Blackstone Inc (BX) 2025 Q3 法說會逐字稿

Good day and welcome to the Blackstone third quarter 2025 investor call. Today's conference is being recorded. (Operator Instructions) At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Please go ahead.

大家好，歡迎參加黑石集團2025年第三季投資人電話會議。今天的會議正在錄影。（操作員指示）現在，我將把會議交給股東關係主管韋斯頓·塔克。請繼續。

Thanks, JD and good morning and welcome to Blackstone's third quarter conference call. Joining me 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.

謝謝JD，早安，歡迎參加黑石集團第三季​​財報電話會議。今天與我一同出席的有：董事長兼執行長史蒂夫‧施瓦茨曼；總裁兼營運長喬恩‧格雷；以及副董事長兼財務長麥可‧蔡。今天早些時候，我們發布了新聞稿和幻燈片演示文稿，這些內容都可以在我們的網站上找到。我們預計將在幾週內提交 10-Q 報告。

I'd like to remind you that today's call may include forward-looking statements, which are uncertain and 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.

我想提醒各位，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，並且可能與實際結果有重大差異。我們不承擔更新這些聲明的義務。有關可能影響結果的一些因素的討論，請參閱我們 10-K 文件中的「風險因素」部分。

We'll also refer to non-GAAP measures, and you'll find reconciliations in the press release on the Shareholders page of our website. Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone fund. This audiocast is copyrighted material of Blackstone and may not be duplicated without consent.

我們也會提及非GAAP指標，您可以在我們網站股東頁面的新聞稿中找到相關調節表。另請注意，本次電話會議中的任何內容均不構成出售任何黑石基金權益的要約或購買任何黑石基金權益的要約邀請。本音頻節目為黑石集團的版權所有，未經許可不得複製。

Quickly on results. We reported GAAP net income for the quarter of $1.2 billion. Distributable earnings were $1.9 billion or $1.52 per common share, and we declared a dividend of $1.29 per share, which will be paid to holders of record as of November 3.

迅速取得結果。我們公佈的季度GAAP淨利為12億美元。可分配收益為 19 億美元，即每股普通股 1.52 美元，我們宣布派發每股 1.29 美元的股息，該股息將支付給截至 11 月 3 日登記在冊的股東。

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

接下來，我將把電話交給史蒂夫。

Good morning, and thank you for joining our call. Before we begin, I want to take a moment to acknowledge the horrific shooting that occurred at our New York City offices on July 28. The random attack resulted in multiple deaths, including our beloved colleague, Wesley LePatner. Wesley was a wife and mother and a dear friend and mentor to many within and outside of our firm. We will greatly miss Wesley. We'll continue to honor her legacy.

早安，感謝各位參加我們的電話會議。在開始之前，我想花一點時間來緬懷7月28日在我們紐約市辦公室發生的可怕槍擊事件。這起隨機攻擊造成多人死亡，其中包括我們敬愛的同事 Wesley LePatner。韋斯利是一位妻子和母親，也是我們公司內外許多人的摯友和導師。我們會非常想念韋斯利。我們將繼續傳承她的遺志。

We are also grateful for the bravery of our building security team, along with the New York Police Department, who responded that day and who put themselves in harm's way every day to protect others.

我們也要感謝我們大樓保全團隊的勇敢，以及紐約警察局的警員們，他們在那天做出了回應，並且每天都將自己置於危險之中保護他人。

Turning to our results, Blackstone reported an outstanding third quarter. Distributable earnings increased nearly 50% year-on-year to $1.9 billion, as Weston mentioned, underpinned by a 26% growth in fee-related earnings and a more than doubling of net realizations. Inflows reached $54 billion, the fourth consecutive quarter in excess of $50 billion, and totaled $225 billion for the last 12 months. Our fundraising success lifted assets under management to a new industry record of $1.24 trillion.

再來看我們的業績，黑石集團第三季​​業績表現優異。正如韋斯頓所提到的，可分配收益同比增長近 50%，達到 19 億美元，這主要得益於費用相關收益增長 26% 以及淨實現額翻了一番以上。資金流入達 540 億美元，連續第四個季度超過 500 億美元，過去 12 個月累計流入 2,250 億美元。我們的募款活動取得了成功，管理資產規模達到了 1.24 兆美元的新產業紀錄。

And looking forward, I believe our prospects for growth are strong today is at any point in the firm's history. The structural tailwinds driving the alternative sector are accelerating with Blackstone as the reference firm. More investors are being introduced to the benefits of private market solutions than ever before, with growing adoption across the vast private wealth and insurance channels.

展望未來，我相信我們目前的成長前景比公司歷史上的任何時期都更加強勁。推動另類投資產業的結構性利多因素正在加速發展，黑石集團是其中的標竿企業。越來越多的投資人開始了解私募市場解決方案的好處，私募財富和保險管道的採用率也不斷提高。

And following the US administration's areas in executive order, we expect the defined contribution market to open to alternatives over time as well. In these areas, the powerful advantages of our brand, scale and breadth of capabilities are even more pronounced. At the same time, institutional limited partners are increasing their allocations to alternatives in multiple areas, and they're consolidating relationships with the best performing managers who can provide comprehensive multi-asset solutions.

根據美國政府行政命令中的相關規定，我們預期固定繳款退休金市場也會隨著時間的推移向其他選擇開放。在這些領域，我們品牌、規模和廣泛能力的強大優勢更加突出。同時，機構有限合夥人正在增加對多個領域另類投資的配置，並鞏固與能夠提供全面多資產解決方案的最佳績效管理者的關係。

Meanwhile, in terms of deployment, the scope of where we invest continues to expand significantly as we scale our platforms in digital and energy infrastructure, private credit, Asia, the secondaries market for alternatives and other key growth areas. We are in the early innings of penetrating markets of enormous size and potential.

同時，在投資部署方面，隨著我們在數位和能源基礎設施、私募信貸、亞洲、另類投資二級市場和其他關鍵成長領域的平台規模不斷擴大，我們的投資範圍也持續顯著擴大。我們正處於開拓規模巨大、潛力巨大的市場的初期階段。

In addition to these secular forces, we're also now seeing the deal cycle turn, creating another significant tailwind for the firm. The combination of a resilient economy, declining cost of capital and equity markets at all-time highs is leading to a resurgence in capital markets activity, including global IPO issuance, which more than doubled year-over-year in the third quarter.

除了這些長期因素外，我們現在還看到交易週期正在轉變，這為公司創造了另一個重要的順風。經濟韌性、資本成本下降和股票市場處於歷史高位，這些因素共同推動了資本市場活動的復甦，包括全球IPO發行，第三季IPO發行量年增超過一倍。

Notwithstanding the current government's shutdown, more conducive capital markets should lead to greater realizations for Blackstone, which, in turn, support fundraising and deployment. In the last three months, we executed three successful IPOs. And our IPO pipeline for the next 12 months, if converted, would translate to one of the largest years of issuance in our history.

儘管目前政府停擺，但更有利的資本市場應該會為黑石集團帶來更大的收益，進而支持其融資和投資。過去三個月，我們成功完成了三項IPO。如果未來 12 個月的 IPO 專案全部實現，這將是我們歷史上發行量最大的一年之一。

Despite all these positive developments, over the past several weeks, there's been a significant external focus on the implications of certain credit defaults in the market. These events have been erroneously linked to the traditional private credit market as a result of misunderstandings and misinformation.

儘管有這麼多積極的進展，但在過去的幾周里，外界的關注點主要集中在某些信貸違約對市場的影響上。由於誤解和錯誤訊息，這些事件被錯誤地與傳統的私人信貸市場聯繫起來。

Importantly, the defaults and focus resulted from bank-led and bank syndicated credits, not private credit. Moreover, these situations are widely believed to involve the fraudulent pledging of the same collateral to multiple parties. The traditional private credit model is characterized by direct origination in the context of a long-term hold strategy, with due diligence performed by sophisticated institutional managers and rigorously negotiated documentation.

重要的是，違約和關注點源於銀行主導和銀行銀團貸款，而不是私人信貸。此外，人們普遍認為這些情況涉及將同一抵押品欺詐性地抵押給多個當事方。傳統的私人信貸模式的特點是在長期持有策略的背景下直接發放貸款，由經驗豐富的機構經理進行盡職調查，並經過嚴格的談判文件。

For Blackstone, our $150 billion-plus direct lending platform is comprised of over 95% senior secured debt, with low loan-to-value ratios of less than 50% on average, meaning there is significant borrower capital subordinate to our positions in nearly all cases from companies backed by financial sponsors or public companies.

對於黑石集團而言，我們超過 1500 億美元的直接貸款平台由超過 95% 的優先擔保債務組成，平均貸款價值比低於 50%，這意味著在幾乎所有情況下，都有大量借款人資本次於我們的貸款，這些借款人來自由金融機構或上市公司支持的公司。

And in the private investment-grade area, we've concentrated our activities in multitrillion-dollar markets where Blackstone is often a leading player, including data centers, energy infrastructure and real estate, with our loans secured by underlying assets of excellent quality. Our long-term, highly disciplined approach to investing in credit is the foundation of the strong results we've produced in this area as with every business at the firm.

在私人投資等級領域，我們專注於數兆美元的市場，黑石集團在這些市場中往往扮演著領導角色，包括資料中心、能源基礎設施和房地產，我們的貸款以優質的基礎資產作為擔保。我們對信貸投資採取長期、高度自律的態度，這是我們在該領域取得強勁業績的基礎，也是公司在其他所有業務領域取得強勁業績的基礎。

Our non-investment grade private credit strategies have generated 10% returns annually, net of all fees since inception, nearly 20 years ago. In direct lending specifically, we've experienced annual realized losses of only 1/10th of 1%, including through the global financial crisis. And our investment-grade focused private credit platform in BXCI has experienced zero realized losses to date.

自近 20 年前成立以來，我們的非投資等級私募信貸策略每年都能產生 10% 的淨收益（扣除所有費用後）。具體到直接貸款領域，即使在全球金融危機期間，我們每年的實際虧損也僅為 0.1%。我們專注於投資級私募信貸的平台 BXCI 迄今尚未出現任何已實現損失。

Of course, as the cycle progresses, it's reasonable to assume we'll see some increases in defaults. But we believe our structural advantages will continue to produce superior results. Performance has powered our growth in private credit. And we believe it will continue to power our growth in the future.

當然，隨著週期的推進，我們有理由假設違約率會上升。但我們相信，我們的結構優勢將持續帶來優異的成果。良好的業績推動了我們在私募信貸領域的成長。我們相信，它將繼續為我們未來的發展提供動力。

Stepping back, this month, we celebrate Blackstone's 40th anniversary. It's been, I can assure you, an extraordinary journey. The firm has grown from a start-up in 1985 to the largest alternative asset manager in the world today and one of the 50 largest public companies in the United States. Importantly, we achieved almost all of this growth organically, which is quite distinctive among large firms in our industry.

