Blackstone Inc (BX) 2025 Q2 法說會逐字稿

Thank you for standing by. You're on hold for the Blackstone second-quarter 2025 investor call. At this time we're gathering additional participants and should be in the way shortly. We appreciate your patience and ask that you continue to hold.

感謝您的支持。您正在等待黑石集團 2025 年第二季投資者電話會議。目前我們正在召集更多參與者，很快就會到達。我們感謝您的耐心，並請您繼續堅持。

Good day and welcome to the Blackstone second-quarter 2025 investor call. Today's call is being recorded. (Operator Instructions)

大家好，歡迎參加黑石 2025 年第二季投資人電話會議。今天的通話正在錄音。（操作員指示）

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

現在，我想將電話轉給股東關係主管韋斯頓·塔克 (Weston Tucker)。請繼續。

Great. Thank you, Katie, 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 Chae, Vice Chairman and Chief Financial Officer. 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.

偉大的。謝謝你，凱蒂，早安，歡迎參加黑石集團第二季電話會議。今天參加會議的有董事長兼首席執行官史蒂夫·施瓦茨曼 (Steve Schwarzman)、總裁兼首席營運官喬恩·格雷 (Jon Gray) 和副董事長兼首席財務官邁克爾·蔡 (Michael Chae)。今天早些時候，我們發布了一份新聞稿和幻燈片演示，可以在我們的網站上查閱。我們預計將在幾週內提交 10-Q 報告。

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

我想提醒您，今天的電話會議可能包含前瞻性陳述，這些陳述不確定，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義務。有關可能影響結果的一些因素的討論，請參閱我們的 10-K 中的風險因素部分。我們也會參考非公認會計準則 (non-GAAP) 指標，您可以在我們網站股東頁面上的新聞稿中找到對帳資訊。

Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone funds. This audio cast 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出售或購買任何黑石基金權益的要約或邀請。此音訊廣播是 Blackstone 的版權資料，未經同意不得複製。

On results, we reported GAAP net income for the quarter of $1.6 billion. Distributable earnings were also $1.6 billion or $1.21 per common share, and we declared a dividend of $1.03 per share, which will be paid to holders of record as of August 1.

就業績而言，我們報告本季的 GAAP 淨收入為 16 億美元。可分配收益也為 16 億美元，即每股 1.21 美元，我們宣布派發每股 1.03 美元的股息，將支付給 8 月 1 日登記在冊的股東。

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

說完這些，我會把電話轉給史蒂夫。

Good morning and thank you for joining our call. Blackstone reported outstanding results for the second quarter. Distributable earnings increased 25% year-over-year to $1.6 billion, as Weston mentioned. Fee-related earnings grew a remarkable 31% year-over-year and represented one of the best quarters in our history.

早安，感謝您參加我們的電話會議。黑石集團公佈了其第二季度的出色業績。正如韋斯頓所提到的，可分配收益年增 25%，達到 16 億美元。與費用相關的收益年增了 31%，這是我們歷史上最好的季度之一。

The strength of these results notwithstanding a muted backdrop for realizations reflects the significant expansion of the firm's earnings power, that has been underway as we continue to innovate and scale key growth initiatives. These include our platforms in private wealth, credit and insurance, and infrastructure along with the launch of multiple new funds in our drawdown area.

儘管實現的前景並不樂觀，但這些強勁的業績反映了公司盈利能力的顯著提升，而隨著我們不斷創新和擴大關鍵增長計劃，這一提升一直在進行中。其中包括我們在私人財富、信貸和保險以及基礎設施方面的平台，以及在我們的提取領域推出的多個新基金。

The firm's expansion is also powering our fundraising, with inflows reaching $52 billion in the second quarter and $212 billion for the last 12 months, lifting assets under management 13% year-over-year to a record $1.2 trillion. In addition, there were reports that the US administration may soon issue an executive order that could help open another vast new market for the firm to deliver superior returns and diversifications for investors, the $12 trillion US defined contribution channel.

該公司的擴張也推動了我們的募款活動，第二季流入資金達到 520 億美元，過去 12 個月流入資金達到 2,120 億美元，管理資產年增 13%，達到創紀錄的 1.2 兆美元。此外，有報導稱，美國政府可能很快就會發布一項行政命令，這可能有助於為該公司開闢另一個巨大的新市場，為投資者帶來更高的回報和多樣化，即12兆美元的美國固定繳款管道。

The foundation of Blackstone's exceptional long-term growth, of course, is investment performance. We continue to deliver for our limited partners, and the second quarter represented the highest amount of overall fund depreciation in nearly four years. The firm achieved these results in a turbulent quarter for markets, which began with the S&P 500 falling 14% amid collapsing investor sentiment due to tariff's policy uncertainty and geopolitical instability.

當然，黑石集團長期卓越成長的基礎是投資績效。我們持續為有限合夥人提供服務，第二季基金整體貶值幅度達到近四年來的最高水準。該公司在市場動盪的一個季度取得了這些業績，由於關稅政策的不確定性和地緣政治的不穩定，投資者情緒崩潰，標準普爾 500 指數下跌了 14%。

At the time, we advised patience to allow for trade negotiations to take place and to give tariff diplomacy a chance to work its way through the system. Despite the significant external uncertainty, we were encouraged by the fundamental strength of the economy, the accelerating pace of technological innovation as a major growth catalyst and what we were seeing on the ground in terms of declining inflation. We consistently shared our view that inflation was below the Fed's target when adjusting for lagging shelter costs, based on the proprietary data from our large-scale portfolio and our unique position in real estate.

當時，我們建議保持耐心，以便進行貿易談判，並讓關稅外交有機會在體系中發揮作用。儘管外部不確定性很大，但經濟的基本面實力、技術創新作為主要成長催化劑的加速以及通貨膨脹下降的實際表現令我們感到鼓舞。根據我們大規模投資組合的專有數據和我們在房地產領域的獨特地位，我們始終認為，在調整滯後的住房成本後，通膨率低於聯準會的目標。

As always, the firm's insights informed our views on investing, and we continue to lean into areas where we have high conviction. We invested $33 billion in the second quarter and $145 billion in the last 12 months, one of the most active 12-month periods in our history, setting the foundation for future value creation and what we believe is a favorable time.

像往常一樣，該公司的見解為我們的投資觀點提供了信息，我們將繼續傾向於我們堅信不疑的領域。我們在第二季度投資了 330 億美元，在過去 12 個月中投資了 1450 億美元，這是我們歷史上最活躍的 12 個月之一，為未來的價值創造奠定了基礎，我們認為這是一個有利的時機。

Our deployment has emphasized areas benefiting from long-term secular megatrends such as digital and energy infrastructure, digital commerce, private credit, Life Sciences in India. These areas have also been among the largest drivers of appreciation in our funds. In particular, the enormous need for debt and equity capital to build the infrastructure powering the artificial intelligence revolution has created extremely positive dynamics for our business.

我們的部署重點是受益於長期世俗大趨勢的領域，例如印度的數位和能源基礎設施、數位商務、私人信貸、生命科學。這些領域也是我們基金升值的最大推手之一。特別是，為推動人工智慧革命而建造的基礎設施對債務和股權資本有著巨大的需求，這為我們的業務創造了極其積極的動力。

In real estate specifically, we called the bottom of the cycle 18 months ago. And since then, we've been actively investing across our real estate equity and debt strategies. We also said, it wouldn't be a V-shaped recovery, that is what's happened. Private real estate markets have appreciated gradually over this period. We are now seeing promising signs with new supply falling sharply, the cost of debt capital coming down and transaction activity picking up.

具體來說，在房地產領域，我們在 18 個月前就已預見週期的底部。從那時起，我們就一直積極投資房地產股權和債務策略。我們也說過，這不會是 V 型復甦，但事實就是如此。在此期間，私人房地產市場逐漸升值。我們現在看到了一些令人鼓舞的跡象，新增供應量急劇下降，債務資本成本下降，交易活動回升。

Overall, despite ongoing uncertainties in the environment, there are multiple supportive tailwinds for our business. In terms of the economy, the backdrop remains favorable with resilient growth. We see inflation remaining muted with the likelihood for an increase in goods inflation, but decelerating wage, energy and shelter inflation. These factors should give the Fed room to lower interest rates over time, which is positive for asset values.

總體而言，儘管環境仍存在不確定性，但我們的業務仍面臨多重支援因素。經濟方面，基本面依然良好，成長強勁。我們認為通膨將保持溫和，商品通膨可能上升，但薪資、能源和房屋通膨將放緩。這些因素應該會給聯準會提供逐步降低利率的空間，這對資產價值有利。

In terms of policy, we continue to believe the focus of policy actions ultimately is to support growth. Tax cuts have now been passed into law and a number of trade agreements have been reached with many more under active negotiation. It remains to be seen how individual negotiations will play out, but the direction of travel is toward more resolutions.

在政策方面，我們仍然認為政策行動的重點最終是支持成長。減稅法案現已通過成為法律，多項貿易協定也已達成，還有更多協定正在積極談判中。個別談判將如何進行還有待觀察，但進展的方向是達成更多解決方案。

As the policy environment settles, we expect transaction activity to benefit, including realizations. Greater clarity will lead to greater confidence for companies, financial sponsors and market participants. We're seeing this dynamic start to take effect with the US stock market at record levels. M&A particularly sponsor M&A accelerating and the IPO market reopening.

隨著政策環境的穩定，我們預期交易活動將會受益，包括實現。更高的清晰度將為公司、金融贊助商和市場參與者帶來更大的信心。我們看到這種動態開始發揮作用，美國股市達到了創紀錄的水平。併購尤其是發起併購加速以及IPO市場重新開放。

Two weeks ago, we successfully executed a sizable IPO in Europe. The first from our private equity or real estate portfolios outside of India in several years, and we are preparing a number of other companies for public offerings over the coming quarters. More conducive capital markets if sustained, should lead to the acceleration of realizations for Blackstone over time.

