GCM Grosvenor Inc. (GCMG) 2026 Q1 法說會逐字稿

Good day, and welcome to the GCM Grosvenor first-quarter 2026 results webcast. (Operator Instructions) As a reminder, this call will be recorded.

各位好，歡迎收看 GCM Grosvenor 2026 年第一季業績網路直播。（接線員指示）提醒各位，本次電話會議將被錄音。

I would now like to hand the call over to Stacie Selinger, Head of Investor Relations. You may begin.

現在我想把電話交給投資人關係主管 Stacie Selinger。您可以開始了。

Thank you. Good morning, and welcome to GCM Grosvenor's first-quarter 2026 earnings call. Today, I am joined by GCM Grosvenor's Chairman and Chief Executive Officer, Michael Sacks; President, Jon Levin; and Chief Financial Officer, Pam Bentley.

謝謝。各位早安，歡迎參加 GCM Grosvenor 2026 年第一季財報電話會議。今天與我一同出席的有 GCM Grosvenor 董事長兼執行長 Michael Sacks、總裁 Jon Levin，以及財務長 Pam Bentley。

Before we discuss our results, a reminder that all statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements. This includes statements regarding our current expectations for the business, our financial performance, and projections. These statements are neither promises nor guarantees. They involve known and unknown risks, uncertainties, and other important factors that may cause our actual results to differ materially from those indicated by the forward-looking statements on this call.

在我們討論業績之前，提醒各位，本次電話會議中所有不涉及歷史事實的陳述均應視為前瞻性陳述。這包括關於我們對業務的當前預期、財務表現以及預測的陳述。這些陳述既非承諾亦非保證，且涉及已知與未知的風險、不確定性及其他重要因素，可能導致我們的實際結果與本次電話會議中的前瞻性陳述所示結果存在重大差異。

Please refer to the factors in the Risk Factors section of our 10-K, our other filings with the Securities and Exchange Commission, and our earnings release, all of which can be found on the Public Shareholders section of our website. We'll also refer to non-GAAP measures as we view as important in assessing the performance of our business. A reconciliation of non-GAAP measures to the nearest GAAP metric can be found in our earnings presentation and earnings supplement, both of which are on our website.

請參閱我們 10-K 的「風險因素」章節、我們向美國證券交易委員會提交的其他文件，以及我們的財報新聞稿；上述資料皆可於我們網站的「Public Shareholders」專區查閱。我們也將提及我們認為對評估業務表現很重要的非 GAAP 指標。非 GAAP 指標與最接近 GAAP 指標之間的調節表可在我們的財報簡報與財報補充資料中找到，兩者皆在我們網站上。

Thank you again for joining us. And with that, I'll turn the call over to Michael to discuss our results.

再次感謝各位加入。接下來我將把電話交給 Michael，請他說明我們的業績。

Thank you Stacie, and good morning, everyone. GCM Grosvenor had a good first quarter of 2026, delivering solid investment performance across our strategies, growing our fundraising pipeline, and making solid progress on several of our key strategic initiatives, particularly with respect to the individual investor channel.

謝謝 Stacie，各位早安。GCM Grosvenor 在 2026 年第一季表現良好，在各項策略上交出穩健的投資績效、擴大募資管線，並在多項關鍵策略性計畫上取得扎實進展，尤其是在個人投資人通路方面。

In a period marred by war and energy price shocks, our business has demonstrated consistency, resilience, and growth. During the first quarter, our AUM and Fee-Paying AUM grew by 12% and 11% year over year. First quarter 2026 fee-related revenue and fee-related earnings were essentially flat year over year. But importantly, when adjusting for the impact of catch-up management fees, which were significant in the first quarter of 2025, fee-related revenue and fee-related earnings grew by 8% and 20% year over year.