回顧過去，本月我們慶祝黑石集團成立 40 週年。我可以向你保證，這是一段非凡的旅程。該公司從 1985 年的一家新創公司發展成為如今全球最大的另類資產管理公司，也是美國 50 家最大的上市公司之一。重要的是，我們幾乎所有的成長都是透過內生成長實現的，這在我們行業的大型公司中非常獨特。

We are business builders at Blackstone, not business buyers. And while it's harder to build a business than buy it. Over the past 40 years, we methodically planted seeds that would grow into major market-leading platforms in nearly every area in which we operate.

在黑石集團，我們是企業建設者，而不是企業收購者。雖然創辦一家企業比收購一家企業更難。在過去的 40 年裡，我們有條不紊地播下了種子，這些種子後來在我們營運的幾乎所有領域都成長為主要的市場領先平台。

What we've achieved over the past four decades would not have been possible without the efforts of three extraordinary individuals, who worked alongside me to either start the firm or to take it to the next level. Pete Peterson, my co-Founder, gave us the necessary credibility that provided the launchpad for our growth. He was joined in 2002 by Tony James, who helped professionalize the organization and led us into many new business areas.

過去四十年我們所取得的成就，離不開三位傑出人士的努力，他們與我並肩工作，要么創立了公司，要么將公司推向了新的高度。我的聯合創始人皮特·彼得森為我們提供了必要的信譽，為我們的發展提供了跳板。2002 年，托尼詹姆斯加入公司，幫助公司走向專業化，並帶領我們進入了許多新的業務領域。

John Gray took over in 2018 and has done a remarkable job managing the firm and pioneering a plethora of new business lines and products. John also redefined our investment approach to emphasize thematic positioning, resulting in our concentration today in data centers, where we're the largest in the world; energy and power, logistics, private credit and India, among other winning areas.

John Gray 於 2018 年接手公司，在管理公司和開創眾多新業務線和產品方面取得了卓越的成就。約翰也重新定義了我們的投資方法，強調主題定位，這使得我們如今的投資重點集中在資料中心（我們是全球最大的資料中心）、能源和電力、物流、私募信貸和印度等其他成功領域。

John, as did Tony and Pete during their time at Blackstone, demonstrates an unstoppable work ethic and profound care for the firm, its reputation and its people. Each of them changed the destiny of the firm. and have been the best partners for me that I could have imagined. I owed them all an enormous debt of gratitude.

約翰就像東尼和皮特在黑石集團工作期間一樣，展現出永不放棄的職業道德和對公司、公司聲譽和員工的深切關懷。他們每個人都改變了公司的命運，也是我能想像到的最好的合作夥伴。我對他們每個人都懷有無比的感激之情。

Looking forward, what's been built at Blackstone is ideally designed for the environment we see before us and to capture the generational shifts underway in the global economy and markets. In terms of where we raise capital, we believe Blackstone is the partner of choice to bring the best of private markets to a rapidly expanding universe of investors.

展望未來，黑石集團所建立的一切，都是為我們眼前的環境量身打造的，旨在抓住全球經濟和市場正在發生的世代轉變。在籌資方面，我們認為黑石集團是最佳合作夥伴，能夠將私募市場的優勢帶給快速成長的投資人群體。

In terms of where we invest, the future requires massive capital solutions across all forms of equity and debt capital to power the AI revolution, to develop the infrastructure needed to meet the rising global demand for energy, to fund the extraordinary advancements in drug development in the life sciences area, to partner with large investment-grade-rated corporates, who are increasingly looking to private credit to meet their objectives, to help India meet its incredible growth potential and to drive forward other transformative megatrends that will define the investment landscape for decades to come.

就我們的投資方向而言，未來需要各種形式的股權和債務資本的大規模資本解決方案，以推動人工智能革命，發展滿足全球日益增長的能源需求所需的基礎設施，為生命科學領域藥物研發的非凡進步提供資金，與越來越多尋求私人信貸以實現其目標的大型投資級企業合作，幫助印度發揮其巨大的增長潛力，並推動其他變革性的未來幾十年，

Alternatives will play a vital role in this future. And we see Blackstone leading the way with the largest and broadest platform and the deepest investment capabilities, underpinned by the power of our brand. The firm has achieved much in the past 40 years. But I strongly believe the best is ahead. Thank you to our shareholders for joining us on this adventure. The adventure continues.

替代能源將在未來發揮至關重要的作用。我們看到黑石集團憑藉其規模最大、覆蓋面最廣的平台和最強大的投資能力，以及強大的品牌影響力，引領著產業發展。該公司在過去40年中取得了巨大成就。但我堅信最好的還在後頭。感謝各位股東與我們一同踏上這段旅程。冒險仍在繼續。

With that, I'll turn it over to John.

接下來，我將把麥克風交給約翰。

Thank you, Steve, and good morning, everyone. What Steve has done to both create and continue to drive this firm for 40 years is the stuff of legend. I'd also like to emphasize what Steve said about Wesley. She was an extraordinary woman, colleague and dear friend, simply the best of the best. We will miss her a ton.

謝謝你，史蒂夫，大家早安。史蒂夫創建並持續推動這家公司走過了 40 年，他所做的一切堪稱傳奇。我還想強調一下史蒂夫對韋斯利的評價。她是一位傑出的女性、同事和摯友，堪稱精英中的精英。我們會非常想念她。

Moving to the quarter, this is an exciting time for the firm and our investors. The deal dam is finally breaking, and we have a bunch of secular tailwinds driving us forward as well. I'm going to focus my remarks specifically on the growing sources of capital inflows at the firm.

進入本季度，對於公司和我們的投資者來說，這是一個令人興奮的時刻。交易的閘門終於打開了，我們還有許多長期有利因素在推動我們前進。我將重點談談公司不斷成長的資本流入來源。

In corporate and real estate credit, we crossed the $500 billion milestone, up a remarkable 18% year-over-year. In private wealth, our AUM in the channel grew 15% year-over-year to nearly $290 billion. And in our institutional business, we're seeing strong momentum across numerous areas in our drawdown and open-ended vehicles.

在企業和房地產信貸方面，我們突破了 5,000 億美元的大關，年增了驚人的 18%。在私人財富領域，我們在該通路的資產管理規模年增 15%，達到近 2,900 億美元。在我們的機構業務中，我們看到回撤型和開放式基金的許多領域都呈現出強勁的成長勢頭。

Diving into credit, private credit markets are expanding from their origins in noninvestment-grade corporate credit and direct lending to become a key mechanism for financing the real economy, including commercial finance, consumer and residential finance, fund finance and of course, infrastructure. Blackstone is tremendously well positioned to lead this evolution as the largest third-party investment manager in credit globally, alongside our continuous innovation.

深入信貸領域，私人信貸市場正從非投資等級企業信貸和直接貸款的起源發展成為實體經濟融資的關鍵機制，包括商業融資、消費和住房融資、基金融資，當然還有基礎設施。作為全球最大的第三方信貸投資管理公司，黑石集團憑藉其持續創新，在引領這項變革方面擁有得天獨厚的優勢。

Notably, our infrastructure and asset-based credit business grew 29% year-over-year to $107 billion, one of the fastest-growing areas at the firm. Our scale gives us access to what we believe is the broadest set of opportunities across the risk spectrum, which we can offer holistically to clients. As a result, we're seeing robust demand for multi-asset credit solutions across our three I's: institutions, insurance companies and individual investors.

值得注意的是，我們的基礎設施和資產抵押貸款業務年增 29%，達到 1,070 億美元，是該公司成長最快的領域之一。我們的規模使我們能夠獲得我們認為涵蓋風險範圍最廣的機會，我們可以將這些機會全面地提供給客戶。因此，我們看到，在三大客戶群（機構、保險公司和個人投資者）中，對多元資產信貸解決方案的需求十分強勁。

Another important development underway in credit markets is the rising opportunity to partner with large investment-grade rated corporates, which we've discussed previously. Fortune 500 companies with substantial funding needs are increasingly looking to private credit for customized long-duration capital solutions, which are difficult to replicate in public markets.

信貸市場正在發生的另一個重要發展是與大型投資等級企業合作的機會日益增多，我們之前已經討論過這一點。財富 500 強企業由於資金需求龐大，越來越傾向於尋求私人信貸來獲得客製化的長期資本解決方案，而這些解決方案在公開市場很難複製。

Scale and reputation are key. And Blackstone has established ourselves as a partner of choice, following our landmark transactions with EQT Corp and Rogers Communications. In the third quarter, we executed another major partnership, a $7 billion investment we are leading in a venture with energy infrastructure company Sempra, to support construction of a liquefied natural gas project on the Gulf Coast.

規模和聲譽至關重要。在與 EQT 公司和羅傑斯通訊公司完成具有里程碑意義的交易後，黑石集團已確立了自身作為首選合作夥伴的地位。第三季度，我們達成了另一項重大合作，我們牽頭與能源基礎設施公司 Sempra 成立合資企業，投資 70 億美元，以支持墨西哥灣沿岸液化天然氣項目的建設。

These corporate partnerships provide our clients with access to high-quality, directly originated investments in a sector where we have high conviction, as always, without taking on balance sheet risk.

這些企業合作關係使我們的客戶能夠獲得高品質的、直接投資於我們一貫高度看好的行業的投資機會，而無需承擔資產負債表風險。

Meanwhile, in the insurance channel, our AUM grew 19% year-over-year to $264 billion across IG private credit, liquid credit and other strategies. Our open architecture, multi-client approach is a major advantage. Our platform now includes 33 strategic and SMA relationships, and we continue to add more.

同時，在保險管道，我們的資產管理規模年增 19%，達到 2,640 億美元，涵蓋投資級私募信貸、流動性信貸和其他策略。我們採用開放式架構和多客戶端方法，這是一大優勢。我們的平台目前包含 33 個策略和 SMA 合作關係，並且我們還在增加。

Importantly, in the past 12 months, nearly two-third of our clients have expanded their relationship with us, the strongest testament to the value we deliver for them. In our IG focused area overall, we generated over 170 basis points of incremental spread year-to-date versus comparably rated liquid credit.

重要的是，在過去的 12 個月裡，近三分之二的客戶擴大了與我們的關係，這最有力地證明了我們為他們帶來的價值。在我們專注於投資等級證券的領域，今年迄今為止，我們相對於評級相當的流動性信貸產品，實現了超過 170 個基點的增量利差。

Our farm-to-table model, which brings clients directly to borrowers, is designed to produce a structural premium to liquid markets, particularly vital in an environment where spreads and interest rates are tightening.

我們的「從農場到餐桌」模式，將客戶直接介紹給借款人，旨在為流動性市場創造結構性溢價，這在利差和利率收緊的環境下尤其重要。

Turning to private wealth, where our platform has grown to nearly $290 billion, as I mentioned, up threefold in the past five years. To put our scale in perspective, a recent Goldman Sachs research report highlighted that Blackstone has an estimated 50% share of all private wealth revenue among nine major alternative firms.

