Carlyle Group Inc (CG) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to The Carlyle Group's First Quarter 2024 Earnings Conference Call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加凱雷集團 2024 年第一季財報電話會議。 （操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

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

現在，我想將會議交給今天的第一位發言人，投資者關係主管丹尼爾哈里斯 (Daniel Harris)。請繼續，先生。

Thank you, Norma. Good morning, and welcome to Carlyle's first quarter 2024 earnings call. With me on the call this morning is our Chief Executive Officer, Harvey Schwartz; and our Chief Financial Officer and Head of Corporate Strategy, John Redett.

謝謝你，諾瑪。早安，歡迎參加凱雷 2024 年第一季財報電話會議。今天早上與我一起參加電話會議的是我們的執行長哈維·施瓦茨 (Harvey Schwartz)；以及我們的財務長兼企業策略主管 John Redett。

Earlier this morning, we issued a press release and a detailed earnings presentation, which is also available on our Investor Relations website. This call is being webcast and a replay will be available. We will refer to certain non-GAAP financial measures during today's call. These measures should not be considered in isolation from or as a substitute for measures prepared in accordance with generally accepted accounting principles. We have provided reconciliation of these measures to GAAP in our earnings release to the extent reasonably available.

今天早些時候，我們發布了一份新聞稿和一份詳細的收益報告，這些內容也可以在我們的投資者關係網站上找到。該電話會議正在網路直播，並將提供重播。我們將在今天的電話會議中提及某些非公認會計準則財務指標。這些措施不應孤立地考慮或取代根據公認會計原則制定的措施。我們已在合理可用的範圍內，在收益報告中提供了這些措施與 GAAP 的調整。

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 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業績，不應過度依賴它們。這些陳述是基於當前管理層的預期，涉及固有風險和不確定性，包括我們10-K 表格年度報告的風險因素部分中確定的風險和不確定性，這些風險和不確定性可能導致實際結果與所示結果存在重大差異。凱雷不承擔隨時更新任何前瞻性聲明的義務。

In order to ensure participation by all those on the line today, please limit yourself to 1 question and then return to the queue for any additional follow-ups. And with that, let me turn the call over to our Chief Executive Officer, Harvey Schwartz.

為了確保今天所有線上人員的參與，請限制自己提出 1 個問題，然後返回佇列以進行任何其他後續解答。接下來，讓我將電話轉給我們的執行長 Harvey Schwartz。

Thanks, Dan. Good morning, everyone, and thank you for joining us. I want to touch on 3 areas today. First, our financial performance and an update on our 2024 targets. Second, Carlyle's ability to capitalize on an improving macroeconomic environment. And third, progress on key strategic areas.

謝謝，丹。大家早安，感謝您加入我們。今天我想談3個方面。首先是我們的財務表現和 2024 年目標的最新情況。其次，凱雷利用宏觀經濟環境改善的能力。三是重點戰略領域取得進展。

First, our performance. Our first quarter results reflect continued momentum across the firm, and importantly, we are on track to achieve our 2024 financial targets, including targeting FRE of $1.1 billion, targeting FRE margins to increase to a range of 40% to 50%, and targeting inflows of $40 billion in 2024.

首先是我們的表現。我們第一季的業績反映了整個公司的持續發展勢頭，重要的是，我們預計將實現2024 年的財務目標，包括FRE 目標為11 億美元、FRE 利潤率目標提高到40% 至50% 以及資金流入目標2024 年將達到 400 億美元。

We once again set several financial records this quarter, including record quarterly FRE of $266 million, a near 40% increase over first quarter last year and record FRE margin of 47%, more than 33% higher than last year. These results are the outcome of our efforts to prioritize operational excellence and optimize our business model, while at the same time enabling us to invest for growth. We anticipate a pickup in fundraising, deployment and realization throughout the year, and we remain confident in our ability to achieve our financial targets for 2024.

本季我們再次創造了多項財務紀錄，包括創紀錄的季度 FRE 2.66 億美元，比去年第一季成長近 40%，創紀錄的 FRE 利潤率為 47%，比去年高出 33% 以上。這些成果是我們努力優先考慮卓越營運和優化業務模式的結果，同時使我們能夠投資促進成長。我們預計全年的籌款、部署和實現都會有所增加，並且我們對實現 2024 年財務目標的能力仍然充滿信心。

With respect to fundraising, we raised $5.3 billion in new capital in the quarter, in line with our expectations, after a near record quarter closing out 2023. Looking forward, we expect to see a pickup in fundraising over the next few quarters, again, keeping us in line with our target.

在籌款方面，在2023 年季度末創下近乎創紀錄的季度業績後，我們在本季度籌集了53 億美元的新資本，符合我們的預期。將再次回升，讓我們與我們的目標保持一致。

While the macroeconomic environment remains somewhat fragile, we continue to see signs that the investment environment is steadily improving. Capital from the banking system and private credit is more readily available. Private credit and syndicated loan spreads are at historically tight levels. Equity volatility is under long-term averages. And interest rates and inflation have generally stabilized. These are clear improvements from this time last year, which is driving increased investor confidence, and if sentiment continues to improve, we expect a higher level of deal activity.

儘管宏觀經濟環境依然脆弱，但我們仍繼續看到投資環境穩定改善的跡象。來自銀行系統和私人信貸的資本更容易獲得。私人信貸和銀團貸款利差處於歷史低點。股票波動性低於長期平均。利率和通膨已整體穩定。與去年同期相比，這些都是明顯的改善，這推動了投資者信心的增強，如果情緒繼續改善，我們預計交易活動水平將會更高。

Our deal teams are already starting to see the knock-on effects of improved market sentiment. We had $5.9 billion of realized proceeds this quarter. We have to go back to the fourth quarter of 2022 to see a higher number. We've already announced additional exits in various strategies that will close in the coming quarters. We have $2.2 billion in net accrued carry across our portfolio, and our global pipeline continues to increase.

我們的交易團隊已經開始看到市場情緒改善的連鎖反應。本季我們實現了 59 億美元的收益。我們必須回到 2022 年第四季才能看到更高的數字。我們已經宣布了各種策略的額外退出，這些策略將在未來幾季結束。我們的投資組合擁有 22 億美元的淨應計利差，並且我們的全球管道持續增加。

Carlyle is well-positioned to capitalize on these improving market conditions over the coming months. We have high-quality assets in our portfolio ready to be monetized and $76 billion in dry powder ready to be deployed across our global franchise.

