Carlyle Group Inc (CG) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to The Carlyle Group Second Quarter Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎來到凱雷集團第二季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Daniel Harris, Head of Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係主管丹尼爾哈里斯。請繼續。

Thank you, Liz. Good morning, and welcome to Carlyle's Second Quarter 2022 Earnings Call.

謝謝你，麗茲。早上好，歡迎參加凱雷 2022 年第二季度財報電話會議。

With me on the call this morning is our Chief Executive Officer, Kewsong Lee; and our Chief Financial Officer, Curt Buser.

今天早上與我通話的是我們的首席執行官 Kewsong Lee；和我們的首席財務官 Curt Buser。

Earlier this morning, we issued a press release and detailed earnings presentation, both of which are available on our Investor Relations website at ir.carlyle.com. This call is being webcast, and a replay will be available on our website.

今天上午早些時候，我們發布了一份新聞稿和詳細的收益報告，兩者都可以在我們的投資者關係網站 ir.carlyle.com 上找到。此次電話會議正在進行網絡直播，我們的網站上將提供重播。

We will refer to certain non-GAAP financial measures during today's call. These measures should not be considered an isolation from or as a substitute for measures prepared in accordance with generally accepted accounting principles. We have provided reconciliations of these measures to GAAP in our earnings presentation to the extent reasonably available.

在今天的電話會議中，我們將參考某些非公認會計原則的財務指標。這些措施不應被視為獨立於或替代根據公認會計原則編制的措施。在合理可用的範圍內，我們在收益報告中提供了這些措施與公認會計原則的對賬。

Any forward-looking statements made today do not guarantee future performance, and undue reliance should not be placed on them. These statements are based on current management expectations and involve inherent risks and uncertainties, including those identified in the Risk Factors section of our most recent annual report on Form 10-K that could cause actual results to differ materially from those indicated. Carlyle assumes no obligation to update any forward-looking statements at any time.

今天做出的任何前瞻性陳述並不保證未來的表現，不應過分依賴它們。這些陳述基於當前的管理層預期，涉及固有的風險和不確定性，包括我們最近的 10-K 表格年度報告的風險因素部分中確定的可能導致實際結果與所示結果大不相同的那些。凱雷不承擔隨時更新任何前瞻性陳述的義務。

Turning to our results. For the second quarter, we generated $236 million in fee-related earnings and $529 million in distributable earnings, with DE per common share of $1.17. We produced net realized performance revenues of $271 million, and our accrued carry balance remains at $4.3 billion. We declared a quarterly dividend of $0.325 per common share. (Operator Instructions)

轉向我們的結果。第二季度，我們產生了 2.36 億美元的費用相關收益和 5.29 億美元的可分配收益，每股普通股的 DE 為 1.17 美元。我們產生了 2.71 億美元的淨實現業績收入，我們的應計結餘保持在 43 億美元。我們宣布了每股普通股 0.325 美元的季度股息。 （操作員說明）

And with that, let me turn the call over to our Chief Executive Officer, Kewsong Lee.

有了這個，讓我把電話轉給我們的首席執行官 Kewsong Lee。

Thanks, Dan. Hello, everyone, and thank you for joining us today. Carlyle once again delivered strong results for the second quarter. We continue to drive growth and diversify the earnings power of our business. And importantly, our investment performance remained strong amidst the volatility and uncertainty in markets around the world. All of this is a result of clear strategic priorities and the hard work of our teams globally.

謝謝，丹。大家好，感謝您今天加入我們。凱雷第二季度再次取得強勁業績。我們將繼續推動增長並使我們業務的盈利能力多樣化。重要的是，在全球市場波動和不確定的情況下，我們的投資表現依然強勁。所有這一切都是明確的戰略重點和我們全球團隊辛勤工作的結果。

We're in a much different environment as inflation, rising interest rates and uncertainty affect the real economy and financial markets. At Carlyle, we have been preparing for this complex and challenging environment, which is likely to continue in the near term. We are focused on continuously assessing risk, recalibrating valuations and capturing opportunities as we move forward.

由於通貨膨脹、利率上升和不確定性影響實體經濟和金融市場，我們所處的環境大不相同。在凱雷，我們一直在為這種複雜而充滿挑戰的環境做準備，這種環境可能會在短期內持續下去。在我們前進的過程中，我們專注於持續評估風險、重新調整估值並抓住機會。

The strength of our diversified platform, well-constructed portfolios and over $80 billion of dry powder positions us well as we have deliberately built Carlyle into a more resilient firm that is set up to adapt and manage through all types of market conditions. We are a different firm today and better positioned than ever before as we drive forward from a position of strength.

我們多元化平台的實力、結構良好的投資組合和超過 800 億美元的干粉資產使我們處於有利地位，因為我們特意將凱雷打造為一家更具彈性的公司，旨在適應和管理所有類型的市場條件。我們今天是一家不同的公司，並且比以往任何時候都處於更好的位置，因為我們從實力地位向前邁進。

Given the environment, we know that questions about our portfolio are top of mind, so allow me to address this topic before we get into the point we'd like to discuss today. Thus far, portfolios across the firm continued to perform exceptionally well. Our focus on investment excellence and the diversification of our platform are supporting the firm's relative outperformance, with Carlyle's aggregate carry fund portfolio appreciating 3% in the second quarter, while various public benchmarks were down 10% to 20%. I'll provide some perspective, and Curt will drill into more specifics.

鑑於環境，我們知道關於我們的投資組合的問題是最重要的，所以在我們進入我們今天要討論的觀點之前，請允許我解決這個話題。到目前為止，整個公司的投資組合繼續表現出色。我們對卓越投資的關注和我們平台的多元化正在支持該公司的相對優異表現，凱雷的總利差基金投資組合在第二季度升值 3%，而各種公共基準下跌 10% 至 20%。我將提供一些觀點，Curt 將深入探討更多細節。

Our global private equity portfolio appreciated 2%, driven by strength in infrastructure and natural resources and real estate and flat performance in corporate private equity. Throughout the GPE segment, our overarching view is that we have well-constructed and well-positioned portfolios. Our approach has been always to invest in good assets and established companies led by strong management teams that have a differentiated path for growth and value creation.

我們的全球私募股權投資組合升值 2%，這得益於基礎設施、自然資源和房地產領域的實力以及企業私募股權的持平表現。在整個 GPE 領域，我們的總體觀點是我們擁有結構良好且定位良好的投資組合。我們的方法一直是投資於由強大的管理團隊領導的優質資產和成熟的公司，這些團隊擁有差異化的增長和價值創造路徑。

As a result, we have avoided the sectors that have been hardest hit. Our portfolio is only 7% publicly traded, and we are benefiting from the strong demand that continues for high-quality private assets, even as public market multiples are contracting. And importantly, thus far taken as a whole, the top line of the companies in our corporate private equity portfolio continue growing at double-digit rates, while maintaining operating margins.

因此，我們避開了受災最嚴重的行業。我們的投資組合只有 7% 公開交易，即使公開市場倍數正在收縮，我們也受益於對優質私人資產持續強勁的需求。重要的是，到目前為止，作為一個整體，我們企業私募股權投資組合中的公司的收入繼續以兩位數的速度增長，同時保持營業利潤率。

Now turning to our credit portfolio. We are seeing resilience in the underlying performance of our assets and higher yields are driving better performance for LPs as most of our investment strategies benefit from higher rates. At this moment, credit quality remains strong, and we have not seen any notable pickup in duress or nonaccruals, although we are closely monitoring our portfolio. We actively manage all of our credit positions and are very focused on managing risk exposures and maintaining balanced risk-adjusted credit quality throughout our portfolios.

現在轉向我們的信貸組合。我們看到我們資產的基本表現具有彈性，更高的收益率正在推動有限合夥人的更好表現，因為我們的大多數投資策略都受益於更高的利率。目前，信用質量仍然強勁，儘管我們正在密切關注我們的投資組合，但我們沒有看到任何脅迫或非應計費用的顯著回升。我們積極管理所有信貸頭寸，並非常專注於管理風險敞口並在整個投資組合中保持平衡的風險調整信貸質量。

Before I hand things over to Curt, there are 5 important points to listen out for as he talks about the quarter. First, our focus remains on driving FRE growth. What we have done over the past several years to grow and change the nature of our FRE is quite frankly, underappreciated.

在我把事情交給 Curt 之前，當他談到這個季度時，有 5 個重要的點需要注意。首先，我們的重點仍然是推動 FRE 增長。坦率地說，我們在過去幾年中為發展和改變 FRE 的性質所做的工作被低估了。

Just this quarter, we delivered a record $236 million of FRE, up more than 60% from last year, and we are on track to achieve our previously stated $850 million goal in FRE for the full year 2022. It's important to understand the vast amount of our fee revenue is agnostic to asset market valuations and is instead based on committed or invested capital, giving us greater visibility on the level of fees and FRE that we will earn.

僅在本季度，我們就交付了創紀錄的 2.36 億美元的 FRE，比去年增長了 60% 以上，我們有望實現我們之前設定的 2022 年全年 FRE 8.5 億美元的目標。了解巨額資金非常重要我們的費用收入的一部分與資產市場估值無關，而是基於承諾或投入的資本，這使我們能夠更清楚地了解我們將獲得的費用水平和 FRE。

Second, our deliberate effort to diversify the firm is paying off. Our earnings mix is more diversified and more resilient than ever before, and it continues to grow because we have reshaped our business to capitalize on those areas where we see attractive growth in the private markets. As a result, the largest share of our fee-earning AUM is now associated with Global Credit. Furthermore, FRE contributed 50% of DE in the first half of 2022, making our earnings stream more balanced, distributable earnings more predictable throughout different market cycles.

