Blackstone Inc (BX) 2025 Q4 法說會逐字稿

Good day, and welcome to the Blackstone fourth quarter and full year 2025 investor call. Today's call is being recorded (Operator Instructions).

大家好，歡迎參加黑石集團2025年第四季及全年投資者電話會議。今天的通話正在錄音。（操作說明）

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

此時，我謹將會議交給股東關係主管韋斯頓‧塔克先生。請繼續。

Great. Thank you, and good morning, and welcome to Blackstone's fourth 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.

偉大的。謝謝，早安，歡迎參加黑石集團第四季財報電話會議。今天到場的有董事長兼首席執行官史蒂夫·施瓦茨曼；總裁兼首席營運官喬恩·格雷；以及副董事長兼首席財務官邁克爾·蔡。

Earlier this morning, we issued a press release and slide presentation, which are available on our website. We expect to file our 10-K report later next month. 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.

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。我們預計將於下個月稍後提交 10-K 報告。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 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。

Just quickly on results. We reported GAAP net income for the quarter of $2 billion. Distributable earnings were $2.2 billion or $1.75 per common share, and we declared a dividend of $1.49 per share, which will be paid to holders of record as of February 9.

簡單來說，就是結果。我們公佈的季度GAAP淨利為20億美元。可分配收益為 22 億美元，即每股普通股 1.75 美元，我們宣布派發每股 1.49 美元的股息，該股息將支付給截至 2 月 9 日登記在冊的股東。

With that, I'll now 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. Blackstone just reported the best results in our 40-year history, with distributable earnings of $1.75 a share as Weston mentioned. This capped a record year for the firm, in which DE increased 20% and to $5.57 per share or $7.1 billion, powered by strong growth in fee-related earnings and a significant acceleration in net realizations.

早安，感謝各位參加我們的電話會議。正如韋斯頓所提到的，黑石集團剛剛公佈了其 40 年歷史上最好的業績，每股可分配收益為 1.75 美元。這為該公司創紀錄的一年畫上了圓滿的句號，該公司每股收益增長了 20%，達到 5.57 美元，總收益達到 71 億美元，這主要得益於費用相關收入的強勁增長和淨實現額的顯著加速增長。

Inflows reached a stunning $71 billion just in the fourth quarter, the highest level in 3.5 years. At approximately $240 billion for the full year, reflecting robust momentum across the institutional, private wealth, and insurance channels. Of particular note, our fundraising in private wealth increased 53% year over year in 2025 to $43 billion, and we expect strong inflows again in 2026, given our performance and continuous innovation.

僅在第四季度，資金流入就達到了驚人的 710 億美元，這是 3.5 年來的最高水準。全年約為 2,400 億美元，反映出機構、私人財富和保險管道的強勁成長勢頭。尤其值得注意的是，2025 年我們在私人財富領域的募資額年增 53%，達到 430 億美元，鑑於我們的業績和持續創新，我們預計 2026 年資金將再次強勁流入。

According to recent analyst research, Blackstone, has an estimated 50% share of all private wealth revenue across the major alternative firms. In total, the firm's fundraising success lifted assets under management, 13% year over year to a new industry record of nearly $1.3 trillion.

根據最近的分析師研究，黑石集團在主要另類投資公司中，私人財富收入估計佔50%。總體而言，該公司的募資成功使其管理資產年增 13%，達到近 1.3 兆美元的新產業紀錄。

Most importantly, we generated outstanding investment performance overall, for our limited partners again in 2025, highlighted by notable strength in infrastructure, corporate private equity, our multi-asset investing business, BXMA. We achieved these results amid the turbulent year for markets, which was impacted by tariff uncertainty, geopolitical instability and the longest government shutdown in US history.

最重要的是，我們為有限合夥人在 2025 年再次創造了卓越的整體投資業績，其中基礎設施、企業私募股權、我們的多元資產投資業務 BXMA 的實力尤為突出。在市場動盪的一年中，我們取得了這些成果。這一年受到了關稅不確定性、地緣政治不穩定以及美國歷史上持續時間最長的政府停擺的影響。

Federal Reserve officials liken this backdrop to driving in a fog, for Blackstone, a key advantage of our leading scale with the portfolio spanning more than 270 companies, nearly 13,000 assets in real estate, and one of the largest credit platforms is the expansive array of proprietary data it produces. This data provides deep insight into what's happening in the global economy helping us see through the fog and chart the path forward.

聯準會官員將這種背景比喻為在霧中駕駛。對於黑石集團而言，其領先的規模優勢在於其投資組合涵蓋 270 多家公司、近 13,000 項房地產資產，以及最大的信貸平台之一，而其產生的廣泛的專有數據是其關鍵優勢。這些數據讓我們深入了解全球經濟的現狀，幫助我們撥開迷霧，規劃未來發展道路。

What we saw in the data was a fundamentally strong economy, underpinned by the ongoing technology and AI-driven investment boom. We were also encouraged by what we're seeing on the ground in terms of moderating inflation in the context of limited input and labor cost growth at our companies as well as our real-time understanding of shelter costs given our unique position in real estate. We shared these perspectives with you throughout the year, which did not always align with the consensus viewpoint.

我們從數據中看到的是經濟基本面強勁，這得益於持續的技術和人工智慧驅動的投資繁榮。我們也對目前的情況感到鼓舞，因為我們公司的投入和勞動力成本增長有限，通膨也在趨於緩和；此外，由於我們在房地產領域的獨特地位，我們對住房成本也有著即時的了解。我們在過去一年中與大家分享了這些觀點，但這些觀點並不總是與主流觀點一致。

Today, there continues to be a range of geopolitical uncertainties that are impacting markets, but we remain anchored by the strong operating and capital market fundamentals we see through our portfolio. Our views on the economy inflation have informed our investment approach. They also led to our condition that the deal cycle would accelerate, including a resurgence in capital markets activity.

儘管目前仍存在一系列地緣政治不確定因素影響市場，但我們仍對投資組合中強勁的營運和資本市場基本面充滿信心。我們對經濟通膨的看法影響了我們的投資策略。它們也導致我們認為交易週期將會加速，包括資本市場活動的復甦。

First, in terms of our investments, our data gave us the confidence to lean into key thematic areas such as digital infrastructure, including data centers, power, and electrification. Private credit, life sciences, and from a regional perspective, India and Japan. These areas have been among the largest drivers of appreciation in our funds. We also took advantage of volatility in markets to sign or close eight privatizations during the year in private equity and real estate, including in the fourth quarter, medical technology company, Hologic, for $18 billion.

首先，就我們的投資而言，我們的數據讓我們有信心深入關鍵主題領域，例如數位基礎設施（包括資料中心）、電力和電氣化。私人信貸、生命科學，以及從區域角度來看，印度和日本。這些領域一直是推動我們基金增值的主要因素之一。我們也利用市場波動，在私募股權和房地產領域簽署或完成了八項私有化交易，其中包括在第四季以 180 億美元收購醫療科技公司 Hologic。

And in credit, we saw record deployment in 2025. And including the emergence of an important new source of direct origination, customized long-duration capital solutions for investment-grade corporates. We've executed multiple of these to date, and we expect to do more over time.

在信貸方面，我們看到 2025 年的部署量創下歷史新高。其中包括為投資級企業提供客製化長期資本解決方案這一重要的新直接融資來源。到目前為止，我們已經執行了多個此類項目，我們預計未來會執行更多。

In total, we invested $138 billion across the firm in 2025. And the highest level in four years, planting the seeds of future value. Stepping back, the historic pace of investment taking place in the US to facilitate the development of artificial intelligence, including the design and manufacture of semiconductors, data center construction, and the expansion of power generation is the key driver of economic growth today. It is creating an enormous need for capital solutions.

到 2025 年，我們公司總共投資了 1,380 億美元。這是四年來的最高水平，為未來的價值播下了種子。從歷史角度來看，美國為促進人工智慧發展而進行的歷史性投資，包括半導體的設計和製造、資料中心建設以及發電規模的擴大，是當今經濟成長的關鍵驅動力。這造成了對資金解決方案的巨大需求。

The US has long occupied a unique position in the world in terms of its innovation and economic leadership and the investment medical cycle underway in AI and power and the expected future boost in AI-related productivity should propel US economic growth for years to come.

美國長期以來在創新和經濟領導地位方面佔據著世界獨特的地位，目前人工智慧和能源領域的投資醫療週期以及人工智慧相關生產力的預期未來成長，應該會在未來幾年推動美國經濟成長。

Blackstone is extremely well positioned to benefit against this factor. Given our scale and expertise in these areas, including our ownership of the world's largest data center platform as well as our position as a major investor in the modernization and growth of the US electric grid.

黑石集團擁有得天獨厚的優勢，能夠從這因素中獲益。鑑於我們在這些領域的規模和專業知識，包括我們擁有全球最大的資料中心平台，以及我們作為美國電網現代化和發展的主要投資者的地位。

Turning to the acceleration in the deal cycle and capital market activity. We regularly spoke about this dynamic last year. And we're now seeing it start to materialize. IPO and M&A activity are accelerating, deal sizes are increasing, and sponsor activity is picking up.

轉向交易週期和資本市場活動的加速。去年我們常談到這種現象。現在我們看到它開始變成現實了。IPO和併購活動正在加速，交易規模正在擴大，發起人活動也在增加。

In the fourth quarter, global IPO issuance rose 40% year over year, including a 2.5-fold increase in the United States notwithstanding the government shutdown. Blackstone was a major contributor with the $7.2 billion IPO of medical supply company, Medline, the largest IPO since 2021, and the largest sponsor-backed IPO in history.

第四季度，全球IPO發行量年增40%，其中美國IPO發行量成長了2.5倍，儘管政府停擺。黑石集團是醫療用品公司 Medline 72 億美元 IPO 的主要貢獻者，這是自 2021 年以來規模最大的 IPO，也是歷史上規模最大的由保薦機構支持的 IPO。

The offering was extremely well received with shares trading up over 40% on the first day. Medline is a perfect illustration of the power of Blackstone's private equity model at work and our ability to generate attractive returns on large-scale control deals across vintages.

此次發行反應極佳，股票首日交易價格上漲超過 40%。Medline完美地詮釋了黑石私募股權模式的強大力量，以及我們在各個時期的大規模控股交易中創造可觀回報的能力。

This 2021 transaction represented the largest healthcare buyout in history, which we completed in partnership with the company's founding family. Key limited partners and two other financial sponsors. During our ownership, we accelerated the company's growth, implemented multiple initiatives to drive value, and executed accretive acquisitions to expand the company's product suite and end markets.

2021 年的這筆交易是史上規模最大的醫療保健收購案，我們與該公司的創始家族合作完成了這筆交易。主要有限合夥人和另外兩家財務贊助商。在我們擁有期間，我們加速了公司的發展，實施了多項推動價值成長的舉措，並進行了增值收購，以擴大公司的產品組合和終端市場。

Today, Medline is a category-leading public company that is exceptionally well positioned for continued success. Medline was Blackstone's fourth IPO globally since last summer, and our momentum continues to build. We have one of the largest IPO pipelines in our history, reflecting a diverse mix of sectors and geographies.