凱雷處於有利地位，可以在未來幾個月利用這些不斷改善的市場狀況。我們的投資組合中擁有可供貨幣化的優質資產，還有 760 億美元的乾粉準備在我們的全球特許經營中部署。

Switching gears, I want to provide an update on our strategic areas of focus. In Global wealth, we have strong momentum. Since inception, we raised nearly $50 billion of wealth assets. Our global scale and brand give us a competitive advantage in this rapidly growing distribution channel. I have witnessed the importance of our brand and quality of our funds firsthand in my personal interactions with wealth advisers. We want to ensure we're providing the most efficient access to alternative markets alongside the best funds for our end clients.

換個話題，我想介紹一下我們策略重點領域的最新情況。在全球財富方面，我們勢頭強勁。自成立以來，我們籌集了近 500 億美元的財富資產。我們的全球規模和品牌使我們在這個快速成長的分銷管道中具有競爭優勢。在我與財富顧問的個人互動中，我親眼目睹了我們的品牌和基金品質的重要性。我們希望確保為我們的最終客戶提供最有效的替代市場准入以及最好的資金。

Our credit fund CTAC had another strong quarter, and our secondary focused investment solutions product, CAPM, saw a ramp-up in sales. These funds have historically provided strong performance for our investors. We continue to expand our footprint, adding new wealth distribution partners in the near term.

我們的信貸基金 CTAC 又經歷了一個強勁的季度，我們的二級投資解決方案產品 CAPM 的銷售額也出現了成長。這些基金歷來為我們的投資者提供了強勁的業績。我們繼續擴大我們的足跡，在短期內增加新的財富分配合作夥伴。

More broadly in Global Credit, we're focused on driving growth and capturing share. We see opportunity to continue to scale our asset-backed finance offering, a trend that may persist for years as market participants increasingly look to partner with firms like Carlyle to address their capital solutions. We have mobilized and scaled our credit strategic solutions team to address this opportunity. This strategy has grown to more than $7 billion in assets with good opportunity for continued growth.

更廣泛地說，在全球信貸領域，我們專注於推動成長和奪取份額。我們看到了繼續擴大資產支持融資產品規模的機會，隨著市場參與者越來越多地尋求與凱雷等公司合作來解決其資本解決方案，這一趨勢可能會持續多年。我們已經動員並擴大了我們的信貸策略解決方案團隊來抓住這一機會。該策略的資產已成長至超過 70 億美元，並有良好的持續成長機會。

And finally, in Global Investment Solutions, we continue to see strong momentum. This is helping us both in the institutional channel as well as in the wealth channel with our secondary focused CAPM fund. And obviously, this business is somewhat countercyclical to the rest of the franchise.

最後，在全球投資解決方案方面，我們持續看到強勁的勢頭。這對我們的機構管道以及我們的二級資本資產定價模型基金的財富管道都有幫助。顯然，這項業務與其他特許經營業務在某種程度上是反週期的。

To wrap things up, we entered 2024 with solid momentum. We continue to execute against our financial targets and strategic areas of focus. All of this positions us to deliver significant growth and shareholder value.

總而言之，我們以強勁的勢頭進入 2024 年。我們繼續執行我們的財務目標和策略重點領域。所有這些都使我們能夠實現顯著的成長和股東價值。

With that, let me now turn the call over to John.

現在讓我把電話轉給約翰。

Thanks, Harvey. Good morning, everyone. As Harvey said, our first quarter results were in line with our expectations, and we remain on track to achieve the 2024 financial targets we outlined on last quarter's call.

謝謝，哈維。大家，早安。正如 Harvey 所說，我們第一季的業績符合我們的預期，我們仍有望實現上季電話會議中概述的 2024 年財務目標。

For the first quarter, we generated record FRE of $266 million, nearly 40% higher than the first quarter last year. FRE margin of 47% was also a record and up from 35% in Q1 2023.

第一季度，我們創造了創紀錄的 FRE 2.66 億美元，比去年第一季高出近 40%。 FRE 利潤率也創下了 47% 的紀錄，高於 2023 年第一季的 35%。

We produced $431 million in DE or $1.01 in DE per share, our best quarterly DE result since 2022. We finished the first quarter with $425 billion of assets under management, up 12% year-over-year.

我們產生了 4.31 億美元的 DE 收益，即每股 DE 1.01 美元，這是我們自 2022 年以來最好的季度 DE 業績。

In the first quarter, we completed the sales of McDonald's China and Neptune Energy, both of which produce attractive returns for LPs and strong performance revenues for our shareholders. Over the past year, we have returned $22 billion in capital to our LPs, highlighting the ability of our investment teams to find liquidity opportunities in difficult and challenging capital markets.

第一季度，我們完成了麥當勞中國和海王星能源的出售，這兩家公司都為有限合夥人帶來了可觀的回報，並為我們的股東帶來了強勁的業績收入。過去一年，我們向有限合夥人返還了 220 億美元的資本，凸顯了我們的投資團隊在困難且充滿挑戰的資本市場中尋找流動性機會的能力。

We raised $5.3 billion of capital in the quarter and remain confident in achieving our target of $40 billion of inflows for the year.

我們在本季籌集了 53 億美元的資金，並對今年 400 億美元流入的目標充滿信心。

In Solutions, we raised $2.3 billion in the quarter and nearly $14 billion over the last 12 months, as we continue to have success attracting investors to our secondaries and co-investment strategies. And we are starting to see momentum building in our global wealth product, CAPM. In Global Credit, where our CLO platform is one of the largest in the industry, we had an active quarter in a very active market. We priced 7 CLOs, including 3 new issue CLOs. We also saw a strong inflow activity into our global wealth product, CTAC, and continue to see capital raise for our asset-backed finance strategy.

在解決方案方面，我們在本季籌集了 23 億美元，在過去 12 個月中籌集了近 140 億美元，因為我們繼續成功吸引投資者參與我們的二級投資和聯合投資策略。我們開始看到我們的全球財富產品 CAPM 的勢頭正在增強。在全球信貸領域，我們的 CLO 平台是業內最大的平台之一，我們在一個非常活躍的市場中度過了一個活躍的季度。我們對 7 只 CLO 進行了定價，其中包括 3 只新發行的 CLO。我們也看到我們的全球財富產品 CTAC 出現強勁的資金流入活動，並繼續看到我們的資產支持融資策略的資金籌集。

And in Global Private Equity, the fundraising environment remains somewhat challenging, but we do see some pockets of strength like real estate in Japan.