再來看私人財富，正如我之前提到的，我們的平台規模已經成長到近 2,900 億美元，在過去五年裡成長了三倍。為了更好地理解我們的規模，高盛最近的一份研究報告指出，在九家主要的另類投資公司中，黑石集團估計佔了所有私人財富收入的 50%。

To put our momentum in perspective, we raised over $11 billion in the channel in the third quarter, more than double year-over-year, to the highest level in over three years. BCRED led the way, raising $3.6 billion and is on pace for a strong Q4. BXP raised $2.1 billion in the third quarter, bringing its NAV to $15 billion in only seven quarters. BREIT generated healthy sales of roughly $800 million in the third quarter, while repurchases continued on their downward trajectory to the lowest level in 3.5 years. Finally, BXINFRA raised over $600 million in Q3 with its NAV exceeding $3 billion only three quarters after launch.

為了更好地說明我們的發展勢頭，我們在第三季度透過通路籌集了超過 110 億美元，比去年同期增長了一倍多，達到三年多來的最高水平。BCRED 領先融資，籌集了 36 億美元，並預計在第四季度取得強勁成長。BXP 在第三季籌集了 21 億美元，使其淨資產值在短短七個季度內達到 150 億美元。BREIT 第三季實現了約 8 億美元的健康銷售額，而回購額則繼續下降至 3.5 年來的最低水準。最後，BXINFRA 在第三季籌集了超過 6 億美元，其淨資產價值在成立僅三個季度後就超過了 30 億美元。

In private wealth, as with every business at Blackstone, it all comes back to investment performance. BCRED has achieved 10% net returns annually since inception nearly five years ago. BREIT has generated 9% net returns for its largest share class for nearly nine years, a 60% premium to public real estate markets, including approximately 5% net for the first three quarters of the year.

在私人財富領域，就像黑石集團的所有其他業務一樣，一切最終都歸結於投資績效。BCRED 自近五年前成立以來，每年淨收益率達到 10%。近九年來，BREIT 最大的股份類別實現了 9% 的淨回報，比公開房地產市場高出 60%，其中今年前三個季度的淨回報約為 5%。

BREIT's exposure to data centers, now almost 20% continues to be extremely helpful in driving its results. And BXP has delivered a 16% annualized net return for its largest share class since inception. Our investment performance powers our fundraising along with our ability to innovate.

BREIT 對資料中心的投資佔比已接近 20%，這對推動其業績成長仍然非常有幫助。自成立以來，BXP 最大份額類別的年化淨報酬率已達 16%。我們的投資績效和創新能力為我們的融資提供了動力。

Looking forward, we expect 2026 to be our busiest year yet in terms of product launches with a significant focus on multi-asset opportunities. We're also broadening distribution in several major markets around the world and moving deeper into key subchannels, including the RIA channel.

展望未來，我們預計 2026 年將是我們迄今為止產品發布最繁忙的一年，並將重點放在多資產機會上。我們也在世界幾個主要市場擴大分銷管道，並深入關鍵子管道，包括 RIA 管道。

With these developments alongside our strategic alliance with Wellington and Vanguard, our partnership with Ellen G and the UK wealth and retirement markets and the massive potential in the US defined contribution channel over time, the opportunity in private wealth continues to expand for Blackstone.

隨著這些發展，以及我們與威靈頓和先鋒集團的策略聯盟、我們與艾倫·G的合作、英國財富和退休市場，以及美國固定繳款管道的巨大潛力，黑石集團在私人財富領域的機會將繼續擴大。

Moving to our institutional business, which has grown by 64% over the last five years and has strong momentum across multiple areas. In infrastructure, our dedicated platform grew 32% year-over-year to $69 billion, including over $3 billion raised in the third quarter. The comingle VIP strategy has generated a remarkable 17% net returns annually since inception.

接下來談談我們的機構業務，在過去五年中成長了 64%，並在多個領域都保持著強勁的發展勢頭。在基礎設施方面，我們的專用平台年增 32% 至 690 億美元，其中包括第三季籌集的 30 多億美元。自推出以來，混合型 VIP 策略每年都能產生高達 17% 的淨收益。

Our multi-asset investing business, BXMA, grew 12% year-over-year to a record $93 billion, again driven by performance. Q3 represented the 22nd consecutive quarter of positive composite returns for BXMA's largest strategy. Investors are responding favorably, with BXMA generating year-to-date net inflows of over $5 billion, the highest in nearly 15 years.

我們的多元資產投資業務 BXMA 年增 12%，達到創紀錄的 930 億美元，這再次得益於良好的業績表現。第三季是BXMA最大策略連續第22季實現正綜合收益。投資者反應積極，BXMA 今年迄今的淨流入資金超過 50 億美元，創近 15 年來新高。

In our drawdown fund area, it was another quarter of fundraising. We held additional closings for our new private equity Asia flagship, bringing it to over $9 billion as of quarter end, already significantly larger than the prior $6 billion vintage, and we expect to meaningfully exceed our original $10 billion target.

在我們的提取資金領域，又一個季度完成了籌款。我們為新的亞洲私募股權旗艦基金完成了更多募資，截至季度末，基金規模已超過 90 億美元，遠超之前的 60 億美元規模，我們預計將大幅超過最初 100 億美元的目標。

We also raised additional capital for our next life sciences flagship, bringing it to $3.3 billion, already more than two-thirds the size of the prior $5 billion vintage.

我們也為下一個生命科學旗艦計畫籌集了更多資金，使其規模達到 33 億美元，已經超過前一個 50 億美元計畫的三分之二。

In credit, we held an initial close of $1.6 billion for our new high-yield asset-based finance strategy, targeting $4 billion. In secondaries, we finished raising the largest ever infrastructure vehicle at $5.5 billion, and we're now raising our next PE secondary flagship, targeting at least the size of the prior $22 billion vintage, with the first major close expected in the fourth quarter.

在信貸方面，我們為新的高收益資產融資策略完成了 16 億美元的首輪募資，目標是 40 億美元。在二級市場，我們完成了有史以來規模最大的基礎設施基金的募集，規模達 55 億美元。現在，我們正在募集下一個私募股權二級市場旗艦基金，目標規模至少達到先前的 220 億美元，預計在第四季完成首次重大募資。

Also in Q4, we expect to launch fundraising for the fifth vintage of our private equity energy transition strategy, with a prior vintage already approximately 70% committed only 16 months after starting the investment period. Other drawdown strategies we are raising include opportunistic credit, tactical opportunities and GP stakes.

此外，我們預計將在第四季度啟動第五期私募股權能源轉型策略的募資，而上一期投資在開始投資期僅 16 個月後，就已經獲得了約 70% 的資金承諾。我們正在討論的其他回撤策略包括機會性信貸、戰術性機會和普通合夥人股份。

Overall, we believe investor confidence in Blackstone is as high today as ever, which, as you've heard, is translating to growing capital commitments across many areas. In real estate specifically, investor sentiment is starting to improve following the downturn. We remain firm believers in the sector's recovery, and that flows ultimately follow performance.

總體而言，我們認為投資者對黑石集團的信心如今依然很高，正如您所聽到的，這正在轉化為各個領域不斷增長的資本投入。具體到房地產領域，在經歷了低迷之後，投資人情緒開始好轉。我們仍然堅信該行業的復甦，並且資金流動最終會與業績掛鉤。

Commercial real estate values bottomed in December 2023 and since then, have been slowly improving. We think they're now approaching a steeper point in that recovery curve. The cost and availability of capital have been steadily strengthening, and transaction activity has been increasing, including by 25% year-over-year in logistics, US logistics in the last 12 months.

商業房地產價值在 2023 年 12 月觸底，此後一直在緩慢回升。我們認為他們現在正接近復甦曲線中更陡峭的階段。資本成本和可用性一直在穩步增強，交易活動也在增加，其中物流交易同比增長 25%，美國物流交易在過去 12 個月中增長了 25%。

In a market driven by supply and demand, the dramatic decline in new construction starts, including to the lowest level in over a decade in US logistics and apartments, our largest sectors in real estate should be very positive for values over time. As we stated before, we believe Blackstone is the best positioned firm in the world to benefit from the recovery underway in real estate markets.

在供需驅動的市場中，新建築開工量的急劇下降，包括美國物流和公寓（我們房地產領域最大的行業）的開工量降至十多年來的最低水平，從長遠來看，這對房地產價值應該會非常有利。正如我們之前所說，我們認為黑石集團是全球最有能力從當前房地產市場復甦中獲益的公司。

In closing, the firm is in outstanding shape by any measure, a cyclical resurgence in transaction activity alongside multiple secular growth engines should be very positive for our shareholders.

總之，無論從哪個角度來看，公司都處於非常有利的地位，交易活動的周期性復甦以及多個長期成長引擎對我們的股東來說應該會非常有利。

And with that, I will turn things over to Michael.

那麼，接下來就交給麥可了。

Thanks, John, and good morning, everyone. Over the past several quarters, we've highlighted how the scaling of the firm's platforms in key growth channels is driving robust momentum in fundraising, assets under management and FRE. In addition, we've outlined a path of accelerating net realizations over time as capital markets strengthen. The third quarter was an excellent illustration of these dynamics of work and reinforces a favorable multiyear picture for the firm.

謝謝你，約翰，大家早安。在過去的幾個季度裡，我們重點介紹了公司在關鍵成長管道中平台規模的擴大如何推動了籌款、資產管理規模和 FRE 的強勁成長勢頭。此外，我們也制定了隨著資本市場走強而逐步加快淨收益實現的路徑。第三季很好地體現了這些工作動態，並鞏固了公司未來幾年良好的發展前景。

Starting with results, AUM continued to advance to new record levels. Total AUM rose 12% year-over-year to $1.242 trillion, while fee earning AUM grew 10% to $906 million. Management fees increased 14% year-over-year to a record $2 billion, underpinned by continued double-digit growth in base management fees, including 23% growth in base management fees for the private equity segment, 18% for credit insurance and 15% for BXMA.

先來看業績，資產管理規模（AUM）持續攀升，屢創新高。總資產管理規模年增 12% 至 1.242 兆美元，而收取費用的資產管理規模則成長 10% 至 9.06 億美元。管理費年增 14%，達到創紀錄的 20 億美元，這主要得益於基礎管理費持續兩位數的增長，其中私募股權部門的基礎管理費增長了 23%，信用保險增長了 18%，BXMA 增長了 15%。

At the same time, transaction and advisory fees for the firm nearly doubled year-over-year to $156 million, with our Capital Markets business reporting one of its two best quarters in history, following a record Q2. While we expect a lower baseline of these revenues in the fourth quarter, the expanding scope of the firm's investment activity is widening the aperture of activity in our Capital Markets business.

與此同時，該公司的交易和諮詢費用同比增長近一倍，達到 1.56 億美元，其資本市場業務在創紀錄的第二季度之後，取得了歷史上最好的兩個季度之一。雖然我們預期第四季度這些收入的基數會降低，但公司投資活動範圍的擴大正在擴大我們資本市場業務的活動範圍。

Fee-related performance revenues grew 72% and year-over-year to $453 million in the third quarter, generated by nine different perpetual strategies, including BCRED and multiple other vehicles across the credit complex, BREIT in real estate, BXP in private equity, and BIP in infrastructure.

