Blackstone Inc. (BX) 2026 Q3 法說會逐字稿

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

各位好，歡迎參加黑石集團 2026 年第三季投資人電話會議。今天的電話會議將被錄音。(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。

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

好的。謝謝你，Katie，大家早安，歡迎參加黑石集團第三季電話會議。今天與我一同出席的有：董事長兼執行長 Steve Schwarzman；總裁兼營運長 Jon Gray；以及副董事長兼財務長 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 in a few weeks. We'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.

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。我們預期將在幾週內提交 10-Q。提醒各位，今天的電話會議可能包含前瞻性陳述，具有不確定性，且實際結果可能與之有重大差異。我們不承擔更新這些陳述的任何義務。

For a discussion of some of the factors that could affect results, please see the Risk Factors section of our 10-K. We'll also refer to non-GAAP measures, and you'll find reconciliations in the press release on the shareholders page of our website. Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone fund. This audio cast is copyrighted material of Blackstone and may not be duplicated without consent.

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。我們也會提及非 GAAP 指標，相關調節表可在我們網站股東專區的新聞稿中找到。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。本次音訊轉播為黑石集團之著作權資料，未經同意不得複製。

On results, we reported GAAP net income for the quarter of $1.3 billion. Distributable earnings were $1.7 billion or $1.32 per common share, and we declared a dividend of $1.12 per share, which will be paid to holders of record as of November 2.

就業績而言，我們本季 GAAP 淨利為 13 億美元。可分配盈餘為 17 億美元，或每股普通股 1.32 美元；我們宣告每股股利 1.12 美元，將支付給截至 11 月 2 日登記在冊的持有人。

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

接下來，我把電話交給 Steve。

Good morning, and thank you for joining our call. Third quarter of 2026 represented a highly complex environment, characterized by an historic increase in bond yields globally, including US Treasury yields hitting the highest level in decades, alongside continued geopolitical turbulence, wars in the Middle East and Ukraine, inflation concerns, high oil prices, sovereign debt worries, uncertainty over the US midterm elections and other challenges. These challenges have continued post quarter end.

各位早安，感謝各位參加我們的電話會議。2026 年第三季的環境極為複雜，其特徵包括全球債券殖利率歷史性上升（其中美國公債殖利率升至數十年來最高水準），同時地緣政治動盪持續、中東與烏克蘭戰事、通膨疑慮、高油價、主權債務擔憂、對美國期中選舉的不確定性，以及其他挑戰。這些挑戰在季末之後仍在延續。

On the one hand, the artificial intelligence revolution is powering robust growth in many areas, while on the other hand, a higher cost of capital has negatively impacted investor sentiment and transaction activity and triggered significant volatility in the markets.

一方面，人工智慧革命正推動多個領域的強勁成長；另一方面，資本成本上升對投資人情緒與交易活動造成負面影響，並引發市場顯著波動。

The S&P 500 Index rose slightly in the third quarter with gains concentrated in the largest tech companies and the energy sector, although most individual stocks declined, and the median stock is now 15% below its recent high. Against this challenging backdrop, Blackstone reported strong distributable earnings of $1.7 billion in the quarter, underpinned by continued year-over-year growth in fee-related earnings, notwithstanding fewer realizations as we indicated would be the case on our last call.

標普 500 指數在第三季小幅上漲，漲幅主要集中在最大型的科技公司與能源類股；然而，多數個股下跌，目前中位數股票較近期高點下跌 15%。在此具挑戰性的背景下，黑石本季仍繳出 17 億美元的強勁可分配盈餘，主要受惠於費用相關盈餘（FRE）持續年增；儘管如我們在上次電話會議所指出，實現（realizations）較少。

Inflows reached $63 billion in the quarter, reflecting sustained momentum across our major fundraising channels and exceeded $270 billion for the last 12 months, the highest level in four years. Most importantly, in terms of investment performance, our flagship strategies outperformed the relevant market indices in the third quarter, led by infrastructure and our energy holdings.

本季資金流入達 630 億美元，反映我們主要募資通路的動能持續，且過去 12 個月累計超過 2,700 億美元，為四年來最高水準。更重要的是，就投資績效而言，我們的旗艦策略在第三季優於相關市場指數，其中以基礎建設與我們的能源持股表現領先。

Overall, the unparalleled breadth of our firm and the leading platforms we've established across asset classes have allowed us to navigate changing market conditions, deploy capital on the most compelling areas and continue to build value for our limited partners. For shareholders, the firm's underlying earnings power continues to expand substantially, and we are moving towards what we expect will be an outstanding 2027.

整體而言，本公司無與倫比的廣度，以及我們在各資產類別所建立的領先平台，使我們得以因應變動的市場環境，在最具吸引力的領域部署資本，並持續為我們的有限合夥人創造價值。對股東而言，本公司的基礎獲利能力仍在大幅擴張，我們正朝著我們預期將非常出色的 2027 年邁進。

Stepping back, the economy is strong today. The key catalyst, as I mentioned, is the historic level of investment taking place to facilitate the development of AI, including data centers, chips, equipment, power generation, construction and engineering services and many other related areas. This engine is supporting exceptional corporate earnings momentum as well as momentum in our own portfolio.

退一步來看，當前經濟依然強勁。如我所提到的，關鍵催化劑是為促進 AI 發展而進行的歷史性投資，包括資料中心、晶片、設備、發電、營建與工程服務，以及許多其他相關領域。這股引擎正支撐企業獲利的卓越動能，也同樣支撐我們自有投資組合的動能。

We also believe we're in the earliest stages of an AI-driven uplift in productivity. And consequently, an additional multiyear tailwind for corporate earnings and value creation. Rising productivity over time is also a potential mitigant for inflation. Over the past few weeks, however, we've seen an increased focus in the market on the sustainability and risk of AI-related investment, the significant financing needs of companies involved in the AI build-out in the context of higher interest rates and the levels of valuations.

我們也相信，我們正處於 AI 驅動生產力提升的最早期階段。因此，這將成為企業獲利與價值創造額外的多年期順風。隨時間推移，生產力上升也可能成為抑制通膨的因素之一。然而，在過去幾週，我們看到市場對 AI 相關投資的可持續性與風險、在較高利率環境下參與 AI 建設的公司龐大融資需求，以及估值水準的關注度提高。

As we've stated before, we believe the transformative power of AI has precedent in the Industrial Revolution and the commercialization of electricity, and we are in the earliest stages of its development. Demand for compute is accelerating, and we see no signs of that slowing down as AI use cases ramp for both businesses and consumers and the world increasingly engages with the vast potential of this technology.

如我們先前所述，我們認為 AI 的變革力量可類比於工業革命與電力商業化，而我們仍處於其發展的最早期階段。對運算能力的需求正在加速，我們未見其放緩跡象；隨著 AI 應用情境在企業與消費者端擴大，全球也日益投入並探索這項技術的巨大潛力。

At the same time, there's a critical scarcity of supply that is only intensified. Seldom in my career have I seen such a supply-constrained market of this scale. Current public attitudes towards data centers will likely only amplify this scarcity. Over time, as the public comes to understand the advancements that have occurred in data center operations and construction, including with respect to water usage and the need for electricity. These attitudes should change. We also anticipate new laws and regulations codifying these advancements will be implemented.

同時，供給的關鍵稀缺性正在加劇。在我的職涯中，很少見到如此規模、供給受限的市場。目前大眾對資料中心的態度，可能只會進一步放大這種稀缺性。隨著時間推移，當大眾逐步理解資料中心營運與建造方面已取得的進展（包括用水以及用電需求等面向），這些態度應會改變。我們也預期，將會有把這些進展制度化的新法律與法規陸續實施。

Of course, there are risk factors to consider. There will be situations where investors don't have sufficient capital and projects can't procure power equipment with the necessary approvals. At Blackstone, we approach investments in this area with the same rigor and focus on risk-adjusted returns that have defined our investment process for four decades.

當然，仍有風險因素需要考量。在某些情況下，投資人可能資本不足，且專案可能無法在取得必要核准的前提下採購電力設備。在黑石，我們以同樣的嚴謹標準來看待此領域投資，並聚焦於風險調整後報酬；這正是四十年來定義我們投資流程的核心。

In AI infrastructure, for example, our data center portfolio is built on durable long-term contracts with highly creditworthy counterparties. Overall, we keep coming back to the fundamental supply-demand imbalance, which supports our conviction that this is the right place to invest significant capital.

以 AI 基礎設施為例，我們的資料中心投資組合建立在穩健的長期合約之上，交易對手皆具高度信用可靠性。整體而言，我們反覆回到供需失衡這一基本面，這也支持我們的信念：此處正是投入大量資本的正確方向。

As the AI revolution progresses, the rising demand for capital is creating generational opportunities for those with the platform, relationships capabilities and discipline to meet this demand. Blackstone has become one of the most important capital providers in the AI ecosystem. We started with our data center development business, focused on serving the major hyperscalers, which provided the foundation for deep partnership with many of today's AI leaders. And we've been teaming up with them in multiple ways. We've previously announced the launch of Krux, our partnership with Google to help address the shortage of compute.

隨著 AI 革命推進，對資本的需求上升，正為具備平台、關係能力與紀律、能滿足此需求者創造世代級的機會。黑石已成為 AI 生態系中最重要的資本提供者之一。我們從資料中心開發業務起步，專注服務主要超大規模雲端業者（hyperscalers），並以此奠定與當今多位 AI 領導者深度合作的基礎。我們也以多種方式與他們攜手合作。我們先前已宣布推出 Krux，這是我們與 Google 的合作夥伴關係，旨在協助解決運算能力短缺問題。

We've also created Ode with Anthropic to drive enterprise adoption of AI. And in August, Nvidia named Blackstone as one of the small group of managers that work with to deploy $500 billion of large-scale GPU financing.

我們也與 Anthropic 共同成立 Ode，以推動企業採用 AI。此外在 8 月，Nvidia 指定黑石為其合作的少數管理機構之一，共同部署 5,000 億美元的大規模 GPU 融資。

At the same time, the energy area, electrification, reindustrialization and of course, AI are leading to accelerating demand for power following decades of static demand. With one of the largest private energy investing platforms across debt and equity, Blackstone is at the center of this megatrend as well. We were actively investing across generation, transmission, storage equipment and services and more.

同時，能源領域、電氣化、再工業化，當然還有 AI，正帶動在經歷數十年需求停滯之後，用電需求加速成長。黑石擁有橫跨債務與股權、規模名列前茅的私募能源投資平台，也同樣位於此一巨型趨勢的核心。我們正積極投資於發電、輸電、儲能設備與服務等多個領域，並涵蓋更多相關方向。

In the third quarter, we invested in a leading developer of renewable projects in Europe and committed to acquire a supplier of components for data center cooling systems. In August, our portfolio company, Lancium which is providing energy infrastructure to open AI's flagship data center in Texas announced a strategic investment from Nvidia to help fund its development of low-cost scale power.

在第三季，我們投資了歐洲一家領先的再生能源專案開發商，並承諾收購一家資料中心冷卻系統零組件供應商。8月，我們的投資組合公司 Lancium（其為 OpenAI 位於德州的旗艦資料中心提供能源基礎設施）宣布獲得 Nvidia 的策略性投資，以協助資助其開發低成本、可規模化的電力。

And in credit, our energy business, backed approximately 15% of solar and storage projects in the entire United States last year. And together with our equity business has supported nearly 50% and of LNG export capacity.

在信貸方面，我們的能源業務去年為全美約 15% 的太陽能與儲能專案提供了支持。並且與我們的股權業務合計，已支持近 50% 的 LNG 出口產能。

Of course, it's much more than AI and energy driving our firm forward. Blackstone has established leading platforms to address other paradigm shifts, we see shaping the economy and markets. Private credit is becoming a crucial source of financing for the real economy, and we manage the world's largest third-party focused private credit business.

當然，推動本公司向前發展的不僅僅是 AI 與能源。黑石已建立領先的平台，以因應我們認為正在形塑經濟與市場的其他典範轉移。私募信貸正成為實體經濟融資的關鍵來源，而我們管理著全球最大的、以第三方資金為主的私募信貸業務。

Advancements in drug development are accelerating. We've built the largest sponsor-backed life sciences platform. India continues its ascent, as the fastest-growing major economy, and we are one of the country's largest private investors. Private markets themselves remain on a strong growth trajectory, leading to significant opportunities in secondaries where we oversee one of the largest businesses, and defense is an area, it's in critical need of global capital, and we've been highly active here as well addressing this need in numerous ways.

藥物研發的進展正在加速。我們已打造出規模最大的、由贊助方支持的生命科學平台。印度持續崛起，作為成長最快的主要經濟體，而我們是該國最大的民間投資人之一。私募市場本身仍處於強勁成長軌道，帶來次級市場的重大機會；我們在該領域管理著規模最大的業務之一。此外，國防也是一個迫切需要全球資本的領域，我們在此亦高度活躍，並以多種方式回應這項需求。

The firm's positioning across these and other areas, powers our deployment, fuels, fundraising and ultimately translates to greater earnings for shareholders. the virtuous circle underpinning our business. And as always, the Blackstone innovation engine continues to fire, and we are investing today in the leading platforms of tomorrow.

本公司在上述及其他領域的布局，驅動我們的資金部署、帶動募資，並最終轉化為股東更高的獲利。這正是支撐我們業務的良性循環。一如既往，黑石的創新引擎持續運轉，我們正於今日投資於明日的領先平台。

Despite the firm's extraordinary record of growth over four decades and our unique positioning in the alternative sector Blackstone's stock, along with the other alternative managers has been under pressure. This is due to some of the factors I discussed earlier, along with AI disruption, and private credit concerns. Over the past two years, while our shares are down meaningfully, our earnings have grown nearly 50% with commensurate growth in our dividend.

儘管本公司在過去四十年創下非凡的成長紀錄，且在另類投資領域具備獨特定位，黑石的股價與其他另類資產管理公司一樣仍承受壓力。這是由於我先前提到的一些因素，以及 AI 顛覆與私募信貸疑慮所致。過去兩年，雖然我們的股價顯著下跌，但我們的盈餘成長近 50%，股利亦同步成長。

In my experience, disconnects of this type don't typically last. We've seen similar drawdowns for Blackstone's stock before, and each time, our shares ultimately recovered and dramatically outperformed any index comparison on the way back up following the fundamental trajectory of our business. I have learned the most important thing during these periods to keep our focus on delivering great results for limited partners, pioneering new markets for investment and expanding our fundraising channels, all of which are occurring now. Our firm has enormous earnings power, and we expect outstanding results in the years ahead. I believe the future for Blackstone will be remarkable.

