Blackstone Inc (BX) 2021 Q2 法說會逐字稿

Good day, and welcome to the Blackstone Second Quarter 2021 Investor Call.

美好的一天，歡迎參加 Blackstone 2021 年第二季度投資者電話會議。

(Operator Instructions) I'd like to advise all parties this conference is being recorded.

（操作員說明）我想通知所有各方這次會議正在錄製中。

And now I'd like to hand over to Weston Tucker, Head of Shareholder Relations.

現在我想向股東關係主管 Weston Tucker 匯報。

Please proceed.

請繼續。

Great.

偉大的。

Thanks, Joanna, and good morning and welcome to Blackstone's second quarter conference call.

謝謝，喬安娜，早上好，歡迎參加 Blackstone 第二季度電話會議。

Joining today are Steve Schwarzman, Chairman and CEO; Jon Gray, President and Chief Operating Officer; and Michael Chae, Chief Financial Officer.

今天加入的有董事長兼首席執行官史蒂夫·施瓦茨曼（Steve Schwarzman）； Jon Gray，總裁兼首席運營官；和首席財務官 Michael Chae。

Earlier this morning, we issued a press release and slide presentation, which are available on our website.

今天早上早些時候，我們發布了一份新聞稿和幻燈片演示，可在我們的網站上找到。

We expect to file our 10-Q report in a few weeks.

我們預計在幾週內提交我們的 10-Q 報告。

I'd like to remind everyone that today's call may include forward-looking statements, which are uncertain and outside of the firm's control and may differ from actual results materially.

我想提醒大家，今天的電話會議可能包括前瞻性陳述，這些陳述不確定且超出公司的控制範圍，可能與實際結果存在重大差異。

We do not undertake any duty to update these statements.

我們不承擔更新這些聲明的任何義務。

For a discussion of some of the risks that could affect results, please see the Risk Factors section of our 10-K.

有關可能影響結果的一些風險的討論，請參閱我們 10-K 的風險因素部分。

We'll also refer to non-GAAP measures, and you'll find reconciliations in the press release on the shareholders page of our website.

我們還將參考非 GAAP 措施，您可以在我們網站股東頁面上的新聞稿中找到對賬。

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.

另請注意，本次電話會議中的任何內容均不構成出售任何 Blackstone 基金的要約或購買任何 Blackstone 基金權益的要約邀請。

This audiocast is copyrighted material of Blackstone and may not be duplicated without consent.

此音頻廣播是 Blackstone 的受版權保護的材料，未經同意不得複制。

So a quick recap of our results.

所以快速回顧一下我們的結果。

We reported GAAP net income for the quarter of $2.9 billion.

我們報告了 29 億美元的季度 GAAP 淨收入。

Distributable earnings were $1.1 billion or $0.82 per common share, and we declared a dividend of $0.70 to be paid to holders of record as of August 2.

可分配收益為 11 億美元或每股普通股 0.82 美元，我們宣布向截至 8 月 2 日在冊的持有人支付 0.70 美元的股息。

One additional item of note: we announced a change in Blackstone's legal name from The Blackstone Group to Blackstone, which I think is how most already refer to us.

還有一點需要注意：我們宣布將 Blackstone 的法定名稱從 The Blackstone Group 更改為 Blackstone，我認為大多數人已經這樣稱呼我們了。

We anticipate BX shares will trade under the new name on the New York Stock Exchange on August 9.

我們預計 BX 股票將於 8 月 9 日在紐約證券交易所以新名稱交易。

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

有了這個，我會把電話轉給史蒂夫。

Thanks, Weston, and good morning and thank you for joining our call.

謝謝，韋斯頓，早上好，感謝您加入我們的電話。

The firm's results were truly outstanding in the second quarter.

該公司第二季度的業績確實非常出色。

Distributable earnings nearly doubled year-over-year to $1.1 billion, while fee-related earnings increased 30% to over $700 million.

可分配收益同比增長近一倍，達到 11 億美元，而與費用相關的收益增長 30%，超過 7 億美元。

For the last 12 months, both DE and FRE reached record levels.

在過去的 12 個月裡，DE 和 FRE 都達到了創紀錄的水平。

Our investment performance represented the best quarter and 12-month period of fund appreciation in our 35.5-year history.

我們的投資表現代表了我們 35.5 年曆史上最好的季度和 12 個月的基金升值期。

In addition, AUM grew 21% year-over-year to another record, $684 billion.

此外，AUM 同比增長 21%，達到創紀錄的 6840 億美元。

The second quarter, in my view, was the most consequential in our history, not just in terms of financial results but more importantly, in terms of setting the foundation for the firm's long-term growth trajectory.

在我看來，第二季度是我們歷史上最重要的一個季度，不僅在財務業績方面，更重要的是，在為公司的長期增長軌跡奠定基礎方面。

We're seeing significant momentum with our expansion into the retail and insurance channels, including landmark announcement last week, our partnership with AIG, comprising at least $92 billion of AUM over time.

隨著我們向零售和保險渠道的擴張，我們看到了顯著的勢頭，包括上週具有里程碑意義的公告，我們與 AIG 的合作夥伴關係，隨著時間的推移至少包括 920 億美元的 AUM。

These channels represent fast new markets for Blackstone and a new paradigm for growth at the firm.

這些渠道代表了 Blackstone 的快速新市場和公司增長的新範式。

Looking forward, I believe we are positioned for an acceleration of growth on almost every dimension, including meaningful expansion of our earnings power and in particular, fee-related earnings.

展望未來，我相信我們幾乎可以在各個方面加速增長，包括有意義地擴大我們的盈利能力，特別是與費用相關的收入。

Taken together, the retail and insurance channels have approximately $110 trillion of assets globally.

總的來說，零售和保險渠道在全球擁有約 110 萬億美元的資產。

This is nearly double the size of the institutional channel, where Blackstone exclusively focused historically.

這幾乎是機構渠道規模的兩倍，黑石一直專注於機構渠道。

And these 2 channels are dramatically underpenetrated in their allocations to alternatives.

這兩個渠道在分配給替代品方面的滲透率明顯不足。

We've invested significantly over the last 10 years to build out our distribution capabilities in these channels, resulting in material cost to us early on without commensurate revenue.

在過去的 10 年裡，我們投入了大量資金來建立我們在這些渠道中的分銷能力，導致我們在早期就產生了材料成本，而沒有相應的收入。

Now the wisdom of that approach is becoming apparent as we expand our product lineup, including moving into lower risk return areas like Core+ real estate and Private Credit.

現在，隨著我們擴大產品陣容，包括進入 Core+ 房地產和私人信貸等低風險回報領域，這種方法的智慧變得越來越明顯。

In retail, which is an $80 trillion addressable market, our long-term strategy was not just to sell one-off products but to develop a highest quality support organization for retail customers and to service in-depth the largest private wealth distribution systems in the world.

在零售這個價值 80 萬億美元的潛在市場中，我們的長期戰略不僅僅是銷售一次性產品，而是為零售客戶開發一個最高質量的支持組織，並深入服務於美國最大的私人財富分配系統。世界。

We are establishing the leading platform in our industry with a menu of bespoke products, including our non-traded REIT, BREIT; and our new BDC, BCRED.

我們正在建立行業領先的平台，提供一系列定制產品，包括我們的非交易 REIT、BREIT；以及我們的新 BDC，BCRED。

The response from individual investors for Blackstone-managed private real estate and credit has been powerful.

個人投資者對 Blackstone 管理的私人房地產和信貸的反應非常強烈。

We are now raising nearly $4 billion per month.

我們現在每月籌集近 40 億美元。

That's $4 billion per month for BREIT and BCRED together.

對於 BREIT 和 BCRED 來說，這相當於每月 40 億美元。

We believe that demand for these 2 products will continue for years to come, and I believe will continue to grow, that this powerful distribution channel is ideal for other products we're developing as well.

我們相信對這兩種產品的需求將在未來幾年持續，而且我相信會繼續增長，這個強大的分銷渠道也是我們正在開發的其他產品的理想選擇。

We currently are launching a new vehicle in Europe that is similar to BREIT, with sales to start in September, and we have additional products in the planning and development stage.

我們目前正在歐洲推出一款與 BREIT 類似的新車，9 月開始銷售，我們還有其他產品處於規劃和開發階段。

In insurance, we announced that Blackstone will become the exclusive external manager of a significant portion of AIG's Life & Retirement portfolio, which would rank as the third largest U.S. public life insurer.

在保險方面，我們宣布 Blackstone 將成為 AIG 人壽與退休投資組合中很大一部分的獨家外部管理人，該組合將成為美國第三大公共人壽保險公司。

This partnership meaningfully accelerates our growth in the $30 trillion global insurance market, with Blackstone becoming one of the 2 largest alternative managers in this space.

這種合作夥伴關係有意義地加速了我們在 30 萬億美元的全球保險市場中的增長，黑石成為該領域最大的 2 家另類管理公司之一。

We will receive $50 billion of AUM later this year, growing to at least $92 billion over time, as I mentioned.

正如我所提到的，我們將在今年晚些時候獲得 500 億美元的資產管理規模，隨著時間的推移將增長到至少 920 億美元。

And we're excited about the long-term prospects of this relationship.

我們對這種關係的長期前景感到興奮。

This announcement was the culmination of nearly a year's work between our 2 companies and reflects a remarkable team effort across virtually every area of Blackstone.

該公告是我們兩家公司近一年努力的成果，反映了 Blackstone 幾乎每個領域的非凡團隊努力。

I'd like to congratulate Jon Gray and Michael Chae, and Gilles Dellaert who leads our insurance solutions area, along with a very large number of people at the firm who work tirelessly to bring the partnership to fruition.

