Blackstone Inc (BX) 2021 Q1 法說會逐字稿

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

美好的一天，歡迎參加 Blackstone 2021 年第一季度投資者電話會議。

My name is Joanne, and I'm your event manager.

我的名字是喬安妮，我是你的活動經理。

(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 would like to hand over to Weston Tucker, Head of Investor Relations.

現在我想向投資者關係主管 Weston Tucker 匯報。

Please proceed.

請繼續。

Great.

偉大的。

Thanks, Joanne, and good morning, and welcome to Blackstone's first quarter conference call.

謝謝，Joanne，早上好，歡迎參加 Blackstone 第一季度電話會議。

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 you 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.

我想提醒您，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，並且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。

And 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 $3.4 billion, distributable earnings were $1.2 billion or $0.96 per common share and we declared a dividend of $0.82 to be paid to holders of record as of May 3.

我們報告了該季度的 GAAP 淨收入為 34 億美元，可分配收益為 12 億美元或每股普通股 0.96 美元，我們宣布將向截至 5 月 3 日的記錄持有人支付 0.82 美元的股息。

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

有了這個，我會把電話轉給史蒂夫。

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

謝謝你，韋斯頓，早上好，感謝你加入我們的電話。

Blackstone reported remarkable results for the first quarter.

Blackstone 報告了第一季度的顯著業績。

Distributable earnings more than doubled year-over-year to $1.2 billion, fee-related earnings rose nearly 60% year-over-year and for the last 12 months, were up 40% to a record $2.6 billion.

可分配收益同比增長一倍以上，達到 12 億美元，與費用相關的收益同比增長近 60%，過去 12 個月增長了 40%，達到創紀錄的 26 億美元。

Investment performance was extremely strong again in the quarter, as it has been for over 35 years, driving the balance sheet receivable to record levels.

本季度的投資表現再次異常強勁，35 年來一直如此，推動應收資產負債表達到創紀錄水平。

At the same time, we grew AUM 21% year-over-year to an industry record $649 billion.

與此同時，我們的 AUM 同比增長 21%，達到行業創紀錄的 6490 億美元。

The firm has exceptional forward momentum, and I anticipate significant continued expansion of our earnings power, particularly in FRE for the foreseeable future.

該公司具有非凡的前進動力，我預計我們的盈利能力將繼續顯著擴大，特別是在可預見的未來在 FRE。

This is the result of the new products we're launching and the acceleration of existing ones, which Jon will describe in more detail, and as he did on television this morning.

這是我們推出新產品和加速現有產品的結果，喬恩將更詳細地描述這一點，就像他今天早上在電視上所做的那樣。

Blackstone is the clear leader in the alternative sector.

Blackstone 顯然是替代領域的領導者。

We've also established ourselves as one of the leading public companies in any industry.

我們還將自己確立為任何行業中領先的上市公司之一。

We've grown from $400,000 in startup capital in 1985 to become the 87th largest U.S. public company by market cap today.

我們已經從 1985 年的 400,000 美元啟動資金發展成為今天市值第 87 大的美國上市公司。

Our long-term financial performance has been extraordinary.

我們的長期財務表現非常出色。

For the past decade, we've grown distributable earnings by 17% per year, more than double the median earnings growth of the S&P 500.

在過去十年中，我們的可分配收益每年增長 17%，是標準普爾 500 指數中位收益增長的兩倍多。

We rank in the top quartile of this group today on almost any relevant metric, including revenue and earnings growth, aggregate earnings, profit margins, dividend yields and trading volume.

今天，我們在幾乎所有相關指標上都名列前四分之一，包括收入和收益增長、總收益、利潤率、股息收益率和交易量。

Blackstone is also widely recognized as one of the best franchises.

黑石也被廣泛認為是最好的特許經營權之一。

Just last month, Morgan Stanley published their biannual list of the 30 best companies in the United States for long-term stock ownership and, again, Blackstone made the list.

就在上個月，摩根士丹利公佈了他們的半年一度的美國 30 家最佳長期持股公司名單，而黑石集團再次上榜。

We are in good company, with firms like Alphabet, Amazon, Costco, Microsoft, Netflix, Nike and Visa.

我們與 Alphabet、亞馬遜、Costco、微軟、Netflix、耐克和 Visa 等公司合作良好。

Like Blackstone, these companies have built very significant brand equity by offering a distinctive customer experience, resulting in wide competitive moats.

與 Blackstone 一樣，這些公司通過提供獨特的客戶體驗建立了非常重要的品牌資產，從而形成了廣泛的競爭護城河。

At Blackstone, we're in a unique position in a sector that has tremendous tailwinds.

在 Blackstone，我們在一個擁有巨大順風的行業中處於獨特的位置。

We are in the early stages of an inexorable shift of capital flows towards alternatives, as global limited partners continue to increase their allocations in pursuit of better returns.

隨著全球有限合夥人繼續增加配置以追求更好的回報，我們正處於資本流向替代品的不可阻擋轉變的早期階段。

And the opportunity is enormous.

機會是巨大的。

There is an estimated $6.5 trillion of private markets AUM today compared to nearly $250 trillion of public equity and debt markets globally.

與全球近 250 萬億美元的公共股票和債務市場相比，今天的私募市場資產管理規模估計為 6.5 萬億美元。

We believe Blackstone is the best positioned firm in the world to benefit from these secular trends as the largest alternative manager with the #1 brand.

我們相信 Blackstone 是世界上最能從這些長期趨勢中受益的公司，是擁有第一品牌的最大另類管理公司。

At our Investor Day approximately 2.5 years ago, we outlined a number of fundraising and financial targets.

在大約 2.5 年前的投資者日，我們概述了一些籌款和財務目標。

Since that time, we've grown AUM by nearly 50% and launched over a dozen new strategies, including successful businesses in life science and growth equity.

從那時起，我們的 AUM 增長了近 50%，並推出了十多項新戰略，包括在生命科學和增長股權方面的成功業務。

We've significantly expanded our presence in the private wealth and insurance channels.

我們顯著擴大了我們在私人財富和保險渠道的影響力。

And perpetual capital AUM has more than doubled, led by growth in our real estate and core plus platform.

在我們的房地產和核心+平台增長的帶動下，永續資本的資產管理規模增加了一倍多。

All of this has driven a near doubling of fee-related earnings over the period.

所有這些都推動了這一時期與費用相關的收入幾乎翻了一番。

As the firm continues to grow, it also creates opportunities for our people to lead.

隨著公司的不斷發展，它也為我們的員工創造了領導機會。

In the past few years, we've promoted or moved approximately 50 of our professionals into key leadership roles around the firm, including to run new businesses or to oversee a sector.

在過去的幾年裡，我們已經提拔或調動了大約 50 名專業人員擔任公司的關鍵領導職務，包括經營新業務或監督某個行業。

As our people advance in their careers, there's a deep bench of talent behind them to step up.

隨著我們的員工在他們的職業生涯中取得進步，他們身後有很多人才可以加緊。

This organizational dynamism helps to keep our people motivated, fosters integration and perpetuates our unique culture.

這種組織活力有助於保持我們的員工積極性，促進整合併延續我們獨特的文化。

In the event we look externally for someone to help us build the business, our scale and reputation allow us to attract great outside talent as well.

如果我們在外部尋找人來幫助我們建立業務，我們的規模和聲譽也使我們能夠吸引優秀的外部人才。

Blackstone is an extraordinary place to work, and we are regularly cited as one of the best places to work in our industry, including most recently, by Fortune Magazine.

Blackstone 是一個非凡的工作場所，我們經常被評為業內最佳工作場所之一，最近被《財富》雜誌評為最佳工作場所之一。

It also follows that young people want to build their careers here.

年輕人也想在這裡建立自己的事業。

We've had more than 19,000 unique applicants for 93 starting analyst positions last year.

去年，我們有超過 19,000 名獨特的申請人申請了 93 個初始分析師職位。

Our people, along with our reputation are the firm's most important assets.

我們的員工以及我們的聲譽是公司最重要的資產。

Our clients have come to expect from us the highest level of excellence and integrity.

我們的客戶已經開始期望我們提供最高水平的卓越和誠信。

Every one at the firm strives to produce exceptional results.

公司的每一個人都努力創造卓越的成果。

I couldn't be prouder of what our people have accomplished together and strongly believe the best is yet to come for our employees, our limited partners and our fellow shareholders.

我為我們的員工共同取得的成就感到無比自豪，並堅信我們的員工、有限合夥人和股東同胞將迎來最好的未來。

And with that, I'd like to turn things over to Jon.

有了這個，我想把事情交給喬恩。

Thank you, Steve, and good morning, everyone.

謝謝你，史蒂夫，大家早上好。

It was another tremendous quarter for Blackstone and our investors.

對於 Blackstone 和我們的投資者來說，這是又一個巨大的季度。

The virtuous cycle of strong investment performance leading to further inflows, increasingly from perpetual strategies, continues to drive our firm.

強勁的投資表現導致更多資金流入（越來越多地來自永續策略）的良性循環繼續推動著我們公司的發展。

This perpetual capital is fueling a powerful transformation in the assets we manage and the earnings we generate.

這種永久資本正在推動我們管理的資產和我們產生的收益的強大轉變。

Blackstone is a branded asset-light manager with a compelling recurring revenue model.

Blackstone 是一家品牌輕資產管理公司，擁有引人注目的經常性收入模式。

Moving to the quarter and investment performance.

轉到季度和投資業績。

All of our flagship strategies again posted outstanding returns, equating to the second best quarter for fund appreciation in the firm's history after Q4.

我們所有的旗艦策略再次取得了優異的回報，相當於第四季度之後公司歷史上基金升值第二好的季度。

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

這反映了我們在過去幾年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、生命科學和技術型企業。

These sectors are benefiting from very positive fundamentals, which have accelerated since the onset of COVID.

這些行業受益於非常積極的基本面，自 COVID 爆發以來這些基本面加速。

Our customers continue to respond favorably to our performance, and demand for our products is stronger than ever.

我們的客戶繼續對我們的表現給予好評，對我們產品的需求比以往任何時候都強烈。

Total inflows were $32 billion in the quarter, with approximately half in perpetual strategies, including real estate Core+ and direct lending.