依我的經驗，這類型的脫節通常不會持續太久。我們過去也曾見過黑石股價出現類似回撤，而每一次我們的股價最終都回升，並在回升過程中大幅跑贏任何可比指數，反映我們業務的基本面軌跡。我在這些時期學到最重要的一點，是保持專注：為有限合夥人交付優異成果、開拓新的投資市場、並擴大我們的募資通路——而這些事情目前都正在發生。本公司具備強大的獲利能力，我們預期未來數年將取得卓越成果。我相信黑石的未來將十分非凡。

And 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. In a world where demand for capital is rising, private markets are more critical than ever, helping to bridge the funding gap and supports continued technological innovation. Steve discussed our unique positioning across the world's most important investment teams, which is driving our results.

謝謝你，Steve，各位早安。在一個資本需求持續上升的世界裡，私募市場比以往任何時候都更為關鍵，能協助彌補資金缺口並支持持續的技術創新。Steve 談到我們在全球最重要的投資團隊中的獨特定位，這正推動我們的成果。

At the same time, the markets from which we raise capital are expanding significantly, including in the vast wealth and insurance channels. Meanwhile, in our institutional business, investor confidence in Blackstone remains extremely high, which is translating to greater capital commitments in many areas. I will focus my remarks on these growing sources of inflows for the firm.

同時，我們募集資本的市場也在顯著擴張，包括龐大的財富管理與保險通路。此外，在我們的機構業務方面，投資人對黑石的信心仍然極高，並轉化為多個領域更高的資本承諾。我將把重點放在這些為公司帶來資金流入的成長來源。

Starting with private wealth, where we delivered another outstanding quarter, our total AUM in the channel grew 15% year-over-year to a record $330 billion, with nearly $9 billion of sales in the quarter. Fundraising for our perpetual strategies was up materially from Q2 despite the slowdown in credit, and we launched a number of new products.

先從私人財富通路談起：我們又交出一個出色的季度表現，該通路的總 AUM 年增 15% 至創紀錄的 3,300 億美元，單季銷售額接近 90 億美元。儘管信貸放緩，我們的永續型策略募資仍較第二季明顯上升，且我們推出了多項新產品。

Our private equity flagship in the wealth channel, BXPE, reported record sales in the third quarter of $2.9 billion, bringing its NAV to $29 billion in less than three years, the largest platform of its kind in the world. Of course, it's all about investment performance and BXPE has delivered, achieving an 18% net annualized return since inception.

我們在財富通路的私募股權旗艦產品 BXPE，第三季銷售額創新高達 29 億美元，使其成立不到三年 NAV 即達 290 億美元，成為全球同類型中規模最大的平臺。當然，一切都取決於投資績效，而 BXPE 已交出成績，自成立以來實現 18% 的淨年化報酬率。

BREIT grew 9% year-over-year to $58 billion and saw its best regular way net flows in four years in the third quarter. BREIT has generated 21 consecutive months of positive returns and approximately 11% net over the last 12 months for its largest share class. And BXINFRA reported its highest quarterly sales since launch nearly two years ago at $1.1 billion, bringing NAV to over $7 billion. underpinned by a 17% annualized net return for its largest share class. The exceptional portfolio positioning of these strategies continues to power our returns.

BREIT 的規模年增 9% 至 580 億美元，並在第三季創下四年來最佳的常規方式淨流入。BREIT 已連續 21 個月取得正報酬，其最大份額類別在過去 12 個月的淨報酬約為 11%。此外，BXINFRA 自近兩年前推出以來，第三季錄得最高單季銷售額 11 億美元，使 NAV 超過 70 億美元。其最大份額類別的淨年化報酬率達 17%，為其提供支撐。這些策略卓越的投資組合定位，持續驅動我們的報酬表現。

For BCRED, gross sales were nearly $750 million in the third quarter. Repurchase requests were 10% of NAV, above the 5% quarterly limit, largely driven by carryover requests from Q2. We fulfilled approximately 50% of total requests resulting in net outflows of $1.4 billion in the third quarter. Investors who requested a redemption in each of these two quarters of proration received 75% of their capital back in about 90 days, another illustration of the semiliquid structure working as designed.

就 BCRED 而言，第三季總銷售額接近 7.5 億美元。回購申請占 NAV 的 10%，高於每季 5% 的上限，主要是由第二季延續的申請所致。我們滿足了約 50% 的總申請，使第三季淨流出為 14 億美元。在這兩個按比例分配季度中提出贖回申請的投資人，約在 90 天內收回其資本的 75%，再次顯示半流動性結構如設計般運作。

Meanwhile, our innovation in the wealth channel is accelerating. Our new perpetual hedge fund product, BXHF had a strong start out of the gate, raising approximately $400 million, including October 1 subscriptions. This strategy adds another core building block to our suite of solutions. We also launched a new vehicle outside of the US and invest across our wealth strategies, Blackstone Private Markets Funds, or BXPM, which we refer to as Blackstone in a box.

同時，我們在財富通路的創新正在加速。我們新的永續型避險基金產品 BXHF 一推出便有強勁開局，募集約 4 億美元（包含 10 月 1 日的申購）。此策略為我們的解決方案組合增添了另一個核心基石。我們也在美國以外推出一個新載體，投資於我們的各項財富策略——Blackstone Private Markets Funds（BXPM），我們稱之為「盒裝黑石」（Blackstone in a box）。

And the first two funds in our alliance with Wellington and Vanguard went live in the third quarter, including WVB Blackstone, all private fund, which gives investors in the US access to Blackstone's platform in a single allocation. The opportunity in private wealth continues to expand for the firm.

此外，我們與 Wellington 與 Vanguard 的聯盟推出的前兩檔基金已於第三季正式上線，其中包括 WVB Blackstone 全私募基金，讓美國投資人可透過單一配置取得黑石平台的投資曝險。本公司在私人財富領域的機會仍在持續擴大。

Moving to the insurance channel, where our AUM grew 14% year-over-year to more than $300 billion. Insurance companies continue to turn to private markets for excess spread, and they're turning the Blackstone for our open architecture multi-client model and access to differentiated deal flow. We've established the largest noncaptive insurance platform in our industry, including 40 clients in our dedicated insurance solutions area, representing leading global firms, of which over half expanded their relationship with us in the past 12 months.

接著談保險通路：我們的 AUM 年增 14% 至超過 3,000 億美元。保險公司持續轉向私募市場以取得額外利差（excess spread），並選擇黑石，因為我們的開放式架構多客戶模式，以及可取得差異化的交易來源。我們已建立本產業規模最大的非專屬（noncaptive）保險平台；在我們專門的保險解決方案領域共有 40 家客戶，代表全球領先企業，其中超過一半在過去 12 個月擴大了與我們的合作關係。

Our investment-grade private credit platform specifically grew 24% year-over-year to nearly $150 billion. This platform is comprised primarily of insurance capital today, but our engagement with pension, sovereign wealth funds and other LPs is growing.

我們的投資級私募信貸平台規模亦年增 24% 至接近 1,500 億美元。該平台目前主要由保險資本構成，但我們與退休基金、主權財富基金及其他 LP 的互動正在增加。

Stepping back, there are two key developments underpinning the massive secular shift underway toward investment-grade private credit. First, the build-out of digital, energy and transportation infrastructure is creating compelling deployment opportunities of very significant scale. Second, large IG-rated corporates are increasingly looking to private markets for bespoke nondilutive capital solutions backed by specific assets to support their balance sheet objectives and fund growth.

從更宏觀的角度來看，有兩項關鍵發展支撐著投資級私募信貸正發生的大規模長期結構性轉變。第一，數位、能源與運輸基礎設施的建置，正在創造規模極其可觀、具吸引力的資金部署機會。第二，具投資級評等的大型企業愈來愈多地轉向私募市場，尋求以特定資產作為支持、量身打造且不稀釋股權的資本解決方案，以達成其資產負債表目標並為成長提供資金。

Blackstone is well positioned to be the partner of choice, given the breadth of our platform capabilities and reputation. Our recent activity includes large-scale financings in numerous sectors around the world, including communications infrastructure and an airline loyalty program in Canada, residential real estate in Australia and digital and energy infrastructure globally.

鑑於我們平台能力的廣度以及聲譽，黑石具備成為首選合作夥伴的有利條件。我們近期的活動包括在全球多個產業進行的大規模融資，涵蓋通訊基礎設施與加拿大某航空公司忠誠計畫、澳洲住宅不動產，以及全球的數位與能源基礎設施。

For our clients, we are originating high-quality, long-duration investments with favorable counterparty risk all while generating a premium yield over comparably rated liquid credit. At the same time, our noninvestment-grade credit platform continues to perform quite well. Our flagship funds reported healthy returns in the third quarter, which Michael will discuss. In direct lending, AUM grew 10% year-over-year to nearly $170 billion despite muted flows for BCRED. Inflows from our institutional LPs remain robust, and they're looking to deploying a lending backdrop that has become more attractive.

對我們的客戶而言，我們正在發起高品質、長存續期的投資，在維持有利的交易對手風險水準的同時，並相較於同等評級的流動性信用產品創造更高的收益率溢價。同時，我們的非投資級信用平台持續表現相當出色。我們的旗艦基金在第三季繳出穩健報酬，Michael 將進一步說明。在直接放款方面，儘管 BCRED 資金流入偏溫和，管理資產規模（AUM）仍年增 10% 至接近 1,700 億美元。我們的機構型有限合夥人（LP）資金流入依然強勁，且他們正尋求在已變得更具吸引力的放款環境中加大部署。

Overall, our institutional business continues to show solid momentum with AUM up 7% year-over-year. In infrastructure, our dedicated platform grew a remarkable 40% year-over-year to $97 billion. We are approaching the $100 billion milestone only eight years after launch achieved entirely organically, underpinned by 19% net annual return since inception in the commingled BIP strategy.

整體而言，我們的機構業務持續展現穩健動能，AUM 年增 7%。在基礎設施方面，我們的專屬平台 AUM 年增高達 40% 至 970 億美元。自推出僅八年，我們即將達成 1,000 億美元里程碑，且完全由內生增長所驅動；其基礎來自我們混合型（commingled）BIP 策略自成立以來 19% 的年化淨報酬率。

Our multi-asset investing business, BXMA, has reemerged as a growth engine for the firm. AUM increased 22% year-over-year to $114 billion, with record organic net inflows in Q3. BXMA delivered its 26th consecutive quarter of positive returns for its largest strategy. In our drawdown fund area, it was another active quarter of fundraising. We held additional closings for our new private equity flagship secondaries vehicle, with over $16 billion raised to date toward a target of at least $22 billion, along with our real estate secondaries vehicle.

我們的多元資產投資業務 BXMA 已重新成為公司的成長引擎。AUM 年增 22% 至 1,140 億美元，且第三季創下內生淨流入新高。BXMA 旗下最大策略已連續第 26 個季度取得正報酬。在我們的封閉式基金（drawdown fund）領域，本季募資活動同樣活躍。我們為新的私募股權旗艦二級市場投資工具完成額外的募集關帳（closing），迄今已募得逾 160 億美元，朝至少 220 億美元的目標邁進，同時也包括我們的不動產二級市場投資工具。

We also raised additional capital for our fifth private equity energy transition fund, BETP five, which hit its $8.7 billion hard cap post quarter end, more than 50% larger than the prior fund. This represents the fourth major drawdown fund at Blackstone to hit its hard cap this year, all of which were meaningfully larger than predecessors and had excess demand, and we expect a fifth, our asset-based finance drawdown vehicle in credit to hit its $4.2 billion hard cap soon. Institutional investor interest clearly remains strong for high-performing Blackstone strategies.

我們也為第五支私募股權能源轉型基金 BETP V 募得更多資金，該基金於季後達到 87 億美元的硬上限（hard cap），規模較前一支基金大逾 50%。這是黑石今年第四支達到硬上限的主要封閉式基金，且每一支規模均顯著大於前代並出現超額需求；我們預期第五支——信用領域的資產基礎融資（asset-based finance）封閉式投資工具——也將很快達到 42 億美元的硬上限。機構投資人對黑石高績效策略的興趣顯然仍然強勁。

Looking forward, we launched fundraising for our new credit energy transition and infrastructure vehicle targeting a larger size than the prior $7.1 billion vintage, and we'll soon begin raising our third longer dated for private equity vintage. I'll finish my remarks today with a comment on real estate, where we've been navigating a volatile interest rate environment.

展望未來，我們已啟動新一檔信用能源轉型與基礎設施投資工具的募資，目標規模將大於上一期 71 億美元的基金；此外，我們也將很快開始募集第三期、期限更長的私募股權基金。我今天最後將就不動產做一點評論；在利率波動的環境下，我們一直在審慎應對。

In the third quarter, we increased valuation cap rates across our holdings in response to the increase in base rates, which led to depreciation in our opportunistic real estate funds. Importantly, while higher rates are a headwind to the sector's recovery, strengthening fundamentals are a tailwind. In 2022, in contrast, when the Fed began its rate hiking cycle, cash flow growth was decelerating across many areas of commercial real estate due to meaningful new supply coming online.

第三季，我們因應基準利率上升而提高了持有資產的估值資本化率（cap rates），導致我們的機會型不動產基金出現折舊。重要的是，雖然較高利率對該產業復甦構成逆風，但基本面轉強則形成順風。相較之下，2022 年聯準會開始升息循環時，由於大量新增供給投入市場，商用不動產多個領域的現金流成長正在放緩。

Today, there are three positive dynamics that didn't exist in 2022. First, demand is accelerating in key sectors, including data centers, where we expect a threefold increase in leasing this year across our global platform, and logistics where our US holdings saw record leasing activity in Q3. These two sectors represent 54% of our global real estate portfolio.