如今，Medline 已成為業界領先的上市公司，並擁有非常有利的地位，預計將繼續取得成功。Medline是黑石集團自去年夏天以來在全球進行的第四次IPO，我們的發展動能仍在持續增強中。我們擁有公司歷史上規模最大的IPO專案儲備之一，涵蓋了多個行業和地區。

Looking forward, the structural tailwinds driving the alternative sector and in particular, Blackstone are accelerating. More investors are discovering the benefits of private market solutions, including in the vast private wealth and insurance channels.

展望未來，推動另類投資產業（尤其是黑石集團）發展的結構性利多因素正在加速增強。越來越多的投資者發現了私人市場解決方案的好處，包括在龐大的私人財富和保險管道中。

At the same time, we continue to deepen our relationship with institutional limited partners across multiple areas. These tailwinds, alongside the cyclical recovery underway in transaction activity are a powerful combination for our firm and our shareholders.

同時，我們繼續深化與多個領域的機構有限合夥人的關係。這些利多因素，加上交易活動正在出現的周期性復甦，對我們公司和股東來說是一個強大的組合。

In closing, I couldn't have more confidence in the firm and our prospects for continued growth. Our business performed exceptionally well through the high cost of capital backdrop of the past several years, and we believe we're now moving into a more supportive environment with a portfolio concentrated in compelling sectors and nearly $200 billion of dry powder to take advantage of opportunities. We are extremely well positioned for the road ahead.

最後，我對公司及其持續成長的前景充滿信心。在過去幾年高資本成本的大環境下，我們的業務表現異常出色，我們相信，隨著投資組合集中在極具吸引力的行業，以及近 2000 億美元的可用資金來把握機遇，我們正進入一個更加有利的環境。我們已為未來的道路做好了極為充分的準備。

And with that, turn it over to Jon.

接下來，把鏡頭交給喬恩。

Thank you, Steve, and good morning, everyone. This is an exciting time for Blackstone, three powerful dynamics coming together. First, the deal environment has reached escape velocity on the back of moderating cost of capital. Secondly, the AI revolution is creating generational opportunities to invest private capital at scale, both debt and equity, while creating attractive gains across multiple sectors.

謝謝你，史蒂夫，大家早安。對黑石集團來說，這是一個令人興奮的時刻，三大強大力量匯聚於此。首先，由於資本成本趨於緩和，交易環境已經達到了爆發性成長的程度。其次，人工智慧革命為大規模投資私人資本（包括債務和股權）創造了千載難逢的機會，同時在多個行業中創造了可觀的收益。

And third, adoption of private markets continues to deepen across all three of our major customer channels, institutions, insurance, and individual investors. These dynamics are translating to outstanding results across the firm.

第三，私募市場的採用率在我們三大主要客戶管道（機構、保險和個人投資者）中持續加深。這些動態正在轉化為公司各方面的卓越成果。

Starting with our institutional business, which makes up over half of our AUM and comprised over half of 2025 inflows. We are seeing strong demand today across numerous open-ended and drawdown fund strategies. In infrastructure, our dedicated platform grew a remarkable 40% year over year to $77 billion, including over $4 billion raised in the fourth quarter, underpinned by exceptional investment performance.

首先是我們的機構業務，它占我們資產管理規模的一半以上，並且佔 2025 年資金流入的一半以上。目前我們看到，各種開放式和回撤式基金策略的需求都很強勁。在基礎設施領域，我們的專屬平台年增了驚人的 40%，達到 770 億美元，其中第四季度籌集了超過 40 億美元，這得益於卓越的投資績效。

The co-mingled BIP strategy has generated 18% net returns annually since inception seven years ago, and 2025 was one of the best years yet, with broad-based gains across digital, energy and transportation infrastructure. Our QTS data center business was again the largest single driver of returns for BIP as well as in real estate.

自七年前推出以來，混合型 BIP 策略每年產生 18% 的淨收益，而 2025 年是迄今為止最好的年份之一，在數位、能源和交通基礎設施領域均取得了廣泛的收益。我們的 QTS 資料中心業務再次成為 BIP 以及房地產領域收益的最大單一驅動因素。

Speaking with our open-ended strategies, BXMA reported excellent results again in Q4. We -- the composite gross return for BXMA's largest strategy has been positive for 23 straight quarters and exceeded 13% for the year in both 2025 and 2024, the best since 2009. Investors are responding favorably with $6.3 billion of net inflows for BXMA in 2025, representing the highest net fundraising in nearly 15 years. and lifting AUM 14% year over year to a record $96 billion.

憑藉我們開放式的策略，BXMA 在第四季度再次取得了優異的業績。我們—BXMA 最大策略的綜合總回報已連續 23 個季度為正，並且在 2025 年和 2024 年的年度回報率均超過 13%，是自 2009 年以來最好的。投資人反應積極，BXMA 2025 年淨流入資金達 63 億美元，創近 15 年來最高淨募資額，資產管理規模年增 14%，達到創紀錄的 960 億美元。

Meanwhile, in our institutional drawdown area, our business is accelerating with a new fundraising cycle underway. We've held initial closings of $5 billion for our new PE secondaries flagship targeting at least the size of the prior $22 billion vintage with another major close expected in the coming weeks. Our secondaries platform saw a record year of deployment in 2025, and we see strong growth ahead, fueled by the ongoing expansion of private markets.

同時，在我們機構資金提取領域，隨著新一輪融資週期的開始，我們的業務正在加速發展。我們已為新的私募股權二級市場旗艦基金完成了 50 億美元的首輪募資，目標規模至少達到先前 220 億美元的規模，預計未來幾週還將完成另一筆重大募資。我們的二級市場平台在 2025 年實現了創紀錄的部署量，我們預計未來將實現強勁成長，這得益於私募市場的持續擴張。

In corporate private equity, we've raised over $10 billion to date for our next Asia flagship compared to approximately $6 billion for the previous vintage. And expect to reach over $12 billion. We also launched fundraising for our fifth private equity energy transition vehicle, which we expect to be meaningfully larger than the prior vintage of approximately $5.5 billion, with a first close anticipated this spring.

在企業私募股權領域，我們迄今已為下一批亞洲旗艦項目籌集了超過 100 億美元，而上一批項目的資金約為 60 億美元。預計將超過120億美元。我們也啟動了第五隻私募股權能源轉型基金的募資，預計該基金的規模將比上一期約 55 億美元的基金大得多，預計將於今年春季完成首輪募款。

Rising demand in the power and electrification ecosystem is creating enormous deal flow in this area and are currently investing vintage is approximately 80% committed only 1.5 years after launch. In Q4, we also held closings for the new vintages of our tactical opportunities, GP stakes, and life sciences vehicles.

電力和電氣化生態系統需求的不斷增長，正在該領域創造大量的交易機會，目前投資項目在啟動僅 1.5 年後，已承諾投資約 80%。第四季度，我們也完成了新一期戰術機會、GP股份和生命科學工具的交割。

And in credit, we raised an additional capital for our fifth opportunistic strategy, bringing it to over $7 billion with a target of $10 billion. There's no question that institutional investors remain the bedrock of our firm. Diving deeper into credit specifically, our platform overall continues to see extraordinary momentum.

在信貸方面，我們為第五項機會型投資策略籌集了額外的資金，使其總額超過 70 億美元，目標是 100 億美元。毫無疑問，機構投資者仍然是我們公司的基石。深入分析信貸領域，我們的平台整體上持續保持著強勁的發展動能。

We now manage $520 billion of total assets across corporate and real estate credit, up 15% year over year. Inflows exceeded $140 billion in 2025, with strong fundraising across the institutional insurance and private wealth channels. Underpinning this demand, again, is investment performance.

我們目前管理的資產總額為 5,200 億美元，涵蓋企業信貸和房地產信貸，較去年同期成長 15%。2025 年資金流入超過 1,400 億美元，機構保險和私人財富管道的募資活動強勁。支撐這需求的，依然是投資績效。

Our non-investment grade strategies in private credit and real estate credit delivered gross performance of 11% and 17%, respectively, for the year. Since inception 20 years ago, our noninvestment grade private credit strategies have generated 10% net returns annually, double the return of the leveraged loan market with minimal losses.

我們非投資等級的私募信貸和房地產信貸策略，本年度的總收益率分別為 11% 和 17%。自 20 年前成立以來，我們的非投資等級私人信貸策略每年產生 10% 的淨收益，是槓桿貸款市場收益的兩倍，而損失卻極小。

Despite the external noise today in private credit, facts do matter and our portfolio overall is in excellent shape, including high single-digit EBITDA growth on average for our direct lending borrowers for the most recent annual period. The backdrop remains favorable with corporate profits growing, short-term rates declining, and transaction activity increasing.

儘管如今私人信貸領域存在許多外部噪音，但事實勝於雄辯，我們的整體投資組合狀況良好，包括最近一個年度我們直接貸款借款人的平均 EBITDA 成長率達到高個位數。企業獲利成長、短期利率下降、交易活動增加，整體情勢仍有利。

At the same time, we're benefiting from the massive secular shift underway towards investment-grade private credit, which we believe is in the earliest stages. We now manage $130 billion in this area, up 30% year over year. Our farm-to-table approach, which brings clients directly to borrowers and is designed to create a structural premium to liquid fixed income is really resonating.

同時，我們也受益於正在進行的大規模投資級私人信貸的長期轉變，我們認為這一轉變還處於早期階段。我們目前在該領域管理的資產規模為 1,300 億美元，年增 30%。我們採用從農場到餐桌的模式，將客戶直接介紹給借款人，旨在為流動性固定收益創造結構性溢價，這種模式確實引起了共鳴。

Why is investment-grade private credit growing so quickly? Two main reasons. First, corporate investment-grade bond spreads are at their tightest levels since 1998, and we've been seeing insurers and now some pensions and sovereign wealth funds looking to earn materially higher spreads at the same or lower risk levels. Second, the build-out of AI infrastructure recorded a massive amount of private debt capital for the construction of fabs, energy supply, and data centers.

為什麼投資等級私人信貸成長如此迅速？主要原因有二。首先，企業投資等級債券的利差處於 1998 年以來的最低水平，我們看到保險公司，現在還有一些退休基金和主權財富基金，都在尋求在相同或更低的風險水平下獲得更高的利差。其次，人工智慧基礎設施的建設吸引了大量私人債務資本，用於建造晶圓廠、能源供應和資料中心。

Turning to the insurance channel specifically. Our AUM grew 18% year over year to $271 billion. This remarkable growth is happening without taking on any insurance liabilities. Investors are responding particularly well to our open architecture model and the value we deliver.

具體來說，我們來看保險方面的資訊。我們的資產管理規模年增18%，達到2,710億美元。這種顯著的成長是在沒有承擔任何保險責任的情況下實現的。投資人對我們的開放式架構模式和我們所創造的價值反應非常正面。

We placed or originated $50 billion of credits for our private IG focused clients in 2025, which generated approximately 180 basis points of incremental spread versus comparably rated liquid credits. These results are more important than ever in an environment of tightening yields.