兩週前，我們在歐洲成功進行了一次大規模的IPO。這是我們幾年來在印度以外的私募股權或房地產投資組合中首次進行公開募股，我們也正在為未來幾季內其他一些公司的公開募股做準備。如果更有利的資本市場持續下去，那麼隨著時間的推移，黑石集團的業績將加速實現。

In closing, we are tremendously well positioned to navigate today's dynamic backdrop on behalf of our investors. Our portfolio is in excellent shape, concentrated in compelling sectors, and we have $181 billion of dry powder to take advantage of opportunities. Since our founding four decades ago, Blackstone has continued to innovate and advance the frontier of alternative assets, we are never standing still, and I believe the best is ahead for the firm and for our investors.

最後，我們已做好充分準備，代表我們的投資者應對當今的動態環境。我們的投資組合狀況良好，集中在引人注目的行業，我們擁有 1,810 億美元的資金來抓住機會。自四十年前成立以來，黑石集團不斷創新，不斷推動另類資產的前沿，我們從未停滯不前，我相信公司和我們的投資者都將迎來最好的未來。

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

現在，我將把發言權交給喬恩。

Thank you, Steve, and good morning, everyone. This was a terrific quarter for Blackstone. The firm's distinctive competitive advantages continue to drive us forward in multiple areas, leading to expanding earnings power, as Steve noted.

謝謝你，史蒂夫，大家早安。對於黑石集團來說，這是一個非常棒的季度。正如史蒂夫所說，公司獨特的競爭優勢繼續推動我們在多個領域向前發展，從而不斷提升獲利能力。

I will highlight three of these areas this morning. First, our robust growth in private credit; second, our market-leading position in private wealth; and third, our strong momentum in the institutional channel.

今天上午我將重點介紹其中三個領域。第一，私人信貸成長強勁；第二，私人財富市場領先；第三，機構通路發展動能強勁。

Overall, a cyclical recovery in transaction activity, alongside multiple secular growth engines is a powerful combination for our firm. Starting with private credit. Blackstone has built the largest third-party focused credit business in the world with $484 billion across corporate and real estate credit, up threefold in the past five years.

總體而言，交易活動的周期性復甦與多個長期成長引擎對我們公司來說是一個強大的組合。從私人信貸開始。黑石集團已建立起全球最大的第三方信貸業務，其企業和房地產信貸業務規模達 4,840 億美元，在過去五年中成長了三倍。

Over the same period, revenue from this platform has increased more than four-fold. Today, we offer clients and borrowers a one-stop solution across the risk spectrum with leading businesses in direct lending, leveraged loans, real estate lending, asset-based finance and numerous forms of investment-grade private credit. The scale and breadth of our platform, distinctive origination capabilities, connectivity with borrowers across the market, and our open architecture multi-client model in the insurance channel are significant advantages.

同期，該平台的營收成長了四倍多。如今，我們透過直接貸款、槓桿貸款、房地產貸款、資產融資和多種形式的投資級私人信貸等領先業務，為客戶和借款人提供涵蓋各種風險的一站式解決方案。我們平台的規模和廣度、獨特的發起能力、與整個市場借款人的連結性以及我們在保險管道的開放式架構多客戶模式都是顯著的優勢。

In insurance specifically, our decision to be an asset manager for insurance companies rather than becoming one positions us well to address the $40 trillion global insurance market. Today, we manage over $250 billion on behalf of insurance across private credit liquid credit and other strategies, up 20% year-over-year. Our platform now includes 30 strategic and SMA relationships, and we continue to add more.

具體來說，在保險領域，我們決定成為保險公司的資產管理者，而不是成為獨立的資產管理者，這使我們能夠更好地應對價值 40 兆美元的全球保險市場。如今，我們代表保險公司管理超過 2,500 億美元的私人信貸、流動信貸和其他策略，較去年同期成長 20%。我們的平台現在包括 30 個策略和 SMA 關係，並且我們將繼續增加更多。

Two weeks ago, we announced a partnership with a leading UK-based insurer and the country's largest asset manager, Legal & General, in which we'll provide investment-grade private credit solutions to support their rapidly growing pension risk transfer and annuities businesses. We will also work together to develop public private credit products for the UK wealth and retirement markets. We're targeting up to $20 billion for this partnership in the next five years.

兩週前，我們宣布與英國一家領先的保險公司和該國最大的資產管理公司 Legal & General 建立合作夥伴關係，我們將提供投資級私人信貸解決方案，以支持其快速增長的退休金風險轉移和年金業務。我們也將共同努力為英國財富和退休市場開發公私信貸產品。我們計劃在未來五年內為這項合作關係投入高達 200 億美元的資金。

Our expansion in the insurance channel is powering tremendous growth for our private investment grade platform specifically, with AUM up 38% year-over-year to $115 billion in the quarter. As always, the key is investment performance. Since the start of last year, we placed or originated $68 billion of credits for our private investment grade focused clients rated A- on average, which generated approximately 190 basis points of excess spread over comparably rated liquid credits.

我們在保險管道的擴張為我們的私人投資等級平台帶來了巨大的成長，本季的 AUM 年增 38%，達到 1,150 億美元。一如既往，關鍵在於投資績效。自去年年初以來，我們為平均評級為 A- 的私人投資等級客戶發放或發放了 680 億美元的信貸，與評級相當的流動信貸相比產生了約 190 個基點的超額利差。

Stepping back, Blackstone's innovation in private credit is allowing many borrowers to access this market for the first time, while dramatically widening our aperture to invest. For example, we previously discussed the very substantial opportunity emerging with investment-grade rated corporates, illustrated by the bespoke solutions we designed for Rogers Communications and EQT Corporation.

退一步來說，黑石在私人信貸方面的創新使許多藉款人首次能夠進入這個市場，同時大大拓寬了我們的投資範圍。例如，我們之前討論過投資級企業出現的巨大機遇，我們為羅傑斯通訊公司和殷拓集團設計的客製化解決方案就說明了這一點。

We closed a $5 billion Rogers investment last month alongside Canada's preeminent pension plan as co-investors. We believe a few other investment firms could have executed this transaction given its size, complexity and the depth of relationships needed. Blackstone has become a trusted mission-critical solutions provider to many of the world's leading corporations and we expect more of these types of partnerships over time.

上個月，我們與加拿大傑出的退休金計畫共同完成了 50 億美元的羅傑斯投資。我們相信，考慮到該交易的規模、複雜性以及所需的關係深度，其他一些投資公司也可以執行該交易。黑石集團已成為許多世界領導者值得信賴的關鍵任務解決方案提供商，我們期待隨著時間的推移建立更多此類合作夥伴關係。

Turning to private wealth, where we continue to advance our market-leading position. In this vast channel, $140 trillion, including mass affluent and high net worth individuals, a new generation of investors is gaining access to the benefits of alternatives, which is a development led by Blackstone. We started raising private wealth capital 23 years ago and established a dedicated organization nearly 15 years ago, growing AUM to almost $280 billion today, by far the largest private wealth alternative platform in the world.

轉向私人財富，我們繼續提升我們的市場領先地位。在這個規模達140兆美元的龐大管道中，包括大眾富裕人士和高淨值個人，新一代投資者正在獲得另類投資的益處，而這是黑石引領的發展。我們 23 年前開始籌集私人財富資本，近 15 年前成立了專門的組織，如今資產管理規模增長至近 2800 億美元，是迄今為止全球最大的私人財富另類平台。

Each of our flagship US perpetual vehicles is the largest or amongst the few largest of its kind. Revenue from these vehicles exceeded $700 million in the second quarter alone, compared to approximately $50 million in the same quarter five years ago. As with credit, our scale is a major advantage in the wealth channel, alongside our extensive network of relationships with advisers and distributors, our broad menu of high-performing products and the power of our brand, which is built on that performance.

我們的每輛旗艦美國永久車輛都是同類車輛中最大的或少數最大的車輛之一。光是第二季度，這些車輛的收入就超過 7 億美元，而五年前同一季度的收入約為 5,000 萬美元。與信貸一樣，我們的規模是財富管道的一大優勢，此外，我們與顧問和分銷商建立了廣泛的關係網絡，擁有豐富的高性能產品，並且憑藉這些性能建立了強大的品牌實力。

In the second quarter, our sales in the wealth channel increased 30% year-over-year to $10 billion. BCRED led the way, raising $3.7 billion underpinned by performance, 10% net returns annually since inception. BXPE raised $1.7 billion in the second quarter, bringing its NAV to $12.5 billion in only six quarters with an annualized platform net return of 17% towards larger share class.

第二季度，我們的財富通路銷售額年增30%，達到100億美元。 BCRED一路領先，以業績支撐籌集了 37 億美元，自成立以來每年的淨回報率為 10%。BXPE 在第二季籌集了 17 億美元，僅在六個季度內就使其資產淨值達到 125 億美元，平台淨回報率年化達到 17%，覆蓋更大份額類別。

BREIT had its best quarter of regular rate fundraising in 2.5 years in the second quarter and $1.1 billion while repurchases continued on their downward trajectory. BREIT's highly differentiated portfolio positioning has led to 9% net returns annually since inception 8.5 years ago, approximately double the public REIT index on a cumulative basis, including over 3% year-to-date for its largest share class. This has resulted in BREIT's second consecutive quarter of generating fee-related performance revenues for the firm.

BREIT 在第二季度實現了兩年半以來最好的常規利率籌資，籌資額達 11 億美元，而回購則繼續呈下降趨勢。BREIT 高度差異化的投資組合定位自 8.5 年前成立以來，每年帶來 9% 的淨回報率，累計約為公共 REIT 指數的兩倍，其中其最大份額類別今年迄今的回報率超過 3%。這使得 BREIT 連續第二季為公司創造與費用相關的績效收入。

Finally, BXINFRA saw healthy sales of roughly $600 million in the quarter despite still only being on a small number of distributors. We launched BMACX, our multi-asset credit product in May, which provides individual investors, greatly expanded access to the private credit universe, and we'll be ramping up distribution over the coming quarters along with other products in development and our previously announced alliance with Wellington and Vanguard, we are quite excited about our continued prospects in the private wealth channel.