如今，出現了 2022 年所沒有的三項正向動態。第一，關鍵產業的需求正在加速，包括資料中心——我們預期今年在全球平台的租賃量將增加至三倍——以及物流產業，我們在美國的持有資產於第三季創下租賃活動新高。這兩個產業合計占我們全球不動產投資組合的 54%。

Second, new supply has fallen to a decade plus low across many types of real estate, while the cost to build continues to increase, development further accelerated by higher rates and crowding out from the AI infrastructure build. And third, real estate debt markets have remained resilient unlike in '22 with the availability of debt up sharply this year.

第二，許多不動產類型的新供給已降至十多年來低點，而建造成本仍持續上升；在較高利率以及 AI 基礎設施建置排擠效應的影響下，開發活動進一步加速。第三，不動產債務市場不同於 2022 年，仍維持韌性，今年債務供給可得性大幅提升。

This doesn't mean there won't be legacy equity and debt investments in real estate that will face renewed pressure from higher rates, particularly in lower growth sectors. But in this cycle, as with past cycles, we believe we are in a differentiated position overall, given where we've concentrated our capital and the quality of our portfolio.

這並不表示不動產領域中既有的股權與債務投資不會因利率走高而再度承受壓力，尤其是在成長較低的產業。但在本輪循環中，如同過往循環，我們相信整體而言我們處於差異化的有利位置，原因在於我們資本配置的集中方向以及投資組合的品質。

In closing the firm's commitment to our clients is as strong as ever, and we are laser-focused on delivering for them. For shareholders, Blackstone remains brand-heavy asset-light manager with minimal net debt and a compelling recurring revenue model, and we firmly believe with lots of growth ahead.

最後，公司對客戶的承諾一如既往地堅定，我們高度聚焦於為他們交付成果。對股東而言，黑石仍是品牌資產重、資產負擔輕的資產管理人，淨負債極低，並擁有具吸引力的經常性收入模式；我們堅信未來仍有大量成長空間。

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

接下來，我把時間交給 Chae 先生。

Thanks, Jon, and good morning, everyone. Firm delivered resilient financial results and overall fund performance in the third quarter. And for the first nine months of the year, generated double-digit year-over-year growth across fee revenues, fee-related earnings realized performance revenues and distributable earnings, all against a backdrop of significant external volatility.

謝謝你，Jon，各位早安。公司在第三季交出具韌性的財務成果與整體基金表現。而在今年前九個月，我們在費用收入、費用相關收益（FRE）、已實現績效收入以及可分配收益（DE）等方面，均實現年增雙位數成長，且是在外部波動顯著的背景下達成。

Starting with results. The firm's expansive breadth lifted AUM to new record levels. Total AUM rose 10% year-over-year to approximately $1.4 trillion with double-digit growth across three of our four segments, including robust momentum in private equity BXMA and healthy growth in credit, notwithstanding declines in real estate as we've discussed. Total fee revenues for the firm rose 8% year-over-year to $2.7 billion. Base management fees reached a record $2 billion in the quarter, trending on the path we previously outlined, underpinned by year-over-year growth of 13% in private equity and 22% in BXMA.

先從業績結果談起。公司平台的廣度推動 AUM 再創新高。總 AUM 年增 10% 至約 1.4 兆美元，我們四大部門中的三個部門均實現雙位數成長，其中私募股權與 BXMA 動能強勁，信用業務亦維持健康成長；儘管如先前所述，不動產有所下滑。公司總費用收入年增 8% 至 27 億美元。本季基本管理費達到創紀錄的 20 億美元，符合我們先前所勾勒的成長路徑；其支撐因素包括私募股權年增 13% 以及 BXMA 年增 22%。

Transaction and advisory fees increased 34% year-over-year to $210 million in Q3, reflective of the continued expansion of the firm's platform. Fee-related performance revenues grew 19% year-over-year to $540 million, with contribution from 10 perpetual strategies, including BREIT and real estate, BCRED and Credit, BIP and BXINFRA, infrastructure and BXPE and private equity.

第三季交易與顧問費年增 34% 至 2.10 億美元，反映公司平台持續擴張。費用相關績效收入年增 19% 至 5.40 億美元，來自 10 項常續型（perpetual）策略的貢獻，包括 BREIT 與不動產、BCRED 與信用、BIP 與 BXINFRA（基礎設施），以及 BXPE 與私募股權。

Fee-related earnings were $1.6 billion in the quarter, up 6% year-over-year, equating to $1.26 per share. Distributable earnings were $1.7 billion or $1.32 per share, underpinned by the strong FRE generation. With respect to net realizations, we said on our last call that we expected a sequential decline in Q3 and net realizations were down 20% quarter-over-quarter. Even so, we were able to execute a number of dispositions with the largest source with multiple exits in our Asia portfolio, specifically in Japan and India.

本季費用相關收益（FRE）為 16 億美元，年增 6%，相當於每股 1.26 美元。可分配收益（DE）為 17 億美元或每股 1.32 美元，主要受強勁的 FRE 產生能力所支撐。就淨實現（net realizations）而言，我們在上次電話會議中提到預期第三季將較前一季下滑，而第三季淨實現確實季減 20%。即便如此，我們仍完成多筆處分交易，最大來源來自我們亞洲投資組合的多筆退出，特別是在日本與印度。

Stepping back, the firm has delivered strong financial performance in 2026 despite the year's considerable geopolitical disruptions and market volatility. For the year-to-date period through Q3, total fee revenues and FRE both grew 17% year-over-year. Realized performance revenues were up 12% and DE increased 12% as well. all while seeing positive momentum across fundraising, investment activity and fund appreciation, the key leading indicators of future financial performance.

回過頭來看，儘管今年地緣政治干擾與市場波動相當顯著，公司在 2026 年仍展現強勁的財務表現。截至第三季的年初至今期間，總費用收入與 FRE 均年增 17%。已實現績效收入年增 12%，DE 亦年增 12%。同時，我們在募資、投資活動與基金增值等方面皆呈現正向動能；這些都是未來財務表現的關鍵領先指標。

And as we move towards year-end and into 2027, the setup is quite favorable. First, with respect to Q4, we anticipate a significant step-up in net realizations in the fourth quarter, including the sales of multiple companies. In addition, BXMA crystallizes performance revenues in the fourth quarter of each year for most of its open-ended strategies with strong returns year-to-date as do a number of strategies across the credit complex.

隨著我們邁向年底並進入 2027 年，整體態勢相當有利。首先，就第四季而言，我們預期第四季淨變現將顯著躍升，其中包括多家公司的出售。此外，BXMA 對其多數開放式策略會在每年第四季結晶（確認）績效收入；在今年迄今報酬強勁的帶動下，信貸平台中的多項策略亦是如此。

As we look ahead to 2027, we expect to return to double-digit year-over-year growth in base management fees with key drivers, including the onset of fees from multiple new drawdown funds in private equity, continued expansion of our perpetual platform, growth in credit insurance and the very positive momentum in BXMA.

展望 2027 年，我們預期基本管理費將恢復為年增雙位數成長，主要驅動因素包括：多檔私募股權新設封閉式基金開始收取費用、我們永續型平台持續擴張、信貸保險業務成長，以及 BXMA 非常正向的動能。

At the same time, the firm's increasingly diversified and scaled base of fee-related performance revenues is a source of strength, including notably, our institutional infrastructure strategy, which will see its next large-scale crystallization of these revenues in 2027 in the context of its remarkable investment performance.

同時，本公司在費用相關績效收入方面的基礎日益多元且規模化，亦是重要的優勢來源；其中尤其值得一提的是我們的機構型基礎建設策略，憑藉其卓越的投資表現，將於 2027 年迎來下一次大規模的此類收入結晶（確認）。

And the surface area for generating transaction fees continues to expand, underappreciated engine of fee revenue growth. Meanwhile, the firm's embedded realization potential has continued to build. The net accrued performance revenue receivable on our balance sheet, the firm's store value now stands at $7.3 billion, up 12% year-over-year, equating to nearly $6 per share.

此外，創造交易手續費的觸及面仍在持續擴大，這是一個常被低估的費用收入成長引擎。與此同時，本公司內含的變現潛力也持續累積。我們資產負債表上的淨應計績效收入應收款（本公司的價值儲備）目前為 73 億美元，年增 12%，相當於每股接近 6 美元。

Nearly one-third of the receivable in corporate private equity is public and liquid while the receivable in our private equity energy business has more than doubled year-over-year. This brings me to investment performance. Amid rising interest rates and significant market volatility, nearly all of our flagship strategies generated positive appreciation in the third quarter and outperformed comparable indices.

其中，公司型私募股權的應收款近三分之一為上市且具流動性；而我們私募股權能源業務的應收款年增已逾一倍。這也帶到投資績效。在利率上升與市場大幅波動之際，我們幾乎所有旗艦策略在第三季皆錄得正向增值，並優於可比指數。

Our dedicated infrastructure platform appreciated 6.4% in Q3, underpinned by continued extraordinary leasing momentum in our global data center portfolio, as Jon highlighted. For the last 12 months, our infrastructure platform appreciated remarkable 29% compared to a 4% return for the Global Infrastructure Index over the same period. The corporate private equity funds appreciated 2.8% in the third quarter and 15% for the last 12 months with our holdings in power and electrification representing the largest gains in the quarter.

如 Jon 所強調，我們專注的基礎建設平台在第三季上漲 6.4%，主要受惠於全球資料中心投資組合持續非凡的租賃動能。過去 12 個月，我們的基礎建設平台報酬高達 29%，相較之下，同期全球基礎建設指數報酬為 4%。公司型私募股權基金第三季上漲 2.8%，過去 12 個月上漲 15%；其中電力與電氣化相關持股為本季最大貢獻來源。

Overall, our private equity operating companies continue to report healthy underlying fundamentals, including low double-digit revenue growth and strength in margins. In credit, our non-investment grade private credit strategies reported a gross return of 2.6% in the quarter and 7% for the last 12 months, reflecting stable underlying credit performance across the vast majority of our holdings, alongside steady current income.

整體而言，我們的私募股權營運型公司持續呈報健康的基本面，包括營收低雙位數成長與強勁的利潤率表現。在信貸方面，我們的非投資級私募信貸策略本季毛報酬為 2.6%，過去 12 個月為 7%，反映我們絕大多數持倉的基礎信用品質表現穩健，同時具備穩定的當期收益。

Meanwhile, BXMA reported a 0.5% gross return for the absolute return composite in Q3 compared to a decline in the HFRX hedge fund index and 13% for the LTM period, which was more than double the hedge fund index. BXMA seeks to outperform liquid markets over time with less volatility, and it has done just that, beating the traditional 60-40 portfolio by 170 basis points per year since the start of 2020.

同時，BXMA 的絕對報酬綜合策略在第三季錄得 0.5% 的毛報酬，相較之下 HFRX 對沖基金指數下跌；而在過去 12 個月（LTM）期間，BXMA 報酬為 13%，超過對沖基金指數的兩倍以上。BXMA 的目標是在較低波動下，長期跑贏流動市場；自 2020 年初以來，其確實達成此目標，每年較傳統 60/40 投資組合高出 170 個基點。

Finally, in real estate, the core plus funds reported positive appreciation of 1.6% in the third quarter, while the BREP opportunistic funds declined 3.2%. Widening cap rates were partially offset by leasing momentum in data centers as well as interest rate hedges. Areas with lower growth were more impacted, including our multifamily housing portfolio.

最後，在不動產方面，core plus 基金第三季錄得 1.6% 的正向增值，而 BREP 機會型基金下跌 3.2%。資本化率上升的影響，部分被資料中心的租賃動能以及利率避險所抵銷。成長較低的領域受到的影響更大，包括我們的多戶住宅投資組合。

Despite the cost of capital headwinds, favorable portfolio positioning led to positive performance across all three of the most recent vintages of our BREP strategies in Q3, global Asia and Europe and double-digit appreciation in these funds over the last 12 months, including 17% LTM appreciation for our latest BREP Global Fund, 24% for Asia and 13% for Europe.

儘管資金成本逆風存在，良好的投資組合配置仍帶動我們 BREP 策略最近三個年度梯次在第三季皆取得正向表現；同時，全球、亞洲與歐洲基金在過去 12 個月均達到雙位數增值，其中包括：最新的 BREP Global Fund 過去 12 個月（LTM）增值 17%，亞洲 24%，歐洲 13%。

In closing, the firm continues to demonstrate resiliency and fundamental strength. In a very challenging environment, we've delivered double-digit growth across AUM, revenue and earnings, and we believe we are very well positioned for the road ahead.

總結而言，本公司持續展現韌性與基本面實力。在極具挑戰的環境下，我們在資產管理規模（AUM）、營收與獲利方面皆實現雙位數成長，並相信我們已為未來道路做好充分準備。

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

感謝各位參與今天的電話會議。我們現在開放提問。

(Operator Instructions)

（接線員指示）

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

Hey, good morning. Thanks for taking the question. So the market seems to be reacting to perceived risks from AI-related investments in the context of a higher cost of capital backdrop. Just curious how sensitive in your view is this financing build-out to higher rates more broadly, where are you seeing risks here?

嗨，早安。謝謝讓我提問。市場似乎正在反映在資金成本較高的背景下，對 AI 相關投資所帶來風險的疑慮。想請教您認為，整體而言這一波融資擴建對利率上升的敏感度有多高？您在哪些地方看到風險？

And how are you protecting your capital from risk of lower-than-expected returns with the AI complex? I know you've talked about long-term contracts, high-quality counterparties. But what risk do those contracts not protect you against?

另外，面對 AI 產業鏈可能出現報酬低於預期的風險，你們如何保護資本？我知道你們談過長期合約、高品質交易對手。但這些合約無法保護你們免於哪些風險？

Well, Mike, obviously, it's an area the market is very focused on today. I would start with where we've really focused, which is on providing compute, which seems to be the area where there are the greater constraints. We continue to see very significant demand at our companies spending it on models is up 20-fold over the last year.

Mike，這顯然是市場目前高度關注的領域。我會先從我們真正聚焦的方向談起，也就是提供算力（compute），因為那似乎是限制更大的環節。我們持續在旗下公司看到非常顯著的需求，過去一年在模型上的支出增加了 20 倍。

We see all sort of productive uses continuing to expand across our portfolio, and we think demand will grow. And the challenge, of course, is chips and data centers and amassing capital at scale. And we think at Blackstone were very unique because we can provide integrated solutions. We can provide power solutions, we can provide financing solutions. We can obviously provide data center solutions. And the vast majority of what we're doing is long-term contracted.