在一段因戰爭與能源價格衝擊而受影響的期間，我們的業務展現出一致性、韌性與成長。第一季，我們的 AUM 與付費 AUM（Fee-Paying AUM）分別年增 12% 與 11%。2026 年第一季的費用相關收入（fee-related revenue）與費用相關盈餘（fee-related earnings）與去年同期基本持平。但重要的是，若調整 2025 年第一季顯著的追補管理費（catch-up management fees）影響後，費用相關收入與費用相關盈餘分別年增 8% 與 20%。

Our unrealized carried interest now exceeds $1 billion, a record high for the firm, and a 16% increase over the prior year level. The firm's share of that unrealized carried interest is more than $500 million as of quarter end, which is a 23% increase year over year. Despite the heightened volatility that has persisted since our last earnings call, our forward-looking view for the business remains quite positive.

我們的未實現附帶權益（unrealized carried interest）目前已超過 10 億美元，創公司新高，較前一年水準增加 16%。截至季末，公司分得的未實現附帶權益超過 5 億美元，年增 23%。儘管自上次財報電話會議以來市場波動加劇並持續存在，我們對業務的前瞻展望仍相當正面。

During the quarter, we raised $1.5 billion, for a total of $9.3 billion over the last year. Fundraising was broadly diversified across the platform. Infrastructure, which has been our fastest-growing strategy over recent years, led with $2.6 billion of fundraising over the last 12 months, followed by $2 billion raised for Absolute Return Strategies.

本季我們募得 15 億美元，過去 12 個月合計募資 93 億美元。募資在平台各策略間分布廣泛。基礎建設是近年來成長最快的策略，過去 12 個月募資 26 億美元居首，其次是絕對報酬策略（Absolute Return Strategies），募得 20 億美元。

While we're not changing our base position on flat ARS flows, we did enjoy net inflows in the first quarter and today enjoy a larger pipeline than we have seen in many years. Jon will address the ARS opportunity more fully in his remarks.

雖然我們對 ARS 資金流的基本立場仍是持平，但第一季確實出現淨流入，而且目前的管線規模也比我們多年來所見更大。Jon 將在他的發言中更完整地說明 ARS 的機會。

Outside of ARS, our capital formation pipeline also remains strong. Our clients are either growing or maintaining their alternatives allocations, with many moving into new strategies where we are ideally situated to serve as their partner. While separate account fundraising can be a bit lumpy quarter to quarter, we expect second quarter fundraising to be larger than the first quarter fundraising, and we expect the back half of the year to be larger than the front half of the year.

除 ARS 之外，我們的募資管線也依然強勁。我們的客戶不是增加就是維持其另類資產配置，且許多客戶正轉向新的策略領域，而我們正處於理想位置可作為其合作夥伴。雖然分離帳戶（separate account）募資在季度之間可能較為波動，但我們預期第二季募資將高於第一季，且我們預期下半年將高於上半年。

We have made a number of new business development hires to strengthen our platform and support our growth initiatives, including key hires to expand our presence in the Middle East, Europe, with a particular focus on the Nordic region, and Southeast Asia. We also added a senior leader to our direct infrastructure investment team in light of the continued growth.

我們已進行多項新業務開發的人才招募，以強化平台並支持成長計畫，包括關鍵招募以擴大我們在中東、歐洲（特別聚焦北歐地區）以及東南亞的布局。鑑於持續成長，我們也在直接基礎建設投資團隊新增了一位資深主管。

A bright spot in the quarter was the continued progress of our efforts in the wealth channel, where sales momentum continues to build. It is worth noting that due to the positioning of our products and solutions, we are not exposed to the range of issues, including redemption pressures, marks, and fee-related performance fees that are impacting the private credit and secondaries asset classes in that channel.

本季的一大亮點是我們在財富通路的努力持續取得進展，銷售動能持續增強。值得注意的是，由於我們產品與解決方案的定位，我們並未暴露於該通路中正在影響私募信貸與次級市場（secondaries）資產類別的一系列問題，包括贖回壓力、估值調整（marks）以及與費用相關的績效費（fee-related performance fees）。

The current picture for us remains one of accelerating growth in the individual investor channel. During the first quarter, we raised approximately $500 million from that channel, which is a higher number than we have historically seen in many full years. Drilling down, in the first quarter, we secured an anchor investment to build a private equity co-invest portfolio that is intended to become our private equity registered fund.