最後，儘管 BXINFRA 的分銷商數量仍然很少，但本季的銷售額仍然達到了約 6 億美元。我們於 5 月推出了多資產信貸產品 BMACX，該產品為個人投資者提供了極大的私人信貸管道，我們將在未來幾個季度加大分銷力度，同時還將開發其他產品，並與我們之前宣布的與惠靈頓和先鋒集團的聯盟，我們對私人財富渠道的持續前景感到非常興奮。

Moving to our institutional business, where we are seeing strong momentum across key open-ended and drawdown strategies. In this channel, again, the advantages of our brand, scale, breadth of products and of course, our long-term investment performance position us extremely well in an environment where limited partners are consolidating their manager relationships, favoring the largest and strongest firms.

轉向我們的機構業務，我們看到關鍵的開放式和提取策略都呈現強勁勢頭。在這個管道中，我們的品牌、規模、產品廣度以及我們的長期投資績效等優勢，使我們在有限合夥人鞏固其管理者關係、青睞最大、最強公司的環境中佔據了極其有利的地位。

In infrastructure, our dedicated platform continues on its powerful growth trajectory. AUM rose 32% year-over-year to $64 billion, supported by remarkable investment performance. 17% net returns annually to the commingled BIP strategy since inception. Our multi-asset investing business, BXMA, reported its fastest growth in nearly seven years with AUM of 13% year-over-year to a record $90 billion, again led by performance. Q2 marked the 21 consecutive quarter of positive composite returns with BXMA's largest strategy.

在基礎設施方面，我們的專用平台持續保持強勁的成長軌跡。在出色的投資績效的支持下，資產管理規模年增 32%，達到 640 億美元。自成立以來，混合 BIP 策略每年的淨回報率為 17%。我們的多元資產投資業務 BXMA 報告了近七年來的最快增長，其 AUM 同比增長 13%，達到創紀錄的 900 億美元，再次以業績為主導。第二季是 BXMA 最大策略連續第 21 季實現正綜合回報。

In our drawdown fund area, we raised significant capital in the second quarter. We closed an additional $3.5 billion for our new private equity Asia flagship, bringing the total rates to date to $8 billion, already 25% larger than its predecessor, and we expect to exceed our original $10 billion target. In our $91 billion secondary business, which has doubled in the last five years, we raised additional capital for our fourth infrastructure vehicle, bringing it to over $5 billion, nearly 40% larger than the prior vintage.

在我們的提取基金領域，我們在第二季籌集了大量資金。我們為新的亞洲私募股權旗艦公司額外募集了 35 億美元資金，使迄今為止的總融資額達到 80 億美元，已經比其前身高出 25%，並且我們預計將超過最初 100 億美元的目標。我們的二級市場業務規模達 910 億美元，過去五年翻了一番。我們為第四個基礎設施投資工具籌集了額外資金，使其規模超過 50 億美元，比上一年增長近 40%。

And we launched fundraising for our new PE secondaries flagship targeting at least the size of the prior $22 billion fund with the first close expected in the fourth quarter. Other strategies we are raising include life sciences, opportunistic credit, GP stakes and tactical opportunities. Overall, LPs continue to recognize the substantial benefits of investing in private assets despite the cyclically slow realization backdrop.

我們啟動了新的 PE 二級旗艦產品的融資，目標是至少達到先前 220 億美元基金的規模，預計第四季首次募集資金。我們正在提出的其他策略包括生命科學、機會信貸、GP 股票和戰術機會。總體而言，儘管存在周期性緩慢的實現背景，但 LP 仍然認識到投資私募資產的巨大好處。

Looking forward, importantly, we believe the deal-making pause is behind us. As Steve noted, the environment we are seeing is emerging from -- I'm sorry, as noted, the environment we see emerging of lower short-term interest rates, less uncertainty, and continued economic growth, combined with a pent-up desire to transact is the right recipe to reignite M&A and IPO activity.

展望未來，重要的是，我們相信交易暫停的時期已經過去。正如史蒂夫指出的那樣，我們所看到的環境正在形成——抱歉，正如所指出的，我們所看到的環境是短期利率降低、不確定性減少、經濟持續增長，再加上被壓抑的交易慾望，這是重新點燃併購和 IPO 活動的正確秘訣。

For Blackstone, we have the largest forward IPO pipeline since 2021. These trends should be very favorable for dispositions exiting this year and into next year. In closing, we are highly optimistic about the road ahead, supported by multiple powerful engines of growth, Blackstone's value proposition for both our limited partners and our shareholders is stronger than ever.

對於黑石集團而言，我們擁有自 2021 年以來規模最大的預期 IPO 管道。這些趨勢對於今年和明年的處置非常有利。最後，我們對未來的道路充滿樂觀，在多個強大成長引擎的支持下，黑石對我們的有限合夥人和股東的價值主張比以往任何時候都更加強大。

With that, I'll turn things over to Michael Chae.

說完這些，我會把事情交給 Michael Chae。

Thanks, Jon, and good morning, everyone.

謝謝，喬恩，大家早安。

We've previously outlined the building blocks for the favorable step-up in the firm's earnings power that has been underway. These included the onset of management fees for multiple drawdown funds exiting fee holidays, the seasoning of perpetual capital strategies and their expanding financial contribution, both in terms of NAV-based management fees and recurring fee-related performance rates, robust growth of our credit insurance business and our healthy margin position.

我們之前已經概述了公司獲利能力持續良好提升的基礎。這些措施包括開始收取多種提取基金的管理費，退出費用假期，永久資本策略的成熟及其不斷擴大的財務貢獻（包括基於資產淨值的管理費和經常性費用相關的績效率），我們的信用保險業務的強勁增長以及我們健康的保證金狀況。

Firm's second quarter results perfectly illustrate these building blocks coming to fruition while at the same time, our significant embedded potential for net realizations continues to build. I'll first review financial results, followed by investment performance and the forward outlook.

公司第二季的業績完美地說明了這些建構模組正在取得成果，同時，我們淨實現的巨大潛力也持續增強。我將首先回顧財務結果，然後回顧投資績效和未來展望。

Starting with results. Steve and Jon highlighted the continued scaling of the firm's platform in key growth channels and the powerful effect that is having on assets under management, inflows and FRE. Total AUM increased 13% year-over-year to $1.2 trillion, underpinned by inflows of $212 billion over the last 12 months, while fee-earning AUM rose 10% year-over-year to $887 billion.

從結果開始。史蒂夫和喬恩強調了公司平台在關鍵成長管道的持續擴展，以及這對管理資產、流入量和 FRE 的強大影響。總 AUM 年增 13% 至 1.2 兆美元，這得益於過去 12 個月 2,120 億美元的流入，而收費 AUM 較去年同期成長 10% 至 8,870 億美元。

Base management fees increased 14% and to a record $1.9 billion in Q2, representing the third consecutive quarter of double-digit growth. Transaction and advisory fees rose 25% year-to-year with a record contribution from our capital markets business related to the firm's significant investment activity in the quarter, including in private credit and infrastructure.

第二季基本管理費成長 14%，達到創紀錄的 19 億美元，連續第三季達到兩位數成長。交易和諮詢費用年增 25%，其中資本市場業務的貢獻創歷史新高，這與公司本季在私人信貸和基礎設施領域的重大投資活動有關。

Fee-related performance revenues reached $472 million in Q2, up over 2.5 folds from last year's second quarter, generated by eight different perpetual strategies, including BCRED and BXSL in credit, BXPE and private equity, BIP in infrastructure, BREIT in real estate, along smaller contributions or other strategies. These drives taken together lifted total fee revenues to $2.5 billion in the second quarter, a remarkable 27% year-over-year and up 14% sequentially from Q1.

第二季度費用相關的績效收入達到 4.72 億美元，比去年第二季度增長了 2.5 倍以上，由八種不同的永久性策略產生，包括信貸領域的 BCRED 和 BXSL、BXPE 和私募股權、基礎設施領域的 BIP、房地產領域的 BREIT，以及較小捐款或其他策略。這些舉措共同推動第二季總費用收入達到 25 億美元，較去年同期成長 27%，較第一季成長 14%。

Coupled with the firm's strong margins, fee-related earnings rose 31% year-over-year to $1.5 billion in the second quarter or $1.19 per share. Distributable earnings increased 25% year-over-year to $1.6 billion in the second quarter for $1.21 per share. For the LTM period, DE rose 26% to $6.4 billion or $5 per share, despite net realizations remaining at unit levels, leading to 26% growth in the dividend to $4.26 per share. This equates to an attractive 2.4% yield on the current share price, double the yield of the S&P 500, and the forward outlook is favorable, as I'll discuss further in a moment.

加上該公司強勁的利潤率，第二季費用相關收益年增 31% 至 15 億美元，即每股 1.19 美元。第二季可分配收益年增 25% 至 16 億美元，每股 1.21 美元。在 LTM 期間，儘管淨實現額仍保持在單位水平，但 DE 仍上漲 26% 至 64 億美元或每股 5 美元，導致股息增長 26% 至每股 4.26 美元。這相當於當前股價的 2.4% 的誘人收益率，是標準普爾 500 指數收益率的兩倍，而且未來前景看好，我稍後將進一步討論。

Moving to investment performance. Our funds generated strong overall appreciation in the second quarter, the highest amount nearly four years, as Steve noted, despite the volatile environment. The corporate private equity funds appreciated 5.1% in the quarter and 17% for the last 12 months (inaudible) was broad-based.