第三季度，費用相關業績收入年增 72% 至 4.53 億美元，這主要得益於九種不同的永續策略，包括 BCRED 和信貸領域的其他多種工具、房地產領域的 BREIT、私募股權領域的 BXP 以及基礎設施領域的 BIP。

Overall, total fee revenues for the firm grew 22% year-over-year to $2.5 billion in the third quarter. Fee-related earnings increased 26% year-over-year to $1.5 billion or $1.20 per share, one of the three best quarters of FRE in our history, driven by the growth in fee revenues along with healthy margin expansion.

總體而言，該公司第三季的總費用收入年增 22%，達到 25 億美元。費用相關收益年增 26% 至 15 億美元，即每股 1.20 美元，這是我們歷史上 FRE 業績最好的三個季度之一，這主要得益於費用收入的增長以及利潤率的健康擴張。

With respect to margins, as we stated before, it's most informative to look over multiple quarters, given intra-year movements. On a year-to-date basis, FRE margin was 58.6%, reflecting expansion of over 100 basis points versus the prior year comparable period. While we expect FRE margin in the fourth quarter to be sequentially lower due to seasonal expense factors. For the full year 2025, we are tracking favorably against the initial view of margins we provided in January.

關於利潤率，正如我們之前所說，考慮到年內波動，最好查看多個季度的數據。今年迄今為止，FRE 利潤率為 58.6%，較上年同期成長超過 100 個基點。儘管我們預計第四季度 FRE 利潤率會因季節性費用因素而較上季下降。對於 2025 年全年，我們的業績進展順利，與我們 1 月給出的初步利潤率預期相符。

Distributable earnings increased 48% year-over-year to $1.9 billion in the third quarter or $1.52 per share, powered by the strong double-digit growth in FRE alongside a significant acceleration in net realizations. We generated $505 million of net realizations in the quarter, more than double the prior-year period and up 55% sequentially in Q2.

第三季可分配收益年增 48% 至 19 億美元，即每股 1.52 美元，主要得益於 FRE 的強勁兩位數成長以及淨實現金額的顯著加速成長。本季我們實現了 5.05 億美元的淨收入，是去年同期的兩倍多，比第二季環比成長了 55%。

The largest single realization in the third quarter was the sale of an interest in the GP stakes portfolio within our secondaries platform at the end of September. We also completed the full exit of Hotwire sales of certain US energy assets and a number of other realizations across the private and public portfolios.

第三季最大的交易是9月底在我們二級市場平台出售了GP股權組合的部分權益。我們也完成了對 Hotwire 出售的某些美國能源資產的全面退出，以及對私人和公共投資組合中的其他一些資​​產的處置。

Looking forward, in terms of fund dispositions, we have a robust pipeline of processes underway amid the improving transaction backdrop, and we believe we're moving toward acceleration in 2026, the concentrated in private equity with expanding contribution from real estate over time. And the firm's underlying realization potential is significant. The net accrued performance revenue on our balance sheet, our store value, stood at $6.5 billion at quarter end or $5.30 per share, while performance revenue eligible AUM in the ground has reached a record $611 billion.

展望未來，就基金處置而言，在交易環境不斷改善的背景下，我們有大量項目正在進行中，我們相信，到 2026 年，我們將加速發展，專注於私募股權，並隨著時間的推移，房地產的貢獻將不斷擴大。該公司的潛在收益潛力巨大。截至季末，我們資產負債表上的淨應計業績收入（即我們的門市價值）為 65 億美元，即每股 5.30 美元，而符合業績收入條件的資產管理規模已達到創紀錄的 6,110 億美元。

Turning to investment performance, our funds delivered healthy returns overall in the third quarter. Infrastructure led the way with 5.2% appreciation in the quarter and 19% for the last 12 months, reflected of broad-based gains across digital infrastructure, including continued notable strength in our data center platform, along with gains in our power and transportation-related holdings.

從投資績效來看，我們的基金在第三季整體取得了良好的回報。基礎設施板塊領漲，本季成長 5.2%，過去 12 個月成長 19%，反映出數位基礎設施的全面成長，包括資料中心平台的持續強勁表現，以及電力和交通運輸相關資產的成長。

The corporate private equity funds appreciated 2.5% in the quarter and 14% for the LTM period. Revenue growth at our operating company strengthened to 9% year-over-year in the third quarter, while margins have remained resilient, supported by labor market conditions that are in balance and continuing to moderate.

企業私募股權基金本季上漲 2.5%，過去 12 個月上漲 14%。第三季度，我們營運公司的營收年增 9%，同時利潤率保持穩健，這得益於勞動力市場狀況平衡且持續趨於緩和。

In credit, our noninvestment-grade private credit strategy reported a gross return of 2.6% in the quarter and 12% for the LTM period, reflecting healthy underlying credit performance. Default rates across our noninvestment-grade holdings overall ticked up slightly but remained minimal.

在信貸方面，我們的非投資等級私募信貸策略本季總回報率為 2.6%，過去 12 個月的總回報率為 12%，反映出良好的基礎信貸表現。我們非投資等級資產的整體違約率略有上升，但仍處於極低水準。

In our direct lending portfolio specifically, realized losses were only 12 basis points over the last 12 months. The BXMA reported a 2.9% gross return for the absolute return composite in Q3 and 13% for the last 12 months. Notably, BXMA has delivered positive composite returns due to the past 30 months, which is leading to strong inflows in the segment's fourth consecutive quarter of double-digit AUM growth in Q3.

具體到我們的直接貸款組合，過去 12 個月的已實現損失僅為 12 個基點。BXMA報告稱，第三季絕對收益綜合指數的總回報率為2.9%，過去12個月的總回報率為13%。值得注意的是，由於過去 30 個月的良好表現，BXMA 實現了正的綜合回報，這導致該板塊在第三季度連續第四個季度實現了兩位數的資產管理規模增長，並帶來了強勁的資金流入。

In real estate, values were stable overall in the third quarter. The Core+ funds appreciated modestly, driven by the third straight quarter of positive performance by BREIT. The opportunistic funds declined slightly in the quarter with positive overall appreciation in the underlying real estate offset by the negative impact of foreign currency movement.

第三季度，房地產市場整體價值保持穩定。受 BREIT 連續第三個季度業績成長的推動，Core+ 基金小幅上漲。本季機會型基金略有下降，基礎房地產的整體正成長被外匯波動帶來的負面影響所抵消。

In total, our real estate platform remains well positioned, three of our highest conviction sectors, which are supported by very positive long-term fundamentals, data centers, logistics and rental housing; comprise approximately 75% of the global equity portfolio and nearly 90% of BREIT.

總體而言，我們的房地產平台仍然處於有利地位，我們最看好的三個行業——數據中心、物流和租賃住房——都得到了非常積極的長期基本面的支持；這三個行業約佔全球股票投資組合的 75%，佔 BREIT 的近 90%。

Overall, our investors have continued to benefit significantly from the firm's position with leading platforms to address many of the most important market opportunities globally, including the largest data center business, leading energy infrastructure platform, the largest third-party focused private credit business, one of the largest private market secondaries platforms, a leading life sciences business and what we believe is the largest alternative business in [India]. These platforms have powered our investment performance and our growth, and we expect will continue to do so in the future.

整體而言，我們的投資者持續受益於公司與領先平台建立的穩固關係，這些平台能夠把握全球眾多最重要的市場機遇，包括最大的數據中心業務、領先的能源基礎設施平台、最大的第三方私募信貸業務、最大的私募市場二級市場平台之一、領先的生命科學業務，以及我們認為最大的另類投資業務。[印度]。這些平台推動了我們的投資績效和成長，我們預計未來它們將繼續發揮這樣的作用。

In closing, Blackstone is exceptionally well positioned, supported by both cyclical and secular tailwinds. The breadth and diversity of our global portfolio is a source of strength, while the firm's culture of innovation continues to drive us forward, leading to outstanding financial performance for shareholders.

總之，黑石集團的處境非常有利，既有週期性因素，也有長期性因素的利多。我們全球投資組合的廣度和多樣性是我們的優勢所在，而公司的創新文化也持續推動我們前進，從而為股東帶來卓越的財務表現。

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

感謝各位參加本次通話。現在我想開放提問環節。

(Operator Instructions)

（操作說明）

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

I wanted to follow up just on the private credit market given all the headlines and uncertainty. Can you just discuss in more detail any changes in credit quality across your portfolio? And then potentially also just in terms of what you maybe have done differently here, given some of the news and the recent bankruptcies we've seen in recent weeks?

鑑於最近鋪天蓋地的新聞和種種不確定性，我想就私人信貸市場做個後續報導。能否詳細說明您投資組合中信貸品質的任何變化？那麼，考慮到最近幾週我們看到的一些新聞和破產案例，你們或許也採取了一些不同的做法？

Well, I would go back to the idea that this really isn't private credit story that what occurred here were bank-led, bank originated, bank syndicated credits. It also was a bit idiosyncratic as it appears that there was at least according to the reporting fraud involved.

嗯，我還是堅持認為，這其實不是私人信貸的故事，這裡發生的是銀行主導、銀行發起、銀行銀團貸款。這件事也有些特殊，因為至少根據報導來看，其中似乎涉及詐欺行為。

So I don't think there's much look through to private credit per se. None of these are what happens -- these are not directly related to the private credit market. And given the idiosyncratic nature, I don't think it really speaks to credit overall. I'm not sure anything really changes in our model. Steve spoke about the way we underwrite in private credit, which is doing deep due diligence, underwriting, what we're doing to hold.

所以我認為，人們不會太在意私人信貸本身。這些都不是實際情況——這些與私人信用市場沒有直接關係。鑑於其特殊性，我認為這並不能真正說明整體的信用狀況。我不確定我們的模式是否真的會有任何改變。史蒂夫談到了我們在私募信貸領域的承銷方式，即進行深入的盡職調查、承銷以及我們為持有資產所採取的措施。

In terms of defaults today, they remain minimal realized losses date still almost nonexistent at these levels. You would expect as you get deeper in the cycle, you could see a little more over time. But when we look in aggregate at our business and what we think we'll deliver to our investors, we think it will continue to be quite strong.

就目前的違約情況而言，實際損失仍然極少，在目前的水平上幾乎不存在。隨著週期的深入，你可能會看到更多變化。但從整體上看，考慮到我們的業務以及我們認為能夠為投資者帶來的價值，我們認為它將繼續保持強勁勢頭。

So I would say, given the underlying strength of the economy, what we've seen with margins we just don't see a lot of credit issues out there.

所以我覺得，鑑於經濟的基本面強勁，從利潤率來看，我們並沒有看到很多信貸問題。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Hope everyone is doing well, and congrats on the 40-year anniversary. This is the first quarter following President Trump's executive order for privates and 4K. And just last week, I saw that you launched your defined contribution business. So I wanted to ask an open-end question. What are your plans? And do you do this alone? Or can you leverage your partnership with Vanguard and Wellington?

