Blackstone Inc. (BX) 2026 Q2 法說會逐字稿

Good day, and welcome to the Blackstone second quarter 2026 investor call. Today's conference is being recorded. (Operator Instructions)

各位好，歡迎參加黑石集團 2026 年第二季投資人電話會議。今天的會議將進行錄音。(接線員指示)

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

此刻，我想將會議交給股東關係主管 Weston Tucker。請開始。

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

謝謝你，Katie，各位早安，歡迎參加黑石集團第二季電話會議。今天與會者包括：董事長暨執行長 Steve Schwarzman；總裁暨營運長 Jon Gray；以及副董事長暨財務長 Michael Chae。

Earlier this morning, we issued a press release and slide presentation, which are available on our website. We expect to file our 10-Q report in a few weeks. I'd like to remind everyone 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. A discussion of some of the factors that could affect results, please see the Risk Factors section of our 10-K.

今天稍早，我們已發布新聞稿與簡報投影片，均可於我們的網站取得。我們預計在幾週內提交 10-Q 報告。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，且可能與實際結果存在重大差異。我們不承擔更新這些陳述的任何義務。關於可能影響結果的部分因素之討論，請參閱我們 10-K 的「風險因素」章節。

We will 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. Audiocast is copyrighted material of Blackstone and may not be duplicated without consent.

我們也將提及非 GAAP 衡量指標，您可在我們網站股東專區的新聞稿中找到調節表。另請注意，本次電話會議的任何內容均不構成出售或招攬購買任何黑石基金權益之要約。本音訊直播為黑石之著作權資料，未經同意不得複製。

On results, we reported GAAP income for the quarter of $2.4 billion. Distributable earnings were $2 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 August 3.

就業績而言，我們本季 GAAP 淨利為 24 億美元。可分配盈餘為 20 億美元，或每股普通股 1.52 美元，並宣告每股股利 1.29 美元。股利將支付給截至 8 月 3 日登記在冊的持有人。

And with that, I'll now turn the call over to Steve.

接下來，我把電話會議交給 Steve。

Good morning, and thank you for joining our call. Blackstone reported outstanding second quarter results with distributable earnings up 26% year over year to $2 billion, as Weston mentioned, approximately the same rate of earnings growth we delivered in the first quarter. Fee-related earnings grew 22% year over year in the second quarter, while net realizations rose 27% despite the geopolitical volatility. Total inflows reached nearly $70 billion in the quarter and over $260 billion for the last 12 months, lifting assets under management, 11% year over year to a record $1.35 trillion.

各位早安，感謝加入我們的電話會議。黑石第二季繳出亮眼成績，可分配盈餘年增 26% 至 20 億美元，如 Weston 所提，約與我們第一季交出的盈餘成長率相同。第二季費用相關盈餘年增 22%，而儘管地緣政治波動，淨實現收益仍上升 27%。本季總資金流入接近 700 億美元，過去 12 個月超過 2,600 億美元，帶動管理資產規模年增 11% 至創紀錄的 1.35 兆美元。

The most significant driver of these strong results continues to be the large-scale investments we made in artificial intelligence-related areas, including data centers, energy and power, and the frontier AI companies themselves. These investments are leading to standout results in numerous strategies across the firm and are supporting our momentum in fundraising, deployment as we start to monetize some of the substantial gains we've been building in these areas in performance revenues.

推動這些強勁成果的最重要因素，仍是我們在人工智慧相關領域所做的大規模投資，包括資料中心、能源與電力，以及前沿 AI 公司本身。這些投資正帶動公司多項策略的突出表現，並在我們開始將這些領域累積的可觀收益部分變現為績效收入之際，支撐我們在募資與投資部署上的動能。

Over the past several years, we've been regularly sharing our views on the transformative potential of AI and how we've been positioning the firm to benefit from the paradigm shift that is underway. Blackstone has become one of the largest private capital providers in the AI ecosystem, a position that gives our investors unique access to the remarkable opportunities emerging in this area and allows them to share directly in the extraordinary potential upside. Many of these opportunities, of course, can't be replicated in the public markets. We built the largest data center development business in the world, and demand for compute is accelerating.

過去幾年，我們持續分享對 AI 變革性潛力的看法，以及我們如何布局以受惠於正在發生的典範轉移。黑石已成為 AI 生態系中最大的私募資本提供者之一，這一地位讓我們的投資人能獨特地接觸此領域湧現的卓越機會，並可直接分享其非凡的上行潛力。當然，其中許多機會無法在公開市場複製。我們打造了全球最大的資料中心開發業務，而對運算能力的需求正在加速。

We became one of the most active private investors in power and utilities and energy demand is significantly rising. And we invested directly into the fastest-growing private companies in the world, including Anthropic, Open AI, and SpaceX. And we're now creating new companies and platforms that we believe will play a critical role in the advancement of AI, including four in the second quarter alone.

我們也成為電力與公用事業領域最活躍的私募投資人之一，而能源需求正顯著上升。此外，我們直接投資於全球成長最快的私營公司，包括 Anthropic、OpenAI 與 SpaceX。我們也正在創建新的公司與平台，並相信其將在 AI 的推進中扮演關鍵角色，僅第二季就有四個。

First, we teamed with Google to build a new AI cloud provider, powered by their TPU chips, investing up to $5 billion initially. We think this business has the potential to scale quite significantly over time as the first neo cloud for TPUs. Second, we partnered with Anthropic to form a company focused on driving enterprise adoption of their AI-powered solutions, helping firms to realize the vast potential of this technology.

第一，我們與 Google 合作打造新的 AI 雲端服務供應商，以其 TPU 晶片為核心，初期投資最高達 50 億美元。我們認為，作為首個面向 TPU 的新型雲（neo cloud），此業務隨時間推進具備相當可觀的擴張潛力。第二，我們與 Anthropic 合作成立一家公司，專注推動企業採用其 AI 驅動解決方案，協助企業實現這項技術的巨大潛力。

Third, we joined Broadcom and another manager to create a financing platform in support of Broadcom's deployment of large-scale AI compute for their end customers. The platform provided $35 billion initially to deliver 1 gigawatt of compute, representing the largest private credit investment in history with much more to come. And fourth, alongside these partnerships with leading AI companies, we launched a Blackstone REIT known as BXDC, something public market investors can access directly to acquire stabilized newly constructed data centers.

第三，我們與 Broadcom 及另一家資產管理機構共同建立一個融資平台，以支持 Broadcom 為其終端客戶部署大規模 AI 運算能力。該平台初期提供 350 億美元資金以交付 1 吉瓦的運算能力，這是史上最大規模的私募信貸投資，後續還會有更多。第四，除與領先 AI 公司的合作外，我們推出一檔名為 BXDC 的黑石 REIT，讓公開市場投資人可直接投資，以收購已穩定營運、且為新建成的資料中心。

The $2 billion offering representing the largest blind pool REIT IPO in history, a testament to our leadership position in this sector. The market for long-term ownership of stabilized data centers is nascent today, but we think it could grow to $1 trillion over time and beyond, representing massive potential for BXDC.

這筆 20 億美元的發行，為史上最大規模的盲池 REIT IPO，彰顯我們在此領域的領導地位。目前，針對已穩定營運資料中心的長期持有市場仍處於萌芽階段，但我們認為其隨時間可能成長至 1 兆美元甚至更高，為 BXDC 帶來龐大潛力。

In addition to these new ventures, we're seeing extraordinary momentum in our data center platform, which has grown to $185 billion of total value, including facilities under construction, up from $130 billion at the start of just this year. We expect to lease over three times more capacity this year than any other year in our history. If we execute on our pipeline, our data center platform could double over the next few years.

除這些新事業外，我們的資料中心平台也展現非凡動能，總價值（含興建中設施）已成長至 1,850 億美元，較今年年初的 1,300 億美元大幅提升。我們預期今年的出租容量將超過我們歷史上任何一年，達到三倍以上。若能按計畫執行我們的管線，未來幾年我們的資料中心平台規模可能翻倍。

Growth of this type, underpinned by long-duration leases with some of the highest quality and most creditworthy customers in the world is a compelling illustration of what can be created in private markets. And while it's still early in the life cycle of our data center investments, as one indication of their significant embedded value, we recently sold our stake in the collection of fully leased assets that are still under construction at a multibillion-dollar gain.

這類成長由長天期租約所支撐，承租方為全球最優質、信用最強的客戶之一，充分展現私募市場能創造的成果。雖然我們的資料中心投資仍處於生命週期早期，但作為其顯著內含價值的一項佐證，我們近期出售了對一組仍在興建、但已全數出租資產的持股，實現數十億美元的收益。

Meanwhile, in energy, we continue to actively invest to help meet rising global demand, including in utilities, utility services, renewables, pipelines, LNG, and electrical equipment across both equity and debt. We've generated highly differentiated returns for LPs in these areas as well as highlighted the performance of our energy focused strategies.

同時，在能源方面，我們持續積極投資以協助滿足全球日益上升的需求，涵蓋公用事業、公用事業服務、再生能源、管線、LNG 與電氣設備，並同時布局股權與債務。我們在這些領域為 LP 創造了高度差異化的報酬，也突顯了我們能源聚焦策略的績效表現。

Last week, in credit, we announced a $5.3 billion investment for leading energy infrastructure company, Williams, to support multiple development projects to power data centers. This investment provides yet another example of Fortune 500 companies looking to private markets for customized long-duration capital solutions. I'm sharing these examples to highlight the remarkable scale of capital needed for the AI build-out and the unprecedented opportunities it's creating for Blackstone and our investors.

上週，在信貸方面，我們宣布對領先的能源基礎設施公司 Williams 投資 53 億美元，以支持多項為資料中心供電的開發專案。此投資再次顯示《財富》500 大企業正轉向私募市場，尋求量身打造、長天期的資本解決方案。我分享這些例子，是為了凸顯 AI 建設所需資本的驚人規模，以及其為黑石與我們投資人創造的前所未有機會。

At the same time, there are investment risks and uncertainties that accompany the rapid growth of AI, along with important societal considerations. In terms of risks, we're mindful of the potential for excessive exuberance in this area, and we've carefully chosen our spots leveraging our scale and knowledge advantage to build conviction. We focused on identifying compelling risk-adjusted returns with outside upside potential, in many cases, meaningful downside protection.

同時，AI 的快速成長也伴隨投資風險與不確定性，以及重要的社會層面考量。就風險而言，我們留意此領域可能出現過度亢奮的情況，並運用我們的規模與知識優勢審慎選擇切入點，以建立投資信念。我們專注於辨識具吸引力的風險調整後報酬，並保有額外上行潛力；在許多情況下，也具備實質的下行保護。

On the societal implications of AI, I've been extensively engaged on this topic since I made a major donation in 2018 to MIT establishing the Schwarzman College of Computing. And this includes a focus on AI safety. I've been spending a lot of time with leaders in the industry and various policymakers think about how to address this critical issue while also preserving the advancement of America's AI leadership.

關於 AI 對社會的影響，自 2018 年我向麻省理工學院（MIT）進行一筆重大捐贈、成立施瓦茨曼計算學院（Schwarzman College of Computing）以來，我一直深度投入於此議題。其中也包括對 AI 安全的關注。我花了大量時間與產業領袖及各類政策制定者交流，思考如何在維持美國 AI 領導地位持續進步的同時，應對這項關鍵議題。

In addition, the firm is working closely with our portfolio companies, including our data center businesses to address the workforce, environmental, and community implications of development. Through the creation of union jobs, workforce training, water-free cooling systems, expanded power generation, and significant local economic investment. Our goal is for these projects to contribute to the success of the communities we serve.

此外，本公司正與我們的投資組合公司密切合作，包括我們的資料中心業務，以因應開發對勞動力、環境與社區所帶來的影響。透過創造工會工作機會、勞動力培訓、無水冷卻系統、擴增發電能力，以及對當地經濟的大規模投資。我們的目標是讓這些專案能為我們所服務的社區成功作出貢獻。

Overall, I believe the potential change from AI as precedent in the Industrial Revolution and the commercialization of electricity. Each time in history, there's been this type of dramatic change. Economies have adjusted, and the standard of living for virtually everyone in society has improved over time.

總體而言，我認為 AI 所帶來的潛在變革可與工業革命以及電力商業化相提並論。歷史上每一次都出現過這類劇烈變化。經濟體已經調整，而社會中幾乎所有人的生活水準也隨時間推移而提升。

We believe the future impact of AI will echo these previous periods, but with more rapid implementation and complexity. Major change of this type also creates anxiety due to the uncertainties of how the technology will evolve and its ultimate impact. We will need to monitor these developments as a society and course correct when necessary.