目前我們的情況仍呈現個人投資人通路加速成長的態勢。第一季，我們從該通路募得約 5 億美元，這個數字高於我們過去許多完整年度的水準。進一步來看，第一季我們取得一筆基石投資（anchor investment），用以建立私募股權共同投資（co-invest）投資組合，該投資組合預計將成為我們的私募股權註冊基金（registered fund）。

That fund is currently in registration and consistent with our infrastructure interval fund, we are aiming to go to market with significant capital and a partially seeded portfolio, both of which are valuable accelerants to success. Our infrastructure interval fund is ramping nicely, supported by healthy flows and strong underlying performance. Our Grove Lane distribution joint venture is having early success, and we will continue to invest in that business.

該基金目前正在辦理註冊；並且與我們的基礎建設區間基金（interval fund）一致，我們的目標是在上市時即具備可觀資本與部分已先行配置（partially seeded）的投資組合，兩者都是成功的重要加速器。我們的基礎建設區間基金正順利擴張，受惠於健康的資金流入與強勁的底層績效。我們的 Grove Lane 配銷合資企業已取得初步成功，我們將持續投資該業務。

As we have said previously, while there's a long-term build, we are very constructive on the role the individual investor will play in our future growth. As you know, credit has been an area of focus for the firm and an area of concern for the market. We raised nearly $500 million for credit in the first quarter, representing approximately a third of our total fundraising.

如同我們先前所說，雖然這是一項長期建置，但我們對個人投資人在未來成長中所扮演的角色持非常正面的看法。如各位所知，信貸一直是公司聚焦的領域，也是市場關注的領域。第一季我們在信貸方面募得接近 5 億美元，約占我們總募資的三分之一。

As a reminder, our private credit offerings are diversified with no particular concentration in any private credit subtype and diversified implementation styles. Performance across our credit portfolios remains consistent, and we see attractive opportunities to deploy capital, including in credit secondaries, where we've raised nearly $1 billion over the past year and see significant opportunity for growth. We do not see systemic issues in our credit vertical and remain confident in our ability to deliver for our credit clients.

提醒各位，我們的私募信貸產品具備多元分散特性，並未集中於任何特定私募信貸子類別，且執行方式亦多元。我們的信貸投資組合績效仍維持一致性，我們也看到具吸引力的資本部署機會，包括信貸次級市場（credit secondaries）；過去一年我們在該領域募得接近 10 億美元，並看到顯著的成長機會。我們未在信貸垂直領域看到系統性問題，並對我們為信貸客戶交付成果的能力保持信心。

Following Q1, we remain confident that the goals we laid out at our Investor Day for both FRE and ANI growth are achievable. In closing, I want to take a minute to touch on AI. It's an important focus for the firm and we believe something to touch on regularly with you. As we noted last quarter, we believe we are a net beneficiary from AI disruption, both with regard to our direct exposure to disruptors and with regard to the positive impact on the assets owned in our portfolios.

第一季之後，我們仍有信心在投資人日所提出的費用相關盈餘（FRE）與調整後淨收入（ANI）成長目標皆可達成。最後，我想花一點時間談談 AI。這是公司重要的聚焦方向，我們也認為應定期與各位更新。如同我們上季所提到的，我們相信 AI 顛覆對我們而言是淨受益者：一方面來自我們對顛覆者的直接曝險，另一方面來自 AI 對我們投資組合所持有資產的正面影響。

While we do not have a view on how AI will impact people, we believe it is positive for equity. Across our business, we are increasingly utilizing AI within our operations to drive efficiency, enhance operating leverage, and support the firm's growth. To be clear, we have always been and will continue to be a people-centric organization.

