其中兩個是GP Stakes 平台方法，第二季升值12.6%，過去12 個月升值3% 和31%，反映了投資高品質另類投資經理的吸引力，而我們的生命科學基金在第三季升值了5.9% LTM 期間成長了四分之一，LTM 期間成長了28%，受益於多種正在開發的治療方法所實現的關鍵里程碑，包括預防心臟衰竭和心律不整的藥物以及肺炎疫苗。

The firm's investment performance lifted net accrued performance. Revenue on the balance sheet, up 13% sequentially from Q2 to $7 billion, or $5.72 per share, the highest level in two years. Meanwhile, performance revenue, eligible AUM and the gram increase. We record $553 billion. Seas are strong indicators of future realizations potential.

該公司的投資業績提升了應計淨業績。 資產負債表上的營收較第二季成長 13%，達到 70 億美元，即每股 5.72 美元，為兩年來的最高水準。 同時，業績收入、合格資產管理規模和克數均有所增加。 我們創下了 5530 億美元的紀錄。 海洋是未來實現潛力的強大指標。

Turning to the outlook, built salary in the fourth quarter driven by several factors. These include the onset of full management fees from multiple funds exiting the holidays. We also expect robust growth and fee-related performance revenues, in particular from a scheduled crystallized crystallization event for the co-mingled BIP. infrastructure strategy, comprising the substantial portion of the strategies associated net fee related performance revenue accrual on the balance sheet.

談到前景，第四季的薪資成長受到多種因素的推動。 其中包括從假期退出的多個基金開始收取全額管理費。 我們也預期強勁的成長和與費用相關的業績收入，特別是來自混合 BIP 預定的結晶事件。基礎設施策略，包括資產負債表上與應計淨費用相關的績效收入相關的策略的很大一部分。

We do expect to sequentially lower FRE margin in Q4 compared to Q. three related to the infrastructure, crystallization and other seasonal expense factors for the full year 2024. As we noted last quarter, we continue to expect margin to be within a reasonable range of 2023 and closing. Looking forward to 2025 and beyond. We have powerful momentum across the front and the outlook for Blackstone is very positive.

我們確實預計，與2024 年全年基礎設施、結晶和其他季節性費用因素相關的第三季度相比，第四季度的FRE 利潤率將連續下降。率將在合理範圍內2023 年結束。 展望 2025 年及以後。 我們的發展勢頭強勁，黑石的前景非常樂觀。

With that, we thank you for joining the call. I'd 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。

Thank you. As a reminder, please press star one to ask a question. We ask you limit yourself to one question to allow as many callers to participate as possible. We'll go first to Michael Cypress with Morgan Stanley.

謝謝。 提醒一下，請按星號 1 來提問。 我們要求您只回答一個問題，以便讓盡可能多的來電者參與。 我們首先請摩根士丹利的邁克爾·賽普拉斯 (Michael Cypress) 擔任。

Hey, good morning. Thanks for taking the question hub. But maybe just on insurance platform continues to grow nicely there. So hoping you could maybe comment on the opportunity on both fronts on the strategic partnership side with the existing partners, how you're helping them grow? How are the conversations progressing for new potential relationships?

嘿，早安。 感謝您接受問題中心。 但也許只是在保險平台上繼續良好成長。 因此，希望您能評論一下與現有合作夥伴在策略合作夥伴關係方面的兩個方面的機會，您如何幫助他們成長？ 新的潛在關係的對話進展如何？

And then on the regular way third party size that you mentioned two, 90 or so separate accounts, if you could help size that best part of the business today and how you envision that continuing to grow from here? Thank you. Thank you might be to, um.

然後，按照您提到的兩個、90 個左右獨立帳戶的常規方式第三方規模，您是否可以幫助確定當今業務中最好的部分的規模，以及您預計如何從這裡繼續增長？ 謝謝。 謝謝你可能是，嗯。

So the overall insurance business, as we noted, 221 billion, up 24% year on year from where we do have these four strategic relationships, 20 SMAs, um, I would say the dialogue with insurance companies is exceptionally strong. On the strategic side. It does take time. You need to find a party who is interested in doing something broader.

因此，正如我們所指出的，整體保險業務為 2,210 億美元，比我們擁有的這四種戰略關係（20 個 SMA）同比增長 24%，嗯，我想說與保險公司的對話異常強烈。 在戰略方面。 這確實需要時間。 你需要找到一個對做更廣泛的事情感興趣的團體。

We continue to have died logs. It's hard to predict when and how those will happen. On the SMA side, we're just seeing more insurance companies, recognizing that it particularly in the asset base space. As you know, they've always done commercial real estate on a private basis. Some have done private placements, but the movement into this $25 trillion asset base arena, it feels like it's in its very early days, and we have been meeting with CIO.s on a regular basis. Yield.

我們仍然有死亡的日誌。 很難預測這些何時以及如何發生。 在 SMA 方面，我們看到越來越多的保險公司意識到這一點，尤其是在資產基礎領域。 如您所知，他們一直以私人方式從事商業房地產。 有些已經進行了私募，但進入這個 25 兆美元資產基礎領域的運動，感覺還處於早期階段，我們一直在定期與 CIO 會面。 屈服。

Our large who runs our credit insurance business came from this area and his past has terrific relationships and we're continuing to build out our capabilities. And I would just say the tenor of the conversation, this is very open and it starts with, you know, one, $500 million commitment. We fill that up, it can grow over time. You add to that DISH strategic relationships where we've got contractual flows coming in and hopefully some new partners over time, it's hard to put a number on it, but it feels like to us this should continue to grow at a very high rate for the foreseeable future because when you look at the insurance companies, their allocations are still pretty small to the area.

我們經營信用保險業務的大佬就來自這個地區，他過去有著良好的關係，我們正在繼續增強我們的能力。 我只想說一下談話的基調，這是非常開放的，首先是 5 億美元的承諾。 我們把它填滿，它會隨著時間的推移而增長。 你還補充說，DISH 戰略關係中，我們已經獲得了合約流量，並希望隨著時間的推移會出現一些新的合作夥伴，很難給出具體數字，但對我們來說，這應該會繼續以非常高的速度成長。

And the 185 basis points of excess return for a rated paper is very valuable to them. And so I would say the optimism around this space for us is very high. And then of course, the open architecture model is helpful. We're not in the market selling annuities. We are a third party investment manager, and that definitely helps the conversations and helps our momentum here.

而一篇被評級論文的185個基點的超額回報對他們來說非常有價值。 所以我想說，我們對這個領域的樂觀情緒非常高。 當然，開放架構模型是有幫助的。 我們不在市場上銷售年金。 我們是第三方投資經理，這肯定有助於對話並有助於我們的發展勢頭。

Great. Thank you.

偉大的。 謝謝。

We'll take our next question from Mark Brown with Wells Fargo Securities.

我們將回答富國銀行證券公司馬克布朗的下一個問題。

Hi, good morning. Something it sounds like you could expand on the increase in the operating expenses this quarter. How much is driven by placement fees and where could that go? And then if we think about the embedded FRE growth through 2025 drive margin expansion next year, could could it be north of, call it the 100 basis points? It's that you've had historically we delivered over the years. Thank you.