2025 年，我們為專注於私募投資等級債券的客戶發行或發起了 500 億美元的信貸，與評級相當的流動性信貸相比，產生了約 180 個基點的增量利差。在殖利率收緊的環境下，這些結果比以往任何時候都更重要。

Moving to the individual investor channel where we are uniquely positioned given the breadth of our product lineup, our performance and the power of our brand. Our AUM in private wealth grew 16% year over year to more than $300 billion and is up threefold in the past five years.

轉向個人投資者管道，憑藉我們廣泛的產品線、良好的業績和強大的品牌影響力，我們在這個管道擁有獨特的優勢。我們的私人財富管理規模年增 16%，超過 3,000 億美元，過去五年成長了三倍。

In Q4, our total sales in the channel exceeded $11 billion, up 50% year over year. BCRED led the way with gross sales of $3.3 billion while net inflows were $1.2 billion. For the full year, BCRED reported record gross sales of over $14 billion, powered by investment performance. With 10% net returns annually since inception five years ago, almost entirely comprised of foreign income.

第四季度，我們在該通路的總銷售額超過 110 億美元，年增 50%。BCRED 以 33 億美元的總銷售額領先，淨流入為 12 億美元。BCRED全年總銷售額創歷史新高，超過140億美元，主要得益於其投資績效。自五年前成立以來，每年淨收益率達 10%，幾乎全部來自海外收入。

Our private equity flagship in this channel, BXPE has also generated outstanding performance achieving an annualized net return of 17% since inception. BXPE has grown to $18 billion in only two years with its broad-based approach to our expansive private equity platform.

我們在該通路的私募股權旗艦基金 BXPE 也取得了卓越的業績，自成立以來實現了 17% 的年化淨回報率。BXPE憑藉其廣泛的私募股權平台，僅花了兩年時間就發展到180億美元。

Our infrastructure strategy in private wealth BXINFRA is approximately $4 billion, only one year after launch with strong performance out of the gates. And BREIT delivered terrific results in 2025. underpinned by a net return of 8.1% for its largest share class, nearly 3 times the public REIT index. BREIT portfolio position continues to drive returns, including its significant exposure to data centers. In private wealth, as with the rest of Blackstone, our relentless focus on investment performance gives us the license to innovate, and our innovation is accelerating.

我們在私人財富領域的基建戰略 BXINFRA 規模約為 40 億美元，推出僅一年就取得了強勁的開局表現。2025 年，BREIT 取得了優異的業績，其最大份額類別的淨回報率為 8.1%，幾乎是公開 REIT 指數的 3 倍。BREIT 的投資組合持續推動收益成長，其中包括其在資料中心的大量投資。在私人財富領域，與黑石集團的其他領域一樣，我們對投資績效的不懈追求賦予了我們創新的權力，而我們的創新正在加速發展。

We expect 2026 to be our busiest year yet terms of product launches as we stated previously. Blackstone has led the evolution of the private wealth market to date, and we expect to lead it in the future.

正如我們之前所說，我們預計 2026 年將是我們迄今為止產品發布最繁忙的一年。黑石集團迄今一直引領著私人財富市場的發展，我們期望在未來繼續引領這項發展。

Turning to real estate, where we've been navigating the early stages of the sector's recovery. We said the cycle was bottoming two years ago, but that the recovery wouldn't be a straight line. Since then, US private real estate values have been slowly improving. However, since the interest rate cycle began approximately four years ago, real estate values are still down 16% and compared to an increase of 75% for the S&P 500. We think real estate has plenty of room to run.

再來看看房地產行業，我們一直在努力應對該行業復甦的早期階段。我們兩年前就說過經濟週期已經觸底，但復甦不會是一條直線。自那以後，美國私人房地產價值一直在緩慢改善。然而，自從大約四年前利率週期開始以來，房地產價值仍然下降了 16%，而標準普爾 500 指數則上漲了 75%。我們認為房地產市場還有很大的發展空間。

We've taken advantage of choppy investor sentiment to lean into deployment, investing or committing over $50 billion in real estate since the cycle trough two years ago, including our commitment in Q4 to privatize Alexander & Baldwin an owner of high-quality grocery-anchored shopping centers and warehouses in Hawaii. The gradual pace of the recovery to date has meant our real estate funds in aggregate saw limited appreciation in 2025, notwithstanding BREIT's strong performance.

我們利用投資者情緒波動的機會加大投資力度，自兩年前週期低谷以來，已在房地產領域投資或承諾超過 500 億美元，其中包括我們在第四季度承諾將 Alexander & Baldwin 私有化，該公司在夏威夷擁有以超市為主的高品質購物中心和倉庫。儘管 BREIT 表現強勁，但由於迄今為止復甦步伐緩慢，我們的房地產基金在 2025 年的整體增值有限。

That said, we do see a number of positive signs which point to a better year ahead. These include the sharp decline in construction starts, which have fallen to the lowest level in more than 12 years in the US in both logistics and multifamily, our two largest sectors in real estate, continued growth in debt availability and declines in the cost of debt, a pickup in transaction activity, and now an improvement in logistics demand with our US platform reporting record leasing activity in Q4.

儘管如此，我們確實看到了一些積極的跡象，預示著未來一年會更好。這些因素包括：美國物流和多戶住宅（我們房地產領域最大的兩個行業）的建築開工量急劇下降，降至 12 年多來的最低水平；債務可用性持續增長，債務成本下降；交易活動回升；以及物流需求改善，我們的美國平台在第四季度創下了租賃活動的紀錄。

At the same time, our exposure to data centers continues to be a source of strength. As does real estate credit. We remain highly optimistic about the direction of travel for our real estate business. In closing, we entered 2026 with tremendous momentum. Our clients are growing their commitments to us across channels. We are actively investing that capital in compelling thematic areas and realizations have begun to accelerate. Blackstone's performance-driven capital-light brand-heavy model continues to deliver for shareholders.

同時，我們對資料中心的了解仍然是我們的優勢來源。房地產信貸也是如此。我們對房地產業務的發展方向依然非常樂觀。最後，我們帶著強勁的勢頭進入了2026年。我們的客戶正在各個管道增加對我們的投入。我們正積極將這些資金投資於引人注目的主題領域，而投資回報已經開始加速實現。黑石集團以績效為導向、輕資本、重品牌的商業模式持續為股東創造收益。

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

那麼，接下來就交給麥可了。

Thanks, Jon, and good morning, everyone. The firm's fourth quarter results represented an outstanding finish to a record year. I'll first review financial results and will then discuss investment performance and the forward outlook.

謝謝你，喬恩，大家早安。該公司第四季的業績為創紀錄的一年畫上了圓滿的句號。我將首先回顧財務業績，然後討論投資表現和未來展望。

Starting with results. The fourth quarter represented the best quarter of distributable earnings per share in the firm's history, as Steve highlighted, and one of the three best quarters of fee-related earnings. First, in terms of FRE, which reached $1.5 billion in Q4 or $1.25 per share. Management fees increased 11% year over year to a record $2.1 billion, underpinned by 10% growth in base management fees, and a 27% increase in transaction and advisory fees.

首先來看結果。正如史蒂夫所強調的，第四季度是該公司歷史上每股可分配收益最高的季度，也是成本相關收益最高的三個季度之一。首先，就 FRE 而言，第四季達到 15 億美元，即每股 1.25 美元。管理費年增 11%，達到創紀錄的 21 億美元，主要得益於基本管理費成長 10%，以及交易和諮詢費成長 27%。

Base management fees for three of the firm's four segments: private equity, credit insurance, and multi-asset investing on a combined basis grew 17% year over year in Q4, while in real estate, base management fees declined moderately. Fee-related performance revenues for the firm totaled $606 million in the fourth quarter, generated by a broad range of perpetual strategies led by BREIT as well as BCRED and BXPE, the year-over-year comparison reflected the crystallization of over $1 billion of these revenues in our institutional infrastructure business in last year's fourth quarter related to three years of accrued gains. Excluding this from the prior period, fee-related performance revenues grew significantly year over year, and FRE overall grew 24%.

該公司四大業務部門中的三個板塊（私募股權、信用保險和多元資產投資）的基本管理費在第四季度合計增長了 17%，而房地產板塊的基本管理費則略有下降。該公司第四季的費用相關業績收入總計 6.06 億美元，這主要得益於 BREIT 以及 BCRED 和 BXPE 等一系列永續策略。與去年同期相比，這反映了去年第四季度機構基礎設施業務中超過 10 億美元的收入已實現，這些收入與三年累積收益有關。如果將上期數據排除在外，與費用相關的績效收入年增率顯著，FRE 整體成長了 24%。

In terms of distributable earnings, we reported $2.2 billion of DE in the fourth quarter of 2025 or $1.75 per common share. Alongside robust FRE, net realizations increased 59% year over year to $957 million, the highest level in 3.5 years. Gross performance revenues exceeded $1 billion in the quarter, driven by a number of net realizations across the firm, including the sale of a portion of our stock in energy solutions company, Legence.

就可分配收益而言，我們報告稱，2025 年第四季可分配收益為 22 億美元，即每股普通股 1.75 美元。伴隨著強勁的 FRE，淨實現額年增 59% 至 9.57 億美元，達到 3.5 年來的最高水準。本季總業績收入超過 10 億美元，這主要得益於公司內部多項淨收益的實現，其中包括出售我們在能源解決方案公司 Legence 的部分股份。

The sale of a stake in the city center complex on the Las Vegas Strip. The modernization of certain royalty interest in our life sciences portfolio. And importantly, year-end crystallizations in BXMA and certain credit vehicles with respect to full year 2025 performance. BXMA specifically reported record performance revenues in Q4 of $465 million up 38% year over year. We also closed the sale of the firm's 6% stake in Resolution Life in the fourth quarter in connection with the company's sale to Nippon Life with the realized gain reflected in principal investment income.

出售拉斯維加斯大道市中心綜合大樓的部分股權。對我們生命科學投資組合中的某些特許權使用費權益進行現代化改造。更重要的是，BXMA 和某些信貸工具的年末結算與 2025 年全年業績相關。BXMA 特別報告稱，其第四季業績收入創下歷史新高，達到 4.65 億美元，年增 38%。第四季度，我們也完成了公司持有的 Resolution Life 6% 股份的出售，該交易與公司出售給日本生命保險公司有關，已實現的收益反映在本金投資收益中。

Turning to the full year. Despite numerous challenges in the external operating environment in 2025, Blackstone delivered record full year results across digital earnings, fee-related earnings, management fees, and assets under management, all of which have approximately doubled or more than doubled in the past five years. Distributable earnings grew nearly 20% to $7.1 billion.

展望全年。儘管 2025 年外部經營環境面臨諸多挑戰，但黑石集團在數位收入、費用相關收入、管理費和管理資產方面均取得了創紀錄的全年業績，所有這些指標在過去五年中都增長了大約一倍或兩倍以上。可分配收益成長近 20%，達到 71 億美元。

Fee-related earnings increased 9% to $5.7 billion. Management fees rose 12% to $8 billion, while FRE margin expanded over 100 basis points to the highest level ever for a full year period. And net realizations grew dramatically in 2025, up 50% to $2.1 billion.