雖然我們無法判斷 AI 將如何影響人力，但我們相信它對股權（equity）是正面的。在整個業務中，我們正日益在營運中運用 AI，以提升效率、強化營運槓桿，並支持公司的成長。需要說明的是，我們一直是、也將持續是一個以人為本的組織。

Our team is our greatest asset. Our culture is our greatest asset. At the same time, we already see how AI can enable our team and our culture to be more efficient, more productive, and deliver even greater value to our clients, which will in turn deliver value to shareholders.

我們的團隊是我們最重要的資產；我們的文化也是我們最重要的資產。同時，我們已經看到 AI 如何讓我們的團隊與文化更有效率、更具生產力，並為客戶交付更大的價值，進而為股東創造價值。

And with that, Jon, I'll turn it over to you.

接下來，Jon，我把時間交給你。

Thank you, Michael. This quarter, I'm going to focus my remarks on our Absolute Return Strategies business, a core pillar and a key differentiator of our platform. To frame the discussion, as of quarter end, we managed $26 billion of ARS Fee-Paying Assets, 16% larger than a year ago. FPAUM has grown at a 9% CAGR since the recent trough at the end of 2023, supporting the increasing earnings power of that business.

謝謝你，Michael。本季我將把重點放在我們的絕對報酬策略（Absolute Return Strategies，ARS）業務，這是我們平台的核心支柱，也是關鍵差異化因素。為了框定討論，截至季末，我們管理的 ARS 付費資產（Fee-Paying Assets）為 260 億美元，較一年前增加 16%。自 2023 年底近期低點以來，FPAUM 以 9% 的年複合成長率（CAGR）成長，支撐該業務日益提升的獲利能力。

We serve hundreds of institutional clients, many of whom we have partnered with for long periods of time, and we also manage approximately $3 billion for individual investors in that segment. The ARS business has always been durable, but now it's also a source of growth. An interesting fact, 100% of our top 25 ARS clients from 2020 are still clients with us today.

我們服務數百家機構客戶，其中許多客戶與我們合作已久；同時在該領域我們也為個人投資人管理約 30 億美元。ARS 業務一向具備耐久性，但如今也成為成長來源。一個有趣的事實是：我們在 2020 年的前 25 大 ARS 客戶，如今 100% 仍是我們的客戶。

Our ARS business is built on experience, relationships, scale, and high-touch client partnerships. Together with a long-term track record of performance, particularly over recent periods, the value proposition is compelling to our clients, and especially in a world with great market uncertainty. Our clients hire us to consistently deliver competitive risk-adjusted returns that are largely uncorrelated with the broader markets, and we've consistently delivered on that value proposition. Our multi-strategy composite has generated an 8% gross return since inception.

我們的 ARS 業務建立在經驗、人脈關係、規模，以及高互動的客戶夥伴關係之上。再加上長期的績效紀錄，尤其是近幾個期間的表現，我們對客戶的價值主張相當具吸引力，特別是在市場高度不確定的環境中。客戶聘用我們，是為了持續提供具競爭力的風險調整後報酬，且與更廣泛市場大致低相關；而我們也一貫地兌現這項價值主張。我們的多策略綜合績效（multi-strategy composite）自成立以來已產生 8% 的總報酬（gross return）。

On a one- and three-year basis, the gross return has been 16% and 12%, respectively. Importantly, over this period, our portfolios have consistently done their job as diversifiers, demonstrating low correlation to traditional markets and providing downside protection during periods of market stress and drawdown. That role is especially relevant in today's environment, where investors are increasingly focused on capital preservation alongside return generation.

以一年期與三年期來看，總報酬分別為16%與12%。重要的是，在此期間，我們的投資組合一貫地發揮分散投資的功能，展現出與傳統市場的低相關性，並在市場承壓與回撤期間提供下行保護。這項角色在當前環境下尤其重要，因為投資人除了追求報酬生成之外，也愈來愈重視資本保全。

The beta of our ARS portfolios is typically less than 0.3, so the returns are impressive on a risk-adjusted basis. In the first quarter of this year, amid elevated market dispersion and generally down equity markets, our ARS portfolios preserved capital and delivered positive returns. And notably, as markets reflated in April, our portfolios participated, with early indications of April performance being generally north of 4% across most portfolios.