我要祝賀 Jon Gray 和 Michael Chae，以及領導我們保險解決方案領域的 Gilles Dellaert，以及公司中為實現合作夥伴關係而不懈努力的大量人員。

Across the firm, Blackstone has never been in a better competitive position than we are today.

在整個公司中，Blackstone 的競爭地位從未像現在這樣好。

We've established deep and enduring relationships with limited partners around the world, including institutional, individual and insurance clients.

我們與世界各地的有限合夥人建立了深厚而持久的關係，包括機構、個人和保險客戶。

Our flagship strategies have materially outperformed relevant benchmarks over time, including 15% net returns annually in both corporate private equity and opportunistic real estate for 3 decades, beating the comparable public indices by approximately 500 to 900 basis points per year.

隨著時間的推移，我們的旗艦策略的表現大大優於相關基準，包括 3 十年來企業私募股權和機會性房地產的年均淨回報率為 15%，每年超過可比公共指數約 500 至 900 個基點。

We've continued to grow rapidly, principally organically, because we keep inventing new things.

我們繼續快速增長，主要是有機增長，因為我們不斷發明新事物。

And today, we offer our clients over 50 different investment strategies.

今天，我們為客戶提供超過 50 種不同的投資策略。

We have more talented people at the firm today than ever before operating at the highest level of excellence and commitment.

今天，我們公司的人才比以往任何時候都多，以最高水平的卓越和承諾運作。

Blackstone is the gold standard in the alternative management business with the most powerful brand.

Blackstone 是另類管理業務的黃金標準，擁有最強大的品牌。

Our market capitalization of $127 billion equates to the 70th largest public company in the United States.

我們 1270 億美元的市值相當於美國第 70 大上市公司。

And our forward momentum has never been stronger.

我們的前進動力從未如此強大。

As we grow, our core mission remains unchanged: to generate outstanding long-term performance for all of our investors with the highest integrity and a significant focus on sustainability of ESG.

隨著我們的成長，我們的核心使命保持不變：以最高的誠信度和高度關注 ESG 的可持續性為我們所有的投資者創造出色的長期業績。

I couldn't be more proud of our people and what we've become.

我為我們的員工和我們的成就感到無比自豪。

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

有了這個，我會把事情交給喬恩。

Thank you, Steve.

謝謝你，史蒂夫。

Good morning to everyone.

各位早上好。

We have consistently outlined a simple vision for the firm: deliver strong investment performance and we will attract more capital.

我們一直為公司勾勒出一個簡單的願景：提供強勁的投資業績，我們將吸引更多資金。

This powers the Blackstone innovation machine and allows us to broaden the customers we can serve and the investments we can make.

這為 Blackstone 的創新機器提供了動力，使我們能夠擴大我們可以服務的客戶和我們可以進行的投資。

Our second quarter results were a picture-perfect example of this model at work.

我們第二季度的業績是這種模式在工作中的完美例子。

Starting with investment performance.

從投資業績開始。

All of our flagship strategies again posted outstanding returns, leading to the best quarter for fund appreciation in the firm's history, as Steve mentioned.

正如史蒂夫所說，我們所有的旗艦策略都再次取得了出色的回報，創造了公司歷史上基金升值最好的季度。

This performance is reflective of the way we positioned investor capital over the past several years towards fast-growing areas of the economy, including logistics, life sciences, sustainability and tech-enabled businesses.

這一表現反映了過去幾年我們將投資者資本定位於快速增長的經濟領域的方式，包括物流、生命科學、可持續發展和技術支持的業務。

These sectors have continued to benefit from strong fundamentals, further accelerated by the onset of the pandemic.

這些行業繼續受益於強勁的基本面，大流行的爆發進一步加速了這些行業。

We're also now starting to see a recovery in some of the areas that were more impacted by the pandemic, such as leisure and hospitality, although it is still early.

我們現在也開始看到一些受疫情影響較大的領域出現復甦，例如休閒和酒店業，儘管現在還為時過早。

Michael will discuss our portfolio performance in more detail.

Michael 將更詳細地討論我們的投資組合表現。

The strength of our returns over decades reinforces the Blackstone brand, leading to the extraordinary growth and platform expansion that Steve described.

幾十年來，我們的回報實力鞏固了 Blackstone 品牌，帶來了史蒂夫所描述的非凡增長和平台擴展。

Total inflows were $37 billion in the second quarter and $116 billion over the past 12 months.

第二季度的總流入量為 370 億美元，過去 12 個月為 1160 億美元。

Perpetual AUM increased 55% year-over-year to nearly $170 billion.

永久資產管理規模同比增長 55%，達到近 1700 億美元。

As we've discussed, growth in perpetual capital is like planting perennials, which have a recurring and compounding contribution to the firm's financials and meaningfully accelerates growth in fee-related earnings.

正如我們所討論的，永續資本的增長就像種植多年生植物，它對公司的財務狀況產生經常性和復合性的貢獻，並有意義地加速與費用相關的收入的增長。

The largest single engine of perpetual capital and fee-related earnings at the firm is our real estate Core+ business.

該公司最大的永續資本和費用相關收益的單一引擎是我們的房地產核心+業務。

AUM has grown to $85 billion across 5 vehicles.

5 輛汽車的 AUM 已增長到 850 億美元。

The largest of these, BREIT, raised nearly $6 billion in the second quarter and an additional $2.6 billion of monthly subscriptions after quarter end on July 1, bringing it to $34 billion in total size.

其中最大的 BREIT 在第二季度籌集了近 60 億美元，並在 7 月 1 日季度結束後增加了 26 億美元的月度訂閱，使其總規模達到 340 億美元。

We are launching a sixth Core+ vehicle, [BPIF], which like BREIT will target high-quality income-producing asset on behalf of retail investors, this time focused on European real estate.

我們正在推出第六款 Core+ 工具 [BPIF]，與 BREIT 一樣，它將代表散戶投資者瞄準高質量的創收資產，這次專注於歐洲房地產。

Moving to the AIG partnership.

轉向 AIG 合作夥伴關係。

It is a compelling illustration of the continued expansion of our business model.

這是我們商業模式持續擴張的一個令人信服的例證。

It marks our third large-scale mandate with a major insurance client and will bring our total insurance AUM to $150 billion later this year, one of the largest platforms amongst our peers and at least $200 billion when fully phased in.

這標誌著我們與一家主要保險客戶的第三次大規模委託，並將在今年晚些時候使我們的保險資產管理總額達到 1500 億美元，這是我們同行中最大的平台之一，完全分階段實施後將至少達到 2000 億美元。

This partnership is a testament to the strength of our direct credit origination capabilities and our proven ability to deliver for insurance clients.

這種合作夥伴關係證明了我們的直接信貸發起能力和我們為保險客戶提供服務的能力。

BREIT will separately acquire AIG's affordable housing portfolio in the U.S. for $5.1 billion.

BREIT 將以 51 億美元單獨收購 AIG 在美國的經濟適用房投資組合。

This speaks to the leading scale of our BREIT franchise and the advantages of long-duration capital.

這說明了我們BREIT特許經營權的領先規模和長期資本的優勢。

Blackstone will also acquire a 9.9% stake in AIG Life & Retirement, which is consistent with the disciplined capital-light approach we've talked about previously as well as our other insurance partnerships.

黑石還將收購 AIG Life & Retirement 9.9% 的股份，這與我們之前談到的嚴格的輕資本方法以及我們的其他保險合作夥伴關係一致。

We are not taking on an insurance company balance sheet.

我們沒有考慮保險公司的資產負債表。

Rather, we are making a minority investment in a company in which we see meaningful value.

相反，我們正在對一家我們認為有價值的公司進行少數投資。

I will also join this new company's Board.

我也將加入這家新公司的董事會。

We are excited about the long-term prospects of this strategic relationship, and we are incredibly grateful to Peter Zaffino and the AIG Board for their confidence in us.

我們對這種戰略關係的長期前景感到興奮，我們非常感謝 Peter Zaffino 和 AIG 董事會對我們的信任。

Around the firm other areas are seeing tremendous momentum as well.

圍繞公司的其他領域也看到了巨大的發展勢頭。

Our credit segment, the fastest-growing segment at the firm, reported $19 billion of inflows in the quarter, with robust LP demand across direct lending, liquid strategies and our fourth mezzanine vintage.

我們的信貸部門是公司增長最快的部門，本季度報告了 190 億美元的資金流入，直接貸款、流動性策略和我們的第四個夾層年份對 LP 的需求強勁。

Our $14 billion infrastructure vehicle, another perpetual capital strategy, has seen investment activity accelerate over the past several quarters and is now over 70% committed.

我們 140 億美元的基礎設施工具是另一項永久資本戰略，在過去幾個季度中投資活動加速，目前已承諾超過 70%。

We expect to reopen fundraising in the next few months.

我們預計在未來幾個月內重新開始籌款。

In the Secondaries area, we launched a fundraise for SP's new flagship private equity vehicle, which we expect to be far larger than its $11 billion predecessor, with the first close targeted for September and activation prior to year-end.

在二級市場，我們為 SP 的新旗艦私募股權工具發起了籌款活動，我們預計其規模將遠遠超過其 110 億美元的前身，首次收盤目標為 9 月，並在年底前啟動。

We also had a first close of approximately $800 million for SP's new GP solution strategy, which invests alongside GPs in high-quality assets that they want to hold beyond the initial fund term.

我們還為 SP 的新 GP 解決方案戰略首次收盤約 8 億美元，該戰略與 GP 一起投資於他們希望在初始基金期限之後持有的優質資產。

In Asia, we've raised over $5 billion so far for our second private equity vintage and fully expect to hit the $6.4 billion cap, which is nearly 3x the previous fund.