費用相關獲利成長9%，達到57億美元。管理費成長 12% 至 80 億美元，而 FRE 利潤率成長超過 100 個基點，達到全年最高水準。2025 年淨實現額大幅成長，成長 50%，達到 21 億美元。

Meanwhile, the firm's extraordinary breadth lifted AUM up 13% year over year to $1.275 trillion. At the same time, all of our key operating metrics accelerate in 2025, inflows, capital deployed, total fund appreciation and realizations. Net accrued performance revenues on the balance sheet or store value increased 7% in 2025 to $6.7 billion.

同時，該公司非凡的業務範圍推動其資產管理規模年增 13%，達到 1.275 兆美元。同時，我們所有關鍵營運指標在 2025 年都將加速成長，包括資金流入、資本部署、基金總增值和實現。2025 年，資產負債表或門市價值中的淨應計績效收入成長 7%，達到 67 億美元。

The foundation of future value for the firm continued to expand, even as the pace of monetizations increased, and all of this during a period where the significant underlying earnings power of our real estate business has yet to reemerge.

即使貨幣化速度加快，公司的未來價值基礎仍在不斷擴大，而與此同時，我們房地產業務的巨大潛在獲利能力尚未重新顯現。

The fundamental driver of this positive momentum is, of course, investment performance. Our funds overall delivered strong returns in the fourth quarter and in 2025. Infrastructure led the way with 8.4% appreciation in the quarter and a remarkable 24% for the full year.

當然，推動這一積極勢頭的根本因素是投資績效。我們的基金在第四季和 2025 年整體都取得了強勁的回報。基礎建設領漲，本季成長 8.4%，全年成長高達 24%。

The corporate private equity funds appreciated 5% in the third quarter, with particular strength in the public portfolio and 14% for the year, supported by high single-digit revenue growth at our operating companies and resilient margins. BXMA reported a 4.3% gross return for the absolute return of composite in the fourth quarter and 13% for 2025.

企業私募股權基金第三季成長 5%，其中公共投資組合表現尤為強勁；全年成長 14%，這得益於我們營運公司高個位數的營收成長和穩健的利潤率。BXMA報告稱，第四季綜合絕對回報率毛回報率為4.3%，2025年為13%。

BXMA has delivered positive composite returns for the last 23 quarters, as Jon noted, and in each of the past 33 months. which is driving strong inflows and the segment's fifth consecutive quarter of double-digit year-over-year AUM growth in the fourth quarter.

正如 Jon 指出的那樣，BXMA 在過去 23 個季度以及過去 33 個月中每個季度都實現了正的綜合回報，這推動了強勁的資金流入，並在第四季度實現了該板塊連續第五個季度兩位數的同比資產管理規模增長。

In credit, our noninvestment grade private credit strategies reported a gross return of 2.4% in the fourth quarter and 11% for the full year, reflecting stable underlying credit performance. our $160 billion-plus global direct lending portfolio specifically, realized losses were only 11 basis points over the last 12 months.

在信貸方面，我們的非投資等級私募信貸策略第四季總報酬率為2.4%，全年總報酬率為11%，反映出信貸基礎表現穩定。具體而言，我們規模超過1,600億美元的全球直接貸款組合，過去12個月的已實現損失僅為11個基點。

In real estate, overall values appreciated approximately 1% in the fourth quarter and 1.5% for 2025. In Q4, continued significant strength in data centers was partly offset by headwinds in certain areas such as life sciences office and UK student housing.

房地產方面，第四季整體價值上漲約 1%，預計到 2025 年將上漲 1.5%。第四季度，資料中心持續強勁的成長勢頭被生命科學辦公大樓和英國學生公寓等某些領域的逆風部分抵消。

In total, our real estate portfolio remains well positioned, with 75% of our global equity holdings concentrated in data centers, logistics, and rental housing. Re-sectors supported by very positive long-term fundamentals, as Jon discussed. At the same time, our real estate credit business continues to report outstanding performance with our noninvestment-grade funds appreciating 17% for the full year including 2.8% in the fourth quarter.

總體而言，我們的房地產投資組合仍然處於良好狀態，我們全球股權投資的 75% 集中在資料中心、物流和租賃住房領域。正如 Jon 所討論的，房地產行業受到非常積極的長期基本面支撐。同時，我們的房地產信貸業務持續取得優異業績，非投資等級基金全年增值 17%，其中第四季增值 2.8%。

Moving to the outlook. The firm is advancing with significant momentum across multiple drivers. We expect management fees to continue on a strong positive trajectory in 2026, underpinned by robust growth in the private equity, credit and insurance, and multi-asset investing segment with real estate management fees consistent with Q4 levels in the near term, along with a strong contribution for our capital markets business in 2026.

接下來展望未來。該公司在多個方面都展現出強勁的發展勢頭。我們預計，在私募股權、信貸和保險以及多元資產投資領域的強勁成長支撐下，管理費將在 2026 年繼續保持強勁的成長勢頭，房地產管理費在短期內將與第四季度的水平保持一致，同時，我們的資本市場業務將在 2026 年做出強勁貢獻。

Meanwhile, the continued expansion of our platform perpetual capital strategies overall is widening the aperture for generating fee-related performance revenues, in terms of net realizations, the backdrop has become much more constructive as you've heard this morning. While we will not have the onetime benefit of the sale of our Resolution Life stake and our software platform, Bistro, we expect a strong year ahead, particularly with respect to our drawdown fund business with activity building as we move through the year. Overall, our embedded value and realization potential are significant. And we are very optimistic in the multiyear outlook for this.

同時，正如你今天早上聽到的，我們平台永續資本策略的持續擴張，擴大了產生費用相關業績收入的空間，就淨實現而言，情況已經變得更加有利。雖然我們無法獲得出售 Resolution Life 股份和軟體平台 Bistro 的一次性收益，但我們預計未來一年將表現強勁，尤其是在我們的提取基金業務方面，隨著這一年的推進，業務活動將不斷增加。整體而言，我們的內在價值和實現潛力巨大。我們對未來幾年的前景非常樂觀。

So in closing, in 2025, the firm delivered robust financial performance in the face of a complex external environment. And as we look forward, with powerful structural tailwinds and multiple engines of growth, we strongly believe the best is yet to come.

綜上所述，2025 年，該公司在複雜的外部環境下取得了穩健的財務表現。展望未來，憑藉強勁的結構性利多因素和多重成長引擎，我們堅信最好的還在後頭。

Thank you for joining today's call. We'd like to open it up now for questions.

感謝您參加今天的電話會議。現在我們開放提問環節。

(Operator Instructions) Craig Siegenthaler, Bank of America.

（操作員說明）Craig Siegenthaler，美國銀行。

Our question is on the record IPO pipeline. So what sectors and industries will you be leaning into? Will some of that spill over into real estate? Or is it too early? And as you hand limited partners cash back at a blended MOIC of 2 times. Can you talk about the second order effect it will have on fundraising as LP liquidity profiles rebound?

我們的問題是關於已發行IPO專案的進度。那麼，你們將重點放在發展哪些領域和產業呢？其中一部分會蔓延到房地產領域嗎？還是為時過早？而且，你還能以 2 倍的綜合 MOIC 向有限合夥人回饋現金。能否談談隨著有限合夥人流動性狀況的回升，這將對融資活動產生的二階影響？

Thanks, Craig. I would say it will be mostly concentrated in the corporate space just because, obviously, the fundamentals there are strong, the market is open. I think it will be broad-based. But obviously, there is a lot of focus around energy and electricity and some of the picks and shovels around that. But in general, as we saw with Medline, high-quality companies are getting a good reception. I do think it will be more US focused, but I think we'll do a number of things in India, and that's a place where we'll see probably more real estate activity as well just because of the underlying health of that economy and that IPO market. Europe is slower, but it feels broad-based to us and getting better.

謝謝你，克雷格。我認為主要會集中在企業領域，因為很明顯，企業基本面強勁，市場開放。我認為這將是一項廣泛的舉措。但很顯然，人們的關注點主要集中在能源和電力上，以及圍繞這些領域的一些實際操作。但總的來說，正如我們從 Medline 的例子中看到的，高品質的公司受到了良好的市場歡迎。我認為它會更加專注於美國，但我認為我們會在印度開展一些業務，而且由於印度經濟和IPO市場的基本面良好，我們可能會看到更多的房地產活動。歐洲的進展速度較慢，但我們感覺它基礎廣泛，而且正在好轉。

And as I said on TV a little earlier, it feels like 2013, '14, where you had that four, five-year hibernation period, the markets reopened, and we took a bunch of companies public. And that's the way it feels today and the fact that Medline and Legence and a couple of companies we've taken out have performed so well for shareholders. I think that's a very good sign. So we do have a lot of confidence.

正如我之前在電視上說的那樣，感覺就像回到了 2013 年、2014 年，經歷了四到五年的蟄伏期後，市場重新開放，我們讓很多公司上市。今天的情況就是這樣，而 Medline、Legence 以及我們收購的幾家公司都為股東帶來了非常好的回報。我認為這是一個非常好的跡象。所以我們確實很有信心。

In terms of what it means for our customers, yes, as they get capital back, as they get gains back, it makes it easier for them to allocate more capital to us, it does get that flywheel going again. This is a very positive sign. I think we forget some time that the last four years has been in the abnormal period. That M&A and IPO activity have been well below historic levels, and we're moving back towards more historic level of activity, and it is a very positive sign for our business. It helps, obviously, with transaction fees, it delivers returns.

就這對我們的客戶意味著什麼而言，是的，當他們收回資金、收回收益時，他們就更容易向我們投入更多資金，這確實能讓這個飛輪再次運轉起來。這是一個非常正面的訊號。我認為我們有時會忘記，過去四年一直處於非常時期。併購和IPO活動一直遠低於歷史水平，而我們正在逐步恢復到更接近歷史水平的活動水平，這對我們的業務來說是一個非常積極的信號。顯然，這有助於降低交易費用，並帶來收益。

Generally, we're putting these things out at higher levels and carrying value, and it gives the investors more capital in their pockets to redeploy. So it's a very good virtuous cycle for us, and we're excited to see the IPO market coming back like it is.

一般來說，我們會以更高的價格推出這些產品，並賦予它們價值，這樣投資者就能獲得更多資金進行再投資。所以這對我們來說是一個非常好的良性循環，我們很高興看到IPO市場像現在這樣復甦。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

I just wanted to ask about AI. You guys are obviously big investors in data centers and AI infrastructure. But just curious how you're deploying AI across your portfolio companies, what learnings you've had along the way, what sort of impact you're seeing from this deployment? And how do you see this evolving over the next 12 to 24 months?

我只是想問關於人工智慧的問題。你們顯然是資料中心和人工智慧基礎設施領域的重要投資者。我很好奇您是如何在投資組合公司中部署人工智慧的，在此過程中您有哪些經驗教訓，以及您從這種部署中看到了什麼樣的影響？您認為未來 12 到 24 個月內，這種情況會如何發展？

Well, it's still early days, but we are starting to see some real impact. I'd say at the Blackstone level, it's been with our software engineers. That's where we've seen the biggest impact day one in terms of making our folks twice as efficient when they're coding. We're beginning to use it for cyber monitoring, which is giving us a productivity boost. We invested in a company called Norm AI to help us on the legal side, particularly marketing compliance.