嗨，早安。 聽起來你可以擴大本季營運費用的成長。 有多少是由安置費驅動的？ 然後，如果我們考慮到 2025 年嵌入的 FRE 成長將推動明年的利潤率擴張，它是否會超過（稱為 100 個基點）？ 這是我們多年來一直為您提供的。 謝謝。

Sure. Thanks, Mike. Good morning. On the operating expense growth, it was a few items of note and mix 50 different elements. First, there is a third party servicer fees related to our signature debt portfolio acquisitions on second, as you noted, placement fees primarily related to be XPD. And then there are some initiatives driven holding spend and some other items.

當然。 謝謝，麥克。 早安. 關於營業費用成長，有幾個值得注意的項目並混合了 50 個不同的要素。 首先，有與我們的標誌性債務投資組合收購相關的第三方服務商費用；其次，如您所指出的，安置費用主要與 XPD 相關。 然後還有一些舉措推動了持有支出和其他一些項目。

These are obviously all associated with very compelling growth areas, but they did at the OpEx. And I'd say adjusting for these items, the underlying growth in OpEx is running fairly close to last year, which was very low double digits. And I would say for Q4, we would expect a lower rate of growth year over year than what you're seeing in Q3.

顯然，這些都與非常引人注目的成長領域有關，但它們在營運支出上做到了。 我想說的是，對這些項目進行調整後，營運支出的潛在成長與去年相當接近，去年的兩位數非常低。 我想說，對於第四季度，我們預計年比成長率將低於第三季。

So that's I would say, the overall outlook on that and some of the background in terms of only 25 on margins, as you know, it's sort of it's early on that. We don't like to get too granular, especially this early. I would just say that given the overall drivers of both the top line and um, and our expense structure, we continue to feel very good about the idea of stability as a starting point in the short term and then upside from there. And over the long term continued operating leverage.

所以我想說的是，總體前景以及利潤率僅為 25 的一些背景，如您所知，這還處於早期階段。 我們不喜歡太細化，尤其是這麼早。 我只想說，考慮到營收和嗯的整體驅動因素，以及我們的費用結構，我們仍然對穩定作為短期起點，然後從那裡開始向上的想法感到非常滿意。 並長期持續經營槓桿。

Thank you.

謝謝。

We'll go next to Glenn Schorr with Evercore.

接下來我們將與 Evercore 一起前往 Glenn Schorr。

Hi, thanks. Big picture and Blackstone specific question on the asset backwards. So I wonder if you could size the Aspect opportunity in your mind in terms of maybe put it in relative terms. So what we've seen in the direct lending markets, just multiples better in the range of the same size or something like that.

你好，謝謝。 關於資產倒退的大局和黑石具體問題。 所以我想知道你是否可以用相對的方式來衡量你心中的面向機會。 因此，我們在直接貸款市場中看到的情況是，在相同規模或類似規模的範圍內，其倍數會更好。

And then for for you specifically talked about the different pieces of your juggernaut. I'm curious if you think relative to that backdrop that we that we could be looking at in terms of share shift from the banks fair share in terms of bank partnerships and honing our third party origination from piecing it together for that's out there that Thanks.

然後為你特別談論了你的主宰力量的不同部分。 我很好奇你是否認為相對於這種背景，我們可以考慮從銀行的公平份額轉移到銀行合作夥伴關係方面，並通過將其拼湊在一起來磨練我們的第三方起源，謝謝。

Thanks, Glenn show, I would say to size it up. If you look at the leveraged finance world, it's roughly a USD5 trillion universe today. About a third of that is in high yield. A third of that is in leveraged lending. And a third of that is in direct lending. And it certainly feels like direct lending will continue to get more share because of the certainty we can deliver to borrowers and that farm to table approach.

謝謝，格倫秀，我想說要加大力度。 如果你看看槓桿金融世界，你會發現今天它的規模大約是 5 兆美元。 其中大約三分之一是高收益的。 其中三分之一是槓桿貸款。 其中三分之一是直接貸款。 由於我們可以向借款人提供確定性以及從農場到餐桌的方式，直接貸款肯定會繼續獲得更多份額。

But that's that universe. And we are I have $120 billion platform in that space. Tom, if you compare that to the asset base world, including commercial real estate, residential, real estate, transportation, digital infrastructure, energy fund, finance that whole world, we estimate that at 25 trillion. And whereas private players have a third of the leveraged finance world, which is a much smaller world, we just described of that 25 trillion.

但這就是那個宇宙。 我們在這個領域擁有 1200 億美元的平台。 湯姆，如果你將其與資產基礎世界進行比較，包括商業房地產、住宅、房地產、交通、數位基礎設施、能源基金、金融整個世界，我們估計為 25 兆。 儘管私人參與者擁有槓桿金融世界的三分之一，但這個世界要小得多，我們剛剛描述了這 25 兆美元。

I think we're looking at private players today are one 2% of that. So the multiple in terms of scale is much larger and the penetration is much lower. And that's the reason why you heard that in Susie as and for me on the insurance side because these clients see the opportunity. And I think over time, it's going to move beyond insurance.

我認為我們今天關注的私人玩家只是其中的 2%。 所以規模倍數大很多，滲透率也低很多。 這就是為什麼你在保險方面聽到蘇西和我的說法，因為這些客戶看到了機會。 我認為隨著時間的推移，它的範圍將超越保險。

We're having good dialogue with pension clients. I think we'll see sovereign wealth funds start to do this as well. Probably less of an individual investor market. But I think almost all institutions will look at this premium they can get from making asset-based loans and at the same or lower risk and will choose to do some of this. And that means that number can grow a lot.

我們正在與退休金客戶進行良好的對話。 我認為我們也會看到主權財富基金也開始這樣做。 個人投資者市場可能較少。 但我認為幾乎所有機構都會考慮在相同或更低的風險下透過基於資產的貸款可以獲得的溢價，並會選擇這樣做。 這意味著這個數字可以成長很多。

And as we get scale, we can speak for a whole transaction billion 2 billion, 3 billion, put it among start 20 different clients today. And that creates so a really good cycle for us. So I'd say overall, I think this market can grow a lot. I would expect our numbers here to grow a lot. On the bank partnership front. We can buy bias for, do it yourself, but there are areas where partnerships makes sense.

隨著我們規模的擴大，我們可以代表整個交易 10 億、20 億、30 億，把它放在今天開始的 20 個不同的客戶中。 這為我們創造了一個非常好的循環。 所以我想說，總的來說，我認為這個市場可以成長很多。 我預計我們這裡的人數會增加很多。 在銀行合作方面。 我們可以購買偏見，自己動手，但在某些領域，合作是有意義的。

So for us, direct lending where we have so much scale wouldn't make a lot of sense, but definitely in certain origination areas. And we've done partnerships in terms of a home and home improvement loans. We've done some and fund finance with some banks. We've done a number of things with originators in certain verticals. I think we'll continue to do more of those.