我們相信，AI 未來的影響將呼應這些過往時期，但其落地速度更快、複雜度更高。此類重大變革也會因技術如何演進及其最終影響的不確定性而引發焦慮。作為一個社會，我們需要監測這些發展，並在必要時進行修正。

In closing, we are in the early days of what I believe will be the most consequential transformation in industry and markets in a generation. Private capital will play a vital role in these advancements. And Blackstone is the leading firm. I have great optimism for what's in store for our investors. And for shareholders, our stock is on sale today, and we believe it represents one of the most inexpensive ways to participate in this extraordinary megatrend.

最後，我們正處於我認為將成為一代人以來對產業與市場最具深遠影響之轉型的早期階段。私募資本將在這些進展中扮演至關重要的角色。而黑石是領先的公司。我對我們投資人未來的前景充滿樂觀。對股東而言，我們的股票今天正在特價出售，我們相信這代表參與這一非凡超級趨勢（megatrend）最便宜的方式之一。

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

接下來我把時間交給 Jon。

Thank you, Steve, and good morning, everyone. The seed planting we've been doing across the firm around AI and AI infrastructure is generating outstanding returns. A relentless focus on investment performance remains our True North. Our clients are responding with robust inflows across all of our major fundraising channels, institutions, insurance companies, and individual investors, the three Is. At the same time, the IPO market is strengthening, setting the foundation for greater realizations and performance revenues over time.

謝謝你，Steve，各位早安。我們在全公司圍繞 AI 與 AI 基礎設施所做的播種，正在帶來卓越的回報。對投資績效的持續專注仍是我們的「真北」（True North）。客戶正以強勁的資金流入回應，涵蓋我們所有主要募資通路：機構、保險公司與個人投資人，也就是三個 I。同時，IPO 市場正在走強，為未來更高的變現與績效收入奠定基礎。

I'll speak about each of these dynamics in detail. Starting with our institutional business, which remains the core engine of our firm. Investor affinity for Blackstone is as strong as ever, and we're seeing our momentum accelerate across numerous areas.

我將就這些動態逐一詳細說明。先從我們的機構業務談起，這仍是本公司的核心引擎。投資人對黑石的偏好一如既往地強勁，我們也看到在多個領域的動能正在加速。

In infrastructure, we launched our dedicated platform eight years ago. And today, it is a rocket ship with AUM growing a remarkable 40% year over year to $90 billion. AI is powering our investments in digital and energy infrastructure, in particular, leading to 18% net annual return since inception for the co-mingled AIP strategy.

在基礎設施方面，我們於八年前推出專屬平台。而今天，它正如火箭般成長，管理資產規模（AUM）年增驚人的 40%，達到 900 億美元。AI正驅動我們在數位與能源基礎設施的投資，尤其使共同投資的 AIP 策略自成立以來達成 18% 的年化淨報酬。

Meanwhile, our multi-asset investing business, BXMA, is experiencing a renaissance. We originally entered the hedge fund of funds business in 1990 and effectively relaunched this platform in 2021 when we brought on Joe Dowling to lead it. BXMA has now delivered 25 consecutive quarters of positive returns for its largest strategy with Q2 representing the best returns in six years. AUM reached a record $109 billion, up 21% year over year, representing its fastest organic growth in nearly 15 years when the segment was less than half of its current size. Post quarter end, on July 1, BXMA reported an additional $4.8 billion of monthly inflows, its best single month of fundraising in history.

同時，我們的多元資產投資業務 BXMA 正迎來復興。我們最初於 1990 年進入基金中的基金（fund of funds）避險基金業務，並在 2021 年延攬 Joe Dowling 領導後，實質上重新啟動了這個平台。BXMA 目前已為其最大策略連續 25 個季度交出正報酬，第二季更創下六年來最佳表現。AUM 達到創紀錄的 1,090 億美元，年增 21%，為近 15 年來最快的有機成長；當時該部門規模還不到目前的一半。在季後、7 月 1 日，BXMA 公布單月新增資金流入 48 億美元，為其史上最佳單月募資表現。

Turning to our institutional drawdown area, which is accelerating. We are raising a new cycle of funds across a number of highly differentiated strategies. Three of these funds hit their hard cap so far in 2026 with excess demand, an opportunistic private credit, life sciences, and Asia private equity, and we expect our new private equity energy transition flagship to hit its hard cap soon as well.

接著談我們的機構型封閉式基金（drawdown）領域，正在加速成長。我們正於多項高度差異化策略上募集新一輪基金。截至 2026 年，目前已有三檔基金在需求超額下達到硬上限（hard cap），分別為機會型私募信貸、生命科學與亞洲私募股權；我們也預期新的私募股權能源轉型旗艦基金很快也將達到硬上限。

Taken together, these four strategies represent nearly $40 billion. Our Asia PE flagship held its final close in the second quarter, raising $13.1 billion, more than double the previous vintage on the back of a 27% net annual return in the prior fund since inception. Our decision to focus on India, where we believe we have the largest alternatives business, and Japan has been a key driver of this performance. Our fifth key energy transition flagship closed on nearly $6 billion in the second quarter, already equal in size to the prior vintage on its way to an expected $8.7 billion.

合計而言，這四項策略的規模接近 400 億美元。我們的亞洲私募股權旗艦基金於第二季完成最終募集（final close），募得 131 億美元，較上一期（vintage）翻倍以上，主要受惠於前一檔基金自成立以來 27% 的年化淨報酬。我們決定聚焦印度（我們認為我們在當地擁有最大的另類資產業務）與日本，是推動此績效的關鍵因素。我們第五檔重點能源轉型旗艦基金於第二季完成募集接近 60 億美元，規模已與上一期相當，並正朝預期 87 億美元邁進。

In secondaries, we've raised over $14 billion today for our new buyout flagship with a target of at least $22 billion. And in credit, we held closings for new drawdown vehicles in direct lending and asset-based finance. Overall, our institutional business has extraordinary forward momentum.

在次級市場（secondaries）方面，我們目前已為新的收購型（buyout）旗艦基金募集超過 140 億美元，目標至少 220 億美元。在信貸方面，我們也為直接放貸與資產擔保融資（asset-based finance）的新封閉式工具完成多次募集結束（closings）。整體而言，我們的機構業務具備非凡的前瞻動能。

Stepping back for a moment on credit where our combined platform has grown to nearly $550 billion across corporate and real estate credit, up 13% year over year. Inflows were $33 billion in the second quarter or nearly 50% of the firm's total. We're seeing continued strong engagement with institutions across our non-investment-grade strategies despite the market noise earlier in the year.

稍微退一步談信貸：我們整合後的平台在企業與不動產信貸合計管理資產規模已接近 5,500 億美元，年增 13%。第二季資金流入為 330 億美元，約占全公司總流入的近 50%。儘管年初市場雜音不斷，我們仍看到機構客戶在我們的非投資等級策略上持續高度參與。

At the same time, we're benefiting significantly from the massive secular shift underway toward investment-grade private credit. A new direct-to-customer model has taken hold, which brings clients right up to borrowers, leading to a better experience for both.

同時，我們也顯著受惠於正在進行中的、朝向投資等級私募信貸的大規模結構性轉移。一種新的直達客戶（direct-to-customer）模式已成形，讓客戶能直接接觸借款人，為雙方帶來更佳體驗。

In the insured channel specifically, this model is resonating as is our open architecture approach. Our insurance AUM reached $290 billion in the second quarter, up 15% year over year, representing the largest third-party focused platform in our sector.

特別是在保險通路中，這種模式與我們的開放式架構（open architecture）做法同樣引起共鳴。我們的保險 AUM 於第二季達到 2,900 億美元，年增 15%，為本產業中最大、以第三方為核心的平台。

We announced a new partnership with Japan's largest life insurer, Nippon Life, in which we will deploy approximately $10 billion in private credit over the next several years and also invest in their domestic real estate portfolio. This builds on our existing relationship with Nippon Life through their investments in Corebridge and Resolution Life, both of which are major partners of ours.

我們宣布與日本最大壽險公司日本生命（Nippon Life）建立新的合作夥伴關係；未來數年我們將部署約 100 億美元於私募信貸，並投資其日本國內不動產投資組合。此合作也延續我們與日本生命既有的關係，包含其對 Corebridge 與 Resolution Life 的投資，而這兩者皆為我們的重要合作夥伴。

In total, we now have 40 clients in our dedicated insurance solutions area, a number which has nearly doubled in the past two years, and we continue to add more on a global basis. We're building something highly differentiated in this channel. And have established a massive sale advantage with the combined strength of 40 of the leading insurers in the world, all without taking on insurance liabilities.

總計而言，我們在專屬保險解決方案領域目前已有 40 家客戶，過去兩年幾乎翻倍，且我們仍持續在全球範圍新增客戶。我們正在此通路打造高度差異化的事業。並憑藉全球 40 家領先保險公司的綜合實力，建立了巨大的銷售優勢，而且完全不需承擔保險負債。

Moving to private wealth. Performance and brand are the ultimate determinants of success in the wealth channel, and Blackstone is a leader in both. Despite the geopolitical turmoil -- turbulence and muted flows in credit, our AUM in the channel grew 16% year over year in the second quarter to a record $324 billion.

接著談私人財富（private wealth）。在財富通路中，績效與品牌是決定成功的最終因素，而黑石在兩者皆居領先地位。儘管地緣政治動盪——市場波動且信貸資金流入偏弱，我們在該通路的 AUM 於第二季仍年增 16%，達到創紀錄的 3,240 億美元。

Total sales were $8.6 billion in the quarter, with a slower pace in April and May when sentiment related to the Iran conflict was most negative but a strong recovery in June. This momentum has continued so far in Q3.

本季總銷售額為86億美元；4月與5月因市場情緒受伊朗衝突影響最為負面而步調較慢，但6月強勁回升。這股動能至今在第三季仍持續。

BXPE led the way again in the second quarter with $2.4 billion raise, bringing its NAV to over $25 billion in only 10 quarters. June represented the best month of sales since launch at $1.2 billion. BXPE has achieved a remarkable 20% net annualized return since inception for its largest share class, including approximately 8% net in the second quarter, powered by its outstanding portfolio positioning. Our infrastructure vehicle in private wealth, BXINFRA, raised approximately $900 million in the second quarter, bringing its NAV to $6 billion in just six quarters, underpinned by a 16% annualized net return in its largest share class.

BXPE在第二季再度領先，募資24億美元，使其在僅10個季度內將淨資產價值（NAV）提升至超過250億美元。6月以12億美元成為自推出以來銷售表現最佳的月份。BXPE自成立以來，其最大份額類別已取得亮眼的20%淨年化報酬率，其中第二季約為8%淨報酬，主要受惠於其卓越的投資組合配置。我們面向私人財富的基礎建設載體BXINFRA於第二季募得約9億美元，使其在僅六個季度內將NAV提升至60億美元；其最大份額類別以16%年化淨報酬率作為支撐。

BREIT raised $1.2 billion in the second quarter, while repurchases continued to define sharply falling 42% year over year and down 33% sequentially from Q1.

BREIT於第二季募得12億美元；同時，回購仍是主軸，年減幅度明顯達42%，且較第一季環比下降33%。

Resulting in the best regular way net flows in nearly four years. The vehicle has generated a 9.4% net return for its largest share class since inception 9.5 years ago. approximately 40% above the public REIT index, including 10.3% net for the last 12 months. BREIT's investment in data centers, which now comprise 27% of the portfolio, has been particularly helpful. NAV increased 7% year over year to $57 billion.

因此，創下近四年來最佳的常規淨流入。該載體自9.5年前成立以來，其最大份額類別已產生9.4%的淨報酬率，約比公開REIT指數高出40%，其中過去12個月淨報酬為10.3%。BREIT對資料中心的投資（目前占投資組合的27%）特別有助益。NAV年增7%至570億美元。

BREIT is clearly back in growth mode. Finally, Brad's gross sales were $1 billion in the second quarter. repurchase requests remained elevated and exceeded the 5% limit with approximately 50% fulfilled resulting in net outflows of $1.2 billion. The semi-liquid structure of BCRED and our private wealth perpetuals is designed to provide greater liquidity than traditional drawdown funds while protecting performance. We have been here before with BREIT.

BREIT顯然已重回成長模式。最後，Brad的第二季總銷售額為10億美元；回購申請仍維持在高位並超過5%的上限，約有50%獲得滿足，導致淨流出12億美元。BCRED以及我們面向私人財富的永續型產品之半流動性結構，旨在在保護績效的同時，提供較傳統分期提撥（drawdown）基金更高的流動性。我們在BREIT上曾經歷過類似情況。

And while it is early in the third quarter, redemption requests are down materially. Looking forward, our performance supports innovation Yesterday, the first two funds in our alliance with Wellington and Vanguard officially launched WVB All Markets and WVB Blackstone All Privates. With inflows expected to start later this quarter. These funds provide the individuals with simplified access to three world-class asset management firms, including the full breadth of the Blackstone platform. Together, the alliance is actively exploring additional strategies, including for the retirement market.