在全球私募股權領域，融資環境仍然有些挑戰，但我們確實看到了一些優勢，例如日本的房地產。

Management fees totaled $516 million in the first quarter, up about 2% compared to the prior year. We have $15 billion of pending fee-earning AUM that has yet to activate fees. Capital markets activity remains constrained, but it is showing signs of improvement. Transaction and advisory revenues of $27 million increased more than 60% from the first quarter last year.

第一季管理費總額為5.16億美元，比去年同期成長約2%。我們有 150 億美元的待收費資產管理規模尚未啟動費用。資本市場活動仍受到限制，但已顯示出改善的跡象。交易和諮詢收入為 2,700 萬美元，比去年第一季成長了 60% 以上。

G&A expenses of $80 million were lower compared to the first quarter last year as we benefited from expense discipline and had some onetime items that lowered the quarterly G&A level. We expect G&A expense to shift back towards the recent run rate in the second quarter.

與去年第一季相比，G&A 費用降低了 8000 萬美元，因為我們受益於費用紀律，並且一些一次性項目降低了季度 G&A 水平。我們預計第二季一般管理費用將恢復到最近的運作速度。

Our net accrued carry balance of $2.2 billion declined relative to last quarter due to fund realizations and a relatively lower level of appreciation in our carry funds. And at $6 per share, it remains a substantial source of future earnings.

由於基金變現和套利基金升值水準相對較低，我們的應計利差淨額為 22 億美元，較上季有所下降。以每股 6 美元的價格計算，它仍然是未來收益的重要來源。

We repurchased 150 million of stock, decreasing our adjusted shares outstanding by 1%. Our remaining share repurchase authorization is approximately $1.25 billion, and we remain active buyers of our stock.

我們回購了 1.5 億股股票，調整後的流通股數量減少了 1%。我們剩餘的股票回購授權約為 12.5 億美元，我們仍然是我們股票的積極買家。

Wrapping up, we are optimistic about market conditions improving, and we are on track to meet our financial targets for 2024. With that, let me turn the call over to the operator for your questions.

最後，我們對市場狀況的改善持樂觀態度，我們預計將實現 2024 年的財務目標。

(Operator Instructions) Our first question will come from the line of Brian Bedell with Deutsche Bank.

（操作員說明）我們的第一個問題將來自德意志銀行的 Brian Bedell。

Maybe you could just talk about how you're viewing the FRE trajectory for the balance of 2024, and maybe just the components on that. Given the lower expenses, maybe if you can classify the help from the lower G&A expense in 1Q and where you see the expenses moving as we move through the year, and then contrasting that with fee-related revenue. So really the sort of the underlying components of how you see the FRE improving during the year?

也許您可以只談談您如何看待 2024 年剩餘時間的 FRE 軌跡，也許只是其中的組成部分。鑑於費用較低，也許您可以對第一季度較低的一般管理費用的幫助進行分類，並且您會看到費用隨著我們一年的推移而變化，然後將其與費用相關的收入進行對比。那麼，您認為 FRE 在這一年中有所改善的基本組成部分到底是怎樣的呢？

Thanks, Brian. So look, we're very pleased with the FRE for the quarter $266 million. It was a record. It was up 40% over same period last year. The margin was very strong as well; that compared to 37% last year.

謝謝，布萊恩。因此，我們對本季 2.66 億美元的 FRE 感到非常滿意。這是一個記錄。比去年同期成長了40%。利潤率也非常高；相比之下，去年這一數字為 37%。

In terms of the margin at 47%, and I alluded to this in my comments on the G&A, we did benefit from a lower G&A. Some of that was expense discipline on our end. Some of it was a little seasonality. Historically, if you look at our first quarter, G&A is typically a little lighter in Q1, and we did have a couple of one-off items. So I expect the G&A number to increase to more normalized run rate levels in the second quarter.

就 47% 的利潤率而言，我在 G&A 評論中提到了這一點，我們確實受益於較低的 G&A。其中一些是我們的費用紀律。其中一些是有點季節性的。從歷史上看，如果你看看我們的第一季度，第一季的一般行政費用通常會少一些，而且我們確實有一些一次性項目。因此，我預計第二季的一般管理費用數字將增加到更正常化的運作率水準。

So I would expect the FRE margin in the next couple of quarters to be in the mid-40s versus the 47%. And look, the mid-40s is right in the middle of the range we put out in our 2024 financial targets of 40% to 50%. So we feel pretty good at 45%.

因此，我預計未來幾季的 FRE 利潤率將在 40% 左右，而不是 47%。看，40 歲左右正好處於我們在 2024 年財務目標中設定的 40% 至 50% 範圍的中間。所以我們覺得 45% 已經相當不錯了。

In terms of management fees, I would say the number came in exactly as expected. There were no surprises, positive or negative, on our end. And I do think through the year, given that we had a really strong fourth quarter in terms of fundraising, nearly $17 billion, and we have $15 billion of fee paying -- pending fee paying AUM, I would expect that number to start to accelerate throughout the year, and I think that growth will accelerate as well.

就管理費而言，我想說這個數字完全符合預期。我們這邊沒有出現任何意外，無論是正面的還是負面的。我確實認為，考慮到我們第四季度的融資情況非常強勁，接近 170 億美元，而且我們有 150 億美元的待付費用資產管理規模 (AUM)，我預計這一數字將開始加速全年，我認為成長也會加速。

Our next question will come from the line of Kenneth Worthington with JPMorgan Securities.

我們的下一個問題將來自摩根大通證券的肯尼斯·沃辛頓。

Fee paying AUM, so, lower in both private equity and credit this quarter. And we know things don't move in a straight line. Maybe first, can you talk about the drivers of the decline in private credit fee-paying AUM this quarter? I think you highlighted some elevated outflows in the release. And based on your fundraising, fund activations and realizations, how should we think about fee paying AUM developing from current levels in both private equity and credit as we kind of migrate through the year?

因此，本季私募股權和信貸的收費資產管理規模均較低。我們知道事情不會直線發展。首先，您能否談談本季私人信貸收費資產管理規模下降的驅動因素？我認為您強調了該版本中一些資金外流的增加。根據您的募款、基金活化和變現，隨著我們今年的遷移，我們應該如何考慮從私募股權和信貸目前水準發展的付費資產管理規模？

Yes. Ken, we have very good momentum in terms of fundraising. We have some products in the market that have real demand. Our secondaries business, our Solutions business, we're seeing real good demand, both in secondaries and co-investment. I would expect that to continue. As we said in the past, we've had good momentum in Japan. We'll be wrapping that one up at some point this year. Real estate is another area where we think we'll have really strong demand. We'll start that fundraise this year as well, and we do expect that to be a successful fundraise. So I would expect to see an acceleration in growth in the fee-paying AUM as well.