因此，對我們來說，規模如此之大的直接貸款沒有多大意義，但在某些起源領域肯定是有意義的。 我們在住房和住房裝修貸款方面建立了合作夥伴關係。 我們已經與一些銀行進行了一些融資和融資。 我們已經與某些垂直領域的原創者做了很多事情。 我想我們會繼續做更多這樣的事。

We haven't done as many announcements, but we have a lot of orders in the water in terms of origination. I think our origination volume in investment grade private was up 40% year on year. So this is an area where we have a lot of momentum. The other thing that I think it's important to remember is our scale as an equity investor in a massive scale and digital infrastructure and real estate and energy, the relationships we have there, that deal flow is very helpful to our credit business as well.

我們還沒有發布那麼多公告，但就原產地而言，我們有很多訂單。 我認為我們的投資等級私募股權發行量年增了 40%。 所以這是一個我們有很大動力的領域。 我認為重要的是要記住的另一件事是我們作為大規模數位基礎設施、房地產和能源的股權投資者的規模，我們在那裡的關係，交易流對我們的信貸業務也非常有幫助。

So we feel good about what we're doing, what we find some more of a partnership in specific areas. Yes. Well, we continue to build out our own origination capabilities. Yes, we still think there's a long way to go.

因此，我們對我們正在做的事情感到滿意，我們在特定領域發現了更多的合作關係。 是的。 嗯，我們繼續建立我們自己的原創能力。 是的，我們仍然認為還有很長的路要走。

Thank you.

謝謝。

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)。

Good morning, Steve, John, Michael, hope everyone's doing well. We have the big picture question on the investing pipeline, and we heard a lot of positive commentary in the prepared remarks. But it looks like 25 will be a lot stronger overall, so they wanted your perspective on two key points.

早安，史蒂夫、約翰、邁克爾，希望大家都一切順利。 我們有關於投資管道的大局問題，我們在準備好的演講中聽到了很多正面的評論。 但看起來 25 整體上會更強，所以他們想聽聽你對兩個關鍵點的看法。

one, how much is the November election delay investment decisions into next year until the back drop broadly more favorable in real estate or private equity given the declining SAP, those discount rates and cap rates? So I would say on the election, we haven't really seen a slowdown. I mean, I do think there are some folks who are waiting to launch to get through the election. So maybe sellers are IPOs have been a little bit delayed, though.

第一，考慮到 SAP、折現率和資本化率不斷下降，11 月大選將多少投資決策延後到明年，直到房地產或私募股權的背景下跌對房地產或私募股權更為有利？ 所以我想說，關於選舉，我們並沒有真正看到經濟放緩。 我的意思是，我確實認為有些人正在等待啟動以通過選舉。 因此，也許賣家的首次公開募股（IPO）有點延遲了。

And you know, I haven't seen people pulling back from buying, but it's probably delay a few sales processes and that should be a good sign for deal activity in terms of relative pickup in activity on a percentage wise, probably real estate because it was coming off such a low base. And we've now seen borrowing spreads and borrowing costs come down a ton.

你知道，我還沒有看到人們退出購買，但這可能會延遲一些銷售流程，這對於交易活動來說應該是一個好兆頭，就百分比而言，活動相對回升，可能是房地產，因為它基礎如此之低。 我們現在看到借貸利差和借貸成本大幅下降。

But I think in both areas you're going to see a pickup in activity and you have all the conditions sort of the recipe for more transaction activity. Base rates, both at the long and short end have come down. I think they'll come down further from the shortage. And as the Fed eases, spreads have tightened a bunch. I mean, we were looking for high yield today between spread in base rates, down 300 basis points in some cases in real estate, down 400 basis points, really meaningful movement.

但我認為在這兩個領域，您都會看到活動的回升，並且您擁有增加交易活動的所有條件。 長期和短期的基本利率均有所下降。 我認為他們會因短缺而進一步下降。 隨著聯準會放鬆貨幣政策，利差大幅收緊。 我的意思是，今天我們正在尋找基準利率利差之間的高收益，在某些情況下，房地產利率下降了 300 個基點，下降了 400 個基點，這是非常有意義的變動。

And that is obviously very helpful for transaction activity. I'm a strong equity market, of course, helps things in people's confidence. And then I would say investors, of course, their sentiment is improving as well. So I think we've been a little ahead of the curve and are investing before the all-clear sign. Steve talked about $120 billion we've invested, but it feels looks like things are picking up and anecdotal.

這顯然對交易活動非常有幫助。 我對股市的強勢當然有助於增強人們的信心。 當然，我想說投資人的情緒也在改善。 所以我認為我們已經有點超前了，並且在一切清晰的跡像出現之前進行了投資。 史蒂夫談到我們已經投資了 1200 億美元，但感覺事情似乎正在好轉，而且只是傳聞。

Anecdotally, I was talking with the private equity guys from the last day or so. And the number of nondisclosure agreements, confidentiality agreements is up 2.5 fold in September versus where it was a year ago. Now that doesn't necessarily mean that's going to turn into that volume of deals. But it clearly shows you there is more enthusiasm. And we know in the private equity world, there's a lot of companies that need to be sold similar story in real estate.

有趣的是，我從最後一天左右就開始與私募股權人士交談。 9 月份，保密協議、保密協議的數量比一年前增加了 2.5 倍。 現在這並不一定意味著這會變成那樣的交易量。 但它清楚地表明你有更多的熱情。 我們知道，在私募股權領域，有許多公司需要出售類似的房地產故事。

So it feels like there's a lot of pent up demand for realizations for DPI., and I think we'll see that in 2025. Thank you. We'll go next to Alex Blostein with Goldman Sachs. Hey, John, good morning, everybody on, but just maybe piggybacking on that a little bit zoning and a real estate a little more specifically, it's obviously very encouraging conditions improving.

所以感覺 DPI 的實現有很多被壓抑的需求，我想我們會在 2025 年看到這一點。 接下來我們將討論高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。 嘿，約翰，早上好，大家好，但也許只是藉助一點分區和更具體一點的房地產，這顯然是非常令人鼓舞的條件改善。

Can you talk a little bit about your outlook over the next 12 to 18 months in terms of Blackstone being a net buyer or a net seller of real estate assets? And maybe a little bit on which asset classes in particular, you expect to be more active in?

您能否談談您對未來 12 至 18 個月黑石成為房地產資產淨買家或淨賣家的展望？ 也許您希望更積極地了解哪些資產類別？

Well, we definitely have been a net buyer or a hair over the last nine months. And we do think that the sentiment is improving, but it's still negative. And people look at the headlines from sort of the wreckage from the past and that concerns them and they're waiting to see, hey, is it safe to go back in weeks tend to be in the seed planting mode for that.

嗯，在過去的九個月裡，我們絕對是淨買家。 我們確實認為市場情緒正在改善，但仍然是負面的。 人們從過去的殘骸中看到頭條新聞，這讓他們感到擔憂，他們等著看，嘿，幾週後回去是否安全，往往處於播種模式。

But at the same time, as we look into next year, as the public reach rally as debt becomes more available at lower costs, we're seeing more people show up. So we've seen call it two to three times the number of buyers showing up to buy things like apartments in logistics. So I think the balances share has been very heavy towards investing relative to the harvesting.