轉向投資績效。正如史蒂夫所說，儘管環境動盪，但我們的資金在第二季度整體上實現了強勁升值，創下近四年來的最高水平。企業私募股權基金本季上漲 5.1%，過去 12 個月上漲 17%（聽不清楚），漲幅廣泛。

Despite the macro uncertainties at the outset of the quarter, our operating company has generated high single-digit year-over-year revenue growth, along with resilient margins. In addition to core private equity, our other PE strategies delivered strong returns in the quarter. The tactical opportunities funds appreciated 4.1% and 14% of the LTM period. The SP Secondary funds appreciated 6.6% in the second quarter in the context of well-positioned portfolio benefited sizable recent investments executed at favorable prices. The SP funds appreciated 11% for the LTM period.

儘管本季初宏觀情勢不明朗，但我們的營運公司仍實現了高個位數的年收入成長，利潤率也保持穩健。除了核心私募股權外，我們的其他私募股權策略在本季也實現了強勁回報。戰術機會基金升值 4.1%，LTM 期間升值 14%。在投資組合狀況良好、近期以優惠價格進行大量投資的背景下，SP 二級市場基金在第二季度上漲了 6.6%。SP 基金在 LTM 期間升值了 11%。

Our dedicated infrastructure platform appreciated 2.9% in the second quarter and 19% for the last 12 months. Notwithstanding a decline in the public portfolio in Q2 on market turns with depreciation underpinned by continued significant momentum of data centers, along with other digital infrastructure power and transportation-related holdings.

我們的專用基礎設施平台在第二季升值了 2.9%，在過去 12 個月中升值了 19%。儘管第二季度公共投資組合因市場轉變而有所下降，但數據中心以及其他數位基礎設施、電力和運輸相關資產的持續強勁增長勢頭支撐了其貶值。

In real estate, values were largely stable overall in the second quarter with appreciation in the opportunistic funds in BREIT led by strength in data centers. Within the Core+ platform, the BTP funds declined modestly, driven by our life sciences office portfolio, which has been impacted by new supply coming online and increased tenant caution. Overall, our real estate platform remains well positioned with data centers, logistics and rental housing comprising approximately 75% of the global equity portfolio, nearly 90% of BREIT.

在房地產領域，第二季價值大致保持穩定，其中，受資料中心實力的帶動，BREIT 的機會型基金出現升值。在 Core+ 平台內，BTP 基金略有下降，這主要是因為我們的生命科學辦公室投資組合受到了新供應上線和租戶謹慎程度提高的影響。總體而言，我們的房地產平台仍然佔據有利地位，資料中心、物流和租賃房屋佔全球股票投資組合的約 75%，佔 BREIT 的近 90%。

In credit, our non-investment grade private credit strategy for (inaudible) gross return of 3.0% in the second quarter and over 13% for the LTM period. Default rate across our 2,000-plus non-investment-grade credits remains in the area of 50 basis points for the last 12 months with no new defaults in private credit in the second quarter.

在信貸方面，我們的非投資等級私人信貸策略在第二季的總回報率為 3.0%，在 LTM 期間的總回報率超過 13%。過去 12 個月，我們 2,000 多個非投資等級信貸的違約率維持在 50 個基點左右，第二季私人信貸沒有出現新的違約。

BXMA reported a 2.8% gross return for Absolute Return Composite in Q2 and 12% in the last 12 months. Notably, BXMA has delivered positive returns in each of the past 27 months, a remarkable achievement in liquid markets in any case and particularly so given the historic volatility as characterized in this period.

BXMA 報告稱，第二季絕對回報綜合指數的總回報率為 2.8%，過去 12 個月的總回報率為 12%。值得注意的是，BXMA 在過去 27 個月中每個月都實現了正回報，無論如何，這在流動性市場中都是一項了不起的成就，尤其是考慮到這一時期的歷史波動性。

One final note on returns. Our dedicated life sciences business reported outstanding performance again in the second quarter, appreciating 6.7% and 27% over the LTM period. The quarter benefited from positive developments for a number of investments in the portfolio. Our life sciences platform provides investors with exposure to innovation and an exciting growth area in a way that we believe is largely uncorrelated to broader public markets.

關於回報的最後一點說明。我們專注於生命科學的業務在第二季度再次取得了出色的業績，LTM 期間分別上漲 6.7% 和 27%。本季受益於投資組合中多項投資的積極發展。我們的生命科學平台為投資者提供了接觸創新和令人興奮的成長領域的機會，我們認為這與更廣泛的公開市場基本上無關。

Our prior $5 billion flagship has achieved annualized returns of 20% since inception net of fees. Overall, the strength in the firm's investment performance continues to power our growth.

我們先前價值 50 億美元的旗艦產品自成立以來已實現 20% 的年化回報率（扣除費用）。總體而言，公司強勁的投資表現持續推動我們的成長。

Turning to the outlook, where you've heard this morning, there is a very positive multiyear picture for the firm. First, in terms of FRE, set up to the high quality earnings stream is favorable with a few drivers of note that will affect the second half of this year. We expect base management fees to continue on a strong positive trajectory with the rate of year-over-year growth in the second half, resembling that of the first half.

談到前景，正如您今天早上所聽到的，該公司的多年前景非常樂觀。首先，就 FRE 而言，建立高品質的獲利流是有利的，有幾個值得注意的驅動因素將影響今年下半年。我們預計下半年基本管理費將持續保持強勁的正面趨勢，年成長率與上半年相似。

On transaction fees, following a very strong first half, we would anticipate a lower baseline in the second half with potential upside from rising transaction and market action. Looking forward to 2026 and beyond, for us structural momentum in FRE driven by the firm's multiple pensions and growth.

就交易費用而言，繼上半年表現強勁之後，我們預計下半年基線將會降低，但交易量和市場活動的增加可能會帶來上漲空間。展望 2026 年及以後，對我們來說，FRE 的結構性發展動能將受到公司多種退休金和成長的推動。

In terms of net realizations. In the second half of this year, we expect to close the sale of the firm's 6% stake in resolution life in connection with the sale of the company to keep on life. With respect to fund dispositions, we believe we're entering a more constructive environment as Steve and Jon discussed, and that we're well positioned to see an acceleration of net realizations exiting this year and moving into 2026.

就淨實現而言。今年下半年，我們預計將完成出售該公司在 Resolution Life 的 6% 股份，並與 Keep On Life 的出售有關。關於基金處置，正如史蒂夫和喬恩所討論的那樣，我們相信我們正在進入一個更具建設性的環境，並且我們已做好準備，看到今年和 2026 年淨實現的加速。

Performance-revenue-eligible AUM in the ground was a record $604 billion at quarter end, up 14% year-over-year. Meanwhile, net accrued performance revenue on the balance sheet earned store value grew sequentially to $6.6 billion or $5.30 per share. These are positive indicators of future realization potential.

本季末，符合績效收入條件的地面資產管理規模達到創紀錄的 6,040 億美元，較去年同期成長 14%。同時，資產負債表上的淨應計業績收入（即門市價值）環比增長至 66 億美元，即每股 5.30 美元。這些都是未來實現潛力的正面指標。

In closing, the firm continues on its path of extraordinary long-term growth, powered by our brand, investment performance and culture of innovation against the backdrop of significant secular tailwinds. As always, we remain totally focused on delivering for our investors.

最後，在長期強勁成長的背景下，公司將繼續走上非凡的長期成長之路，這得益於我們的品牌、投資績效和創新文化。像往常一樣，我們始終全心全意地為投資者提供服務。

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

最後，感謝您參加電話會議，現在我們開始回答您的問題。

(Operator Instructions)

（操作員指示）

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Thank you, good morning. I appreciate the question. I wanted to start with a question around credit, obviously incredibly powerful driver for you guys and the industry broadly -- it's been fueling growth for a couple of years now. At the same time we're clearly seeing compression and credit spreads, and I'm curious how that's playing into your client conversations where the premium to liquid market is still there, but perhaps might start narrowing when there's more capital coming in there.

謝謝，早安。我很感謝你提出這個問題。我想先問一個有關信貸的問題，顯然信貸對你們和整個產業來說是一個非常強大的驅動力——它已經推動了幾年的成長。同時，我們清楚地看到了壓縮和信用利差，我很好奇這對您與客戶的對話有何影響，其中流動市場的溢價仍然存在，但當有更多資本進入時可能會開始縮小。

So any conversations around, demand for private credit whether it's from retail channels or institutional channels and any implications on fee rates longer term as we think about this product continuing to grow. Thanks.

因此，任何關於私人信貸需求的討論，無論是來自零售通路還是機構通路，以及在我們考慮這種產品持續增長時對長期費率的任何影響。謝謝。

Great question, Alex. I would say on the credit front the demand remains extraordinarily robust and we're seeing it broadly, non-investment grade, investment grade credit which as you know is early days we're seeing it in the United States and we're seeing it around the world. And I would say clients are recognizing that base rates have come down, short rates are likely to come down more, spreads have tightened gradually, but what I think the clients are enthused about as we are as well is, is that enduring premium between the liquid markets and private credit. And that's what they're focused on.

很好的問題，亞歷克斯。我想說，在信貸方面，需求仍然異常強勁，我們看到這種需求廣泛存在，非投資級、投資級信貸，正如你所知，我們在美國和世界各地都看到了這種情況。我想說的是，客戶們意識到基準利率已經下降，短期利率可能會進一步下降，利差已經逐漸收窄，但我認為客戶和我們一樣熱衷於流動性市場和私人信貸之間的持久溢價。這正是他們關注的重點。

And so long as that continues to exist, I think this makes this a very attractive space in the second quarter for our insurance clients we delivered that A rated premium of 185 basis points, 190 basis points over the last 18 months, so that's really what the clients are focused on. And to me that's the key to this. That's why I think it will continue to grow.