是的。肯，我們在籌款方面有非常好的勢頭。我們在市場上有一些有實際需求的產品。我們的二級市場業務，我們的解決方案業務，我們在二級市場和共同投資方面都看到了真正的良好需求。我希望這種情況能夠持續下去。正如我們過去所說，我們在日本的勢頭良好。我們將在今年的某個時候完成這個工作。房地產是我們認為需求非常強勁的另一個領域。我們今年也將開始籌款，我們確實希望這將是一次成功的籌款。因此，我預期付費資產管理規模也會加速成長。

In terms of the kind of slight decline in fee paying AUM in credit, it was just normal course runoff. And again, the runoff is outside of carry funds. So it was just a small amount of normal course business-as-usual runoff.

就信貸中付費資產管理規模的輕微下降而言，這只是正常的徑流。再次強調，徑流不在套利資金範圍內。所以這只是正常情況下的一小部分徑流。

Our next question will come from the line of Ben Budish with Barclays.

我們的下一個問題將來自巴克萊銀行的 Ben Budish。

Maybe just following up on the $15 billion of pending fee-paying AUM, and John, your comments on the confidence in achieving the $40 billion plus for the year, can you sort of just unpack the major pieces? We know there's a lot of PE funds in the market. How much is left on the solutions fundraises that you're doing? What are the key pieces of the credit side? Can you give us a little color there? That would be great.

也許只是跟進 150 億美元的待付費資產管理規模，約翰，您對今年實現 400 億美元以上目標的信心的評論，您能稍微解開主要部分嗎？我們知道市場上有很多私募股權基金。您正在進行的解決方案募款活動還剩多少？信貸方面有哪些關鍵環節？你能給我們一點顏色嗎？那太好了。

Yes. Maybe I'll jump in. And so we're not going to walk through fund by fund, which I'm sure you understand. But as John said, and I've been traveling the world the past 6 months, you can really feel the momentum in the pockets of strength that John hit on. So in Solutions, in the Wealth channel across credit, as I mentioned in my comments, we expect to be joining additional wealth platforms, new partners coming on in terms of CAPM and CTAC.

是的。也許我會插話。 所以我們不會逐一介紹基金，我相信您明白這一點。但正如約翰所說，過去 6 個月我一直在環遊世界，你可以真正感受到約翰偶然發現的力量中的動力。因此，在解決方案中，在跨信貸的財富管道中，正如我在評論中提到的，我們期望加入更多的財富平台，以及在 CAPM 和 CTAC 方面出現的新合作夥伴。

And so there's a lot of momentum around Wealth, secondaries, credit, and as John mentioned, pockets of the private equity segment and real estate and other areas, I would say, generally in private equity across the industry in this environment, you should maybe expect some headwinds.

因此，圍繞著財富、二級市場、信貸有很大的動力，正如約翰所提到的，私募股權領域、房地產和其他領域，我想說，在這種環境下，一般來說，在整個行業的私募股權中，你也許應該預期會遇到一些阻力。

Now of course, I think over the next several years, the institutional channel might be a little over-allocated, but the wealth channel is clearly under-allocated. And so we look forward to also bringing out our private equity wealth product in the first half of next year. And so it feels like across the franchise momentum is quite good, and that's why we reiterate the targets for this year.

當然，我認為未來幾年，機構管道可能會有點過度配置，但財富管道顯然分配不足。因此，我們期待明年上半年推出我們的私募理財產品。因此，感覺整個系列的勢頭非常好，這就是為什麼我們重申今年的目標。

And also, the other thing I'll say is we understand the focus on the quarter-to-quarter. We focus on it for running a business, just not really how we think about the fundraising. As John said, this was perfectly on plan for us.

另外，我要說的另一件事是我們理解對季度間的關注。我們專注於經營業務，而不是真正如何看待募款。正如約翰所說，這完全符合我們的計劃。

Our next question comes from the line of Alexander Blostein with Goldman Sachs.

我們的下一個問題來自高盛的亞歷山大‧布洛斯坦 (Alexander Blostein)。

I was hoping we can spend a minute on your outlook for share repurchases for the rest of the year. Harvey, I think on the last call, you talked about up to $1.4 billion, now it's $1.2 billion in authorization, being a function of kind of quarters, not years. Can we maybe get a little more specific here on the outlook for the rest of the year?

我希望我們能花一分鐘時間談談您今年剩餘時間的股票回購前景。哈維，我想在上次電話會議上，您談到了高達 14 億美元的資金，現在是 12 億美元的授權，這是一個季度的函數，而不是幾年的函數。我們能否更具體地介紹一下今年剩餘時間的前景？

And related to that, how should we be thinking about equity-based compensation on a quarterly basis from here, I guess, given that it stepped up quite meaningfully as well?

與此相關的是，我想，考慮到股權薪酬的提高也相當有意義，我們應該如何從這裡開始按季度考慮股權薪酬？

Alex, it's John. We repurchased 150 million of stock, as I said in my remarks, historically, we've averaged roughly $200 million per year, per annum. So the first quarter was pretty significant relative to what we've done in the past. We still have $1.25 billion left on the share repurchase authorization. And you should just assume we're active purchasers of the stock going forward.

亞歷克斯，這是約翰。正如我在演講中所說，我們回購了 1.5 億股股票，從歷史上看，我們每年平均回購股票約為 2 億美元。因此，相對於我們過去所做的事情，第一季非常重要。我們的股票回購授權還剩 12.5 億美元。你應該假設我們是該股票未來的積極購買者。

In terms of the equity-based comp, this is really -- it got elevated due to the performance stock units we granted to key senior members of our investment teams, our team globally. And these are the people that are driving growth. These are the people that are accountable for growth. And the accounting on these instruments are a bit different. So you're seeing a little bit of elevation from those performance stock unit grants.

就基於股權的比較而言，由於我們向我們的全球投資團隊的主要高級成員授予了績效股票單位，因此它確實得到了提升。這些人正在推動成長。這些人對成長負責。這些工具的會計處理有些不同。因此，您會看到這些績效股票單位補助增加。

Remember, these only vest if we have meaningful stock price appreciation. So I think these are very, very shareholder-friendly instruments, great alignment. I would expect the equity-based comp number to start trending down next year.

請記住，只有當我們的股價大幅升值時，這些才會歸屬。所以我認為這些都是非常非常有利於股東的工具，非常一致。我預計基於股票的公司數量明年將開始下降。

Our next question comes from the line of Brian Mckenna with Citizens JMP.