其次，我們為公司多元化所做的刻意努力正在取得成效。我們的收益組合比以往任何時候都更加多樣化和更具彈性，並且它繼續增長，因為我們已經重塑了我們的業務，以利用那些我們認為私人市場具有吸引力增長的領域。因此，我們收費 AUM 的最大份額現在與 Global Credit 相關聯。此外，FRE 在 2022 年上半年貢獻了 50% 的 DE，使我們的收益流更加平衡，可分配收益在不同的市場週期中更加可預測。

Third, the firm's capital formation efforts are powering us forward, even during changing dynamics for fundraising. Importantly, please listen for the impact of the Fortitude transaction and how it sets us up for the future as total capital formation for the quarter was nearly $60 billion, with the addition of the highly scalable Fortitude advisory assets under management. This includes the nearly $10 billion we raised in new capital from LPs, but more than half this amount from global credit and global investment solutions even as we continue to raise in the more traditional private equity funds.

第三，即使在籌資動態不斷變化的情況下，公司的資本形成努力也在推動我們前進。重要的是，請聽聽 Fortitude 交易的影響以及它如何為我們的未來奠定基礎，因為本季度的總資本形成接近 600 億美元，此外還管理著高度可擴展的 Fortitude 諮詢資產。這包括我們從有限合夥人那裡籌集的近 100 億美元的新資本，但其中一半以上來自全球信貸和全球投資解決方案，儘管我們繼續在更傳統的私募股權基金中籌集資金。

Next, the firm is operating from a position of financial strength. We have a nominal level of net debt. Our dividend is comfortably covered by our sustainable FRE, and our balance sheet is positioned to help us to continue to grow. Add to this over $2 billion in investments and more than $4 billion in net accrued carry and our balance sheet today comprises over $16 per share in value.

其次，該公司從財務實力的地位開始運作。我們有名義上的淨債務水平。我們的可持續 FRE 輕鬆覆蓋了我們的股息，我們的資產負債表旨在幫助我們繼續增長。再加上超過 20 億美元的投資和超過 40 億美元的淨應計利差，我們今天的資產負債表價值超過每股 16 美元。

Finally, and perhaps most importantly from my perspective, we are executing against our strategic plan and delivering on what we told you we would do. Compared to just 2 years ago, Carlyle is more diversified, growing faster and more profitable.

最後，也許從我的角度來看，最重要的是，我們正在執行我們的戰略計劃，並按照我們告訴你我們會做的事情來實現。與僅僅兩年前相比，凱雷更加多元化，增長更快，利潤更高。

My job as CEO is to make sure we stay focused on the right priorities, develop our people and shape our culture. We are doing just that. Putting all this together, we believe we are positioned well to navigate through a period of increasing market uncertainty and complexity and have confidence in our ability to deliver long-term earnings growth and shareholder value.

作為首席執行官，我的工作是確保我們始終專注於正確的優先事項，培養我們的員工並塑造我們的文化。我們正在這樣做。綜上所述，我們相信我們處於有利地位，能夠度過市場不確定性和復雜性日益增加的時期，並對我們實現長期收益增長和股東價值的能力充滿信心。

With that, over to you, Curt.

有了這個，交給你，Curt。

Thank you, Kew, and good morning, everyone. As Kew highlighted, we delivered strong results this quarter, driven by the solid relative performance of our funds, increasing diversity of our earning streams and the significant impact from our recently closed strategic transactions.

謝謝你，邱，大家早上好。正如 Kew 所強調的那樣，我們本季度取得了強勁的業績，這得益於我們基金的穩健相對錶現、我們收入來源的日益多樣化以及我們最近完成的戰略交易的重大影響。

I want to focus my remarks on 3 areas: first, fee-related earnings and overall distributable earnings have had a strong start to the year, highlighting an increasingly diverse business mix and better balance between FRE and performance income; second, our global investment platform performed well, and we continue to have a record level of net accrued performance revenues; and third, our global credit business took a major step forward in assets under management and earnings power, and we continue to see opportunities for further growth and performance.

我想重點談談三個方面：第一，費用相關收益和整體可分配收益今年開局強勁，凸顯業務組合日益多樣化，FRE與績效收入之間的平衡更好；第二，我們的全球投資平台表現良好，我們的淨應計業績收入繼續保持創紀錄水平；三是全球信貸業務在管理資產和盈利能力方面邁出重要一步，我們繼續看到進一步增長和業績的機會。

Let's begin by discussing the strength of our second quarter results and more broadly, the first half of 2022 by highlighting a few important metrics. First, fee-related earnings were a record $236 million in the second quarter, up 60% year-over-year with substantial growth in Global Credit and global private equity. Our fee-related earnings margin reached a record 40% in the second quarter and 38% in the first half, up from 33% in full year 2021. Distributable earnings of $529 million increased more than 34% from last year, and our earnings stream reflects an improving mix with fee-related earnings contributing 50% of distributable earnings in the first half of this year.

讓我們首先通過強調一些重要指標來討論我們第二季度業績的實力，更廣泛地說，2022 年上半年。首先，隨著全球信貸和全球私募股權的大幅增長，第二季度與費用相關的收益達到創紀錄的 2.36 億美元，同比增長 60%。我們與費用相關的利潤率在第二季度和上半年分別達到創紀錄的 40% 和 38%，高於 2021 年全年的 33%。可分配收益為 5.29 億美元，比去年增長了 34% 以上，我們的收益流反映出今年上半年與費用相關的收入佔可分配收入的 50% 的組合有所改善。

Digging into second quarter FRE, total fee revenue of $594 million increased 40% year-over-year, supported by strong organic and inorganic management fee growth as well as higher transaction fees and fee-related performance revenue. Management fees comprised almost 90% of total fee revenue for the first half and increased 24% compared to the first half of 2021.

深入研究第二季度 FRE，總費用收入為 5.94 億美元，同比增長 40%，這得益於強勁的有機和無機管理費增長以及更高的交易費用和與費用相關的業績收入。管理費佔上半年總費用收入的近 90%，較 2021 年上半年增長 24%。

Included in our results this quarter are $19 million in catch-up management fees, largely associated with follow-on closings in our latest U.S. buyout fund as well as several smaller GP funds. We also benefited from strong transaction fees in Global Credit, largely related to aviation and insurance solutions activity. Transaction fees and catch-up fees helped drive our record FRE margins this quarter. So it's important to note that these fees are dependent on the pace of future investment activity and fundraising. We also generated $35 million in fee-related performance revenues in the second quarter and $80 million for the first half of the year.

我們本季度的業績包括 1900 萬美元的追趕管理費，主要與我們最新的美國收購基金以及幾個較小的 GP 基金的後續關閉有關。我們還受益於 Global Credit 的高額交易費用，主要與航空和保險解決方案活動有關。交易費和追趕費幫助推動了我們本季度創紀錄的 FRE 利潤率。因此，重要的是要注意這些費用取決於未來投資活動和籌款的速度。我們還在第二季度創造了 3500 萬美元的與費用相關的業績收入，在今年上半年創造了 8000 萬美元。

Looking towards the second half of 2022, GP fee-related performance revenue will likely be lower due to the construct of the Core Plus real estate fund, but will likely increase again in 2023. Global Credit fee-related performance revenues should be relatively stable.

展望 2022 年下半年，由於 Core Plus 房地產基金的建設，GP 費用相關的業績收入可能會有所下降，但 2023 年可能會再次增加。全球信貸費用相關的業績收入應該相對穩定。

I mentioned last quarter that you would see a material step-up in our quarterly fee-related earnings and margin owing to our recent global credit transactions, notably CBAM, which closed on March 21 and Fortitude, which closed on April 1, and that's exactly what the second quarter produced.

我在上個季度提到，由於我們最近的全球信貸交易，特別是 3 月 21 日結束的 CBAM 和 4 月 1 日結束的 Fortitude，您會看到我們的季度費用相關收益和利潤率大幅上升，而這正是第二季度產生了什麼。

Global Credit FRE surged to a record $72 million, nearly triple last quarter, owing to management fee revenue from these transactions and a high level of transaction fees. Global Credit's FRE margin also nearly doubled quarter-over-quarter to 42%. While this number may vary quarter-to-quarter, we expect it to remain well above prior year margins.

Global Credit FRE 飆升至創紀錄的 7200 萬美元，幾乎是上一季度的三倍，原因是這些交易的管理費收入和高額交易費。 Global Credit 的 FRE 利潤率也環比增長了近一倍，達到 42%。雖然這個數字可能會因季度而異，但我們預計它仍將遠高於去年的利潤率。

Our overall DE mix continued to skew further towards a higher level of FRE even as continued realization activity supports the production of net realized performance revenues. Diversifying our earnings stream has been a deliberate effort. And for the first half of the year, FRE comprised 50% of pretax distributable earnings.

我們的整體 DE 組合繼續進一步向更高水平的 FRE 傾斜，儘管持續的變現活動支持了淨變現業績收入的產生。使我們的收入來源多樣化是一項刻意的努力。今年上半年，FRE 佔稅前可分配收益的 50%。

Moving on in what is a complex environment. Our portfolio continued to perform well as Kew noted, with 3% overall carry fund appreciation. Our diverse global portfolio has been carefully constructed with high-quality investments. And together with persistent exit activity, supported positive appreciation despite significant declines in public markets. Broad-based portfolio strength in infrastructure and natural resources was supported by higher energy demand and pricing.

在復雜的環境中繼續前進。正如 Kew 所說，我們的投資組合繼續表現良好，整體利差基金升值 3%。我們多元化的全球投資組合是由優質投資精心打造的。再加上持續的退出活動，儘管公開市場大幅下跌，但仍支持積極升值。更高的能源需求和價格支持了基礎設施和自然資源領域廣泛的投資組合實力。

And our real estate strategies, portfolio construction and an active disposition pipeline supported strong valuations. We also saw growth in several of our European-based private equity strategies, notably Europe growth, partially offset by weakness in our public securities, the majority of which are held in our U.S. bio strategy.