在亞洲，到目前為止，我們已經為我們的第二個私募股權年份籌集了超過 50 億美元的資金，並且完全有望達到 64 億美元的上限，幾乎是之前基金的 3 倍。

We've begun raising our third real estate vintage in Asia, which we expect to be larger than the prior $7 billion fund.

我們已經開始籌集我們在亞洲的第三個房地產年份，我們預計其規模將超過之前的 70 億美元基金。

And in BAAM, we began fundraising for our innovative Horizon Crossover platform with an initial close of nearly $2 billion post quarter end.

在 BAAM，我們開始為我們創新的 Horizon Crossover 平台籌款，季度末初始籌資近 20 億美元。

This platform focuses on minority investments in fast-growing companies as they prepare to go public.

該平台專注於對準備上市的快速發展公司進行少數股權投資。

Overall, the fundraising outlook is very positive for the firm.

總體而言，該公司的籌資前景非常樂觀。

On last quarter's call, we said we were highly confident that total inflows would exceed $100 billion again in 2021, the fifth year in a row approaching or exceeding this level.

在上一季度的電話會議上，我們表示我們非常有信心在 2021 年總流入量將再次超過 1000 億美元，這是連續第五年接近或超過這一水平。

We now expect to approach $200 billion of inflows this year, including our pending insurance partnerships.

我們現在預計今年的資金流入將接近 2000 億美元，包括我們未決的保險合作夥伴關係。

Blackstone's expansion has also significantly widened the aperture of where we can deploy capital.

Blackstone 的擴張也大大拓寬了我們可以部署資本的範圍。

We invested $24 billion in the quarter and committed an additional $28 billion to pending deals, our most active commitment quarter ever.

我們在本季度投資了 240 億美元，並為未決交易承諾了額外的 280 億美元，這是我們有史以來最活躍的承諾季度。

Over the past 12 months, we've deployed or committed well over $100 billion.

在過去的 12 個月裡，我們已經部署或承諾了超過 1000 億美元。

We remain focused on our high-conviction thematic areas, such as sustainability, logistics, digital infrastructure, housing and the post-COVID travel recovery.

我們仍然專注於我們堅信不移的主題領域，例如可持續性、物流、數字基礎設施、住房和 COVID 後的旅行複蘇。

Our largest new commitments in the quarter included a $10 billion enterprise value data center business; one of the largest platforms of single-family rental homes in the U.S.; European toll road operator, ASPI, which represents the largest buyout in Europe in the past decade; and industry-leading health care supply and distribution company, Medline, the largest buyout globally over the same period.

我們在本季度最大的新承諾包括價值 100 億美元的企業價值數據中心業務；美國最大的單戶出租房屋平台之一；歐洲收費公路運營商 ASPI，這是過去十年歐洲最大的收購案；以及行業領先的醫療保健供應和分銷公司 Medline，這是同期全球最大的收購案。

Post quarter end, we announced the acquisition of Sphera, a sustainability management software company.

季度末，我們宣布收購可持續發展管理軟件公司 Sphera。

The scale of our platform and our reputation as a trusted partner are enormous advantages when it comes to investing.

在投資方面，我們平台的規模和我們作為值得信賴的合作夥伴的聲譽是巨大的優勢。

In closing, our mission is broadening and we're bringing our investment solutions to a larger audience.

最後，我們的使命正在擴大，我們正在將我們的投資解決方案帶給更多的受眾。

We are still in the early days of this journey.

我們仍處於這一旅程的早期階段。

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

有了這個，我會把事情交給邁克爾。

Thanks, Jon, and good morning, everyone.

謝謝，喬恩，大家早上好。

I'll first review the firm's financial results, highlighted by continued strong momentum across our key metrics.

我將首先回顧公司的財務業績，突出顯示我們關鍵指標的持續強勁勢頭。

I'll then discuss investment performance and share additional details on the partnership with AIG.

然後，我將討論投資業績並分享與 AIG 合作的更多細節。

Starting with results.

從結果開始。

Total AUM rose 21% year-over-year or by $120 billion to record levels, driven by robust gross inflows of $116 billion over the last 12 months and despite record realizations of $63 billion.

總資產管理規模同比增長 21% 或 1200 億美元，達到創紀錄水平，這得益於過去 12 個月強勁的總流入量 1160 億美元，儘管實現了創紀錄的 630 億美元。

The sustained strength of the firm's recent inflows, without raising any of our largest flagship funds, highlights the significant expansion of product offerings and growth in perpetual capital that Steve and Jon described.

該公司近期資金流入的持續強勁，沒有籌集到我們最大的旗艦基金，突顯了史蒂夫和喬恩所描述的產品供應的顯著擴張和永久資本的增長。

Fee earning AUM rose 14% year-over-year to $499 billion, nearly 1/3 of which is now perpetual, driving 24% growth in management fees to a record $1.2 billion in the second quarter.

管理費收入同比增長 14% 至 4,990 億美元，其中近 1/3 現在是永久的，推動第二季度管理費增長 24% 至創紀錄的 12 億美元。

Fee-related earnings increased 30% year-over-year to $704 million in the quarter or $0.58 per share.

本季度與費用相關的收益同比增長 30% 至 7.04 億美元或每股 0.58 美元。

For the last 12 months, FRE increased a remarkable 40% to a record $2.8 billion or $2.33 per share, more than double our annual FRE at the time of our Investor Day just 3 years ago.

在過去的 12 個月裡，FRE 增長了 40%，達到創紀錄的 28 億美元或每股 2.33 美元，是 3 年前投資者日時年度 FRE 的兩倍多。

Key drivers, as we've talked about, include the continued expansion of existing strategies; scaling of new businesses, which are increasingly contributing to profitability; the transformational effect on earnings power from perpetual capital strategies; and the firm's robust margin position.

正如我們所討論的，關鍵驅動因素包括現有戰略的持續擴展；新業務的擴展，這對盈利的貢獻越來越大；永續資本策略對盈利能力的轉變效應；以及公司穩健的利潤率狀況。

FRE margin expanded to 54.4% for the trailing 12 months, and we continue to expect full year 2021 margin to be approximately in this area.

在過去的 12 個月裡，FRE 利潤率擴大到 54.4%，我們繼續預計 2021 年全年的利潤率大約在這一領域。

Overall, we remain highly confident in the outlook for this high-quality earnings stream.

總體而言，我們對這一高質量收益流的前景仍然充滿信心。

Distributable earnings nearly doubled year-over-year to $1.1 billion in the second quarter or $0.82 per share, underpinned by the growth in FRE and a more than sixfold increase in net realizations from the pandemic trough to $518 million as the market environment supported strong activity levels.

第二季度可分配收益同比幾乎翻了一番，達到 11 億美元或每股 0.82 美元，這得益於 FRE 的增長以及由於市場環境支持強勁的活動，大流行低谷的淨實現增長了六倍以上，達到 5.18 億美元水平。

Fund realizations reached nearly $20 billion in the quarter, with an additional $5.9 billion currently under contract or closed after quarter end.

本季度基金變現達到近 200 億美元，另有 59 億美元目前正在簽約或季末後關閉。

During the quarter, we sold our Australian logistics portfolio and brought a number of holdings public and executed sales of public positions, including Sona Comstar, TaskUs, Custom Truck One Source, Apria, Finance of America and post quarter end, Alight.

在本季度，我們出售了我們的澳大利亞物流投資組合，並公開了一些持股並執行了公共職位的銷售，包括 Sona Comstar、TaskUs、Custom Truck One Source、Apria、美國金融公司和季度末的 Alight。

Since the start of the year, we publicly listed 20 companies, and 33% of the corporate private equity portfolio is now public.

自今年年初以來，我們公開上市了 20 家公司，其中 33% 的企業私募股權投資組合現已公開。

Turning to investment performance, which remains outstanding across the firm.

轉向投資業績，這在整個公司中仍然表現出色。

Our portfolio companies are reporting some of the best trends we've seen against the backdrop of continued strength in global equity and credit markets and the broad-based economic recovery that is underway.

在全球股票和信貸市場持續強勁以及正在進行的廣泛經濟復甦的背景下，我們的投資組合公司報告了我們所看到的一些最佳趨勢。

In real estate, the BREP opportunistic funds appreciated 9.4% in the quarter while the Core+ funds appreciated 5.7%.

在房地產方面，本季度 BREP 機會型基金升值 9.4%，而 Core+ 基金升值 5.7%。

For the last 12 months, the BREP funds appreciated 25.4% and Core+ appreciated 18%.

過去 12 個月，BREP 基金升值 25.4%，Core+ 升值 18%。

BREIT continues to show particular strength, driving the inflows that Steve and Jon highlighted, with appreciation of 8.3% in the second quarter.

BREIT 繼續表現出特別的實力，推動了史蒂夫和喬恩強調的資金流入，第二季度升值 8.3%。

Since inception 5 years ago, BREIT has delivered 11% net returns annually.

自 5 年前成立以來，BREIT 每年的淨回報率為 11%。

Our overall real estate returns continue to be driven by gains in logistics, which now comprises approximately 40% of the global portfolio, along with U.S. suburban multifamily, life sciences office and in the second quarter, U.S. hospitality.

我們的整體房地產回報繼續受到物流增長的推動，物流目前約佔全球投資組合的 40%，此外還有美國郊區的多戶家庭、生命科學辦公室以及第二季度的美國酒店業。

In private equity, the corporate private equity funds appreciated 13.8% in the quarter, the fifth consecutive quarter of double-digit appreciation and 52% over the last 12 months.

私募股權方面，企業私募股權基金本季度升值13.8%，連續第五個季度兩位數升值，過去12個月升值52%。

The corporate PE funds have appreciated 45% from precrisis levels, well ahead of public market indices over the same period.