我們的下一個問題來自 Citizens JMP 的 Brian Mckenna。

I appreciate the commentary on the buyback. But it seems like there's some capacity to increase the dividend given the earnings outlook moving forward, specifically if realizations remain healthy. So how are you thinking about the dividend moving forward? And do you see an opportunity to increase the payout ratio over time?

我很欣賞有關回購的評論。但考慮到未來的獲利前景，似乎有一定的能力增加股息，特別是如果變現保持健康的話。那麼您如何看待未來的股利？您是否認為有機會隨著時間的推移提高支付率？

It's Harvey. So as John said, and maybe just taking a step back and again go through how we're thinking about the capital allocation methodology here. And so we're going to remain very flexible because we see very significant opportunities to invest in the business over the next couple of years. But we also see opportunities to return capital to shareholders. And that was really the strategic decision about going with the buyback, because it gives us that flexibility.

是哈維。正如約翰所說，也許只是退後一步，再次回顧我們如何思考這裡的資本配置方法。因此，我們將保持非常靈活的態度，因為我們看到未來幾年投資該業務的巨大機會。但我們也看到了向股東返還資本的機會。這確實是關於回購的策略決策，因為它給了我們彈性。

In the immediate term, we expect no changes to the dividend. Of course, again, we're not tying ourselves in the math here, depending on how things move forward. But right now, it really is about positioning ourselves for dynamic flexibility around capital allocation. So we can invest in the business when we see the most accretive opportunities, which we're currently doing, and we can also return value to shareholders. And as John said, you should expect to see us be active in the stock.

短期內，我們預期股利不會改變。當然，我們不會把自己束縛在數學上，這取決於事情的進展。但現在，我們真正需要的是圍繞資本配置實現動態靈活性。因此，當我們看到最有增值機會時（我們目前正在這樣做），我們可以對業務進行投資，並且我們還可以為股東回報價值。正如約翰所說，你應該期待看到我們在股票上表現活躍。

Our next question comes from Brennan Hawken with UBS.

我們的下一個問題來自瑞銀集團的布倫南霍肯。

You guys flagged in the investment performance slide that there's an uptick in U.S. and European CLO default rates. So I'm curious about what your exposure is to Altice in the European or the global CLO business. And how should we be thinking about the risk of deterioration and increased defaults as far as the potential for management fee deferrals in that business?

你們在投資績效幻燈片中指出，美國和歐洲的 CLO 違約率有所上升。所以我很好奇你們在歐洲或全球 CLO 業務中對 Altice 的了解程度如何。就該業務管理費延期的可能性而言，我們該如何考慮惡化和違約增加的風險？

Yes, Brennan, it's John. So look, we really like our CLO business. We're one of the largest in the world. At any given time, we're 1 or 2. Look, this business has great margins. They have a long-term, highly attractive track record. And when you look at kind of credit in the platform, it still looks very, very good.

是的，布倫南，是約翰。所以看，我們真的很喜歡我們的 CLO 業務。我們是世界上最大的之一。在任何給定時間，我們都是 1 或 2。他們擁有長期且極具吸引力的業績記錄。當你查看平台中的信用類型時，它看起來仍然非常非常好。

Our default rates in our U.S. business are 1/2 of the industry average. The credit stats in Europe are not quite as good as the U.S., but they are still better than European industry averages. So from a credit quality perspective, we feel very good about the credit quality in our CLO business.

我們美國業務的違約率是行業平均的 1/2。歐洲的信用統計數據雖然不如美國，但仍優於歐洲產業平均。所以從信用品質的角度來看，我們對CLO業務的信用品質感覺非常好。

It really is a world-class franchise with a world-class team.

這確實是一個世界級的特許經營權，擁有世界級的團隊。

Our next question will come from the line of Daniel Fannon with Jefferies.

我們的下一個問題將來自丹尼爾·範農和傑弗里斯的對話。

You talked about wealth and increasing partnerships and distribution through that channel. Can you give us what the number of flows were from the wealth channel this quarter, and which products you see are driving those flows and where you see that kind of the outlook for that going forward?

您談到了財富以及透過該管道增加合作夥伴關係和分銷。您能否告訴我們本季來自財富管道的資金流數量是多少，您認為哪些產品正在推動這些資金流，以及您認為未來的前景如何？

I've personally been spending increasing amounts of my time with our wealth partners, and I can tell you, I'm pretty close to a cold case on this, we've been really well received. The brand Carlyle, our history in the business, our long track record, the name recognition, just the iconic aspect of the firm really resonates with the wealth advisers. Now of course, we've been in the wealth channel for a very long time. As I mentioned, we raised nearly $50 billion of assets. But this new shift in terms of how the market is really receiving in the early days of whatever you want to call it, democratization, et cetera.

我個人花越來越多的時間與我們的財富合作夥伴在一起，我可以告訴你，我在這件事上已經接近懸案了，我們真的很受歡迎。凱雷品牌、我們的產業歷史、我們長期的業績記錄、知名度，光是公司的標誌性面就確實引起了財富顧問的共鳴。當然，我們已經在財富管道中待了很長時間了。正如我所提到的，我們籌集了近 500 億美元的資產。但這種新的轉變就市場在早期的實際接受情況而言，無論你如何稱呼它，民主化等等。

But I'm personally spending a lot of time with wealth advisers, truly trying to get very close to understanding how we can be the best value partner to them. And with CTAC growing steadily, CAPM picking up momentum, our secondaries product, we will be making some announcements in the near term of some new partnership launches, I feel really good about the momentum here. And again, obviously, first half of next year, we're targeting the private equity product.

但我個人花了很多時間與財富顧問打交道，真正試著非常接近地了解我們如何成為他們的最佳價值夥伴。隨著 CTAC 的穩定成長，CAPM 的勢頭不斷增強，我們的二級產品，我們將在近期發布一些新的合作夥伴關係的公告，我對這裡的勢頭感到非常滿意。顯然，明年上半年我們的目標是私募股權產品。

So I feel really good about how our business is being received. This is going to be a long journey for the industry, but I feel really optimistic about our long-term growth trajectory.

因此，我對我們的業務受到的歡迎感到非常滿意。對於這個行業來說，這將是一個漫長的旅程，但我對我們的長期成長軌跡感到非常樂觀。

Our next question will come from the line of Chris Kotowski with Oppenheimer.