雖然現在下結論還為時過早，但我們已經開始看到一些實際的影響。我認為在黑石集團層面，這主要體現在我們的軟體工程師身上。第一天我們就看到了最大的成效，那就是讓員工在寫程式碼時的效率提高了一倍。我們開始將其用於網路監控，這大大提高了我們的工作效率。我們投資了一家名為 Norm AI 的公司，以幫助我們處理法律方面的問題，特別是行銷合規方面的問題。

And then I would say data summarization is super helpful. We have 270 million companies, 13,000 pieces of real estate and the ability to get that real time and to use that information to make us better investors, to me that is hugely important. At our portfolio companies, I would say customer engagement. We have a number of companies who are doing that content creation, certainly with the media focused companies there rules-based businesses, again, legal accounting, transaction processing.

然後我想說，數據匯總非常有用。我們擁有 2.7 億家公司、13000 處房地產，並且能夠實時獲取這些信息，利用這些信息來提升我們的投資水平，這對我來說至關重要。就我們投資組合中的公司而言，我認為是客戶參與度。我們有很多公司都在從事內容創作，尤其是那些專注於媒體的公司，它們都是以規則為基礎的企業，同樣涉及法律會計和交易處理。

We're working with some of the LLM companies on how to accelerate this and so it feels to us like real productivity gains will come. It's not happening immediately, but we're seeing early test cases that are quite positive. This is one reason I'm optimistic about what can happen to earnings overall in the stock market and certainly across our portfolio companies.

我們正在與一些LLM公司合作，探討如何加快這一進程，因此我們感覺到真正的生產力提升將會出現。雖然不會立即發生，但我們看到的早期測試案例相當積極。這也是我對股市整體獲利前景，尤其是我們投資組合公司獲利前景持樂觀態度的原因之一。

So we want to be really leaders in this space. We hired Rodney Zemmel, who ran AI at McKinsey to help with this, and it is a huge focus for our firm.

所以我們希望成為這個領域的真正領導者。我們聘請了麥肯錫人工智慧負責人羅德尼·澤梅爾來協助這項工作，這也是我們公司的一個重點。

Bill Katz, Cowen.

比爾·卡茨，考恩。

Just curious, just coming back to the retail opportunities, so I appreciate the big picture and your market share. One of the biggest pushbacks is, as rates continue to work their way lower the relative appeal of income-oriented vehicles is going down. So I was wondering, A, what are you hearing on the evolution of -- in the wealth market -- and how would you be positioned if that trend were to continue?

只是好奇，我最近又開始關注零售業的機會了，所以我很欣賞你們對整體狀況和市場佔有率的分析。最大的阻力之一是，隨著利率持續走低，以收入為導向的車輛的相對吸引力正在下降。所以我想知道，A，你對財富市場的發展趨勢有什麼看法？如果這種趨勢持續下去，你會如何定位？

And maybe you could break that down in terms of maybe fleshing out your activity level you mentioned in your prepared remarks for '26 and what it might mean for products, geography or incremental distribution opportunities.

或許您可以進一步細化一下，具體闡述一下您在 2026 年準備的發言稿中提到的活動水平，以及這對產品、地域或增量分銷機會可能意味著什麼。

Thanks, Bill. I think the place to start, of course, is the breadth of offerings we have. So one of the great things about our firm is -- we obviously have income -- we have products that are incoming growth, and we have growth-oriented products show the fact that we have a very large-scale private equity vehicle. We've got just starting out infrastructure vehicle. We have real estate. Obviously, we have credit as well. That's powerful if investors start to shift a little bit.

謝謝你，比爾。我認為首先要考慮的當然是我們所提供的產品和服務的廣度。所以，我們公司的一大優勢是——我們顯然有收入——我們有不斷成長的產品，而且我們還有以成長為導向的產品，這表明我們擁有一個非常大規模的私募股權基金。我們剛啟動基礎設施建設。我們有房地產。顯然，我們也有信用記錄。如果投資者開始稍微轉變觀念，這將產生強大的作用。

But I think it's worth noting that I think the appeal of, let's say, private credit is not just about absolute returns. It's also very much around relative returns and the return premium we can generate. So in the fourth quarter, our institutional investors in credit we had record fundraising with them because of that premium, both in noninvestment grade and investment grade.

但我認為值得注意的是，我認為私人信貸的吸引力不僅僅在於絕對回報。這很大程度上也與相對收益和我們可以獲得的收益溢價有關。因此，在第四季度，由於溢價，我們向信貸領域的機構投資者籌集了創紀錄的資金，無論是非投資等級債券還是投資等級債券。

And if you think about when we started, for instance, BCRED, base rates were close to zero at that point, and yet we had significant flows. So the key to us, and if you look at what we've done in direct lending, let's say, over 20 years, we've consistently outperformed what the leverage loan and high-yield market offers, that's why I think these products can continue to do quite well.

例如，想想我們剛起步的時候，BCRED 的基本利率當時接近零，但我們卻有大量的資金流入。所以，對我們來說，關鍵在於，如果你看看我們在直接貸款領域所做的工作，比如說，在過去的 20 年裡，我們一直都比槓桿貸款和高收益市場提供的服務表現得更好，這就是為什麼我認為這些產品可以繼續表現良好。

Yes, there may be a little less demand for these at the margin because of lower absolute rates in the wealth channel, although the institutional clients actually leaning more into the space now. And at the same time, obviously, equity-oriented products benefit in a meaningful way, lower rates.

是的，由於財富管道的絕對利率較低，這些產品的需求邊際上可能會略有下降，儘管機構客戶現在實際上更傾向於投資這一領域。同時，顯而易見的是，以股票為導向的產品會以更顯著的方式受益，利率更低。

And I think one of the great things about our firm is we have the ability to capture that benefit across a wide range of equity products and things we own, both on the individual investor side and the institutional side.

我認為我們公司最棒的一點是，我們有能力從我們擁有的各種股票產品和資產中獲得這種收益，無論是個人投資者還是機構投資者。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Jon, I was hoping you could unpack a little bit what's going on in direct lending, both on the wealth side and the institutional side. On the one hand, obviously, we saw redemptions pick up, not surprisingly last quarter gross sales on Gen 1 looks like they slowed down a little bit in BCRED still. So what's the sentiment from advisers? How long do you think this will continue on the wealth side of things?

喬恩，我希望你能稍微解釋一下直接貸款領域的情況，包括財富管理方面和機構貸款方面。一方面，顯然我們看到兌換量有所增加，不出所料，上個季度第一代產品的總銷售額在 BCRED 中似乎仍然有所放緩。那麼顧問們的看法如何呢？你認為這種財富方面的趨勢會持續多久？

And then importantly, it looks like on the institutional, it's been almost the opposite where your fundraising dynamics on direct lending and the direct lending side are quite strong. So help us understand kind of both of those markets as we stand today.

而且重要的是，在機構方面，情況似乎幾乎正好相反，直接貸款方面的籌款動態和直接貸款方面都相當強勁。所以請您幫我們了解目前這兩個市場的現況。

Well, Alex, you characterized it well. On the institutional side, where they're looking at the fundamentals and it's not the headlines and some of the noise here is not as impactful. Their confidence in what we're doing and their need in many ways, is going up. So if you think about it on the insurance side, the fact that investment-grade credit is at 71 basis points, corporate investment-grade credit, which is the tightest level since 1998.

嗯，Alex，你描述得很到位。從機構層面來看，他們關注的是基本面，而不是新聞頭條，因此這裡的一些噪音影響不大。他們對我們工作的信心以及他們在許多方面的需求都在增加。所以，從保險的角度來看，投資等級信貸利率為 71 個基點，企業投資等級信貸利率為 1998 年以來最低。

The fact that we can bring our insurance clients an extra 180 basis points, which is what we did in 2025, obviously motivates them in this area. And similarly, as rates come down, on the noninvestment-grade side, they still see the benefit of the incremental yield because of our farm-to-table model that we can bring them as investors directly up to borrowers without all the origination, securitization, financing friction. And so that's helpful.

我們能夠為保險客戶帶來額外的 180 個基點，而這正是我們在 2025 年所做的，這顯然激勵了他們在這個領域努力。同樣地，隨著利率下降，在非投資等級債券方面，他們仍然可以看到增量收益的好處，因為我們的「從農場到餐桌」模式可以將他們作為投資者直接帶到借款人面前，而無需所有發起、證券化、融資摩擦。所以這很有幫助。

On BCRED and wealth specifically, the numbers are, as you know, we raised $14 billion in BCRED last year in the fourth quarter was $3.3 billion despite the noise -- we did see this uptick in redemptions, which is not a surprise given all the headlines out there, although, of course, it's very different than what we're seeing on the ground in reality.

關於 BCRED 和財富管理，具體數字是，正如您所知，我們去年在 BCRED 上籌集了 140 億美元，儘管外界有很多傳言，但第四季度籌集了 33 億美元——我們確實看到了贖回量的上升，考慮到所有相關的頭條新聞，這並不令人意外，當然，這與我們實際看到的大相徑庭。

Yes, there will be losses in noninvestment-grade credit. The key, of course, is your portfolio healthy. Last year, we saw actually high single-digit growth in the EBITDA of our borrowers. The loan to values are sub-45%, and rates are coming down. So the credit metrics are healthy. The key remains can we deliver a durable premium to what you can get in liquid credit and that we feel very confident.

是的，非投資等級信貸會出現損失。當然，關鍵在於你的投資組合是否健康。去年，我們借款人的 EBITDA 實際上實現了接近兩位數的成長。貸款成數低於 45%，利率也在下降。因此，信貸指標狀況良好。關鍵在於我們能否提供比流動信貸更持久的溢價，而我們對此非常有信心。

In terms of sort of outlook, we'll have to wait and see on the redemption front. Over time, but I think performance will be a key driver here on that. And on inflows, I think it's notable that the last two months despite all of this, we've had $800 million of gross inflows each of the last few months in excess of that.

至於前景如何，我們只能拭目以待了。隨著時間的推移，我認為性能將是關鍵驅動因素。至於資金流入，我認為值得注意的是，儘管發生了所有這些事情，但在過去的兩個月裡，我們每個月的總流入量都超過了 8 億美元。

So we have a lot of confidence in the portfolio and the outlook over time despite these headlines.

儘管有這些負面新聞，我們對投資組合和長期前景仍然充滿信心。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

So maybe a little more of a -- you know what, I'm going to go with the management fee question, sorry. So I think we and consensus have that flattish near-term management fee growth that you talked about, but we also have a ramp in '26 and it ramps up even more in '27.

所以，或許我更想談談──你知道嗎，我還是回答管理費的問題吧，抱歉。所以我認為我們和大家一致認為，正如你所說，近期管理費增長將趨於平穩，但我們在 2026 年也會有所增長，2027 年還會進一步增長。

So I guess I'm looking for you to talk to when about you see the ramp and the why, meaning how much and when do you -- is it about the deployment of all the dry powder? How much do you see fee holiday running off and helping in over the next couple of quarters?