只要這種情況繼續存在，我認為這將使我們第二季度的保險客戶獲得非常有吸引力的收益，我們在過去 18 個月中實現了 185 個基點、190 個基點的 A 級保費，所以這確實是客戶關注的重點。對我來說這就是關鍵。這就是我認為它會繼續增長的原因。

Also I think there's some areas here where private credit has a unique capability. Some of these corporate solutions we've done with Rogers and EQT Corporation, which really work much better in a private format and then tied to this, enormous investment spends around data centers and energy infrastructure. Again, that's harder to bring to the public markets and it lends itself to private credit.

我還認為，在某些領域私人信貸具有獨特的能力。我們與羅傑斯公司和殷拓集團合作實施的一些企業解決方案，在私有模式下確實效果更好，並且與此相關，我們在數據中心和能源基礎設施方面投入了巨額投資。再次，這更難進入公開市場，而且它更適合私人信貸。

So I would say today, we continue to see a very strong demand for business you can see it in the numbers in terms of the rate of growth, 20% insurance, 16% overall between credit, insurance, corporate and real estate debt. It feels to us like this will continue and the key is, yes, absolute returns may come down a bit, but the relative premium for private credit and what private credit can do and how it can solve solutions for borrowers that continues.

所以我想說，今天我們繼續看到對商業的強勁需求，你可以從增長率的數字中看到這一點，保險業增長了 20%，信貸、保險、企業和房地產債務總體增長了 16%。我們感覺這種情況將會持續下去，關鍵是，絕對回報可能會下降一點，但私人信貸的相對溢價以及私人信貸可以做什麼以及它如何為借款人解決問題將會持續下去。

So I'd say our optimism looking forward in the space and doing it the way we do it, which is purely as an investment manager with no capital at risk and that open architecture which allows us to serve a broader universe, we like all of that and we have a lot of confidence looking forward.

所以我想說，我們對這個領域充滿樂觀，並以我們的方式去做，這純粹是一個沒有資本風險的投資經理，開放式架構使我們能夠服務於更廣闊的領域，我們喜歡這一切，我們對未來充滿信心。

Glenn Schorr, Evercore ISI.

格倫·肖爾（Glenn Schorr），Evercore ISI。

Hi, thanks. That's a good lead into this question because I feel like everything is going pretty darn good at Blackstone with the exception of the real estate in general in this environment. So the question is, maybe you give us the mark to market of the expected recovery in terms of what's going to drive it, meaning pricing, financing, deal flow, client flows to the asset class. Are we all in on waiting on lower rates? What is the incremental over the next, say, year or two that's going to drive demand for your real estate products? Thanks, Jon.

你好，謝謝。這很好地引出了這個問題，因為我覺得在這種環境下，除了房地產行業整體表現不佳之外，黑石集團的一切都進展得相當不錯。所以問題是，也許您可以給我們預期復甦的市價，說明推動復甦的因素，即定價、融資、交易流、客戶流向資產類別。我們都在等待更低的利率嗎？未來一兩年內，哪些增量將推動對您的房地產產品的需求？謝謝，喬恩。

Thanks Glenn. I would say the good news now is, it's all about a question of when, not if. Because the building blocks for this recovery are clearly coming into place. The first and most important one is new supply coming down. And that takes time to work through the system because you start a project two, three years ago, then it comes online it's excess capacity now because of the two thirds decline in building in the US from the peaks in terms of logistics and apartment construction, you're going to begin as we get towards the end of this year and into next year to have a much more favorable supply demand dynamic.

謝謝格倫。我想說現在的好消息是，這只是一個時間問題，而不是是否會發生的問題。因為復甦的基礎顯然正在形成。第一個也是最重要的一點是新增供應量下降。這需要時間來完成系統，因為你在兩三年前啟動了一個項目，然後它上線了，現在產能過剩，因為美國的建築業從物流和公寓建設的高峰期下降了三分之二，到今年年底和明年，你將開始看到更加有利的供需動態。

The other area is cost of capital. Some of its base rates, which you highlighted, and obviously the Fed cutting rates will be helpful, but some of its spread, and those have come back now back to pre-liberation day levels. They're down significantly from the wides in 2023. And you're beginning to see those early green shoots in terms of a faster recovery transaction activity for smaller assets has definitely gotten better. You see that for both apartments and logistics in the US, there's a little more liquidity in Europe now as well. And that to me is an important sign.

另一個領域是資本成本。您所強調的一些基準利率，以及聯準會降息顯然都會有所幫助，但部分利差現在已經回到解放前的水平。與 2023 年相比，其廣度已大幅下降。而您開始看到早期的復甦跡象，小型資產的更快恢復交易活動肯定已經變得更好。您會發現，對於美國的公寓和物流而言，歐洲現在的流動性也增加了一些。對我來說這是一個重要的訊號。

And then on the customer side which you reference, there's definitely now more openness to allocating to the space. We're having more conversations there, we raised some capital for a dedicated Core+ real estate industrial strategy of a couple billion dollars. We had, as we've seen, we announced the best quarter of fundraising regular way in BREIT that we had in 2.5, 3 years. So it's the early signs of this recovery. If rates come down faster, obviously the recovery is quicker. If they don't, a new supply will continue to be muted, and then the recovery will take a little more time.

然後，從您所提到的客戶端來看，現在對空間的分配肯定更加開放。我們在那裡進行了更多的對話，我們為專門的 Core+ 房地產產業策略籌集了數十億美元的資金。正如我們所見，我們宣布了 BREIT 2.5 至 3 年來最好的季度常規籌款情況。這是復甦的早期跡象。如果利率下降得更快，顯然復甦也會更快。如果他們不這樣做，新的供應將繼續受到抑制，然後復甦將需要更多時間。

But ultimately we know the path of travel. It's not as if we're going to disintermediate apartments or last mile warehouses, so I'd say our confidence on the ultimate outcome high. And we're getting closer and closer to that tipping point where real estate will start to move. We haven't quite gotten to that escape velocity yet, but it's feeling better and better given some of these key things. The cost of capital and the decline in new supply are very supportive as you start to look forward.

但最終我們知道旅行的路線。我們並不是要取消公寓或最後一哩倉庫的仲介服務，所以我對最終結果很有信心。我們越來越接近房地產開始變動的臨界點。我們還沒有完全達到那個逃逸速度，但考慮到一些關鍵因素，感覺越來越好。當你開始展望未來時，資本成本和新供應的下降將提供很大的支持。

Thanks Jon.

謝謝喬恩。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Hey, good morning, Steve, Jon. Hope everyone's doing well. We had a question on strategic partners. So in your secondary fund returns accelerate in 2Q, and there is a one or two quarter delay there too, so maybe they should get even better with endowments and a few Asian institutions selling their (inaudible) stake and discounts wider. So I want to see if you could update us on the investment return and fundraising outlook for second half.

嘿，早上好，史蒂夫，喬恩。希望大家都一切順利。我們對戰略合作夥伴有疑問。因此，您的二級基金回報在第二季度加速，並且也存在一到兩個季度的延遲，因此，隨著捐贈基金和一些亞洲機構出售其（聽不清楚）股份並且折扣更大，它們可能會變得更好。所以我想看看您是否可以向我們介紹下半年的投資回報和融資前景。

Hey Craig, it's Michael. On the return portion, as I mentioned in my remarks, it was a combination of factors that really drove pretty robust returns. It does reflect, the gains from a very significant large new purchase one of our biggest secondary deals in history, and that had a beneficial effect. And then in terms of the underlying funds we had good appreciation which contributed to that return as well.

嘿，克雷格，我是麥可。關於回報部分，正如我在評論中提到的，是多種因素共同推動了相當強勁的回報。它確實反映了我們歷史上最大的二級交易之一——一筆非常重要的大型新收購所帶來的收益，並且產生了有益的影響。就基礎基金而言，我們的升值表現良好，這也有助於實現回報。

And then, there was a minor portion of actually currency benefits as well. So it's a combination of those factors, but I think what really kind of outs outside returns of the quarter is the benefit of that very large exciting deal that we did at close of the quarter.

然後，實際上還有一小部分貨幣利益。所以這是這些因素的綜合作用，但我認為，本季真正超出預期的回報是我們在本季末達成的那筆非常大的令人興奮的交易帶來的好處。

And I would say on the broader segment, it's really in a sweet spot today. Obviously there are investors who want liquidity deal volume, investment volume, I think for us is up something like -- is it 40% I want to say roughly in the first half of the year over last year. And the pipeline looks pretty good on the deployment front. The returns have been very strong over time in this area, and that's making it attractive to investors. We announced the progress we've made on the secondaries infrastructure fund. We've just started on the flagship secondaries private equity fund.

我想說，從更廣泛的角度來看，今天確實處於一個最佳狀態。顯然，有些投資者希望獲得流動性交易量和投資量，我認為對我們來說，今年上半年的投資量比去年同期成長了 40% 左右。從部署方面來看，管道看起來相當不錯。長期以來，該領域的回報率一直非常高，這對投資者俱有吸引力。我們宣布了二級基礎設施基金的進展。我們剛開始旗艦二級私募股權基金。

We expect we'll get a really good response given the performance over time. So this is an area at the firm, it's doubled over the last, I guess five years, I expect that it will continue to grow quite a bit and it's another reason why Blackstone has this exceptional platform. Other firms have strength in one area or another, they're just so many areas and so when we travel around -- I personally travel around a ton, talk with CIOs around the world, the ability to talk about a range of solutions, a range of investing areas, they may be today more cautious on real estate or regular way buyouts, but they're excited about Asia private equity. They love what we're doing in secondaries. That's really the power of Blackstone. It's true in the institutional channel. It's true in the retail channel and secondaries is a powerful example.