我們看到各種具生產力的應用在我們的投資組合中持續擴張，並認為需求將持續成長。當然，挑戰在於晶片與資料中心，以及以規模化方式募集資本。我們認為黑石非常獨特，因為我們能提供整合式解決方案。我們可以提供電力解決方案，也可以提供融資解決方案。我們當然也能提供資料中心解決方案。而我們所做的絕大多數業務都是長期合約鎖定的。

And in the case of the data centers, as you pointed out, these are assets with 15- to 20-year contracts with companies who have $2.5 trillion market caps on average. So I would say for our data center business, in particular, the fact that we wait until we have these long-term contracts before we put the vast majority of capital on the ground, that seems to be a very disciplined approach to deploying capital.

以資料中心為例，如你所指出，這些資產的合約期為 15 到 20 年，交易對手公司的平均市值約 2.5 兆美元。因此我會說，特別就我們的資料中心業務而言，我們會等到取得這些長期合約後，才把絕大部分資本投入落地，這看起來是一種非常嚴謹的資本部署方式。

And if anything, all the pushback and the squeeze on capital availability and a bit of the shakeout that we're seeing puts us in, I think, a pretty unique space. The fact that we have expertise and that we can amass capital, we can do very interesting things. It's happening in credit. It's obviously happening in real estate and infrastructure here for us.

而且如果有什麼影響的話，市場對資本可得性的反彈、資本更緊縮，以及我們看到的一些洗牌，反而讓我們處在一個我認為相當獨特的位置。我們具備專業能力，也能募集到規模化資本，因此能做出非常有意思的事情。這正在信貸領域發生。對我們而言，也顯然正在不動產與基礎建設領域發生。

So we're aware of the risk whenever you have this kind of large investment boom, which is why we focus so much on the picks and shovels while we focus so much on long-term contracted assets, while we focus on not doing things on a speculative basis, all of that makes us feel very good. And if anything, as I said, the shortage of compute is growing and that's making what we build, the entitled sites we have that are powered, they're actually more valuable today.

因此，我們了解只要出現這種大型投資熱潮就會伴隨風險，這也是為什麼我們如此聚焦於「賣鏟子與鎬子」（picks and shovels）的環節、如此聚焦於長期合約資產、並且聚焦於不以投機方式做事；這些都讓我們感到非常安心。而且如我所說，算力短缺正在加劇，這使得我們所建置的資產、我們已取得權利且具備供電的基地（entitled sites），在今天其實更有價值。

And I think we'll begin to see even larger sites, more concentrated and more integrated with some of our energy solutions. So we understand that it's a world where people are focused, but the CapEx cycle and the need for compute will continue. There seems to be fewer players who can do this, and that puts us and our investors, we think, in a very good spot.

而且我認為我們將開始看到更大型的場址、更高的集中度，並且與我們的一些能源解決方案更深度整合。因此我們理解，這是一個人們更為聚焦的世界，但資本支出（CapEx）週期以及對運算的需求仍將持續。看起來能做到這件事的參與者更少了，而這讓我們以及我們的投資人——我們認為——處於非常有利的位置。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，RBC 資本市場。

Great. Thanks for taking the question and good morning, everyone. Just wanted to ask around the private wealth fundraising momentum that you're seeing. We're seeing acceleration in three of the four asset classes. Maybe you can talk through -- I know performers has mentioned, but some of the key drivers and momentum sustaining into 2027. And an early read on BXPM would be great.

很好。謝謝讓我提問，大家早安。我想請教你們目前看到的私人財富募資動能。我們看到四個資產類別中有三個正在加速。也許你可以談談——我知道你們提過績效——但一些關鍵驅動因素，以及這股動能如何延續到 2027 年。另外，如果能先談談對 BXPM 的初步觀察也很棒。

So the drivers, as always, are the performance that's the key thing. The brand, of course, and the reach of our wealth team around the world and our relationships. That is a very powerful combination, performance, and it was in the numbers you heard exceptional performance really across the board, if you look at what we've done in private equity relative to the marketplace, infrastructure, same story, real estate, our GAAP versus other competitors is incredibly wide in credit where there was all this talk of some sort of private credit apocalet earlier this year. Of course, none of that has come to pass. And so we're delivering for the customers, and that's the key thing.

驅動因素一如既往，最關鍵的是績效。當然還有品牌，以及我們財富團隊在全球的觸及能力與人脈關係。這是一個非常強大的組合：績效——而你剛才聽到的數字也反映了這點——整體表現確實非常出色；如果你看我們在私募股權相對於市場的表現、基礎建設也是同樣的故事、不動產方面，我們的 GAAP 表現相較其他競爭對手差距非常大；而在信貸方面，今年稍早市場還在談所謂的私募信貸末日（apocalypse）。當然，這些都沒有發生。因此我們正在為客戶交出成果，而這才是關鍵。

And this market, as you know, is very underpenetrated. Investors globally are probably about 1% allocated to private assets. And then to the expansion point, we've got a new hedge fund product that we're excited about, had a very good start out of the box. And it's super early days in some of these multi-asset approaches that will take time because it's a new offering. People are used to buying individual products.

而且如你所知，這個市場的滲透率仍然很低。全球投資人配置到私募資產的比例大概只有 1%。再談到擴張這點，我們有一個新的避險基金產品，我們很期待，它一推出就有非常好的起步。而在某些多資產策略上，現在仍是非常早期的階段，因為這是新的產品，需要時間。大家過去習慣購買單一產品。

We're going to have to educate the market about this. But we've done this before. When we started BREIT, we started BCRED in the early days, took some time I'd expect here, the reaction from the marketplace has been positive, but it's going to take some time to build those particular products.

我們必須教育市場理解這件事。但我們以前做過。當我們在早期推出 BREIT、推出 BCRED 時，也花了一些時間；我預期這次也會如此。市場的反應是正面的，但要把這些特定產品做大，仍需要一些時間。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

Thanks. Good morning, everyone. Our question is on the evolution of Blackstone's Capital Markets business. You're still keeping it capital light the holdco while expanding across asset class and geography with investment-grade private credit and increasingly important driver as we just saw on the Broadcom transaction. Could you update us on how the business has evolved? And how we should think about the long-term growth of transaction fees?

謝謝。各位早安。我們的問題是關於黑石資本市場業務的演進。你們在控股公司（holdco）層面仍維持輕資本（capital light），同時在資產類別與地域上擴張，並以投資級私募信貸作為日益重要的驅動因素——就像我們在博通（Broadcom）交易中看到的那樣。你們能否更新一下這項業務如何演進？以及我們應如何看待交易費用長期的成長？

Well, I'll just start -- yes, I would just say, generally, what we see, Craig, is as our platform grows, there's just more transaction activity connected to it. more debt and equity offerings as our wealth business grows as our institutional business grows. So it's associated with the overall growth of our AUM and our activity, and we're helping our clients get better execution by using our scale.

我先說——是的，我一般會說，Craig，我們看到的是，隨著我們的平台成長，與之連結的交易活動就會更多。隨著我們的財富業務成長、機構業務成長，債務與股權發行也會更多。因此這與我們整體 AUM 的成長與活動量相關，而我們也透過規模優勢協助客戶取得更好的執行效果。

And then the second component of this is in private credit specifically, some of these large bespoke solutions in real assets require. We're using our very large now $300 billion-plus insurance platform some of our institutional clients, particularly on the junior pieces, but in some cases, we distribute a bit as well.

第二個部分是在私募信貸方面，特別是某些實體資產（real assets）的大型客製化解決方案所需要的。我們正在運用我們目前已超過 3,000 億美元的龐大保險平台，以及部分機構客戶——尤其是在次順位（junior）部位上；但在某些情況下，我們也會做一些分銷。

And so that's growing as that business growth. So we're continuing with this capital-light approach, that's what we think is the best way for our shareholders. But we're still, at the same time, seeing this pretty rapid growth in transaction and advisory fees.

因此，隨著該業務成長，這部分也在成長。我們會持續採取這種輕資本的做法，因為我們認為這對股東是最好的方式。但同時，我們仍看到交易與顧問費用相當快速的成長。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

Thank you. Good morning. I was hoping to go back to the AI discussion and maybe just double clicking to the first question for Mike. Obviously, we've seen wider credit spreads and CDS levels move up for neoclouds and to some extent, some of the more established players. Can you help us just understand to what extent that kind of capital markets move impact your own valuation, whether it's on the equity side in things like data centers or anything you guys are doing on the debt financing.

謝謝。早安。我想回到 AI 的討論，並且可能再深入追問一下 Mike 的第一個問題。顯然，我們看到新型雲端（neoclouds）的信用利差擴大、CDS 水準上升，在某種程度上，一些較成熟的業者也是如此。你能否協助我們理解，這類資本市場的變動在多大程度上會影響你們自身的估值——不論是股權端，例如資料中心等，或是你們在債務融資上所做的任何事情。

And as a follow-up, I guess, to that, as public markets become more constrained, I was hoping you could frame the fundraising opportunity you see across Blackstone to fill some of that gap.

另外作為追問，當公開市場變得更受限時，我希望你能說明你們在黑石各業務線上看到的募資機會，以填補其中一部分缺口。

So from a valuation standpoint, there's a little bit of an impact, obviously, on the present value of stabilized assets, which we tend to carry pretty conservatively. So it impacts the multiples a bit Interestingly, Alex, on the new assets that you haven't yet leased, I think you'll be able to command a higher yield to absorb this. and you may end up actually in a better spot because it's getting harder to deliver, particularly at scale.

就估值而言，顯然對已穩定資產的現值會有一些影響，而我們通常以相當保守的方式入帳。因此會對倍數造成一些影響。有趣的是，Alex，對於那些尚未出租的新資產，我認為你將能要求更高的收益率來吸收這些變化。而你最終可能反而處於更好的位置，因為要交付（deliver）變得更困難，尤其是在大規模的情況下。

So we don't really see a massive impact. When we commit to these large-scale projects, we line up the financing at the same time. We're very disciplined on how we think about financing this. For the neoclouds, I think the key is, will they be able to deliver on their compute promises. We have done a number of things in that area, providing financing on a secured basis against long-term contracts with the biggest hyperscalers. We're creating a neocloud, but that business is just getting off the ground. The key for those businesses is the deliverability.

所以我們並不認為會有巨大的影響。當我們承諾這些大型專案時，我們會同時把融資安排好。我們在思考如何為此融資方面非常自律。至於新型雲端，我認為關鍵在於他們是否能兌現其運算能力的承諾。我們在這方面做了不少事情，例如以最大型超大規模雲端業者（hyperscalers）的長期合約作為擔保基礎，提供有擔保的融資。我們正在打造一個新型雲端，但那項業務才剛起步。這些業務的關鍵在於可交付性。

Compute prices are actually up 50% year-on-year there's a lot of value in legacy H100 chips before people thought they would depreciate much more quickly. So for us, in a lot of ways, a world where capital is more constrained and where we have the scale, the expertise and access to capital, and this gets to the end of your question, that should be beneficial for us. And the ultimate finished product in a world where there's more scarcity of compute should be worth more.

運算價格其實年增 50%；在過去人們以為會更快折舊之前，既有的 H100 晶片其實具有很高的價值。因此對我們而言，在許多方面，當資本更受限、而我們具備規模、專業能力與資本取得管道——這也呼應你問題的最後一部分——這應該對我們有利。而在運算更稀缺的世界裡，最終的成品應該會更有價值。

And so in terms of fundraising, we're continuing to be able to raise capital. Obviously, investors are asking the same questions around AI. But what we continue to see is demand and usage of the AI going up faster than the compute.

因此在募資方面，我們仍持續能夠募集資金。顯然，投資人也在問同樣關於 AI 的問題。但我們持續看到的是，AI 的需求與使用量上升得比運算能力更快。

And again and again, what we're focused on is what we think of the most senior part of the stack, either lending or investing against the energy, which is a very large area for us, the electrical equipment and the data centers, that sort of physical infrastructure that's supporting what's happening that we really like the risk return. And if anything, I think the yields will be going up because it's getting harder to deliver that both physically and because of the need to aggregate financial capital to your point, which is getting tougher.

而且我們一再聚焦的是，我們認為在資本結構中最資深（most senior）的部分：要嘛是放貸，要嘛是針對能源進行投資——這對我們而言是非常大的領域——以及電力設備與資料中心等，那種支撐正在發生之事的實體基礎設施；我們非常喜歡其風險報酬。而且如果有什麼變化，我認為收益率會上升，因為無論在實體層面，或如你所說需要匯聚金融資本的層面，要交付都變得更困難，而後者也正變得更具挑戰。

Chris Kotowski, Oppenheimer.

Chris Kotowski，Oppenheimer。

Yes. Following up on that last point. I mean people talk about data center finance, like it's all one and you have all these different assets with different risk-reward profiles, the land, the envelope of the building, the power source, the chips that go inside. And I guess, how do you see like the next three to five years playing out? I mean, it seems to me like your role in all this as being kind of the matchmaker between the capital needs and the capital sources.

是的。延續剛才最後那一點。我的意思是，人們談資料中心融資時，好像把它當成一個整體，但其實你有許多不同資產、不同風險報酬特性：土地、建築外殼、電力來源、以及放進去的晶片。我想問的是，你怎麼看接下來三到五年的發展？在我看來，你在這整件事中的角色有點像是在資金需求端與資金供給端之間做媒合。

And do you see more of the opportunity on the like investment grade, drawdown funds, opportunistic side? Or is it -- or is it investment grade and to insurance companies or all of the above? If you could just flesh that out a bit more.

你覺得機會會更多在投資級、可提撥（drawdown）基金、機會型那一側嗎？還是——或者是投資級、面向保險公司，或以上皆是？如果可以的話，請再多補充一些細節。

That's funny. That's what I was going to say all of the above because the needs of capital here are so enormous. It's unprecedented in our lifetimes. The amount of capital and so much of it has to come from the private markets because so much of this is development it's not cash flowing. And so having the ability to do hit financings, either on a junior basis, potentially with one of the big model companies or on a senior basis wrapped by one of the big hyperscalers or chip companies themselves.