本季度總流入為 320 億美元，其中約一半用於永久策略，包括房地產 Core+ 和直接貸款。

In total, perpetual capital AUM has grown to nearly $150 billion across 15 vehicles, up over 130% since Investor Day.

總體而言，永續資本資產管理規模已增至近 1500 億美元，涵蓋 15 種工具，自投資者日以來增長超過 130%。

These are the fastest-growing areas of the firm today, and it's hard to overstate their positive impact.

這些是當今公司發展最快的領域，它們的積極影響怎麼強調都不為過。

Our business had been historically concentrated in long-term, but finite-life corporate private equity and opportunistic real estate drawdown funds.

我們的業務在歷史上一直集中在長期但壽命有限的企業私募股權和機會主義房地產提取基金。

In these strategies, we acquire and improve companies and assets and then wait for the right time to sell and return the capital to our limited partners.

在這些策略中，我們收購併改進公司和資產，然後等待合適的時間出售並將資金返還給我們的有限合夥人。

This is a terrific business model and will always remain an enormous focus of our firm.

這是一個了不起的商業模式，將永遠是我們公司的一大焦點。

I would compare it to planting seeds, which we grow and then harvest before starting the process again.

我會將其與種植種子進行比較，我們種植種子，然後在再次開始該過程之前收穫。

With perpetual capital, we're now also planning perennials.

有了永久資本，我們現在也在規劃多年生植物。

Perpetual capital remains in the ground in compounds in value, generating management fees and, in most cases, recurring performance revenues without asset sales.

永續資本以復合價值形式保留在地下，產生管理費，並且在大多數情況下，在不出售資產的情況下產生經常性業績收入。

These strategies are fueling an acceleration in the growth and quality of the firm's earnings, including the powerful trajectory of fee-related earnings that Steve described.

這些策略正在推動公司收益的增長和質量的加速，包括史蒂夫描述的與費用相關的收益的強大軌跡。

The best example of this dynamic at work is our real estate Core+ business.

這種動態在工作中的最佳例子是我們的房地產 Core+ 業務。

Only 7 years after launching the platform, it has grown to $77 billion of AUM and has become the single largest contributor to FRE at the firm, and we are extremely confident in the path forward.

該平台推出僅 7 年後，其 AUM 已增長到 770 億美元，並已成為公司 FRE 的最大單一貢獻者，我們對前進的道路充滿信心。

There are 5 perpetual capital vehicles for this strategy today, and we're working on more.

今天有 5 種永續資本工具適用於該策略，我們正在研究更多。

BREIT, our retail-oriented vehicle, has seen fundraising reaccelerate meaningfully from the bottom of the crisis nearly back to pre-pandemic levels, with $1.7 billion of monthly inflows after quarter end on April 1.

BREIT 是我們面向零售的工具，其籌款活動從危機底部開始顯著加速，幾乎回到了大流行前的水平，在 4 月 1 日季度結束後每月有 17 億美元的資金流入。

Our newest institutional Core+ vehicle focused on life science office buildings, reported another $4 billion of inflows in the first quarter, bringing it to $12 billion of AUM in only 5 months.

我們最新的機構 Core+ 工具專注於生命科學辦公樓，報告第一季度又有 40 億美元的資金流入，僅在 5 個月內就達到了 120 億美元的 AUM。

Alongside our perpetual strategies, we're seeing continued strong momentum across the firm.

除了我們的永久戰略外，我們還看到整個公司的持續強勁勢頭。

Our growth equity fund hit its $4.5 billion cap in the first quarter with excess demand, the largest first-time private fund ever raised in this area.

在需求過剩的情況下，我們的成長型股票基金在第一季度達到了 45 億美元的上限，這是該領域有史以來最大的首次私募基金。

This is a remarkable achievement, but particularly showed during a global pandemic.

這是一項了不起的成就，尤其是在全球大流行期間表現出來。

The fund is off to a very strong start with investments in Bumble, Oatly, Epidemic Sound and ISN.

該基金在 Bumble、Oatly、Epidemic Sound 和 ISN 的投資開局非常強勁。

In Asia, our business is expanding further, building on our long-term success in the region.

在亞洲，我們的業務正在進一步擴展，以我們在該地區的長期成功為基礎。

We held a $3 billion first close for the second vintage in private equity, which is already larger than the first.

我們為第二個年份的私募股權持有 30 億美元的首次收盤價，這已經超過了第一個年份。

In the next few weeks, we'll also plan to start fundraising the third vintage in real estate in Asia, which we expect to be at least as large as the prior $7 billion fund.

在接下來的幾週內，我們還計劃開始籌資亞洲房地產的第三個年份，我們預計其規模至少與之前的 70 億美元基金一樣大。

Turning to our secondaries business.

轉向我們的二級業務。

Our $11 billion SP VIII, 1 of the 4 flagship funds we highlighted at Investor Day, is nearly fully invested after only 2 years.

我們價值 110 億美元的 SP VIII 是我們在投資者日重點介紹的 4 支旗艦基金之一，僅在 2 年後就幾乎全部投資。

We will shortly begin raising the next vintage, which we expect to be larger with a first close targeted for the second half of this year.

我們將很快開始提高下一個年份，我們預計該年份會更大，第一次收盤定在今年下半年。

In Credit, demand for our products remains robust, and the segment reported $13 billion of inflows in the quarter across direct lending, liquid strategies and our fourth mezzanine fund.

在信貸方面，對我們產品的需求仍然強勁，該部門報告本季度通過直接貸款、流動性策略和我們的第四個夾層基金流入了 130 億美元。

Our direct lending business has grown to $27 billion of AUM, including a strong start out of the gates for our new non-traded BDC.

我們的直接貸款業務已增長到 270 億美元的資產管理規模，其中包括我們新的非交易 BDC 的強勁開端。

In Tactical Opportunities, we're raising our fourth vintage and expect an initial close this summer.

在 Tactical Opportunities 中，我們正在提高我們的第四個年份，並預計今年夏天會初步結束。

And lastly, BAM reached new record AUM in the quarter of $82 billion, up 11% year-over-year, despite the recent volatility in the hedge fund markets.

最後，儘管最近對沖基金市場出現波動，但 BAM 在本季度達到了創紀錄的 820 億美元的 AUM，同比增長 11%。

Overall, the outlook remains quite positive for the firm, following 4 consecutive years with total inflows approaching or exceeding $100 billion.

總體而言，在連續 4 年總流入接近或超過 1000 億美元之後，該公司的前景仍然相當樂觀。

We are highly confident we'll exceed $100 billion again in 2021.

我們非常有信心在 2021 年再次超過 1000 億美元。

Investors, institutional, retail and insurance want access to Blackstone products more than ever.

投資者、機構、零售和保險比以往任何時候都更希望獲得 Blackstone 產品。

Our fundraising momentum has given us substantial firepower to invest, and we remain very active on that front, deploying $18 billion in the first quarter.

我們的籌款勢頭為我們提供了強大的投資火力，我們在這方面仍然非常活躍，第一季度部署了 180 億美元。

We continue with our thematic focus, including sustainability and the post-COVID travel recovery.

我們繼續關注我們的主題，包括可持續性和 COVID 後的旅行複蘇。

We recently committed to acquire DESOTEC, an environmental services business in Europe, and Sabre, an electrification infrastructure company.

我們最近承諾收購歐洲環境服務公司 DESOTEC 和電氣化基礎設施公司 Sabre。

In terms of travel, as the economy reopens, we believe the combination of increased consumer savings, fiscal stimulus and global cabin fever will be powerful.

在旅行方面，隨著經濟的重新開放，我們相信消費者儲蓄增加、財政刺激和全球客艙熱的結合將是強大的。

Recent commitments emphasizing this theme include acquiring a private aviation business, a major holiday park operator in the U.K., a hotel portfolio in Japan and a public hotel company in the U.S.

最近強調這一主題的承諾包括收購一家私人航空企業、一家英國主要的假日公園運營商、一家日本酒店組合和一家美國公共酒店公司。

In closing, Blackstone continues to deliver.

最後，黑石繼續交付。

Our shareholders are benefiting from the positive transformation underway in our capital base and earnings, And they will benefit from what is not changing, the same rigorous investment process, standards of excellence and drive to serve our clients that have defined Blackstone for over 35 years.

我們的股東正在受益於我們的資本基礎和收益正在發生的積極轉變，他們將受益於不變的東西、同樣嚴格的投資流程、卓越的標準以及為客戶服務的動力，這些都定義了 Blackstone 超過 35 年。

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。

The first quarter represented a terrific start to the year, characterized by strong momentum in all of our key financial and operating metrics and a record store value.

第一季度是今年的一個極好的開端，其特點是我們所有關鍵財務和運營指標的強勁勢頭以及創紀錄的商店價值。

Total AUM rose 21% year-over-year or $111 billion to record levels, with every segment reaching a record for both total and fee-earning AUM.

總資產管理規模同比增長 21% 或 1110 億美元，達到創紀錄水平，每個部門的總資產管理規模和收費資產管理規模均創歷史新高。

Fee-related earnings rose 58% year-over-year to $741 million in the quarter or $0.62 per share, driven by strong growth in fee revenues and significant margin expansion.

本季度與費用相關的收益同比增長 58% 至 7.41 億美元或每股 0.62 美元，這得益於費用收入的強勁增長和利潤率的顯著增長。

Management fees increased 25% year-over-year to a record $1.2 billion.

管理費同比增長 25%，達到創紀錄的 12 億美元。

Fee-related performance revenues were $169 million in the quarter, driven by the crystallization of revenues from our European logistics platform in real estate Core+.

本季度與費用相關的業績收入為 1.69 億美元，這得益於我們在房地產 Core+ 的歐洲物流平台的收入結晶。

We expect the next significant contribution from Core+ fee-related performance revenues will occur in the fourth quarter.

我們預計 Core+ 與費用相關的業績收入的下一個重大貢獻將發生在第四季度。

For the last 12 months, FRE rose 40% to a record $2.6 billion or $2.20 per share, reflective of the continuing positive transformation in the firm's earnings profile that Steve and Jon described.