我們期望，考慮到長期表現，我們將獲得非常好的迴響。所以這是公司的一個領域，我估計在過去五年裡它已經翻了一番，我預計它將繼續大幅增長，這也是黑石擁有這個卓越平台的另一個原因。其他公司在某個領域有實力，他們涉足的領域非常多，所以當我們四處走訪時——我個人到處走訪，與世界各地的首席資訊長交談，有能力談論一系列解決方案、一系列投資領域，他們今天可能對房地產或常規收購更加謹慎，但他們對亞洲私募股權感到興奮。他們喜歡我們在二級市場所做的事情。這確實是黑石集團的力量。從機構通路來看確實如此。在零售通路中確實如此，二級市場就是一個有力的例子。

Jon, Michael, thank you.

喬恩、麥可，謝謝你們。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Hey, good morning. Thanks for taking the question. I just wanted to ask about 401(k) and the retirement opportunities that. I was hoping you could maybe elaborate a bit on how you see the path unfolding for all accessing the 401(k) retirement channel. It seems that target date is perhaps maybe the most likely vehicle. Just curious to get your views on that.

嘿，早安。感謝您回答這個問題。我只是想詢問有關 401(k) 和退休機會的問題。我希望您能詳細說明您如何看待所有人進入 401（k）退休管道的途徑。看來目標日期也許是最有可能的方式。只是好奇想知道你對此的看法。

How meaningful of an allocation could this be within the target date vehicle, not just for (inaudible) but also considering fixed income replacement and other types of strategies that you have or may have in the future, and just more broadly how you see this playing out and talk about some of the steps that you guys are taking. Thank you.

這種分配在目標日期工具中有多大意義，不僅是為了（聽不清楚），還考慮到固定收益替代和您現在或將來可能有的其他類型的策略，以及更廣泛地說，您如何看待這種情況並談談您正在採取的一些步驟。謝謝。

Thanks. Well, it starts with we'll wait and see if there is an executive order and then ultimately rule making. So, I think we all need to be patient here, but as we've talked about in the past, we think this is compelling for individual investors today in the defined contributions world, the access to alternatives, both the returns and diversification benefits. So we would expect this is going to happen at some point over time but again we have to wait and see in terms of where it'll happen the size -- I think we've got to wait. I do think it's logical that it happens more in the target date funds, it's obviously more appropriate for somebody earlier in their sort of life span as opposed to somebody just on the cusp of retirement.

謝謝。好吧，首先我們會等待，看看是否有行政命令，然後最終制定規則。因此，我認為我們都需要耐心等待，但正如我們過去所討論的那樣，我們認為這對於當今固定繳款世界中的個人投資者來說很有吸引力，可以獲得替代方案，包括回報和多元化收益。因此，我們預計這將在一段時間內的某個時間點發生，但我們必須再次等待，看看它將在何處發生，規模如何——我認為我們必須等待。我確實認為，這種情況在目標日期基金中更常見，這顯然更適合處於生命週期早期的人，而不是即將退休的人。

And so I think the target date funds is where we'll see this initially take hold, obviously it's a very large market and for us specifically the fact that we have created scale perpetual products that have track records that can absorb large amounts of capital, that is a real competitive advantage. I do not believe draw down funds will be the structure, given the complexity of those four defined contributions and so I think it's going to be about large-scale perpetuals, it's going to be about firms with brand names and the right legal approaches and track record that capital can get allocated to.

因此，我認為目標日期基金是我們最初看到這一趨勢的地方，顯然這是一個非常大的市場，對於我們來說，特別是我們已經創建了具有可吸收大量資本記錄的規模永久性產品，這是一個真正的競爭優勢。考慮到這四種確定繳款的複雜性，我不認為提取資金會成為一種結構，所以我認為這將涉及大規模的永久性債券，將涉及具有品牌名稱和正確的法律方法以及可以分配資本的業績記錄的公司。

So obviously the dollars in this space are large. Our positioning in the space, I think will be fairly unique and the range of offerings we have across asset classes again pretty unique to be a partner with distributors in this space, but we've got to wait and see, is there an executive order, how it rolls out? It will take time, but I do think there is a potentially significant opportunity here.

顯然，這個領域的資金規模很大。我認為，我們在該領域的定位將相當獨特，而且我們跨資產類別提供的產品範圍也相當獨特，可以作為該領域分銷商的合作夥伴，但我們必須拭目以待，是否有行政命令，它將如何推出？這需要時間，但我確實認為這裡有潛在的重大機會。

Great. Thank you.

偉大的。謝謝。

Bill Katz. TD Cowen.

比爾·卡茨。TD 考恩。

Great, thank you very much for taking the question. So just coming back to some of your forward-looking guidance, can you unpack a little bit how you sort of see the interplay for the FRE margin, very strong quarter this quarter, and then relatedly as we think through the realization up cycle, how do we think about the payout rate on that? That's been pretty steady in the mid 40s. Should we assume that that's still the same kind of payout going forward? Just trying to think through the overall earnings gearing here. Thank you.

太好了，非常感謝您回答這個問題。所以回到您的一些前瞻性指導，您能否稍微解釋一下您如何看待 FRE 利潤率的相互作用，本季度表現非常強勁，然後相關地，當我們思考實現上升週期時，我們如何看待其支付率？在 40 年代中期，這一數字一直相當穩定。我們是否應該假設這仍然是同一種類型的支出？只是想思考這裡的整體獲利槓桿。謝謝。

Hey Bill, it's Michael, thank you for the question. Look, on the margin, outlook and dynamics, we're obviously pleased with the performance here to date. It's the result of healthy double digit management fee growth and strong underlying margin position. We also benefited from higher fee related to performance revenues and transaction fees which carry attractive incremental margins.

嘿，比爾，我是邁克爾，謝謝你的提問。看，就邊際、前景和動態而言，我們顯然對迄今為止的表現感到滿意。這是管理費健康兩位數增長和強勁的基本保證金狀況的結果。我們也受惠於與績效收入和交易費相關的更高費用，這些費用帶來了相當吸引力的增量利潤。

I think in the second half, a few variables to consider. There's a level of sensitivity to be like performance revenues as we've commented in the past. There's as we also said seasonally higher OpEx in the second half of the year, but, I think in that area we previously pointed to low double digit growth in 2025 overall and we reiterate that view.

我認為下半年需要考慮一些變數。正如我們過去評論的那樣，績效收入具有一定程度的敏感性。正如我們所說，下半年的營運支出將因季節性而增加，但我認為，我們之前曾指出，2025 年該領域的整體成長率將達到兩位數以下，我們重申這一觀點。

But like overall for the fiscal year, we're tracking favorably against the initial view we gave in January of sort of stability as a guidepost, but as I mentioned, there's always a few variables that can ultimately impact us, but long term we feel obviously very good about our positioning and the ability to generate operating leverage.

但就像整個財政年度一樣，我們相對於 1 月給出的初步觀點，正在朝著穩定的方向發展，但正如我所提到的，總是有一些變數最終會影響我們，但從長遠來看，我們對我們的定位和產生經營槓桿的能力顯然感到非常滿意。

On realizations and the sort of performance fee, margins and comp ratios, yeah, I think broadly speaking you should expect stability that varies with the mix of funds and strategies, that are the source of funds revenues in a given in a given quarter, we have had the ability to manage the mix of compensation between fee compensation and performance revenues, and we'll still be able to do that which I think will be beneficial to FRE margins directionally, and trade off performance revenue margins, somewhat as a result, but I think that's more directional and at the margin. But we feel very good about our sort of our leverage to drive margins in across the across the P&L.

關於實現和績效費、利潤率和補償比率，是的，我認為從廣義上講，你應該預期穩定性會隨著基金和策略的組合而變化，這些是特定季度的基金收入來源，我們有能力管理費用補償和績效收入之間的補償組合，我們仍然能夠做到這一點，我認為這將有利於 FRE 利潤率的方向性，並在一定程度上權衡收入率但我們對我們的槓桿作用感到非常滿意，因為它可以提高整個損益表中的利潤率。

Thanks.

謝謝。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Thanks. Good morning. Jon, I wanted to follow up on your comments around the deal making pauses behind us. Just want to get a little bit more color on your confidence around this. We've obviously been here before and waiting for activity to pick up, but you obviously sounded much more confident here this morning. So I just would love a little more color there.

謝謝。早安.喬恩，我想跟進一下你對我們後面的交易暫停的評論。只是想讓你對此事更有信心一點。顯然，我們以前來過這裡，等待活動的回升，但今天早上你聽起來顯然更有自信。所以我只是希望那裡能多一點色彩。

Well, it's a fair question because I think we expressed some confidence similarly at the outset of the year, and then we had the tariff issues and that slowed things down. You can feel things sort of the tumblers falling into place. It's the combination of equity markets recovering to record levels. It's debt spreads now back to the preliberation day, tight. It's general business confidence, particularly for businesses away from manufacturing and retailing who are in the teeth of some of the issues around goods and the cost of those goods.

嗯，這是一個公平的問題，因為我認為我們在今年年初也表達了類似的信心，但後來我們遇到了關稅問題，導致進度放慢。你可以感覺到事物就像滾筒一樣落到位。這是股票市場恢復至創紀錄水準的結合。它的債務利差現在回到了解放前的水平，很緊張。這是普遍的商業信心，特別是對於那些非製造業和零售業的企業來說，他們正面臨著一些與商品及其成本有關的問題。

And so there's overall a more constructive environment. There's also a more favorable regulatory environment than there's been in a few years. Of course, for M&A. And when you just look at the levels of M&A and IPO volume over the last three-plus years, it's running about two thirds below historic levels as a percentage of market cap in the stock market. So there's just a lot of pent-up demand in the system.