我們的下一個問題將來自克里斯·科托夫斯基和奧本海默的對話。

I realize you didn't want to go fund by fund, but when I look at the fund tables, it looks like your Asia V Fund steps down in June and then Europe V in September. So should we be expecting kind of a new fund launch around those dates? Or do you effectively not have a flagship vehicle after those dates in Europe and Asia?

我知道您不想逐個基金，但當我查看基金表時，看起來您的亞洲 V 基金在 6 月退出，然後歐洲 V 基金在 9 月退出。那麼我們是否應該期待在這些日期前後推出新基金？或者說，在歐洲和亞洲的這些日期之後，您實際上還沒有旗艦車型嗎？

A little confused. But, no, we have flagship vehicles in those regions. I think, again, Chris, the way to think about it is really the way John addressed it, which is we expect -- he's given you a pretty good color on this, a pickup in management fees across the platform throughout the rest of the year. And everything remains on plan. We're happy to get into more detail with you offline.

有點困惑。但是，不，我們在這些地區擁有旗艦車輛。我想，克里斯，思考這個問題的方式實際上就是約翰解決這個問題的方式，這是我們所期望的——他在這方面給了你很好的色彩，在整個平台的其餘部分中，管理費有所上升。一切都按計劃進行。我們很高興在線下與您了解更多詳細資訊。

Okay. And then also, can you give us any color on -- it said Page, I think, 11, that there were some reversals of prior performance allocations. Can you just give us some color on what happened there? Is that like related to European style waterfalls -- or what happened?

好的。然後，您能否給我們任何顏色 - 它說佩奇，我認為，11，之前的績效分配出現了一些逆轉。您能為我們介紹一下那裡發生的事情嗎？這是否與歐式瀑布有關——或者發生了什麼事？

I mean, look, the first thing I'd say is, Chris, we don't manage the business quarter-to-quarter in terms of performance. I came from the private equity side of the business where I spent 16 years, ran several funds there. I honestly never really focused on quarter-to-quarter performance. I always took a kind of a long-term view, what is the long-term trajectory. So I know you guys focus quarter-to-quarter movement, but we don't really manage the business that way.

我的意思是，聽著，我要說的第一件事是，克里斯，我們不會根據業績逐季度地管理業務。我來到自私募股權公司，在那裡工作了 16 年，管理過幾個基金。老實說，我從來沒有真正關注季度業績。我總是抱持著長遠的眼光，什麼是長期的軌跡。所以我知道你們專注於季度間的變動，但我們並沒有真正以這種方式管理業務。

So CP VII was barely in -- carry the previous quarter. It fell out of carry this quarter. So that's the impact you're seeing. But look, we've been in this business, the private equity business, for 35 years. We've generated very strong returns for our LPs, 26% over that period, 2.4x their money. So we're very proud of those returns.

所以 CP VII 幾乎沒有達到上一季的水準。本季它已不再持有。這就是您所看到的影響。但你看，我們從事私募股權業務已經 35 年了。我們為有限合夥人創造了非常豐厚的回報，同期回報率為 26%，是他們資金的 2.4 倍。因此，我們對這些回報感到非常自豪。

The only thing I'd tell you is we've always been very, very focused on performance. And not surprisingly, going forward, we will continue to be very focused on performance.

我唯一要告訴你的是我們一直非常非常注重性能。毫不奇怪，展望未來，我們將繼續非常關注性能。

Our next question will come from the line of Patrick Davitt with Autonomous Research.

我們的下一個問題將來自自主研究中心的 Patrick Davitt。

I want to circle back on the flow commentary. I understand there's some seasonality, but obviously just run-rating to about $20 billion of flow this year versus $40 billion target. So maybe when you budget this, could you maybe help us understand what you see as the biggest incremental contributions to closing that gap between $20 billion and $40 billion and what you think the cadence through the rest of the year of building to that $40 billion will be?

我想回顧一下流量評論。我知道存在一定的季節性，但顯然今年的流量評級僅為 200 億美元左右，而目標是 400 億美元。因此，也許當您制定預算時，您能否幫助我們了解您認為縮小200 億美元至400 億美元之間差距的最大增量貢獻是什麼，以及您認為今年剩餘時間裡實現400 億美元目標的節奏將是什麼？

Yes. Again, Patrick, what Harvey said, it's very tough to look at fundraising on a quarter-by-quarter basis, stuff slips, stuff moves forward. Again, the fundraising number for the first quarter came in as expected. So that should tell you something in terms of how we think we can get to the $40 billion. We're still confident in the $40 billion.

是的。帕特里克，正如哈維所說，按季度看待籌款是非常困難的，事情會下滑，事情會向前發展。再次，第一季的募款數量符合預期。因此，這應該告訴您我們如何達到 400 億美元。我們對400億美元還是有信心的。

And I think Harvey gave you some color around where that fundraising is coming from. We continue to see a lot of interest in our Solutions business, both secondaries, co-investment. In Private Equity, we're going to have some -- we'll have some demand -- strong demand for our real estate product. We have good demand for Japan. In Credit, our asset-backed platform has gone from almost nothing to upsize in 2 years. On the Wealth side, we're really starting to see more momentum in CTAC, CAPM, our solutions wealth product, that's just kind of starting, but getting good momentum.

我認為哈維讓你了解了籌款的來源。我們繼續看到很多人對我們的解決方案業務感興趣，包括二級投資和共同投資。在私募股權領域，我們的房地產產品將有一些——我們將有一些需求——強勁的需求。我們對日本有很好的需求。在信貸方面，我們的資產支援平台在兩年內從幾乎沒有發展到規模擴大。在財富方面，我們確實開始看到 CTAC、CAPM、我們的解決方案財富產品的更多勢頭，這只是一個開始，但勢頭良好。

So it's really, really across the platform. I wouldn't say one specific segment is an outlier.

所以它確實是跨平台的。我不會說某個特定細分市場是異常值。

Yes, if we have to risk like that, I wouldn't make -- we'd be misguiding you if we, in any way, suggest that you should take the first quarter multiplied by 4. I think that's our point here. You should really hear us when we say we expect a significant momentum in that. This was exactly on plan for us.

是的，如果我們必須冒這樣的風險，我不會——如果我們以任何方式建議你應該將第一季乘以 4，我們就會誤導你。當我們說我們預計這方面會出現重大勢頭時，您真的應該聽到我們的聲音。這正是我們的計劃。

Our next question comes from the line of Steven Chubak with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Steven Chubak。

So in the past, you had spoken about the significance of the IPO market reopening. Certainly starting to see some green shoots. But just concerning the PE transaction environment, I was hoping you could speak to whether that recent pickup supports more durable improvement in realization activity, or is it still too early to call an inflection?