我們ARS投資組合的貝塔值通常低於0.3，因此以風險調整後的角度來看，報酬表現相當亮眼。今年第一季，在市場分化加劇且股市整體下跌的情況下，我們的ARS投資組合守住資本並交出正報酬。值得注意的是，4月市場回升（reflation）時，我們的投資組合也有參與，上述4月表現的初步跡象顯示，多數投資組合的報酬普遍高於4%。

Our industry relationships and scale provide a meaningful competitive advantage investing capital. Our platform includes approximately 190 approved funds, many of which are top performers and sometimes capacity-constrained or closed to new investors. We believe as investors seek to add or reenter the ARS market, it would be very difficult to replicate our offerings.

我們在產業中的關係網絡與規模，為資本投資帶來實質的競爭優勢。我們的平台約有190檔核准基金，其中許多為頂尖績效者，且有時受限於容量或對新投資人關閉。我們相信，當投資人尋求新增或重新進入ARS市場時，要複製我們的產品供給將非常困難。

As we face clients, our model is high touch. We operate in a very customized, solutions-oriented way and often function as an extension of our clients' teams. This includes not just investment management, but also support across operations, risk management, portfolio construction. That level of engagement creates durable client relationships and contributes to the stability of the business that I mentioned earlier.

面對客戶時，我們的模式屬於高度互動（high touch）。我們以高度客製化、以解決方案為導向的方式運作，並且經常作為客戶團隊的延伸。這不僅包含投資管理，也涵蓋營運、風險管理、投資組合建構等方面的支援。這種投入程度能建立長期穩固的客戶關係，並有助於我先前提到的業務穩定性。

From a financial perspective, our ARS business produces high-quality earnings. It's cash generative with recurring management fees that compound alongside positive performance. There's also meaningful upside from performance fees. You've seen that.

從財務角度來看，我們的ARS業務產生高品質的獲利。它具備強勁的現金創造能力，且經常性管理費會隨著正向績效而複利成長。此外，績效費也帶來可觀的上行空間。你們已經看到了。

We currently have approximately $35 million of run rate performance fees, and as a reminder, in multiple recent years, we've generated more than $50 million annually in performance fees. While the timing of those fees can vary and are hard to predict, they represent an important source of earnings and cash flow.

我們目前約有3,500萬美元的年化（run rate）績效費；提醒一下，在最近多個年度中，我們每年產生的績效費超過5,000萬美元。雖然這些費用的入帳時點可能有所波動且難以預測，但它們是獲利與現金流的重要來源。

We're seeing improving client demand supported by a market backdrop that's increasingly favorable for hedge fund strategies. Higher interest rates, greater dispersion across markets, elevated volatility, and ongoing uncertainty all tend to create a more attractive opportunity set for active hedged investing.

我們看到客戶需求正在改善，而市場背景也愈來愈有利於避險基金策略。較高的利率、跨市場更大的分化、較高的波動，以及持續的不確定性，通常都會為主動式對沖投資創造更具吸引力的機會集合。

We generated positive inflows of approximately $200 million in the quarter coming off a positive net inflow year in 2025. The recent investment performance in combination with a constructive flows environment enabled Q1 ARS management fee growth of 10% year over year and supports continued growth from there.

本季我們錄得約2億美元的正向淨流入，延續2025年全年正向淨流入的態勢。近期投資績效加上有利的資金流環境，使得第一季ARS管理費年增10%，並支持後續持續成長。

With that, I'll turn it over to Pam.

接下來我把時間交給Pam。

Thanks, Jon. Our business showed solid momentum to start the year, supported by both investment performance and ongoing fundraising activity. Assets under management for the first quarter of 2026 was $91 billion, and Fee-Paying AUM was $74 billion, a 12% and 11% increase year over year respectively, reflecting growth driven by performance as well as capital formation across our strategies.