我們的房地產戰略、投資組合構建和積極的處置渠道支持了強勁的估值。我們還看到我們在歐洲的幾個私募股權戰略的增長，尤其是歐洲的增長，部分被我們公共證券的疲軟所抵消，其中大部分是我們的美國生物戰略持有的。

As Kew also noted earlier, the portfolio's appreciation supported yet another record level of net accrued performance revenues at $4.3 billion. This quarter's accrual was partially offset by over $270 million in net realized performance revenues, more than double the level in the first quarter. Our U.S., Asia and Europe buyout fund and U.S. real estate strategy were the biggest drivers of our net realized performance revenue this quarter.

正如 Kew 早些時候指出的那樣，投資組合的升值支持了 43 億美元的淨應計業績收入再創紀錄水平。本季度的應計收入被超過 2.7 億美元的淨實現業績收入部分抵消，是第一季度水平的兩倍多。我們的美國、亞洲和歐洲收購基金和美國房地產戰略是我們本季度實現淨業績收入的最大推動力。

In total, we produced nearly $400 million of net realized performance revenue in the first half of the year. In addition, we have several transactions slated to close over the next few quarters that will support performance revenues and distributable earnings.

今年上半年，我們總共產生了近 4 億美元的淨實現業績收入。此外，我們還有幾項交易計劃在未來幾個季度完成，這將支持業績收入和可分配收益。

The size and diversity of our net accrued performance balance and the quality of our investment portfolio gives us reasonable confidence we can generate an average of $1 billion of annual net realized performance revenues over the next several years, though market conditions will impact the actual level in any given year.

我們的淨應計業績餘額的規模和多樣性以及我們投資組合的質量使我們有理由相信，我們可以在未來幾年內產生平均每年 10 億美元的已實現業績淨收入，儘管市場條件會影響實際水平任何給定的年份。

Moving on, I want to close with some thoughts on our global credit platform. Solid investment performance, strong fundraising and our recently completed strategic transactions drove fee-earning assets under management to $116 billion, more than double the level a year ago.

接下來，我想以對我們的全球信用平台的一些想法結束。穩健的投資表現、強勁的籌資以及我們最近完成的戰略交易使管理的收費資產達到 1160 億美元，是一年前的兩倍多。

Today, the Global Credit segment is our largest source of fee-earning assets under management, and the recent transactions have provided significant scale to this business. The transformation of Global Credit over the past handful of years is remarkable.

如今，全球信貸部門是我們管理的收費資產的最大來源，最近的交易為該業務提供了可觀的規模。過去幾年全球信貸的轉變令人矚目。

Our opportunistic credit strategy is moving from strength to strength as it increases its scale and employs its available capital in a market that increasingly needs assurance and flexibility. Our structured credit business, with $48 billion in assets under management, following the addition of the CBAM assets, is the global market leader. They have a long-term track record of credit outperformance, and have positioned their portfolio to balance risk and reward as we head into an increasingly complex environment, which provides us with significant conviction in the earnings sustainability in the strategy.

隨著我們擴大規模並在日益需要保證和靈活性的市場中使用可用資本，我們的機會主義信貸戰略正在不斷發展壯大。在加入 CBAM 資產後，我們的結構化信貸業務管理著 480 億美元的資產，是全球市場的領導者。他們在信貸表現方面有著長期的記錄，並在我們進入日益複雜的環境時將其投資組合定位為平衡風險和回報，這使我們對戰略中的盈利可持續性充滿信心。

Fortitude manages almost $50 billion in their general account, and our new advisory relationship with them positions Carlyle to scale considerably as Fortitude deploys their nearly $4 billion of excess capital. And we have growing businesses in real estate credit, infrastructure credit, direct lending and aviation, and we expect these strategies to be significantly larger in the next few years.

Fortitude 在他們的一般賬戶中管理著近 500 億美元，我們與他們的新諮詢關係使 Carlyle 能夠在 Fortitude 部署其近 40 億美元的過剩資本時大幅擴大規模。我們在房地產信貸、基礎設施信貸、直接貸款和航空方面的業務不斷增長，我們預計這些戰略在未來幾年內將顯著擴大。

Broadly, credit quality in our funds remains good, and we are pleased with the diligence of our teams as they manage these portfolios in a rapidly changing environment.

總的來說，我們基金的信用質量仍然良好，我們對團隊在快速變化的環境中管理這些投資組合的勤奮感到滿意。

In sum, in a difficult market, we posted strong results and are well positioned to deliver a solid year of distributable earnings. Our strategic transactions are performing well. Our teams are focused on managing their portfolios to deliver attractive performance for our fund investors and we have substantial dry powder to capitalize on opportunities as they emerge.

總而言之，在困難的市場中，我們公佈了強勁的業績，並有能力實現穩健的一年可分配收益。我們的戰略交易表現良好。我們的團隊專注於管理他們的投資組合，為我們的基金投資者提供有吸引力的業績，我們有大量的干粉來利用它們出現的機會。

With that, let me turn the call over to the operator for your questions.

有了這個，讓我把電話轉給接線員詢問您的問題。

(Operator Instructions) Our first question comes from Alexander Blostein with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Alexander Blostein。

Kew, maybe I was hoping to start with digging a little bit more into performance trends you're seeing, particularly within Corporate Private Equity within Carlyle. Obviously, a very impressive mark this quarter in light of macro conditions and I appreciate the portfolio selection comment.

邱，也許我希望開始更多地挖掘您所看到的績效趨勢，特別是在凱雷的企業私募股權領域。顯然，鑑於宏觀條件，本季度的成績非常令人印象深刻，我很欣賞投資組合選擇評論。

But I guess even good companies are facing higher costs and slower economic conditions and obviously, lower multiples for the public market. So just curious how you're thinking about the offsets to these factors that drove positive performance within private equity for you guys this quarter? And as you think about the exit environment and the ability to actually monetize some of these gains, how are you thinking about that for the next couple of quarters?

但我想即使是優秀的公司也面臨著更高的成本和更慢的經濟狀況，顯然，公共市場的市盈率更低。所以只是好奇你是如何考慮抵消這些因素的，這些因素在本季度為你們帶來了私募股權的積極表現？當您考慮退出環境以及將其中一些收益實際貨幣化的能力時，您如何看待接下來的幾個季度？

Sure, Alex. Thanks for the question. Look, it's clearly a complex market, but we're really focused on controlling what we can control, namely our investing in how we manage our portfolios.

當然，亞歷克斯。謝謝你的問題。看，這顯然是一個複雜的市場，但我們真正專注於控制我們可以控制的東西，即我們投資於我們如何管理我們的投資組合。

But I think the right way and the best way to answer your question, as I said in my opening remarks, we're more diversified than ever. And let me spend a few minutes walking through our various businesses and why I think we're so well positioned with respect to our portfolios and portfolio quality, which your question implies.

但我認為回答你問題的正確方式和最佳方式，正如我在開場白中所說的那樣，我們比以往任何時候都更加多元化。讓我花幾分鐘時間介紹一下我們的各種業務，以及為什麼我認為我們在投資組合和投資組合質量方面處於如此有利的地位，這就是你的問題所暗示的。

So first of all, in Corporate Private Equity, it's important to understand we've got a world-class dominant business at scale. But what's really important to appreciate is that for the several years now, Alex, we've been running slower growth in our investment cases. And importantly, virtually all of our investment base cases contemplated contraction of exit multiples. So that's what I mean when I say we've been preparing for these types of environments.

因此，首先，在企業私募股權領域，重要的是要了解我們擁有世界級的大規模主導業務。但真正值得欣賞的是，多年來，亞歷克斯，我們的投資案例增長緩慢。重要的是，我們幾乎所有的投資基礎案例都考慮了退出倍數的收縮。所以當我說我們一直在為這些類型的環境做準備時，這就是我的意思。

Now we've always been focused on investing in great companies with a view to create growth and fundamental operating improvements to drive our returns. So when you put all this together, we've got great constructed portfolios across all of our CPE strategies, and they're diversified across sectors, regions, themes and vintages. And it's really why we've been able to avoid the hardest hit sectors, we've avoided the high-flying companies that don't generate any profitability.

現在，我們一直專注於投資偉大的公司，以期創造增長和基本運營改善，從而推動我們的回報。因此，當您將所有這些放在一起時，我們在所有 CPE 策略中都構建了出色的投資組合，並且它們在行業、地區、主題和年份之間是多元化的。這就是我們能夠避開受打擊最嚴重的行業的真正原因，我們避開了不會產生任何盈利能力的高飛公司。

And so when you take a look at that portfolio that you referred to, -- it's -- our Corporate Private Equity portfolio, at the top line, has been growing at about 14% this year. They've been maintaining their operating margins given all of the operating improvements that I just referred to. And so the value creation is really coming from growth and operating improvements, which has offset the contraction in the valuation multiples that we've seen in the markets.

因此，當您查看您提到的那個投資組合時， - 它是 - 我們的企業私募股權投資組合，在頂線，今年增長了約 14%。考慮到我剛才提到的所有運營改進，他們一直在維持運營利潤率。因此，價值創造實際上來自增長和運營改善，這抵消了我們在市場上看到的估值倍數的收縮。

And with respect to the exit part of your question, look, you can't have good exits if you don't have good companies. Great exit starts with great investing. We pride ourselves on being a great investment firm with a great investment ethos. And so when you pick good companies, partner with them to create value in a fundamental way, it sets you up for the exits and it's just a matter of how you decide to exit given what the market and the conditions afford you.