那麼您過去曾談到IPO市場重新開放的重要性。當然，我們已經開始看到一些萌芽。但就私募股權交易環境而言，我希望您能談談最近的回升是否支持變現活動更持久的改善，還是現在說拐點還為時過早？

It's John. I think it's helpful just to kind of level set where we are. We're coming out of a very, very complex environment. And having spent most of my career in private equity, it was one of the more complex environments I've seen. Yet our team has been able to generate $22 billion of realizations through that period in some pretty choppy markets.

是約翰。我認為這對我們所處的水平很有幫助。我們正走出一個非常非常複雜的環境。我職業生涯的大部分時間都在私募股權領域度過，這是我見過的最複雜的環境之一。然而，在此期間，我們的團隊在一些相當動盪的市場中實現了 220 億美元的變現。

And then I said in my comments, we had a strong quarter in terms of realizations. I noted McDonald's China and Neptune Energy. I know these portfolios really well. I spent a lot of time in that business. I feel good about these portfolios. I also like the momentum we have. So I mean if the markets continue to improve, I would expect that momentum to accelerate. But it's market dependent, obviously.

然後我在評論中說，就實現而言，我們有一個強勁的季度。我注意到麥當勞中國和海王星能源。我非常了解這些投資組合。我在那個行業花了很多時間。我對這些投資組合感覺很好。我也喜歡我們的勢頭。所以我的意思是，如果市場繼續改善，我預計這種勢頭將會加速。但顯然，這取決於市場。

In terms of your comments on the IPO markets, I think the IPO markets are kind of open. I know a lot of the bankers and headlines say they're open, but I would say they are opening.

就您對 IPO 市場的評論而言，我認為 IPO 市場是開放的。我知道很多銀行家和頭條新聞都說他們正在營業，但我想說他們正在營業。

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

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

Question on the insurance side. Just in terms of what we should expect from new business. We didn't talk about it much yet today. And the reason I'm asking is some of the insurance companies have been talking about lightening up and pulling back on block trades and trying to raise third-party capital themselves. I'm not sure how many of them have the capacity to raise that and manage that themselves, but it's -- I heard it from more than a couple of places. So curious on your thoughts on the deal environment and what we should expect from your insurance business?

保險方面的問題。就我們對新業務的期望而言。今天我們還沒有談論太多。我問這個問題的原因是一些保險公司一直在談論減少大宗交易並試圖自行籌集第三方資本。我不確定他們中有多少人有能力自己籌集資金並進行管理，但我從不止幾個地方聽過這樣的說法。對您對交易環境的想法以及我們應該對您的保險業務有何期望感到好奇？

The pipeline feels pretty good here, Glenn, in terms of -- you saw us close and execute the Lincoln National transaction last year, and we talked about the economics and how that flows through FRE over the medium term. But the pipeline feels pretty good.

格倫，就您去年看到我們完成並執行林肯國民交易而言，這裡的管道感覺相當不錯，我們討論了經濟情況以及中期如何通過 FRE 進行流動。但感覺管道還是不錯的。

I think there are going to be times when it's going to ebb and flow in the marketplace. But I think if you look over the long term in terms of insurers need to dynamically manage their capital, I think quarter 2 is really, really well positioned to be a great partner and has been a great partner. So I feel pretty good about the pipeline.

我認為市場有時會出現潮起潮落。但我認為，如果從長遠來看，保險公司需要動態管理其資本，我認為第二季確實非常有能力成為一個偉大的合作夥伴，並且一直是一個偉大的合作夥伴。所以我對管道感覺很好。

In terms of insurance more broadly, I would say the space remains increasingly important to us with a lot of momentum. There's a real cross-section here and a flywheel effect between capital needed, an ability to generate enhanced performance in private credit, banks looking at more optimized -- better optimize their capital structures. And so we're in the thick of a lot of flows here.

就更廣泛的保險而言，我想說這個空間對我們來說仍然越來越重要，而且勢頭強勁。這裡有一個真正的橫斷面，以及所需資本、提高私人信貸績效的能力、銀行尋求更優化——更好地優化其資本結構之間的飛輪效應。因此，我們正處於大量人流之中。

And I think this is pretty persistent. It feels like this is going to go on for a while. I never like to bring out my crystal ball on these calls, but it feels like there's a lot of momentum here and this is a multiyear trend.

我認為這是相當持久的。感覺這種情況還要持續一段時間。我從來不喜歡在這些電話會議上拿出我的水晶球，但感覺這裡有很大的動力，這是一個多年的趨勢。

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

我們的下一個問題來自 Bill Katz 和 TD Cowen 的對話。

Maybe a step back, you mentioned that there's some good demand in real estate. I was wondering if you could unpack that a little bit. And then maybe the broader question associated with just the asset class or the segment in total is how are you thinking about the opportunity infrastructure? And how is Carlyle positioned to maybe participate in what seems to be a pretty big opportunity?

也許退一步說，您提到房地產有一些良好的需求。我想知道你是否可以稍微解開一下。然後，也許與資產類別或整個細分市場相關的更廣泛的問題是您如何考慮機會基礎設施？凱雷如何定位可能參與這個看似相當大的機會？

So in real estate, as we've discussed before, really is a world-class franchise. They're in the market now. The performance has been exceptional. They'll be in their tenth fundraise. And I think in a space which is not drawing a lot of capital, they really are extraordinary team with a lot of momentum.

因此，正如我們之前討論的那樣，在房地產領域，確實是世界級的特許經營。它們現在已經上市了。表現非常出色。他們將進行第十次籌款。我認為在一個沒有吸引大量資本的領域，他們確實是一支具有強大動力的非凡團隊。

And we see the opportunity quite optimistically across the rest of the real assets platform, whether it's in renewables, infrastructure, energy. I think the natural demands of what's happening really around the globe, whether you look at geopolitics, energy transition, demand for energy, energy security, all these things bode well. And I think there are platforms which will continue to grow. And so you should look to see us continue to invest and continue to build on the platforms we have, but we feel pretty good there too.

我們非常樂觀地看到其他實體資產平台的機會，無論是在再生能源、基礎設施或能源領域。我認為全球各地正在發生的事情的自然需求，無論是地緣政治、能源轉型、能源需求、能源安全，所有這些都是好兆頭。我認為有些平台將持續成長。因此，您應該看到我們繼續投資並繼續在我們擁有的平台上進行建設，但我們在那裡也感覺很好。

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邁克爾·賽普里斯 (Michael Cyprys)。

Just wanted to circle back to the realization commentary. I was hoping you may be able to help quantify the pipeline of exits that you were alluding to. And when we look at the overall portfolio, it seems about nearly 50% is aged 40 years, which could suggest maybe we could see a meaningful pickup in exit activity market depending. But just curious what portion of the portfolio do you view as in the exit phase and just waiting for that right backdrop.