這很有趣。我正想說「以上皆是」，因為這裡的資金需求實在太龐大了。這在我們有生之年是前所未見的。所需資本的規模，以及其中很大一部分必須來自私募市場，因為很多是開發案，尚未產生現金流。因此，具備做「一次性/專案式」（hit）融資的能力——不論是次順位，可能與大型模型公司之一合作；或是由大型超大規模雲端業者（hyperscaler）或晶片公司本身提供增信的優先順位——都很重要。

We're doing that at scale we're obviously providing financing to utilities and pipeline companies, LNG, renewable developers all of that's part of this. They need enormous amounts of capital, and that again is on both the debt and equity side and then in the data center and some of the equipment that goes inside, there's an enormous need for capital.

我們正在以規模化方式進行；我們也顯然在為公用事業與管線公司、LNG、再生能源開發商提供融資，這些都是其中一部分。他們需要龐大的資本，而且同樣涵蓋債務端與股權端；此外，在資料中心以及部分內部設備方面，也存在巨大的資本需求。

So as long as the productivity continues that we see at our companies, their ability to serve their customers much more efficiently to create new products and their demand continues to grow. Then I think there's going to be a continued pull for the need of this compute. And we see ourselves as this holistic solution provider. One of the great benefits of Blackstone is that we can play in all these different areas, from investment-grade for more opportunistic equity. We can do it in the US, Europe and Asia.

因此，只要我們在所投公司看到的生產力提升持續——他們能更有效率地服務客戶、創造新產品，且需求持續成長——那我認為對這些算力（compute）的需求拉力就會持續存在。而我們把自己定位為一個整體性的解決方案提供者。Blackstone 的一大優勢在於，我們可以在所有這些不同領域參與，從投資級到更機會型的股權。我們也能在美國、歐洲與亞洲執行。

We've got all different platforms. We have expertise. We've obviously got relationships with the big hyperscalers to model companies, the chip companies, and we're utilizing all ultimately in our core mission, which is to deliver great returns for our customers. And despite all the negative things you're reading about AI today, when we look across our business, this continues to be the area where we're driving the highest returns. In the AI infrastructure, a little bit, of course, in the model companies as well.

我們擁有各種不同的平台。我們有專業能力。我們顯然也與大型 hyperscaler、模型公司、晶片公司建立了關係，而我們最終會把這些都運用在核心使命上，也就是為客戶創造優異報酬。儘管你今天讀到很多關於 AI 的負面消息，但當我們檢視整體業務時，這仍然是我們推動最高報酬的領域。主要在 AI 基礎設施，當然模型公司也有一些。

So being able to speak at scale with the key counterparties and be a solution provider from everything from energy through to chips, debt to equity, we think that is a very good place to be. and doing it, I would just that in a very disciplined way.

因此，能以規模化方式與關鍵交易對手對話，並作為從能源到晶片、從債務到股權的解決方案提供者，我們認為這是非常好的位置。而且我想補充的是，我們會以非常嚴謹自律的方式來做。

And I'd just add to that, from a risk-reward standpoint, the consistent comp denominator, whether it's our equity or our lending activities in this AI infrastructure area are tenants on our leases and customers on our customer contracts who are the largest, most creditworthy counterparties in the world.

我再補充一點：從風險報酬角度來看，無論是我們在 AI 基礎設施領域的股權投資或放貸活動，其共同分母都是——我們租約中的承租人，以及客戶合約中的客戶——他們是全球最大、信用最強的交易對手。

I'm just curious, just as a follow-up, in the coming years, should we expect things like drawdown funds for to finance GPUs for various providers? Or do you anticipate that most of the funding is going to come in kind of within the traditional real estate and for private equity kind of fund structures and be co-mingled with other kinds of investments?

我只是好奇，作為追問，未來幾年我們是否應該預期會出現像是可提撥（drawdown）基金，用來為各家供應商的 GPU 融資？或者你預期大部分資金仍會以傳統不動產與私募股權的基金架構來提供，並與其他類型投資一起混合配置（co-mingled）？

It's possible here, we'll have a bit of both. I would say in the credit area, we're doing things on a senior basis on investment-grade counterparties, that's being done with a range of insurance companies and pension funds. Those are obviously highly rated underlying securities. And then we're taking a little more risk on the junior side of some of these transactions. In some cases, there are separate SMAs, and you could see us have something focused, for instance, in chip financing specifically.

這是有可能的，我們可能兩者都會有一些。我會說在信貸領域，我們正以優先順位、面向投資級交易對手來做，這是與一系列保險公司與退休基金共同完成的。這些顯然是底層證券評等很高的資產。然後在某些交易的次順位端，我們會承擔稍多一些風險。在某些情況下，會有獨立的 SMA（分離管理帳戶），你也可能看到我們推出聚焦型產品，例如專門做晶片融資。

But again, the breadth of what we have in credit, $500-plus billion, that enables us to do a lot. And so I think you could see some dedicated products. But at the same time, customers also want some diversification. And we spent a lot of time, obviously, talking about AI in this infrastructure.

但同樣地，我們在信貸領域的廣度——超過 5,000 億美元——讓我們能做很多事情。所以我認為你可能會看到一些專門的產品。但同時，客戶也希望有一定程度的分散化。而我們也花了很多時間，當然是在談 AI 與這些基礎設施。

If you look across are $1.4 trillion of assets today between debt and equity, it's about 7% of our total, which is still a very large number, given our scale. But our clients also want other things. They want exposure to defense. They want exposure to life sciences. They want exposure to India and Japan.

如果你看我們目前 1.4 兆美元的資產（涵蓋債務與股權），其中約 7% 在這一塊；以我們的規模來說，這仍然是非常大的數字。但我們的客戶也想要其他配置。他們想要國防曝險。他們想要生命科學曝險。他們想要印度與日本的曝險。

They want exposure to sports there's warehouses, hotels and travel. So we've got to be mindful of delivering everything. There will be, in some cases, make sense to have dedicated vehicles, but in many cases, it will be in broader commingled vehicle.

他們想要運動產業曝險，也有倉儲、飯店與旅遊。所以我們必須留意要提供全面的配置。在某些情況下，設立專門載體（dedicated vehicles）是合理的，但在許多情況下，會放在更廣泛的混合型共同投資載體（commingled vehicle）中。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

Hi there. You definitely partially just answered this, but I ask it anyway because I think there's a little more color to have. So recognizing this amazing AI CapEx super cycle might be once in a lifetime and huge demand for compute and the capital. I am curious on as you pursue going all in on this as -- and I get it, how you balance the potential of technological obsolescence.

你好。你其實已經部分回答了，但我還是問一下，因為我覺得還可以再多一些脈絡。在認知到這個驚人的 AI 資本支出（CapEx）超級循環可能是一生一次、且對算力與資本的需求巨大之下，我很好奇，當你們要全力投入這一塊時——我理解——你們如何平衡技術快速汰舊的可能性。

And then concentration limits for both the fund level and the firm. And I'm just curious how that comes up in your LP conversations because when you say 7% of $1.4 trillion, I'm like, no big deal, anyway.

以及在基金層級與公司層級的集中度上限。我也好奇這在你們與 LP 的對話中會如何被提出，因為當你說 1.4 兆美元的 7% 時，我會覺得：沒什麼大不了的，總之。

Yes. We spent a lot of time, Glenn, thinking about that. I do think to emphasize the importance of our focus on the physical infrastructure and the focus on long-term contracted assets. So the vast majority of that 7% is in data centers that have 15- to 20-year lease terms at initiation with 96% investment-grade counterparties with an average market cap of $2.5 trillion.

是的，Glenn，我們花了很多時間思考這件事。我確實想強調，我們聚焦在實體基礎設施，以及聚焦在長期合約資產的重要性。因此，那 7% 的絕大多數是在資料中心：起始租期為 15 到 20 年，96% 的交易對手為投資級，平均市值為 2.5 兆美元。

So when we think about risk, that doesn't feel particularly risky to us. There are things we do with model companies, some of what we're doing in our BXN1 area with application software companies and what we've done in our private equity vehicle for individual investors has involved some exposure to the underlying technology.

所以當我們思考風險時，這對我們來說並不特別有風險。我們也有一些與模型公司相關的事情；我們在 BXN1 領域對應用軟體公司的部分操作，以及我們在面向個人投資人的私募股權載體中所做的，也包含了一些對底層技術的曝險。

Now to date, that has worked out incredibly well, but we recognize there are risks. But we're playing across this entire space -- and at the same time, we have a huge push into energy, which is benefiting from the data centers. It will benefit from robotics, autonomous vehicles, but also just from this large reindustrialization we're seeing and really the electrification of everything. And again, lots of what we do there is long-term contracted, building power plants off our utilities, the financings that we're doing for energy companies for LNG companies.

到目前為止，這些表現非常好，但我們也承認存在風險。不過我們是在整個版圖上布局——同時，我們也大力推進能源領域，而這正受益於資料中心。它也將受益於機器人、自動駕駛車，但也受益於我們看到的大規模再工業化，以及幾乎所有事物的電氣化。同樣地，我們在那裡做的很多事情也是長期合約：在公用事業基礎上興建電廠、以及我們為能源公司、LNG 公司所做的融資。

So I would say this is a place that focus a ton on risk on downside. Steve's always stressed the importance of not losing capital we are very wide-eyed about what we're doing here and the way we're deploying capital, the contracted nature of most of what we're doing, and the scale and creditworthiness of the counterparties, all of that gives us a lot of comfort.

所以我會說，這是一個非常著重於下行風險的地方。Steve 一直強調不虧損資本的重要性；我們對於在這裡所做的事情、資本部署的方式、我們所做的大多數事情的合約性質，以及交易對手的規模與信用狀況，都保持高度警覺，而這些都讓我們感到非常安心。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Great. Thank you very much. Love hearing the substantial increase in realizations into the fourth quarter. affirmation of the double-digit base management fee growth for next year. Maybe on pack or click into that, maybe one more level. Where do you see the opportunity in the realizations?

很好。非常感謝。很高興聽到第四季實現（realizations）將大幅增加。也確認了明年基礎管理費將維持雙位數成長。或許可以再深入一點、再往下拆一層。你們在哪些方面看到實現的機會？

And then Michael, as you think about the double-digit growth, is there any way to sort of frame that range out a little bit and/or which segments you really see the greatest opportunity when you look across the businesses?

另外 Michael，當你思考雙位數成長時，有沒有辦法把那個區間再框得更清楚一些，並且／或者當你放眼各項業務時，你認為哪些板塊的機會最大？

Sure. Thank you, Bill. On the realization part, just to flesh that out a bit more. As we mentioned, let's take the fourth quarter first. We do have -- we're in the middle of the quarter now. We have high visibility into a significant step-up in net realizations in the quarter. That's driven by closings on a number of previously announced sales, primarily in private equity. And I would say that what we have under contract that is expected to close in terms of carry realizations alone in the fourth quarter. is expected to surpass the total net realization levels for the firm from the third quarter. So that's a positive.

當然。謝謝你，Bill。關於實現（realization）的部分，我再補充說明得更完整一些。如我們提到的，先從第四季談起。我們現在正處於本季中段。我們對於本季淨實現（net realizations）將顯著躍升具有很高的能見度。這主要是由多筆先前已公告出售案的交割所帶動，主要在私募股權。我也會說，就第四季僅就業績分成（carry）實現而言，我們目前已簽約、預期將完成交割的部分，預計將超過公司第三季的淨實現總水準。所以這是正面的。

And then as you know, we have the scheduled year-end crystallizations in BXMA in the context of very strong year-to-date performance as well as a number of year-end crystallizations in our credit drawdown funds.

另外如你所知，在今年迄今表現非常強勁的背景下，我們在 BXMA 也有排定的年終結晶（crystallizations），同時我們的信用（credit）提款型基金也有多項年終結晶。

So that's a very constructive outlook for the fourth quarter, and we see that as well for 2027. I would just step back and say broadly, whether it's the fourth quarter or next year, in an exit environment that's not been easy, obviously, for the broader industry, we feel like we really do benefit from how we position the portfolio around areas the market wants.

因此第四季的展望相當建設性，而我們也同樣看好 2027 年。我想退一步更宏觀地說，不論是第四季或明年，在一個對整體產業而言顯然不容易的退出環境中，我們覺得我們確實受惠於我們如何將投資組合定位在市場想要的領域。

So whether it's energy, as we've talked about, power and electrification, our energy private equity NAP or balance were the doubling year-over-year, as we mentioned. Life sciences, Japan, India and Europe actually will see a pretty robust slate of exits this year recently in the leisure and gaming area.

所以不論是我們談過的能源、電力與電氣化，我們的能源私募股權 NAP 或資產負債表（balance）如我們提到的，年增翻倍。生命科學、日本、印度與歐洲，今年其實也會看到相當強勁的一系列退出；最近在休閒與博彩領域也是如此。

And then from a public market standpoint, in an IPO market that's been open but highly selective, we completed, as you know, nine IPOs since December 2025, five this year. The pipeline remains strong, and that's allowed us to liquefy a good portion of our carry receivable, especially in private equity and to be able to be opportunistic going forward, we find windows in the market with particular securities monetize our position. So that's a bit of the backdrop. There's obviously an inherent lumpiness with realizations quarter-to-quarter as you're seeing and you'll be seeing throughout this year.

再從公開市場的角度來看，在一個雖然開放但高度挑選的 IPO 市場中，如你所知，自 2025 年 12 月以來我們已完成 9 宗 IPO，今年完成了 5 宗。目前的案源管線仍然強勁，這讓我們得以將相當一部分的應收業績分成（carry receivable）變現，特別是在私募股權；同時也讓我們能在未來把握機會，在市場出現窗口、針對特定證券將我們的部位貨幣化。以上是一些背景。如你所見、且你今年也會持續看到，實現（realizations）在季度之間本來就具有一定的波動性。

But overall, the underlying realization potential, we think, remains substantial and just stepping back further versus other firms, the evolution of our firm towards more perpetual capital means about half of or nearly half of our invested performance revenue eligible AUM is in perpetual vehicles, which, as you know, generate incentive fees without requiring asset sales. So that, we think, is a fundamental advantage for our model.