但同時，當我們展望明年時，隨著公眾以更低的成本獲得更多債務，公眾將反彈，我們看到更多的人出現。 因此，我們看到，在物流領域購買公寓等商品的買家數量是其兩到三倍。 因此，我認為相對於收穫而言，餘額份額對於投資來說非常重要。

I think that will start to balance out still and probably more investing earlier on as we work through the year. I would then expect to see more realizations in terms of sectors. We like we continue to be heavily leaning towards some areas like logistics, where the global trends long term, particularly as we get through this supply bubble, we think will look very good rental housing.

我認為，隨著我們今年的工作，這將開始平衡，並可能會更早地進行更多投資。 然後我預計會在各個領域看到更多的實現。 我們希望我們繼續嚴重傾向於物流等一些領域，從長遠來看，全球趨勢，特別是當我們度過這個供應泡沫時，我們認為租賃住房看起來會非常好。

There's a shortage of housing around the globe, particularly in developed markets. Data centers we've talked about at length has been a huge theme for us in real estate. It's really powered a number of our vehicles. And so I think we will find interesting places to deploy capital. And it's possible in office on a selective basis that you could find some interesting things to protect a higher quality buildings and even retail around the grocery-anchored space as opposed to the enclosed mall.

全球範圍內住房短缺，尤其是在已開發市場。 我們詳細討論的資料中心一直是我們房地產領域的重要主題。 它確實為我們的許多車輛提供了動力。 所以我認為我們會找到有趣的地方來部署資本。 在辦公室裡，你可能會選擇性地找到一些有趣的東西來保護更高品質的建築，甚至是雜貨店周圍的零售空間，而不是封閉的購物中心。

So I think we're in the middle of a broad-based recovery in real estate. We're trying to capture that as much as possible. U.s. Europe and Asia deploying capital. As we work through the cycle and values recover, you'll see a pickup in sales sales and you can feel that happening now.

因此，我認為我們正處於房地產領域的廣泛復甦之中。 我們正在努力盡可能地捕捉到這一點。 我們。歐洲和亞洲部署資本。 當我們完成這個週期並且價值恢復時，您會看到銷售量的回升，您可以感覺到這種情況正在發生。

Thank you.

謝謝。

We'll go next to Dan Fannon with Jefferies.

接下來我們將與傑弗里斯一起前往丹·範農 (Dan Fannon)。

Thanks. Good morning.

謝謝。 早安.

Several funds to complete the size of that AUM? And then also just given the elevated levels of deployment that have been going on and seem to be continuing, can you talk about what that means for some of the larger funds or fund raising into 2025? Sure. On the fee holiday US side, I mentioned that sort of the main the main items on our new private equity corporate funds on global fund VCP. nine, our fourth Energy Transition Fund, and then our SP infrastructure fund, those were in part show or full holiday in the third quarter.

那幾檔基金完成的AUM規模有多大？ 然後，考慮到部署水準一直在持續上升，並且似乎仍在持續，您能否談談這對 2025 年一些規模較大的基金或融資意味著什麼？ 當然。 關於美國方面的費用假期，我在全球基金VCP上提到了我們新的私募股權公司基金的主要項目。九、我們的第四個能源轉型基金，然後是我們的 SP 基礎設施基金，這些基金在第三季部分展示或全部放假。

They'll all be in full fees in the fourth quarter. Just to quantify, it was sort of based on the fee holidays, foregone fees from those on just those three funds of around 40 million or so on. So that will help you with the math you want to talk about.

他們將在第四季度全額繳納費用。 為了量化，它有點基於費用假期，即這三隻基金放棄的費用，金額約為 4000 萬左右。 所以這將幫助你了解你想要談論的數學。

I mean, look, as it relates to the pipeline, what I would say is from institutional investors are certainly feeling better than the quality of the dialogue is getting better as as equity markets have rallied, denominator effect looks a lot better today. I think the key thing will be a DPI.s picking up as we move into next year as the IPO market gets better as we have more sales, that's that virtuous cycle of capital moving back to them at them allocate adding more.

我的意思是，看，就管道而言，我想說的是，機構投資者的感覺肯定比對話品質更好，因為隨著股市反彈，今天的分母效應看起來好多了。 我認為關鍵的事情將是隨著我們進入明年，IPO 市場會變得更好，因為我們有更多的銷售，DPI 將會回升，這就是資本回流到他們的良性循環，他們分配增加了更多。

I would expect that we talked about in the remarks some of the things that are working their way through the system, our next to Private Equity Asia Fund, next, Life Science five, and at some point next year, our mix of large private equity secondaries business, we've got the opportunistic credit business and then we're continuing to clean up or finalized a number of these funds in energy transition, real estate, credit, real estate, Europe.

我希望我們在發言中討論一些正在透過系統發揮作用的事情，我們的下一個私募股權亞洲基金，下一個，生命科學五，以及明年某個時候，我們的大型私募股權組合二級業務，我們有機會主義信貸業務，然後我們將繼續清理或最終確定能源轉型、房地產、信貸、房地產、歐洲等領域的一些基金。

So it feels like we're going to be in a better fundraising environment. As everybody knows here, the last 2.5 years have not been easy remarkably as a firm. The last 12 months, we raised a tougher period of time. It feels like it's going to be a better environment, but certainly more realizations working their way through the system will free up capacity assets from our big customers.

所以感覺我們將處於一個更好的籌款環境。 眾所周知，過去 2.5 年對一家公司來說並不輕鬆。 過去 12 個月，我們度過了一段更艱難的時期。 感覺這將是一個更好的環境，但肯定的是，更多的實現透過該系統將釋放我們大客戶的容量資產。

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)。

Great. Thanks. Good morning. Thanks for taking my questions. Maybe just to get back to the AI. and the data center steam and just trying to connect the E. ON deployment opportunities, which are which obviously you described is pretty massive in this space, disconnecting that trying to connect that with the supply of investment capital on from fund raising.

偉大的。 謝謝。 早安. 感謝您回答我的問題。 也許只是為了回到人工智慧。和資料中心蒸汽，只是試圖將 E.ON 部署機會聯繫起來，顯然您所描述的這些機會在這個領域是相當巨大的，從而使試圖將其與籌集資金的投資資本供應聯繫起來。

So as you see that deployment on come through on your To what extent do you think on the fundraising can't keep up? Or or to what extent will they seem accelerate fund raising in oh, say, over the next two years? Maybe just one example there would be the breadth.

因此，正如您所看到的那樣，您認為籌款活動在多大程度上跟不上？ 或者說，在未來兩年內，他們似乎會在多大程度上加速籌集資金？ 也許只是一個例子就會有廣度。

The prep fund is fully committed. I know data centers are part of that could be coming back to market given by the end of 2025 for the next vintage of as it too early? Well, it's an important question. What I would say on on data centers is the fact that we have large-scale pools of capital that we've been able to deploy has been a huge competitive advantage.