希望大家一切都好，祝賀40週年紀念日。這是川普總統針對私人和 4K 設備發布行政命令後的第一個季度。就在上週，我看到你們推出了固定繳款退休金計畫。所以我打算問一個開放式問題。你有什麼計劃？你是獨自完成這項工作的嗎？或者，您能否利用您與 Vanguard 和 Wellington 的合作關係？

Well, we're obviously starting to move. I think the announcement was important. We were already heading in that direction, building up our capabilities, but we thought it was important to have a dedicated group of senior people focused on it. And between Heather, Tom, Paul, the individuals we announced, we've got a great lineup of people.

顯然，我們已經開始行動了。我認為這項聲明很重要。我們當時已經在朝著那個方向努力，不斷提升自身能力，但我們認為，擁有一支專注於此的高階團隊至關重要。有了 Heather、Tom、Paul 以及我們之前公佈的人，我們擁有了一支非常強大的陣容。

I think this is an area where we will work with others. It's a broad market. You've got a lot of constituents involved. Certainly, there are large corporate plan sponsors where we already have deep relationships. Some of this will be done through some of the large financial institutions, who have platforms. There's going to be a range of partnerships here.

我認為在這個領域我們需要與其他機構合作。這是一個廣闊的市場。你們有很多選民參與其中。當然，我們與一些大型企業退休金計畫發起人已經建立了深厚的合作關係。其中一部分將透過一些擁有平台的大型金融機構來完成。這裡將會有一系列的合作關係。

Yes, we would intend to work with some of our existing partners. But it's still early. Obviously, this has been announced by the administration. There needs to be the rule making. Of course, with the government shutdown, that's been slowed.

是的，我們打算與一些現有合作夥伴繼續合作。但現在下結論還為時過早。顯然，這是政府已經宣布的。必須制定規則。當然，由於政府停擺，這一進程有所放緩。

But I think everyone's expectation is that individuals and retirement who are in defined contribution plans, should have the opportunity to invest in alternatives just like their counterparts and defined benefit plans have. And we continue to believe, given the scale of our offerings and the breadth of our offerings, we can really provide holistic solutions.

但我認為，大家的期望是，參加固定繳款計畫的個人和退休人員應該有機會像參加固定收益計畫的人一樣，有機會投資另類投資。我們仍然相信，憑藉我們產品的規模和廣度，我們能夠真正提供整體解決方案。

So I would say it's an area we're going to spend a lot of time on. Obviously, it will take some time to build. But again, the benefits of returns and diversifications, I think will really resonate with plan sponsors with consultants once the right legal frameworks in place. we will do this. And yes, I think we'll work with others along the way.

所以我認為，我們將在這個領域投入大量時間。顯然，建造它需要一些時間。但是，我認為，一旦完善的法律框架到位，收益和多元化的好處將真正引起計劃發起人和顧問的共鳴。我們會做到這一點。是的，我認為我們會在過程中與其他人合作。

Michael Cyprus, Morgan Stanley.

麥可‧賽普魯斯，摩根士丹利。

Wanted to ask about your brand strategy and how that's evolving as you extend further into the private wealth channel. Globally, understand you had, I believe, your first TV advertisement in Japan. So I was hoping if you could talk about your approach to marketing, advertising, brand. How that's evolving as you pursue opportunities from 401(k) to private wealth globally? And might we see a Blackstone stadium anytime soon?

我想了解您的品牌策略，以及隨著您進一步拓展私人財富管道，該策略將如何演變。就我所知，在全球範圍內，你的第一支電視廣告是在日本投放的。所以我想請您談談您在行銷、廣告和品牌方面的理念。隨著您在全球範圍內尋求從 401(k) 退休計劃到私人財富等各種機會，這種情況會發生怎樣的變化？我們很快就能看到黑石集團旗下的球場？

I don't expect a Blackstone stadium anytime soon. What we do is fairly targeted, of course, we did do a launch in Japan, which we think is a very important market. I think it's the country in the world with the second most in savings. And the leadership there has done, I think, a really terrific job of pivoting just their citizen ring from being savers to being investors, and they've opened up alternatives, both offshore and onshore.

我不認為黑石集團會很快建成一座體育場。當然，我們所做的一切都具有相當強的針對性。我們確實在日本推出了產品，我們認為日本是一個非常重要的市場。我認為它是世界上儲蓄率第二高的國家。我認為，那裡的領導層做得非常出色，他們成功地將公民群體從儲戶轉變為投資者，並開闢了離岸和在岸的各種投資選擇。

And that's really important because Steve, going back 40 years, has thought about Japan as a key market. We've got a really strong brand there, made a big difference. He was recently there. There's a lot of enthusiasm, I believe, for Blackstone and our products. And making it more top of mind does make sense. Doing advertising, I think, for us, will be targeted. Obviously, we're pretty focused on who we're talking to in private wealth, financial advisers and customers who these products are appropriate for.

這一點非常重要，因為史蒂夫在過去 40 年裡一直把日本視為一個關鍵市場。我們在那裡擁有非常強大的品牌影響力，這產生了很大的影響。他最近去過那裡。我相信，大家對黑石集團和我們的產品都充滿熱情。讓人們更加關注這件事確實有道理。我認為，對我們來說，廣告投放將會具有針對性。顯然，我們非常關注與我們溝通的對象，包括私人財富管理者、財務顧問以及適合這些產品的客戶。

So I think you will see us with a broader footprint over time. It makes sense as we grow to hundreds of thousands of customers. But at the same time, I think we'll do it in a targeted way in markets and in sectors where we think we can have a real impact. What's promising is just the growth in the private wealth area. The fact that we had this doubling in fundraising in the third quarter year-over-year and that the number of products we have, where we're going to expand to is very promising.

所以我認為隨著時間的推移，你會看到我們的業務範圍不斷擴大。隨著客戶數量增長到數十萬，這樣做是合理的。但同時，我認為我們將有針對性地在我們認為能夠產生真正影響的市場和行業中開展這項工作。真正令人期待的是私人財富領域的成長。第三季募款金額年增了一倍，我們擁有的產品數量以及我們將要拓展的產品線都非常令人鼓舞。

So when we look out, we love our positioning in this space. And yes, we're going to do it on a global basis. And yes, it will involve a little more advertising versus what we've done historically.

所以當我們放眼未來時，我們非常滿意我們在這個領域的定位。是的，我們將在全球範圍內開展這項工作。是的，這需要比我們以往投入更多的廣告宣傳。

Bill Katz, Cowen.

比爾·卡茨，考恩。

Okay. Thank you very much. I apologize for the horse voice here this morning and our condolences to your loss as well; tragic.

好的。非常感謝。我為今天早上我沙啞的嗓音道歉，也對您的損失表示慰問；真是悲劇。

Just thinking about maybe Michael, a question for you. As you think about the interplay between the margin outlook ahead and also what seems to be a pretty healthy pipeline for realizations. Any thoughts on how we should think about the comp within the FRE versus the comp on gross realizations?

邁克爾，我在想或許我有個問題想問你。當你思考未來利潤前景與看似相當健康的實現管道之間的互動。對於FRE內部的比較與毛實現額的比較，大家有什麼想法？

Hi Bill, thank you, and thank you for your remarks. No, I think in terms of what the overall FRE margin dynamics, obviously, they continue to be healthy, Bill, and I think the bottomline is, over time, we'll continue to see operating leverage. We're obviously pleased with our year-to-date performance. With performance revenue fee margins, especially advice to carry, as you know, those comp ratios can vary quarter-to-quarter based on sort of the mix of realizations, vintages of realizations.

嗨，比爾，謝謝你，也謝謝你的評論。不，我認為就整體 FRE 利潤率動態而言，顯然，它們仍然保持健康，比爾，我認為最終結果是，隨著時間的推移，我們將繼續看到經營槓桿效應。我們顯然對今年迄今的業績感到滿意。如您所知，業績收入費用利潤率，尤其是諮詢服務利潤率，會因實現組合、實現年份等因素而逐季度變化。

And overall, in terms of the relationship between the two, I think we've said before that that we're happy with our basic approach. We have the ability and some control on a year-to-year basis to allocate compensation between the two in a way that we talked about before. So while we have that lever, I think the overall approach is 1 we're going to stick with.

總的來說，就兩者之間的關係而言，我認為我們之前已經說過，我們對目前的基本方法感​​到滿意。我們有能力也有一定控制權，可以按年按照我們之前討論過的方式在兩者之間分配薪酬。所以，只要我們還有這個手段，我認為整體上我們還是會堅持第一條路。

Brian McKenna, Citizens.

Brian McKenna，市民。

So I had a question on wealth. Retail investors today, they have access to a number of different strategies within private markets. But there are some parts of the market where the risk to rewards are better than others. So for example, lower base rates and spreads are a bit of a headwind for direct lending, returns are likely moving lower there, but it's generally a positive for private equity and real estate and performance should be accelerating there, all else equal. So I'm curious, how much time is being spent with your counterparts on education, just in terms of what you view as the proper allocations within private market portfolios through the cycle?

我有一個關於財富的問題。如今，散戶可以透過私募市場參與多種不同的投資策略。但市場中有些部分的風險回報比優於其他部分。例如，較低的基準利率和利差對直接貸款來說是一個不利因素，其回報率可能會下降，但總體而言，這對私募股權和房地產來說是利好消息，在其他條件相同的情況下，這些領域的業績應該會加速成長。所以我很好奇，你們在教育方面，特別是就你們認為在整個週期中私募市場投資組合的適當配置而言，會花費多少時間與同儕交流？

Well, we spent a lot of time at the home offices and in the field and then large-scale Zoom calls talking about how we see the markets. What we try to remind our wealth clients is that they should think about this similar to institutional investors. And it shouldn't be, Hey, I'm going to just flip from here to there. If you went to a large state pension fund or a sovereign wealth fund, they would have allocations to real estate to private equity, to credit to infrastructure. They may modulate them a bit, but they take long-term approaches. And we think that is very prudent.

我們花了很多時間在家庭辦公室和外地，然後透過大規模的 Zoom 會議討論我們對市場的看法。我們一直提醒我們的高淨值客戶，他們應該像機構投資者一樣看待這個問題。不應該是，嘿，我要從這裡跳到那裡。如果你去了解大型州退休基金或主權財富基金，你會發現它們的投資配置涵蓋房地產、私募股權、信貸和基礎設施等領域。他們可能會稍作調整，但他們採取的是長遠策略。我們認為這是非常謹慎的做法。

Yes, there are moments in time where certain asset classes outperform relative to others. But we think all of the areas today actually look pretty good. You mentioned private credit Yes, we have seen -- we're in an environment where base rates are coming down, but the premium relative to liquid credit, that endures, that is a real value to investors when they think about incremental return, so valuable, the farm-to-table model.