只是想回到實現評論。我希望您能夠幫助量化您所提到的退出管道。當我們查看整體投資組合時，似乎有近 50% 的人年齡在 40 歲以上，這可能表明我們可能會看到退出活動市場出現有意義的回升，具體取決於具體情況。但只是好奇您認為投資組合的哪一部分處於退出階段，並等待合適的背景。

Yes. I mean I don't know if I'd quantify in terms of percentage of portfolio. And that stat you alluded to that's 4 years or older, that's really not specific to Carlyle. That's an industry-wide stat. So look, we have a lot of great companies that are ready, we're ready to monetize. We just need markets to continue to improve. We need the IPO markets to really open up. That will be helpful.

是的。我的意思是我不知道是否可以用投資組合的百分比來量化。你提到的數據是 4 歲或以上，這並不是凱雷特有的。這是全行業的統計數據。所以看，我們有很多偉大的公司已經準備好了，我們已經準備好貨幣化。我們只需要市場繼續改善。我們需要 IPO 市場真正開放。這會有幫助的。

But as I said, if the markets continue to move on the current trajectory, I do expect realization activity to pick up. It's one of the hardest aspects of this business to project. If you could tell me where markets are in 6 months, I could probably give you a very specific answer. I just don't know. But the way it looks today, we're pretty optimistic that realizations will accelerate.

但正如我所說，如果市場繼續按照當前的軌跡發展，我確實預期變現活動將會增加。這是該業務最難預測的方面之一。如果您能告訴我 6 個月後的市場狀況，我可能會給您一個非常具體的答案。我只是不知道。但從今天的情況來看，我們非常樂觀地認為實現速度將會加快。

Sorry, just to clarify. On Page 17, there was a chart next to the $159 billion of AUM in private equity with a note saying 48% age 4 plus years. That's not for Carlyle, that's for the industry?

抱歉，只是為了澄清一下。第 17 頁，私募股權資產管理規模 1,590 億美元旁邊有一張圖表，並附註 48% 的人年齡在 4 歲以上。這不是為了凱雷，而是為了整個產業？

Yes, that is our stat, but I think the industry stats are somewhat similar. I don't think we're an outlier at all.

是的，這是我們的統計數據，但我認為行業統計數據有些相似。我不認為我們是異類。

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

我們的下一個問題來自美國銀行的克雷格·西根塔勒 (Craig Siegenthaler)。

Hope everyone is doing well. So we had a follow-up on the CLO question, just given your commentary that defaults are rising in Europe. So quick math, I think European CLO AUM is around $11 billion, and about half of those are subordinated fees, and they can be deferred if certain tests are not met. So about $30 million run rate, near 100% incremental FRE margins. I'm curious, is that math correct? And then also, are those tests still being met or will be met given the rise in default commentary in the earnings release?

希望每個人都做得很好。因此，我們對 CLO 問題進行了跟進，只是考慮到您關於歐洲違約率正在上升的評論。快速計算一下，我認為歐洲 CLO 資產管理規模約為 110 億美元，其中大約一半是次級費用，如果未滿足某些測試，則可以推遲。因此，營運費用約為 3000 萬美元，FRE 利潤增量接近 100%。我很好奇，這個數學正確嗎？此外，考慮到收益報告中違約評論的增加，這些測試是否仍然滿足或將會滿足？

Yes, Craig, it's John. Look, we're not concerned with the credit quality stats in the European CLO business. They are elevated relative to the U.S., although I would tell you the U.S. are extremely low. And the credit stats in the European CLO business are still below industry. I think it's important to recognize we've been in this business for 25-plus years. We have a great long-term track record. We have a very deep and talented team leading this investment effort. And over that 25-year period, we have collected 100% of the management fees and the subordinated management fees.

是的，克雷格，是約翰。看，我們並不關心歐洲 CLO 業務的信用品質統計數據。儘管我會告訴你，美國的水平非常低，但相對於美國來說，它們還是較高的。歐洲CLO業務的信用統計數據仍低於同業水準。我認為重要的是要認識到我們已經從事這個行業 25 多年了。我們擁有良好的長期業績記錄。我們擁有一支非常深厚且有才華的團隊來領導這項投資工作。在這25年期間，我們收取了100%的管理費和附屬管理費。

Our next question will come from the line of Brennan Hawken with UBS.

我們的下一個問題將來自瑞銀集團 (UBS) 的布倫南·霍肯 (Brennan Hawken)。

Totally appreciate that stock-based comp is expected to drop in 2025. But when we think about 2024, is this $111 million quarterly run rate the right way to think about this year? Or could there be movement off of this level?

完全理解基於股票的比較預計將在 2025 年下降。或是否會出現脫離該水平的走勢？

I don't think it's far off. It might creep up a little bit. Again, it's -- and we can take this offline. The accounting around the performance stock units is a bit different relative to traditional equity awards, but I don't think it will move up in a material way. I'm happy to take it offline with you and give you details around the accounting.

我認為這並不遙遠。它可能會蠕動一點。再說一次，我們可以將其離線。與傳統的股權獎勵相比，圍繞績效股票單位的會計處理有點不同，但我認為它不會大幅上升。我很樂意與您一起離線查看並為您提供有關會計的詳細資訊。

The important thing again is the alignment that John talked about. You have to have a very meaningful uptick in the share price. And so as we've discussed, this really aligns the senior leadership of the firm with the shareholders. It's a little bit the accounting is the accounting. But we'll take it offline for you.

再次重要的是約翰談到的對齊。股價必須大幅上漲。正如我們所討論的，這確實使公司的高階領導層與股東保持一致。有點會計就是會計。但我們會為您將其離線。

At this time, this concludes our Q&A portion. I'd like to hand the conference back over to Mr. Daniel Harris for closing remarks.

至此，我們的問答部分就結束了。我想將會議交還給丹尼爾·哈里斯先生致閉幕詞。

Thanks, operator. And thank you, everyone, for your time and attention today. If you have any questions or follow-ups, please contact Investor Relations after this call, and we look forward to talking with you again next quarter.

謝謝，接線生。感謝大家今天的時間和關注。如果您有任何疑問或後續事宜，請在本次電話會議後聯繫投資者關係部，我們期待下季度再次與您交談。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。