在過去的 12 個月裡，FRE 上漲了 40%，達到創紀錄的 26 億美元或每股 2.20 美元，這反映了史蒂夫和喬恩所描述的公司盈利狀況的持續積極轉變。

Distributable earnings more than doubled year-over-year to $1.2 billion or $0.96 per share, underpinned by the growth in FRE and a nearly fivefold increase in net realizations to $549 million.

可分配收益同比增長一倍以上，達到 12 億美元或每股 0.96 美元，這得益於 FRE 的增長和淨實現增長近五倍，達到 5.49 億美元。

In terms of key drivers, we took advantage of strong market conditions to bring multiple companies public and also execute sales of public positions.

在關鍵驅動因素方面，我們利用強勁的市場條件讓多家公司上市，並執行公開職位的銷售。

These included Bumble, Paysafe, Gates Global, Apria, Vine Energy, and subsequent to quarter end, Finance of America.

其中包括 Bumble、Paysafe、Gates Global、Apria、Vine Energy，以及季度末的美國金融公司。

Net realizations also included a partial sale of the firm's minority stake in Patria, in connection with its IPO, which I highlighted last quarter, reflected in principal investment income.

淨實現還包括部分出售該公司在 Patria 的少數股權，這與我在上個季度強調的 IPO 相關，反映在本金投資收入中。

Investment performance was simply outstanding across the firm.

整個公司的投資表現都非常出色。

The results of favorable sector and asset selection in our funds against a backdrop of rising global equity and credit markets.

在全球股票和信貸市場上升的背景下，我們的基金選擇了有利的行業和資產。

Despite the historic challenges of last year's market environment, all of our key strategies have appreciated above precrisis levels, in many cases, materially above.

儘管去年的市場環境面臨歷史性挑戰，但我們所有的關鍵戰略的升值都高於危機前水平，在許多情況下，遠高於危機前水平。

In real estate, the BREP opportunistic funds appreciated 5.3% in the first quarter, while the Core+ funds appreciated 3.2%.

房地產方面，BREP 機會型基金一季度升值 5.3%，Core+ 基金升值 3.2%。

For the 12-month period, appreciation was 17.7% for BREP and 15.2% for Core+.

在 12 個月期間，BREP 升值 17.7%，Core+ 升值 15.2%。

As has been the case since the start of the pandemic, the concentration of our holdings in logistics, life sciences office and U.S. suburban multifamily continues to drive our performance.

與大流行開始以來的情況一樣，我們在物流、生命科學辦公室和美國郊區多戶住宅中的持股繼續推動我們的業績。

In private equity, the corporate PE and tax funds appreciated 15.3% and 15.1%, respectively, in the first quarter, the fourth consecutive quarter of double-digit appreciation for both platforms.

私募股權方面，企業PE和稅收基金一季度分別升值15.3%和15.1%，兩個平台連續第四個季度實現兩位數升值。

Strength was broad-based across both the 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表現出廣泛的實力。

Overall, revenue and EBITDA trends for our companies are among the best we've seen.

總體而言，我們公司的收入和 EBITDA 趨勢是我們所見過的最好的。

For the last 12 months, both the corporate PE and Tac Opps funds appreciated approximately 50% and are now up nearly 30% from precrisis levels.

過去 12 個月，企業 PE 和 Tac Opps 基金均升值約 50%，目前較危機前水平上漲近 30%。

The secondaries funds, which report on a 2-quarter lag, also reported double-digit appreciation in the first quarter, up 10.6%, and we expect strong performance to continue over the coming quarters given the recent direction of markets.

報告滯後兩個季度的二級基金在第一季度也報告了兩位數的升值，增長了 10.6%，鑑於近期市場的走勢，我們預計未來幾個季度的強勁表現將繼續。

Our credit business delivered excellent results in the quarter.

我們的信貸業務在本季度取得了優異的成績。

Our private credit strategies reported a gross return of 7.3% in the quarter and 37.9% for the last 12 months.

我們的私人信貸策略報告本季度的總回報率為 7.3%，過去 12 個月的總回報率為 37.9%。

The liquid credit strategy has reported a gross return of 1.6% in the quarter and 20.7% for the last 12 months.

流動信貸策略報告本季度的總回報率為 1.6%，過去 12 個月的總回報率為 20.7%。

Our portfolio is in excellent health overall, with a default rate in our U.S. loan portfolio of only 0.22% for the last 12 months compared to a rate of 3.8% for the market.

我們的投資組合整體健康狀況良好，過去 12 個月美國貸款組合的違約率僅為 0.22%，而市場違約率為 3.8%。

Demand for our credit funds remains robust and segment AUM overall was up 24% over the past 12 months.

對我們的信貸基金的需求依然強勁，過去 12 個月的整體資產管理規模增長了 24%。

We're also seeing record origination activity in credit with $11 billion invested or committed in the quarter.

我們還看到創紀錄的信貸發起活動在本季度投資或承諾了 110 億美元。

In BAM, the BPS composite return was 2.5% gross in the quarter, roughly double the HFRX index and 18.1% for the last 12 months, equating to record fund appreciation for the segment of over $12 billion.

在 BAM 中，本季度 BPS 綜合回報率為 2.5%，大約是 HFRX 指數的兩倍，過去 12 個月為 18.1%，相當於該部門超過 120 億美元的創紀錄的基金升值。

BAM successfully navigated the recent volatility in the hedge fund markets created by certain external events of note in line with its capital preservation focus.

BAM 成功應對了近期因某些外部事件引起的對沖基金市場波動，符合其資本保全的重點。

Overall, strong investment performance across the firm powered $1.7 billion of net accrued performance revenues in the quarter and lifted the balance sheet receivable up 36% sequentially to $5.2 billion, the highest level in the firm's history and nearly 30% above precrisis levels.

總體而言，整個公司強勁的投資業績推動了本季度 17 億美元的淨應計業績收入，並使應收資產負債表環比增長 36% 至 52 億美元，為公司歷史最高水平，比危機前水平高出近 30%。

At the same time, the firm's invested performance revenue eligible AUM increased a remarkable 40% year-over-year to a record $322 billion.

與此同時，該公司符合條件的投資業績收入資產管理規模同比增長 40%，達到創紀錄的 3220 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。

In closing, our businesses are firing on all cylinders, and we have never been better positioned as a firm.

最後，我們的業務正在全力以赴，我們作為一家公司的定位從未像現在這樣好。

We have effectively no net debt and fewer shares outstanding than 3 years ago, despite growing AUM substantially, doubling fee-related earnings and returning over $10 billion to shareholders over the same period, reflective of the exceptional cash-generative nature of our business model.

與 3 年前相比，我們實際上沒有淨債務，流通股也減少了，儘管 AUM 大幅增長，費用相關收益翻了一番，同期向股東返還超過 100 億美元，這反映了我們商業模式的非凡現金生成性質。

Looking forward, we believe our brand, investment performance and culture of innovation will fuel sustained robust growth.

展望未來，我們相信我們的品牌、投資表現和創新文化將推動持續強勁增長。

We are in the early days of penetrating newer channels with enormous potential, and the firm's earnings power continues to expand, concentrated in the highest quality earnings.

我們正處於滲透具有巨大潛力的新渠道的早期階段，公司的盈利能力不斷擴大，集中在最高質量的盈利上。

As always, we will remain laser-focused on delivering for our shareholders.

與往常一樣，我們將繼續專注於為我們的股東提供服務。

With that, we thank you for joining the call.

有了這個，我們感謝您加入電話會議。

I'd like to open it up now for questions.

我現在想打開它來提問。

(Operator Instructions) Our first question comes from the line of Craig Siegenthaler at Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Craig Siegenthaler。

We had a question on product innovation, and it's impressive to see that you already have $77 billion of AUM Core+.

我們有一個關於產品創新的問題，令人印象深刻的是，您已經擁有 770 億美元的 AUM Core+。

And we've also seen multiple new product launches at Blackstone over the last few years and a large increase in perpetual capital strategies with reoccurring fee-related earnings, including BREIT and now BCRED.

在過去幾年中，我們還看到 Blackstone 推出了多個新產品，以及永續資本策略的大幅增加以及與費用相關的重複收益，包括 BREIT 和現在的 BCRED。

Can you walk us through the newer businesses and help us think about how these strategies will help Blackstone's fee-related earnings continue to expand at attractive growth rate?

您能否帶我們了解新業務並幫助我們思考這些策略將如何幫助 Blackstone 的收費相關收入繼續以具有吸引力的增長率增長？

It's a good question, Craig.

這是個好問題，克雷格。

What I would say is that our customers have enormous confidence in us, and that's where it starts because we've done such a good job over a long period of time, it gives us the flexibility to create new businesses, and our brand also allows us to attract talent when we need it to grow some of these new businesses.

我想說的是，我們的客戶對我們充滿信心，這就是它開始的地方，因為我們在很長一段時間內都做得很好，它給了我們創造新業務的靈活性，而且我們的品牌也允許我們在需要人才來發展其中一些新業務時吸引人才。

And so there's a range of them out there, if I just think.

因此，如果我想的話，那裡有很多。

You talked about Core+ real estate.

您談到了 Core+ 房地產。

We introduced the latest product at the end of last year, a life science office product, that's now already at $12 billion.

我們在去年底推出了最新的產品，一種生命科學辦公產品，現在已經達到了 120 億美元。

Given what's happening in life sciences, we think there's a ton of potential there.

鑑於生命科學領域正在發生的事情，我們認為那裡有很大的潛力。

Over the last few years, we created a dedicated life science business.

在過去的幾年裡，我們創建了一個專門的生命科學業務。

As you know, that has a lot of momentum.

如你所知，這有很大的動力。

We raised the large funds there, and we think there's a lot of potential to innovate off that.

我們在那裡籌集了大筆資金，我們認為有很大的創新潛力。

Similarly, growth equity, which we announced, had its final close and is off to a terrific start, great deployment of capital.

同樣，我們宣布的增長股權也結束了，並且開始了一個了不起的開端，資本的巨大部署。

Our infrastructure business is just a few years old, and I think has the potential to grow to real scale.

我們的基礎設施業務只有幾年的歷史，我認為有潛力發展到真正的規模。

We've done a terrific job deploying capital.