因此整體而言，環境更加具有建設性。與前幾年相比，目前的監管環境也更有利。當然，對於併購而言。如果你看一下過去三年多來的併購和 IPO 交易量水平，你會發現其佔股市市值的百分比比歷史水平低了約三分之二。因此，系統中存在著大量被壓抑的需求。

And then when we look at our proprietary data, we've got the busiest pipeline we've had since 2021 of potential IPOs. We talked about getting one done in Europe a couple of weeks ago. And then deal screenings on the BXCI, the credit side, up 50% new deals sort of coming in the door that we're looking at versus the end of the year. So lots of things are coming together. Yes, you need a level of terraform, but if this holds, I do expect we'll see a step function increase in transaction activity.

然後，當我們查看我們的專有數據時，我們擁有自 2021 年以來最繁忙的潛在 IPO 管道。幾週前我們討論過在歐洲完成這件事。然後，在 BXCI 信貸方面的交易篩選中，我們預計與年底相比，新交易數量將增加 50%。所以很多事情都聚集在一起了。是的，您需要一定程度的地形改造，但如果這種情況持續下去，我確實預計我們會看到交易活動的階梯函數式增長。

That, of course, on the realization side, as Michael noted, it takes a little bit of time. It's like moving the plane out to the runway before it ultimately takes off but those signs of getting companies public, public companies becoming more active, debt markets, there's been a ton of refinancing activity as cost of capital comes down in the last few weeks, all the things are coming into place, and that's what's giving us this confidence you hear.

當然，正如邁克爾所說，從實現角度來看，這需要一點時間。這就像在飛機最終起飛之前將其移到跑道上，但這些公司上市的跡象，上市公司變得更加活躍，債務市場，隨著過去幾週資本成本的下降，出現了大量的再融資活動，所有的事情都在到位，這就是給我們這種信心的原因。

Thank you.

謝謝。

Brian McKenna, Citizens.

布萊恩·麥肯納，公民。

Okay, great. Good morning, everyone. So real estate performance eligible AUM totals around $200 billion today. Net accrued performance fee stands at less than $1 billion today. So I'm curious how much of the $200 billion is currently generating performance revenue? And then is there a way to think about how much of this AUM, call it, 10% away from the hurdle I'm just trying to get a sense of the trajectory of accrued performance fees in real estate from here as performance in underlying trends begin to normalize.

好的，太好了。大家早安。因此，目前符合房地產業績標準的 AUM 總額約為 2,000 億美元。目前淨應計績效費不到 10 億美元。所以我很好奇這 2000 億美元中有多少目前產生了績效收入？那麼有沒有辦法考慮一下這個 AUM 中有多少，稱為 10%，距離障礙還有多遠？我只是想了解一下，隨著潛在趨勢的表現開始正常化，房地產累積績效費用的軌跡。

Thanks for the question. Yeah, as you mentioned, the balance of performance are an eligible dollars in real estate is about, it's over $200 billion. I would just frame it that, about 60% of that is above their respective hurdles. In terms of the components, and BRED opportunistic, importantly, as it relates to (inaudible) as you know, the vast majority, 80%-plus of the AUM is above hurdle. And as I said, that really represents the bulk of our crude carrying real estate, 100% of BREIT is also above that hurdle.

謝謝你的提問。是的，正如您所說，房地產的績效平衡是合格資金的約 2000 多億美元。我只是想說，其中約 60% 超出了各自的障礙。就組成部分和 BRED 機會主義而言，重要的是，因為它與（聽不清楚）有關，如您所知，絕大多數，80％以上的 AUM 都超出了障礙。正如我所說，這確實代表了我們大部分原油運輸房地產，100% 的 BREIT 也超過了這一障礙。

So that's sort of the structure of it. And so I think we're -- as Jon just referenced with time, we expect the realization cycle to accelerate probably more in private equity before real estate than ultimately in real estate. And in those BRED funds as it relates to net realizations, that's the positioning relative to hurdles, which is a favor.

這就是它的結構。所以我認為，正如喬恩剛才提到的那樣，隨著時間的推移，我們預計私募股權的實現週期可能會比房地產的實現週期更快，而不是最終在房地產中。而在這些 BRED 基金中，由於它與淨實現有關，所以這是相對於障礙的定位，這是一種恩惠。

Great. Thanks Michael.

偉大的。謝謝邁克爾。

Steven Chubok, Wolfe Research.

史蒂文‧丘博克，沃爾夫研究中心。

Hi Steven, good morning. It sounds like Steven, we lost him.

你好，史蒂文，早安。聽起來像史蒂文，我們失去了他。

I'm sorry about that. No, Weston I'm here. If you can hear me, sorry I was muted.

我很抱歉。不，韋斯頓，我在這裡。如果您能聽到我的聲音，很抱歉我被靜音了。

My apologies. Good morning everyone, regarding the BMACX launch, I was hoping you could speak to your confidence level as to whether this could scale at a similar pace to some of your other retail vehicles just trying to gauge the early reception. Any additional color you can offer on some of the retail products in the pipeline that were referenced in some of the earlier prepared remarks.

我很抱歉。大家早安，關於 BMACX 的推出，我希望您能談談您的信心水平，看看它是否能以與您的其他一些零售工具類似的速度擴展，只是想衡量早期的接受度。您能否對先前準備好的評論中提到的一些正在籌備中的零售產品提供一些補充說明？

Sure. I think on BMACX, it will take some time. We've launched this in a little bit of a different way in the RIA channel to start. We've gotten a good reception, but this I think will -- because we have a number of interesting things in the marketplace today, I think this is obviously a little different as an interval fund. And what we're finding with new platforms in the marketplace, people want to see the track record start to grow and build because this is easier to access on the interval fund basis, I think the ultimate potential is quite significant. But I would expect to ramp up to take a bit of time.

當然。我認為在 BMACX 上，這需要一些時間。我們首先在 RIA 頻道中以稍微不同的方式推出了此功能。我們受到了良好的歡迎，但我認為這會——因為我們今天在市場上有很多有趣的東西，我認為這顯然與間隔基金有些不同。我們發現，隨著市場上新平台的出現，人們希望看到業績記錄開始成長和建立，因為在間隔基金的基礎上更容易獲得，我認為最終的潛力是相當大的。但我預計提升速度還需要一些時間。

If you look at our track record, of course, in the flagship products, we've had great success, obviously, BREIT and BCRED, BXPE in just 18 months is remarkable, where it's going to be essentially the market leader in the space in a short period of time. Our infra platform we talked about is on a small number of distributors. We have a European credit platform that's picking up some momentum. So the conversations with our wealth partners is incredibly positive and sort of the Blackstone positioning in that space because of the track record we have, the breadth of products, the fact we've been at it so long is really special.

如果你看看我們的業績記錄，當然，在旗艦產品方面，我們取得了巨大的成功，顯然，BREIT 和 BCRED、BXPE 在短短 18 個月內取得了顯著的成績，它將在短時間內成為該領域的市場領導者。我們談到的基礎設施平台是在少數經銷商上。我們有一個正在蓬勃發展的歐洲信貸平台。因此，我們與財富合作夥伴的對話非常積極，而且由於我們擁有的業績記錄、產品的廣度以及我們在該領域深耕已久的事實，黑石在該領域的定位非常特別。

I think you'll continue to see us introduce new products, and I think we'll continue to get a good reception and it will be increasingly on a global basis. Each product will have its own sort of pace to how it picks up and part of it is where we decide to launch these based on a whole variety of considerations. But the overall path is pretty darn good.

我想您會繼續看到我們推出新產品，而且我認為我們將繼續獲得良好的反響，並且在全球範圍內的反響會越來越大。每種產品都有其自身的發展速度，而我們決定在推出這些產品時會考慮各種各樣的因素。但整體來說，路徑還是相當不錯的。

Great. Thanks for taking my question.

偉大的。感謝您回答我的問題。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Hi, good morning and thank you for taking the question. I wanted to ask something kind of specific on your fee related performance revenues. It looked like the performance in the quarter or at least the outperformance versus a lot of expectations, was driven by private equity, which I would assume is more bit than people were expecting.

大家好，早安，謝謝您回答這個問題。我想問一些有關費用相關的演出收入的具體問題。看起來本季的表現，或至少超出許多預期的表現，是由私募股權推動的，我認為這比人們預期的要多。

I know that's one that can be a bit lumpy based on the timing of fundraising and deployment with the big sort of three year crystallizations, but any color you could share in terms of what FRPR can or might look like over the at least the next couple of quarters, would be helpful. Just for modeling purposes. Thank you.

我知道，根據籌資和部署的時間表以及三年的大規模結晶，這可能有點不准確，但如果您能分享 FRPR 在至少接下來幾個季度可能或可能會是什麼樣子，那將會很有幫助。僅用於建模目的。謝謝。

Yes. I think just as it relates to BIP, which was one of your question, and I think at the end of last year in the last couple of quarters, gave a sense of the shape of the year after that very large crystallization in the fourth quarter. Generally, as you know, infrastructure is subject to -- will be subject to more frequent crystallizations related to the layering in of new investors and the open end of fundraising over time.

是的。我認為它與 BIP 相關，這是您的問題之一，我認為在去年年底的最後幾個季度中，在第四季度出現非常大的結晶之後，可以大致了解今年的情況。一般來說，正如你所知，隨著時間的推移，基礎設施將受到與新投資者的分層進入和融資的開放性相關的更頻繁的結晶的影響。

In the second quarter, we did have nearly $100 million of revenue, just to actually give you some specifics around that in the quarter. We'd expect about half that in the next quarter from a scheduled crystallization from the institutional fund and then nothing in the fourth quarter from the institutional funds.

在第二季度，我們的收入確實接近 1 億美元，我只是想向您提供本季度的一些具體資訊。我們預計下一季機構基金將按計畫結晶約一半資金，而第四季機構基金則不會有任何資金。

We do expect a modest amount for BXN of the private wealth infrastructure products from its first crystallization in the fourth quarter, which will then be quarterly thereafter, which was the BXPE structure when it started as well. So there are some fairly granular sense of infrastructure and people (inaudible) for the balance of the year.