是的，在某些時期，某些資產類別的表現會優於其他資產類別。但我們認為今天所有區域的情況看起來都相當不錯。您提到了私人信貸。是的，我們已經看到——我們正處於基準利率下降的環境中，但相對於流動性信貸的溢價仍然存在，這對投資者來說是一個真正的價值，因為他們會考慮增量回報，因此，從農場到餐桌的模式非常有價值。

And yes, in our equity-oriented strategies, there's a benefit lower rates, no question in real estate, in private equity, in infrastructure. But I think the biggest message to our investors is take a long-term approach, have a balanced portfolio so that you get the benefit of diversification and then the long-term compounding from each of these asset classes.

是的，在我們以股權為導向的策略中，較低的利率是有利的，這一點在房地產、私募股權和基礎設施領域都毋庸置疑。但我認為要向投資人傳達的最重要訊息是採取長期投資策略，建構均衡的投資組合，這樣才能獲得多元化投資的好處，並從每類資產中獲得長期複利收益。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

One of the questions we get a lot on your investing strategy around data centers is how do we know we're not in the bubble. So just curious your response to that question.

關於您在資料中心領域的投資策略，我們經常被問到的一個問題是：我們如何知道自己沒有陷入泡沫？所以，我只是好奇你對這個問題的看法。

And then maybe you could help us understand a little bit what are the key drivers of returns for that strategy? Is there a cash flow component? Is it valuations? I know you talk a lot about supply and demand dynamics. To what extent might cap rates matter? So that would be helpful just to get a sense of what is sort of driving the excellent returns we've been seeing there.

那麼，您能否幫助我們了解該策略效益的關鍵驅動因素是什麼？是否包含現金流部分？這是估值問題嗎？我知道你經常談論供需動態。資本化率在多大程度上會影響結果？這樣就能更了解是什麼因素推動了我們所看到的優異回報。

Yes. Well, I think the key thing for us in our data center business is how we do the business. The vast majority of our investing and the vast majority of return comes from building, developing, leasing these data centers. We do it now in the US. We do it in Asia. We do it in Europe. We have leading platforms around the globe. And the key to what we do from a risk standpoint is we make sure we have an investment-grade counterparty.

是的。我認為，對我們資料中心業務而言，關鍵在於我們如何開展業務。我們絕大部分的投資和絕大部分的回報都來自於建造、開發和租賃這些資料中心。我們現在在美國這樣做。我們在亞洲這樣做。我們在歐洲這樣做。我們在全球擁有領先的平台。從風險管理的角度來看，我們工作的關鍵在於確保交易對手具有投資等級。

Today, I would say, in general, the largest companies in the world with roughly $1 trillion to $4 trillion market cap, and we get lease terms of 15 to 20 years. And that's when you start to deploy capital at real scale. And to us, that seems like a very prudent way to do this. The returns come from the differential between the cost of doing those projects and then what their worth is stabilized assets. So when you have a high investment-grade company and a long-term leased asset, that is quite valuable.

如今，一般來說，全球市值在 1 兆美元到 4 兆美元之間的最大公司，其租賃期限通常為 15 到 20 年。而這正是你開始真正大規模部署資本的時候。在我們看來，這似乎是一種非常謹慎的做法。收益來自於這些項目的成本與它們作為穩定資產的價值之間的差額。所以，當你擁有一家高投資等級的公司和一項長期租賃資產時，這非常有價值。

So I think this -- when you think about what's happening in AI, the demand for compute, I think this is a very good sector to be in. I think it's also worth noting that the demand for data center space continues to grow. In fact, in our portfolio, in Q3, we saw a doubling in our leasing pipeline globally versus Q2, to give you a sense of the acceleration we're seeing.

所以我覺得——當你考慮到人工智慧領域正在發生的事情，以及對計算的需求時，我認為這是一個非常好的行業。值得注意的是，對資料中心空間的需求仍在持續成長。事實上，從我們的投資組合來看，第三季全球租賃專案儲備量比第二季翻了一番，這可以讓你感受到我們所看到的加速成長。

Obviously, some people may be concerned about that, but compute power and compute needs are going up. The key for us on behalf of our investors, primarily in real estate and infrastructure where this exposure sits; is to make sure we do this in a prudent way, long-term leases, credit tenants, we continue to do it that way. And by the way, similarly, we're doing this at scale on our credit business. There, we're also lending to entities where there's equity, plus they have these long-term leases as well.

顯然，有些人可能會對此感到擔憂，但運算能力和運算需求正在不斷增長。對於我們代表投資者而言，關鍵在於確保我們以審慎的方式進行投資，簽訂長期租賃合同，選擇信譽良好的租戶，我們將繼續這樣做。順便說一句，我們也在信貸業務中大規模地採用類似的方法。在那裡，我們也向擁有股權的實體提供貸款，而且他們還有這些長期租賃合約。

And so this is a huge need. It's one of the reasons why private equity and alternatives as a segment are growing so much this reindustrialization, the AI infrastructure requires large-scale capital, and we as a firm who does this on the debt and equity side with real expertise has a big competitive advantage. So I think this will continue to grow, but we'll keep doing it in a very disciplined way.

所以這是一個巨大的需求。這也是私募股權和另類投資領域在這次再工業化進程中發展如此迅猛的原因之一：人工智慧基礎設施需要大規模資本，而我們作為一家在債務和股權方面擁有真正專業知識的公司，擁有巨大的競爭優勢。所以我認為它會繼續發展壯大，但我們會繼續以非常嚴謹的方式進行。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

John, I wanted to go back to the wealth discussion for a second, and I apologize for the two-parter, I guess, on this. So on credit, totally hear your point around the relative premium to liquid markets. But how important is the sort of 10%-ish gross return to the retail channel? So to the point you make, does that resonate or it's really viewed as an absolute product? And any sort of color you can give us on the ground today, what the response in either gross sales or redemptions has been to BCRED's dividend cut from a couple of weeks ago?

約翰，我想再回到財富這個主題上來一會兒，對於分成兩部分來講這件事，我感到很抱歉。所以，關於信貸方面，我完全理解你關於信貸相對於流動性市場溢價的觀點。但零售通路約 10% 的毛報酬率究竟有多重要？所以，你提出的觀點是否能引起共鳴，還是它真的被視為絕對的產品？您今天能否提供一些關於BCRED幾週前削減股息後，市場總銷售額或贖回量方面的具體情況？

And then zooming out, I was intrigued by the multi-asset comment you guys made around launches for next year. Could you maybe just expand on that, what that could look like, what parts of the market you're trying to attract with these vehicles?

然後，從更宏觀的角度來看，你們關於明年產品發表會的多元資產配置方案引起了我的興趣。您能否詳細說明一下，這會是什麼樣子，您想透過這些車輛吸引哪些市場群體？

Sure. So I think, Alex, the key, of course, is relative returns. When we launch BCRED now, I guess, five-plus years ago, we were targeting, I think, 8%-plus returns given where base rates were and the product has done very well.

當然。所以我覺得，Alex，關鍵當然在於相對報酬。我想，五年前我們推出 BCRED 時，我們的目標是，考慮到當時的基準利率，實現 8% 以上的回報率，而產品的表現非常出色。

As we go from a 5.5% short rates to now low 4%s, probably a year from now low 3%s. I think what investors will be looking at is how does that size up relative to what I can get in other forms of fixed income, particularly liquid fixed income. It could have some impact. But I think generally, the key will be this relative premium.

隨著短期利率從5.5%降至目前的4%左右，預計一年後還會降至3%左右，我認為投資人會關注的是，這種利率水準與我能從其他形式的固定收益產品（尤其是流動性較強的固定收益產品）中獲得的收益相比如何。這可能會產生一些影響。但我認為，總的來說，關鍵在於這種相對溢價。

To date, we've continued to see healthy gross sales. This quarter to date on pace in BCRED in a good way. We have not as of yet seen any sort of elevated redemptions, we haven't seen material changes. And I think the key is we continue to deliver for customers, deliver that relative premium, have a healthy portfolio from a credit standpoint. I think if you do that for investors, that's what matters.

迄今為止，我們的總銷售額一直保持健康成長。本季度迄今為止，BCRED 的發展勢頭良好。到目前為止，我們還沒有看到任何贖金增加的情況，也沒有看到實質的變化。我認為關鍵在於我們持續為客戶提供服務，提供相對溢價，並從信貸角度來看擁有健康的投資組合。我認為，如果你能為投資人做到這一點，那才是最重要的。

And by the way, it's not just in the wealth channel. Think about our growth in insurance. There actually, as rates come down to some spread compression, the need for private assets, comparable risk, investment-grade comparable risk, but with higher returns becomes even more important in that context. So I think the key for us is to deliver premium returns over base rates, be they long rates or short rates. If we do that, I think our private credit business will grow a lot.

順便說一句，這不僅發生在財富領域。想想我們在保險領域的成長。實際上，隨著利率下降到一定程度，利差收窄，對具有可比風險、投資等級可比風險但回報更高的私人資產的需求在這種情況下變得更加重要。所以我認為，對我們來說，關鍵在於提供高於基準利率的溢價回報，無論是長期利率還是短期利率。如果我們這樣做，我認為我們的私人信貸業務將會大幅成長。

Michael just about multi-asset credit. Let me just quickly hit that. Our multi-asset I would say what's happening in the wealth channel is we have a scale now where we can do some interesting things. We obviously have the collaboration with Wellington and Vanguard. And if we do something there, it would be not surprising that involve potentially multiple of our products.

麥可對多元資產信貸略知一二。讓我快速地完成一下。我認為，就財富管道而言，我們的多元資產規模現在已經足夠大，可以做一些有趣的事情了。我們顯然與惠靈頓和先鋒集團有合作關係。如果我們在那裡採取行動，涉及我們的多種產品也就不足為奇了。

We have the ability, we have some of our partners who are seeking things with different mixes of products based on incoming growth. And so creating those offerings is something that's pretty unique to Blackstone because we're not just in private equity or infrastructure credit or real estate. We can offer I think, unique combinations, unique solutions to investors. And as this industry matures, those kind of comprehensive offerings, I think, will be more attractive.

我們有能力，我們的一些合作夥伴正在尋求根據未來成長情況提供不同產品組合的方案。因此，打造這些產品是黑石集團獨有的特色，因為我們不僅涉足私募股權、基礎設施信貸或房地產。我認為我們可以為投資者提供獨特的組合和獨特的解決方案。隨著這個行業的成熟，我認為這類綜合性產品和服務將更具吸引力。

Sorry, next question.

抱歉，下一個問題。

Brennan Hawken, Bank of Montreal.

布倫南·霍肯，蒙特利爾銀行。

I wanted to circle back on Alex's question. So totally get, John, that this is not a private credit issue that we've seen public markets or have a tendency to overreact and certainly, we've seen that. But curious about, you guys just recently had a dividend cut in BCRED. What I'm really curious about is what is the feedback you're hearing from the wealth management channel, given the big reaction in the public markets around some of this? Are you hearing similar things from the ground within your wealth management counterparts and partners?