關於你問題的退出部分，看，如果你沒有好的公司，你就不可能有好的退出。偉大的退出始於偉大的投資。我們以成為一家具有良好投資精神的偉大投資公司而自豪。因此，當您選擇好的公司，與他們合作以從根本上創造價值時，它會為您的退出做好準備，而這只是根據市場和條件為您提供的情況，您如何決定退出的問題。

So look, taking a step back, we're at scale. We're very well diversified in Corporate Private Equity. We've got superior portfolio construction. Thus far, it's performed relatively well because of the operating performance and the fundamental nature of our value creation.

所以看，退後一步，我們已經達到了規模。我們在企業私募股權方面非常多元化。我們擁有出色的投資組合構建。到目前為止，由於經營業績和我們創造價值的基本性質，它的表現相對較好。

And who knows what the future has in store for everyone moving forward, but I like the way we are positioned as we're heading into this current environment.

誰知道每個人的未來會怎樣，但我喜歡我們在進入當前環境時的定位方式。

Our next question comes from Craig Siegenthaler with Bank of America.

我們的下一個問題來自美國銀行的 Craig Siegenthaler。

Hope everyone is doing well. So we were looking to get an update on fundraising. So how crowded does the current backdrop feel to you, especially in private equity and especially with U.S. pension plans feeling the dominator effect? And then how much of this is offset by new strength from sovereign wealth funds given their stronger cash flows from higher energy prices?

希望每個人都做得很好。因此，我們希望獲得有關籌款的最新信息。那麼，當前的背景對你來說有多擁擠，尤其是在私募股權領域，尤其是在美國養老金計劃感受到主導效應的情況下？那麼，考慮到能源價格上漲帶來的強勁現金流，這其中有多少被主權財富基金的新實力所抵消？

Craig, I'm going to start and just kind of level set a little bit, and then Kew will add some color.

克雷格，我要開始設置一點點水平，然後邱會添加一些顏色。

So let's just kind of recall where we were. 2021 was a great year for us. We raised $51 billion. 2/3 of that came in credit, real estate, our solutions business, infrastructure, renewables, so really diverse in terms of our capital raise.

所以讓我們回想一下我們在哪裡。 2021 年對我們來說是偉大的一年。我們籌集了 510 億美元。其中 2/3 來自信貸、房地產、我們的解決方案業務、基礎設施、可再生能源，就我們的融資而言非常多樣化。

And this year is kind of the same. We expect to have 20 or more strategies in the market this year, again, emphasizing the diversity of the platform. And we're off to a good start, $19 billion raised in the first half, $10 billion in this quarter. And what we're seeing from LPs is they're continuing to entrust us with an increasing amount of capital, which is really important in the current environment. Kew?

今年也差不多。我們預計今年市場上將有 20 種或更多策略，再次強調平台的多樣性。我們有一個良好的開端，上半年籌集了 190 億美元，本季度籌集了 100 億美元。我們從有限合夥人那裡看到的是，他們繼續委託我們提供越來越多的資金，這在當前環境中非常重要。邱?

Thanks, Curt. Look, no doubt the fundraising market is challenging right now, and this could persist for a bit as LPs adjust to market dynamics. And it's most challenging in the corporate private equity segment of the market.

謝謝，柯特。看，毫無疑問，籌款市場現在充滿挑戰，隨著有限合夥人適應市場動態，這種情況可能會持續一段時間。這在市場的企業私募股權領域最具挑戰性。

But I want to refer you to something that Curt just said. We've got 20 or more strategies in the market. And it's important -- and let me refer you to my opening remarks about the diversity of our platform and the benefits of that.

但我想向您介紹一下 Curt 剛才所說的內容。我們在市場上有 20 種或更多策略。這很重要——讓我向您介紹我關於我們平台的多樣性及其好處的開場白。

Over half of our fundraising now is coming from Global Credit, infrastructure, renewables and solutions, where we're continuing to see strong and healthy demand. And I want to broaden the conversation to that of capital formation. And you just heard us talk about it.

我們現在超過一半的籌款來自全球信貸、基礎設施、可再生能源和解決方案，我們繼續看到強勁和健康的需求。我想把話題擴大到資本形成。你剛剛聽到我們談論它。

Just this quarter, we added $50 billion in perpetual capital from Fortitude. And so I think the point being that there are multiple ways we raise capital to drive the growth of Carlyle. We are now at about $260 billion of FE AUM, which is a record. And while there are some challenges in the private equity markets, which we expect to continue for a bit, the breadth and the diversity of our platform gives us a lot of fundraising opportunities, especially when you broaden the lens to think about a capital formation across all of our strategies.

就在本季度，我們從 Fortitude 增加了 500 億美元的永久資本。所以我認為關鍵在於我們有多種籌集資金的方式來推動凱雷的增長。我們現在的 FE AUM 約為 2600 億美元，這是創紀錄的。儘管私募股權市場存在一些挑戰，我們預計這些挑戰還會持續一段時間，但我們平台的廣度和多樣性為我們提供了很多籌資機會，尤其是當您拓寬視野以考慮跨領域的資本形成時我們所有的策略。

Our next question comes from Chris Kotowski with Oppenheimer.

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

I wanted to get a bit more color on what Curt said about fees in private equity coming down in the second half versus first half or second quarter. Is that a function of just a lower catch-up fees or is that the function of realizations coming from funds? Or what's driving that?

我想進一步了解 Curt 所說的私募股權費用在下半年與上半年或第二季度相比下降的情況。這只是較低的追趕費用的功能，還是來自資金的變現功能？或者是什麼驅動了它？

Chris, thanks for the question. So to be specific, what I called out was fee-related performance revenues. So really talking about in Global Private Equity and CPE in particular, I should say, real estate, in particular, is our core+ real estate fund.

克里斯，謝謝你的問題。所以具體來說，我所說的是與費用相關的績效收入。所以真正談到全球私募股權，特別是CPE，我應該說，特別是房地產，是我們的核心+房地產基金。

This has nothing to do with performance. I mean the fund has done really well, continues to do really well, both in terms of size, attractiveness, et cetera. And -- but what we see just based on how it's constructed, that -- it essentially generates incentive fees based upon capital when it was deployed.

這與性能無關。我的意思是該基金在規模、吸引力等方面都做得非常好，繼續做得非常好。而且 - 但我們僅根據它的構建方式所看到的 - 它本質上會在部署時根據資本產生激勵費用。

So 3 years ago, in the second half of the year, 3 years ago, lower amounts of deployment then. And so the incentive fees crystallized off of that are going to be a little bit lower we expect here in the second half. And so I wanted to call that out for everybody. But I think that all solves itself over time.

所以 3 年前，下半年，3 年前，部署量會減少。因此，我們預計下半年的激勵費用將略低一些。所以我想為每個人大聲疾呼。但我認為隨著時間的推移，一切都會自行解決。

And I would point you to a tiny footnote that's like back on Page 25 of our earnings release, that shows that there's $64 million of net accrued incentive fees related to this strategy. And interestingly, that's about the same number last quarter, even though we had about $12 million or so net of compensation realized here in the current quarter. So it's essentially flat and strong. And so we've got good visibility in terms of how that particular product will perform going forward.

我會指出一個小腳註，就像我們收益發布的第 25 頁一樣，顯示與該策略相關的淨應計激勵費用為 6400 萬美元。有趣的是，這與上個季度的數字大致相同，儘管我們在本季度實現了大約 1200 萬美元的淨薪酬。所以它本質上是平坦而堅固的。因此，我們對特定產品未來的表現有很好的了解。

With respect to catch-up management fees, yes, they'll dip here probably in the third quarter. Hard to predict exactly kind of how it plays out over the balance of the year, more broadly outside of the GP segment. We do have some transaction fees that were good in this quarter. And though it's hard to predict exactly when they'll come in, but I feel good about our $850 million of FRE for the full year. And that, I think, is the key that you really want to focus on.

關於追趕管理費，是的，他們可能會在第三季度下降。很難準確預測它在今年餘下的時間裡會如何發揮作用，更廣泛地說，在 GP 領域之外。我們確實有一些本季度不錯的交易費用。雖然很難準確預測他們何時會進來，但我對我們全年 8.5 億美元的 FRE 感到滿意。我認為，這是你真正想要關注的關鍵。

Okay. So it's not the base management fees, it's not the catch-up fees? And just as a reminder, how long do you have to raise?

好的。所以不是基礎管理費，不是追補費？提醒一下，你需要籌集多長時間？

The catch-up management fees do impact. There's $19 million of catch-up management fees, and that will -- based on fundraising, that will play out. But in order to be able to say the $850 million, I'm confident in our growth in core management fees, and management fees make up 90% of our fee revenues. And they're performing really well and incredibly sticky.

追趕管理費確實有影響。有 1900 萬美元的追趕管理費，這將基於籌款而發揮作用。但為了能夠說出8.5億美元，我對我們核心管理費的增長充滿信心，管理費占我們費用收入的90%。他們的表現非常好，而且非常粘人。

Our next question comes from Robert Lee with KBW.

我們的下一個問題來自 KBW 的 Robert Lee。

Maybe the first one, just on Fortitude read I think to you called out that have there's about $4 billion of available capital. Could you kind of -- well, maybe 2 things there. Number one, what would that translate into an asset? Should we assume something like 10:1 leverage to that potentially?

也許是第一個，就在剛毅力讀到的時候，我想你說有大約 40 億美元的可用資本。你能不能——好吧，也許有兩件事。第一，這將轉化為資產什麼？我們是否應該假設潛在的 10:1 槓桿？

And then what's the current environment, how is that altering or impacting the reinsurance opportunity with Fortitude to be in the marketplace and maybe there's different businesses that present more opportunities than others? So any color there would be very helpful.