我們確實預計，從第四季度首次結晶開始，BXN 的私人財富基礎設施產品數量會比較適中，之後將按季度結晶，這也是 BXPE 剛開始時的結構。因此，對於今年的平衡情況，我們對基礎設施和人員（聽不清楚）有一些相當細緻的了解。

I would just say, generally the layering of these various products will be powerful to earnings power over time.

我只想說，一般來說，隨著時間的推移，這些不同產品的分層將對獲利能力產生強大的作用。

Okay, thank you for that.

好的，謝謝你。

Ken Worthington, JP Morgan.

肯‧沃辛頓，摩根大通。

Hi, good morning, thanks for taking the question. With regard to Legal & General, you mentioned $20 billion over the next five years. Is this based on new products expected to be developed and distributed, or is there an IMA or more immediate asset management element of the partnership as well? And then last quarter, you mentioned Wellington and Vanguard.

大家好，早安，謝謝您回答這個問題。關於 Legal & General，您提到未來五年將投入 200 億美元。這是基於預計將開發和分銷的新產品，還是也存在 IMA 或更直接的資產管理合作元素？上個季度，您提到了惠靈頓和先鋒。

Can you give us an update on product development, how that's progressing and when we might see those products start to hit the market?

您能否向我們介紹一下產品開發的最新情況、進展以及何時我們可以看到這些產品開始進入市場？

Sure. With L&G it's a partnership focused around credit and insurance. I'd say a couple of things. $20 billion is ultimately our aspiration here with them. I'd say it's a combination of things. The main element of it will be managing investment grade private credit for their pension risk transfer and annuities business, something obviously we do for large clients here and SMA clients. So that's a relationship to make them even more competitive in that marketplace in the UK.

當然。我們與 L&G 的合作主要集中在信貸和保險方面。我想說幾件事。 200 億美元是我們與他們的最終願望。我想說這是多種因素的綜合作用。其主要內容是管理退休金風險轉移和年金業務的投資等級私人信貸，這顯然是我們為這裡的大客戶和 SMA 客戶提供的服務。因此，這種關係可以使他們在英國市場上更具競爭力。

And then we also said we're going to try to do some things together in wealth, creating some products together for the UK market and then potentially in retirement there and defined contributions again with our credit product. So it's a broad range. They are the leading insurer and asset manager in that market. We were very excited to be able to partner with the company of that quality and scale, and there's a real entrepreneurial energy now with the CEO, Antonio there, and we're excited about what we can do with them together.

然後我們也說，我們將嘗試在財富方面共同做一些事情，共同為英國市場創造一些產品，然後可能在那裡退休，並透過我們的信貸產品再次確定繳款額。所以範圍很廣。他們是該市場領先的保險公司和資產管理公司。我們非常高興能夠與如此高品質和規模的公司合作，現在執行長安東尼奧 (Antonio) 身上體現出了真正的創業活力，我們很高興能夠與他們一起合作。

On Vanguard, Wellington, there's a limit to what I can say, I think legally, at this point, we can say that Wellington has filed for our first product together. Obviously, that process of SEC approval will take some time. But we're excited, as we talked about on the previous call, just the idea of bringing our best-in-class private capabilities with Vanguard and Wellington best-in-class and active and passive debt and equity. And we think for a portion of the wealth market, this could be particularly attractive, just sort of one-stop shopping. But I can't really speak to specifics other than this one filing that's been made.

關於 Vanguard、惠靈頓，我能說的有限，但我認為從法律上講，目前我們可以說惠靈頓已經共同申請了我們的第一款產品。顯然，美國證券交易委員會的批准過程需要一些時間。但正如我們在上次電話會議上談到的那樣，我們很高興能將我們一流的私人能力與 Vanguard 和 Wellington 一流的主動和被動債務和股權能力結合起來。我們認為，對於部分財富市場來說，這可能特別有吸引力，就像一站式購物一樣。但除了這份已提交的文件之外，我無法談論其他具體細節。

Great, thank you.

太好了，謝謝。

Patrick Davitt, Autonomous Research.

戴維特（Patrick Davitt），自主研究。

Hey everyone, good morning. You mentioned the Life Sciences performance and the divergence between PE and real estate and have obviously built a great business there. But there seems to be a fairly significant cut to government research and science funding coming through the pipe. Do you have any early thoughts on how much exposure your portfolios could have to that? And does that cut and funding change your view on the life sciences investment opportunity from here? Thank you.

大家好，早安。您提到了生命科學的表現以及 PE 和房地產之間的差異，並且顯然在那裡建立了偉大的業務。但透過該管道獲得的政府研究和科學資金似乎大幅削減。您是否對您的投資組合可能受到多大影響有什麼初步想法？那麼，削減和資助是否會改變您對生命科學投資機會的看法？謝謝。

So it has certainly added to the uncertainty in this space. Michael talked a little bit about on the tenant demand side in our life science office area. I think the key thing, though is there is just enormous innovation happening in life sciences that the AI is likely to accelerate that, that there are huge capital needs, both from the pharmaceutical companies who want to find partners to accelerate their Phase III process for products, as well as for smaller life science companies who don't want to issue equity.

因此，這無疑增加了該領域的不確定性。麥可稍微談了一下我們生命科學辦公區的租戶需求面。我認為關鍵在於，生命科學領域正在發生巨大的創新，人工智慧可能會加速這一進程，並且存在巨大的資本需求，無論是想要尋找合作夥伴來加速其產品 III 期進程的製藥公司，還是不想發行股票的小型生命科學公司。

And it is definitely a marketplace where we think we have a pretty unique offering and capability. It is possible that we could see some changes in terms of reimbursements and MFNs outside the United States. But overall, the market is quite substantial. The need for these products is substantial. And the number of groups with expertise at scale to do these partnerships is limited. So we still see a very big investment opportunity here.

我們認為這絕對是一個擁有非常獨特的產品和能力的市場。我們可能會看到美國以外的報銷和最惠國待遇方面發生一些變化。但整體來說，市場還是比較大的。這些產品的需求量很大。而擁有大規模專業知識來建立這些合作關係的團體數量是有限的。所以我們仍然看到這裡非常大的投資機會。

The final thing I'd add on life science office is, as Jon mentioned, the supply coming down in real estate and applied -- partially applies to this sector as well. Starts are down something like 80%-plus since sort of their peak a few years ago. So that is ultimately going to be a real benefit for the sector as well.

關於生命科學辦公室，我想補充的最後一點是，正如喬恩所提到的，房地產和應用領域的供應下降——部分也適用於此領域。自幾年前的高峰以來，開工率已經下降了 80% 以上。因此這最終也將為該行業帶來真正的利益。

Arnaud Giblat, BNP Paribas.

法國巴黎銀行的 Arnaud Giblat。

Yeah, good morning. One quick question on BXPE, please. So there's clearly been a lot of appetite for this product. I'm just wondering how you're thinking about sizing of this product in relation to capacity to deploy in retail, in particular, as you might be thinking about vintage diversification, how should we be thinking about the potential divergence in construction between this wealth products and your flagship. Thank you.

是的，早安。請問關於 BXPE 的一個簡單問題。由此可見，人們對這款產品的需求非常大。我只是想知道您如何考慮該產品的規模與零售部署能力的關係，特別是，由於您可能正在考慮復古多樣化，我們應該如何考慮這種財富產品和您的旗艦產品之間在構造上的潛在差異。謝謝。

Well, I would say at Blackstone, our greatest strength has always been a capacity to deploy and do it in a way that delivers strong returns. We designed BXPE with the idea that this is a product that takes in capital on a regular basis as we experienced with BREIT and BCRED and therefore, we wanted the widest aperture possible.

我想說，在黑石，我們最大的優勢一直是部署能力，並且能夠以帶來豐厚回報的方式部署。我們設計 BXPE 的理念是，這是一款定期吸收資本的產品，就像我們在 BREIT 和 BCRED 上體驗到的那樣，因此，我們希望其光圈盡可能大。

So the product can invest in the US, Europe and Asia. You can do it in control private equity minority, hybrid equity, secondaries, life sciences, growth opportunistic credit, we actually sacrificed a bit in terms of the market potential by making it only eligible to qualified purchasers, so that we had the flexibility to deploy capital across these variety of areas. To date, the performance has been exceptional.

因此該產品可以在美國、歐洲和亞洲進行投資。您可以透過控制私募股權少數股權、混合股權、二級市場、生命科學、成長機會信貸來做到這一點，我們實際上在市場潛力方面做出了一些犧牲，使其只對合格的購買者有效，這樣我們就可以靈活地在這些不同的領域部署資本。到目前為止，業績表現非常出色。

And I just think at Blackstone, we're able to find lots of opportunities to serve our institutional clients, which you were asking about, which obviously is critically important, both in terms of the main funds and also their co-investment desires but also create a whole new range of additional investment opportunities across the firm.

我認為在黑石，我們能夠找到很多機會為我們的機構客戶服務，正如您所問到的，這顯然至關重要，不僅對於主要基金及其共同投資意願而言，而且還為整個公司創造了一系列全新的額外投資機會。

So I feel very good about our ability to deploy capital. We've certainly been able to show a cross credit. We did it in real estate. We have the capabilities to scale up. And this is obviously beneficial in the wealth channel as it grows. It's one of the things that really differentiates Blackstone as a firm.

因此，我對我們的資本部署能力感到非常滿意。我們當然能夠表現出交叉信用。我們在房地產領域做到了這一點。我們有能力擴大規模。這對於財富管道的成長顯然是有利的。這就是黑石集團真正與眾不同之處之一。

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。現在，我想將電話轉回給韋斯頓·塔克 (Weston Tucker)，讓他做任何補充或結束語。

Great well thank you everyone for joining us today and look forward to following up after the call.

非常好，感謝大家今天的參與，期待通話結束後的跟進。

That will conclude today's call. We appreciate your participation.

今天的電話會議到此結束。感謝您的參與。