我們在部署資本方面做得非常出色。

The results are strong.

結果很強大。

And then as you mentioned -- by the way, in secondaries, we're doing a continuation fund, which is a new product just going in the market now.

然後正如你提到的 - 順便說一下，在二級市場中，我們正在做一個延續基金，這是一個剛剛進入市場的新產品。

And then we have some of these perpetual vehicles in the individual investor channel that has a lot of momentum.

然後我們在個人投資者渠道中擁有一些具有很大動力的永久工具。

BREIT is contributing.

BREIT 正在做出貢獻。

By the way, many of those things I described are out there today, but at a scale where they're not contributing a ton of economics.

順便說一句，我所描述的許多事情今天都已經存在，但在規模上它們並沒有為經濟做出大量貢獻。

But as they grow, they will add a lot to the bottom line of the firm.

但隨著他們的成長，他們將為公司的底線增加很多。

They also add a lot to the intellectual capital.

它們還為智力資本增加了很多。

BCRED, which you mentioned, is still in a fee holiday.

您提到的 BCRED 仍在收費假期中。

It's raised about $3 billion at this point.

目前它已經籌集了大約 30 億美元。

It's a product that is now, I think, about 4 months old or so.

我認為，它現在是大約 4 個月大的產品。

And investors, again, are responding to Blackstone quality product in a world where people are looking for yield.

在人們尋求收益的世界中，投資者再次對 Blackstone 的優質產品做出了回應。

So I would say all of these things have the potential to grow, to be larger.

所以我想說所有這些東西都有增長的潛力，變得更大。

We have terrific teams.

我們有很棒的團隊。

We have a lot of interests from investors.

我們有很多投資者的興趣。

We're delivering strong results, and they'll start to hit the bottom line.

我們正在提供強勁的結果，他們將開始觸及底線。

I don't know if we have exact financial impact, but I think there's big potential from a number of these new innovations.

我不知道我們是否有確切的財務影響，但我認為這些新的創新具有很大的潛力。

And on the financial impact, Craig, what I'd add is obviously, more established but still quite young initiatives like Core+ are contributing in a big way, as we've talked about.

關於財務影響，克雷格，我要補充的是，顯然，像 Core+ 這樣更成熟但仍然很年輕的計劃正在做出巨大貢獻，正如我們已經談到的那樣。

The AUM of Core+ is up over 50% year-over-year on a relatively big base.

Core+ 的 AUM 在相對較大的基數上同比增長超過 50%。

But then on the quite new initiatives, Jon mentioned growth, Jon mentioned life sciences.

但隨後在相當新的舉措中，Jon 提到了增長，Jon 提到了生命科學。

I would say those, and this is, I think, what you're getting at, have gone from sort of a year ago us being an investment mode from a financial point of view to now those businesses being in positive contribution mode, but they're still early in their ramp in terms of that contribution path.

我會說這些，我認為，這就是你所得到的，從一年前我們從財務角度來看是一種投資模式，到現在那些企業處於積極貢獻模式，但他們'就貢獻路徑而言，他們仍處於起步階段。

So a lot going on, and I think very -- we're very optimistic in the short and longer term.

發生了很多事情，我認為非常 - 我們在短期和長期內都非常樂觀。

Our next question comes from the line of Michael Cyprys at Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

My question is just around democratizing access to the private markets.

我的問題只是關於使私人市場的准入民主化。

I guess, what opportunity do you see from technology advances and new private market platforms that are emerging, to broaden access to the private markets to make it easier for retail to access?

我想，您從技術進步和新興的私人市場平台中看到了什麼機會，可以擴大私人市場的准入，使零售業更容易進入？

And what opportunity is there, would you say, to create, perhaps, a more delightful and seamless experience on the way into the asset class and over the life from a retail customer standpoint?

您會說，從零售客戶的角度來看，有什麼機會在進入資產類別和整個生命週期的過程中創造一種更令人愉快和無縫的體驗？

How do you see that evolving?

您如何看待這種演變？

It's important because I do think for individual investors who do not have large finance departments like institutions, making it easier, the reporting simpler is important.

這很重要，因為我確實認為對於沒有像機構這樣的大型財務部門的個人投資者來說，讓它更容易，更簡單的報告很重要。

We work very closely with our distribution partners to try to make the experience better for the underlying customers.

我們與分銷合作夥伴密切合作，努力為潛在客戶提供更好的體驗。

And one of our advantages is the scale of offerings, the breadth of products we offer, the number of people we have dedicated to our Private Wealth Solutions area.

我們的優勢之一是產品的規模、我們提供的產品的廣度、我們致力於私人財富解決方案領域的人數。

Joan Solotar and her team have done a great job.

Joan Solotar 和她的團隊做得很好。

We are spending more and more time on technology to try to make that experience better.

我們在技術上花費越來越多的時間，試圖讓這種體驗變得更好。

We're also doing more in terms of communications because when you go from having hundreds of customers to tens of thousands of customers, how you reach them changes.

我們還在溝通方面做得更多，因為當您從擁有數百名客戶到擁有數万名客戶時，您接觸他們的方式會發生變化。

And so I think this is part of the evolution.

所以我認為這是進化的一部分。

I think at our scale, given the number of products we offer, we are uniquely set up to do this.

我認為以我們的規模，考慮到我們提供的產品數量，我們是獨一無二的。

It will be done in partnership with the big firms who distribute, who have the financial advisers and relationships.

它將與擁有財務顧問和關係的大公司合作完成。

They're critical to our business.

它們對我們的業務至關重要。

But it's an area, I think, both sides have to get better because the customer experience, I don't think, is good enough yet.

但這是一個領域，我認為，雙方都必須變得更好，因為我認為客戶體驗還不夠好。

And I'd add to that, Mike, a couple of things.

邁克，我想補充幾點。

One, Jon alluded to this, in terms of simplifying the reporting.

一，喬恩在簡化報告方面提到了這一點。

So this is less about technology and more about our own innovations around things like BREIT versus historically had non-traded REIT sort of, I think we're more opaque about performance, about sort of the customer experience.

因此，這與技術無關，更多的是關於我們自己圍繞 BREIT 等事物的創新，而不是歷史上的非交易 REIT，我認為我們對性能和客戶體驗更加不透明。

So creating a fee structure that was like our institutional fee structure attractive to retail investors, easy to stand, making performance report more transparent.

因此，創建一個類似於我們對散戶投資者有吸引力的機構費用結構的費用結構，易於站立，使業績報告更加透明。

And then I'd just say one sort of maybe a smaller, more granular technology point, we're -- we happen to be a small investor in iCapital.

然後我只想說一種更小、更細化的技術點，我們是——我們恰好是 iCapital 的小投資者。

But more importantly, we've worked with them a lot around sort of partnering to make the retail customer and smaller investor experience better and more transparent with higher service levels around their technology platform.

但更重要的是，我們與他們進行了很多合作，圍繞他們的技術平台提供更高的服務水平，從而使零售客戶和小型投資者的體驗更好、更透明。

So we're pleased to be partnered with them as well.

因此，我們也很高興與他們合作。

Our next question comes from the line of Chris Harris at Wells Fargo.

我們的下一個問題來自富國銀行的 Chris Harris。

Great.

偉大的。

So really outstanding investment performance in the quarter.

所以本季度的投資表現真的很出色。

We're hearing a lot more from investors.

我們從投資者那裡聽到了更多。

We're talking about the prospect for potentially much higher inflation.

我們談論的是潛在的更高通脹的前景。

What are Blackstone's views on this?

黑石對此有何看法？

And how does it guide your investment decision-making process, if at all?

如果有的話，它如何指導您的投資決策過程？

I think it's the major risk that's out there today.

我認為這是今天存在的主要風險。

We and, I think, a lot of others believe the economic recovery will be quite strong, which should fuel positive revenues.

我們以及我認為其他許多人都認為經濟復甦將非常強勁，這應該會帶來積極的收入。

We're seeing that in our portfolio and positive earnings.

我們在我們的投資組合和正收益中看到了這一點。

But the question is around inflation pressures and multiples.

但問題在於通脹壓力和倍數。

And so our response to that is to try to buy businesses that are in these good neighborhoods that have real tailwinds that can grow to offset what could be some multiple pressures.

因此，我們對此的回應是嘗試收購位於這些良好社區的企業，這些企業擁有真正的順風，可以發展以抵消可能存在的多重壓力。

And you see that in, obviously, tech and life sciences and global logistics.

很明顯，你會在科技和生命科學以及全球物流領域看到這一點。

But then in this quarter, we talked about a big push into the COVID recovery travel, play, which we did in a number of businesses around the world.

但是在本季度，我們談到了大力推動 COVID 恢復旅行，我們在世界各地的許多企業中都這樣做了。

We talked about sustainability in area where, obviously, there's a lot of capital flowing in an opportunity as we electrify the grid and try to clean up the planet.

我們討論了該領域的可持續性，顯然，當我們使電網通電並試圖清理地球時，有大量資金流入機會。

Housing is another area we like a lot.

住房是我們非常喜歡的另一個領域。

We bought a business that does furnishings for single-family homes -- or finishes, I should say, for single-family homes.

我們購買了一家為獨戶住宅提供家具的企業——或者，我應該說，為獨戶住宅提供裝修。

We've done a lot of rental housing in our real estate business.

我們在房地產業務中做了很多出租房屋。

And so what we're trying to do is position ourselves for things that look and feel as the least bond-like as possible.

因此，我們正在嘗試做的是將自己定位於看起來和感覺上盡可能不像債券的東西。

People worry at times -- real estate concerns around that.

人們有時會擔心——房地產對此的擔憂。

Yes, if you own a 20-year flat leased office building, that could be concerning.

是的，如果您擁有一棟 20 年的公寓租賃辦公樓，那可能會令人擔憂。

But if you own multifamily apartments where you're resetting the rents every year and there's a ton of job creation and household formation, you can capture the benefits of growth.

但是，如果您擁有多戶型公寓，並且每年都在調整租金，並且可以創造大量就業機會和組建家庭，那麼您就可以從增長中獲益。

And that's how we're trying to prepare ourselves for what we do think will be a higher inflationary environment.