而且儘管第三季才剛開始，贖回申請已大幅下降。展望未來，我們的績效支持創新：昨天，我們與Wellington及Vanguard結盟的前兩檔基金已正式推出，分別為WVB All Markets與WVB Blackstone All Privates。預期資金流入將於本季稍晚開始。這些基金為個人投資者提供簡化的方式，得以接觸三家世界級資產管理公司，包括Blackstone平台的完整廣度。該聯盟也正積極探索更多策略，包括退休市場相關策略。

And later this summer, the firm expects to accept our first subscriptions to BXHF our new perpetual multi-strategy hedge fund product targeting more liquid exposures. Adoption of private markets in the wealth channel remains on a structurally positive trajectory and Blackstone continues to lead the way. Finally, turning to the IPO market, which has strengthened considerably. At the start of the year, we predicted that 2026 would be the year of the IPO, and that is what's playing out. In the first six months of the year, US.

此外，今年夏末，公司預期將開始接受BXHF（我們新的永續型多策略避險基金產品）的首批申購，該產品鎖定較具流動性的曝險。私人市場在財富通路的採用仍處於結構性正向的軌道上，而Blackstone持續領先。最後，談到IPO市場，其已明顯轉強。年初我們預測2026年將是IPO之年，而目前正如預期發展。在今年前六個月，美國

IPO activity increased sixfold compared to the same time last year, while global issuance rose more than 3.5 hold. Against this backdrop, Blackstone has executed three IPOs since May, a mobile advertising business in the US, an office REIT in India and the firm's stabilized data center REIT, BXDC. This week, we launched another significant IPO in the US. In total, we have eight IPOs on file globally from a range of sectors and geographies. While geopolitical developments will continue to impact markets, we are optimistic on the direction of travel with our IPO activity, providing the foundation for greater realizations over time.

IPO活動較去年同期增加六倍，而全球發行量上升超過3.5倍。在此背景下，Blackstone自5月以來已完成三宗IPO：美國的一家行動廣告業務、印度的一檔辦公室REIT，以及公司已穩定化的資料中心REIT——BXDC。本週，我們在美國推出另一宗重要IPO。合計而言，我們在全球各地、涵蓋多個產業與地理區域，目前共有八宗IPO申報在案。儘管地緣政治發展仍將持續影響市場，我們對IPO活動的發展方向保持樂觀，這將為未來逐步提升變現（realizations）奠定基礎。

In closing, our highly diversified capital-light performance-driven model continues to deliver. I'm extremely confident about the future.

總結而言，我們高度多元化、輕資本且以績效驅動的模式持續交出成果。我對未來極具信心。

With that, I will turn things over to Michael Chae.

接下來我把時間交給Michael Chae。

Thanks, Jon, and good morning, everyone. Firm's continued evolution and the expanding scope of our activity have fundamentally transformed our earnings power, both in terms of the magnitude as well as the breadth of sources of earnings. In the second quarter, we again delivered over 20% year-over-year growth across total revenues, fee revenues, fee-related earnings, net realizations and distributable earnings, following a similar trajectory for these metrics in Q1. Meanwhile, our funds reported strong overall investment performance against a backdrop of significant geopolitical uncertainty, highlighted by notable strength in our AI-related portfolio, as you've heard this morning. Starting with results.

謝謝你，Jon，各位早安。公司持續演進以及我們活動範疇的擴大，已從根本上改變了我們的獲利能力，無論是在規模大小或獲利來源的廣度方面。第二季，我們在總營收、費用收入、費用相關收益、淨變現收益以及可分配收益等指標上，再度實現超過20%的年增成長，延續第一季這些指標的相似走勢。同時，在顯著的地緣政治不確定性背景下，我們的基金仍呈現強勁的整體投資表現，其中以我們AI相關投資組合的顯著強勢最為突出，正如各位今早所聽到的。先從業績結果談起。

Distributable earnings increased 26% year over year to $2 billion in the second quarter or $1.52 per share, underpinned by one of the three best quarters of fee-related earnings in our history, along with robust growth in net realizations. First, with respect to FRE, which increased 22% year over year to $1.8 billion or $1.43 per share. Fee revenues also rose 22% to $3 billion, with double-digit year-over-year growth in all 4 of our segments: 32% growth in private equity, 21% in real estate, 18% in BXMA and 11% in credit. In terms of the underlying drivers of fee revenue growth, transaction and advisory fees for the firm nearly doubled in the second quarter to a record $321 million, and were up 52% sequentially from Q1. The expansion of our platform and overall levels of financing and investment activity has led to a material step-up in these revenues, representing an important and underappreciated engine fee revenue gain.

第二季可分配收益年增26%至20億美元，或每股1.52美元；主要受惠於我們歷史上費用相關收益表現最佳的三個季度之一，以及淨變現收益的強勁成長。首先，就FRE而言，年增22%至18億美元，或每股1.43美元。費用收入亦上升22%至30億美元，且我們四大業務分部皆呈現兩位數年增：私募股權成長32%、不動產21%、BXMA 18%、信貸11%。就費用收入成長的底層驅動因素而言，公司第二季交易與顧問費幾乎翻倍至創紀錄的3.21億美元，且較第一季環比成長52%。我們平台的擴張，以及整體融資與投資活動水準的提升，帶動這些收入出現實質性躍升，成為一個重要且常被低估的費用收入成長引擎。

Further, fee-related performance revenues increased 68% year over year to $793 million in the second quarter. Powered by the scaling and strong overall investment performance of our platform of perpetual strategies. These revenues increased nearly threefold for both BFE and BREIT, alongside contributions from BCRED, BIP, BXINFRA, and other vehicles.

此外，第二季費用相關績效收入年增68%至7.93億美元。主要由我們永續型策略平台的規模擴張與整體強勁投資表現所驅動。BFE與BREIT的此類收入皆接近三倍成長，同時也有來自BCRED、BIP、BXINFRA及其他載體的貢獻。

Pay management fees for the firm grew at a mid-single-digit rate year over year, in line with the trajectory we previously outlined. We saw strong double-digit growth in base fees in private equity in BXMA some deceleration in year-over-year growth in credit related to the BDC area and a decline in real estate due to harvesting activity in the (inaudible) opportunistic funds and headwinds in our institutional cores business, as I mentioned last quarter.

公司付費管理費（paid management fees）年增為中個位數，符合我們先前所說明的走勢。我們看到私募股權與BXMA的基本費用呈現強勁的兩位數成長；信貸方面因BDC領域因素使年增成長有所放緩；不動產則因（聽不清）機會型基金的收割（harvesting）活動，以及我們機構核心（institutional core）業務面臨逆風而下滑，正如我上季提到的。

We continue to expect similar year-over-year base management fee growth for the firm in the third quarter as in Q2 with a return to double-digit growth in base management fees in 2027.

我們仍預期公司第三季的基本管理費年增成長將與第二季相近，並在2027年回到兩位數的基本管理費成長。

Turning to net realizations. We reported $414 million in the second quarter, up 27% year over year. Gross performance revenues grew 32% year over year to $731 million, underpinned by a 20% increase in private equity. While real estate performance revenues rose nearly fivefold to the highest level in four years.

接著談淨變現收益（net realizations）。第二季我們報告為4.14億美元，年增27%。總績效收入年增32%至7.31億美元，其中私募股權成長20%提供支撐。同時，不動產績效收入幾乎成長五倍，達到四年來最高水準。

We noted last quarter that the geopolitical volatility had pushed out exit pipelines and slowed realization activity in the near term. Even so, we were able to execute a number of dispositions across the firm, including the data center sale that Steve discussed, along with multiple realizations in the energy portfolio. These included a manufacturer of engineered structures for electric transmission, natural gas pipeline, a Europe-based environmental services firm and the public stock of an energy solutions company. Overall, a firm's embedded realization potential is significant. The net accrued performance revenue on our balance sheet, our store value now stands at $7.5 billion or $6 per share, the highest level in 4 years, up 13% year over year and up 7% sequentially from Q1.

我們在上一季指出，地緣政治波動已使退出管線延後，並在短期內放緩了變現活動。即便如此，我們仍得以在全公司執行多項處分交易，包括 Steve 所提到的資料中心出售，以及能源投資組合中的多筆變現。這些包括一家電力輸電工程結構製造商、一項天然氣管線資產、一家以歐洲為基地的環境服務公司，以及一家能源解決方案公司的公開股票。整體而言，本公司內嵌的變現潛力相當可觀。我們資產負債表上的淨累計績效收入（我們的 store value）目前為 75 億美元，或每股 6 美元，為 4 年來最高水準，年增 13%，較第一季亦季增 7%。

And while we do expect a sequential deceleration in net realizations in the third quarter, we anticipate a robust fourth quarter and 2027. That brings me to investment performance, which, as Steve mentioned, was highlighted by outstanding returns and numerous strategies driven in significant part by our AI-related portfolio. This was illustrated in our returns in infrastructure our dedicated energy strategies, BXPE, BREIT and the most recent vintages of our corporate private equity and real estate opportunistic funds, which have favorable exposure to this area. BXMA's strong overall returns also benefited from its positioning in the AI area. For the firm overall, AI-related holdings comprised 9 of the 10 largest markups in the second quarter.

雖然我們確實預期第三季淨變現將較前一季放緩，但我們預期第四季以及 2027 年將表現強勁。接下來談投資績效，如 Steve 所提到的，本季亮點在於卓越報酬與多項策略的亮眼表現，而這在很大程度上是由我們與 AI 相關的投資組合所帶動。這點反映在我們的基礎建設報酬、專注能源的策略、BXPE、BREIT，以及我們公司私募股權與不動產機會型基金的最新期次（vintages）之報酬表現，這些策略對該領域具有有利曝險。BXMA 的整體強勁報酬也受惠於其在 AI 領域的布局。就全公司而言，與 AI 相關的持有部位在第二季占了前十大估值上調（markups）中的 9 項。

Our dedicated infrastructure platform appreciated 7.2% in the quarter and an exceptional 29% for the last 12 months. Our US and Europe focused data center business QTS was once again the largest single driver of appreciation in infrastructure, real estate for the firm overall in Q2, driven by continued extraordinary leasing momentum. We also saw significant gains across other data center investments in the US and Asia.

我們專注的基礎建設平台本季升值 7.2%，過去 12 個月更達到卓越的 29%。我們聚焦美國與歐洲的資料中心業務 QTS，再次成為第二季基礎建設、不動產以及全公司整體升值的最大單一驅動因素，主要受惠於持續非凡的租賃動能。我們也看到在美國與亞洲的其他資料中心投資出現顯著增長。

The corporate private equity funds appreciated 3.7% in the second quarter and 14% for the last 12 months. Our holdings in power and electrification, both private and public, along with strong performance in Asia were the largest drivers of Q2 returns. The most recent vintages of our corporate private equity strategies were the best performing powered by these areas, including appreciation of 6.1% in the quarter for our latest global flagship, 8.8% for Asia and 23.6% for our most recent fully invested energy fund. Overall, our private equity operating companies continue to report healthy underlying fundamentals including revenue growth of 11% year over year. BXMA reported a 5.8% gross return for the absolute return of composite in the second quarter and over 15% for the LTM period.

公司私募股權基金第二季升值 3.7%，過去 12 個月升值 14%。我們在電力與電氣化領域的持有部位（包含私募與公開市場），以及亞洲的強勁表現，是第二季報酬的最大驅動因素。我們公司私募股權策略的最新期次表現最佳，受上述領域帶動，包括我們最新全球旗艦基金本季升值 6.1%、亞洲策略升值 8.8%，以及我們最新、已完全投資的能源基金升值 23.6%。整體而言，我們的私募股權營運型公司持續回報健康的基本面，包括營收年增 11%。BXMA 在第二季的綜合絕對報酬（composite）錄得 5.8% 的總報酬，過去 12 個月（LTM）則超過 15%。

BXMA has delivered positive composite returns in each of the last 25 quarters, as John noted, and in 38 of the past 39 months, a remarkable achievement, notwithstanding the significant volatility in public markets over this period. Strong investment performance across the BXMA platform in Q2 led to the segment's highest dollar fund depreciation in history and is supporting robust inflows and continued double-digit year-over-year growth in AUM. In credit, our non-investment grade private credit strategies reported a gross return of 1% in the second quarter and 7% for the last 12 months, reflecting stable underlying credit performance across the vast majority of our holdings. With strong current income providing balance to returns. Here too, our energy funds outperformed with our most recent BGREEN 3 reporting a 4.5% gross return in the quarter.