準備基金已全部投入。 我知道資料中心可能會在 2025 年底前重返市場，因為現在還為時過早？ 嗯，這是一個重要的問題。 關於資料中心，我想說的是，我們擁有大規模的資本池，我們能夠部署這些資本池，這是一個巨大的競爭優勢。

So the ability to privatize QTS, a $10 billion company at the time, which we've since grown eight foot sold and leased capacity. We did that jointly with IT infrastructure and various be read and BPP. and real estate on the air Trung transaction, we just did a $16 billion deal. We were able, I think, to be in a very favorable competitive dynamic because we did it really on our own with one institute additional partner.

因此，我們有能力將當時價值 100 億美元的 QTS 公司私有化，此後我們已將其銷售和租賃產能擴大到了 8 英尺。 我們與 IT 基礎架構以及各種閱讀和 BPP 共同做到了這一點。和空中特隆房地產交易，我們剛剛做了一筆160億美元的交易。 我認為，我們之所以能夠處於非常有利的競爭動態中，是因為我們確實是靠自己和一個研究所的額外合作夥伴做到了這一點。

And in that case, we had infrastructure global, our Tactical Opportunities area, our strategy for individual investors in private equity, we are able to bring all this capital together, and that's enabled us to do this at scale because it does require a lot of capital to both buy these companies and then have the firepower to build these out.

在這種情況下，我們擁有全球基礎設施、我們的戰術機會領域、我們針對私募股權個人投資者的策略，我們能夠將所有這些資本匯集在一起，這使我們能夠大規模地做到這一點，因為它確實需要大量的資金既可以有資本購買這些公司，也可以有足夠的火力來建立這些公司。

And so I do think it is a meaningful area of deployment. Will it lead to an acceleration of fund raising in real estate, let's say, opportunistic globally. I think it's too early to say, but it certainly has helped us. It's helped us in performance. It's been the lead driver in our infrastructure business. Michael talked about the 16% net since inception.

所以我確實認為這是一個有意義的部署領域。 這是否會導致房地產領域的資金籌集加速，例如全球機會主義？ 我認為現在說還為時過早，但它確實對我們有幫助。 它對我們的表現有幫助。 它一直是我們基礎設施業務的主要驅動力。 麥可從一開始就談到了 16% 的淨利率。

Biggest driver of that has been data centers. And it feels like we've got more momentum ahead for us in the U.S., Europe and Asia. So it's one of the most exciting areas. And I would say just more broadly are playing this sort of need for compute power AI. in electrification on a broad base. And so it's clearly the data centers, but it's also the energy G & Power.

其中最大的推動力是資料中心。 感覺我們在美國、歐洲和亞洲的發展勢頭更加強勁。 所以這是最令人興奮的領域之一。 我想說的是，更廣泛地說，人工智慧正在滿足這種對運算能力的需求。在廣泛的基礎上實現電氣化。 因此，顯然是資料中心，但也是能源 G & Power。

And in that area, again, having infrastructure, having our energy credit funds, having our energy equity funds that consortium and even some of them that's gone into real estate and then what we're doing in credit and other areas. So when you think about where alternative firms are position, particularly our firm, there's or huge need for capital in a few of these areas.

在這個領域，同樣，擁有基礎設施，擁有我們的能源信貸基金，擁有我們的能源股權基金，該財團甚至其中一些資金進入了房地產領域，然後我們在信貸和其他領域所做的事情。 因此，當你考慮其他公司的定位時，尤其是我們公司，其中一些領域對資本有巨大的需求。

And we have what we think are the right vehicles to invest in it. I think it will lead to faster deployment and it should lead to higher returns as well. And that gives us a bunch of optimism.

我們擁有我們認為合適的投資工具。 我認為這將帶來更快的部署，也應該帶來更高的回報。 這給了我們很大的樂觀情緒。

Great. Thank you very much.

偉大的。 非常感謝。

We'll take our next question from Brennan Hawken with UBS.

我們將回答瑞銀集團 (UBS) 的布倫南‧霍肯 (Brennan Hawken) 提出的下一個問題。

Great. Good morning. Thanks for taking my questions. So rates declining, you know, you spoke to that helping out many businesses on, but I was curious to hear how to think about the impact of lower base rates and tighter spreads on the credit business and maybe specific effort within credit? So what I'd say on credit is certainly we've generated very favorable returns for customers, nearly 17% in private investment grade appreciation over the last year.

偉大的。 早安. 感謝您回答我的問題。 因此，利率下降，你知道，你談到幫助許多企業，但我很好奇如何思考較低的基本利率和收窄的利差對信貸業務的影響，以及信貸領域的具體努力？ 因此，我想說的是，在信用方面，我們肯定為客戶創造了非常有利的回報，去年私人投資等級升值了近 17%。

And some of that, of course, goes away as base rate comes down and spreads come down. But the real question I think for investors is, can they earn a premium to liquid fixed income? And when you look at liquid fixed income, where corporate triple Bs are paying a little over 100 over, I think we can produce a durable premium. I think we can do it shortly in non-investment grade.

當然，隨著基本利率下降和利差下降，其中一些會消失。 但我認為對投資人來說真正的問題是，他們能否賺取比流動性固定收益更高的溢價？ 當你看看流動性固定收益時，企業三 B 支付的費用略高於 100 美元，我認為我們可以產生持久的溢價。 我認為我們可以很快在非投資層級做到這一點。

If you look at all our B credit product, it's delivered 700 basis points over a base rate since inception. So even as base rates come down and very attractive returns. And when you look in the investment grade space, as we talked about earlier, the idea that we can deliver 185 basis points over comparable single-A A. rated credit is also very encouraging.

如果您查看我們所有的 B 信貸產品，您會發現自推出以來，它的利率比基本利率高出 700 個基點。 因此，即使基本利率下降，回報也非常有吸引力。 當你審視投資等級領域時，正如我們之前談到的，我們可以提供比同類單 A A 級信用 185 個基點的想法也非常令人鼓舞。

So yes, there will be some pressure on absolute returns as spreads in base rates come down, but relative returns that durable premium, I think will continue. And that's the reason why I think we will continue to see investors migrate towards private credit, both investment grade and non-investment grade. And Brian, I'd just add on your question on impact on stimulus funds. Revenues, I would actually in isolation talk about what's the effect of a decline in yields on investment income.

所以，是的，隨著基本利率利差的下降，絕對回報將面臨一些壓力，但我認為持久溢價的相對回報將持續下去。 這就是為什麼我認為我們將繼續看到投資者轉向私人信貸（包括投資等級和非投資等級）的原因。 布萊恩，我想補充你關於刺激基金影響的問題。 收入，其實我想單獨談談收益率下降對投資收益的影響。

None has hurdle with not necessarily base rates reads, as Al mentioned, but so 50 bps call it 50 basis points decline in yields are in investment income equates to pretty minimal impact, something like in the low mid single digits, around three or 4%. What sort of run rate fee-related performance revenues that sort of the math, which is probably derive yourself. But importantly, there are offsets on these are underlevered vehicles.