所以我想和你談談你看到斜坡以及原因的時候，我的意思是，你打算投入多少，以及何時投入——這是否與部署所有乾粉有關？您認為學費減免政策在未來幾季能帶來多少收益和幫助？

Sure. Well, look, overall, I think as I outlined in my remarks, you have this picture of overall strength and in the private equity credit and the SMA segment, 17% base management fee growth in the fourth quarter year over year, you have that really entering the year with significant momentum in those areas, put a little more context around that in sort of the shape of the year in the period ahead that you said, first, we have talked about our new drawdown fundraising cycle that is underway.

當然。嗯，總的來說，正如我在發言中概述的那樣，整體形勢強勁，私募股權信貸和SMA板塊第四季度基本管理費同比增長17%，這些領域在新的一年伊始就展現出強勁的增長勢頭。為了更全面地了解未來一年的發展趨勢，正如您所說，首先，我們已經談到了正在進行的新一輪提款融資週期。

We're actively fundraising for five PE drawdowns, among others. We're targeting over $50 billion for those in aggregate where we expect it will be materially larger than their respective predecessors in aggregate. And following what we expect to be the commencement of their investment periods in the first half of the year and then file (technical difficulty) at different lengths, we expect all five to be fee earning by year end. So going to say you have the continued seasoning and expansion of perpetual strategies overall. Perpetual capital is 48% of our fee earning AUM, that's up 18% year over year.

我們正在積極籌集資金，用於五項私募股權基金的提款，以及其他一些項目。我們的目標是總計超過 500 億美元，預計這將比它們各自的前身總計規模大得多。我們預計這五家公司將在上半年開始投資期，然後提交不同長度的文件（技術困難），預計到年底，這五家公司都將開始收取費用。所以可以說，你們擁有持續的、不斷改進和擴展的永續策略。永續資本占我們收費資產管理規模的 48%，年增 18%。

You have this quite impressive scaling in BXPE. You have BXINFRA just entering its second year, coming off holiday. Obviously, of our BIP area, new products coming. And then overall, from a business line standpoint, this strong momentum in credit insurance across channels and really broadening diversity in AUM in that area up 19%. And I talked about real estate in my remarks.

BXPE 的擴充性非常出色。BXINFRA 才剛進入第二年，剛結束假期。顯然，在我們BIP領域，會有新產品推出。從業務線角度來看，信用保險在各個管道都保持著強勁的成長勢頭，並且該領域的資產管理規模 (AUM) 也真正實現了多元化，增長了 19%。我在發言中談到了房地產問題。

So fundamentally, we're on this upward trajectory. We feel really good about our positioning. I just commented on sort of the shape of some of these major new drawdowns and sort of the timing of fundraising closes, launches, and fee holidays. And so you will see that upward ramp in contribution in the course of the year and then full year contribution next year.

所以從根本上來說，我們正處於上升期。我們對自己目前的市場定位非常滿意。我剛剛評論了一些重大新基金的發行計劃的大致情況，以及基金募資結束、發行和費用減免的時間表。因此，你會看到今年的貢獻金額逐漸增加，明年將達到全年貢獻。

And I would note, in this year, you also will have full year contribution of a couple newer drawdown funds like the second growth fund, the life sciences fund. And so you have those embedded components around the overall picture.

另外，我想指出的是，今年你們還將獲得幾個較新的提取基金的全年供款，例如第二增長基金和生命科學基金。因此，整體畫面周圍就有了這些嵌入式組件。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

So Michael, maybe just to follow up on that in the context of all that growth, how you're thinking about FRE margin and the potential for expansion in 2026?

那麼邁克爾，為了進一步探討一下，在所有這些成長的背景下，您如何看待 FRE 利潤率以及 2026 年的擴張潛力？

Sure. Look, I think as this past year illustrated, we think our margin position is fundamentally strong. The expanded over 100 basis points to a fiscal year record in the context of record FRE and we do always sort of advise people to look at the full year. And as it relates to 2026, in terms of drivers to note, as we've said before, there's a level of sensitivities to (inaudible) and transaction fees. And we think the setup for both of those are quite strong entering the year.

當然。你看，我認為正如過去一年所表明的那樣，我們認為我們的利潤率狀況從根本上來說是很強的。在創紀錄的 FRE 背景下，擴大了 100 多個基點，創下了財政年度紀錄，我們總是建議人們專注於全年數據。至於 2026 年，需要注意的驅動因素，正如我們之前所說，對（聽不清楚）和交易費用有一定程度的敏感度。我們認為，這兩方面的準備工作在年初都相當充分。

On operating expenses, we had previously outlined a path of a decelerating rate of growth for 2025, and that is what happened. And we feel good about the continuation of that trend over time. All of this in the context of quite healthy expected top line revenue. So at this stage in the year, you've heard me say before, we would view the starting point again as margin stability with the potential for upside. So that's what I would sort of leave you with here in January.

關於營運費用，我們之前已經制定了 2025 年成長速度放緩的路線圖，而事實也正是如此。我們對這一趨勢的持續發展感到樂觀。這一切都發生在預期營收相當健康的背景下。所以，正如我之前所說，在今年的這個階段，我們會再次把起點視為利潤率穩定，並且具有上漲潛力。這是我一月想留給大家的總結。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Great. Those last two questions were similar to mine. Maybe if I can extend it to '27 just because the ramp-up happens more in the back half of the year, especially with the turn on of the various private equity funds and fee holidays. So looking at base management fee growth of probably 11%-ish or similar in '26 to 25%, again, just because the ramp is happening in the back half. But as we get into '27, does that portend an inflection point upward, back to base management fee growth rates that are closer to what we saw in the '20 to 2022 cycle, versus low double-digit side?

偉大的。最後兩個問題和我的很相似。或許我可以把期限延長到 2027 年，因為業務成長主要發生在下半年，尤其是隨著各種私募股權基金的啟動和費用減免政策的實施。因此，預計 2026 年基本管理費成長率可能在 11% 左右到 25% 之間，這主要是因為成長高峰發生在下半年。但到了 2027 年，這是否預示著一個向上的拐點，基本管理費成長率將回到 2020 年至 2022 年周期中我們看到的水平，而不是兩位數的低點？

And then also, if I can layer in the FRE margin question for '27. Is it fair to assume that you -- if you have that accelerating revenue growth. Obviously, it depends on (inaudible). But can you continue to scale that for FRE margin improvement in '27? And is there any ceiling you're thinking about for FRE margin in that content?

另外，如果我能把 27 年的 FRE 利潤率問題也加進去就好了。如果收入成長加速，是否可以合理地假設你…顯然，這取決於…（聽不清楚）但是，您能否在 2027 年繼續擴大規模，以提高 FRE 利潤率？您對該內容的免費增值利潤率有任何上限設想嗎？

Thanks, Brian. I would say, overall, as you're hearing, we feel quite good about 2026, and we feel really good about 2027, just overall across the business from a fee-related earnings standpoint, from a -- as part of that fee-related performance revenues with obviously, the infrastructure, every three-year large incentive fee happening late that year.

謝謝你，布萊恩。總的來說，正如你所聽到的，我們對 2026 年感覺相當不錯，對 2027 年感覺非常好，就整個業務而言，從與費用相關的收益角度來看，從——作為與費用相關的績效收入的一部分，顯然，基礎設施，以及每年年底每三年一次的大額激勵費用。

With transaction fees over the next couple of years. Around net realizations, certainly, if this sort of market cycle we see continues and with margins as well. So without getting too granular, certainly for a couple of years from now, that's the overall picture. And structurally and in terms of the kind of timing of those new fundraises, I mentioned and the fact that they'll contribute full year fees in 2027 and the other factors and yes, around operating leverage, we feel quite good about it.

未來幾年將收取交易手續費。當然，如果這種市場週期持續下去，淨實現額和利潤率都會受到影響。所以，在不深入細節的情況下，至少在未來幾年內，這就是整體情況。從結構上看，就我提到的這些新融資的時機而言，以及他們將在 2027 年繳納全年費用的事實，還有其他因素，是的，關於營運槓桿，我們對此感覺相當不錯。

Mike Brown, UBS.

麥克布朗，瑞銀集團。

So in light of the DOL's proposed rules facilitating the alts in 401(k) plans last week, I just wanted to check in and see if you had kind of an updated view on how the market could start to open up and if you're expecting anything in 2026.

鑑於美國勞工部上週提出了有利於 401(k) 計劃中另類投資的規則，我想了解一下您對市場如何開始開放的最新看法，以及您對 2026 年有何預期。

And then just on a related note, where does the alliance with Vanguard and Wellington today, is there any new developments to share on that front?

另外，順便提一下，目前與 Vanguard 和 Wellington 的聯盟進展如何？這方面有什麼新的進展可以分享嗎？

So on the 401(k) front, we obviously have to wait and see what the administration puts out. There's a rule-making process, so I would expect '26 as a year of sort of building and hopefully, the rules coming out. And I think you'll begin to see capital raising more in '27 on the 401(k) side.

所以，關於 401(k) 計劃，我們顯然需要等待政府發布相關政策。規則制定過程正在進行中，所以我預計 2026 年將是規則制定和完善的一年，希望屆時規則能夠出台。我認為從 2027 年開始，401(k) 的資金籌集將會更加頻繁。

I do think that if we get a favorable outcome here that allows private assets to move into American Workers savings program, I do think long term, it has a very significant potential. And obviously, for us, as the largest player with the biggest products, that it positions us quite well and obviously, the strength of our brand also.

我認為，如果我們能取得有利的結果，允許私人資產流入美國工人儲蓄計劃，那麼從長遠來看，這將具有非常巨大的潛力。顯然，作為擁有最大產品線的最大玩家，這讓我們處於非常有利的地位，而且顯然也增強了我們的品牌實力。

So -- it's something we're very focused on. We have an excellent team and leadership group on it, but it's something that's going to build, and I see this as sort of a foundational year.

所以——這是我們非常關注的事情。我們擁有一支優秀的團隊和領導團隊，但這需要時間發展，我認為今年是奠定基礎的一年。

On the Vanguard, Wellington front, there's not a lot I can say I do think that we will hopefully be launching products this year in the first half of the year. I'm not sure I can go much beyond that. But to me, it speaks to just what's happening to alternatives and the fact that in the wealth channel, they continue to spread out, and we're hopeful that we can reach a broader audience beyond sort of very top end of potential clients, wealth advisers.

關於 Vanguard 和惠靈頓方面，我沒什麼好說的，但我認為我們預計在今年上半年推出產品。我不確定我還能提供多少資訊。但對我來說，這也說明了另類投資的發展趨勢，以及它們在財富管道中不斷擴張的事實，我們希望能夠接觸到更廣泛的受眾，而不僅僅是高端潛在客戶和財富顧問。

And there are a lot of people, I think, interested in these products, particularly if we can make them easier to access. And so I would just say, overall, in wealth and individual investors that the firm's brand and the performance we've delivered is pretty extraordinary. And that this is an area where I think there is lots and lots of -- overall, lots and lots of opportunity, we've been at it for many years. We did our first drawdown product going back to 2002.

我認為，很多人對這些產品感興趣，特別是如果我們能讓它們更容易獲得的話。因此，總的來說，對於財富和個人投資者而言，公司的品牌和我們所取得的業績都非常出色。我認為這是一個充滿機會的領域，我們已經在這個領域耕耘多年。我們最早推出的回檔式產品可以追溯到 2002 年。

We did our first semi-liquid perpetual now nine-plus years ago with BREIT and we built up a lot of goodwill in this channel. And I think you will continue to see new products come online, we filed something in the hedge fund area as well recently. I think you'll see us continue to deliver for these customers and continue to expand. And what's nice about this AUM, as you know, it's in this perpetual format, it tends to stick for long periods of time and compounds.