如 John 所提，BXMA 在過去 25 個季度皆交出正向的綜合報酬，且在過去 39 個月中有 38 個月為正，這是一項非凡成就，儘管期間公開市場波動顯著。第二季 BXMA 平台的強勁投資表現，使該事業部創下史上最高的美元基金折舊（depreciation）水準，並支撐強勁資金流入與管理資產（AUM）持續維持年增雙位數成長。在信貸方面，我們的非投資級私募信貸策略第二季錄得 1% 的總報酬，過去 12 個月為 7%，反映我們絕大多數持有部位的基礎信用品質表現穩定。強勁的當期收益為報酬提供了平衡。在此方面，我們的能源基金同樣表現優於同業，其中最新的 BGREEN 3 本季錄得 4.5% 的總報酬。

Finally, in real estate. Overall valleys appreciated modestly in the second quarter, led by strength of data centers, partly offset by declines in life sciences office and certain other areas. While the recovery in commercial real estate has been impacted by the increase in base rates, our platform remains well positioned with data centers, logistics and rental housing, now comprising nearly 80% of the global equity portfolio. In logistics, our largest exposure to real estate we're seeing US leasing activity meaningfully reaccelerate.

最後談不動產。整體估值在第二季小幅上升，主要由資料中心的強勢帶動，但部分被生命科學辦公室及其他若干領域的下跌所抵銷。雖然商用不動產的復甦受到基準利率上升的影響，我們的平台仍具備良好布局：資料中心、物流與租賃住宅目前合計已占全球股權投資組合近 80%。在物流方面，作為我們不動產最大的曝險，我們看到美國租賃活動明顯再度加速。

And for data centers, it's hard to overstate their importance impact, the most recent vintages of our breadth Global and Asia strategies, which appreciated 7% and 3.7% in the second quarter, respectively, along with our BPPS institutional core+ vehicle and, of course, BREIT are benefiting significantly from their growing exposure to data centers. So overall, AI is helping to drive investment performance across the firm, particularly in the latest vintages of our funds. In closing, we're in a time of massive demand for capital to fuel historic growth in the most critical areas and private markets are the solution.

至於資料中心，其重要性與影響再怎麼強調都不為過；我們的 BREIT Global 與 Asia 策略最新期次在第二季分別升值 7% 與 3.7%，連同我們的 BPPS 機構型 core+ 產品，當然也包括 BREIT，都因資料中心曝險持續提高而顯著受益。因此整體而言，AI 正在推動全公司投資績效，尤其是在我們基金的最新期次上更為明顯。總結來說，我們正處於一個對資本需求極為龐大的時期，以支撐最關鍵領域的歷史性成長，而私募市場正是解決方案。

For Blackstone, the breadth, scale, and reach of the business we built over four decades have put us in a unique position to be the leader in providing these solutions. Thank you for joining today's call, and we would like to open it up now for questions.

對 Blackstone 而言，我們在四十年中打造的業務廣度、規模與觸及範圍，使我們處於獨特位置，能成為提供這些解決方案的領導者。感謝各位參與今天的電話會議，現在我們想開放提問。

(Operator Instructions) Glenn Schorr, Evercore.

（接線員指示）Glenn Schorr，Evercore。

Maybe we'll pick up where you just left off, Michael. I respect all the 20-plus percent growth numbers that you all ran through. You've got a lot of capital raising, a ton of dry powder and all the seed planting. So the question on base management fees, I heard you on third quarter, but let's just go out to next year where we and the rest of the world is expecting more of a like a double-digit pickup. Could you possibly talk through some of the building blocks and the pieces that get us there?

Michael，我們或許就從你剛才的話題接著談。我很認同你們剛剛提到的那些 20% 以上的成長數字。你們有大量募資、龐大的可投資資金（dry powder），也做了很多前期布局。所以關於基本管理費的問題，我聽到你對第三季的看法，但我們把時間拉到明年——我們以及全世界其他人都預期會有更像是雙位數的回升。你能否談談達成這個目標的一些組成要素與推動因素？

If that happens, is deployment, the fee Holly roll-offs, credit stabilizing, things like that, that would be helpful. Appreciate.

如果真的會發生，是因為部署（deployment）、費用型產品的到期下滑（fee roll-offs）、信貸趨於穩定之類的因素嗎？這些說明會很有幫助。謝謝。

Sure, Glenn, thanks. And as you heard from my remarks, we have that expectation, too, about double-digit growth next year. We feel very good about the foundation being put in place. In terms of the building blocks you mentioned there are a number of fundamental and very positive drivers that support our view and really are about the embedded growth we see going into next year. So first, the full year benefit of the private equity segment drawdowns that will activate -- we've activated or will activate this year.

當然可以，Glenn，謝謝。如同你從我的發言中聽到的，我們對明年雙位數成長也有同樣的預期。我們對正在建立的基礎感到非常有信心。就你提到的組成要素而言，有多項根本且非常正面的驅動因素支持我們的觀點，核心在於我們看到進入明年的內嵌成長動能。首先，是私募股權事業部的資金提取（drawdowns）在全年帶來的效益——我們今年已啟動或將啟動這些提取。

So that's our SP10 fund, our Asia III fund in BPC, our energy transition fund. Second, I'd say the seasoning and expansion of perpetual strategies, particularly across our flagship private wealth vehicles and our infrastructure platform. So as you know, as Jon said, our BXPE NAV $25 billion, that's up 2x year over year. Our infrastructure business, up 40% year-over-year BXINFRA, new product introductions. So that is a very positive picture.

也就是我們的 SP10 基金、BPC 的 Asia III 基金，以及我們的能源轉型基金。第二，我會提到永續型策略（perpetual strategies）的成熟（seasoning）與擴張，特別是在我們的旗艦私募財富產品與基礎建設平台。如你所知，正如 Jon 所說，我們的 BXPE 淨資產價值（NAV）為 250 億美元，年增達 2 倍。我們的基礎建設業務年增 40%，BXINFRA 也推出新產品。因此整體來看是非常正面的圖景。

And I would add to that, in BXMA in a similarly NAV-based business, by and large, AUMs up 21%, and performance in net flow activity remained exceptionally strong. And then in credit, we see underlying positive growth in credit insurance across the institutional insurance channels. We look to an eventual stabilization in retail flows AUM, as you know, for the whole business is up 15% year over year. Inflows are healthy. The IABC portion of that business, really private investment grade, up in the 20% AUM are year over year.

此外，在 BXMA 這個同樣以 NAV 為基礎的業務中，整體而言 AUM 年增 21%，而績效與淨流入活動仍維持異常強勁。接著在信貸方面，我們看到透過機構保險通路的信貸保險業務呈現基礎性的正向成長。我們也期待零售資金流（retail flows）最終趨於穩定；如你所知，全公司 AUM 年增 15%。資金流入保持健康。其中 IABC 這一部分（主要為私募投資級）AUM 年增在 20% 以上。

the insurance business, AUM up 15% year over year. And importantly, you referenced dry powder, our credit business overall ended the quarter with $84 billion of dry powder, which, as you know, largely earns fees as it's invested. That dry powder balance is over double where it was at the beginning of 2024 and almost 1/3 larger than just the beginning of this year. So that's really this built in sort of coiled spring as it relates to expanding management fee growth. And then finally and importantly, we see stabilization in the real estate based fee trends next year.

保險業務方面，AUM 年增 15%。而且很重要的是，您提到的「乾火藥」（dry powder），我們的信貸業務整體在本季末擁有 840 億美元的乾火藥；如您所知，這些資金在投入投資的過程中，大多會產生費用收入。這個乾火藥餘額較 2024 年初的水準高出一倍以上，且也比今年年初高出將近 1/3。因此，這確實像是一種內建的「蓄勢待發的彈簧」，有助於推動管理費成長的擴張。最後且同樣重要的是，我們預期明年不動產相關的基礎費用（based fee）趨勢將趨於穩定。

So if you take those pieces together, we think we're well positioned for a very strong 2027. And then I would just add finally in the meantime, as you know, beyond base management fees, the firm today really benefits from a significantly broader fee-generating platform. And as the results in this court demonstrated, that includes the growing scale and contribution from transaction fees and fee-related performance revenue. So in the first half of the year, total fee revenues were up 21%. So we think that it's a very positive picture about 2027.

因此，把這些因素綜合起來看，我們認為我們已為 2027 年的強勁表現做好了充分準備。另外我最後補充一點：如您所知，除了基本管理費之外，公司目前也受益於一個顯著更廣泛、能產生費用收入的平台。而正如本季結果所展現的，這包括交易費以及與費用相關的績效收入（fee-related performance revenue）規模與貢獻的成長。因此在上半年，總費用收入年增 21%。所以我們認為，對於 2027 年而言，這是一幅非常正面的圖景。

In the meantime, the overall fee revenue base showing strong momentum.

同時，整體費用收入基礎展現出強勁動能。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

I would love to double-click on what you guys are seeing in the wealth panel. Jon, a couple of positive remarks. I think you mentioned. As far as the third quarter goes, so maybe what you're hearing on the ground on BCRED performance year-to-date, I think is a little challenged, though, but it sounds like you've seen some improvement in redemption. So above to get into that a little more.

我很想更深入了解你們在財富平台（wealth platform）看到的情況。Jon，你提到了一些正面的評論。我想你有提到。就第三季而言，或許可以談談你們在第一線聽到的 BCRED 年初至今的表現；我覺得它有點具挑戰性，但聽起來你們看到贖回有所改善。所以希望能再多談一點。

And then ultimately, also on the new products that you launched with Wellington and Vanguard, I would love to just get your perspective on how you're planning to scale these products and flow through the management fees ultimately for Blackstone from them.

另外，關於你們與 Wellington 和 Vanguard 推出的新產品，我也很想聽聽你們對於如何擴大這些產品規模的看法，以及最終這些產品將如何為黑石帶來管理費的流入。

Thanks, Alex. The wealth platform is in really terrific shape. AUM, as we mentioned, up 16% year-on-year to $324 billion. We saw a recovery in flows certainly towards the end of the quarter, which we talked about sort of in the heart of both the credit and the war. We did see a little bit of a deceleration and we're now back to the levels we were in the first quarter on a monthly basis.

謝謝你，Alex。財富平台目前狀況非常好。如我們提到的，AUM 年增 16% 至 3,240 億美元。我們確實在季末看到資金流入回升；我們也談到，這大致發生在信貸與戰事兩者都處於最緊張的時期。我們確實看到一點點放緩，而目前按月來看已回到第一季的水準。

The mix has changed, obviously, with a lot of strength, as you heard in BXPE, BXINFRA, BREIT has much more momentum, but more muted inflows on BCRED, which given the volume of noise is to us, not a surprise. I would reaffirm what I said, which is it's early in the quarter. but the redemptions in BCRED are down materially, which is positive. So I think you've got to look at this overall platform and think about it holistically, the strength of our brand, the strength of our distribution team, our global reach, the performance we've provided the confidence we've built with financial advisers and clients, this is a very special thing that's been built. And we think the potential for it to grow is quite enormous with those initial sort of 4 flagships.

產品組合顯然已經改變；如你所聽到的，BXPE、BXINFRA 表現強勁，BREIT 的動能也更強，但 BCRED 的流入較為溫和；考量到市場雜音的程度，這對我們而言並不意外。我會重申我說過的：現在仍是本季初期，但 BCRED 的贖回已明顯下降，這是正面的。因此我認為你必須從整體、全面的角度來看這個平台：我們品牌的實力、通路團隊的實力、全球觸及能力、我們所提供的績效、以及我們與理財顧問與客戶建立的信心——這是一個非常特別的成果。而且我們認為，憑藉最初的約 4 個旗艦產品，其成長潛力相當巨大。

But then with new product launches, the hedge fund product we talked about. And then to your point, Wellington, Vanguard. These are 2 amazing firms who have long-storied histories who are focused on investment performance as we are and the idea of creating products that are one-stop shopping integrated, where you have all the Blackstone private together. Or the Blackstone privates, along with actives, passives, equity, fixed income, putting that together and making it easier for investors to access these products. There are also different standards in terms of where they sit in terms of -- because of the structures here with Wellington as managers as opposed to what we have today, a number of our products are limited to qualified purchasers.

此外還有新產品的推出，包括我們提到的避險基金產品。以及你提到的 Wellington、Vanguard。這兩家都是非常卓越的公司，擁有悠久的歷史，並且和我們一樣專注於投資績效；我們的想法是打造一站式、整合式的產品，讓投資人可以把黑石的私募資產整合在一起。或者把黑石的私募資產，搭配主動、被動、股票、固定收益等配置整合起來，讓投資人更容易取得這些產品。此外，在產品定位上也有不同的規範——因為這裡的架構是由 Wellington 擔任管理人（managers），而相較於我們目前的做法，我們有不少產品僅限合格購買人（qualified purchasers）。

Here, there's a larger universe of potential buyers. And there are folks who want just, I think, a simpler, easier solution. We're excited. It will take time, like everything to build these things, but it's a couple more engines we're adding. And I think we do offer something that is really unique.