我想再回答一下Alex提出的問題。約翰，我完全明白，這不是私人信貸問題，我們之前在公開市場上看到的那種過度反應的傾向，當然，我們也看到了這種情況。不過我很好奇，你們最近不是削減了 BCRED 的股息嗎？我真正好奇的是，鑑於公開市場對其中一些問題的巨大反應，您從財富管理管道聽到了哪些回饋？您是否從財富管理領域的同行和合作夥伴那裡也聽過類似的說法？

And what can you tell us about the flows since October began and how they're looking in the credit vehicles? Is there any sort of pullback with the dividend cuts and maybe some apprehension around credit, albeit misplaced?

您能否介紹一下自 10 月以來的資金流動情況，以及這些資金在信貸工具中的流動狀況？股息削減是否會帶來某種程度的回調，以及可能存在的對信貸的擔憂（儘管這種擔憂是沒有根據的）？

Well, we expect strong flows in BCRED in November. So that's all we know as of today. I would say the reaction in the wealth channel is a realization that these products and credit are 97% floating rate. So by definition, when rates come down, that impacts yield, and they want us to be responsible managers in terms of where we set the dividend level. So I just think that's the reality of the world we live in today. And again, the key is a relative premium over what you can get in liquid credit, and that continues to be enduring.

我們預計 11 月 BCRED 的資金流動將十分強勁。這就是我們目前所知道的全部資訊。我認為財富管道的反應是意識到這些產品和信貸97%都是浮動利率。因此，根據定義，當利率下降時，就會影響收益率，他們希望我們在設定股息水準方面成為負責任的管理者。所以我覺得這就是我們今天所處世界的現實。再次強調，關鍵在於相對於流動信貸而言，它具有一定的溢價，而且這種溢價現象還會持續下去。

And so I think the conflation of declining short-term rates with credit issues supposedly from these three nonprivate credit-related situations is odd. And I think investors understand that with floating rate products as floating rates come down, that has an impact, but you're still getting that meaningful premium I keep talking about.

因此，我認為將短期利率下降與這三種非私人信貸相關情況造成的信貸問題混為一談是很奇怪的。我認為投資人明白，隨著浮動利率下降，浮動利率產品會受到影響，但你仍然可以獲得我一直提到的那筆可觀的溢價。

Glenn Schorr, Evercore ISI,

Glenn Schorr，Evercore ISI

So the big banks and brokers are all giving very supportive cover for you on the forward M&A and IPO calendar that's upon us, you were able to replace whatever you monetize with some more accrued carry. So $6.5 billion, as you mentioned, I think 80% of it is across private equity and secondaries.

因此，各大銀行和經紀商都在為即將到來的併購和IPO計劃提供非常有力的支持，你可以用更多的累積收益來取代你變現的任何收益。正如你所提到的，65億美元中，我認為80%都流向了私募股權和二級市場。

So I guess my question is, if the deal calendar comes to fruition over the next handful of quarters the way just about everybody is saying it's going to be, how does the maturation of your assets fit? Meaning, should we see an incremental pickup in line with overall volumes? Is it more IPO dependent? Because it's pretty spread across all your products.

所以我想問的是，如果接下來幾季的交易計畫像幾乎所有人所說的那樣逐步實現，那麼你的資產到期情況又該如何安排呢？也就是說，我們是否會看到銷售量隨著整體銷售量的成長而逐步回升？它是否更依賴IPO？因為它幾乎遍佈你們的所有產品。

I don't know if -- we certainly don't want to get into the business of forward projections here, but I would say, Glenn, just directionally that as M&A markets pick up and as IPO market pick up, our ability to monetize a crude net carry goes up. And you certainly saw some of that this quarter, you would expect as you move into '26, you'll see more of that.

我不知道——我們當然不想在這裡進行前瞻性預測，但格倫，我想說的是，從方向上看，隨著併購市場和IPO市場的回暖，我們原油淨收益的變現能力也會提高。本季你肯定看到了一些這樣的情況，可以預見，隨著進入 2026 年，你會看到更多這樣的情況。

So directionally healthier markets, more liquid markets, better credit markets, better IPO markets; that's healthier for realizations, and it does accelerate the time frame. That being said, it takes time to get IPO it's done, it takes time to get sales processes done. But the overall outlook, which you keep hearing from us is getting better. This deal dam is breaking, and it should lead to more realizations over time,

因此，市場方向更健康、流動性更強、信貸市場更好、IPO市場更好；這對投資實現更有利，而且確實能加快投資進程。也就是說，完成IPO需要時間，完成銷售流程也需要時間。但正如我們不斷向您傳達的訊息，整體前景正在好轉。這項交易的堤防正在被打破，隨著時間的推移，這應該會帶來更多成果的實現。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Great. You answered a lot on the private credit, but maybe just -- John, but maybe just one more area. And that would be like just the competition that you're seeing with banks or seeing banks become more competitive in the direct lending business, how is that impacting spreads?

偉大的。你在私人信貸方面回答了很多問題，但也許只需要──約翰，但也許只需要再補充一個面向。這就好比你看到的銀行間競爭，或者說銀行在直接貸款業務中競爭加劇，這對利差是如何影響的？

And then related to that, obviously, credit insurance has been a huge growth driver from a fundraising perspective, accounting for more than half of your fundraising over the past two years. Do you see that dynamic continuing?

顯然，與此相關的是，信用保險從籌款的角度來看一直是巨大的成長動力，在過去兩年中占到你們籌款總額的一半以上。你認為這種趨勢會持續下去嗎？

And then if I could just squeeze in one more to Michael, and that's just the outlook for base fee growth for 4Q on a year-over-year basis, just wanted to I think you may have talked about that earlier, but just wanted to reaffirm that.

然後，如果我能再跟邁克爾補充一點，那就是關於第四季度基本費用同比增長的展望，我想你可能之前已經談到過這一點，但我還是想再次確認一下。

You got a lot in there, Brian. So as the banks, I think, are feeling healthy. they are in the marketplace. There is this sort of constant set of choices, should you do a bank-led deal or direct lending deal. That's been going on for a long time. And even for us on the private equity side, each deal is a little bit different.

布萊恩，你這裡麵包含了很多東西。所以我覺得，銀行目前狀況良好，它們都在市場上活躍著。無論你選擇銀行主導的交易或直接貸款交易，總是會面臨這樣一系列的選擇。這種情況已經持續很久了。即使對我們這些私募股權投資者來說，每筆交易也略有不同。

So to me, that dynamic is a little more of a constant. I would point out one of the benefits of the market is getting better as deal volume goes up. So you need, I think, both the private credit and the bank market because I do expect that volumes, certainly next year in the deal business, will go up, which creates a healthier supply-demand balance for capital.

所以對我來說，這種動態更像是一種常態。我想指出，市場的一個好處是，隨著交易量的增加，市場狀況會越來越好。所以我認為，私人信用市場和銀行市場都需要，因為我預期交易業務量，尤其是在明年，將會上升，這將為資本創造更健康的供需平衡。

On the insurance front, there, it's pretty limited in terms of the number of people with an open architecture model not competing in the insurance space and who can do this at real scale. And that, I think, has been very beneficial for us. I think that's why you continue to see our rapid growth.

在保險領域，採用開放式架構模型且不在保險領域競爭並能真正大規模實施的人非常有限。我認為這對我們來說非常有利。我認為這就是我們持續快速成長的原因。

I would say the momentum we have in our insurance business is pretty exceptional today. Clients are recognizing that this is a favorable risk, return trade-off that they have long-duration balance sheets and getting an average of 170-plus basis points of incremental return on investment-grade credit makes a ton of sense in doing with us, with our scale and our brand and our open architecture model really works. So that is an area where I think you will continue to see a lot of growth.

我認為我們保險業務目前的發展勢頭非常強勁。客戶們意識到這是一個有利的風險和回報權衡，他們擁有長期資產負債表，並且與我們合作，憑藉我們的規模、品牌和開放式架構模型，獲得投資級信貸平均超過 170 個基點的增量回報是非常有意義的，而且這種模式確實有效。所以我認為這方面會繼續保持很大的成長勢頭。

And Brian, on the management fee outlook, I mean, just step back and reiterate that we've been talking for some time about how the launching and scaling of our platforms in these key growth areas is leading to an expansion of firm's earnings power. And you certainly saw that in the results this quarter and third consecutive quarter of double-digit base management growth.

布萊恩，關於管理費前景，我的意思是，請回顧一下，我們之前一直在討論，在這些關鍵成長領域推出和擴展我們的平台，將如何擴大公司的獲利能力。這一點在本季度的業績中也得到了充分體現，公司連續第三個季度實現了兩位數的基數管理成長。

As it relates to Q4, we'd expect continued top line momentum, That would note, we expect slower year-over-year base management fee growth in Q4 versus Q3, primarily given multiple private equity flagship step-ups in the prior-year period and some sequential slowing in real estate. But in terms of that and the outlook for 2026, we're very positive.

就第四季而言，我們預計營收將持續保持成長動能。但要注意的是，我們預計第四季度基本管理費的同比增速將低於第三季度，這主要是由於上年同期多家私募股權旗艦公司業績上調以及房地產市場增速環比放緩所致。但就此以及2026年的前景而言，我們非常樂觀。

Steven Chubak, Wolf Research.

Steven Chubak，狼研究公司。

So I wanted to ask on the real estate outlook. The performance indicators admittedly have been a bit mixed. On the positive side, monetization revenues tripled sequentially performance has also improved, but the pace of fundraising has moderated and the absolute return still remains tepid despite the interest rate tailwinds.

所以我想問房地產市場的前景如何。誠然，各項績效指標表現參差不齊。從積極的方面來看，貨幣化收入環比增長了兩倍，業績也有所改善，但融資速度有所放緩，儘管利率走低，但絕對回報仍然不盡如人意。

So I was hoping you could speak to the performance outlook, both for opportunistic and core+ in 4Q and looking ahead to next year And just thoughts on the timing of an inflection in real estate fundraising and what would inform that expectation.

所以我希望您能談談第四季機會型和核心+型投資的業績前景，以及展望明年。另外，您能否談談房地產融資轉折點的時機，以及哪些因素會影響這種預期？

Well, we've been pretty consistent. We said at the beginning of '24, we thought real estate was bottoming. We said it would be a slow non-V shaped recovery. That has certainly been the case. It's hard to say exactly when things turn, but a number of the tumblers are falling into place for real estate. First off, we've seen cost of capital come down pretty meaningfully. The 10-year back down here at 4%. Spreads have come down quite a bit. That is very helpful for the sector.

嗯，我們一直都挺穩定的。我們在 2024 年初就說過，我們認為房地產市場已經觸底。我們說過，這將是一個緩慢的非V型復甦。情況確實如此。很難說事情何時會發生轉變，但房地產領域的許多有利因素正在逐漸形成。首先，我們已經看到資金成本大幅下降。10 年期利率回落至 4%。價差已經大幅下降。這對業界來說非常有幫助。

The CMBS market, volumes they are picking up. I think they're up about 25% year-to-date. We're also seeing this very constructive decline in new supply, which you heard about in our prepared remarks, which starts to set a foundation for cash flow growth as you look out over time.