但整體而言，我們認為底層的實現潛力仍然相當可觀；再更退一步，與其他公司相比，我們公司朝向更多永久資本（perpetual capital）的演進，意味著我們約一半或接近一半、符合績效收入（performance revenue）資格的已投資 AUM 位於永久型載體中；如你所知，這些載體在不需要出售資產的情況下也能產生激勵費用（incentive fees）。因此我們認為，這是我們模式的一項根本優勢。

On base management fees, I would just step back and say that in terms of the path ahead, there are a handful of key drivers, and I hit those in my remarks. There is a full year benefit next year of private equity drawdowns.

關於基礎管理費（base management fees），我想退一步說，就未來路徑而言，有幾個關鍵驅動因素，我在發言中也提到過。明年將完整反映私募股權提款（drawdowns）帶來的全年效益。

The third Asia fund was activated in September, the fifth Energy Private Equity energy fund hit our cap just after the end of the third quarter. We're finishing the SPX. So we expect the contribution of management fees from these funds to build through the first half next year as fee holidays conclude and remaining fundraises progress in areas like SP. That's number one.

第三支亞洲基金在 9 月啟動，第五支能源私募股權基金在第三季結束後不久達到募資上限（hit our cap）。我們正在完成 SPX。

Second, this powerful expansion of perpetual strategies. Our infra AUM is up 40% year-over-year. Our BXP NAV is up nearly double year-over-year BXINFRA NAV, 2.5 times year-over-year. and strong events have been BXM VA when they're up 24% year-over-year record organic net flows in Q3.

第二，是永久型策略的強勁擴張。我們的基礎建設 AUM 年增 40%。我們的 BXP NAV 年增接近翻倍，BXINFRA NAV 年增 2.5 倍。而強勁的表現也出現在 BXM VA，其年增 24%，第三季創下有機淨流入（organic net flows）新高。

Strong growth in credit insurance across the institutional insurance channels alongside inevitable and eventual stabilization of retail flows in the BDC area. And then the fifth piece is ultimately a stabilization of real estate. So I think when you take those pieces together, those are the building blocks, and that's why we feel like we're well positioned in terms of the path ahead.

透過機構保險通路，信用保險（credit insurance）強勁成長，同時 BDC 領域的零售資金流也將不可避免地、並最終趨於穩定。第五個部分則是房地產最終的穩定。所以我認為把這些要素放在一起看，這些就是組成要件，也因此我們覺得在未來路徑上，我們處於有利位置。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

I wanted to follow up on your comments on obviously higher rates. So curious just a little bit more detail around the fundamentals and what you're seeing in that asset class.

我想跟進你們對於顯然是利率較高的評論。所以想再多了解一些關於該資產類別的基本面，以及你們看到的情況。

So there really are, Dan, some cross currents underway here. Obviously, rates went up, and that has an impact, particularly on slower growing assets multifamily in the US, some of the assets in Europe. But at the same time, we're seeing accelerating fundamentals. So the sharp drop off in supply that started, call it, three years ago, is now beginning to show up. And when that limited new supply of real estate meets a very healthy economy, so strong demand.

Dan，這裡確實存在一些相互拉扯的力量。顯然利率上升了，這會帶來影響，特別是對成長較慢的資產，例如美國的多戶住宅（multifamily），以及歐洲的一些資產。但同時，我們也看到基本面正在加速改善。所以大約三年前開始的供給急劇下滑，現在開始逐步反映出來。當有限的新房地產供給遇上一個非常健康的經濟體，需求就會很強。

You're seeing cash flows growing nicely. In logistics, we had a 45% increase in leasing in our US platform, which is quite large. It's our largest holding in our real estate business. Hotels nationally, same-store sales are up 6% this year. The industry was flat last year. Obviously, data center leasing very strong across our various platforms. We're going to do 6 gigawatts this year, we think, which is triple what we did last year. And those three categories, when you look at Blackstone Real Estate, that's over 60% of our exposures are in those three asset classes. So -- that is very helpful there.

你會看到現金流漂亮地成長。在物流方面，我們美國平台的租賃量增加了 45%，規模相當大。那是我們房地產業務中最大的持有部位。全國性的飯店，同店銷售（same-store sales）今年上升 6%。去年整個產業是持平。顯然，資料中心在我們各個平台的租賃都非常強勁。我們認為今年將做到 6 吉瓦（gigawatts），是去年三倍。而這三個類別，當你看 Blackstone Real Estate，我們超過 60% 的曝險都在這三種資產類別上。所以——這在這裡非常有幫助。

At the same time, the debt market, which three years ago was facing a lot of challenges in real estate has been healthier. There are legacy deals that may be challenged, of course, and as I said, slower growth assets will be more hit by the rise in rates.

同時，三年前在房地產領域面臨許多挑戰的債務市場，如今已更為健康。當然，仍可能有一些存量交易（legacy deals）會面臨壓力；而且如我所說，成長較慢的資產會更容易受到利率上升的衝擊。

But overall, the underlying fundamentals mean there is going to be a recovery here over time. That's really the key thing. And so that's what I think -- I think that's the reason why the REIT market, despite the rise in rates is still up double digit in the public re market. So as I said, cross currents, but accelerating fundamentals.

但整體而言，底層基本面意味著隨著時間推移，這裡將會出現復甦。那才是真正的關鍵。因此我認為——我想這也是為什麼儘管利率上升，REIT 市場在公開房地產市場仍然上漲了雙位數。所以如我所說，雖有拉扯，但基本面正在加速改善。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

Thank you. Good morning. A question on the Vanguard and Wellington products now that they've launched. I appreciate it's small today, but curious how to think about these partnerships and how to think about kind of the expansion for Blackstone into kind of new markets and new customers and kind of making sure that it's incremental versus kind of cannibalistic.

謝謝。早安。想請教一下 Vanguard 和 Wellington 產品在推出之後的情況。我理解目前規模還小，但想知道該如何看待這些合作夥伴關係，以及如何看待黑石向新市場、新客戶擴張，同時確保這些是增量成長，而不是彼此侵蝕（cannibalistic）。

But one thing kind of thinking about is whether this could meaningfully kind of increase exposure into retirement and other advised assets that have historically been pretty difficult for private markets to reach. So I'm just curious kind of the bigger picture of kind of where partnerships like this could be going.

另外我在想，這是否可能在實質上提高對退休金以及其他由顧問管理的資產的觸及度；這些領域過去對私募市場而言一直相當難以切入。所以我想請教更宏觀的角度：像這樣的合作夥伴關係未來可能會走向哪裡。

Well, I think it's very incremental because in many cases, we're trying to get to customers. We have an access. Some of it is structural. So a number of our products to give them maximum flexibility in investing our QP qualified purchaser Limited, and therefore, accredited investors can access them when you put these in a vehicle with a third party, in this case, Wellington sitting on top, you have a broader reverse of investors you can sell to. That's obviously helpful.

我認為這非常具有增量性，因為在很多情況下，我們是在嘗試觸及我們原本無法接觸到的客戶。我們沒有那樣的通路。其中一部分是結構性的。因此，我們有不少產品為了提供最大的投資彈性，是限定 QP（qualified purchaser，合格購買人）以及因此只有合格投資人（accredited investors）才能投資；當你把這些產品放進一個由第三方（本案是 Wellington）置於上層的載體時，你就能向更廣泛的投資人群體銷售。這顯然很有幫助。

There are some advisers, and we think underlying customers who want to be able to push an easy button to not have to subscribe to four different funds or different funds plus different liquid products. So we're trying to access that market. And then you point out in retirement, being able to give holistic, integrated solutions with best-in-class products we think that is very helpful. Now we're still -- the administrative process is still going through in DC. We do think when we get some clarity on that, that will help the retirement space. Again, that's going to be a bit of a journey.

也有一些顧問，以及我們認為的底層客戶，希望能按一個「簡單按鈕」，不必去申購四檔不同基金，或不同基金再加上不同的流動性產品。所以我們正在嘗試切入那個市場。而你提到退休金領域，能夠用同級最佳（best-in-class）的產品提供整體、整合式的解決方案，我們認為非常有幫助。目前——行政程序仍在華盛頓特區（DC）推進中。我們確實認為，一旦取得更明確的指引，將有助於退休金市場。同樣地，這會是一段旅程。

But being able to make it easier to access alternatives is the path we've really been on for a quarter century with individual investors. And 10 years ago, it took a step function up when we created these perpetual products, we've been moving, obviously, globally now, and we have a lot of strength in places like Canada, Australia, Japan, Hong Kong, Singapore, the Middle East, even Europe.

但讓投資人更容易接觸另類投資，是我們在個人投資人領域走了 25 年的路徑。而在 10 年前，當我們推出這些永續型產品（perpetual products）時，這條路徑出現了階躍式提升；之後我們顯然也在全球推進，我們在加拿大、澳洲、日本、香港、新加坡、中東，甚至歐洲等地都有很強的實力。

Now this is another sort of leg on that journey. We're expanding the products. We're making them easier to access. It's sort of one-stop shopping. So I think this is just another step on that journey. It's still early days. but we do think there's a lot of expansion potential there.

現在這是那段旅程的另一個階段。我們在擴充產品。我們讓它們更容易被取得。有點像一站式購足（one-stop shopping）。所以我認為這只是那段旅程的又一步。目前仍在早期階段。但我們確實認為這裡有很大的擴張潛力。

Dan Welden, Wells Fargo.

Dan Welden，Wells Fargo。

Hi, good morning. The Insurance segment is running mid-teens, and you mentioned today more than 20 clients have expanded the relationship in the last 12 months. Could you talk about the competitive backdrop? Any ability to sustain this growth? And then also maybe touch on the fee rate of the incremental mandate in insurance versus the existing portfolio.

嗨，早安。保險業務部門目前維持在十幾%的水準，而你今天提到過去 12 個月有超過 20 位客戶擴大了合作關係。能否談談競爭環境？這樣的成長是否有能力持續？另外也請談談新增委託在保險端的費率，相較於既有投資組合的差異。

Sure, I'll let you handle the fee part, Michael. On the competitive dynamic in the market, overall, we really like our position in the insurance market because we are independent and we're not insurance companies are self selling products against others, and our focus is on being a third-party investment manager. It gives us a pretty big universe to serve.

當然，費率的部分我讓 Michael 來回答。就市場競爭動態而言，我們非常喜歡自己在保險市場的定位，因為我們是獨立的；我們不是保險公司，不會一邊替自己銷售產品、同時又與其他人競爭。我們的重點是作為第三方投資管理人。這讓我們能服務的客群範圍相當大。

And what we're seeing with our clients is they're starting in one area with a separately managed account and then broadening we're continuing to get more and more exposure. And it really started with sort of the big four strategic accounts. We're growing the fastest today are the rest of the clients, who are getting more and more exposure.

我們在客戶身上看到的是，他們往往先從某一個領域、以一個獨立管理帳戶（separately managed account）開始，接著再擴大合作，我們持續獲得越來越多的配置。這一切最初是從所謂四大策略性帳戶開始。而目前成長最快的是其餘那些客戶，他們的配置正變得越來越多。

And what they're finding is that as capital intensity is going up in the economy, the ability to access these investments from someone like us an independent third-party manager, who has expertise in underwriting data centers or energy infrastructure or all sorts of companies and hard assets and the fact that we can aggregate that at scale and deliver them call it, 150 basis points premium for comparably rated public credit, they're finding that highly exact.

他們發現的是，隨著經濟中的資本密集度上升，能夠透過像我們這樣獨立的第三方管理人來取得這些投資——我們在承作資料中心或能源基礎設施等各類公司與硬資產方面具備專業能力——而且我們能以規模化方式彙整並交付，讓他們相較於同等評級的公開市場信用產品，獲得約 150 個基點的溢價，他們認為這非常有吸引力。

And I would say the openness to what we're doing with insurance clients, not just in the US but in Europe and Asia, increasingly, that has really grown. So we think that scale in this market is important. It's hard to enter because you've got to have the ability to write multibillion-dollar checks. We have that ability with our model, and we're doing it, as you know, on an asset-light basis.

我會說，保險客戶對我們所做事情的接受度——不僅在美國，在歐洲與亞洲也日益如此——確實大幅提升。因此我們認為，在這個市場中規模很重要。這個領域很難進入，因為你必須具備開出數十億美元支票的能力。以我們的模式，我們具備這樣的能力，而且如你所知，我們是在輕資產（asset-light）的基礎上在做。

And so I just think this is it's something that the insurance market from a competitive standpoint is now recognizing that they need to have this capability when they're looking for third-party managers, there are -- there's not a big universe of people doing this at scale.

所以我認為，從競爭角度來看，保險市場現在已經意識到，當他們在尋找第三方管理人時，需要具備這種能力；而能以規模化方式做到的人並不多。

And the other alternative managers who have different models to own insurance companies, they're obviously very capable. They are competitors in this field. But it's a pretty limited universe of who can write checks and underwrite these transactions. And so we would expect we'll continue to see growth in this insurance space and continue to see a lot of growth around asset-based financing. And by the way, one other thing I'd add is the fact that we have such robust institutional business for the junior piece of these transactions is a very helpful component when we're out there competing.

而其他採用不同模式、會去持有保險公司的另類資產管理人，他們顯然也非常有能力。他們是這個領域的競爭對手。但能夠開支票並承作這些交易的參與者範圍其實相當有限。因此我們預期，保險領域將持續成長，而以資產為基礎的融資（asset-based financing）周邊也會持續有很大的成長。順帶一提，我還要補充一點：我們在這些交易的次順位（junior piece）部分擁有非常強健的機構業務，這在我們外出競爭時是一個非常有利的要素。

On the fee rate part, there's a range, of course, as client specific and it's strategy specific, and we have IMAs and SMAs, as you know as well as sort of what the scale of the relationship is. Overall, I would say it averages in the range of 40 to 50 basis points. But again, there's variability there. The margins are attractive, and it is very scalable. We talked about crossing the $300 billion AUM mark and more importantly, our ability to originate and deliver excess spread to our clients' scales as well.