在這裡，潛在買家的範圍更大。而且我認為有些人就是想要更簡單、更容易的解決方案。我們很興奮。當然，和所有事情一樣，建立這些產品需要時間，但這等於是我們新增了幾個引擎。而且我認為我們確實提供了一個非常獨特的方案。

And again, performance, so important, if you look at BREIT relative to real estate products. If you look at how BCRED has performed since its inception. If you look at BXPE and BXINFRA over the last couple of years. That is remarkable, which is why we think we have built so much loyalty with the customers.

再者，績效非常重要；如果你看 BREIT 相對於其他不動產產品的表現。如果你看 BCRED 自成立以來的表現。如果你看 BXPE 與 BXINFRA 在過去幾年的表現。那是相當出色的，這也是為什麼我們認為自己與客戶建立了如此高的忠誠度。

Michael Cyprus, Morgan Stanley.

Michael Cyprus，摩根士丹利。

I just want to ask about AI, if AI compute increasingly becomes a scarce economic resource. Could we eventually see compute capacity in your view, emerge as a stand-alone investable asset class similar to what we see in real estate infrastructure or energy. Can you talk about how you're positioning for that? And maybe that kind of dovetails with the new REIT, BXDC where you mentioned a massive opportunity to get to $1 trillion. Maybe you could just unpack some of the building blocks and how you see some of the near-term versus medium-term milestones to make progress and sort of hit that over time?

我想問一下 AI：如果 AI 算力（compute）日益成為稀缺的經濟資源，你認為未來我們是否可能看到算力容量（compute capacity）成為一個獨立、可投資的資產類別，類似於我們在不動產基礎設施或能源領域看到的情況？你能談談你們如何為此進行布局嗎？另外，這或許也與你提到的新 REIT——BXDC——相呼應，你提到有機會達到 1 兆美元的龐大規模。也許你可以拆解一下其中的一些組成要素，以及你如何看待短期與中期的里程碑，讓它隨時間推進並達成目標？

It's a great question, Mike. We definitely see today a global shortage of compute. And there's obviously a lot of dollars being invested, but the dollars are not keeping up with the demand, and we see that on a lot of fronts today. When we talk to our hyperscaler friends, the large language model companies, our friends there, they all would want more capacity. And so as we have this energy shortage in places there's now some community pushback.

這是個很好的問題，Mike。我們確實看到目前全球算力短缺。而且顯然有大量資金正在投入，但投入的資金仍跟不上需求；我們今天在許多面向都看到了這一點。當我們與超大規模雲端（hyperscaler）的朋友、以及大型語言模型公司交流時，我們在那邊的朋友都希望有更多的容量。因此，當我們在某些地區面臨能源短缺時，現在也出現了一些社區層面的反彈。

We obviously have chip shortages today in memory. It is making it harder to keep up with the pace of demand. And I do think, ultimately, that -- what that means is those things that are built operating are worth more. Data centers are a great example of that. We've seen benefits obviously for the neo clouds, which can deliver compute more real time.

我們目前也明顯面臨晶片短缺，尤其是在記憶體方面。這使得要跟上需求成長的速度變得更困難。而我確實認為，最終——這代表的是：那些已建成並投入營運的資產會更有價值。資料中心就是一個很好的例子。我們也看到「新雲」（neo clouds）明顯受益，因為它們能更即時地提供算力。

And I do think what this is going to mean is a market will grow to be very large in the real estate world. We saw this in the mobile tower business. I think we'll see this here. I think BXDC has the potential to grow significantly because there's not just data centers that are owned by the developers and investors like us, there's also an enormous amount of data centers on the balance sheets of the big hyperscalers. So as they need more capital, I think you'll see some of these things sold.

而我確實認為，這將意味著在不動產領域會出現一個規模非常龐大的市場。我們在行動通訊基地台（mobile tower）業務上曾經看到類似情況。我認為我們也會在這裡看到同樣的發展。我認為 BXDC 有潛力大幅成長，因為不只是像我們這樣的開發商與投資人持有資料中心，許多大型超大規模雲端業者的資產負債表上也有龐大的資料中心資產。因此，當他們需要更多資本時，我認為你會看到其中一些資產被出售。

And then the energy assets also, I think, become increasingly valuable as well and the infrastructure around that. We've done a lot of investments in the midstream space, pipelines, LNG, that becomes more valuable. So I do believe components of compute because of the shortage of compute will increase in value, and we positioned us, particularly in infrastructure where Sean Klimczak and his team have done just a terrific job but also in real estate, in our energy transition business, we've got a bunch of places where we're exposed to what's happening here. And I do think it points to, at least in the near term, a continued shortage and therefore, value is going up.

接著我認為能源資產也會變得愈來愈有價值，以及圍繞其周邊的基礎設施。我們在中游領域做了很多投資，包括管線、LNG，這些都會變得更有價值。因此我確實相信，由於算力短缺，與運算相關的組成部分會升值；而我們也已做好布局，特別是在基礎設施方面，Sean Klimczak 和他的團隊做得非常出色；同時在不動產以及我們的能源轉型業務中，我們在多個領域都曝險於這裡正在發生的事情。而我也確實認為，這指向至少在短期內將持續短缺，因此價值正在上升。

And Mike, it's Michael. I'll just add that basically almost every business at the firm that we've built over decades is now in position and has acted on this to be a capital solutions provider to this whole ecosystem. So whether it's credit, infrastructure, real estate, energy, private equity, hybrid capital and tech-ops or BXPE vehicle, the BXMA area as it relates to more liquid parts of the market. Just this breadth, diversity and scale of the business we've built puts us in a position to basically have a capital pool that can be a solution for every need in this area, and the needs are massive.

Mike，我是 Michael。我補充一下：基本上，我們公司過去數十年建立起來的幾乎每一項業務，如今都已就位，並且已採取行動，成為這整個生態系的資本解決方案提供者。因此不論是信貸、基礎設施、不動產、能源、私募股權、混合資本與 tech-ops 或 BXPE 載具，或是與市場較具流動性部分相關的 BXMA 領域。我們所建立的業務廣度、多元性與規模，使我們基本上能擁有一個資本池，足以在這個領域滿足各種需求、提供解決方案，而需求是巨大的。

And so you mentioned sort of a single pool of capital. I would just say we can keep innovating. You mentioned BXDC, around the existing platform of businesses and a really, I think, exciting.

至於你提到某種單一資本池。我想說的是，我們可以持續創新。你提到 BXDC，圍繞既有的業務平台，這確實非常令人振奮。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

My question is on real estate. And I know this hasn't happened in more than four years, but public REIT stocks are outperforming the SP 500 year-to-date. And as you know, very few asset classes have been able to keep pace with US large caps. Now despite this private real estate returns and opportunistic drawdowns in core has still lagged public.

我的問題是關於不動產。我知道這種情況已經超過四年沒有發生，但今年以來公開市場 REIT 股票的表現優於標普 500。而如你所知，很少有資產類別能跟上美國大型股的步伐。然而，儘管如此，私募不動產報酬以及核心策略中的機會型回撤仍然落後於公開市場。

So I'm wondering, do you have any line of sight into private returns? And also how this could translate into demand for pre real estate across your LP base?

所以我想請問，你們對私募報酬是否有任何可見度？另外，這可能如何轉化為你們 LP 基礎對私募不動產的需求？

Well, Craig, I'd start with what's happening on the ground with fundamentals. There has certainly been a headwind last year with Liberation Day and now this year with the war that have kept rates elevated. But sort of underneath the covers, there are a number of positive things happening, which is why I think the public REIT market has moved. And you see that at times that the public markets are more forward looking. And what's happening is there's been a sharp reduction in new supply, and that is starting to have an impact.

Craig，我會先從基本面在第一線的情況談起。去年確實有逆風，因為「解放日」以及今年的戰爭使利率維持在高檔。但在表面之下，有不少正面因素正在發生，這也是我認為公開 REIT 市場上漲的原因。你有時會看到公開市場更具前瞻性。目前正在發生的是，新供給大幅減少，而這開始產生影響。

The area where it's moving first is in logistics, in the warehouse business, which is our biggest asset class. We saw very strong leasing in the first half of the year in our Link Logistics platform in the US, which is up 26% in leasing volume. We're seeing occupancy now and rents start to increase. And investors are seeing this. We're now seeing some large-scale M&A in the public markets with Prologis, what looks to be likely a successful takeover of a $25 billion logistics company in the UK and SEGRO. I think these are good signs. I think this will be the first asset class that really starts to emerge in real estate, and that is good for us over time. But yes, the public market anticipates this. We've also seen strength in hotels last year, saw negative same-store RevPAR this year.

最先反映的領域是在物流、倉儲業務，也就是我們最大的資產類別。今年上半年，我們在美國的 Link Logistics 平台看到非常強勁的租賃表現，租賃量成長 26%。我們現在看到入住率以及租金開始上升。投資人也看到了這點。我們也在公開市場看到一些大型併購案，例如 Prologis，似乎很可能成功收購英國一家 250 億美元的物流公司，以及 SEGRO。我認為這些都是好跡象。我認為這將是第一個真正開始在不動產中走出來的資產類別，長期而言對我們是好事。但沒錯，公開市場會提前反映這些。我們去年也看到飯店的強勢，而今年同店 RevPAR 為負。

National in the US, plus 5%. That's a very positive sign. We've leaned in, in places like San Francisco, again, a bit AI derivative. We bought three hotels in the last six months. we feel very good about that.

在美國全國層面，成長 5%。這是非常正面的訊號。我們也在一些地方加碼，例如舊金山，同樣有一點 AI 的衍生效應。過去六個月我們買了三家飯店，我們對此感覺非常好。

And interestingly, in the office market, which has been in a tough spot for a number of years in a place like New York vacancy has fallen from 21.5% to 14.5%, which is a very good sign. We're also seeing -- you mentioned the public REIT market, which is strong, but the public debt market, the CMBS market, volumes are up 23%. So I would say near-term headwind slowing things down because of rates moving up. But I think once we get past the war and we see that start to settle down, the underlying strength and fundamentals and investors' desire to invest in hard assets in a world where there's a lot of uncertainty, I think you'll begin to see this real estate recovery in the private sector pick up pace.

而有趣的是，在辦公室市場——這幾年一直處於艱困狀態——像紐約這樣的地方，空置率已從 21.5% 降到 14.5%，這是非常好的訊號。我們也看到——你提到公開 REIT 市場很強，但公開債務市場、CMBS 市場的量也上升了 23%。所以我會說，短期逆風在於利率上升使事情放慢。但我認為一旦我們度過戰爭、並看到局勢開始趨於穩定，基本面底層的強度，以及在充滿不確定性的世界中投資人想投資實體資產的意願，我認為你將開始看到私募市場的不動產復甦加快。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Maybe just a big picture question to change topics for a second. So I was listening to Steve's comments about Blackstone being a cheap way to play the opportunity in AI and infrastructure, and we would agree whole hardly with that. How does that inform your views on capital return from here? Stock is down significantly from its highs, obviously, bouncing it say, which is great to see. You have a big payout.

也許先問一個宏觀問題，暫時換個話題。我在聽 Steve 對 Blackstone 的評論，他說 Blackstone 是參與 AI 與基礎設施機會的一種便宜方式，我們也完全同意。這如何影響你們對未來資本回饋的看法？股價顯著低於高點，當然也在反彈，看到這點很好。你們有很高的配息。

Any thoughts of maybe rejiggering the payout rate stepping in on buyback a little bit versus de novo growth? And maybe how are you thinking about capital allocation from here?

你們是否考慮重新調整配息率、在回購上更積極一些，而不是投入 de novo 成長？以及你們接下來如何思考資本配置？

Bill, thanks. It's Michael. Look, I think we've been committed to our capital policy for a long time, which, as you know, is basically returning 100% over time of our cash earnings back in the form of our dividend. Which I think today is at like 4x the S&P yield on a yield basis. And then also a more moderate but sort of consistent buyback program.

Bill，謝謝。我是 Michael。你看，我認為我們長期以來一直致力於我們的資本政策；如你所知，基本上就是隨時間推移，以股利形式把我們的現金盈餘 100% 回饋給股東。我想以殖利率來看，今天大概是標普殖利率的 4 倍左右。此外也有一個較為溫和、但相對一致的回購計畫。

All to add up to that sort of total return of our cash earnings. So we think over the long run, that's been a sound policy for us. It does reflect sort of our business model and the relative capital-light orientation of it. We certainly have scope to look at that over time and more opportunistic use of capital as it relates to the stock. But -- but we try to be consistent and committed to our policy and that's kind of where we are today on that.

合計起來，就是把我們的現金盈餘以總回報的方式回饋出去。所以我們認為長期而言，這對我們一直是健全的政策。這也反映了我們的商業模式，以及相對偏向輕資本的特性。我們當然有空間隨時間檢視這點，並在與股價相關時更機會性地運用資本。但——但我們努力保持一致並堅守我們的政策，而這就是我們目前的立場。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Great. Maybe just to go back to the really strong momentum in fundraising. It looks like you're now on pace to potentially match or exceed your record year in 2021. So maybe just talk about the confidence in that. I know there's different timing, of course, with the drawdown funds.