這就是我們試圖為我們認為會出現更高通脹的環境做好準備的方式。

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。

I was hoping to build on the topic of growth in perpetual capital products.

我希望以永久資本產品的增長為主題。

And obviously, real estate Core+ has been an enormous success for you guys.

顯然，房地產 Core+ 對你們來說是一個巨大的成功。

When you look out across the rest of Blackstone's portfolio and the rest of your verticals, which one do you think is sort of ripe to see similar degree of growth and somewhat degree of success given customer demands and your distribution abilities?

當您查看 Blackstone 的其他產品組合和您的其他垂直領域時，您認為哪一個已經成熟，可以在客戶需求和您的分銷能力的情況下看到類似程度的增長和一定程度的成功？

Well, I would say, Alex, there's still a lot of runway in real estate, as a first starting spot, not just in the United States.

好吧，我想說，亞歷克斯，作為第一個起點，房地產領域還有很多跑道，而不僅僅是在美國。

I think we can do more globally, both institutionally and retail.

我認為我們可以在全球範圍內做更多的事情，包括機構和零售。

So I still think we're early days in the build-out of that.

所以我仍然認為我們還處於構建它的早期階段。

My next stop would be in credit in the U.S. and in Europe.

我的下一站將是美國和歐洲的信貸。

Obviously, we talked about the early returns in the private BDC in terms of people allocating more capital.

顯然，我們從人們分配更多資本的角度討論了私人 BDC 的早期回報。

In a yield-hungry environment if you can deliver consistent yield without taking undue risk, I think that's attractive.

在一個渴望收益的環境中，如果您能夠在不承擔過度風險的情況下提供穩定的收益，我認為這很有吸引力。

I think that can grow.

我認為可以增長。

As you move into private equity, there are more opportunities.

當您進入私募股權時，會有更多機會。

We've grown our core private equity business, which I don't think we deem as perpetual capital, but has 20-year fund life.

我們已經發展了我們的核心私募股權業務，我不認為我們將其視為永久資本，但有 20 年的基金壽命。

And I think there could be opportunities with secondaries and some things in private equity, potentially for individual investors.

而且我認為二級市場和私募股權中的某些東西可能會有機會，可能對個人投資者而言。

But the most important thing to us is to make sure the customer has a good experience.

但對我們來說最重要的是確保客戶有良好的體驗。

So if we design a product, we want to deliver on the promise of that product.

因此，如果我們設計產品，我們希望兌現該產品的承諾。

And that's first and foremost.

這是首要的。

We know we can raise capital for lots of different things.

我們知道我們可以為許多不同的事情籌集資金。

What matters is that we deliver.

重要的是我們交付。

And so I do think there's opportunities for more things in a perpetual format.

所以我確實認為有機會以永久的形式做更多的事情。

There could be royalty opportunities.

可能會有版稅機會。

There could be other opportunities, but it has to be built for scale and built to deliver for the customer.

可能還有其他機會，但它必須為規模而建，為客戶提供服務。

Our next question comes from the line of Glenn Schorr of Evercore ISI.

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

Hello, a question on the insurance side.

您好，保險方面的問題。

Obviously, a focus for everybody.

顯然，每個人的焦點。

You've made some hires to sharpen that focus.

你已經聘請了一些人來加強這種關注。

Correct me if I'm wrong, my perception is that announced deal activity has slowed a little.

如果我錯了，請糾正我，我的看法是宣布的交易活動有所放緩。

I'm curious what you're seeing in, say, the pretype conversations?

我很好奇你在預型對話中看到了什麼？

And maybe just remind us of how your appetite is focused and thoughts on sizing.

也許只是提醒我們您的胃口是如何集中的以及對尺寸的想法。

I'm talking on balance sheet investment.

我說的是資產負債表投資。

Okay, Glenn.

好的，格倫。

I'd say a few things.

我想說幾句。

First off, what's driving the opportunity is this very low rate environment, which I think makes it important that insurance company balance sheets are able to originate more credit directly.

首先，推動機會的是這種非常低的利率環境，我認為這使得保險公司資產負債表能夠直接產生更多信貸變得很重要。

And so insurance companies getting more tied to asset managers make sense because they're the ultimate storage here for that fixed income.

因此，保險公司與資產管理公司的聯繫更加緊密是有道理的，因為它們是固定收益的最終存儲。

It could be real estate, could be corporate credit, could be structured credit.

它可以是房地產，可以是企業信貸，也可以是結構性信貸。

And that's the trend driving this.

這就是推動這一趨勢的趨勢。

For us, pro forma for the Allstate acquisition, which we expect at the end of this year will be at over $100 billion of insurance AUM.

對我們而言，預計今年年底收購 Allstate 的保險資產管理規模將超過 1000 億美元。

We think we are pretty well positioned in this business because of the breadth and depth of our credit platform across the firm in both corporate credit and real estate credit and increasingly structured credit.

我們認為我們在這項業務中處於有利地位，因為我們在公司信貸和房地產信貸方面的信貸平台的廣度和深度以及日益結構化的信貸。

We're spending a lot of time in the space.

我們在太空中花費了很多時間。

Gilles Dellaert, who runs that business for us is a very talented executive.

為我們經營該業務的 Gilles Dellaert 是一位非常有才華的高管。

We think there's a lot of opportunity for us.

我們認為我們有很多機會。

We think we can help serve insurance company customers.

我們認為我們可以幫助為保險公司客戶服務。

In terms of use of capital, we have talked about being a balance sheet-light company.

在資金使用方面，我們談到了做一個輕資產的公司。

We will not own a majority of an insurance company.

我們不會擁有一家保險公司的多數股權。

In the case of Allstate, as an example, We took a little less than a 10% stake in order to do that transaction and bring in outside investors.

以 Allstate 為例，我們持有略低於 10% 的股份，以便進行該交易並引入外部投資者。

I think that's a good model for us where we take a minority stake and engage in a long-term contract and try to maximize the returns without taking undue risk for that insurance company balance sheet.

我認為這對我們來說是一個很好的模式，我們持有少數股權並簽訂長期合同，並試圖在不對保險公司資產負債表承擔過度風險的情況下實現回報最大化。

So I think Blackstone because of our scale, how we're positioned, I think we can do a lot to help insurance companies, and we're going to continue to spend a lot of time in the area.

所以我認為 Blackstone 因為我們的規模、我們的定位，我認為我們可以做很多事情來幫助保險公司，我們將繼續在該領域投入大量時間。

We hope to grow it.

我們希望讓它成長。

But it is chunky, so it's hard to forecast exactly when and where it will happen, but we will be disciplined around use of capital in this context.

但它很笨重，因此很難準確預測它會在何時何地發生，但在這種情況下，我們將在資本使用方面受到紀律處分。

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

我們的下一個問題來自KBW 的Robert Lee。

Great.

偉大的。

Just maybe a follow-up in a way to the inflation question because with inflation usually comes higher rates.

可能只是通脹問題的後續行動，因為通脹通常會帶來更高的利率。

And to what extent do you see such strong demand you and all your peers, certainly low rates have been exacerbating that, but is there a point or at what point do you think that, gee, if you get inflation, if rates do continue to move higher, did that has some knock-on effect impacting, maybe even at the margin, kind of the very strong demand we've seen for all types of alternatives.

您和您的所有同行在多大程度上看到瞭如此強勁的需求，當然低利率一直在加劇這種情況，但是您認為有沒有一點或在什麼時候，如果您遇到通貨膨脹，如果利率確實繼續走高，是否會產生一些連鎖反應，甚至可能在邊際上產生我們所看到的對所有類型的替代品的非常強勁的需求。

Well, what I would say is the trend today, obviously, is strongly towards alternatives.

好吧，我要說的是，今天的趨勢顯然是強烈地轉向替代品。

And we've been watching it for a while.

我們已經觀察了一段時間。

It seems to be accelerating a combination of rates, but also performance.

它似乎正在加速速率的組合，但也加速了性能。

I mean if you look over long periods of time in private equity and real estate private equity, we've delivered 15% net for 3-plus decades, and investors see that.

我的意思是，如果你長期關注私募股權和房地產私募股權，我們已經在 3 多年的時間裡實現了 15% 的淨收益，投資者也看到了這一點。

The other thing I'd say is I don't think a movement of 100 basis points or something in fixed income rates will reverse this.

我要說的另一件事是，我不認為 100 個基點或固定收益利率的變動會扭轉這種情況。

If you think about our clients, oftentimes big institutions still have targets of 7% or so.

如果您考慮我們的客戶，通常大型機構仍然有 7% 左右的目標。

So the absolute level of interest rates and what they can get from fixed income doesn't meet their targeted returns.

因此，利率的絕對水平以及他們可以從固定收益中獲得的收益並不能滿足他們的目標回報。

They need higher returns we believe we can generate from private assets and the trade to essentially trade away liquidity for higher returns make sense.

他們需要更高的回報，我們相信我們可以從私人資產中獲得更高的回報，而從本質上用流動性換取更高回報的交易是有意義的。

If you look in the credit markets, for instance, I always find it fascinating that high-yield bonds today have the same, maybe a little bit tighter spread than leverage loans, even though leverage loans are senior in the capital structure.

例如，如果你看一下信貸市場，我總是會發現今天的高收益債券與槓桿貸款的利差相同，甚至可能比槓桿貸款更窄一點，即使槓桿貸款在資本結構中處於優先地位，我總是覺得很有趣。

That reflects, again, the liquidity premium that people demand for leveraged loans relative to bonds.

這再次反映了人們對槓桿貸款相對於債券的要求的流動性溢價。

And that really runs throughout the system.

這確實貫穿整個系統。

And also, I would say our ability to intervene in businesses when we own real estate or infrastructure or companies and that consistent return we've been able to generate.

而且，我想說的是，當我們擁有房地產或基礎設施或公司時，我們有能力干預企業，並且我們能夠產生持續的回報。

And so I think increasingly, what you see from investors is this is an accepted asset class.

所以我越來越多地認為，你從投資者那裡看到的是，這是一種公認的資產類別。

They're almost all moving towards more.

他們幾乎都在朝著更多的方向發展。

And yes, if rates go up, it could impact markets, could impact this.