企業私募股權基金較危機前水平升值 45%，遠超同期公開市場指數。

Strength remains broad-based across both private and public portfolios, led by our technology-related and energy holdings.

以我們的技術相關和能源控股為主導，在私人和公共投資組合中，實力仍然廣泛。

Notable gains in the quarter included those from the IPOs of 2 thematically driven investments led by our India team: Sona Comstar, India's largest component supplier for electric vehicles; and TaskUs, a technology services company for leading online platforms.

本季度的顯著收益包括我們印度團隊牽頭的兩項主題驅動投資的首次公開募股：印度最大的電動汽車零部件供應商 Sona Comstar； TaskUs，一家領先的在線平台的技術服務公司。

Comstar was valued at a multiple of original cost of nearly 10x at the end of the quarter and TaskUs at nearly 8x, further building upon the firm's highly successful track record in Asia.

Comstar 在本季度末的估值是原始成本的近 10 倍，TaskU 的估值是近 8 倍，進一步鞏固了該公司在亞洲的高度成功記錄。

Our credit business delivered strong results in the second quarter, driven by improving fundamentals and spread tightening across both private and public holdings along with strength in energy.

我們的信貸業務在第二季度取得了強勁的業績，這得益於基本面的改善、私人和公共持股的收緊以及能源的強勢。

The private credit strategies reported a gross return of 4.8% in the quarter and 29% for the last 12 months.

私人信貸策略報告本季度的總回報率為 4.8%，過去 12 個月的總回報率為 29%。

The liquid credit strategies reported a gross return of 1.7% in the quarter and 11% for the last 12 months.

流動信貸策略報告本季度的總回報率為 1.7%，過去 12 個月的總回報率為 11%。

Finally, BAAM's BPS composite return was 3.5% gross in the quarter and 15.3% for the last 12 months.

最後，BAAM 本季度的 BPS 綜合回報率為 3.5%，過去 12 個月為 15.3%。

Overall, exceptional investment performance across the firm powered over $2 billion of net accrued performance revenues in the quarter and lifted the balance sheet receivable up 30% sequentially to $6.8 billion, the highest level ever; and up over 1.6x the pre-COVID balance, highlighting the very strong fundamental positioning of our portfolio.

總體而言，整個公司卓越的投資業績推動了本季度超過 20 億美元的淨應計業績收入，並使應收資產負債表環比增長 30% 至 68 億美元，創下歷史最高水平；並且是新冠疫情前餘額的 1.6 倍以上，突顯了我們投資組合非常強大的基本面定位。

At the same time, the firm's invested performance revenue-eligible AUM increased 41% year-over-year to a record $351 billion.

與此同時，該公司符合投資業績收入要求的 AUM 同比增長 41%，達到創紀錄的 3510 億美元。

These are both important leading indicators of future value.

這些都是未來價值的重要領先指標。

Moving to the AIG partnership, which is both strategically and financially compelling for our firm.

轉向 AIG 合作夥伴關係，這對我們公司來說在戰略和財務上都具有吸引力。

By year-end, we expect AIG to transfer the initial $50 billion of their Life & Retirement portfolio to Blackstone, which, over time, as the portfolio matures, will be primarily reinvested in Blackstone-originated investments in private and structured credit.

到年底，我們預計 AIG 將把最初 500 億美元的人壽和退休投資組合轉移到黑石，隨著時間的推移，隨著投資組合的成熟，這些投資將主要再投資於黑石發起的私人和結構性信貸投資。

In each of years 2 through 6 of the relationship, our partner has committed an additional $8.5 billion in new assets per year, bringing total committed assets to $92.5 billion over time.

在合作關係的第 2 年至第 6 年中，我們的合作夥伴每年承諾額外增加 85 億美元的新資產，隨著時間的推移，承諾總資產將達到 925 億美元。

Following the initial 6-year period, the partnership renews subject to long-term relative performance measures.

在最初的 6 年期之後，合作夥伴關係會根據長期的相對績效指標進行更新。

We anticipate fee revenues to Blackstone of approximately $150 million in 2022, increasing to approximately $400 million by year 6. These revenues will carry attractive incremental margins given our extensive existing capabilities.

我們預計 2022 年 Blackstone 的費用收入約為 1.5 億美元，到第 6 年將增加到約 4 億美元。鑑於我們廣泛的現有能力，這些收入將帶來具有吸引力的增量利潤。

We will also invest $2.2 billion for a 9.9% stake in the new company upon closing of the transaction.

交易完成後，我們還將投資 22 億美元購買新公司 9.9% 的股份。

With over $5 billion of cash and corporate treasury investments and minimal net debt, our balance sheet and access to low-cost capital afford us full flexibility to execute the strategic investment.

憑藉超過 50 億美元的現金和企業資金投資以及最少的淨債務，我們的資產負債表和低成本資本為我們提供了執行戰略投資的充分靈活性。

Following AIG L&R's IPO, we will hold publicly traded common stock subject to certain phased lockup restrictions in what will be the third largest public U.S. life insurer.

在 AIG L&R 的首次公開募股之後，我們將在美國第三大公共壽險公司持有受某些階段性鎖定限制的公開交易普通股。

In closing, as Blackstone moves into the second half of 2021 and past the second anniversary of our conversion, we have never been better positioned as a firm.

最後，隨著 Blackstone 進入 2021 年下半年以及我們轉型兩週年之後，我們作為一家公司的定位從未像現在這樣好。

One of the several benefits of conversion has been our inclusion in most of the market indices, including being added last month to Russell's U.S. indices, a key benchmark for both index and active money managers.

轉換的幾個好處之一是我們包含在大多數市場指數中，包括上個月被添加到羅素的美國指數中，這是指數和活躍基金經理的關鍵基準。

The dual catalyst of exceptional financial performance, coupled with a much broader universe of investors that can own our stock, has translated into a powerful value proposition for shareholders.

卓越財務業績的雙重催化劑，加上可以擁有我們股票的更廣泛的投資者範圍，已轉化為股東的強大價值主張。

We believe there is significant support to continue this momentum.

我們相信有很大的支持來繼續這種勢頭。

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

有了這個，我們感謝您加入電話會議，並希望現在打開它以提問。

(Operator Instructions) Our first question comes from the line of Glenn Schorr at Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 Glenn Schorr。

Glenn, can you hear us?

格倫，你能聽到我們的聲音嗎？

Joanna, it seems like Glenn might be having an issue with his line.

喬安娜，格倫的台詞似乎有問題。

Maybe we should move to the next question.

也許我們應該轉到下一個問題。

And our next question comes from the line of Alexander Blostein from Goldman Sachs.

我們的下一個問題來自高盛的 Alexander Blostein。

So maybe starting with the retail platform and given success of both BREIT and BCRED, and obviously, the footprint in the retail channel continues to grow, you talked about expansion into several new products.

所以也許從零售平台開始，考慮到 BREIT 和 BCRED 的成功，顯然，零售渠道的足跡繼續增長，你談到了擴展到幾個新產品。

So maybe we'll dig in a little bit more there first.

所以也許我們會先在那裡再深入一點。

Jon, I know you mentioned EU sort of BREIT product.

喬恩，我知道你提到了歐盟的 BREIT 產品。

How quickly do you guys expect that to ramp?

你們預計會以多快的速度增長？

I think I heard September launch.

我想我聽說了 9 月的發布。

And then broadly, it feels like there's a lot of runway still to leverage your distribution in brand and retail broadly.

然後從廣義上講，感覺還有很多跑道可以廣泛利用您在品牌和零售方面的分銷。

So curious what other type of product might be suitable for the retail channel that you guys could work on over time.

很好奇什麼其他類型的產品可能適合你們隨著時間的推移可以開發的零售渠道。

Thanks, Alex.

謝謝，亞歷克斯。

I'd back up, and Steve touched on this, but the size of the retail market globally, I think, is $80 trillion for folks who have more than $1 million of assets.

我會支持，史蒂夫談到了這一點，但我認為全球零售市場的規模對於擁有超過 100 萬美元資產的人來說是 80 萬億美元。

And today, their allocation to alternatives is in the low single digits.

而今天，他們對替代品的分配是低個位數。

And so we think that the market is very big, and they're just starting to come to it as you're seeing.

所以我們認為市場非常大，正如你所看到的，他們才剛剛開始接觸它。

And we're having great success domestically first -- frankly, globally, but first with REIT, now with BCRED.

我們首先在國內取得了巨大的成功——坦率地說，在全球範圍內，但首先是 REIT，現在是 BCRED。

And yes, we do think there are more products that we can deliver.

是的，我們確實認為我們可以提供更多產品。

You noted the European-focused product.

您注意到了以歐洲為重點的產品。

I think it's too early to say how big it can be.

我認為現在說它有多大還為時過早。

What we do know is if we deliver strong performance in a world where people have limited investment options, particularly around getting attractive yield, we tend to attract assets.

我們所知道的是，如果我們在人們投資選擇有限的世界中表現出色，尤其是在獲得有吸引力的收益方面，我們往往會吸引資產。

So what we do is we create a product that we think can deliver for the customers.

所以我們所做的就是創造一種我們認為可以為客戶提供的產品。

That's the most important thing.

這是最重要的。

We distribute it and then we keep executing.

我們分發它，然後我們繼續執行。

And we find more and more investors find it attractive.

我們發現越來越多的投資者認為它具有吸引力。

And that's exactly what's happened with BREIT.

而這正是 BREIT 所發生的事情。

It's what's happened with BCRED and we would expect, hopefully, with [BPIF] over time, although I don't want to dimensionalize the size because I think it's just too early.