至於費率部分，當然有一個區間，因為它取決於客戶、也取決於策略；而且如你所知，我們有 IMA 與 SMA，以及合作關係的規模等因素。整體而言，我會說平均大約落在 40 到 50 個基點的區間。但同樣地，會有差異。利潤率具吸引力，而且非常可擴展。我們談到管理資產規模（AUM）突破 3,000 億美元，更重要的是，我們為客戶發起並交付超額利差（excess spread）的能力，也能隨著規模而擴大。

Brian Bedell, Deutsche Bank.

Brian Bedell，Deutsche Bank。

Good morning, folks. Thanks for taking my question. Maybe Michael, just to go back to following up on Bill's question on the base management fee growth, in particular, the double-digit range. Just, I guess, in terms of you laid out all the different conditions that are going to contribute to that, which was great. One a couple I wanted to touch on were the dry powder in credit, which is now -- has expanded pretty substantially the potential for deployment to contribute to that fee growth? And then what would hold it back from getting into, say, the mid-teens, I guess, on a year-over-year basis?

各位早安。謝謝回答我的問題。Michael，也許回到剛才延伸 Bill 對基本管理費成長、特別是雙位數區間的問題。你已經把會促成該成長的各項條件都說得很清楚，這很棒。我想觸及其中兩點：第一是信貸（credit）領域的乾粉（dry powder），現在——可部署的潛在規模已經擴大不少，這對管理費成長的貢獻可能如何？第二是，哪些因素會讓它無法達到例如年增中十幾%的水準？

And then -- just to the extent that you are able to generate solid double-digit base management fee revenue view, scale in the FRE margin prior earlier and just get obviously that we had sort of very robust margin expansion along with really strong base management fee growth. So would you expect to see a better scaling in the next one to two years versus the prior two to three years?

另外——如果你們確實能夠實現穩健的雙位數基本管理費收入成長，那麼在 FRE 利潤率的規模效益方面：我們也理解先前在基本管理費強勁成長的同時，利潤率擴張也非常顯著。所以你會預期未來一到兩年，相較於過去兩到三年，會看到更好的規模化效應嗎？

Brian, a few parts to that. From a -- in terms of credit and deployment, you meant to dry powder balance, it is substantial of $87 billion just for the BXCI portion. If you include BREP, it's $96 billion. And I think you're seeing particularly in the infrastructure and asset-based credit area, which overlaps heavily with pride investment grade, that deployment, and we talked about the qualitative drivers behind that really is -- it's a robust environment. We do see acceleration there.

Brian，這裡有幾個部分。從——就信貸與投放而言，你提到的乾粉（dry powder）餘額相當可觀，僅就BXCI部分就有870億美元。如果把BREP也算進來，則是960億美元。而我認為你特別是在基礎建設與資產基礎信貸領域（與優質投資級信貸高度重疊）看到投放；我們也談過其背後的質性驅動因素，確實——這是一個非常強勁的環境。我們確實看到那裡正在加速。

The AUM in our IA BC area was up 31% year-over-year, and that will come more and more into fee earning AUM as invested. The opportunity said is broad and obviously, we continue to fund raise there.

我們在IA BC領域的AUM年增31%，而隨著投資落地，這些將愈來愈多轉為可收取費用的AUM。我們所說的機會面很廣，且顯然我們也持續在那裡募資。

So I think that's how to think about the dynamics in credit. I think in terms of what could sort of constrain it one way or the other. I think it's fair to say the -- a bunch of that is embedded. Obviously, those drawdown funds that are going to have full year -- full year fees next year. Those are more in the Private Equity segment, particularly.

所以我認為這就是看待信貸動態的方式。至於有哪些因素可能在某種程度上限制它的上行或下行。我認為可以說——其中相當一部分已經內嵌在預期之中。顯然，那些承諾制（drawdown）基金明年將有完整年度——完整年度的費用。這些更多是在私募股權分部，尤其如此。

Those are more or less built in the big portion of that perpetual fund fee growth, a tremendous sort of, again, built-in NAV growth, broader base entering 2027, one variable at the margin one way or the other is obviously somewhat market-dependent around performance and flows in the course of the year.

這些或多或少已反映在那一大部分永續型基金管理費成長之中；同樣地，還有非常可觀的、內建的淨資產價值（NAV）成長，使得在進入2027年時基礎更為廣泛；而邊際上可能左右結果的一個變數，顯然在某種程度上取決於市場，涉及年度內的績效與資金流入流出。

And then finally, a factor is clearly, the sort of stabilization and inflection point around the real estate segment as it relates to base management fees and also the BDC portion of credit. So the timing of that, we know what we believe -- we know what the end game is, which is stabilization inflection, but the timing of that is a variable as well. And then I just think on scalability and margins, we see it as scalable with the operating leverage built into that, that we've seen across our firm over the long term.

最後，一個因素很明顯是：不動產分部在基本管理費方面的穩定化與拐點，以及信貸中BDC部分的拐點。因此其時間點——我們知道我們相信什麼——我們知道終局目標是什麼，也就是穩定化與拐點，但其發生的時間點同樣是一個變數。另外我認為在可擴展性與利潤率方面，我們認為它具可擴展性，且其中內含營運槓桿；這也是我們長期以來在全公司層面所看到的。

Brennan Hawken, BMO Capital Markets.

BMO資本市場的Brennan Hawken。

Good morning. Thanks for taking my question. I actually, Michael, have another follow-up on that. So you just activated your secondary flagship, you spoke to a robust fundraising that you expect for next year. So that's going to contribute some catch up fees. Is the low double-digit expectation on a core basis? Or would that include the catch-up fees?

早安。謝謝讓我提問。其實，Michael，我對剛才那點還有一個追問。你們剛啟動了你們的次級市場旗艦基金，你也提到你們預期明年會有強勁的募資。因此那會帶來一些追溯（catch-up）費用。你所說的核心基礎下低雙位數的預期，是指不含追溯費用嗎？還是包含追溯費用？

And then also earlier in the year, you guys spoke to potentially benefiting from some of these great things that you had highlighted in driving that. Will -- how will 4Q bridge us as we get into 2027. Last quarter, you had given a lot of clarity on this quarter. So should we see a step up and what kind of order of magnitude would that be?

另外，你們在今年稍早也談到，可能會從你剛強調的那些推動因素中受益。那麼——第四季將如何銜接我們邁向2027年？上季你們對本季提供了很多清晰度。所以我們是否應該看到一個上台階的提升？其量級大概會是什麼？

On the second part in terms of Q4, I think. We expect to see, I would call it modest sequential growth quarter-over-quarter. Before this acceleration into 2027, and as I mentioned earlier, especially as these drawdown funds start to season in -- you'll see in the middle of the year, I think that step up even further. And then in terms of your other question, the first question --

就第二部分、關於第四季而言，我認為。我們預期會看到，我會稱之為溫和的環比成長。在進入2027年的加速之前；而如我先前提到的，特別是當這些承諾制基金開始進入成熟期——我認為你會在年中看到那個上台階進一步提高。至於你另一個問題，也就是第一個問題——

It was really around the step up, shape and management.

主要是關於上台階的幅度、形狀以及管理。

Sorry, yes, yes, that's a simple answer, which is when we talk about low double digits, we're talking about the full year of base management fees over the full year in 2026.

抱歉，是的，是的，答案很簡單：當我們談到低雙位數時，我們指的是2026年全年、以全年計的基本管理費。

Mike Brown, UBS.

UBS的Mike Brown。

Great. Good morning. Thanks for taking my question. Can you just talk a little bit more about the retail channel right now? Just what are you kind of seeing in terms of demand across the platform? And as we think about this higher rate backdrop, what are you observing in terms of asset allocation shifts in terms of new dollars being put to work?

很好。早安。謝謝讓我提問。你能否再多談一點目前的零售通路？就整個平台而言，你們在需求面大致看到了什麼？以及在較高利率的背景下，你們觀察到在資產配置轉移方面有哪些變化——也就是新增資金正投入到哪些方向？

And then on some of these newer perpetual products, any view into how these could scale relative to some of your other successful products like BXPE and BXINFRA?

另外，關於一些較新的永續型產品，你們是否能分享它們相對於其他成功產品（如BXPE與BXINFRA）可能如何擴張的看法？

What we've seen overall has been more resilient than I think market participants expected. We had all this noise around private credit, and the flows into that area obviously slowed in response and yet we raised $9 billion in wealth in the third quarter. There was also a lot of volatility on the screen and our AUM in this space is up 15% year-on-year.

我們整體看到的情況比我認為市場參與者預期的更具韌性。我們聽到很多關於私募信貸的雜音，流入該領域的資金顯然因此放緩，但我們在第三季於財富通路仍募得90億美元。螢幕上也出現了很大的波動，而我們在這個領域的AUM年增15%。

So to me, that says there's a lot of desire for the type of products we're offering with the structure and the performance we're delivering if markets go down a lot, that can impact things, if headlines are tough. But what we've been watching here is steady growth, and we expect this growth to continue. We think it will be more and more global it will be through the wire houses and the RIAs. And it will be new products. I think the hedge fund products is particularly exciting.

所以對我而言，這表示市場對我們所提供的產品類型——其結構與我們交付的績效——有很強的需求；如果市場大幅下跌，確實可能影響一些事情；如果新聞標題很艱難也會有影響。但我們在這裡觀察到的是穩定成長，而且我們預期這種成長會持續。我們認為它會愈來愈全球化，會透過券商通路（wire houses）與RIA（註冊投資顧問）推進，也會有新產品。我認為對沖基金產品尤其令人振奮。

Again, it speaks to the scale and breadth of Blackstone that we're the leader in that space globally for institutions. Now we can offer something very targeted for individual investors. And again, what we have to do is deliver strong performance and in that case, limited volatility. And if we do that, that can scale and grow to be a large product. And I think there's more we can do over time.

同樣地，這也反映出黑石的規模與廣度：我們在全球機構客戶的該領域是領導者。現在我們可以為個人投資者提供非常聚焦的產品。而且同樣地，我們必須做的是交付強勁的績效，並在那種情況下維持有限的波動。如果我們做到這點，它就能擴張並成長為一個大型產品。我認為隨著時間推進，我們還能做得更多。

This platform we have is remarkable and the strength of the Blackstone brand is remarkable. And it's what enabled us to run a business on a capital-light basis since we started. Since Steve created this firm, we use very limited capital for what we do, and we rely on our expertise, our people our track record and delivering strong performance. And in the wealth channel, I think we've done that exceptionally well across asset classes, and that bodes well both for the existing products and for new products will create.

我們擁有的平台非常卓越，黑石品牌的力量也非常卓越。這也是自我們開始以來，讓我們能以輕資本（capital-light）的方式經營業務的原因。自Steve創立這家公司以來，我們在所做的事情上使用的資本非常有限，而我們依賴的是專業能力、人才、過往績效紀錄，以及交付強勁的表現。在財富通路方面，我認為我們在各資產類別上都做得非常出色，這對既有產品與我們將創造的新產品都很有利。

I might just also add -- put a fine point of that. On BXINFRA,it's I would say it's only $7 billion. Our distribution strategy around that has been intentional and selective globally. And so the performance has been terrific. The asset class is obviously so large on a global basis.

我也想補充——把這點說得更明確一些。就BXINFRA而言，我會說它目前只有70億美元。我們圍繞它的全球發行策略是有意為之且相對選擇性的。因此其績效非常出色。而這個資產類別在全球範圍內顯然非常龐大。

So I think we see a lot of runway on that to scale. Jon mentioned the hedge fund area, where I would just add, the hedge fund area, I think, broadly, has come back into favor with a lot of investors. I think particularly by multi-strategies that have shown you can deliver double-digit absolute returns with less correlation, more market neutrality, -- and a lot of what we're doing are our version of that, leveraging our platform and I think very compelling fees and liquidity provision. So -- and that's an area that's been hard to access in terms of that performance.

所以我認為我們看到它在擴張方面仍有很大的跑道。Jon提到了對沖基金領域；我也補充一下，我認為整體而言，對沖基金領域已重新受到許多投資人的青睞。我認為尤其是那些多策略產品，已證明你可以在較低相關性、更市場中性之下，交付雙位數的絕對報酬——而我們正在做的很多事情，就是我們版本的這類產品，運用我們的平台，並提供我認為非常有吸引力的費用與流動性安排。所以——而這也是一個在取得那種績效方面一直較難進入的領域。

So we're very bullish about that. As John said, there's other white space. There are things in the lab around new flagship strategies. And then this multi-asset space is -- that is a long-term game, but ultimately very scalable.

所以我們對此非常看多。如 John 所說，還有其他尚未開發的空白領域。實驗室裡也有一些圍繞新旗艦策略的事情在進行。此外，多元資產領域——這是一場長期戰，但最終具備高度可擴展性。

Benjamin Budish, Barclays Capital.

Benjamin Budish，巴克萊資本。

Hi, good morning and thanks for taking my question. I wanted to follow up on, I think, as Glenn's question from earlier. I think you had asked about Blackstone's concentration. I'm curious if you could talk about how your insurance LPs are thinking about concentration and AI-related debt. It seems like the press and some of the kind of industry data out there would suggest it's small, but growing very rapidly.

嗨，早安，謝謝讓我提問。我想延續一下，我記得是先前 Glenn 的問題。我想你們當時問到黑石的集中度。我很好奇你們能否談談，你們的保險類 LP 如何看待集中度以及與 AI 相關的債務。看起來媒體以及一些產業數據顯示目前占比不大，但成長非常迅速。

So as AI CapEx infrastructure finance, financing is picking up, how much like incremental appetite is there from your insurance clients -- and to the extent that they made to get taped out, is this where the sort of third-party kind of traditional institutional IG credit narrative comes into play? Or how should you think about placing all that -- all of those assets?

因此，隨著 AI 資本支出（CapEx）基礎設施融資、資金供給正在升溫，你們的保險客戶對此有多少新增的投資意願——以及在他們的配置逐步「打滿」之後，這是否就是第三方、傳統機構投資級（IG）信用敘事開始發揮作用的地方？或者我們應該如何理解把這些——所有這些資產——放到市場上去配置？

Well, it's an important question. For our insurance clients, their exposure, as you would imagine, are to the biggest hyperscalers. What we're seeing them do in a number of cases is potentially sell liquid corporate bonds in exchange for some of the asset back. So you have exposure to Microsoft or Meta or so forth, and they're thinking about their exposure to an individual name.