很好。也許回到募資動能非常強勁這件事。看起來你們現在的進度可能有機會追平或超越 2021 年的創紀錄年度。所以也許談談你們對此的信心。我知道，當然，不同的提領型基金在時間點上會有所不同。

But as you think about it more broadly, just thinking about that growth momentum across private wealth, credit. Obviously, the whole AI and data center theme and increasing inflows in insurance. Are you expecting that fundraising pace even after a potentially really strong year this year to actually continue to grow into '27 and longer term beyond.

但更廣泛來看，當你思考私募財富、信貸等各項成長動能。顯然，整個 AI 與資料中心主題，以及保險業務中不斷增加的資金流入。你們是否預期，即使今年可能非常強勁，這樣的募資速度仍會持續成長到 2027 年，並在更長期延續？

Brian, it's a good question. It's hard to put your finger on it. What we can point to is that we've been in a world of pretty high volatility. And I think it speaks to the resilience and breadth of this franchise. And we managed to raise obviously very significant amounts of money, and we're doing it across all 3 of these channels.

Brian，這是個好問題。確實很難一語道破。我們可以指出的是，我們一直處在一個波動性相當高的環境中。我認為這反映了我們這個平台的韌性與廣度。而且我們顯然成功募集了非常可觀的資金，並且是透過這三個渠道全面推進。

So -- you heard about it on the institutional side where we have a number of funds that are exceeding their hard cap in terms of demand. We talked about our BXMA business, which has really renewed momentum, our infrastructure business, which I think will continue to grow at a really breathtaking pace. It is a bit slower in real estate. But remarkably, that business despite its slowness in fundraising, we're still producing these very strong results. So when we get to the other side on real estate, that gives me a lot of confidence with the firm overall and where fundraising can move to.

所以——你在機構端也聽到了，我們有多檔基金在需求上已超過其硬上限（hard cap）。我們也談到BXMA業務，動能確實重新回升；以及我們的基礎設施業務，我認為將以非常驚人的速度持續成長。房地產方面則稍微慢一些。但值得注意的是，儘管該業務在募資上較慢，我們仍然交出了非常強勁的業績。因此當房地產走出這一段之後，這讓我對公司整體以及募資能夠轉向的方向更有信心。

On the insurance side, we continue to see clients responding. I mean we were up 15% to $290 billion in insurance those clients really appreciate the premium return we can deliver over comparably rated investment-grade credit. And to Michael's point, we're doing these large corporate solutions that are so needed in the energy space, in the digital infrastructure space. And I think we'll continue to gain clients in that area as well. And then wealth, despite all the negative headline everything, again, up 16% year-on-year to $324 billion, a range of existing products that have delivered and then new product coming online.

在保險端，我們持續看到客戶的正面回應。也就是說，我們的保險資產規模年增15%至2,900億美元；這些客戶非常重視我們相較於同等評級投資級信用所能提供的保費回報（premium return）。而且如Michael所說，我們正在做一些大型企業解決方案，這在能源領域、數位基礎設施領域都非常需要。我認為我們也會在該領域持續獲得更多客戶。至於財富管理，儘管負面新聞滿天飛，資產規模仍年增16%至3,240億美元；一方面是既有產品表現到位，另一方面也有新產品陸續上線。

And I think the thing about Blackstone it's just the strength of the brand we've built. It is recognized globally by investors. They trust the firm, they trust us across multiple channels and that is enabling us to continue to grow without having to borrow money or utilize capital at scale. And we really look at where we are. We do think in terms of outlook, we get a more settled landscape war ending, inflation rates coming down, that will be very helpful for the business.

我認為Blackstone的關鍵在於我們所建立的品牌實力。全球投資人都認可它。他們信任公司，也信任我們在多個渠道的能力，這使我們能夠在不必借款或大規模動用自有資本的情況下持續成長。而我們也確實在審視自身所處的位置。就展望而言，我們認為若環境更趨穩定——戰爭結束、通膨回落——將對業務非常有利。

So we've got a lot of confidence on the fundraising outlook over time.

因此，對於中長期的募資展望，我們非常有信心。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

I guess based on the outlook you gave for management fees for the second half and next year, how should we think about margins in that context, particularly as we think about next year, given the growth rates that are expected from the management fee side.

我想根據你們對下半年與明年管理費的展望，在這樣的背景下我們應該如何看待利潤率？特別是考量到明年管理費端預期的成長速度。

Dan, it's Michael. It's early around margins for next year. But as I said, we're pretty confident about the top line, and we're also confident about our ability to manage expenses and deliver over time operating leverage. So I think we're not going to give a specific viewpoint on that other than to reiterate structurally, we like our margin position.

Dan，我是Michael。現在談明年的利潤率還太早。但如我所說，我們對營收端相當有信心，也對我們管理費用、並隨時間推進營運槓桿的能力有信心。所以我們不會就此提供具體指引，只是重申：從結構上來看，我們對自身的利潤率水準感到滿意。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，RBC Capital Markets。

I wanted to dive into the transaction fees. So very strong quarter, looked broad-based across private equity, real estate credit. Are there any lumpy items to call out there? And then Michael, you talked about this fee stream being underappreciated, maybe unpack that a little bit for us and what we should be expecting going forward.

我想深入談談交易費用。這一季非常強勁，看起來在私募股權、房地產、信貸等領域都相當廣泛。這裡面有沒有任何一次性（lumpy）的項目需要特別指出？另外Michael，你提到這條費用收入流被低估了，能否再為我們拆解一下，以及未來我們應該期待什麼？

Yes. I think that it's really stepping back about the scaling of the firm, the broadening of the firm, the surface area for transaction activity, financing, advisory services that can generate these revenues. And that led to this record quarter and a record first half. And that probably, in the recent years, has been underappreciated, but it's obviously coming to the for now. And in terms of lumpiness for the quarter, I think, in particular, what's emerged as a really new avenue for this area?

是的。我認為要退一步看的是公司的規模化、業務的擴張，以及交易活動、融資、顧問服務等可產生收入的「觸及面」變得更大。這帶來了本季的紀錄季度，以及上半年創紀錄的表現。而這在近幾年可能一直被低估，但現在顯然開始被市場看見。至於本季的波動性，我認為特別值得一提的是，這個領域出現了一條非常新的路徑？

Are these customized capital solutions, these corporate solutions, private investment grade in the credit insurance area. There's a substantial opportunity for investment-grade rated corporates where we've become a trusted solutions provider. And that, as it relates to transactions in those areas, those can lead to attractive revenues in this area. And there'll be some variability to that occurring from time to time, but that's a newer sort of strategic area that will continue to grow. So I'd just say while there will be quarter-to-quarter variability in this revenue stream, we do have a considerable pipeline in place for the second half of the year.

也就是這些客製化資本解決方案、企業解決方案，以及信貸保險領域的私募投資級（private investment grade）。對於投資級評級的企業而言，存在相當可觀的機會，而我們已成為值得信賴的解決方案提供者。而當這些領域出現相關交易時，就可能在這一塊帶來具吸引力的收入。這類收入會不時出現一些波動，但這是一個較新的策略性方向，且將持續成長。因此我會說，雖然這條收入流會有季度間的變動，但我們在今年下半年已建立相當可觀的案源（pipeline）。

And the underlying baseline just continues to grow, and our trajectory has been up. And it's really about the expansion of the ecosystem across areas like private credit infrastructure, and so forth.

而且其底層的基礎水位仍在持續成長，我們的走勢一直向上。這主要來自於生態系在私募信貸、基礎設施等領域的擴張，等等。

Yes. I would just say to Michael's point, as the asset base grows, there's just more activity around that asset base. So you could see that areas like digital infrastructure, energy, there's just more and more capital needs. And it's really tied directly to our AUM in a lot of ways. So I do think you're beginning to see this really structural step-up in earnings from this area.

是的。我補充一下Michael的觀點：隨著資產基礎擴大，圍繞這個資產基礎的活動自然就更多。所以你會看到像數位基礎設施、能源等領域，資本需求越來越多。而在很多方面，這與我們的資產管理規模（AUM）直接相關。因此我確實認為，你開始看到這個領域的獲利出現相當結構性的上台階。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO Capital Markets。

Would love to drill down a little bit on realizations. So we've been waiting for recovery and realizations for some time, and you added some color about that ramping in 4Q and into 2027. But could you maybe help us contextualize that expectation? Are there any historical periods that you would put as a proxy? And how reliant is it on market conditions, which is sort of been, I think, part of the trouble with trying to nail down timing on this cycle.

我很想更深入了解一下已實現收益（realizations）。我們等待復甦與實現已經一段時間了，你們也補充說明在第四季開始加速，並延續到2027年。但你們能否幫我們把這個預期放在更具體的脈絡中？有沒有任何歷史時期可以作為類比？另外它對市場條件的依賴程度有多高？我想這也是為什麼這一輪週期的時間點一直很難釘住。

Well, I'll just comment on the history. If you recall, obviously, in '08, '09, we had very little in the way of realizations. And the engine didn't really ramp back up that time. And it was probably 2013 and then over that ensuing period, we had very significant realizations. Here, we've now been in a period of basically 4 years with some similarities, maybe not as sharp a downturn, but this sort of long period of recovery.

我先就歷史做個評論。如果你還記得，顯然在2008、2009年，我們幾乎沒有什麼已實現收益。而那次引擎並沒有很快重新加速。大概到2013年，並在其後一段期間，我們才出現非常顯著的已實現收益。而這一次，我們現在也處在一段基本上長達4年的期間，某些方面有相似之處——也許下行沒有那麼急劇——但同樣是一段較長的復甦期。

But short rates have come down. Obviously, the IPO market has started to reopen, and it felt earlier in the year pre the war that this was going to really accelerate. Now it's been delayed a bit. But ultimately, I think we know where this is heading. So I think this -- we do have confidence as we look out towards the end of the year and into '27 that we are going to see a pickup.

但短端利率已經下來了。顯然IPO市場也開始重新開放，而且在今年較早時、戰爭爆發之前，感覺這會真正加速。現在則稍微延後了一些。但最終，我認為我們知道方向會往哪裡走。因此，當我們展望今年年底到2027年，我們確實有信心會看到回升。

And I'd just add on to that. I mean broadly that, this has been an uneven recovery in terms of the realization environment. It is one we think will continue to strengthen. But I guess a few particular areas where we're seeing particular momentum. First, I'd say, obviously, and as Jon talked about, the IPO market strengthened considerably.

我再補充一下。整體而言，這段期間在已實現收益的環境上是一個不均衡的復甦。我們認為它會持續轉強。不過我想指出幾個我們看到動能特別明顯的領域。首先我會說，顯然如Jon所談到的，IPO市場已顯著走強。

We've made additional IPOs on file. We've been very active. And that's going to provide a foundation for greater realizations over time at these companies season. So in the corporate private equity complex, about 1/3 of its receivable balance, it's NAPR balance is publicly traded and it's growing. And so as we do more IPOs, that will create more public market cap in our portfolio, and that will continue to grow that public NAPR, which is obviously liquid and more easy to frankly internet realization.

我們已額外提交了更多 IPO 申請案。我們一直非常積極。而這將為這些公司在未來一段時間帶來更大的變現奠定基礎。因此，在企業私募股權組合中，約三分之一的應收款餘額（其 NAPR 餘額）是公開交易的，而且還在成長。所以，隨著我們進行更多 IPO，將在我們的投資組合中創造更多的公開市場市值，並將持續推升這部分公開的 NAPR；這顯然更具流動性，也坦白說更容易實現變現。

Second, I'd say within energy transition, there the receivable balance has roughly doubled in a year. And that really reflects the portfolio we've built to rent the AI and power ecosystem. And there is in that area to active M&A market. There's active private sales, both to strategics and other sponsors. We announced something yesterday on this front.

第二，我會說在能源轉型領域，那裡的應收款餘額在一年內大約翻了一倍。而這確實反映了我們所建立、用以布局 AI 與電力生態系的投資組合。而在該領域也有活躍的併購（M&A）市場。也有活躍的私下出售，買方包括策略型買家與其他贊助方。我們昨天也在這方面宣布了一項消息。

So that is a sector that I think is very fertile right now. And then third, BXMA. We have a scheduled as usual year-end crystallizations in BXMA. It's performing very well year-to-date as you've heard. And so that is scheduled for the fourth quarter and where we sit today, that should be quite robust.

所以我認為這是一個目前非常肥沃的產業領域。第三，BXMA。我們在 BXMA 依慣例安排了年終結算（crystallizations）。如各位所聽到的，它今年迄今表現非常好。因此這項安排在第四季進行，而以我們今天所處的位置來看，應該會相當強勁。

So overall, if you step back, as I mentioned my remarks, despite the choppiness and the capital markets sort of volatility, the NAPR overall for the firm has grown to its highest well in 4 years. So we like the position we're in. But as always, we're going to pick the right time to translate this into realizations and sales over time.