那麼當前的環境是什麼，如何改變或影響 Fortitude 進入市場的再保險機會，也許有不同的業務比其他業務提供更多的機會？所以那裡的任何顏色都會很有幫助。

Robert, thanks for the question. Why don't we do this? Curt, why don't you tackle the first part of the question, then I'll try to tackle the second one.

羅伯特，謝謝你的問題。我們為什麼不這樣做？ Curt，你為什麼不解決問題的第一部分，然後我會嘗試解決第二部分。

Yes. So Rob, I think you got it right. You picked up on really an important metric. They've got nearly $4 billion of excess capital that Fortitude's going to use to continue to grow its business. And if it does that, you're right, that translates into 10x to 15x from a size standpoint.

是的。所以羅伯，我認為你是對的。你掌握了一個非常重要的指標。他們擁有近 40 億美元的超額資本，Fortitude 將用這些資本繼續發展其業務。如果這樣做，你是對的，從尺寸的角度來看，這意味著 10 倍到 15 倍。

So as we've previously said, I think Fortitude is in great position to double its business over the next handful of years. So I'd say somewhere over the next 5 years, they're well positioned without really doing a whole lot else to double the business.

因此，正如我們之前所說，我認為 Fortitude 在未來幾年內將其業務翻倍處於有利位置。所以我想說，在未來 5 年的某個地方，他們處於有利地位，而無需真正做很多其他事情來使業務翻倍。

Yes. And Robert, let me just add on to that. So first, Fortitude is performing very well. And we are exceptionally happy with how that platform is developed. It's got double-digit ROE at the moment. Reserves are in great shape. And as Curt mentioned and you rightly pointed out, it's got about $4 billion excess capital, which is incredible capital base to support future growth.

是的。還有羅伯特，讓我補充一下。首先，Fortitude 的表現非常好。我們對該平台的開發方式非常滿意。目前擁有兩位數的ROE。儲備狀況良好。正如Curt 提到的並且你正確指出的那樣，它有大約40 億美元的超額資本，這是支持未來增長的令人難以置信的資本基礎。

As you know, as Fortitude grows, because of our aligned strategic advisory's arrangement, as Fortitude grows, Carlyle benefits through our investment platform. With respect to the areas and sources of future growth, the current environment of volatility and higher rates, actually leads us to believe there's going to be more deal activity.

如您所知，隨著 Fortitude 的發展，由於我們一致的戰略諮詢安排，隨著 Fortitude 的發展，凱雷通過我們的投資平台受益。關於未來增長的領域和來源，當前的波動和更高的利率環境實際上使我們相信會有更多的交易活動。

Because what that volatility does is it puts pressure on insurance companies to manage their capital more effectively. And as a result, they are going to be much more inclined to want to divest and to sell legacy liabilities, portfolios that are capital consumptive or enter into reinsurance transactions with folks like Fortitude.

因為這種波動性給保險公司帶來了更有效地管理資本的壓力。因此，他們將更傾向於剝離和出售遺留負債、消耗資本的投資組合或與 Fortitude 等人進行再保險交易。

So at the moment, our pipeline is very busy, very robust. You've seen us announce deals with Prudential, with T&D in Japan. And there are lots of other areas for us to continue to grow via reinsurance, but also scaling up via acquisition.

所以目前，我們的管道非常繁忙，非常強大。您已經看到我們宣布與保誠達成交易，與日本的 T&D 達成交易。我們還有很多其他領域可以通過再保險繼續增長，但也可以通過收購擴大規模。

These types of things are not predictable month-to-month or quarter-to-quarter, but as I look out over the next several years, this excess capital and the momentum that Fortitude has leads me to believe you're going to see real scalable growth coming out of Fortitude in the years to come.

這些類型的事情無法按月或按季度進行預測，但正如我在接下來的幾年中所看到的那樣，這種過剩的資本和 Fortitude 所帶來的動力讓我相信你會看到真實的Fortitude 在未來幾年內實現了可擴展的增長。

Great. And maybe as a quick follow-up, Curt, I think you guys have guided to $850 million of FRE for this year. Can you maybe just update us on your thoughts around that, your comfort level that's still a reasonable goal?

偉大的。也許作為快速跟進，Curt，我認為你們今年已經指導了 8.5 億美元的 FRE。您能否向我們更新您對此的想法，您的舒適度仍然是一個合理的目標？

Yes. I mean Kew confirmed that in his prepared remarks, and we feel very comfortable with the $850 million. And again, the business is performing well. And so I think that's a good target and a good expectation for us.

是的。我的意思是邱在他準備好的講話中證實了這一點，我們對 8.5 億美元感到非常滿意。再次，業務表現良好。所以我認為這對我們來說是一個很好的目標和一個很好的期望。

Our next question comes from Ken Worthington with JPMorgan.

我們的下一個問題來自摩根大通的 Ken Worthington。

Kew, a couple of questions on inorganic growth. Has the environment for inorganic growth changed given market conditions? And then maybe there had been a gap between public and private market valuations, for alternative asset managers presenting a nice arbitrage opportunity for public market buyers and that arbitrage, I think, narrowed.

邱，關於無機增長的幾個問題。鑑於市場條件，無機增長的環境是否發生了變化？然後，公共市場和私人市場的估值之間可能存在差距，因為另類資產管理公司為公共市場買家提供了一個很好的套利機會，我認為這種套利縮小了。

Have private market valuations come down with public market alternative asset manager valuations? And ultimately, what is your outlook here today for the second half of 2022 into '23 for executing the inorganic part of your growth strategy?

私人市場估值是否隨著公開市場另類資產管理公司估值而下降？最後，您今天對 2022 年下半年到 23 年執行增長戰略的無機部分有何展望？

Great. Let me take the first part of that question, which is the -- and then maybe Curt can jump in and give some color as well on your fulsome question.

偉大的。讓我來談談這個問題的第一部分，即——然後也許 Curt 可以加入並為你的問題提供一些色彩。

With respect to inorganic growth, let me take a step back. Corporate development done very strategically and thoughtfully is absolutely one very important element as we continue to diversify our platform. You've seen us do this, and it has been done to great success thus far.

關於無機增長，讓我退後一步。隨著我們繼續使我們的平台多樣化，戰略性和深思熟慮地完成企業發展絕對是一個非常重要的因素。你已經看到我們這樣做了，到目前為止，它已經取得了巨大的成功。

However, we're going to be very disciplined about it. There is no quota or budget or timetable that we're on. We're going to be very measured and deliberate. And this type of environment may create opportunities, and we are very carefully seeing what the environment has to bring, but also doing it from a perspective of where do we want to build out in our platform.

但是，我們將對此非常自律。我們沒有配額、預算或時間表。我們將非常謹慎和慎重。這種類型的環境可能會創造機會，我們非常仔細地觀察環境必須帶來什麼，同時也是從我們希望在我們的平台中構建的角度來做的。

And I've told you the areas that most likely would represent areas for continued growth would most likely be in our credit and our solutions and our infrastructure platform. But the bigger theme though that needs to be appreciated is the criteria that we're looking for are strategic adjacencies, FRE intensive, ideally more perpetual capital-oriented, highly scalable, big markets, big strategies, where things can move the needle over time for us.

我已經告訴過你，最有可能代表持續增長的領域很可能是我們的信貸、我們的解決方案和我們的基礎設施平台。但更重要的主題是我們正在尋找的標準是戰略鄰接、FRE 密集型、理想情況下更永久的資本導向、高度可擴展、大市場、大戰略，隨著時間的推移，事情會發生變化為我們。

So these are the types of criteria we're looking forward to the extent that something fits that bill. Yes, we would be willing to move forward. But like I said, no quota time pressure or anything imminent that I want to talk about. Curt?

因此，這些是我們期待的標準類型，以符合該法案的程度。是的，我們願意繼續前進。但就像我說的，沒有配額時間壓力或任何我想談論的迫在眉睫的事情。生硬？

Yes. Thanks. And Ken, thanks for the thoughtful question. From a valuation perspective, we're talking here about alts and possible opportunities from us from an acquisition standpoint, continuing to build inorganically.

是的。謝謝。肯，謝謝你的深思熟慮的問題。從估值的角度來看，我們在這裡從收購的角度談論我們的替代品和可能的機會，繼續以無機方式建設。

And similar to what we see kind of in our own portfolio, it really comes down to the quality of the asset that you're looking at and really good quality assets, those valuation demands are still really high. And those things that are lacking in attributes obviously get a lower value and are under more pressure now.

與我們在自己的投資組合中看到的類似，這實際上歸結為您正在查看的資產的質量和真正優質的資產，這些估值要求仍然非常高。而那些缺乏屬性的東西，顯然價值更低，壓力更大。

And so if you think about it in terms of what we're looking at, we like things that have lots of FRE and with great margins. We like things that have a great growth trajectory. We like to see can they execute this on their own? Or are they deficient in their ability to execute? Are they scaled and what's their infrastructure and technology, et cetera? How does that kind of look? Or are they missing? And if they're missing in those things, they get a lower -- their ability to ask for an amount is lower than if they can execute on all these things.

因此，如果您從我們所關注的方面考慮它，我們喜歡具有大量 FRE 且利潤豐厚的東西。我們喜歡具有良好增長軌蹟的事物。我們想看看他們能自己執行嗎？還是他們的執行能力不足？他們是否規模化，他們的基礎設施和技術是什麼，等等？這樣的樣子怎麼樣？還是他們失踪了？如果他們在這些事情上遺漏了，他們會得到更低的 - 他們要求金額的能力低於他們能夠執行所有這些事情的能力。

So look, we'll often kind of look at things that only possess some of the attributes. And then the question is, can we supplement it and get an arbitrage advantage on that kind of as you pointed out, in our own analysis?

所以看，我們經常會看一些只擁有一些屬性的東西。然後問題是，在我們自己的分析中，我們能否如您所指出的那樣對其進行補充並獲得套利優勢？

So look, it's the whole scale. I mean -- but it's a continuous discovery process between buyer and seller.