這就是 BCRED 發生的事情，我們希望隨著時間的推移 [BPIF] 會出現，儘管我不想對大小進行維度化，因為我認為這還為時過早。

In terms of future products, I don't know if I want to go into specifics yet, but there are a number of areas where we can do this given the scale of our platform, and that is our great competitive advantage that we're sort of everywhere around the world.

關於未來的產品，我不知道我是否想詳細說明，但鑑於我們平台的規模，我們可以在許多領域做到這一點，這是我們巨大的競爭優勢。有點像世界各地。

We're in each of these verticals.

我們在這些垂直領域中的每一個。

But the bar is set by can we deliver for the customer?

但是標準是我們可以為客戶提供服務嗎？

So I don't think we have anything yet to talk about, but I would expect over time we will roll out more of these sequentially.

所以我認為我們還沒有什麼要討論的，但我希望隨著時間的推移，我們將依次推出更多此類內容。

And if we deliver as we have in the past, we think they can grow to be quite substantial.

如果我們像過去那樣交付，我們認為它們可以變得相當可觀。

And our next question comes from the line of Bill Katz at Citi.

我們的下一個問題來自花旗銀行的比爾·卡茨。

A lot of detail here, so I appreciate all that.

這裡有很多細節，所以我很感激。

Just as you think about the capital raising in the insurance opportunity, and congratulations on both Allstate and AIG deals now at this point.

正如您考慮在保險機會中籌集資金一樣，現在祝賀 Allstate 和 AIG 的交易。

What's the path forward here in terms of gathering more assets?

在收集更多資產方面，前進的道路是什麼？

Is it incremental investments such as AIG or is it just sort of leveraging your origination capability and working with sort of other third parties?

是像 AIG 這樣的增量投資，還是只是利用您的發起能力並與其他第三方合作？

Just trying to see how you sort of tap into a big market from here.

只是想看看你是如何從這裡進入一個大市場的。

Thanks, Bill.

謝謝，比爾。

I would say -- we'll start with the strength of the platform we built, which is in the strength of our brand and our track record.

我想說 - 我們將從我們建立的平台的實力開始，這是我們品牌的實力和我們的業績記錄。

We've said on this call a number of times that we wanted to not become an insurance company that we would make strategic investments, minority investments.

我們在這次電話會議上多次表示，我們不想成為一家保險公司，我們將進行戰略投資，少數股權投資。

And we thought because of the brand and our ability to originate credit that we could create the kind of long-term relationships where we could grow in insurance.

我們認為，由於品牌和我們創造信用的能力，我們可以建立一種長期的關係，我們可以在保險業發展。

And I think given what we've done with these last 2 transactions, I think we've proven that to the marketplace.

而且我認為鑑於我們對這最後兩筆交易所做的事情，我認為我們已經向市場證明了這一點。

In terms of how we go and grow from here, I think we have multiple avenues where we can have success.

就我們如何從這裡發展和成長而言，我認為我們有多種途徑可以取得成功。

These relationships, each of them, I think, has the potential to grow because they are -- with the exception of Allstate, which is a runoff portfolio, our 2 other clients here with FG and AIG, these are growing businesses, and we think they can continue to grow.

我認為，這些關係中的每一個都有增長的潛力，因為它們是——除了 Allstate，它是一個徑流投資組合，我們在 FG 和 AIG 的另外兩個客戶，這些都是不斷增長的業務，我們認為他們可以繼續成長。

And as they grow, benefiting from our expertise in asset management, we'll get more assets.

隨著他們的成長，受益於我們在資產管理方面的專業知識，我們將獲得更多資產。

So that's existing clients.

這就是現有客戶。

And then like our traditional business, we think we can serve more clients over time.

然後像我們的傳統業務一樣，我們認為隨著時間的推移我們可以為更多的客戶提供服務。

And what we found is that scale is a real competitive advantage.

我們發現，規模是真正的競爭優勢。

If you think about making a $50 million mortgage loan is pretty competitive but making a $500 million or $1 billion mortgage loan is less competitive.

如果您考慮提供 5000 萬美元的抵押貸款很有競爭力，但提供 5 億美元或 10 億美元的抵押貸款競爭力較弱。

And so as we get more and more scale in commercial real estate lending, corporate lending, asset-backed lending, infrastructure lending, that's going to benefit all of these clients.

因此，隨著我們在商業房地產貸款、企業貸款、資產支持貸款、基礎設施貸款方面的規模越來越大，這將使所有這些客戶受益。

And so it creates a bit of a virtuous cycle.

所以它創造了一個良性循環。

So we think as we continue to grow our capabilities, we'll serve these clients particularly well.

因此，我們認為，隨著我們能力的不斷增強，我們將為這些客戶提供特別好的服務。

They'll grow and we can get additional clients.

他們會成長，我們可以獲得更多的客戶。

And we really like the momentum we have in this space today.

我們真的很喜歡我們今天在這個領域所擁有的勢頭。

And our next question comes from the line of Michael Cyprys with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

You guys have mentioned some very large TAMs that you think are adjustable, including the $30 trillion in insurance, $80 trillion in retail, private wealth and in the past, you've also mentioned, I think, around $50 trillion on the traditional institutional side.

你們提到了一些你認為可以調整的非常大的 TAM，包括 30 萬億美元的保險、80 萬億美元的零售、私人財富，在過去，我認為你還提到了傳統機構方面的 50 萬億美元左右.

But I guess as you look at your investment capabilities today, what portion of that TAM is realistically serviceable in your view?

但我想，當您查看您今天的投資能力時，您認為 TAM 的哪一部分實際上是有用的？

And how do you think about increasing that serviceable TAM or SAM with new capability adds and extensions to other parts of the marketplace?

您如何看待通過新功能添加和擴展市場其他部分來增加可維護的 TAM 或 SAM？

Certainly, DCI and Harvest have given you more liquid market capabilities.

當然，DCI 和 Harvest 為您提供了更具流動性的市場能力。

But I guess, how would you describe your overall vision and aspiration here?

但我想，你會如何在這裡描述你的整體願景和願望？

I think our vision led by our founder and CEO is to do something very large, that the horizon here -- what we look out at is not really limited because of the scale of those markets and how underpenetrated alternatives are.

我認為由我們的創始人兼首席執行官領導的願景是做一些非常大的事情，因為這些市場的規模以及替代品的滲透率如何，我們所關注的範圍並沒有真正受到限制。

So I think our number today on the institutional side is probably $60 trillion.

所以我認為我們今天在機構方面的數字可能是 60 萬億美元。

There, that market has moved much further along on the alternatives curve.

在那裡，該市場在替代曲線上進一步移動。

I think we'll see these other areas.

我想我們會看到這些其他領域。

Particularly if you think about insurance or retail, the idea of trading some liquidity for higher returns is highly logical in this environment.

特別是如果你考慮保險或零售，在這種環境下，用一些流動性換取更高回報的想法是非常合乎邏輯的。

What exactly the numbers are?

具體數字是多少？

Again, I'm not sure I want to put a number against it, but I think you're seeing here that what we talked about, the $4 billion in a single month of perpetual capital from just 2 products gives you a sense of the potential here.

再說一次，我不確定我是否要反對它，但我想你在這裡看到了我們所說的，僅 2 種產品在一個月內就獲得了 40 億美元的永久資本，這讓你感覺這裡的潛力。

I think the TAM here is much larger than people recognize.

我認為這裡的 TAM 比人們認識的要大得多。

I think they have historically looked at our business as operating, I said this on TV earlier on, in a sort of narrow channel, and now we're really moving into these open waters.

我認為他們歷來將我們的業務視為運營，我早些時候在電視上說過，在一種狹窄的渠道中，現在我們真的正在進入這些開放水域。

And so we think we can do more with institutional clients, and obviously, much, much more here with retail and insurance.

因此，我們認為我們可以在機構客戶方面做得更多，顯然，在零售和保險方面做得更多。

And so the size of the markets are big.

所以市場的規模很大。

Our platform is large.

我們的平台很大。

Because we're in all the different verticals, we think we can do a lot.

因為我們處於所有不同的垂直領域，我們認為我們可以做很多事情。

Putting a number against it, I think it's just a little bit early.

用一個數字來反對它，我認為這還為時過早。

But the momentum, as I said in my last question, feels incredibly positive.

但正如我在上一個問題中所說，這種勢頭令人難以置信的積極。

And our next question comes from the line of Adam Beatty at UBS.

我們的下一個問題來自瑞銀的 Adam Beatty。

I want to ask about the real estate portfolio specifically.

我想具體詢問一下房地產投資組合。

I appreciate the rundown, and you mentioned hospitality or travel and leisure real estate, which is -- was obviously dented during the pandemic and has been a historical strength of Blackstone.

我很欣賞這個破敗，你提到了款待或旅遊和休閑房地產，這在大流行期間顯然受到了影響，並且一直是黑石的歷史優勢。

Just wanted to get your thoughts and maybe a little more color on how you're approaching that market now, where you see opportunities, and where, in terms of proportion of the portfolio, you envision it over the next couple of years?

只是想了解一下你現在如何進入這個市場，你在哪裡看到機會，以及你在未來幾年的投資組合比例方面的設想，以及更多的色彩？

Yes.

是的。

Hospitality for us used to be in real estate, a very large portion.

對我們來說，熱情好客曾經是房地產，佔很大一部分。

We fortunately -- and it wasn't because we anticipated the pandemic, it was just where we saw the most attractive returns had deemphasized that.

幸運的是，這並不是因為我們預料到了大流行，而是我們看到最有吸引力的回報不再強調這一點。

So today, it represents about 7% of our portfolio.

所以今天，它約占我們投資組合的 7%。

I think that number will go up.