總體而言，若退一步來看，正如我在發言中提到的，儘管市場顛簸、資本市場波動不定，公司整體的 NAPR 已成長至近 4 年來的最高水準。所以我們喜歡目前所處的位置。但一如既往，我們會選擇適當的時點，隨時間推進把這些轉化為變現與出售。

Mike Brown, UBS.

Mike Brown，瑞銀（UBS）。

Jon, I wanted to dive in a little bit more to Brad. You made comments about the withdrawals are slowing here, and we're in the early stages of 3Q. So, curious if you think that some of these withdrawals will continue to ease as you move into the onshore redemption window. And maybe just unpack a little bit about what you're hearing from advisers? What do you think is kind of driving that reduction in the withdrawals?

Jon，我想再更深入談一下 Brad。你提到目前提款（贖回）正在放緩，而我們才剛進入第三季初期。所以我想了解，當你們進入境內（onshore）的贖回窗口時，你是否認為其中一些提款會持續緩和？也請你稍微拆解一下你從理財顧問那邊聽到的回饋？你認為是什麼在驅動提款減少？

Has it been that performance has actually held up quite well. We haven't really seen much in terms of credit issues come through? Or has that been some of the dialogue and education that you've been having with the adviser channel that has really helped ease some of that redemption pressure that we've observed in the prior couple of quarters.

是因為績效其實維持得相當不錯嗎？我們也沒有真的看到太多信用問題浮現？或者，是你們與理財顧問通路之間的一些對話與投資人教育，確實有助於緩解我們在前幾個季度觀察到的部分贖回壓力？

I think it's an important question. I would say as much as anything, it's the level of noise has come down. I think a lot of people were calling for this mass calamity. And when the calamity did not occur I think sort of the press, what you see on TV or Twitter or in newspapers, that has calmed which before, obviously, was getting clients understandably nervous, they pick up the newspaper and say, private credit faces this massive problem, and they would call their financial adviser, and that did create a dynamic think the key here is what happens in the fullness of time. And do you protect investor capital?

我認為這是個重要的問題。我會說，最主要的原因之一是雜音的程度下降了。我想很多人先前都在預期會出現大規模的災難。而當災難沒有發生時，我認為媒體——你在電視、Twitter 或報紙上看到的那些——也就冷靜下來；而在此之前，這些訊息顯然會讓客戶可以理解地感到緊張，他們拿起報紙看到「私募信貸面臨巨大問題」，就會打電話給自己的理財顧問，這確實造成了一種動態。我認為關鍵在於，隨著時間推移，會發生什麼。以及你是否能保護投資人資本？

Do you deliver positive returns despite all this noise. And I think that's what is going to actually happen. And so I would attribute to that. Yes, we've done a ton of investor outreach calls, meetings with investors, financial advisers around the world. And yes, I think some of it's the reality.

你是否能在這些雜音之下仍交出正報酬。而我認為這正是將會發生的事。所以我會把它歸因於此。是的，我們做了大量投資人外聯電話、會議，與全球各地的投資人、理財顧問溝通。而且是的，我認為其中一部分也來自於現實情況。

I think this is just natural when these sort of things occur. I actually think what's helpful because we went through this with BREIT in the past, we're obviously today in a big different place. We're going to go through this with BCRED. I'm sure at some point here, we're going to be in a very different place. And what financial advisers and their clients are going to realize these are long-term products.

我認為當這類事情發生時，這是很自然的。我其實覺得有幫助的一點是，因為我們過去在 BREIT 已經經歷過一次，而我們今天顯然處於非常不同的位置。我們也會在 BCRED 經歷這個過程。我相信在某個時間點，我們也會處於非常不同的位置。而理財顧問及其客戶會意識到，這些都是長期型產品。

And if they're in the hands of responsible managers who understand valuation and liquidity, they can deliver premium returns. And that's been the key to BCRED over time. as it is with all of our products. So the short answer is the level of noise coming down has definitely been helpful. And I think the facts on the ground are also helpful.

如果它們由了解估值與流動性、負責任的管理人來管理，就能提供溢價報酬。而這一直是 BCRED 長期以來的關鍵，就像我們所有產品一樣。所以簡而言之，雜音下降確實有幫助。而且我認為現場的實際情況也同樣有利。

So I think we will work our way through this. There's obviously some carryover from unfulfilled redemptions last quarter, but we will work through that over time. And I feel when I look out into the future, I think BCRED will continue to be a very strong product for us.

所以我認為我們會逐步度過這段期間。當然，上季未能滿足的贖回仍有一些延續效應，但我們會隨時間推進逐步處理。而當我展望未來時，我認為 BCRED 仍將持續是我們非常強勁的一項產品。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

A follow-up question on the data center opportunity. The scarcity dynamics that you described would seem very supportive of the value that's already in the portfolio and what you already own. As you think about deploying the next dollar, do you see the prospective returns being as attractive as what's already in the portfolio? And essentially, just trying to think about, obviously, higher exit prices, greater competition, potentially eating into that a little bit versus the flip side of that would just be the supply-demand dynamics you talked about? And maybe it's just too early to start thinking about this, but would love just some sense on how you're thinking about return opportunity going forward there with the dollars coming in.

關於資料中心機會的追問。你所描述的稀缺性動態，似乎非常支持投資組合中既有資產的價值，以及你們已經持有的部位。當你思考部署下一筆資金時，你是否認為前瞻性的報酬會和目前投資組合中的資產一樣具吸引力？我主要想理解的是：顯然更高的退出價格、更激烈的競爭，可能會在某種程度上侵蝕報酬；但另一方面又是你提到的供需動態。也許現在談這個還太早，但很希望聽聽你如何看待未來在該領域、隨著資金流入後的報酬機會。

It's a very different dynamic than typical investment cycles like this where something generates very high returns and then you get an enormous supply shock coming back the other way, which drives down returns. In this case, because building the compute is so difficult, it's very hard to get the chips today. It's very hard to get the power. It's very hard to get the entitlements. That is meaning that the supply is not matching.

這與典型的投資循環非常不同：通常某個主題帶來很高報酬後，會出現巨大的供給衝擊，反過來壓低報酬。但在這個案例中，由於建置算力非常困難，現在要取得晶片非常難。要取得電力也非常難。要取得許可／核准（entitlements）也非常難。這意味著供給無法跟上需求。

The other thing worth noting is because these are very customized, they're very large, you don't get that sort of Miami condo effect, prices go up and people go out and spec build. These are all long-term contracted for the most part. And so you're seeing at this point, the shortage is does somebody have an entitled and powered site. And the fact that we've been doing this now for a long time, not just in the United States but in Europe and Asia, where we're beginning to see data center demand really start to pick up that's going to make a difference. Today, we have 15 gigawatts of sites globally that can support $200 billion of data centers where we have the entitlements and we have the access to power.

另外值得注意的是，因為這些專案高度客製化、規模非常大，所以不會出現那種「邁阿密公寓效應」：價格上漲後大家就出去投機性興建。這些多半都有長期合約。因此你現在看到的短缺在於：是否有人擁有已取得許可且具備電力的基地。而我們在這方面已經做了很長時間，不僅在美國，也在歐洲與亞洲；在那裡我們開始看到資料中心需求真正開始升溫，這將帶來差異。目前我們在全球擁有 15 吉瓦的基地，可支撐 2,000 億美元的資料中心建置，因為我們已取得許可並且有電力接入。

So that today is really the scarce commodity, and that's why the pricing for building these things and the returns has not changed. And I don't really see much going forward that's going to change that dynamic. It's why we've made such an enormous investment globally in this area and why we think it will continue to deliver very favorable returns. And we've expanded our capabilities with some of the investments we've made in neo clouds around the globe as well. So we're playing this in a number of different ways.

所以目前真正稀缺的商品就是這個，這也是為什麼建置這些設施的定價與報酬並未改變。而我不太看到未來有什麼會改變這種動態。這也是為什麼我們在全球範圍內在此領域投入如此巨大的投資，並且相信它將持續帶來非常有利的報酬。此外，我們也透過在全球各地對新型雲（neo clouds）的部分投資，擴大了我們的能力。所以我們以多種不同方式參與其中。

But at the end of the day, there is a global shortage of compute. And if you can deliver that, you can earn attractive returns on capital.

但歸根結底，全球算力仍然短缺。而如果你能提供這些算力，就能在資本上賺取具吸引力的回報。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

So I was hoping to drill down into the insurance opportunity I was hoping to just get an update on what you're seeing in terms of flow momentum, new partnerships. You're clearly seeing really strong growth this year in the mid-teens range, but I wanted to just gauge whether based on the constructive outlook that you provided, whether the expectation is for that to be sustained or whether you envisage a potential acceleration as we look out to over the next couple of years?

所以我希望深入探討保險方面的機會，也想請你更新一下你所看到的資金流動動能、新的合作夥伴關係等情況。你們今年顯然呈現非常強勁的成長，大約在十幾%的區間，但我想了解的是，基於你所提供的偏正向展望，這樣的成長預期是否會延續，或是你是否預見在未來幾年可能出現加速？

Well, I would say, at a baseline, what we're seeing now in insurers and obviously, it started in the life annuity space, but it's starting to spread out to the P&C area as well. is a recognition that need these tools to compete in the marketplace. That private investment-grade credit can deliver to you higher returns at higher -- the same or higher ratings levels, and that is very attractive. And these clients have the ability to absorb the liquidity for a portion of their portfolio.

嗯，我會說，從基本面來看，我們目前在保險公司端看到的情況——而且很明顯，一開始是在壽險年金領域，但也開始擴散到產險（P&C）領域——是一種認知：他們需要這些工具才能在市場上競爭。私募投資級信貸能在相同或更高的評等水準下，為你帶來更高的回報，這非常有吸引力。而這些客戶也有能力在其投資組合的一部分吸收流動性（較低）的特性。

So that is sort of the underlying precept that is supporting what's happening here, and we're seeing more and more clients move in this direction as we form these SMAs typically start in one area and then we start to do it in different areas. In terms of the rate of growth, that we, I think, a function of both the continued growth of the platform, which we have a lot of momentum in. But then also when we get these new strategic partnerships, those can give you sort of a step function increase. But I would say just as a general matter, spending a lot of time with these insurance clients, they like what's happening here. This is something they want to do.

因此，這算是支撐目前所發生事情的底層前提；隨著我們建立這些SMA（專戶委託），我們看到愈來愈多客戶朝這個方向移動——通常先從某一個領域開始，接著我們會在不同領域展開。就成長速度而言，我認為這同時取決於平台的持續成長——我們在這方面動能很強。但另外，當我們取得新的策略性合作夥伴關係時，這些合作也可能帶來某種「階梯式」的增量提升。不過我會說，整體而言，我們花很多時間與這些保險客戶互動，他們喜歡目前正在發生的事情。這是他們想做的事。

It's something they need for competitive purposes. They like the fact that they can actually reduce their risk level. because if you're just dependent on liquid fixed income, you've got to migrate down to BBB or BBB-. You've got to take more risk there. And then you've got to have a very -- with your small alternatives or equity portfolio take maximum risk because liquid fixed income today, everything there that's investment grade is basically sub-100 over.

這也是他們出於競爭目的所需要的。他們也喜歡的一點是，實際上他們可以降低風險水準。因為如果你只依賴流動性固定收益，你就必須往BBB或BBB-下移。那樣你就得承擔更多風險。然後你還得在你那一小部分的另類投資或股票投資組合上承擔最大風險，因為今天的流動性固定收益裡，所有投資級的利差基本上都在100個基點以下。

So the fact that we can produce things with meaningful premiums to that and, in many cases, better ratings, that is attractive. So this is a structural trend. And then as you know, we do this with the open architecture model. So we're not out there competing against them. We're serving them the way long-only fixed income managers have done for insurance companies for a long time.

因此，我們能夠提供相對於那個水準具有顯著溢價的產品，而且在許多情況下評等更好，這就很有吸引力。所以這是一個結構性趨勢。另外，如你所知，我們是以開放式架構（open architecture）模式來做這件事。所以我們不是在外面跟他們競爭。我們是在服務他們，就像長期以來只做多的固定收益管理人為保險公司服務那樣。

And the other thing I would just add, the reason why I think we're scaling is you need scale, particularly in the world we're going into. You need to be able to write large checks. And today, it's really us and some of our other private equity firms, we've got a bit of a different model who are out there competing in this arena. I think it's going to continue like the momentum will grow. It's hard to put a finger on exactly what the growth rates will be.