是的，如果利率上升，可能會影響市場，可能會影響這一點。

But I still believe the sort of long-term inexorable trend that Steve described, I think that's likely to continue.

但我仍然相信史蒂夫描述的那種長期不可阻擋的趨勢，我認為這很可能會持續下去。

Our next question comes from the line of Ken Worthington at JPMorgan.

我們的下一個問題來自摩根大通的 Ken Worthington。

So there were a number of hedge fund events in the quarter.

因此，本季度發生了許多對沖基金事件。

You guys called out GameStop, I think, and the meme stocks early in the quarter, and then there was the impact on hedge funds from the Archegos family office later in the quarter.

我認為你們在本季度初叫出了 GameStop 和 meme 股票，然後在本季度晚些時候，Archegos 家族辦公室對對沖基金產生了影響。

It looks like BAAM not only was unscathed, but performance was good, gross redemptions slowed materially.

看起來 BAAM 不僅毫髮無損，而且表現良好，總贖回速度大幅放緩。

How is the perception of hedge funds changing following the good 2020 for the industry?

在 2020 年行業好轉之後，對沖基金的看法有何變化？

And what are your thoughts on the potential for more consistent inflows looking forward for BAAM?

您對未來 BAAM 的更穩定流入的潛力有何看法？

So reiterating what you pointed out, BAAM has had a really solid last 12 months.

所以重申你所指出的，BAAM 在過去的 12 個月裡表現非常穩定。

In the fourth quarter, despite the turmoil in the hedge fund industry, our BPS index was 2.5% up for us.

在第四季度，儘管對沖基金行業動盪，我們的 BPS 指數為我們上漲了 2.5%。

We're up 18% over the last year, and so delivering for the client's key.

我們比去年增長了 18%，因此交付了客戶的密鑰。

If you look at total AUM, the business is up 11% year-on-year.

如果您查看總資產管理規模，該業務同比增長 11%。

And I think the BAAM team has done a really good job navigating a difficult environment and delivering.

而且我認為 BAAM 團隊在艱難的環境和交付方面做得非常好。

We've also made some important hires, as you know, we brought in Joe Dowling, who was the CIO -- longtime CIO at Brown and did a terrific job there to be the co-head of BAAM.

我們還招聘了一些重要的員工，如您所知，我們請來了首席信息官喬·道林（Joe Dowling）——他是布朗的長期首席信息官，並在擔任 BAAM 的聯席主管方面做得非常出色。

We recently announced the hiring of Scott Bommer, who's a very successful hedge fund manager to help launch a new product, and we're adding more investing talents into BAAM.

我們最近宣布聘請 Scott Bommer，他是一位非常成功的對沖基金經理來幫助推出新產品，我們正在為 BAAM 增加更多投資人才。

And I think in a low rate environment, and I think most of us believe the long end of the curve moves up, but it feels like central banks are going to stay accommodated.

而且我認為在低利率環境下，我認為我們大多數人都認為曲線的長端向上移動，但感覺中央銀行將保持寬鬆。

People are looking for places to deploy capital in some cases, more liquid, like in hedge funds, but where they also have some downside protection and they're not correlated necessarily with stock markets or interest rates.

在某些情況下，人們正在尋找流動性更高的資金配置場所，例如對沖基金，但它們也有一些下行保護，並且不一定與股票市場或利率相關。

So I think that puts BAAM as an excellent steward of capital as having a lot of opportunity.

所以我認為這讓 BAAM 成為優秀的資本管理者，因為它擁有很多機會。

I would also add, in adding this investment talent, what we're looking to do in BAAM is continue our core mission of delivering steady returns downside protected, but also add some things where there's some upside, where there's some thematic investing, some exposure to tech and growth, China potentially, those areas for different customers and offer a broader range of products.

我還要補充一點，在增加這些投資人才的同時，我們希望在 BAAM 中做的事情是繼續我們的核心使命，即提供穩定的回報下行保護，但也增加一些有好處的東西，有一些主題投資，一些曝光對於技術和增長，中國可能會在這些領域為不同的客戶提供更廣泛的產品。

So the BAAM business, which has not grown a ton over the last 5 years.

所以 BAAM 業務在過去 5 年中並沒有增長很多。

If you asked us, that's a business that we think could grow a lot, could be a bit of a sleeping giant.

如果你問我們，這是一個我們認為可以發展很多的業務，可能有點像一個沉睡的巨人。

And I think as we build out the team there, we'll get to show some positive things over time.

而且我認為隨著我們在那裡建立團隊，隨著時間的推移，我們將展示一些積極的東西。

Ken, just to add on this, and we've talked about before.

肯，只是補充一下，我們之前已經討論過。

I think overall, as Jon said, very good financial performance.

正如喬恩所說，我認為總體而言，財務業績非常好。

I think the net flows in the first quarter showed a quite stable picture.

我認為第一季度的淨流量呈現出相當穩定的態勢。

But sort of beneath the surface, as we talked about, there is this growth in higher fee direct investment strategies that's going on relative to the traditional fund to funds business.

但是，正如我們所談到的，在表面之下，相對於傳統的基金對基金業務，更高費用的直接投資策略正在增長。

That portion is almost 1/3 of the AUM overall now.

這部分現在幾乎是總資產管理規模的 1/3。

And I think a good reflection of that is, first of all, revenues being up 27% if you look LTM over prior period.

我認為一個很好的反映是，首先，如果你看一下 LTM 與上一時期相比，收入增長了 27%。

And the average management fee rate, if you look at it 3 years ago, it was about 70 basis points, if you do the simple math of management fee revenues divided by the fee-earning AUM.

平均管理費率，如果你在 3 年前查看它，大約是 70 個基點，如果你用管理費收入除以收費 AUM 的簡單數學計算。

And today, that's about 80 basis points, which is along with the AUM growth, you've actually had pricing increases and together that kind of revenue growth.

而今天，這大約是 80 個基點，隨著 AUM 的增長，你實際上已經有了價格上漲以及這種收入增長。

So I think structurally, the business is expanding and pivoting in a very attractive way even as we're also very focused on the traditional BPS business and being all we can be in that area.

因此，我認為在結構上，該業務正在以一種非常有吸引力的方式擴展和轉型，儘管我們也非常專注於傳統的 BPS 業務，並且我們在該領域可以做的一切。

Our next question comes from the line of Mike Carrier at Bank of America.

我們的下一個問題來自美國銀行的 Mike Carrier。

Great.

偉大的。

Just given the improving economic backdrop, wanted to try to gauge where things stand across the platform from pre-COVID levels.

鑑於經濟背景的改善，想嘗試從 COVID 之前的水平評估整個平台的情況。

So any color you can provide with the key portfolio companies, whether it's in terms of revenue or EBITDA growth or absolute level as well as on the real estate portfolio in terms of like occupancy and rental rates.

因此，您可以為主要投資組合公司提供任何顏色，無論是在收入或 EBITDA 增長或絕對水平方面，還是在房地產投資組合方面，如入住率和租金。

So I think it's pretty dispersed.

所以我認為它非常分散。

Obviously, the tech-related businesses we have, have seen enormous increases in our tech-related, tech-enabled portfolio, looks like a lot of the world.

顯然，我們擁有的與技術相關的業務在我們的技術相關、技術支持的投資組合中出現了巨大的增長，看起來就像世界上很多。

Our businesses associated with content creation, obviously, extremely positive.

我們與內容創作相關的業務顯然非常積極。

Demand for life sciences and life science real estate really strong.

對生命科學和生命科學房地產的需求確實強勁。

So that area would be quite good.

所以那個區域會很好。

The overall portfolio in the first quarter and private equity was up double digits, the strongest in revenue than it's ever been.

第一季度的整體投資組合和私募股權增長了兩位數，是有史以來最強勁的收入。

And that reflects broader-based things starting to spread out into the broader portfolio now.

這反映了基礎更廣泛的事物現在開始擴散到更廣泛的投資組合中。

What we're beginning to see is growth in the physical world.

我們開始看到的是物理世界的增長。

So record slots activity at the Cosmopolitan.

因此，在 Cosmopolitan 記錄老虎機活動。

In our infrastructure business, our ports company saw more volume than it's ever in a month well up from 2019 levels.

在我們的基礎設施業務中，我們的港口公司在一個月內的交易量比 2019 年的水平高得多。

And so some of this in the physical world, you'll begin to see in coming quarters.

所以在物理世界中的一些，你將在接下來的幾個季度開始看到。

And in real estate, specifically, I would tell you that in the logistics and rental housing spaces, which represent the bulk of our portfolio, I don't think we've ever seen fundamentals on the ground better.

特別是在房地產領域，我會告訴你，在物流和出租房屋領域，它們代表了我們投資組合的大部分，我認為我們從未見過更好的基本面。

And that's not yet sort of in the numbers, but it's starting to pick up in a big way.

這在數字上還沒有，但它開始大幅回升。

Logistics had been stronger, but rental housing now with job creation, household formations really picking up.

物流業更強勁，但隨著就業機會的增加，出租房屋的形成確實在增加。

On the flip side, of course, office markets remain weak, retail remains challenged.

當然，另一方面，寫字樓市場仍然疲軟，零售業仍然面臨挑戰。

Hotels are just starting to pick up.

酒店才剛剛開始好轉。

So it's still dispersed, but we're seeing a shift here from really strong just in those sectors that did well in COVID now to sectors that have been on their back and they're starting to pick up momentum.

所以它仍然是分散的，但我們在這裡看到了一個轉變，從現在在 COVID 表現良好的那些部門的真正強勁轉向那些一直處於支持狀態並開始回升的部門。

And so it feels pretty broad-based.

所以它感覺非常廣泛。

More U.S. now, Europe lagging as they've had a slower time getting the vaccines out.

現在更多的美國，歐洲落後，因為他們有一個較慢的時間來獲得疫苗。

Asia better, they've done a better job.

亞洲更好，他們做得更好。

But I think as you see the vaccine spread, that this economic dam is really starting to burst and it's going to be widespread in terms of an increase in activity and revenues across most businesses.

但是我認為，當您看到疫苗的傳播時，這個經濟大壩真的開始破裂，並且隨著大多數企業的活動和收入的增加，它將變得普遍。

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。

Question just on the SPAC market impact on deployment or realization activity and clearly, we'll see where we go from here with maybe increased SEC scrutiny, but there were more SPAC IPOs in the first quarter than all of 2020.