九年多前，我們與 BREIT 合作完成了第一個半流動性永續合約，並在該管道中積累了大量的良好聲譽。我認為你會看到越來越多的新產品上線，我們最近也在對沖基金領域提交了一些申請。我認為我們將繼續為這些客戶提供優質服務，並不斷擴大業務。如您所知，這種資產管理規模 (AUM) 的好處在於，它是永久的，往往會持續很長時間並不斷增值。

So we have a lot of optimism and it's on multiple fronts within this wealth and retirement area.

因此，我們對財富和退休領域的多個面向都抱持著很高的樂觀態度。

Brennan Hawken, BMO.

Brennan Hawken，BMO。

In the perpetual wealth management strategies, what does the AUM base look like across geographies, particularly interested in what the exposure is as far as Asia goes, to Asian investors. And it would be great if you could to give that breakdown by asset class?

在永續財富管理策略中，不同地區的資產管理規模基礎為何？尤其關注亞洲投資者的投資曝險。如果您能按資產類別提供詳細數據，那就太好了！

I don't know if we have that, [handy], what I would say is the vast majority of the capital comes from the US And within Asia, I think the next biggest market for us globally is Japan, which is a market that obviously has long-term stickiness.

我不知道我們是否有這樣的條件，[方便的]，我想說的是，絕大部分資金來自美國。在亞洲，我認為我們全球第二大市場是日本，這是一個顯然具有長期黏性的市場。

And then we've had recent great success in Canada. We do have an investment base in Hong Kong and Singapore, and we're spreading out around the globe, but it continues to be a US-dominated business with Japan now a strong number two for us.

然後，我們最近在加拿大也取得了巨大的成功。我們在香港和新加坡確實有投資基地，並且正在向全球擴張，但這仍然是一個以美國為主導的業務，日本現在是我們強大的第二大市場。

Brian McKenna, Citizens.

Brian McKenna，市民。

So just a bigger picture question for me. As Blackstone has become bigger and bigger over the years, I mean, there's been some questions from time to time around your ability to keep generating strong outperformance. But if you look at your results over the past year, I think you could argue that fundamentals are only accelerating here and then performance across most of the businesses is only getting better.

所以，我問的是一個比較宏觀的問題。隨著黑石集團這些年來規模越來越大，我的意思是，人們時不時會質疑你們是否有能力繼續創造強勁的超額收益。但如果你看看過去一年的業績，我認為可以說基本面正在加速成長，而且大多數業務的業績都在不斷改善。

I think this is a great example of why scale is so important in the industry. But as the company continues to grow from here, how do you make sure you continue to deliver for your investors and then also make sure you're preserving your culture across the firm.

我認為這很好地說明了規模在行業中為何如此重要。但隨著公司不斷發展壯大，如何確保繼續為投資人創造價值，同時又能確保公司文化在整個公司範圍內得以傳承？

It's a great question. I would say we have a fair drive at this place that starts with Steve at the top and a desire to deliver for our customers. The reason we've grown so much over 40 years is because we haven't lost sight of True North, which is delivering returns for our customers. And so for us, what we're utilizing is the enormous scale advantages in terms of insights coming from our companies, our real estate and infrastructure and translating that into deployment of capital.

這是一個很好的問題。我認為我們公司有著良好的發展勢頭，這始於史蒂夫的領導，以及為客戶創造價值的願望。我們之所以在過去 40 年裡發展如此迅速，是因為我們從未忘記初心，那就是為我們的客戶帶來回報。因此，對我們來說，我們正在利用的是我們公司、房地產和基礎設施所帶來的巨大規模優勢，以及由此產生的洞察力，並將這些洞察力轉化為資本部署。

And so you've seen this thematic push into AI infrastructure, both digital and energy infrastructure. You see this in geographically, the big focus we've had in India probably is the leading foreign investor there in private equity and real estate. Our push into Japan as well, which has paid off for us so well in Asia overall. Our focus on secondaries and GP stakes and our knowledge of alternatives using that to translate into terrific returns.

因此，我們看到了人工智慧基礎設施，包括數位基礎設施和能源基礎設施，都在大力推進。從地理上看，我們在印度的重點可能是作為私募股權和房地產領域的主要外國投資者。我們進軍日本市場的舉措也為我們在亞洲的整體發展帶來了巨大的成功。我們專注於二級市場和普通合夥人持股，並利用我們對另類投資的了解，將其轉化為豐厚的回報。

Obviously, our enormous scale in real estate, which is a competitive advantage. And in credit, doing this on an asset-light basis just based on our relationships with clients and the ability to write these very large checks allows us in our minds and in the numbers to outperform.

顯然，我們在房地產領域擁有龐大的規模，這是一個競爭優勢。在信貸方面，我們以輕資產的方式開展業務，僅憑與客戶的關係以及開出巨額支票的能力，就能在我們認為和數據上取得優異的成績。

So I know everyone's always like, oh, larger, it's worse. I think in this environment, having more scale and more data is a meaningful moat and we are trying to capitalize that for our investors each and every day.

我知道大家總是說，哦，越大越糟。我認為在這種環境下，擁有更大的規模和更多的數據是一個重要的護城河，我們每天都在努力為我們的投資者利用這一點。

There is a very much of an entrepreneurial spirit in this place. there is a fair sense of urgency and desire and will to win and none of that is going away. And so I think the key thing to look at is we raised $71 billion of inflows in the quarter, $239 billion in a year in what has still been a pretty tough environment, real estate lagging, the M&A and IPO markets not quite open yet and look at what we're doing.

這裡充滿了創業精神，人們有著強烈的迫切感、渴望和必勝的決心，而這些特質都不會消失。所以我認為關鍵在於，我們本季籌集了 710 億美元的資金流入，一年內籌集了 2390 億美元，而目前的環境仍然相當艱難，房地產市場滯後，併購和 IPO 市場尚未完全開放，看看我們正在做什麼。

So we think the future as the world normalized cost of capital comes down, you have what's happening in the AI world economy growing faster, productivity picking up and us investing in sectors we really like.

所以我們認為，隨著全球資本成本正常化下降，人工智慧領域的經濟將加速成長，生產力將不斷提高，而我們也將投資於我們真正喜歡的產業，未來將會更加美好。

We think that we'll really get this flywheel going, which is why you hear this optimism on the call.

我們認為我們真的能讓這個飛輪運轉起來，這就是為什麼你在電話會議中能聽到這種樂觀情緒。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

I wanted to follow up on some of the discussion on the exit environment. I hear the optimism around the IPO opportunity in particular. But just curious if you could comment a little bit on what you're seeing regarding financial and strategic sponsor-backed M&A. What does that mean for the near-term pipeline? I think your commentary about the ramp is more predicated on the IPO cycle just taking some time despite the growing pipeline. But how are you thinking about other types of M&A, which we expect maybe in the next couple of quarters? How should we be thinking about that?

我想就離職環境的一些討論做個後續探討。我尤其感受到大家對IPO機會的樂觀情緒。我只是好奇您能否就您看到的由財務和策略贊助商支持的併購活動發表一些看法。這對近期管道建設意味著什麼？我認為你關於上市速度的評論更多是基於這樣一個事實：儘管專案儲備不斷增加，但IPO週期仍然需要一些時間。但您對其他類型的併購有何看法？我們預計未來幾季可能會出現這類併購。我們該如何看待這個問題？

Well, the strength in the stock market is certainly helping. We announced a defense contracting business that we sold in the fourth quarter, which was maybe it was early this year, maybe in the last couple of weeks, archive that we sold, and that was from a strategic.

股市的強勁表現無疑起到了積極作用。我們宣布了一項國防承包業務，該業務已於第四季度出售，可能是在今年年初，也可能是在過去幾週內，這是我們出售的檔案，這是一項戰略舉措。

We do see strategics now given the strength of their stocks and the fact that the regulatory environment is much more conducive for M&A, there's more confidence as we've sort of normalized the approach in terms of evaluating antitrust issues, that's been very helpful.

鑑於策略性股票的強勁表現，以及監管環境更加有利於併購，我們現在確實看到了策略性股票的上漲。隨著我們在評估反壟斷問題方面的方法逐漸正常化，人們的信心也增強了，這非常有幫助。

So I would expect a mix. IPOs are obviously helpful for a number of these companies. But I think we will see strategic. There was an announcement this week on the state side, where a large manager bought a smaller credit manager that we had a stake in, again, that reflects an M&A environment that's improving. So I think it's fair to say it's on both sides.

所以我預計會是兩者兼具。IPO顯然對其中許多公司都很有幫助。但我認為我們會看到策略層面的改變。本周美國方面傳來消息，一家大型管理公司收購了我們持有股份的一家規模較小的信貸管理公司，這再次反映出併購環境正在改善。所以我覺得說雙方都有這個問題是公平的。

And then on real estate specifically, we did see a 21% increase in overall M&A activity in real estate. We talked about the strength in logistics. We've seen some of the stocks on the screen start to pick up. I would not be surprised as you start to get momentum in that space, particularly as you move towards the latter half of the year, you'll see a pickup there as well.

具體到房地產領域，我們看到房地產併購活動整體成長了 21%。我們討論了物流方面的優勢。我們看到螢幕上的一些股票開始上漲。隨著你在該領域逐漸獲得發展勢頭，尤其是在下半年，我不會感到驚訝，你會看到該領域的成長。

So -- we did lean a lot into the IPO story, but I do think M&A and strategic sales will be there, and they'll continue to be financial buyers for some assets as well.

所以——我們確實非常重視IPO的故事，但我認為併購和策略性出售也會繼續存在，他們也將繼續作為財務買家收購一些資產。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

So I wanted to ask on the outlook for credit flows. You cited the $700 million of equity raised in 4Q. Those flows appear to be accelerating. I was hoping you could speak to what the reception has been for the product how you're approaching marketing the offering given just a more complex regulatory apparatus in Europe?

所以我想問一下信貸流動的前景如何。你提到了第四季籌集的 7 億美元股權融資。這些流量似乎正在加速。希望您能談談該產品的市場反應如何，以及考慮到歐洲更複雜的監管體系，您是如何進行市場推廣的？

And -- as you think about your North Star, whether BCRED is a reasonable paradigm to anchor to as you think about how much this could scale over a longer horizon?

那麼——當你思考你的北極星時，BCRED 是否是一個合理的範式，可以用來錨定你在更長遠的時間內可以擴展到什麼程度？

Well, we're excited about the BCRED product. Direct lending in Europe is a compelling area. The spreads are wider. The loan to values are lower. We've had a product that has delivered 10% inception-to-date returns lower rate economy in Europe. It is a harder place to distribute product because of the regulatory matrix that exist in Europe but we are beginning to get more and more traction.