我認為這個數字會上升。

One, I think we're going to see more of a recovery in our existing assets; but, two, that's a sector that was hit hard by COVID.

一，我認為我們將看到我們現有資產的更多複蘇；但是，第二，這是一個受到 COVID 嚴重打擊的行業。

And so you've seen in recent announcements we bought in real estate and private equity jointly Bourne Leisure in the U.K., which is the leading leisure park business there.

所以你在最近的公告中看到了我們在英國聯合購買了房地產和私募股權的 Bourne Leisure，這是那裡領先的休閒公園業務。

We acquired Extended Stay Hotels in our real estate business, again, a play on the recovery in travel.

我們在房地產業務中收購了長住酒店，這又是對旅遊業復甦的一種發揮。

And I wouldn't be surprised if we continue to do more in this space that that percentage goes up.

如果我們繼續在這個領域做得更多，這個百分比會上升，我不會感到驚訝。

We do think people will return to travel, individual and leisure travel first, over time corporate and group travel.

我們確實認為人們將首先回歸旅行，個人和休閒旅行，隨著時間的推移，公司和團體旅行。

And so it's a sector we like.

所以這是我們喜歡的領域。

We definitely have, by far, the lowest exposure we've had to it, but we'd like to increase that exposure going forward.

到目前為止，我們肯定擁有最低的曝光率，但我們希望在未來增加曝光率。

And our next question comes from the line of Gerry O'Hara with Jefferies.

我們的下一個問題來自 Jefferies 的 Gerry O'Hara。

Perhaps picking up on the comments as it relates to the infrastructure business and, I guess, heading back into the market for fundraising, perhaps you could talk a little bit about the demand there, what some of the trends are and what you might expect as you go back into the market for fundraising and infrastructure?

可能會聽取與基礎設施業務相關的評論，我想，回到市場籌款，也許你可以談談那裡的需求，一些趨勢是什麼以及你可能期望什麼你回到市場籌款和基礎設施？

So on infrastructure, our team there, led by Sean Klimczak, has done a terrific job deploying the capital, and the returns have been really strong.

所以在基礎設施方面，我們由 Sean Klimczak 領導的團隊在部署資本方面做得非常出色，而且回報非常豐厚。

And as you know, that's the key consideration for investors: do you deliver positive returns?

如您所知，這是投資者的主要考慮因素：您是否提供正回報？

Have you built a good portfolio?

你建立了一個好的投資組合嗎？

I think it's worth noting here that we're doing this in an open-ended format, and that's important because unlike our drawdown funds, it's not that we're going to -- we raised $14 billion initially, we've got this large matching commitment, but it won't be that we'll do another big close and wait 3 years.

我認為在這裡值得注意的是，我們是以開放式的形式進行的，這很重要，因為與我們的提款基金不同，我們不會——我們最初籌集了 140 億美元，我們有這麼大匹配的承諾，但我們不會再做一次大收盤並等待 3 年。

It will be like our Blackstone Property Partner funds institutionally and Core+ real estate, where we're open every quarter.

這就像我們的 Blackstone Property Partner 機構基金和 Core+ 房地產，我們每個季度都開放。

It's an open-end perpetual vehicle.

它是一種開放式的永久車輛。

Our expectation is, given the portfolio we've assembled, given the strong performance that investors will respond.

我們的預期是，鑑於我們已經組建的投資組合，鑑於投資者將作出反應的強勁表現。

And on a quarterly basis, we'll continue to see inflows, just as we've seen in -- we talk a lot about retail Core+, but institutional Core+ has grown to be quite significant now.

在季度基礎上，我們將繼續看到資金流入，正如我們已經看到的那樣——我們談論了很多關於零售 Core+ 的話題，但機構 Core+ 現在已經變得非常重要。

I think it's over $60 billion.

我認為超過 600 億美元。

And so I think you could see a lot of potential for infrastructure.

所以我認為你可以看到基礎設施的巨大潛力。

Another engine for us, another perpetual capital vehicle where we're not forced to sell assets and another way to serve our clients and deliver what they're looking for.

我們的另一個引擎，另一個永續資本工具，我們不會被迫出售資產，以及另一種服務客戶和交付他們所尋找的方式。

So I would say a sector that we see a lot of potential, and our team has done a great job the first few years with the business.

所以我想說一個我們看到了很大潛力的行業，我們的團隊在最初幾年的業務上做得很好。

Our next question comes from the line of Robert Lee with KBW.

我們的下一個問題來自 Robert Lee 與 KBW 的對話。

Just going back to AIG and the capital and the balance sheet.

回到 AIG 以及資本和資產負債表。

So I mean understanding that you're completely committed to the capital-light model and distributing the lion's share of your DE.

所以我的意思是理解你完全致力於資本輕模型並分配你的 DE 的最大份額。

But if I look at -- you're committing $2.2 billion for the stake in AIG.

但如果我看一下 - 你承諾為 AIG 的股份投入 22 億美元。

I believe you -- there were some capital you have -- you were putting up for the Allstate transaction.

我相信你——你有一些資本——你正在為 Allstate 的交易提供資金。

So as you look to drive deeper into the insurance industry, maybe future reinsurance or other transactions, I mean, is that at all at the -- maybe it's just marginal, but adjusting how you're thinking of capital?

因此，當您希望更深入地進入保險業時，也許是未來的再保險或其他交易，我的意思是，這是否完全——也許只是微不足道的，但要調整您對資本的看法？

And is there any possibility that how you're thinking about the 85 -- roughly 85% payout ratio you've had for many years now, it could be tweaked to accommodate growth in the insurance business?

有沒有可能你認為 85 - 大約 85% 的支付率你已經有很多年了，它可以被調整以適應保險業務的增長？

So I would say -- I'll let Michael talk about the payout ratio.

所以我會說——我會讓邁克爾談談派息率。

I think the 9.9%, given the scale of these contracts and their long duration, is a sensible thing for us to do.

考慮到這些合同的規模和期限長，我認為 9.9% 對我們來說是明智的。

It doesn't really reflect a deviation of our long-term capital-light strategy.

這並沒有真正反映我們長期輕資本戰略的偏離。

We're not looking to take on insurance liabilities or do spread investing.

我們不打算承擔保險責任或進行價差投資。

Really want to be the best alternative asset manager out there.

真的想成為最好的另類資產經理。

What I'd also point out on the capital in the context of AIG, we will be getting public shares which are subject to certain lockups, but ultimately will be freely tradable.

我還要在 AIG 的背景下指出資本，我們將獲得受某些鎖定限制但最終可以自由交易的公開股票。

And so again, we think this makes a lot of sense the way we've done this.

同樣，我們認為我們這樣做的方式很有意義。

No, I wouldn't anticipate this would change the payout ratio, but Michael you should comment on that.

不，我預計這不會改變派息率，但邁克爾你應該對此發表評論。

I think that's really all that needs to be said.

我認為這就是所有需要說的。

The payout ratio will not change in connection with this deal.

派息率不會因本次交易而改變。

It's not something we considered or needed to consider.

這不是我們考慮或需要考慮的事情。

Our next question comes from the line of Patrick Davitt with Autonomous Res.

我們的下一個問題來自Patrick Davitt with Autonomous Res。

So the AIG revenue guide seems to suggest an increase in the fee rate of something around 43 bps in year 6, which is well above other relationships we've seen.

因此，AIG 收入指南似乎建議在第 6 年將費率提高約 43 個基點，這遠高於我們所看到的其他關係。

So could you explain what about the AUM mix shift is driving that increase?

那麼，您能否解釋一下 AUM 組合轉變是如何推動這種增長的？

And then longer term, how we should think about the risk to that fee agreement through the lens of L&R probably being an independent public company at that time?

然後從長遠來看，我們應該如何通過 L&R 在當時可能是一家獨立的上市公司的角度來考慮該費用協議的風險？

Patrick, I think on the sort of fee rates that you're inferring or implying from the numbers we provided, I think what's important to underscore is versus some other agreements or partnerships in the market that involve both the base IMA and then also a series of SMAs, this is -- there is not an IMA here.

帕特里克，我認為關於你從我們提供的數字中推斷或暗示的那種費率，我認為需要強調的是與市場上一些其他協議或合作夥伴關係，這些協議或合作夥伴既涉及基礎 IMA，又涉及一系列SMA，這是 - 這裡沒有 IMA。

It's SMA-focused around a portfolio of certain asset classes where we have high expertise and where sort of the return and yields profile is higher.

它專注於特定資產類別的投資組合，在這些資產類別中，我們擁有豐富的專業知識，並且回報率和收益率較高。

And that's critical to the relationship.

這對關係至關重要。

So it's a bit of an apple and an orange to compare that maybe to some other relationships on a total blended basis.

因此，在完全混合的基礎上將其與其他一些關係進行比較可能有點像蘋果和橙子。

On the term, as I mentioned, there's an initial 6-year period and then it's subject to renewal based on long-term relative performance measures.

正如我所提到的，在期限上，最初有 6 年期限，然後根據長期的相對績效指標進行更新。

And I would just add to Michael's comment to reinforce what he said.

我只想補充邁克爾的評論以加強他所說的內容。

What AIG did here was retain us on the private assets and they also let themselves the flexibility to do what they want on their liquid fixed income assets.

AIG 在這裡所做的是將我們保留在私人資產上，他們還讓自己靈活地在流動的固定收益資產上做他們想做的事情。

And so I think to Michael's point, it's an apples and orange to compare to other relationships because this is obviously just on those direct credit assets which are obviously more expensive to manage and originate.