正如 Al 所提到的，沒有一個障礙不一定是基本利率讀數，但 50 個基點稱之為投資收益收益率下降 50 個基點，影響相當小，大約是中低個位數，大約 3% 或 4% 。 什麼樣的運行率與費用相關的績效收入是什麼樣的數學，這可能是你自己得出的。 但重要的是，這些槓桿不足的工具有抵消作用。

These are not treated and traded BDCs on a cost of liabilities, even another lowly levered that also moves in tandem down. And so there will be offset, I think, in terms of just what's the really the question of where are we on yields and investment income.

這些 BDC 不以負債成本進行處理和交易，即使是另一個低槓桿的 BDC 也同步下降。 因此，我認為，就我們的收益率和投資收入的真正問題而言，將會出現抵銷。

We'll go next to Benjamin Energous with Barclays.

接下來我們將與巴克萊銀行的本傑明·埃格古斯（Benjamin Energous）進行對話。

Hi, good morning and thanks for taking the questions. I wanted to maybe ask another question on the FRE. outlook for next year on maybe thinking about the comp ratio in management fees versus realized performance revenues. I know in the past you've commented that you're not really looking to make a structural change like some of your to use a metric ton.

你好，早上好，感謝您提出問題。 我想問另一個關於 FRE 的問題。明年的展望可能會考慮管理費與已實現績效收入的比較。 我知道您過去曾評論過，您並不真正希望像某些人那樣進行結構性改變以使用公噸。

But when we look back on across the last like three, four, five years, it does look like overall the overall fee related cost pressures come down a little bit and the opposite on the performance side. And so just thinking through next year, I'm curious what your appetite is, particularly given if we do see a big pickup in performance revenues, it could be an opportune time given it would really smoothed out the total cost picture for you.

但當我們回顧過去三年、四年、五年時，整體來看，與費用相關的成本壓力確實有所下降，而績效方面則相反。 因此，考慮到明年，我很好奇您的胃口是什麼，特別是考慮到如果我們確實看到演出收入大幅上升，那麼這可能是一個合適的時機，因為它確實會平滑您的總成本情況。

I'm pleased as I appreciate any thoughts there. Thank you.

我很高興，因為我很欣賞那裡的任何想法。 謝謝。

Benjamin look VM up. First of all, as you know, our comp model has multiple levers, and we look at them in an integrated way and feel like we've got a fair degree of control around them, and we want to optimize across them. So you've seen some of that movement, I would say in terms of the performance of revenue comp ratios relative to the fee comp ratios and in certain businesses, we've had the ability from time to time, we've chosen to allocate more performance comp to certain professionals, and we manage the mix of incentives that way.

本傑明查找虛擬機器。 首先，如您所知，我們的補償模型有多個槓桿，我們以綜合的方式看待它們，感覺我們對它們有相當程度的控制，我們希望對它們進行最佳化。 所以你已經看到了一些這種變化，我想說的是，就收入比較率相對於費用比較率的表現而言，在某些業務中，我們有時有能力，我們選擇分配為某些專業人士提供更多績效補償，我們以這種方式管理激勵組合。

We haven't done the larger scale programmatic way, but it's a tool in our toolkit we can use along with others. So that is really how we think about it. We have these controls. There are multiple elements to the server overall comp model. And I would just step back and say as we've I think though delivered on from a margin standpoint, comp ratio standpoint, we feel good about the path forward.

我們還沒有採用更大規模的程式設計方式，但它是我們工具包中的一個工具，我們可以與其他工具一起使用。 這就是我們的想法。 我們有這些控制措施。 伺服器整體競爭模型有多個要素。 我只想退一步說，正如我們所認為的那樣，儘管從利潤率和補償率的角度來看，我們對前進的道路感覺良好。

Got it. Thank you very much.

知道了。 非常感謝。

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。

Good morning. Good morning, Steven. How are you wanted to ask a question on the FRE and net flow outlook sizing deployed activity in the quarter? one metric would kill short of expectations was at Palm growth. And that has reinforced at least some of the challenges of overcoming back-book headwinds, which are running at about 10% of our Palm. J

早安. 早安，史蒂文。 您想如何詢問有關本季部署活動的 FRE 和淨流量前景規模的問題？ 一項低於預期的指標是 Palm 的成長。 這至少加劇了克服帳面逆風的一些挑戰，這些逆風在我們的 Palm 上運行約 10%。 J

Just given the strong fundraising tailwinds you cited was hoping you could speak to the FRE growth outlook just in the context of some of these back-book pressures and how you're thinking about a sustainable organic net flow rate just as we refine some of our modeling assumptions for next year and beyond. I just start, Stephen, on on sort of the overall outlook.

考慮到您提到的強勁籌款順風，希望您能在某些背書壓力的背景下談論 FRE 的增長前景，以及您如何考慮可持續的有機淨流量，就像我們完善我們的一些明年及以後的建模假設。 史蒂芬，我剛開始介紹整體前景。

I mean, the overall outlook longer term, certainly within 20, we talked about the fourth quarter surround FRE 2025. We don't give sort of granular guidance, and there isn't really an algorithm imported, but the building blocks in out at our are in place for 2025 FRE growth. We are very optimistic about between base management fees, the sort of structural embedded upward plant from the full year benefit of the flagship vehicles. We backed away of this year, which we've talked about additional drawdown funds to be activated.

我的意思是，從長遠來看，當然是在 20 年內，我們討論了圍繞 FRE 2025 的第四季度。增長做好準備。 我們對基礎管理費、結構性嵌入式向上工廠從旗艦車輛的全年效益中非常看好。 我們放棄了今年的計劃，我們已經討論過要啟動額外的提取資金。

New raises underway, continued expansion and broadening of our perpetual strategies, including the XP significant momentum in credit insurance management fees were up 18% year to date on fee-related performance revenues, which you touched on the direct lending BDCs just steadily expanding earnings power be read on sort of this bit of a sleeping giant in terms of the embedded incentive fee, earnings power, their fuel related performance, running earnings power and then BXP, which I mentioned continued scale.

新的加薪正在進行中，我們的永久策略持續擴張和拓寬，包括XP 信用保險管理費的顯著勢頭，今年迄今為止與費用相關的績效收入增長了18%，您談到了直接貸款BDC 的盈利能力正在穩步擴大從嵌入激勵費、盈利能力、燃料相關績效、運行盈利能力以及我提到的持續規模的 BXP 來看，這是一個沉睡的巨人。

And then in credit insurance is generally viewed it ever has been up 26%. So. So we think about the drivers, I think, less in terms of equations and more around some across different building blocks and across the overall business, a really good, I think, near to medium term and longer term momentum and path forward. So I would really frame it that way rather than sort of and I sort of the net flow or cutting back.

然後在信用保險領域，人們普遍認為它已經上漲了 26%。 所以。 因此，我認為，我們對驅動因素的思考較少是在等式方面，而是更多地圍繞不同構建模組和整個業務的驅動因素，我認為，這是一個非常好的近中期和長期動力和前進道路。 所以我真的會以這種方式來建造它，而不是某種意義上的淨流量或削減。

No, that's very helpful context. Thanks for taking my question.