所以看，這是整個規模。我的意思是——但這是買賣雙方之間不斷發現的過程。

Our next question comes from Michael Cyprys with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

I just wanted to come back to some of your early commentary on the call here, maybe just for some on the fundraising commentary just around a more challenging backdrop for raising in private equity.

我只是想回到你早期對電話會議的一些評論，也許只是關於籌款評論的一些評論，只是圍繞一個更具挑戰性的私募股權籌集背景。

Just curious how you see that potentially impacting Carlyle's own outlook for raising and Corporate Private Equity just in terms of magnitude and timing? Does it have an impact there at all? And then to your comments on the strong portfolio appreciation in the quarter, but just given the tougher macro backdrop here, just curious how you see that impacting the realization outlook into the second half of the year as compared to the $390 million that you generated in net realizations in the first half?

只是好奇您如何看待這可能會影響 Carlyle 自身的融資前景和企業私募股權投資的規模和時機？它對那裡有影響嗎？然後是您對本季度強勁的投資組合升值的評論，但只是考慮到這裡更為嚴峻的宏觀背景，只是好奇您如何看待與您產生的 3.9 億美元相比，這會影響到今年下半年的實現前景上半年淨實現？

Mike, it's Kew. Why don't we try this? Curt, do you want to take the first part, and I'll take the second?

邁克，是邱。我們為什麼不試試這個？柯特，你想拍第一部分，我來拍第二部分嗎？

Sure. So Michael, on fundraising, again, there's good momentum as we start this year. For all the things I've already said $19 billion raised, 20 different strategies and having very good success on a multitude of fronts.

當然。所以邁克爾，在籌款方面，我們今年開始時再次有良好的勢頭。對於我已經說過的所有事情，籌集了 190 億美元，20 種不同的策略，並在多個方面取得了非常好的成功。

You're absolutely right that the world has changed, in particular around some of the traditional private equity strategies. And that's fundamentally going to result in some of those raises taking longer in general and maybe not raising the same amounts as they would have otherwise in a different environment.

你說得對，世界已經發生了變化，尤其是圍繞一些傳統的私募股權策略。這從根本上將導致其中一些加薪通常需要更長的時間，並且可能不會像在不同環境中那樣籌集相同的金額。

All of that said, I still like our play. I still like what we're doing, and I still like our momentum.

儘管如此，我仍然喜歡我們的比賽。我仍然喜歡我們正在做的事情，我仍然喜歡我們的勢頭。

Yes. And with respect to your second question on exits, look, I mean the general M&A environment today, the state of the equity capital markets, one -- it would lead one to think that realizations would drop down significantly.

是的。關於你關於退出的第二個問題，看，我的意思是今天的一般併購環境，股權資本市場的狀況，一個 - 它會導致人們認為實現會顯著下降。

But you got to keep in mind how big our portfolio is, how broad it is, how diversified it is. And we've had $4.3 billion of accrued carry in place for several quarters now. And there are lots of transactions that were signed up several quarters ago, 3 quarters ago, that continued to close as we play out the rest of this year.

但是你必須記住我們的投資組合有多大，它有多廣泛，它有多多樣化。現在，我們已經有 43 億美元的應計利差到位了幾個季度。有很多交易是在幾個季度前簽署的，三個季度前，隨著我們今年剩餘時間的結束，這些交易繼續完成。

So number one, that gives us a lot of line of sight, which is why Curt, in his comments, was fairly comfortable that year-to-year, it will be about $1 billion worth of net realized performance fees give or take for market conditions and timing and the vague reason and then whatnot. But the size and breadth of our portfolio gives us that comfort to say that.

所以第一，這給了我們很多視線，這就是為什麼柯特在他的評論中，每年相當舒服，這將是價值約 10 億美元的淨實現績效費給或接受市場條件和時機以及模糊的原因等等。但我們投資組合的規模和廣度讓我們可以放心地說。

I'd also state -- and just I want to reaffirm what I said earlier to Alex's question. We have great portfolios that have been constructed and our investment approach is always to pick out what we believe are great companies with real differentiated plans for value creation driven by fundamental -- in fundamental ways, growth and operating improvements.

我還要聲明——我只想重申我之前對亞歷克斯的問題所說的話。我們已經構建了出色的投資組合，我們的投資方法始終是挑選出我們認為具有真正差異化計劃的優秀公司，這些公司的價值創造計劃由基本面驅動——基本面、增長和運營改進。

I just want to point out, 80% of the IRRs in Carlyle's Corporate Private Equity portfolio, historically, are driven by growth and operating improvements, not by leverage and multiple expansion. This gives you a sense for the nature of our value creation.

我只想指出，從歷史上看，凱雷公司私募股權投資組合中 80% 的內部收益率是由增長和運營改善驅動的，而不是由槓桿和多重擴張驅動的。這讓您了解我們價值創造的本質。

Because of the way we do things in our investment ethos, we feel very good about the quality of the companies that we have in portfolio, which, of course, then leads to good exit outcomes. Thus far this year, despite the challenging markets -- and the market and the valuation multiple contraction that you've referred to, the sales of our private assets have been at very good prices, which reflects the nature of these companies and the quality of these assets.

由於我們在投資理念中做事的方式，我們對投資組合中公司的質量感覺非常好，這當然會帶來良好的退出結果。今年到目前為止，儘管市場充滿挑戰——以及你提到的市場和估值倍數收縮，我們私人資產的銷售價格非常好，這反映了這些公司的性質和質量這些資產。

So we feel pretty good about the construction of our portfolio. The realizations to date indicate good breadth and good quality and good portfolio construction. And longer term, if we can keep this up, I think we are pretty confident in what Curt said, which is about $1 billion a year in terms of net realized performance fees coming out of our very substantial $4.3 billion of accrued carry.

所以我們對我們的投資組合的構建感覺很好。迄今為止的實現表明良好的廣度和良好的質量以及良好的投資組合構建。從長遠來看，如果我們能夠保持這種狀態，我認為我們對 Curt 所說的話非常有信心，從我們非常可觀的 43 億美元的應計利差中產生的淨已實現績效費用而言，這大約是每年 10 億美元。

And just to add on to that, Mike. I mean, you heard the confidence in what Kew was saying about the portfolio. And we've been seeing a lot of activity, a lot of discussions, so good exits here in the quarter. We've got a good pipeline of exits.

再加上一點，邁克。我的意思是，你聽到了 Kew 對投資組合所說的話的信心。我們已經看到很多活動，很多討論，本季度的退出非常好。我們有一個很好的退出渠道。

And sitting here today, my bet is the second half is actually stronger than the first half. Not to the same level it was last year, of course, but I think the second half from a carrier production perspective, and I don't have a perfect crystal ball, but I think the second half will be better than the first half.

而今天坐在這裡，我的賭注是下半場實際上比上半場更強。當然沒有達到去年的水平，但我認為從航母生產的角度來看下半年，我沒有完美的水晶球，但我認為下半年會比上半年更好。

Great. That's super helpful. So I'm hearing a lot of confidence in the pipeline, the portfolio, the receivable. I guess would you be surprised if you hit the $1 billion this year on the net carry -- realized carry?

偉大的。這非常有幫助。所以我聽到對管道、投資組合和應收賬款的信心。我想如果你今年的淨利差達到 10 億美元——實現利差，你會感到驚訝嗎？

Look, I mean, the portfolio is incredibly well set up. I told you kind of that -- I think the second half is going to be better than the first half. So -- can we do really well? Sure. Can we miss it a little? That's always possible. So it's hard to give you an exact number.

看，我的意思是，投資組合的設置非常好。我告訴過你——我認為下半場會比上半場好。那麼——我們真的可以做得很好嗎？當然。我們可以錯過一點嗎？這總是可能的。所以很難給你一個確切的數字。

Our next question comes from Glenn Schorr with Evercore ISI.

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

So just came out, obviously, but we've been talking about this for a year. So a quick question on management consumer seems like they struck a clean energy deal, and part of the pay for is carried interest. I'm sure I'm not alone when I got a ton of questions already this morning. I know we've talked about in the past, I think it would be good for people to hear from you.

所以剛剛出來，很明顯，但我們已經討論了一年。因此，關於管理消費者的一個快速問題似乎他們達成了一項清潔能源協議，並且部分報酬是附帶利息。我敢肯定，當我今天早上已經收到大量問題時，我並不孤單。我知道我們過去曾談過，我認為人們收到你的來信會很好。

Two-parter, a, what does it mean for your portfolios? And then most importantly, for your stocks right now, what does it mean, if anything, for the shareholder? Like who's issuing is it assuming higher carrier interest taxes goes through?

兩部分，a，這對您的投資組合意味著什麼？然後最重要的是，對於您現在的股票，這對股東意味著什麼（如果有的話）？就像假設更高的承運人利息稅一樣，是誰發行的？

Glenn, thanks for the question. Look, I mean, this news kind of just came out last night. There's a long way still to go on it. All of the details aren't yet. Our teams are on it, looking at it and researching it just like you would expect, but it's really premature for us to comment on it.

格倫，謝謝你的問題。聽著，我的意思是，這個消息昨晚剛剛傳出。還有很長的路要走。所有的細節還沒有。我們的團隊正在研究它，正如您所期望的那樣查看和研究它，但我們現在評論它還為時過早。

And look, generally, in terms of how our people -- our tax, we got people all over the world, subject to all kinds of different tax rates, that's not kind of changes in local taxation doesn't affect kind of our corporate play. And we're already at a full C-corp with a fully loaded corporate tax provision.