所以我認為邁克爾的觀點是，與其他關係相比，這是一個蘋果和橘子，因為這顯然只是針對那些管理和發起成本明顯更高的直接信貸資產。

And while we won't speak for our friends at AIG, they'll speak for themselves.

雖然我們不會為 AIG 的朋友說話，但他們會為自己說話。

I think from their point of view they're moving towards trying to achieve a very attractive low-cost overall approach to asset management with, obviously, attractive yield uplift and return profile.

我認為從他們的角度來看，他們正在努力實現一種非常有吸引力的低成本整體資產管理方法，顯然，具有吸引力的收益率提升和回報率。

And our next question comes from the line of Glenn Schorr with Evercore ISI.

我們的下一個問題來自與 Evercore ISI 的 Glenn Schorr。

I'm curious, your previous comments on the call talked about an acceleration of growth, which is amazing comment given how good growth has been, and you rightfully upped the guide on $100 billion to $200 billion raise given the insurance deal.

我很好奇，你之前在電話會議上的評論談到了增長的加速，考慮到增長的良好程度，這是一個驚人的評論，並且鑑於保險交易，你理所當然地將指南提高了 1000 億美元至 2000 億美元。

So my question is on FRE specifically.

所以我的問題是專門針對 FRE 的。

It was up 30% year-on-year.

同比增長 30%。

With all that momentum behind it in capital raising, do you have any thoughts to hold our hands and what we should expect out of FRE over the next, say, couple of years?

鑑於其在融資方面的所有動力，您是否有任何想法可以握住我們的手，以及我們在接下來的幾年中對 FRE 的期望？

Glenn, I think we'll just stick to our normal policy of not giving guidance on that and just, I think, reinforce the -- our sense of optimism around it that you're probably picking up from our remarks.

格倫，我認為我們將堅持我們不提供指導的正常政策，並且我認為，只是加強我們對它的樂觀感，你可能從我們的言論中得到了這種感覺。

Fair enough.

很公平。

And I'll squeeze a little one in on Secondaries.

我會在Secondary上擠一點。

You didn't give much color on when you were talking about the performance numbers, but the performance was up 17.7% in the quarter.

當您談論績效數據時，您並沒有給出太多色彩，但該季度的績效增長了 17.7%。

That would be a pretty good year in any period of time.

在任何時期，那都是相當不錯的一年。

How much of that is the lag catch-up from previous good quarters?

其中有多少是前幾個季度的滯後追趕？

But again, this was a good strong quarter in the open markets.

但同樣，這在公開市場上是一個強勁的季度。

What should we be expecting out of Secondaries on the go-forward?

在前進的過程中，我們應該期待從輔助設備中得到什麼？

Yes, Glenn.

是的，格倫。

Thanks, Glenn.

謝謝，格倫。

You got it.

你說對了。

It's -- that reflects the historical traditional 2-quarter lag relative to the underlying GP marks in return.

這反映了歷史上傳統的 2 季度相對於基礎 GP 分數的滯後作為回報。

So that's Q4 of last year, and we know that was a strong quarter across the industry.

這是去年的第四季度，我們知道這是整個行業的強勁季度。

I will note that we're actually more on this next quarter -- moving -- endeavoring to move to a more -- closer to a 1-quarter lag in terms of the reporting of that business.

我會注意到，我們實際上更多地關注下個季度 - 移動 - 努力移動到更多 - 就該業務的報告而言，接近一個季度的滯後。

So we'll hopefully narrow that gap.

因此，我們有望縮小這一差距。

And I think you can look at whether publicly traded alt managers and the returns they reported in Q1, and now Q2, to see where that will go on a Secondaries basis.

而且我認為您可以查看是否公開交易的替代經理以及他們在第一季度和現在第二季度報告的回報，以了解二級市場的發展方向。

Yes.

是的。

It bodes Well, obviously, since the private equity space was up a fair amount, industry-wide in Q1, and I think we'll do well like we've done well in Q2.

很明顯，這是好兆頭，因為私募股權領域在第一季度在整個行業範圍內都出現了相當大的增長，我認為我們會做得很好，就像我們在第二季度做得很好一樣。

So our Secondaries business has a lot of momentum, and I think can grow to be significantly larger given what Vern Perry and the team have done for investors.

所以我們的二級業務有很大的發展勢頭，考慮到 Vern Perry 和團隊為投資者所做的一切，我認為可以發展得更大。

Our next question comes from the line of Arnaud Giblat at Exane BNPP.

我們的下一個問題來自 Exane BNPP 的 Arnaud Giblat。

Can you talk about the potential capital gains tax changes in the U.S. and how that's impacting your deal flow?

您能否談談美國潛在的資本利得稅變化以及這對您的交易流程有何影響？

Are there many private companies seeking to exit to take advantage of the lower tax rate before that changes?

在這種變化之前，是否有許多私營公司尋求退出以利用較低的稅率？

Yes.

是的。

It's a good question.

這是個好問題。

I think it has impacted deal flow this year.

我認為它影響了今年的交易流。

I think there are owners, both family owners of businesses and private equity firms, who see the potential increase in capital gains and have accelerated their decision-making.

我認為有些所有者，包括企業的家族所有者和私募股權公司，他們看到了資本收益的潛在增長，並加快了他們的決策。

I don't know where it ultimately lands, but I do think it's been a factor in the uptick in deal activity.

我不知道它最終會落到哪裡，但我確實認為這是交易活動增加的一個因素。

Obviously, the growth of our platform and all these different cost of capital and the scale of what we can do has certainly helped.

顯然，我們平台的發展以及所有這些不同的資本成本以及我們可以做的規模肯定有所幫助。

But there's some element, it's hard to quantify, of people pushing forward some sales.

但是有一些因素，很難量化，人們推動了一些銷售。

Our next question comes from the line of Devin Ryan at JMP Securities.

我們的下一個問題來自 JMP Securities 的 Devin Ryan。

Just a question on realization activity.

只是關於實現活動的問題。

Clearly, a lot of momentum right now.

顯然，現在勢頭很大。

So I just want to dig in on a couple of the businesses.

因此，我只想深入研究其中的幾項業務。

So within real estate, really nice to see the acceleration in the quarter.

因此，在房地產領域，很高興看到本季度的加速。

If you can talk a little bit more about the trajectory or momentum there, that would be helpful.

如果你能多談談那裡的軌跡或動量，那會很有幫助。

And then within private equity, also really favorable backdrop at the moment.

然後在私募股權內部，目前也是非常有利的背景。

I know you guys don't necessarily think like this, but are we moving maybe towards peak realizations in that business?

我知道你們不一定會這樣想，但我們是否正在朝著實現該業務的頂峰邁進？

Or how would you frame private equity as well?

或者你將如何構建私募股權？

So we obviously have a constructive market environment, and that is helpful for realizations.

所以我們顯然有一個建設性的市場環境，這有助於實現。

Michael talked about the accrued carry receivable rising to a record level.

邁克爾談到應計的應收利差上升到創紀錄的水平。

We also have record investment performance revenue eligible AUM, one of my favorite terms, which is another forward indicator.

我們還擁有創紀錄的投資業績收入合格資產管理規模，這是我最喜歡的術語之一，也是另一個前瞻性指標。

I would say real estate has lagged a little bit the private equity world because it was more impacted by COVID.

我會說房地產已經落後於私募股權領域，因為它受到 COVID 的影響更大。

But as the world reopens, we're seeing strength in real estate and particularly in the sectors that we were focused on.

但隨著世界重新開放，我們看到了房地產的實力，特別是在我們關注的領域。

So more than 2/3 of our portfolio in real estate is in logistics, life science office buildings and rental housing.

因此，我們超過 2/3 的房地產投資組合是物流、生命科學辦公樓和出租房屋。

All of those areas are doing quite well.

所有這些領域都做得很好。

And we've begun to see, as we talked about earlier, snapback in some of the hospitality and leisure assets.

正如我們之前談到的，我們已經開始看到一些酒店和休閒資產的反彈。

So I think you will see more, over time, in real estate.

所以我認為隨著時間的推移，你會在房地產領域看到更多。

I think you'll see more gains and more realizations.

我想你會看到更多的收穫和更多的認識。

We're most -- we're focused, of course, on exiting at the optimal moment.

我們最——當然，我們專注於在最佳時機退出。

So it's very hard to say when it will happen.

所以很難說什麼時候會發生。

But we're seeing sort of a step-function increase in values in private real estate markets, particularly in some of our most favored categories, and that bodes well.

但我們看到私人房地產市場的價值呈階梯式增長，特別是在我們最喜歡的一些類別中，這是個好兆頭。

In private equity, Michael commented on this, but 1/3 of our corporate private equity portfolio is public.

在私募股權方面，Michael 對此發表了評論，但我們 1/3 的企業私募股權投資組合是公開的。

That's obviously helpful for -- as a forward indicator of realizations.

這顯然有助於 - 作為實現的前瞻性指標。

There's strength in the marketplace for private businesses we own.

我們擁有的私營企業在市場上有實力。

Again, we'll do it at the optimal time.

同樣，我們將在最佳時間進行。

I think what's changed versus the past is just the breadth of the businesses we're in.

我認為與過去相比發生了變化的只是我們所從事的業務的廣度。

We now -- 2 years ago, we didn't have a growth business.

我們現在 - 2 年前，我們沒有增長業務。

We didn't have the life sciences business.

我們沒有生命科學業務。

The scale of our Secondaries business has gotten much bigger.

我們的二級業務規模變得更大了。

Even our credit business, which 12 months ago didn't have the kind of performance when we marked things down, has seen a real recovery and I think we'll begin to see some realizations.

即使是我們的信貸業務，在 12 個月前還沒有我們降價時的表現，現在已經真正復甦，我認為我們將開始看到一些實現。

That's more of a European-type waterfall.