僅就 SPAC 市場對部署或實現活動的影響提出問題，很明顯，我們將看到我們從這裡走向何方，可能會增加 SEC 的審查，但第一季度的 SPAC IPO 數量超過了 2020 年全年。

So there's going to be a lot of capital looking to buy assets.

因此，將有大量資本尋求購買資產。

And so I'm just curious kind of how you're thinking about competing with SPACs to some degree and whether that's pushing you earlier into the cycle of investing in companies?

所以我很好奇你是如何考慮在某種程度上與 SPAC 競爭的，這是否會促使你更早地進入公司投資週期？

And also just kind of thinking about SPAC as an outlet for realization opportunities.

也只是將 SPAC 視為實現機會的渠道。

So on SPACs, we have not corporately sponsored any SPACs yet, but we have done a number of transactions with them merging, taking back stocks and cash.

因此，在 SPAC 上，我們還沒有贊助任何 SPAC，但我們已經與他們進行了許多交易，合併、收回股票和現金。

And for our private equity portfolio, it's led to a number of the realizations you've read about in Q1.

對於我們的私募股權投資組合，它帶來了您在第一季度讀到的許多實現。

In terms of the competitive dynamic, I think in some cases, yes, SPACs are providing some competition to us.

就競爭動態而言，我認為在某些情況下，是的，SPAC 正在為我們提供一些競爭。

But oftentimes, as you know, we tend to focus on larger transactions, which are tougher for SPACs.

但是，如您所知，我們通常傾向於專注於更大的交易，這對 SPAC 來說更難。

Many sellers want to sell businesses and we're selling outright.

許多賣家想出售企業，而我們直接出售。

They want to get 100% cash.

他們想獲得 100% 的現金。

Many growth companies don't necessarily want to go public.

許多成長型公司不一定想上市。

And so it works for a certain universe.

所以它適用於某個宇宙。

So with that more select universe, there can be a little more competition.

因此，有了更多選擇的宇宙，可能會有更多的競爭。

But overall, we haven't seen it impede our ability to deploy capital.

但總的來說，我們沒有看到它阻礙我們部署資本的能力。

We put out $18 billion in the quarter.

我們在本季度投入了 180 億美元。

By the way, it's mostly a U.S. phenomenon to date.

順便說一句，迄今為止，這主要是美國的一種現象。

But we put out $18 billion in the quarter, which was our third best quarter of deployment in our history.

但我們在本季度投入了 180 億美元，這是我們歷史上第三好的部署季度。

So we're still finding areas to invest in.

因此，我們仍在尋找可以投資的領域。

SPACs are out there.

SPAC 就在那裡。

It feels like there'll probably be fewer IPOs of SPACs in the coming months, but I don't think they're going away.

感覺未來幾個月 SPAC 的 IPO 可能會減少，但我認為它們不會消失。

I think you'll see some changes maybe in terms of their disclosure, maybe some changes in terms of alignment.

我認為您可能會在披露方面看到一些變化，也可能在對齊方面看到一些變化。

But I think we'll see SPACs in the market for some time to come.

但我認為我們會在未來一段時間內看到 SPAC 出現在市場上。

Our next question comes from the line of Bill Katz with Citi.

我們的下一個問題來自花旗銀行的比爾·卡茨。

Most of the big picture questions have been asked already.

大多數宏觀問題已經被問到了。

So maybe just a line item question.

所以也許只是一個訂單項問題。

Michael, for yourself, I wonder if you could comment on maybe the outlook for FRE CAGR, just given the tremendous tailwinds to AUM and the mix shift.

邁克爾，就你自己而言，我想知道你是否可以評論一下 FRE CAGR 的前景，因為 AUM 的巨大順風和混合轉變。

And then the FRE margin in Q1, how sustainable is that?

然後是第一季度的 FRE 利潤率，這有多可持續？

And how should we think about that looking ahead as well?

我們應該如何看待未來？

Sure, Bill.

當然，比爾。

Thanks.

謝謝。

Look, on the FRE outlook, it's obviously positive.

看，關於 FRE 的前景，這顯然是積極的。

Stepping back, I think, qualitatively, there are 4-or-so key fundamental drivers that most of you are aware of to our FRE momentum.

退後一步，我認為，從質量上講，你們中的大多數人都知道我們的 FRE 勢頭有 4 個左右的關鍵基本驅動因素。

First is expansion of our existing strategies to fund vehicles.

首先是擴大我們現有的投資工具的策略。

We continue to benefit from that in the first quarter.

我們在第一季度繼續從中受益。

Second, as we talked about earlier, exceptional innovation of new businesses, which are scaling and beginning to contribute to profitability nicely, BXG, BXLS being good examples of that.

其次，正如我們之前談到的，新業務的卓越創新正在擴展並開始為盈利做出很好的貢獻，BXG、BXLS 就是很好的例子。

Third, perpetual capital, robust expansion, transformational effect on our earnings power given the perpetual and compounding nature of those assets.

第三，鑑於這些資產的永續性和復利性，永續資本、強勁擴張、對我們盈利能力的轉型影響。

And then fourth, to your point, a strong margin position, which I'll talk a bit more about in a second.

然後第四點，就你的觀點而言，一個強大的保證金頭寸，我稍後會再談一點。

We put out a target once at Investor Day in 2018 for as you know, as you all know well, $2 for the full year 2021.

我們在 2018 年的投資者日提出了一個目標，如你們所知，眾所周知，2021 年全年為 2 美元。

We achieved that a year earlier than expected and 1 quarter into this year, we're at $2.20 LTM.

我們比預期提前一年實現了這一目標，今年第一個季度，我們的 LTM 為 2.20 美元。

So 10% above that $2 level.

因此，比 2 美元的水平高出 10%。

So from here, we just say that we're very confident in our continued FRE momentum given the dynamics I described.

所以從這裡開始，我們只是說，鑑於我描述的動態，我們對我們持續的 FRE 勢頭非常有信心。

And on margins, Bill, just to help you a bit.

在利潤方面，比爾，只是為了幫助你一點。

First quarter, looking at any 1 quarter, as you know, is there's always a bunch of different factors.

第一季度，任何一個季度，如你所知，總是有很多不同的因素。

The first quarter had a number of positive factors, strong operating leverage.

一季度有多項利好因素，經營槓桿強勁。

Revenue is growing well in excess of expenses.

收入增長遠遠超過支出。

We had comparisons against fee holidays in the prior year in private equity.

我們與去年私募股權的費用假期進行了比較。

The new businesses ramping I mentioned.

我提到的新業務正在蓬勃發展。

And then the sort of COVID T&E effect or benefit, which we're all rooting for expecting to reverse later in the year.

然後是那種 COVID T&E 效應或好處，我們都在支持預計今年晚些時候會逆轉。

And in terms of the outlook, we don't want to focus on any 1 quarter, but more over a full year period.

就前景而言，我們不想關注任何一個季度，而是更關注全年。

If you look in that vein at the LTM margin, it's approximately 54% infill.

如果您在 LTM 邊際上查看該脈絡，它大約是 54% 的填充。

And I'd say that's a reasonable reflection of an approximate run rate for the full year at this point.

我會說這是對此時全年大致運行率的合理反映。

So hopefully, that's a bit helpful.

所以希望，這有點幫助。

Our next question comes from the line of Gerry O'Hara at Jefferies.

我們的下一個問題來自 Jefferies 的 Gerry O'Hara。

Great.

偉大的。

Maybe actually just dovetailing off of that prior question.

也許實際上只是與先前的問題相吻合。

Michael, I think if I heard correctly, you mentioned that the fee-related performance revenues would -- the next significant, I suppose, event would be 4Q.

邁克爾，我想如果我沒聽錯的話，你提到與費用相關的業績收入將——我想，下一個重要事件將是第四季度。

Can you perhaps just remind us what some of the funds that we should be sort of mindful of where you can draw those performance fee revenues and anything else that might help us kind of think about those in other quarters, I suppose, not just 4Q?

您能否提醒我們一些我們應該注意的資金，您可以從哪裡獲得這些績效費收入以及其他任何可能幫助我們考慮其他季度的資金，我想，不僅僅是第四季度？

Sure, Gerry.

當然，格里。

Look, I think, first of all, stepping back, in terms of these fee-related performance revenues.

看，我認為，首先，就這些與費用相關的業績收入而言，退後一步。

We do view these as a very high-quality revenue stream.

我們確實將這些視為非常高質量的收入來源。

It's derived from perpetual capital paid on a recurring basis on a scheduled and contractual timetable without having to sell assets.

它來源於根據預定和合同時間表定期支付的永久資本，而無需出售資產。

So it's very much aligned fundamentally to our view of FRE.

因此，它與我們對 FRE 的看法基本一致。

I think the sort of main component is today, Core+ as you know.

我認為今天的主要組件是Core+，如您所知。

That's both BPP and BREIT.

那是 BPP 和 BREIT。

I think sort of modeling BREIT is straightforward.

我認為 BREIT 的建模很簡單。

It happens at the end of the year in the fourth quarter.

它發生在第四季度的年底。

You can actually track throughout the year in our net accrued disclosure in the 8-K, sort of that balance as it grows in the course of the year.

您實際上可以在我們在 8-K 中的淨應計披露中跟踪全年，這種餘額在一年中增長。

And then there's the BPP portion of Core+, which are institutional vehicles, and those typically crystallize on the third year anniversary of investor subscriptions.

然後是 Core+ 的 BPP 部分，它們是機構工具，通常在投資者認購三週年時結晶。

And that performance receivables also separately disclosed in the release.

而該業績應收款項也在公告中單獨披露。

So when you saw that happening this quarter, and you'll -- while there will be modest amounts in the second and third quarters, the fourth quarter in terms of Core+ really, as I said, when you'll see the next significant contribution.

因此，當您看到本季度發生這種情況時，您會 - 雖然第二季度和第三季度會有少量數量，但正如我所說，第四季度 Core+ 確實是，您將看到下一個重大貢獻.

There are also in terms of other areas of the firm.