不，這是非常有幫助的背景。感謝您提出我的問題。

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。

Hi, good morning. Thanks for taking the question. So lots of areas and elements complex set of performing well over covering some secondaries continues to lag. We witnessed IRRs and SP. nine for three ASP. all8 fell this quarter by a couple of percentage points. And returns in aggregate and secondary for 2023 and 24 are well below your hurdle rates.

嗨，早安。 感謝您提出問題。 因此，許多領域和元素複雜的集合表現良好，覆蓋一些次級區域仍然落後。 我們見證了IRR和SP。九換三 ASP。 all8 本季下降了幾個百分點。 2023 年和 24 年的總回報率和次要回報率遠低於您的最低迴報率。

So help us understand why performance here continues to lag. Is the path forward to better results, just a function of time? And if that's the case, when do we see it? Or is there really like a different bigger issue here?

因此，請幫助我們理解為什麼這裡的效能持續落後。 通往更好結果的道路只是時間的函數嗎？ 如果是這樣的話，我們什麼時候能看到它？ 或者這裡真的有一個不同的更大問題嗎？

oh, I would say we feel great about our secondaries business. Um, we're today at 82 billion of AUM. If you look in our filings hair and you look at the SP. funds by their net return since inception, high 10s returns are higher in the flagship private equity vehicles. So we have extremely happy customers in the near term. Yes, we'll that business will report on a lag of a couple of quarters.

哦，我想說我們對我們的二級業務感覺很好。 嗯，我們今天的資產管理規模為 820 億。 如果您查看我們的文件頭髮，您會看到 SP。從基金成立以來的淨回報來看，旗艦私募股權投資工具的 10 多倍回報率更高。 因此，我們在短期內擁有非常滿意的客戶。 是的，我們預期該業務的報告會落後幾季。

So you're saying what were challenging of reports that come? Um, in the last few quarters, there's been modest growth in terms of appreciation there. But but I would say the overall sort of embedded discount in buying funds at at attractive prices, particularly what we focus on, which is eight year old funds on average and being able to show up and we own today, I think interest in 4,000 different funds to give a holistic solution to sellers do it across real estate from I think it puts us in a really unique spot.

那麼您是說收到的報告中哪些內容具有挑戰性？ 嗯，在過去的幾個季度裡，那裡的升值幅度略有成長。 但我想說的是，以有吸引力的價格購買基金的整體嵌入折扣，特別是我們關注的基金，平均有八年曆史的基金，並且能夠出現並我們今天擁有，我認為對4,000 種不同的基金感興趣我認為這使我們處於一個非常獨特的位置。

So I would say near term, there's a little bit of from a slowdown in performance. But when you look at this business, what we've done for the customers, they are very pleased with, and I feel quite good with as we go out to rates. Next vintage again as Michael. I just add to that on a couple of things. one, just to reframe what John said or reiterated the investment front has been outstanding.

所以我想說，短期內，性能會放緩。 但是當你看看這項業務時，我們為客戶所做的一切，他們都非常滿意，當我們制定價格時，我也感覺很好。 下一個年份再次扮演邁克爾。 我只是補充幾件事。 第一，只是重新解釋約翰所說或重申的投資面向一直很突出。

And I think if you did a channel check, you would do adhere to that. I think on the recent performance, just to add to what John said, I think there are two factors which are kind of the key elements to the mass in the short term of a bit of a secondary fund returns. one is, is the immediate gains from buying new deals at a discount that volume was lower.

我認為如果你進行了渠道檢查，你就會遵守這一點。 我認為就最近的表現而言，補充約翰所說的，我認為有兩個因素是二級基金短期內獲得一定回報的關鍵因素。 一是，以成交量較低的折扣購買新交易所帶來的直接收益。

As you know, last year and early this year, it's definitely accelerating now that will help returns. And then in terms of the underlying performance of the funds themselves, John referenced this, the nature of secondary buyers is they tend to be more mature funds. So yes, in the period of the last couple of years or so, the Anvil and even more recently the performance, we have some of these more mature funds across the industry naturally and during this recovery lags.

如你所知，去年和今年年初，現在肯定會加速，這將有助於回報。 然後就基金本身的基本表現而言，約翰提到，二級買家的本質是他們往往是更成熟的基金。 所以，是的，在過去幾年左右的時間裡，Anvil 甚至最近的表現，我們在整個行業自然擁有一些更成熟的基金，並且在這次復甦期間存在滯後。

And so that's being a sort of transmitted as well as opposed to say in our latest, our latest core private equity fund with a younger portfolio and you see the performance that it's on delivered in recent quarters. So those are really the two factors on their structural. They also have to do with structural in the context of where we are in the cycle. And overall SP. has been through these cycles there for investment performance delivery has been outstanding.

因此，這是一種傳播，而不是在我們最新的核心私募股權基金中說，它具有更年輕的投資組合，你可以看到它在最近幾季的表現。 所以這些其實是其結構上的兩個因素。 它們也與我們所處週期的結構有關。 以及整體SP。經過這些週期，投資績效交付一直非常出色。

Great. We'll stay tuned. Thank you so much.

偉大的。 我們將繼續關注。 太感謝了。

And we'll go next to Phil Kenney with TV content account.

接下來我們將請菲爾肯尼（Phil Kenney）負責電視內容帳號。

Okay. Thank you very much for the update and taking the question this morning. That may be a big picture. one on wealth management. See you have a tremendous first mover advantage and a great brand. How do you sort of see the platform evolving here just in terms of impact of rising competition and maybe what you're seeing in terms of investor demand as interest rate expectations shift? Thank you.

好的。 非常感謝您今天早上的更新並提出問題。 這可能是一個大圖景。 一是關於財富管理。 看看您擁有巨大的先發優勢和偉大的品牌。 您如何看待該平台在競爭加劇的影響方面的發展，以及隨著利率預期發生變化，您在投資者需求方面看到的情況？ 謝謝。

Thanks. Fair with we definitely have a first mover advantage. The 250 billion speaks to our scale and is much larger than others. It speaks to the fact that we started here earlier than others. And we built up incredible relationships with financial advisors as well as their underlying clients. And I think that's very important. We had a bunch of them in town the last couple weeks and goodwill towards the farm is extraordinary, particularly because of the performance, both of the drawdowns more reach.

謝謝。 公平地說，我們絕對有先發優勢。 2500億說明了我們的規模，比其他國家大得多。 這說明我們比其他人更早開始在這裡。 我們與財務顧問及其潛在客戶建立了令人難以置信的關係。 我認為這非常重要。 過去幾週我們在城裡有一群人，對農場的善意非常好，特別是因為表現，兩次回撤都更廣泛。

Finally, of course, because of the perpetuals, how be read has delivered, how B credits delivered, how BXP. has started. This builds up a lot of goodwill with underlying customers. I'd also point out that if you look at our institutional investors there now 30 33% allocated to private in the 80 trillion-dollar well space. They're probably allocated 1% to 2%. It is early days here even earlier outside the United States.