總的來說，就我們的員工——我們的稅收而言，我們讓世界各地的人受到各種不同稅率的影響，這不是地方稅收的變化，也不會影響我們的企業活動.而且我們已經在一個完整的 C-corp 中，擁有完整的公司稅條款。

Maybe I want to -- I know it's a came out, but I know we've also talked about it for years. I think that shareholders want to know one thing. No matter what the rules are, is the public shareholder on the hook for a higher carried interest cost? Or is that the employee getting paid and carried? That's what I'm getting over.

也許我想——我知道它已經出來了，但我知道我們已經討論了很多年了。我認為股東想知道一件事。不管規則是什麼，公眾股東是否會承擔更高的附帶利息成本？還是該員工獲得報酬和攜帶？這就是我要克服的。

Yes. I mean, we're already -- our carry is already fully taxed on the corporate side. So it weren't -- capital gains rates aren't -- it's not kind of -- we're paying essentially a fully loaded ordinary income tax rate on our carry.

是的。我的意思是，我們已經——我們的利差已經在公司方面完全徵稅了。所以它不是——資本利得率不是——它不是那種——我們基本上支付了一個滿載的普通所得稅率。

I appreciate that. That's the point I wanted to get across. Last quickie is you see these hung deals, some of us cover all the big banks, too. And forget that they took marks as music stopped. They're still holding on to a lot of inventory. There's a lot of leverage loans hung out there.

我很感激。這就是我想要表達的觀點。最後快點是你看到這些懸而未決的交易，我們中的一些人也覆蓋了所有的大銀行。忘記他們在音樂停止時記分。他們仍然持有大量庫存。那裡有很多槓桿貸款。

It coincides with the wider bid asks. I'm just curious just what does that mean to you? Is that fully incorporated in your comments so far on the deployment and monetization? Is there any other circumstances that, that leads to good or bad things for you?

它與更廣泛的出價要求相吻合。我只是好奇這對你意味著什麼？到目前為止，您對部署和貨幣化的評論是否已完全納入？是否有任何其他情況會導致對您來說是好事或壞事？

Glenn, it's Kew. I'll handle that question. I think it's important to take a step back and put the current situation in perspective and compare that to maybe what we're all remembering with what happened right after the great financial crisis set in.

格倫，是邱。我會處理這個問題。我認為重要的是要退後一步，正確看待當前的情況，並將其與我們所記得的可能與金融危機爆發後發生的事情進行比較。

And right now, I think my best guess is there's probably $80 billion of hung loans or backlog today in the system. But that compares to, if you go back a bit, $325 billion, which is the comparable number back at the time of the great financial crisis. But I think what's really important to appreciate is that the entire leveraged finance market is 3 to 4x bigger.

現在，我認為我最好的猜測是系統中今天可能有 800 億美元的掛起貸款或積壓。但相比之下，如果你稍微回顧一下，那就是 3250 億美元，這是大金融危機時期的可比數字。但我認為真正值得欣賞的是整個槓桿金融市場要大 3 到 4 倍。

So not only is the absolute amount much smaller, but the total market is much bigger. And on top of that, my view is that our banks and our partners at all of our banks, If they're well capitalized, they're well run.

因此，不僅絕對數量要小得多，而且整個市場要大得多。最重要的是，我的觀點是，我們的銀行和我們所有銀行的合作夥伴，如果他們資本充足，他們就會經營得很好。

So yes, there is a backlog today that they're trying to move off their books. I have no doubt that's going to happen in time. It is a much smaller issue and headache now than it was at the GFC. And it's just a matter of time before this clears out, and hopefully, activity resumes.

所以是的，今天有一個積壓的工作，他們正試圖擺脫他們的書籍。我毫不懷疑這會及時發生。現在與 GFC 相比，這是一個小得多的問題和令人頭疼的問題。清除這種情況並希望恢復活動只是時間問題。

Our next question comes from Rufus Hone with Bank of Montreal.

我們的下一個問題來自蒙特利爾銀行的 Rufus Hone。

I was hoping you could provide an update on the solutions business. And how do you see activity there developing in the coming quarters? And whether the dislocation you're seeing in the markets translates into potential upside for that business? And can you also update us on potential fundraising opportunities in solutions and the pipeline for new products?

我希望您能提供有關解決方案業務的最新信息。您如何看待未來幾個季度那裡的活動發展？您在市場上看到的混亂是否會轉化為該業務的潛在上行空間？您能否向我們介紹解決方案的潛在籌款機會和新產品的渠道？

Rufus, let me start, and maybe Kew will add in. So look, the solutions business, we remain optimistic and bullish there. Lots of good things happening. As I said, probably last quarter, there's a couple of things to keep in mind. It is still a little bit of a stair-step business.

Rufus，讓我開始吧，也許 Kew 會加入。所以看，解決方案業務，我們在那裡保持樂觀和看漲。很多好事正在發生。正如我所說，可能是上個季度，有幾件事要記住。這仍然是一個階梯式的業務。

So as it's -- cycles of funds come back to market, it grows a little bit more in stair-step. Second, that business has made real progress in terms of improving its performance and margin. It got hurt a little bit this quarter in terms of FX. It's one of the places where we're probably a little bit more exposed to FX because most of that business -- a lot of it is denominated in euros and the like. And so as the dollar strengthens, it's hurt us a little bit on some of that.

因此 - 資金周期回到市場，它會逐步增長。其次，該業務在提高業績和利潤率方面取得了實際進展。就外匯而言，本季度它受到了一點傷害。這是我們可能更多地接觸外彙的地方之一，因為大部分業務都是以歐元等計價的。因此，隨著美元走強，它在某些方面對我們造成了一點傷害。

But overall trajectory is good. There's also a white space there that they're taking advantage of and the potential to add new products that they're very much focused on. And so looking forward to some of that, that will take some time to really play out.

但總體軌跡還不錯。那裡還有一個他們正在利用的空白空間，以及添加他們非常關注的新產品的潛力。所以期待其中的一些，這將需要一些時間才能真正發揮出來。

But it gives me a lot of confidence in long-term growth. And I think that's where this business can go. And then last, I'll simply say that the secondary market -- I mean now it's a great time for it. And so they're continuing to take advantage of that and play well. They're a very well-known player. AlpInvest has done a great job. Their knowledge of data and of the market is fabulous. Their performance here in the quarter aided a little bit -- I hear it helps us. It aided a little bit by FX, but still remains very strong and their knowledge of what's happening is very good. So we're well set up there, especially for the long term.

但這讓我對長期增長充滿信心。我認為這就是這項業務可以發展的地方。最後，我只想說二級市場——我的意思是現在是它的好時機。所以他們繼續利用這一點並打得很好。他們是一個非常有名的球員。 AlpInvest 做得很好。他們對數據和市場的了解非常好。他們在本季度的表現有點幫助——我聽說這對我們有幫助。 FX 對它有所幫助，但仍然非常強大，而且他們對正在發生的事情的了解非常好。所以我們在那裡設置得很好，特別是從長遠來看。

Yes. I don't have much to add, Curt, other than if you string together a few of these questions, the volatility, the denominator effect that somebody mentioned on a previous question, all of this leads our LPs to want to optimize, reconstruct and tailor their very large alternatives portfolios and that need, that necessity for the LPs to do that really runs right into the sweet spot of what AlpInvest is designed to help our LPs do.

是的。我沒有太多要補充的，Curt，除瞭如果你將其中一些問題、波動性、有人在上一個問題中提到的分母效應串在一起，所有這些都會導致我們的 LP 想要優化、重構和量身定制他們非常龐大的替代投資組合和需求，LP 這樣做的必要性確實符合 AlpInvest 旨在幫助我們的 LP 做的最佳點。

So whether it's secondaries, whether it's single asset strategies, whether it's co-investment strategies, AlpInvest is very well positioned as a market leader to take advantage of this more broad secular trend that all this volatility, all of the multiple contractions and the swings you're seeing, our LPs need to optimize and tinker with their portfolio at large levels. And that, I think, is going to continue for several years to the benefit of our AlpInvest platform.

因此，無論是二級市場，無論是單一資產策略，還是聯合投資策略，AlpInvest 都非常適合作為市場領導者利用這種更廣泛的長期趨勢，即所有這些波動、所有多重收縮和波動'正在看到，我們的 LP 需要在很大程度上優化和修補他們的投資組合。我認為，這將持續數年，以使我們的 AlpInvest 平台受益。

We have a follow-up question from the line of Alexander Blostein.

我們有一個來自 Alexander Blostein 的後續問題。

I wanted to go back to the FRE dynamics you described for this year, and it's really nice to hear, obviously, the reaffirmation of the $850 million of FRE for 2022.

我想回到你描述的今年的 FRE 動態，很顯然，很高興聽到重申 2022 年 8.5 億美元的 FRE。

But as you think about Carlyle's growth algorithm for FRE beyond this year, obviously, you're going to get the benefit from annualization from some of the deals and kind of the big flagship fundraising. So that will help.

但是當你考慮到今年以後 Carlyle 的 FRE 增長算法時，很明顯，你將從一些交易和大型旗艦籌款活動中獲得年化收益。所以這會有所幫助。

But curious how you would think about growth and FRE besides these tailwinds for 2023? I understand it's kind of early. I don't expect you guys to have full guidance out. But just as a framework of how to think about beyond some of these annualization dynamics?

但好奇你會如何看待 2023 年的這些順風之外的增長和 FRE？我明白這有點早。我不希望你們得到全面的指導。但只是作為一個框架，如何思考這些年化動態之外的一些問題？

Alex, I'll start and Kew may add in here. So look, we've done really well in terms of growing the business, especially over the last several years. We've taken FRE and if you think about over the last 5 years, we've more than tripled fee-related earnings.