嗯，這是個重要的問題。對我們的保險客戶而言，他們的曝險，如你所想像，主要是對最大的超大規模雲端業者（hyperscalers）。我們在不少案例中看到他們可能會賣出流動性較高的公司債，換成一些資產回歸（asset-backed）的部位。也就是說，你可能對 Microsoft 或 Meta 等有曝險，而他們會思考自己對單一名稱的曝險程度。

And when they look at what we're doing in asset-based financing and the additional spread they can earn for the same underlying credit as well as the support of the physical asset, they think about that as an attractive trade.

當他們看我們在資產基礎融資（asset-based financing）上所做的事情，以及在相同的底層信用之下、再加上實體資產支撐所能賺取的額外利差時，他們會把這視為一筆有吸引力的交易。

So we're seeing some of that -- but yes, they're mindful of their exposure. One thing that I think will evolve over time is an understanding that the compute itself has value. When you look at the airline business, lending against aircraft is an investment-grade business not because Spirit Airlines or an emerging market line has rate credit themselves, but because of the shortage of commercial aviation in the world.

所以我們確實看到一些這樣的情況——但沒錯，他們也會留意自身曝險。我認為隨時間推進會演變的一點，是市場會逐步理解「算力」本身是有價值的。以航空業為例，以飛機作為抵押的放款之所以能成為投資級業務，並不是因為 Spirit Airlines 或某家新興市場航空公司本身的信用評等很高，而是因為全球商用航空運力稀缺。

Today when it comes to compute, be it data centers or chips, people are not putting much value on the underlying assets. They're solely looking at the credit of the counterparties. I think that will evolve over time, which will expand some of the capacity these insurance companies have. But I do think it's fair to say today, right now, there is focus on that. I do think that means a broadening of markets.

今天談到算力，不論是資料中心或晶片，人們並沒有給底層資產太多價值。他們只看交易對手方的信用。我認為這會隨時間演變，進而擴大這些保險公司可承接的容量。但我也認為可以公平地說，就在今天、此時此刻，市場確實聚焦在這點上。我也認為這意味著市場會更廣泛地擴展。

I do think, for us, it means pension funds and wealth funds starting to look at the excess spread in the private investment grade market. I think over time, obviously, there'll be more ownership by mutual funds and others as well. So I think this does need to broaden, but do think the most positive thing here is the underlying asset class has a lot of value and we haven't yet tapped into that. There's really just focus on the underlying name without any credit for the actual assets themselves.

我認為，對我們而言，這代表退休金基金與主權財富基金開始關注私募投資級市場中的超額利差。我想隨著時間推移，顯然共同基金與其他投資人也會有更多持有。所以我認為這確實需要擴大，但我也認為最正面的地方在於：底層資產類別本身很有價值，而我們尚未真正把這點挖掘出來。目前大家幾乎只聚焦在底層名稱（發行人/對手方）本身，並沒有把實際資產的價值納入信用評估。

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通。

Hi, good morning, and thanks for taking the question. Multi-asset, strong inflows in 3Q, I think, by far, a record -- can you give us more color on the sales success you had for the quarter? And then what is the organic growth look like as we think about 2027? And can you expand the fee rate from here?

嗨，早安，謝謝讓我提問。多元資產在第三季（3Q）資金流入強勁，我想這遠遠是個紀錄——你們能否多分享一些本季銷售成功的細節？另外，當我們展望 2027 年時，有機成長看起來會是什麼樣子？以及費率能否從這裡再往上提升？

Yes. This is really exciting for us. Our absolute return or hedge fund business, BXMA, had been pretty flat for a long time. And under Joe Dowling, new leadership there, not so newly more years. He's done an extraordinary job turning around performance.

是的。這對我們來說非常令人振奮。我們的絕對報酬或避險基金業務 BXMA，長期以來一直相當平坦。在 Joe Dowling 的帶領下——雖然也不算很新，已經好幾年了——他在扭轉績效方面做得非常出色。

The fact that we've beaten 60/40 over that period of time by nearly 200 basis points annually and doing it without any down quarters in the flagship strategy is extraordinary. And clients are responding to that. And we're seeing that growth, to your question in sort of the general absolute return business that we have there. We're seeing strong performance in the multi-strat business. We've begun to build a very high-end wealth business there for a select group of clients that's also performing incredibly well.

在那段期間，我們每年幾乎以 200 個基點的幅度跑贏 60/40，而且旗艦策略沒有任何一季出現負報酬，這非常了不起。客戶也對此做出回應。針對你問的，我們看到那邊整體絕對報酬業務正在成長。我們也看到多策略（multi-strat）業務表現強勁。我們開始在那裡為一小部分客戶打造非常高端的財富管理業務，表現也非常好。

And then we have a liquid business harvest focused on MLPs and energy infrastructure that's doing exceptionally well. And now we have a new engine here with BXHF, and so when we look at this aggregately, this feels like a business that should continue to grow. I don't know what the number is. Is it 20%-plus a year. It's obviously a function of what happens inside of the business in terms of returns, but strong returns with less in the way of net outflows, more in inflows, all of that makes us feel like this is a business that is on a path again to really start to scale.

此外，我們還有一個以 MLP 與能源基礎設施為重點的流動性業務 Harvest，表現也非常出色。而現在我們又有 BXHF 這個新引擎，因此當我們把這些整體加總來看，這看起來像是一個應該能持續成長的業務。我不知道具體數字會是多少。會是每年 20% 以上嗎。這顯然取決於業務內部的報酬表現，但強勁報酬、較少的淨流出、更多的流入，這些都讓我們覺得這個業務再次走上真正開始規模化的道路。

And I'd just add, Ken, you asked about sort of fee rate pricing. As John mentioned, different component businesses and what you see in aggregate as a blend, but it's a very positive picture at the division level. In our absolute return area, you have seen versus historical trends, the stabilization of average fee rate, that's both because the comingled portion of that has, I think, resurged in popularity at a higher blended fee relative to customized.

我再補充一下，Ken，你問到費率定價的問題。如 John 提到的，不同組成業務在合併後呈現的是一個混合值，但在事業部層級來看是非常正面的圖景。在我們的絕對報酬領域，相較於歷史趨勢，你已經看到平均費率趨於穩定；這一方面是因為其中的共同基金池（commingled）部分，我認為以較高的混合費率、相對於客製化產品，再度受到歡迎。

In the multi-start area, we're seeing flows growth there and performance growth, and that is, given the nature of the strategy at a higher fee rate. And then you have things like our portfolio management wealth area, which on average comes obviously at a lower fee rate with very good growth. So the output of that, I think, is a positive and a positive versus sort of what the dynamics were around fees and pricing a number of years ago.

在多策略領域，我們看到資金流入成長與績效成長；考量策略性質，這部分的費率也較高。然後還有像我們的投資組合管理財富業務，平均而言費率顯然較低，但成長非常好。因此我認為最終呈現的結果是正面的，而且相較於幾年前費用與定價的動態，也是更正面的。

Arnaud Giblat, BNP Paribas.

Arnaud Giblat，法國巴黎銀行（BNP Paribas）。

Yeah, good morning. A quick housekeeping question for me. You've got a number of funds coming up to the 10-, 11-, 12-year anniversaries, which is usually the end of the investment period. Should we expect some set down in the coming quarters?

是的，早安。我有個簡單的例行問題。你們有一些基金即將到達 10、11、12 週年，這通常是投資期結束的時間點。我們是否應該預期未來幾季會有一些下調（set down）？

Yes, no, that -- it's obviously sort of -- that's been built into our results for many years. You saw actually in this quarter, in the BREP area. The last quarter, in the middle of the quarter, Brett reached the end of its fund life, so there's a termination that actually -- we had a full quarter of that this quarter, which actually was the biggest factor in sort of the management fee quarter-over-quarter dynamics.

是的，不會，那——這顯然——多年來我們的結果中已經把這些因素納入考量。你其實在本季的 BREP 領域就看到了。上一季在季中，Brett 到達基金存續期終點，因此有一個終止事件——而本季我們完整反映了一整季的影響，這其實是管理費在季對季變動動態中最大的因素。

And then there's other dynamics around that across the suite of older legacy fund our business. But that would be the most notable one. But it's just -- it's -- I would say it's -- that will occur as it has been for years in our business. But there are meaningful developments like the one I just mentioned, we'll expect to call it out for you.

然後，在我們業務中一系列較舊的傳統基金方面，還有其他相關的動態。但那會是最值得注意的一項。不過這只是——這是——我會說，這種情況會像多年來在我們業務中一樣持續發生。但若出現像我剛提到那樣的重要進展，我們也會預期特別向各位說明。

Patrick Davitt, Autonomous Research.

Patrick Davitt，Autonomous Research。

Hey, good morning, everyone. Question is on direct lending dynamics. You mentioned institutions leaning into what looks like a better deployment opportunity but broader deployment data, we can see remains pretty constrained.

各位早安。我的問題是關於直接放貸的動態。你提到機構正加碼投入，看起來有更好的資金部署機會，但從更廣泛的部署數據來看，仍然相當受限。

So could you give a bit more specifics on how direct lending pipelines are looking -- and to what extent the improved spread in terms many players have been talking about has continued or improved through today?

所以你能否更具體說明一下直接放貸的案源管線目前看起來如何——以及許多參與者一直在談的、條款面利差改善，到今天為止在多大程度上仍在延續或進一步改善？

So Patrick, what I'd say is, as transaction activities slowed in the third quarter with the volatility, obviously, that had a direct impact on direct lending activity. So I don't think that is a surprise. On the pricing, what's been beneficial has been the rise in base rates in both the US and Europe. We haven't seen a lot of spread widening spreads have hung in there pretty well.

Patrick，我會這麼說：第三季因波動而使交易活動放緩，顯然也直接影響了直接放貸活動。所以我認為這並不令人意外。在定價方面，有利之處在於美國與歐洲的基準利率上升。我們沒有看到太多利差擴大；利差整體維持得相當不錯。

And it's tied to the fact that underlying portfolios are really strong. I mean we saw in our BCRED portfolio, double-digit EBITDA growth for our borrowers debt service coverage ratios are 2.3 times. We're just seeing there is a tail of some of the legacy older deals, but that's a small minority. Overall, we're seeing pretty good credit health out there. And on new deals, it is competitive. I'd say it's balanced in terms of capital. So benefit from higher base rates, but spreads, I'd say, pretty constant.

這也與基礎投資組合非常強勁有關。以我們的 BCRED 投資組合來看，我們的借款人 EBITDA 呈現兩位數成長，債務償付覆蓋倍數為 2.3 倍。我們確實看到有一部分較早期的舊案子形成尾端，但那只占很小的少數。整體而言，我們看到目前的信用健康狀況相當不錯。至於新案子，競爭是存在的。我會說資金供需大致平衡。因此受惠於較高的基準利率，但利差我會說大致維持不變。

Any improvement in pipelines?

案源管線有任何改善嗎？

I wouldn't say as of now. I mean I think again, all the volatility has slowed the deal business, but there is a desire, I think, for a lot of transaction activity. And as we've talked about, companies are performing really well. I mean, if you look across the Blackstone portfolio, double-digit revenue growth. So I think as soon as we get a little bit of terra firma in the overall sort of geopolitical world, I think you will see a step function increase in transaction activity.

就目前而言我不會這麼說。我的意思是，再次強調，這些波動確實讓交易業務放慢，但我認為市場對大量交易活動是有意願的。而且如我們所談到的，公司表現非常好。如果你看整個黑石投資組合，營收呈現兩位數成長。所以我認為一旦整體地緣政治環境稍微回到較穩定的狀態，你就會看到交易活動出現階躍式的增加。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

Thank you. Good morning. Can you just dig into the real estate management fee trajectory? AUM for the form was flat there, but management fees were down in I appreciate that the transaction other fees was a driver of total fees. But what's the outlook for the base management fees in that segment? What needs to happen for those to stabilize in terms? Just curious on some of the puts and takes there.

謝謝。早安。你能否再深入談談不動產管理費的走勢？該表格中的 AUM 持平，但管理費卻下降；我理解交易及其他費用是總費用的驅動因素。但該部門的基本管理費展望如何？就條件而言，需要發生什麼事才能讓它們趨於穩定？只是想了解其中一些拉鋸因素。

Yes. Actually Crispin, just for the -- in terms of the third quarter and sequentially on the dynamics there. I think with Arnaud's question that the biggest factor there was this fund termination of BREP eight late in the second quarter, which we had a full quarter effect of this quarter. We mentioned before with, I think, to a lesser extent, this quarter, BPP where there have been in there around lower NAV and certain fee incentives to encourage duration of capital. So those are some of the dynamics there. I think in terms of the outlook, we'd expect real estate base managements to remain broadly stable through year-end and into 2027.

好的。其實 Crispin，就第三季以及按季比較的動態而言，我想呼應 Arnaud 的問題，最大的因素是 BREP 八期基金在第二季末終止，而本季完整反映了其影響。我們之前也提到，另外還有——我想本季影響較小——BPP，那裡因較低的 NAV 以及某些費用激勵措施，以鼓勵資金停留更久。以上是其中一些動態。就展望而言，我們預期不動產基本管理費將在年底前並延續到 2027 年大致保持穩定。

And then and sort of the structural dynamics, as you know, we're currently in a period between major drawdown fundraises, which has its effect on the sequential growth. and then the core plus institutional headwinds I mentioned. But offsetting that BREIT being back in growth mode with improving flows and obviously strong performance. So I go back to in terms of the outlook, we see from here sequential stability in the coming quarters.

另外，就結構性動態而言，如你所知，我們目前正處於大型募資（drawdown）基金主要募資週期之間的空窗期，這會影響按季成長。以及我提到的 core plus 機構端逆風。但相對地，BREIT 已回到成長模式，資金流入改善，且表現顯著強勁。所以回到展望，我們認為從現在起，未來幾季將呈現按季穩定。

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

謝謝。問答環節到此結束。現在我想把電話交回給 Weston Tucker，請他做任何額外的結語。

Great. Thank you, everyone, for joining us today, and we look forward to speaking after the call. Take care.

很好。謝謝各位今天加入我們，我們期待在電話會議後再與各位交流。保重。