我們對BCRED產品感到非常興奮。歐洲的直接貸款領域極具吸引力。價差擴大了。貸款成數較低。我們的產品自問世以來，在歐洲低利率經濟環境下已實現了 10% 的回報率。由於歐洲現有的監管體系，產品分銷變得更加困難，但我們正開始獲得越來越多的進展。

Some of the new structures that have come out in the UK and on Continental Europe, we believe, will make it easier. And the fact that we've delivered this consistent performance. So I think this is a product that could scale, it's not the size of the US market. So I wouldn't have those kind of expectations. But certainly, it's gone from raising single-digit dollars or euros.

我們相信，英國和歐洲大陸出現的一些新結構將使這一切變得更容易。而事實上，我們一直保持著這種穩定的高水準表現。所以我認為這款產品有潛力擴大規模，它不像美國市場那麼小。所以我不會抱持那種期望。但可以肯定的是，它已經不再像以前那樣籌集到個位數的美元或歐元了。

Now, as you pointed out, $700 million in a quarter, and we have real positive momentum there. So it's an example, again, of the strength of our platform and the way it's globalizing and the growing receptivity to private assets not only in the US but around the world.

正如你所指出的，一個季度就達到了 7 億美元，我們在這方面確實取得了積極的進展。這再次體現了我們平台的實力，以及它走向全球化的方式，也體現了人們對私人資產的接受度不斷提高，不僅在美國，而且在世界各地都是如此。

And so this is one where we're going to just keep focusing on it, keep delivering strong returns, and I think it can consistently grow.

所以我們會繼續專注於這個項目，並繼續帶來強勁的回報，我認為它可以持續成長。

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通。

Curious how you see the deployment opportunities developing in real estate this year particularly core versus opportunistic? And you've got plenty of capital still in the latest flagship BREP funds. How does the deployment pipeline look for those funds this year?

您認為今年房地產領域的投資機會將如何發展，特別是核心投資與機會型投資的差異？而且，您在最新的旗艦 BREP 基金中仍然擁有大量資金。今年這些資金的部署計畫進度如何？

Well, I'd say it's been a little bit lumpy. We've done some big things. We said here, we've deployed across the whole real estate platform in the last two years, $50 billion. But sellers generally are a bit reluctant because people obviously want to see higher prices, want to see the sector recover I think you'll continue to see us find some big things to do. I think we'll continue to invest in AI infrastructure and data centers in the space.

嗯，我覺得有點不盡人意。我們做了一些大事。我們之前說過，在過去兩年裡，我們在整個房地產平台上的部署規模達到了 500 億美元。但賣家通常有點猶豫，因為人們顯然希望看到更高的價格，希望看到這個行業復甦。我認為你會看到我們繼續找到一些大事要做。我認為我們將繼續投資於該領域的人工智慧基礎設施和資料中心。

I think we'll continue to look for privatizations because certain parts of the public real estate market are lagging. And then as values start to move up again and sellers become more motivated, I think we'll see transaction activity pick up. It's still very low relative to historic levels. And again, this is an asset class that's not going away. Real estate has fallen pretty far out of favor and yet hard assets, apartments, logistics, beachfront hotels, they're definitely going to have long-term demand.

我認為我們會繼續尋求私有化，因為公共房地產市場的某些部分發展落後。然後，隨著房價再次上漲，賣家的出售意願增強，我認為我們會看到交易活動增加。與歷史水平相比，目前仍處於非常低的水平。而且，這種資產類別不會消失。房地產已經相當不受青睞，但硬資產，如公寓、物流、海濱旅館等，肯定會有長期需求。

I would say, I think the focus for us initially will be more on the opportunistic side. But over time here, I think you'll see more and more transaction activity.

我認為，我們最初的重點會更多地放在抓住機會方面。但隨著時間的推移，我認為你會看到越來越多的交易活動。

Arnaud Giblat, BNP.

Arnaud Giblat，法國巴黎銀行。

I was wondering if you could carry on the real estate side. Could you talk a bit more about the outlook for performance in multifamily. I mean, I heard what you said with regards to the very low levels of new starts and potential from recap improvements bleeding into performance. But I was just wondering if you could develop a bit more what are the drivers you see that could help the performance in multifamily.

我想知道您是否可以繼續從事房地產方面的工作。能否再詳細談談多戶住宅市場的發展前景？我的意思是，我聽到了你說的關於新啟動資金水平非常低以及資本重組帶來的改進對業績的潛在影響。但我只是想問一下，您能否再詳細闡述一下，您認為哪些因素可以提高多戶住宅的效能？

What we've seen in multifamily in the US has been pretty slow growth, in some cases, modestly negative, pretty flat the last couple of years as the absorption of construction and slower job growth just basically led to a relatively flat market.

我們看到美國多戶住宅市場的成長相當緩慢，在某些情況下甚至略有下降，過去幾年市場基本上持平，因為建築需求的消化和就業成長放緩基本上導致了市場相對穩定。

I think the good news sign goes back to the supply dynamic, which is the starts are now down two-thirds from their peak. That takes a while to work through the system. But when you stop building new supply, that should be supportive of rental values over time. And again, this is a sector so long as the population continues to grow.

我認為好消息在於供應動態，目前開賽數量比高峰下降了三分之二。這需要一段時間才能透過系統完成。但是，當停止建造新的供應時，從長遠來看，這應該會對租金價值起到支撐作用。而且，只要人口持續成長，這個產業就會一直存在。

There's some aging of existing stock. There should be incremental demand and better fundamentals, we have seen an improvement over what we saw versus 6 months ago, 12 months ago. And again, the cost to own remains pretty high, which is pushing people into the rental area.

現有庫存有些老化。需求應該會逐步成長，基本面也會有所改善，我們看到的情況比 6 個月前、12 個月前都要好。而且，購屋成本仍然很高，這迫使人們轉向租賃市場。

So I would say, overall, logistics is clearly in a better position today, which is our biggest asset class, multifamily in the US. Our second biggest area is beginning to show some better signs, but that lack of new supply, combined with a healthy economy should create a favorable dynamic as we work through this year.

所以我認為，整體而言，物流業如今的處境明顯更好，而物流是我們最大的資產類別，美國的多戶住宅產業也是如此。我們第二大區域開始出現一些好轉跡象，但缺乏新的供應，加上健康的經濟，應該會為我們今年的工作創造有利的局面。

Patrick Davitt, Autonomous Research.

Patrick Davitt，自主研究。

You talked about the increased demand for IG Private Credit, but mostly from institutional pools, it seems like retail demand for those strategies has been slow to develop, just looking at VMAX and similar products from other managers. -- do you think the relative yields or returns are to be low relative to other products in the market? Or is it something else?

您提到市場對投資等級私募信貸的需求有所增長，但主要來自機構投資者，散戶投資者對這類策略的需求似乎發展緩慢，看看VMAX和其他基金經理人的類似產品就知道了。 ——您認為這類產品的收益率或回報率相對於市場上的其他產品會比較低嗎？還是另有隱情？

And then, I guess, looking forward, given your discussions and education process with the distributors, do you see a path to a meaningful uptick there as that process plays out?

那麼，展望未來，考慮到您與經銷商的討論和培訓過程，您是否認為隨著這一過程的進行，將會有實質的成長？

So what I would say on the individual investor side, there clearly is more attraction to higher-yielding products on credit relative to the institution who are just looking at a pure fixed income replacement, but I do think over time, these things will evolve. I mean, if you think about the evolution of alternatives, they really started at the highest level with private equity and real estate private equity.

所以，就個人投資者而言，與僅僅尋求純粹固定收益替代品的機構相比，他們顯然對高收益信貸產品更有吸引力，但我認為隨著時間的推移，這些事情會發生變化。我的意思是，如果你想想另類投資的發展歷程，它們實際上是從最高層級的私募股權和房地產私募股權開始的。

And over time, with institutions have also migrated into infrastructure and real estate and performing credit non-investment grade now investment grade. I would guess as alternatives mature over time and they're more and more accepted, you'll see a similar path. It may not happen overnight, but they won't just think about I'm going to do an alternative just because I'm going to get a double-digit return.

隨著時間的推移，機構也開始涉足基礎設施和房地產領域，信用評級也從非投資等級提升到了投資等級。我猜想，隨著替代方案日益成熟並被越來越多人接受，你會看到類似的路徑。這可能不會在一夜之間發生，但他們不會因為能獲得兩位數的回報就想著去做其他事情。

I think people will begin to recognize the benefit of a premium return over what I can get in liquid markets. But as it relates to fixed income, investment-grade fixed income today, it's not there yet.

我認為人們會開始意識到，相較於流動性較強的市場，溢價報酬的優勢顯而易見。但就固定收益，尤其是目前的投資等級固定收益而言，它還沒有達到那個水準。

Crispin Love, Piper Sandler.

克里斯平·洛夫，派珀·桑德勒。

You announced the BREIT bonus shares early in the quarter. It's not huge, but first, how is the uptake on that special so far? And then was that driven by your opportunity to deploy capital in real estate -- and then where are you most focused in that area for deployment?

你們在本季初就宣布了BREIT的獎勵股份計劃。雖然規模不大，但首先，目前為止，這項特別活動的反應如何？那麼，這是否是出於您在房地產領域部署資本的機會？ ——那麼，您在該領域的部署重點是什麼？

And then also just separately, how are your institutional investors in real estate. Is the interest improving noticing a shift in sentiment?

另外，請問問貴公司在房地產領域的機構投資人狀況如何？市場興趣是否有提升？市場情緒是否有所改變？

Well, I definitely say that the institutional owners are much more open to hearing about real estate than they were, let's say, two years ago. That sentiment is starting to shift and getting better.

嗯，我絕對認為，與兩年前相比，機構投資者現在更願意了解房地產行業的情況。這種情緒正在開始轉變，而且越來越好。

On the individual side, we have seen some uptick in BREIT over the last year, but it's been modest. The motivation for the bonus shares was really about attracting more capital to invest into what we think will be a very favorable environment.

從個人角度來看，過去一年 BREIT 的漲幅有所增加，但幅度不大。派發紅股的真正目的是為了吸引更多資金投資於我們認為將非常有利的投資環境。

We did have in December the best net flows in the BREIT that we've seen in more than three years. So -- but at this point, I think it's still too early to see what the reaction is going to be.

12 月份，BREIT 的淨資金流入量達到了三年多來的最高水準。所以——但就目前而言，我認為判斷各方反應還為時過早。

I think the key thing with BREIT, as with all these products be performance. So the fact that we posted something at 8.1% last year, which was well better than the public markets well better than other private REITs is important.

我認為，對於BREIT來說，關鍵在於表現，就像所有這些產品一樣。因此，我們去年取得了 8.1% 的收益率，遠好於公開市場，也遠優於其他私人 REITs，這一點非常重要。

We've got to continue to consistently deliver strong performance. I believe if we do that, we'll begin to see the flows pick up in BREIT over time.

我們必須繼續保持穩定的高水準表現。我相信如果我們這樣做，隨著時間的推移，我們將看到 BREIT 的資金流動開始增加。

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

隊列中沒有其他問題。我想把電話轉回給韋斯頓·塔克，讓他補充或作總結發言。

Great. Thanks, everyone, for joining us today and look forward to following up after the call.

偉大的。感謝各位今天參加我們的電話會議，期待會後與您進行後續交流。

Goodbye.

再見。