在公司的其他領域也有。

In the credit area, our BDC area.

在信貸領域，我們的 BDC 領域。

And there, it's a quarterly fee-related performance revenue based on incentive fees.

在那裡，這是基於激勵費的季度費用相關績效收入。

That is contributing each quarter.

這是每個季度的貢獻。

It's in ramp mode.

它處於斜坡模式。

So those are more modest amounts, but we expect those over time to grow as well.

因此，這些金額較為適中，但我們預計隨著時間的推移，這些金額也會增長。

So those are the 2 key factors.

所以這是兩個關鍵因素。

Infrastructure is also a strategy that will resemble BPP in terms of its FRPR structure.

基礎設施也是一種類似於 BPP 的 FRPR 結構的戰略。

So a number of different products, Core+ being the sort of biggest signal contributor right now in terms of strategies and platforms.

因此，許多不同的產品，Core+ 是目前在戰略和平台方面最大的信號貢獻者。

But this is something that if you step back on a full year basis, we'll continue to scale over time.

但是，如果您退後一整年，我們將隨著時間的推移繼續擴大規模。

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

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

So there's an argument that the largest alternative managers to a more balance sheet intensive kind of skin in the game, book value compounding view of the business.

因此，有一種觀點認為，最大的替代經理人可以在遊戲中使用資產負債表密集型的皮膚，即賬面價值複合業務視圖。

It sounds like from your earlier -- shortest answer that there really hasn't been any change or evolution in your thinking on that model.

從您之前的最短答案聽起來，您對該模型的想法確實沒有任何變化或演變。

But are you concerned that having so many of the largest players tacking in that direction could force the issue and maybe drive clients or even insurance partners to demand increased capital allocations from their managers?

但是您是否擔心讓這麼多最大的參與者朝這個方向發展可能會迫使問題發生，並可能促使客戶甚至保險合作夥伴要求他們的經理增加資本分配？

No.

不。

We've been at this for a long time.

我們在這方面已經很長時間了。

And over the 35 years, the model has worked.

35 年來，這種模式一直奏效。

We put capital in, but it's modest as a percentage of the overall size of the funds or the capital we manage.

我們投入了資本，但它在基金總規模或我們管理的資本中所佔的百分比並不高。

And people rely on our investment process, the talent we have to deliver, and that model continues to work.

人們依賴我們的投資流程，我們必須提供的人才，這種模式繼續有效。

And there are -- these other firms are terrific firms.

還有——這些其他公司都是很棒的公司。

We have enormous respect for them, but they've chosen something different strategically.

我們非常尊重他們，但他們在戰略上選擇了不同的東西。

We prefer where we sit today with a market cap right around $100 billion and virtually no net debt.

我們更喜歡我們今天所處的位置，市值約為 1000 億美元，幾乎沒有淨債務。

We like that model.

我們喜歡那個模型。

It doesn't mean we won't use capital.

這並不意味著我們不會使用資本。

We have to do some strategic acquisitions or minority investments in the context of insurance.

我們必須在保險的背景下進行一些戰略性收購或少數股權投資。

But we think as long as we deliver for the customers, which is what we've done historically and did in a big way in Q4 and now again in Q1, that more capital flows will come to us.

但是我們認為，只要我們為客戶提供服務，這是我們在歷史上所做的，並且在第四季度和現在在第一季度再次大展身手，就會有更多的資本流入我們。

And it won't require us to invest significant capital.

而且它不需要我們投入大量資金。

And so we're going to stick with that model.

因此，我們將堅持使用該模型。

We feel really good about it.

我們對此感覺非常好。

It also allows us to pay out obviously, significant dollars to our shareholders.

它還使我們能夠向股東支付明顯的大量資金。

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。

Want to follow up on the real estate growth runway, specifically global opportunity in logistics real estate.

希望跟進房地產增長跑道，特別是物流房地產的全球機會。

Obviously, it's been fruitful here domestically, and I saw something recently about Blackstone potentially getting involved in warehouse development in India where you're already strong in office.

顯然，它在國內取得了豐碩的成果，我最近看到一些關於黑石可能參與印度倉庫開發的消息，你在印度已經很強大了。

So I wanted to get a sense from you of as to how repeatable that might be across the globe and where you're seeing opportunities?

所以我想從你那裡了解一下這在全球範圍內的可重複性以及你在哪裡看到了機會？

It's super repeatable, and it's being done in scale.

它是超級可重複的，並且正在大規模完成。

I don't have the exact numbers, but I think about half of our warehouse portfolio, which is over $100 billion growth, including the debt on it, is outside the United States.

我沒有確切的數字，但我認為我們的倉庫投資組合中有一半在美國以外，增長超過 1000 億美元，包括其債務。

Probably close to that number.

大概接近這個數字。

Europe is a huge chunk of assets.

歐洲是一大塊資產。

We're growing in Asia.

我們正在亞洲發展。

The fundamentals, it's the same story everywhere, which is as retail moves increasingly online, there's more demand for warehouses, particularly last-mile warehouses.

基本面，到處都是一樣的故事，隨著零售業越來越在線，對倉庫的需求越來越大，尤其是最後一英里的倉庫。

And so we've been the biggest buyer in Europe.

所以我們一直是歐洲最大的買家。

We're active in China.

我們在中國很活躍。

We just sold a platform in Australia that was in our closed-end BREP Asia fund.

我們剛剛在我們的封閉式 BREP 亞洲基金中出售了一個在澳大利亞的平台。

But we like the fundamentals everywhere.

但我們喜歡無處不在的基本面。

And as the economy reopens, I think we'll see more traditional demand, automotive, housing, other businesses, and that will help.

隨著經濟重新開放，我認為我們會看到更多的傳統需求、汽車、住房和其他業務，這將有所幫助。

The challenge or concern is, will we see a lot of new supply?

挑戰或擔憂是，我們會看到很多新供應嗎？

And so we continue to focus on this last mile.

因此，我們繼續專注於最後一英里。

So it's a space we like.

所以這是我們喜歡的空間。

And if you think about our real estate portfolio and why we have confidence looking forward, is because we're 40% allocated to the best sector in real estate globally.

如果您考慮一下我們的房地產投資組合以及為什麼我們有信心展望未來，那是因為我們有 40% 被分配到全球房地產最好的行業。

And so I think you'll see those same fundamentals.

所以我認為你會看到同樣的基本面。

They're a little bit behind the U.S. other than China because online is behind, but they're playing catch-up.

除了中國之外，他們比美國稍微落後一點，因為在線落後，但他們正在追趕。

And so being on the ground in all those markets is really important.

因此，在所有這些市場中立足是非常重要的。

And our final question comes from the line of Chris Kotowski at Oppenheimer & Co.

我們的最後一個問題來自 Oppenheimer & Co. 的 Chris Kotowski。

Yes.

是的。

I just wanted to follow up on the real estate performance fees discussion that you had a couple of minutes ago.

我只是想跟進您幾分鐘前的房地產績效費用討論。

And in the press release, you highlighted the logic or crystallizations that happen every 3 years.

在新聞稿中，您強調了每 3 年發生一次的邏輯或結晶。

I'm just wondering, I mean, as Core+ is built, is there a portfolio of those things, of those kinds of assets that we'll see crystallize on the third anniversary of the funds?

我只是想知道，我的意思是，隨著 Core+ 的建立，是否有這些東西的投資組合，我們將在基金成立三週年時看到這些資產的投資組合？

And how do we assess the size of that?

我們如何評估它的大小？

And is that going to start coming in kind of more and more on a sporadic basis all sprinkled through the year as you go forward?

隨著你前進，這是否會開始越來越多地零星出現？

Well, I would say the shorter answer is yes.

好吧，我會說較短的答案是肯定的。

We have a variety.

我們有各種各樣的。

We have large open-ended institutional vehicles, BPP, U.S., Europe and Asia and now BPP Life Sciences.

我們有大型開放式機構工具，BPP、美國、歐洲和亞洲，現在是 BPP 生命科學。

We did some individual large transactions as funds themselves, Logicor, European logistics platforms, one of them.

我們做了一些個人大筆交易作為資金本身，Logicor，歐洲物流平台，其中之一。

We owned Stuyvesant Town here in New York as well.

我們在紐約也擁有史蒂文森鎮。

And so -- and then the investors in the funds come in at different times, as Michael said.

正如邁克爾所說，因此 - 然後基金的投資者在不同的時間進入。

So hopefully, over time, there'll be more of a spreading.

所以希望隨著時間的推移，會有更多的傳播。

A lot of these deals got done at year-end, so we tend to have more in the fourth quarter.

許多此類交易在年底完成，因此我們傾向於在第四季度完成更多交易。

BREIT is set up in the fourth quarter.

BREIT成立於第四季度。

But you're right, we've been planning a lot of these perennials, and they should be blooming more and more in greater amounts and at different times of the year.

但你是對的，我們已經計劃了很多這樣的多年生植物，它們應該在一年中的不同時間越來越多地開花。

And this is why you hear a lot of enthusiasts and something very special is happening at Blackstone.

這就是為什麼您會聽到很多愛好者的聲音，並且在 Blackstone 正在發生一些非常特別的事情。

That's something extremely special is happening in our Core+ business, and that is growing.

這是我們的 Core+ 業務中正在發生的極其特別的事情，而且這種情況正在增長。

And yes, over time, this -- not only the base management fees from Core+ but these performance-related fees should come in on a regular basis.

是的，隨著時間的推移，這不僅是 Core+ 的基本管理費，而且這些與績效相關的費用也應該定期收取。

Okay.

好的。

And just as a follow-up, do we see that on -- do we see these accrued performance fees on the disclosure in Page 18?

作為後續行動，我們是否在第 18 頁的披露中看到了這些應計績效費？

Or the performance fees separate from carried interest?

還是業績費用與附帶權益分開？

You do see them.

你確實看到了他們。

You see it broken out for both BPP and for BREIT separately.

您會看到它分別針對 BPP 和 BREIT 進行了細分。

And now I'd like to hand back to Weston Tucker for final comments.

現在我想請 Weston Tucker 發表最後的評論。

Great.

偉大的。

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

感謝大家今天早上加入我們，並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。

Goodbye.

再見。