亞歷克斯，我會開始，邱可能會在這裡添加。所以看，我們在發展業務方面做得非常好，尤其是在過去幾年中。我們採用了 FRE，如果您考慮過去 5 年，我們的費用相關收入增加了兩倍多。

If you do the math, and that's about a 30% CAGR over that time period. At the 8 50, we'll end the year up about 40% over last year. Big market picture. If markets -- everything we're reading and what we've experienced, I would say that the private markets will go from about a $10 trillion size to about double that over 4 or 5 years, which would imply about a 15% CAGR.

如果你算一下，那在這段時間內大約有 30% 的複合年增長率。在 8 50 時，我們將在今年年底比去年增長約 40%。市場大圖。如果市場——我們正在閱讀的所有內容以及我們所經歷的一切，我會說私人市場的規模將從大約 10 萬億美元增長到大約 4 或 5 年的兩倍，這意味著複合年增長率約為 15%。

If that all happens, we'll be right there with it. I mean our brand, our diversity, our strength of performance really sets us up to really benefit from all of those tailwinds. And I think that we can do better, especially as we use our balance sheet and grow new products. There's more things that we can do.

如果這一切都發生了，我們就在那裡。我的意思是我們的品牌、我們的多樣性、我們的業績實力確實讓我們真正受益於所有這些順風。我認為我們可以做得更好，尤其是當我們使用我們的資產負債表並開發新產品時。我們可以做的事情還有很多。

But to be determined in terms of kind of how all those things shape up over time, and we'll see how it plays. But I like where we've been and what we've been able to do, and we remain focused on growing the business.

但是要確定所有這些事情如何隨著時間的推移而形成，我們將看看它是如何發揮作用的。但我喜歡我們所處的位置和我們能夠做的事情，我們仍然專注於發展業務。

Yes, Alex, let me give you a few thoughts, and it ties into the fact that we have deliberately diversified our platform to create meaningful platforms that can continue to scale growth and give us many avenues to drive growth and earnings over time.

是的，亞歷克斯，讓我給你一些想法，這與我們有意使我們的平台多樣化以創建有意義的平台這一事實有關，這些平台可以繼續擴大增長，並為我們提供許多途徑來推動增長和收益。

So just taking a step back, I just want to remind you, obviously, we have a world-class dominant Corporate Private Equity business. It's global in scale. It cuts across all industries. And I've got no doubt that business will continue to motor along.

因此，退後一步，我只想提醒您，顯然，我們擁有世界級的主導企業私募股權業務。它的規模是全球性的。它涉及所有行業。我毫不懷疑業務將繼續發展。

In addition to that, we've now supplemented it by organically and with some inorganic help, we've built a great credit business. It's now the fastest-growing part of our business. It is a more scalable asset class than private equity. And even within credit, we see white space in areas like infrastructure credit, real estate credit to continue growing.

除此之外，我們現在已經通過有機的和一些無機的幫助來補充它，我們已經建立了一個偉大的信貸業務。它現在是我們業務中增長最快的部分。它是一種比私募股權更具可擴展性的資產類別。即使在信貸領域，我們也看到基礎設施信貸、房地產信貸等領域的空白繼續增長。

And just want to remind you, we've had great success in our opportunistic strategy, which we started from scratch. And our aviation platform has more than doubled since we bought it. So credit is a great platform that we believe still has real secular tailwinds, especially, as I've noticed, our LPs continue to allocate away from traditional public fixed income into private credit and especially since we continue to see inroads of private credit solutions from that of the banking system.

只是想提醒您，我們從零開始的機會主義戰略取得了巨大成功。自從我們購買它以來，我們的航空平台已經翻了一番多。所以信貸是一個很好的平台，我們認為它仍然具有真正的長期順風，特別是，正如我所注意到的，我們的 LP 繼續從傳統的公共固定收益分配到私人信貸，特別是因為我們繼續看到私人信貸解決方案從銀行系統的。

The third major business we have set up is now our infrastructure and renewables business, which I believe will really benefit from the secular tailwinds of energy transition, but also the significant investment dollars that around the world that have to go to improving infrastructure, whether it's digital infrastructure, hard infrastructure, countries are going to have to be rebuilt. You are talking about significant amounts of capital that's going to be required in infrastructure support energy transition and the creation of resilience on a regional level in our industrial complex.

我們現在建立的第三個主要業務是我們的基礎設施和可再生能源業務，我相信這將真正受益於能源轉型的長期順風，而且世界各地必須用於改善基礎設施的大量投資資金，無論是數字基礎設施、硬件基礎設施、國家將不得不重建。您說的是基礎設施支持能源轉型和在我們的工業綜合體的區域層面建立彈性所需的大量資金。

So there's going to be a lot of money and a lot of growth in infrastructure. Then we just talked about our solutions business. AlpInvest is an industry-leading platform. As the alt industry grows, there's just going to be even more need for AlpInvest to help our LPs with their portfolio management solutions.

因此，基礎設施將有大量資金和大量增長。然後我們剛剛談到了我們的解決方案業務。 AlpInvest 是一個行業領先的平台。隨著 alt 行業的發展，AlpInvest 將更加需要幫助我們的 LP 提供他們的投資組合管理解決方案。

We talked earlier about Fortitude, $50 billion of assets already. It's got excess capital. That is set up really nicely to scale and grow. And then don't forget, we have set up a capital markets business which, as our deal activity continues to pick up across our platform, we'll continue to drop incremental fees to our bottom line.

我們之前談到了 Fortitude，已經擁有 500 億美元的資產。它有多餘的資本。設置得非常好，可以擴展和增長。然後不要忘記，我們已經建立了資本市場業務，隨著我們平台上的交易活動繼續增加，我們將繼續降低增加的費用到我們的底線。

So all of that has been set up over the past few years. It is a much more diversified platform. It creates a much more resilient earnings base, but we have lots of areas by which to grow moving forward. And that's even before we talk about corporate development and inorganic initiatives, which obviously, over the past couple of years in selective ways we've done it, have been very select -- successful and additive.

所以這一切都是在過去幾年裡建立起來的。這是一個更加多元化的平台。它創造了一個更具彈性的收入基礎，但我們有很多領域可以向前發展。這甚至在我們談論企業發展和無機舉措之前，顯然，在過去的幾年裡，我們以選擇性的方式完成了它，非常有選擇——成功和附加。

So if you marry Curt's thoughts, bigger picture where the industry is going. And then if you marry that with what we've been doing to execute against our strategic priorities and set up a diversified platform for growth, I kind of like the way we're positioned to keep driving this firm moving forward.

因此，如果您結合 Curt 的想法，就可以了解整個行業的發展方向。然後，如果您將其與我們一直在執行的戰略重點相結合，並建立一個多元化的增長平台，我有點喜歡我們為繼續推動這家公司前進而定位的方式。

We have a follow-up question from the line of Craig Siegenthaler.

我們有一個來自 Craig Siegenthaler 的後續問題。

I'm assuming this is not an issue just given your commentary on the resilient credit quality in your Global Credit business. But I'm curious in terms of how your CLO managed fee deferrals work? And can you help us frame the risk that you might have a decline in management fees if we enter a severe U.S. economic recession?

鑑於您對全球信貸業務的彈性信貸質量的評論，我認為這不是問題。但我很好奇您的 CLO 託管費用延期如何運作？如果我們進入嚴重的美國經濟衰退，您能否幫助我們確定管理費可能下降的風險？

Craig, thanks for the question. Look, we're now the largest player in the CLO space, and that gives us a lot of opportunity and strength. The portfolio is exceptionally well positioned. And the team has been incredibly active in terms of how to position the portfolio for these challenging times.

克雷格，謝謝你的問題。看，我們現在是 CLO 領域最大的參與者，這給了我們很多機會和力量。該投資組合的定位非常好。在如何為這些充滿挑戰的時代定位投資組合方面，該團隊一直非常活躍。

So they traded about $9 billion and that was all buys and sells across the platform here in the second quarter. And with the goal of reducing exposure to industries that had higher commodity costs or little pricing power. So it was all about making sure that we really kind of positioned it well for some potential rough waters.

所以他們交易了大約 90 億美元，這都是第二季度在平台上的所有買賣。目標是減少對商品成本較高或定價能力低的行業的敞口。因此，這一切都是為了確保我們確實為一些潛在的洶湧水域做好了定位。

As a result, the risk metrics look really good. Our exposures on CCCs are below industry averages in the index. The quality of the portfolios and all of the basic indexes have scored well and are rating really well from a quality perspective. Our defaults continue to be below market averages.

結果，風險指標看起來非常好。我們對 CCC 的風險敞口低於指數中的行業平均水平。投資組合和所有基本指數的質量得分都很高，從質量的角度來看，它們的評級非常好。我們的違約率繼續低於市場平均水平。

Look, we expect some kind of increase in that. But the underlying cushion in the overcollateralization test is strong. So we feel like really well positioned. And as long as that remains so, which we currently expect it to be, there's not really the risk in terms of any of the sub fees shutting off. The portfolio is well positioned and hence the confidence you've heard in our tone.

看，我們預計會有所增加。但超額抵押測試中的潛在緩衝是強大的。所以我們感覺自己的定位非常好。只要情況仍然如此，我們目前預計會如此，就關閉任何子費用而言，並不存在真正的風險。投資組合定位良好，因此您對我們的語氣充滿信心。

That concludes today's question-and-answer session. I'd like to turn the call back now for closing remarks.

今天的問答環節到此結束。我想現在轉回電話以結束髮言。

Yes. Thank you, everyone, for listening on what I know is a very busy day. If you have any other follow-up questions, feel free to reach out to Investor Relations. Otherwise, we look forward to talking with you again in the fall. Thank you.

是的。謝謝大家，聽我知道這是非常忙碌的一天。如果您有任何其他後續問題，請隨時聯繫投資者關係部。否則，我們期待在秋天再次與您交談。謝謝你。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。