那更像是一個歐洲式的瀑布。

So I see it as broad-based.

所以我認為它是廣泛的。

It's obviously connected to markets.

這顯然與市場有關。

But I would say we're pretty optimistic across the whole firm as it relates to realizations.

但我想說，我們對整個公司都非常樂觀，因為它與實現有關。

And Devin, I'd just add, I mentioned in my remarks, we had, since the beginning of the year, something like 20 sort of listings of public companies across the firm.

還有德文，我想補充一下，我在講話中提到，自今年年初以來，我們有大約 20 種上市公司的上市公司。

Another way of saying that is we've created a lot of public market cap out there.

另一種說法是，我們已經創造了很多公開市值。

It's something like $17 billion associated with those 20 transactions and in aggregate had significant unrealized gains relative to the sort of prior marks as private companies.

與這 20 筆交易相關的價值約為 170 億美元，相對於作為私營公司的先前標記，總體而言未實現的收益顯著。

So that's what you're seeing fueling, in part, the growth in the net accrued, and that's obviously a reflection of the strength of the companies and also of the markets.

所以這就是你所看到的推動淨應計增長的部分原因，這顯然反映了公司和市場的實力。

And I think in terms of peak, we'll see.

我認為就峰值而言，我們會看到。

But I think the -- when you see the carry receivable elevated, as it is right now, and the scale of the -- and breadth of the platform and the growth in it, as Jon said, the realizations come subsequently.

但我認為，正如喬恩所說，當你看到應收賬款增加時，以及平台的規模和廣度以及其中的增長，正如喬恩所說，隨後就會實現。

And so we -- if markets hold up and hang in there, that's a forward indicator, not a lagging indicator of the future trajectory of realizations.

所以我們——如果市場保持穩定，那是一個前瞻性指標，而不是未來實現軌蹟的滯後指標。

Our next question comes from the line of Chris Kotowski at Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Chris Kotowski。

I guess a question for Jon.

我想是喬恩的一個問題。

I know that office hasn't been a focus of yours in real estate for the last couple of years, but I'm curious if you have an early read on how kind of the post-vaccine reopening is impacting usage patterns.

我知道在過去的幾年裡，辦公室一直不是您在房地產領域的重點，但我很好奇您是否能夠及早了解疫苗後重新開放對使用模式的影響。

And I guess, in particular, I'm wondering kind of are white-collar employers to the extent that they're negotiating their space needs now, are they taking down more space, less space, same amount?

而且我想，特別是，我想知道他們現在正在協商他們的空間需求，他們是否佔用更多空間，更少空間，相同數量？

Are the shops and restaurants and central office districts around the world reopening in anticipation of full occupancy?

世界各地的商店、餐館和中央辦公區是否會重新開放，以期滿員？

Or is that not happening?

或者這沒有發生？

So I think it's a -- it varies by region.

所以我認為這是一個 - 它因地區而異。

Just to frame things.

只是為了構圖。

You are right.

你說的對。

Office, for us, has not been a big component.

對我們來說，辦公室並不是一個重要的組成部分。

Traditional U.S. office represents 4% of our overall real estate portfolio.

傳統的美國辦公室占我們整體房地產投資組合的 4%。

I would say in places like China, employees have gone back to the office.

我想說在中國這樣的地方，員工已經回到辦公室。

Europe, certainly in the U.K., we're seeing more of that.

歐洲，當然在英國，我們看到的更多。

The U.S., I would say, has been the slowest, particularly in the large markets, the coastal markets.

我想說，美國是最慢的，特別是在大型市場，沿海市場。

New York and San Francisco, vacancies are elevated.

紐約和舊金山的職位空缺有所增加。

So in places like New York, vacancy, I think, it's 15% or 16%; San Francisco, as high as 20%.

所以在像紐約這樣的地方，空置率，我認為是 15% 或 16%；舊金山，高達 20%。

And that obviously gives tenants more leverage.

這顯然給了租戶更多的影響力。

I think a lot of tenants are being cautious because they're not sure about their space needs.

我認為很多租戶都很謹慎，因為他們不確定自己的空間需求。

But we are seeing some upticks.

但我們看到了一些上升趨勢。

Technology firms are definitely out there.

科技公司肯定在那裡。

And I think a lot of companies are concluding that ultimately, they need to have people together and that they will return to the office even if there's more flexibility.

而且我認為很多公司最終得出的結論是，他們需要讓人們在一起，即使有更多的靈活性，他們也會回到辦公室。

So I think our forecast is a challenging near-term environment.

所以我認為我們的預測是一個具有挑戰性的近期環境。

Until we get through COVID, there'll be probably more vacancy as we've seen.

在我們通過 COVID 之前，我們可能會看到更多的空缺。

But ultimately, markets will recover.

但最終，市場將復蘇。

There will be a lot less building.

建築會少很多。

But it is definitely a sector that's facing some near-term headwinds, particularly in the U.S.

但這絕對是一個近期面臨一些不利因素的行業，尤其是在美國。

And our next question comes from the line of Bill Katz at Citi.

我們的下一個問題來自花旗銀行的比爾·卡茨。

Maybe a little more of a modeling question, just for Michael.

也許更多的是一個建模問題，只是為了邁克爾。

Just sort of trying to triangulate your commentary around your FRE margin for this year versus maybe some of the quarter-to-quarter swings between base comp and the G&A line.

只是試圖圍繞今年的 FRE 利潤率對你的評論進行三角測量，而不是基本薪酬和 G&A 線之間的一些季度波動。

How do you sort of see those going forward?

你如何看待這些未來的發展？

How much was maybe seasonal in 2Q versus more exit run-rate levels?

與更多退出運行率水平相比，第二季度可能有多少是季節性的？

Yes.

是的。

Bill, good questions.

比爾，好問題。

I mentioned in my remarks, sort of best to look at margins over multiple quarters and really on an LTM basis.

我在我的評論中提到，最好查看多個季度的利潤率，實際上是在 LTM 的基礎上。

And the LTM margin of 54.4%, similar comment as last quarter, is a reasonable sort of proxy or a reflection of what we think the run rate for the full year will be.

54.4% 的 LTM 利潤率，與上一季度類似的評論，是一種合理的代理或反映我們認為全年的運行率。

Obviously, there are variables, including on noncomp operating expense, sort of the pace and timing of the rebound from COVID and resumed spending on T&E and so forth.

顯然，存在變量，包括非補償運營費用、從 COVID 反彈的速度和時間以及恢復的 T&E 支出等等。

So -- but when you step back, again, on a sort of trailing 12 months' basis, our fee-related revenues as a firm grew at 30% and our sort of total fee expenses grew at 20%.

所以——但是當你再退一步，在過去 12 個月的基礎上，我們作為一家公司的與費用相關的收入增長了 30%，我們的總費用支出增長了 20%。

And that's really the dynamic you're seeing and the operating leverage dynamic you're seeing in terms of revenues growing in excess of expenses.

這就是您所看到的動態以及您在收入增長超過支出方面看到的運營槓桿動態。

So I think focus on that sort of LTM margin, and that's a good sort of baseline starting point from here.

所以我認為關注這種 LTM 保證金，這是從這裡開始的一個很好的基線起點。

Our final question comes from the line of Robert Lee with KBW.

我們的最後一個問題來自 Robert Lee 與 KBW 的對話。

And Michael, I have another kind of modeling question for you.

邁克爾，我有另一種建模問題要問你。

So taxes and related payables, I know it kind of bounces around.

所以稅收和相關的應付賬款，我知道它有點反彈。

They jumped about $60 million this quarter.

他們本季度的收入增長了約 6000 萬美元。

I don't know if that's related to the TRA payment.

我不知道這是否與TRA付款有關。

But is there any kind of color or maybe guidance you can give us on how we should expect that line to behave and maybe some forward -- commentary around kind of the migration of the tax rate going forward?

但是，您是否可以就我們應該如何預期這條線的行為或者一些向前的行為給我們提供任何顏色或指導 - 關於未來稅率遷移的評論？

Yes.

是的。

I think I got the question, Rob.

我想我明白了，羅布。

There is -- I'll give a similar answer in terms of looking over a 12-month period, but there's seasonality intra-year in our tax rates, with the second and fourth quarters being seasonally higher, first and third seasonally lower based on really the timing of deductions throughout the year.

有 - 我將在 12 個月期間給出類似的答案，但我們的稅率在年內有季節性，第二和第四季度季節性較高，第一和第三季度季節性較低真的是全年扣款的時間。

So if you look at our Q1 DE per common effective tax rate is about 9.9%, 10% this quarter, 18%, averaging about 14% for the first half.

因此，如果您查看我們第一季度的平均有效稅率約為 9.9%，本季度為 10%，則為 18%，上半年平均約為 14%。

Again, that's more or less in line with our full year expectation.

同樣，這或多或少符合我們全年的預期。

So -- and if you step back at the time of conversion we talked about over the near to medium term, sort of a low- to mid-teens effective tax rate for common.

所以 - 如果你退後一步，我們在中短期內談到了轉換時，一種低到中等的普通有效稅率。

And so that -- call it that 14% first half baseline is in line with that.

所以 - 稱其為上半年 14% 的基線與此一致。

So just to connect those dots for you.

所以只是為你連接這些點。

And now I'd like to hand over to Weston Tucker for closing remarks.

現在我想請 Weston Tucker 做閉幕詞。

Please proceed.

請繼續。

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

謝謝大家，今天早上加入我們，期待在電話會議後跟進。

Thank you.

謝謝你。

And that concludes your conference call for today.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。

Thank you for joining, and have a very good day.

感謝您的加入，祝您有美好的一天。

Thank you.

謝謝你。