CMBS市場，交易量正在回升。我認為他們今年迄今上漲了約 25%。我們也看到新供應量出現了非常積極的下降趨勢，正如你們在事先準備好的演講稿中聽到的那樣，從長遠來看，這將為現金流成長奠定基礎。

I would tell you, qualitatively, we are seeing some good signs in the sense that in the last couple of weeks, we announced two large transactions, big office building here in New York City, and then that we were selling and then we sold some logistics in the UK to a public company. These sort of transactions were very hard to get done 12 months ago. And I would note that during one of a recent transaction we've been involved in, I got multiple calls from buyers asking if they could be positioned to win. And I joked internally that was the first time in 3.5 years, that has happened.

從定性角度來看，我們看到了一些好兆頭，因為在過去的幾周里，我們宣布了兩筆大交易，一筆是出售紐約市的一棟大型辦公大樓，另一筆是將英國的一些物流業務出售給一家上市公司。12個月前，這類交易很難完成。我還要指出，在我們最近參與的一筆交易中，我接到了好幾個買家的電話，詢問他們是否能夠準備好贏得這筆交易。我當時在心裡開玩笑說，這是三年半以來第一次發生這種事。

So I think we're at a point here, the combination of a capital markets recovery and a sharp downturn in construction sets the groundwork for getting closer to that inflection point. And I think when you see that, obviously, it will be very helpful to our business given the exposure we have. And that's why you see us trying to deploy capital at scale to capture this before people start to feel more comfortable.

所以我認為我們現在正處於這樣一個階段，資本市場的復甦和建築業的急劇下滑相結合，為接近那個轉折點奠定了基礎。我認為，很明顯，考慮到我們所獲得的曝光度，這對我們的業務將非常有幫助。所以你會看到我們試圖大規模部署資金，在人們開始感到更安心之前抓住這個機會。

I will also say the sentiment amongst global investors. I was in Europe, in Asia in the last couple of weeks; is definitely moving to a better spot. But in general, investors want to see a little more positive performance, and that will make a difference.

我還要談談全球投資者的情緒。我過去幾週去了歐洲和亞洲；這絕對是在向更好的地方遷移。但總的來說，投資者希望看到更積極的業績表現，這將會產生影響。

Now in BREIT, we've had nine months of positive performance. I think that will begin to have an impact there on flows. So it will take some time. But at some point, I think investors will recognize, Wow, this is a sector that's been out of favor. It's not going away. People are still going to live in apartments. They're going to order logistics. These things are long-term asset classes, and I can invest in them at discounts to replacement costs at attractive prices. I think that will start to make a difference. And I definitely think we're getting closer to that point.

目前，BREIT已經連續九個月業績表現良好。我認為這會對那裡的流量產生影響。所以這需要一些時間。但我認為，投資人遲早會意識到，哇，這個行業已經失寵了。它不會消失。人們仍然會住在公寓裡。他們將訂購物流服務。這些都是長期資產類別，我可以以低於重置成本的價格進行投資，價格很有吸引力。我認為這將開始產生影響。而且我認為我們離那個目標越來越近了。

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通。

You talked about a greater focus on the RIA channel for wealth. Maybe to help level set us, what is -- or how much of your wealth is RIA sold at this point versus the broker wirehouse channel? And is this focus about adding more in different sales personnel? Or does the product need to be adjusted as well in terms of fees and structure?

您曾提到要更重視RIA（註冊投資顧問）管道的財富管理。為了幫助我們釐清差距，目前您的財富中，有多少是透過RIA管道出售的，又有多少是透過券商管道出售的？這項措施是否旨在增加不同類型的銷售人員？或者，產品在費用和結構方面是否也需要調整？

So Ken, I don't know -- I don't think we disclose or have certainly not the information here now, about where the different forms of distribution. But I would say the RIA channel is very large, but it's harder to access, as you know. I mean, at the bigger warehouses, you can work at the top of the house, it can get distributed out.

所以肯，我不知道——我不認為我們會披露，或者至少現在我們沒有關於不同分銷形式的資訊。但我想說，RIA頻道規模非常大，但如你所知，進入這個管道比較困難。我的意思是，在較大的倉庫裡，你可以在倉庫頂層工作，貨物可以分發出去。

One of the advantages we have as a firm is having 300-plus people on the ground, and that enables us to go out there and talk to people. And I think for us, we recently put -- brought in a new senior person to run that area for us. And we're really trying to do a concentrated outreach.

我們公司的優勢之一是擁有 300 多名第一線員工，這使我們能夠走出去與人們交談。我認為對我們來說，我們最近引進了一位新的資深人士來負責這個領域。我們正努力進行集中式的宣傳推廣活動。

Obviously, the marketing, the advertising, those things matter when you're going to a more distributed market. But the underlying pricing of the product, that doesn't really change, but it requires a lot of effort. I will say we did create an interval product in multi-asset credit, which was our first rail interval product, which we launched in the RIA channel specifically.

顯然，當你進入一個更分散的市場時，行銷、廣告等等這些都很重要。但產品的根本定價並沒有真正改變，但這需要付出很多努力。我想說的是，我們確實創建了一個多資產信貸的定期產品，這是我們的第一款鐵路定期產品，我們專門在 RIA 渠道推出了該產品。

So I think for us, it's about going after it. It's a little bit like foreign markets, where you have to put a concentrated effort, if it's Japan or Australia or Canada, Asia, it's the same sort of thing here. And again, given the track record of our products, the performance we've delivered, the strength of our brand, if we put the right resources on the ground, I think we can build big relationships and large AUM in the RIA channel. So I think that's an area of major opportunity for us.

所以我覺得對我們來說，關鍵在於努力爭取。這有點像是開拓海外市場，無論是日本、澳洲、加拿大或亞洲，都需要集中精力，這裡的情況也類似。再說一遍，鑑於我們產品的過往業績、我們取得的成就以及我們品牌的實力，如果我們投入正確的資源，我認為我們可以在 RIA 管道建立重要的關係和龐大的資產管理規模。所以我認為這對我們來說是一個重要的機會領域。

Patrick Davitt, Autonomous Research.

Patrick Davitt，自主研究。

A different angle on Brian's question. Maybe it's a bit too early to know, but had some wobbles in the bank loan market, to your points earlier, seen some deals pulled and/or reprice which I think you could argue was actually good for direct lending dynamics.

從另一個角度看待布萊恩的問題。現在下結論可能還為時過早，但正如你之前所說，銀行貸款市場確實出現了一些波動，一些交易被取消和/或重新定價，我認為這實際上對直接貸款市場的發展動態是有利的。

So curious if you're seeing any signs of the banks are rethinking how aggressive they've been in that channel potentially getting less competitive because of what's happened and/or any sign new origination spreads could get a little bit wider on the back of those bank loan blow-ups.

所以，我很好奇你是否看到任何跡象表明，銀行正在重新考慮他們在該渠道的激進程度，可能會因為已經發生的事情而降低競爭力，和/或是否有任何跡象表明，由於銀行貸款的爆發，新的貸款發放利差可能會略微擴大。

The bank market obviously has to be sensitive because they're in the distribution business. So when you see what happened in the last couple of weeks, not a surprise, you could see a little bit of hesitancy. But I think market participants have concluded that this was pretty isolated and it is not a sign of something bigger. And as a result, I don't think we would say today, we're really seeing any sort of pullback from the banks.

銀行市場顯然必須保持敏感，因為它們從事的是分銷業務。所以，當你看到過去幾週發生的事情時，不出所料，你會發現人們有些猶豫不決。但我認為市場參與者已經得出結論，這只是個別事件，並不預示更大的問題。因此，我認為我們今天不會說我們真的看到了銀行業的任何撤退。

Crispin Love, Piper Sandler

克里斯平·洛夫，派珀·桑德勒

Arnaud Giblat, BNP.

Arnaud Giblat，法國巴黎銀行。

In credit and insurance, your dry powder has cost doubled in the last 12 months. I was wondering if that was the case as well in direct lending, private debt, given how tight the spreads have become and lose the covenants or with the competition with both in the Canadian loan market?

在過去的 12 個月裡，你的現金儲備（用於信貸和保險）成本翻了一番。我想知道，鑑於利差已經收窄到如此程度，以及加拿大貸款市場中契約條款的失效或兩者之間的競爭，直接貸款和私人債務是否也存在這種情況？

And specifically, if I could just follow on that specific point into BCRED, how do you see capacity developing? I mean is it -- if conditions remain really hot and tight, do you start worrying perhaps a bit about capacity and the speed that we you're deploying capital, assuming that flows remain strong?

具體來說，如果我能就這一點具體探討BCRED，您認為其能力將如何發展？我的意思是，如果市場狀況持續火熱緊張，假設資金流動保持強勁，你會不會開始擔心產能以及我們部署資本的速度？

Well, I'll just comment -- Michael can comment on where the dry powder sits in credit. But I think there's a bit of mischaracterization here as to how hot the markets are overheated, loan-to-value that we originated in our direct lending in Q3 was at 38% loan to value. That's probably half the level it was if you went back to '06, '07. And spreads are sort of in line with historic levels.

好吧，我只能說幾句——邁克爾可以評論一下信用卡裡的可用資金情況。但我認為這裡對市場過熱的程度有些誤解，我們在第三季直接貸款的貸款價值比為 38%。如果回到 2006 年、2007 年，那大概只有當時水準的一半。而且價差也基本上符合歷史水準。

So yes, it's a business that has grown a lot, but it's taken a significant amount of share. And we just haven't seen sort of the erosion of credit standards. And we actually have had a very strong deployment year. I think we've had a record year this year, first nine months in terms of deployment. So we feel good about the business. In terms of --

所以，是的，這是一個發展迅速的企業，但它也佔據了相當大的市場份額。我們還沒有看到信貸標準出現下滑的跡象。事實上，我們今年的部署工作非常成功。我認為就部署而言，我們今年前九個月取得了創紀錄的成績。所以我們對公司業務感覺良好。按照--

I just point out you have dry powder, as you probably know, is largely about drawdown funds. And our direct lending capital obviously sits in a lot of different vehicles, including perpetual ones. So direct lending, just sort of structurally, is a smaller fraction of our dry powder.

我只是想指出，你手邊有現錢，你可能也知道，這主要是指可以隨時提領的資金。我們的直接貸款資金顯然存在於許多不同的投資工具中，包括永續投資工具。因此，從結構上看，直接貸款在我們可用資金中所佔的比例較小。

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

謝謝。隊列中沒有其他問題。此時，我想把電話轉回給韋斯頓·塔克，讓他補充或作總結發言。

Great. Thank you, everyone, for joining us today and look forward to following up at the call.

偉大的。感謝各位今天參加我們的會議，期待在電話會議上繼續討論。