最後當然是因為永續，be read如何交付，B學分如何交付，BXP如何交付。已經開始了。 這與潛在客戶建立了許多商譽。 我還想指出的是，如果你看看我們的機構投資者，現在 80 兆美元的油井空間中有 30-33% 分配給了私人投資者。 他們可能分配到 1% 到 2%。 這裡還處於早期階段，在美國以外的地區甚至更早。

So if you said, you know, what do we see here? We see an enormous opportunity with our existing sort of flagship products we talked about going into interest structure, another version of credit. I think you'll see us put more people on the ground around the world. We think the benefits of alternatives will continue to grow. We think these semi-liquid structures, which have of reporting that's more timely in many cases, are more tax efficient.

所以如果你說，你知道，我們在這裡看到了什麼？ 我們看到我們現有的旗艦產品存在巨大的機會，我們談到了利率結構，即信貸的另一個版本。 我想你會看到我們在世界各地派出更多人員。 我們認為替代品的好處將持續成長。 我們認為這些半流動結構在許多情況下報告更及時，稅收效率更高。

They provide semi liquidity as well. This works for advisers and their underlying customer. So I would say, yes, there will be more competitors moving into this space. But the overall market is very, very large. I feel like, given our brand, our reach will get shelf space, which is different, as you know, versus, let's say, tradition still institutional private equity were there, you can analyze it gets smaller. A smaller number of groups will be able to play our first mover advantage to performance.

它們也提供半流動性。 這適用於顧問及其潛在客戶。 所以我想說，是的，將會有更多的競爭對手進入這個領域。 但整體市場非常非常大。 我覺得，考慮到我們的品牌，我們的影響力將獲得貨架空間，正如你所知，這與傳統的機構私募股權在那裡不同，你可以分析它變得更小。 較少數量的團體就能發揮我們的先發優勢來表現。

We've delivered the brand. All of that is super helpful in this context. And I would say one other thing I just said about that's worth noting is as base rates come down, that makes investors enthusiasm for these products go up. When you are earning 6% in the money market fund, there wasn't much incentive to think about other things as the Fed brings that rates back in at some point into the threes. I think the attractiveness of trading some near term liquidity for higher returns goes up.

我們已經交付了品牌。 所有這些在這種情況下都非常有幫助。 我想說的另一件值得注意的事情是，隨著基本利率的下降，投資者對這些產品的熱情上升。 當你在貨幣市場基金中賺取 6% 的收益時，就沒有太多動力去考慮其他事情，因為聯準會在某個時候將利率恢復到 3%。 我認為用一些短期流動性換取更高回報的吸引力正在上升。

So I think performance improving at a better environment these products showing how they weathered the storm and the the lack of return from short-term cash. I think all of that should grow and and we would expect as we move forward, the momentum will accelerate in private wealth.

因此，我認為，在更好的環境下，這些產品的表現會有所提高，這表明它們是如何度過難關的，以及短期現金回報缺乏的情況。 我認為所有這些都應該成長，而且我們預計，隨著我們的前進，私人財富的勢頭將會加速。

Thank you.

謝謝。

We'll take our last question from Christian Munster with Piper Sandler.

我們將回答克里斯蒂安·蒙斯特和派珀·桑德勒提出的最後一個問題。

Thanks. Good morning. I'm going to just a big-picture question here. So it's just from your seat. What are you seeing with regards to M&A and IPO activity in the IPO pipeline? And you see a scenario where there are less IPOs company staying private longer?

謝謝。 早安. 我在這裡只想問一個大局問題。 所以這只是從你的座位。 您對 IPO 管道中的併購和 IPO 活動有何看法？ 您是否看到這樣一種情況，即 IPO 公司保持私有狀態時間更長的情況會減少？

And what could that mean for you? Are there both positive and negative implications there for Blackstone and this type environment? Thank you.

這對你來說意味著什麼？ 對於 Blackstone 和此類環境是否有正面和負面的影響？ 謝謝。

I'm a believer that the environment falling into place, both from more IPOs and more M&A on the M&A front. In terms of the private side, certainly debt cost of capital coming down makes a huge difference. If you looked when we bought Emerson, 11 tricks Copeland business, we bought that we were struggling to get any debt capital cost 13, 14%.

我相信，無論是更多的首次公開募股還是併購方面的併購，環境都已經到位。 就私人方面而言，債務資本成本的下降無疑會產生巨大的影響。 如果你看看我們購買艾默生、谷輪業務時的 11 個技巧，我們會發現我們正在努力獲得 13%、14% 的債務資本成本。

That may be doing transactions very difficult as debt cost of capital comes down, people can bar to be much more robust. Stock prices go up. Obviously, strategic acquirers become more active in M&A on the IPO funds. That's obviously been the laggard we've had we had two very slow years in 22 and 23, 24. You've watched the momentum build up. And as I said on TV earlier, as the price of the public market goes up, it's like a magnet pulling private companies into the market.

隨著債務資本成本下降，交易可能會變得非常困難，人們可以變得更加穩健。 股票價格上漲。 顯然，策略性收購方利用IPO資金進行併購更加活躍。 這顯然是我們的落後者，我們在 22 年、23 年、24 年度過了非常緩慢的兩年。 正如我之前在電視上所說，隨著公開市場價格的上漲，它就像一塊磁鐵將私人公司吸引到市場中。

And so I think you'll begin to see more. You've seen some sponsor IPOs coming out that have done quite well overall. I think IPOs in the U.S., you're up something like 30% from our IPO to today that will get people investors more motivated to invest and IPOs. And when we just talk about what's happened in our firm, I walked into a meeting yesterday and we were talking about a potential IPO. And we've really gone from sort of this theoretical to the practical.

所以我想你會開始看到更多。 您已經看到一些贊助商 IPO 的上市，整體表現相當不錯。 我認為美國的首次公開募股（IPO）從我們的首次公開募股到現在已經上漲了大約 30%，這將使投資者更有動力進行投資和首次公開募股。 當我們談論我們公司發生的事情時，我昨天參加了一個會議，我們正在討論潛在的首次公開募股。 我們確實已經從理論轉向了實踐。

What's the right size? Should we do it in February or a Pro. So my expectation is the IPO market, which is historically cyclical, will pick back up. Some of the private market has grown. There may be companies that staying continuation vehicles. So there will be some of that. But I think we will see a much better IPO market in 2025. And obviously for our business realizations, DPI. That's a very good thing.

什麼尺寸合適？ 我們應該在二月做還是專業做呢？ 因此，我的預期是，具有歷史週期性的 IPO 市場將會回升。 一些私人市場已經成長。 可能有一些公司保留延續工具。 所以會有一些。 但我認為 2025 年我們將看到一個更好的 IPO 市場。這是一件非常好的事情。

Thank you, John. Appreciate the color.

謝謝你，約翰。 欣賞顏色。

With no additional questions in queue. I would like to turn the call back over to Mr. Weston Tucker for any additional or closing remarks.

隊列中沒有其他問題。 我想將電話轉回給韋斯頓·塔克先生，請其發表補充或結束語。

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

偉大的。 謝謝大家今天加入我們，我們期待在電話會議後跟進。 祝你有美好的一天。

Goodbye.

再見。