我還想補充一點：我認為我們之所以能擴大規模，是因為你需要規模，尤其是在我們即將進入的這個世界裡。你需要能夠開出大額支票。而今天，真正活躍在這個領域競爭的，主要是我們以及一些其他私募股權公司——他們的模式與我們略有不同。我認為這種動能會持續、而且會增強。但很難精確指出成長率會是多少。

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通（JPMorgan）。

Maybe just following up on that. You announced a strategic partnership with Nippon Life. You've got 40 insurance partnerships. As you look to these existing insurance partnerships. What is the opportunity to take them beyond the initial scope of the agreement? Can you build on it? And does this play out sort of formally? Or is it informally over time?

也許就此追問一下。你們宣布了與日本生命（Nippon Life）的策略性合作夥伴關係。你們有40個保險合作夥伴關係。當你們看待這些既有的保險合作夥伴關係時，把它們推進到超越協議初始範圍的機會有多大？你們能在此基礎上再擴展嗎？而這種擴展是以某種正式方式發生的嗎？還是會隨時間以較非正式的方式逐步發生？

It's a good question, Ken. I don't have the numbers in front of me, but I would guess that the majority of the growth that you see today certainly comes from the big strategics and then some of the original -- so the propensity to want to do more is high. We typically start with, call it, $500 million. A number of these partnerships have started to grow into the multiple billions because once they see and get comfortable with the risk return, there's always a little bit of like, hey, what are you doing here? A sense -- I want to understand this, and we spend more and more time.

這是個好問題，Ken。我手邊沒有具體數字，但我猜，你今天看到的大部分成長，確實來自大型策略性合作夥伴，以及一些最早期的——所以他們想做更多的意願很高。我們通常從大約5億美元開始。其中不少合作夥伴關係已經成長到數十億美元規模，因為一旦他們看到並對風險報酬感到安心，總會有一點像是：嘿，你們在這裡到底怎麼做的？一種——我想理解這件事的心態，而我們也會投入越來越多時間。

Nippon Life is a great example of that. We've been building this partnership with them over 5-plus years. We've worked closely with them at Corebridge and at Resolution. They see the way we operate. They see the various asset classes, our capabilities and residential, consumer finance, commercial lending, digital, energy, traditional infrastructure, they see what we're doing, and they're comfortable with the approach, our underwriting approach.

日本生命就是一個很好的例子。我們與他們建立這段合作關係已經超過5年。我們在Corebridge以及Resolution都與他們密切合作。他們看得到我們的運作方式。他們看到各種資產類別——我們在住宅、消費金融、商業放款、數位、能源、傳統基礎建設等方面的能力——他們看到我們在做什麼，也對我們的方法、我們的承銷方法感到放心。

And I would say another advantage of our business is because we have such a large equity investing business, we have great insights on the credit side. We also generate a lot of flow because we see things have access to things given our positioning in the marketplace. So I think what you'll see is growth in the existing relationships, certainly. And every time we get a new client on the path is to continue to serve them in a good way and expand the products they touch with us. So that's why this has become an area where we think we can do more.

我還想說，我們業務的另一個優勢是：因為我們有非常龐大的股權投資業務，我們在信貸端也能獲得很好的洞見。我們也能產生大量的案源流量（flow），因為憑藉我們在市場中的定位，我們能看到並取得一些機會。所以我認為你會看到既有關係的成長，這是肯定的。而每當我們讓一位新客戶走上這條路，我們的目標就是持續以良好的方式服務他們，並擴大他們透過我們所接觸的產品範圍。因此，這也成為我們認為可以做得更多的一個領域。

And we're also seeing some more and more interest from them in some of our traditional drawdown funds as well. They become bigger buyers of that as we build this relationship, we spend more time with the key investment professionals and the CIOs. The key is to deliver returns. And of course, because it's investment grade, not have losses.

而且我們也看到他們對我們一些傳統的分期提撥基金（drawdown funds）興趣越來越大。隨著我們建立這段關係、與關鍵投資專業人士與CIO投入更多時間，他們也成為這類產品更大的買方。關鍵在於交付回報。當然，因為是投資級，也要避免發生損失。

Benjamin Budish, Barclays Capital.

Benjamin Budish，巴克萊資本（Barclays Capital）。

You addressed this a little bit earlier in the discussion around realizations, but I'm curious if you could unpack a little bit more what you're seeing specifically in terms of sponsor and strategic backed M&A. It feels like is part of the market, you've been quite bullish on IPOs, but it feels like this is part of the market that's been a little slower come back, especially on the sponsor back side. There's also implications for the direct lending business in your credit segment. So just curious if you could talk about what's going on there? What does the near-term outlook look like for specifically middle-market M&A.

你稍早在談到變現（realizations）時有稍微提到，但我想請你再多拆解一些：你們具體看到由財務贊助方（sponsor）與策略方支持的併購（M&A）目前是什麼情況？感覺這一塊市場——你們對IPO一直相當樂觀——但這一塊回溫似乎慢一些，尤其是在贊助方支持的那一端。這也會影響你們信貸部門中的直接放款業務。所以想請你談談那邊到底發生了什麼？特別是對中型市場（middle-market）併購的短期展望如何？

I'd say it's sort of a tale of maybe three cities. There's that -- those companies in the AI area, electrical equipment, utility services, some of the energy businesses in and around natural gas, renewables. Obviously, the data centers, all of that, the suppliers into that chain there, both in the IPO, the M&A market private equity, the bids are strong, the pricing is good, and you've begun to see from us some sales. Michael referenced the $7 billion battery storage business we sold just yesterday. I think that's one part of the world.

我會說，這有點像是三個城市的故事。在AI領域的公司、電氣設備、公用事業服務，以及一些與天然氣、再生能源相關的能源業務。很明顯，還有資料中心，以及整個供應鏈中的供應商——無論是在IPO、M&A市場或私募股權領域，出價都很強，定價也不錯，而且你已經開始看到我們有一些出售。Michael提到我們就在昨天賣出了70億美元的電池儲能業務。我認為那是世界的一部分。

The second would be, I'd call it sort of the AI unaffected businesses. So there, let's call that fast food chains things in the medical supply area, things that are generally pretty unaffected by what's going on. And there, I would say the bid is pretty strong, both in the IPO market and again, in the private market, not as strong as the first category, but an area where there is liquidity in the debt and equity market. I think the exception today is when you get into these sort of white collar services, professional information services, enterprise software, even if the businesses are performing well, we have a number of businesses in that area that are performing well. There's just a sort of high quotient of uncertainty, and it's making buyers more cautious.

第二類我會稱之為某種程度上不受 AI 影響的企業。例如速食連鎖、醫療供應領域的業務，以及一般而言相當不受目前情勢影響的業務。在這一類，我會說不論是在 IPO 市場，或同樣在私募市場，買盤都相當強勁；雖然不如第一類那麼強，但在債務與股權市場仍有流動性。我認為今天的例外是當你進入這類白領服務、專業資訊服務、企業軟體時，即使企業營運表現良好——我們在那個領域也有不少表現良好的企業——不確定性的程度就是很高，這讓買方更為謹慎。

And that's where you've seen less liquidity. That's where you're seeing the part of the private equity market where you won't see a ton of DPI. And I think that's going to be there for a while. And I think what you'll see is multiples have come down and people's expectations will have to come down. And I think people are going to have to understand better.

而那正是你看到流動性較少的地方。那也是你在私募股權市場中看到不會有大量 DPI 的那一塊。我認為這種情況還會持續一段時間。我想你會看到估值倍數已經下來了，而人們的預期也必須下修。我認為人們也必須更好地理解這一點。

Can some of these companies survive and thrive and some of them certainly will, and then they may get rerated higher. But that's the part of the market which has definitely slowed down.

其中一些公司能否存活並茁壯？有些當然可以，之後它們的評價也可能被重新上調。但這確實是市場中明顯放緩的那一部分。

Arnaud Giblat, BNP Paribas.

Arnaud Giblat，法國巴黎銀行（BNP Paribas）。

Actually, my question might follow up on this one. I was wondering if you could unpack the value creation -- private equity infrastructure for us. I assume it's been strong in Q2 or perhaps is following these 3 buckets.

其實，我的問題可能就是接續這個話題。我想請你為我們拆解一下價值創造——私募股權基礎建設（infrastructure）這一塊。我猜第二季（Q2）表現很強，或許也符合這三個分類。

Well, I think the value creation story at our companies today, obviously about making them is AI forward as possible. We announced this new company we created with Anthropic, (inaudible) to accelerate deployment at our companies and ultimately service other companies as well. The idea here is how can we transform these businesses. In the case of some of the businesses, certainly, the software companies it's something that impacts the entire business. We've seen some really powerful examples.

我認為我們旗下公司目前的價值創造故事，顯然是要讓它們盡可能走在 AI 前沿。我們宣布與 Anthropic 共同成立這家新公司，（聽不清）用以加速在我們旗下公司的部署，最終也能服務其他公司。這裡的核心想法是：我們如何改造這些企業。就某些企業而言，尤其是軟體公司，這會影響整個業務。我們已經看到一些非常有力的案例。

We own a company -- a software company called Energy Exemplar that helps utilities manage electricity traffic and simulate. That used to be a product that would take a week, and the customer almost needed a PhD. It was very complex. The AI is creating a much more simplified faster. Now it's something that takes basically hours and the user can utilize this in a much more simple way.

我們持有一家軟體公司——名為 Energy Exemplar——協助公用事業管理電力流量並進行模擬。那過去是一個需要花一週時間的產品，而且客戶幾乎得有博士學位才能用。它非常複雜。AI 正在讓它變得更簡化、速度更快。現在基本上只需要幾個小時，使用者就能以更簡單的方式運用它。

So it's a good example of what we're doing. We're bringing it to customer service and things like Great Wolf for George. We're innovating new products in our garage door opening business, Chamberlain, our digital door man business that's been created. That's now a $40 million business from scratch. They think can grow 10 or 15x over the next 5 years.

所以這是我們正在做的事情的一個好例子。我們也把它帶到客服等領域，例如 Great Wolf for George 之類的業務。我們在車庫門開啟器業務 Chamberlain、以及我們新打造的數位門房（digital doorman）業務上，正在創新新產品。那個業務從零開始，現在已經是一個 4,000 萬美元的業務。他們認為未來 5 年可以成長 10 到 15 倍。

I would say the value creation is how do you incorporate this? And then for the businesses that are less affected, how can they serve their customers better, how can they operate more efficiently. And so we're fortunate to have a really terrific portfolio operations team led by Rodney Zemmel. Who used to run AI at McKinsey, and this is a key focus for us. So it's not just in the investing side of the business.

我會說，價值創造在於：你如何把這些能力納入其中？然後對於受影響較小的企業，如何更好地服務客戶、如何更有效率地營運。因此我們很幸運擁有一支非常出色的投後營運團隊，由 Rodney Zemmel 領導。他過去在麥肯錫負責 AI，而這也是我們的關鍵重點。所以這不只是投資端的事情。

It's also adding value to our portfolio companies.

同時也是在為我們的投資組合公司創造價值。

Patrick Davitt, Autonomous Research.

Patrick Davitt，Autonomous Research。

Jon, maybe this was blasted out of context, but I see a headline on the screen from, I think, a TV interview saying deals from non-AI firms will be muted for a while. Can you unpack that comment and in particular, add any color on what asset classes and/or strategies do you expect to be most muted?

Jon，也許這句話被斷章取義了，但我看到螢幕上一則標題，應該是來自某個電視訪談，說「非 AI 公司的交易將在一段時間內偏淡」。你能否拆解一下這個評論，特別是補充一些顏色：你預期哪些資產類別和／或策略會最為偏淡？

Well, we should correct that because what I said, I think it was on a Bloomberg interview this morning was, I walk through that same sort of three different cities thing, which is AI companies, the AI unaffected companies where there's a lot of interest in buying those. And then I talked about sort of the white-collar world. That is where I said there's less activity, the professional, the information services and the software companies. So that's the area where I said there'd be less activity. That's probably 30% to 40% of the overall private equity market.

嗯，我們應該更正一下，因為我今天早上在 Bloomberg 的訪談中所說的是：我用同樣的「三個不同城市」的框架來說明，也就是 AI 公司、以及不受 AI 影響的公司——市場對收購這些公司有很高的興趣。然後我談到所謂的白領世界。我說活動較少的是那一塊：專業服務、資訊服務以及軟體公司。所以我說交易活動會較少的是那個領域。那大概占整體私募股權市場的 30% 到 40%。

Software for us as a firm is around 6% of our exposures across the firm. But that's where I said there'd be less activity just because of the uncertainty that exists.

對我們這家公司而言，軟體在全公司曝險中大約占 6%。但我說活動會較少的就是那一塊，原因只是因為存在的不確定性。

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

問答環節到此結束。此時，我想把電話交回給 Weston Tucker，請他做任何補充或結語。

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

好的。感謝各位今天加入我們，也期待在電話會議後再與各位跟進。