謝謝，Jon。我們的業務在年初展現穩健動能，受惠於投資績效與持續的募資活動。2026年第一季的資產管理規模（AUM）為910億美元，收費AUM（Fee-Paying AUM）為740億美元，分別年增12%與11%，反映出績效帶動的成長，以及我們各項策略的資本形成（capital formation）。

Contracted Not Yet Fee-Paying AUM was $9.8 billion, a 20% increase year over year, providing a strong foundation for continued organic growth as that capital is deployed and converted into Fee-Paying AUM over time. Private Markets Management fees for the quarter were $63 million, down from $67 million at this time last year due to $7.6 million of catch-up fees in our Q1 2025 results.

已簽約但尚未開始收費的AUM（Contracted Not Yet Fee-Paying AUM）為98億美元，年增20%，為後續有機成長奠定強勁基礎，因為這些資本將隨時間部署並轉換為收費AUM。本季私募市場（Private Markets）管理費為6,300萬美元，低於去年同期的6,700萬美元，原因是我們在2025年第一季業績中包含760萬美元的追溯補收費（catch-up fees）。

Excluding the impact of these catch-up fees. Private Markets Management fees for the quarter grew 7% year over year. For the second quarter, we expect Private Markets Management fees to increase by approximately 2% on a sequential quarter basis over the first quarter of 2026. Absolute Return Strategies management fees were $42 million in the quarter, a 10% increase over the prior year.

若排除這些追溯補收費的影響，本季私募市場管理費年增7%。第二季，我們預期私募市場管理費將較2026年第一季按季增加約2%。本季絕對報酬策略（Absolute Return Strategies, ARS）管理費為4,200萬美元，較去年同期增加10%。

As Jon highlighted, this reflects both performance and net inflows, and we continue to benefit from that strong investment results in the strategy. In the second quarter, we expect ARS management fees to again be up approximately 1% on a sequential quarter basis, which equates to an approximately 10% growth rate year over year.

如Jon所強調，這反映了績效與淨流入的共同作用，而我們也持續受惠於該策略的強勁投資成果。第二季，我們預期ARS管理費將再度按季增加約1%，相當於年增約10%的成長率。

Total fee-related revenue for the first quarter was $107 million. And we expect fee-related revenue to increase in the second quarter by a high-single-digit percentage growth rate year over year. Turning to expenses, our compensation philosophy remains centered on attracting and retaining top talent while aligning interests with our clients and shareholders.

第一季總費用相關收入（fee-related revenue）為1.07億美元。我們預期第二季費用相關收入將以年增高個位數百分比的速度成長。接著談費用面，我們的薪酬理念仍以吸引並留任頂尖人才為核心，同時使利益與客戶及股東一致。

FRE compensation and benefits were $37 million in the quarter, which represents a year-over-year decline due to the benefits of operating leverage. We expect this figure to increase by approximately $1 million in the second quarter. Non-GAAP general, administrative, and other expenses were $23 million in the quarter, slightly higher than expected and includes costs of faster AI-related technology investments. We continue to manage expenses in a disciplined manner while also investing in the business to support our long-term growth initiatives.

本季FRE薪酬與福利為3,700萬美元，年減主要受惠於營運槓桿。我們預期第二季該數字將增加約100萬美元。本季非GAAP的一般與行政及其他費用為2,300萬美元，略高於預期，包含更快速的AI相關技術投資成本。我們在嚴謹控管費用的同時，也持續投資業務以支持長期成長計畫。

We expect G&A and other expenses in the second quarter to be consistent with the first quarter. Pulling this all together, first quarter fee-related earnings were flat year over year at $47 million, resulting in an FRE margin of 44%. Excluding the impact of the prior year catch-up fees, our fee-related earnings in the quarter grew by approximately 20% year over year, and we continue to enjoy organic growth and operating leverage across the business.

我們預期第二季的G&A及其他費用將與第一季大致一致。綜合以上，第一季費用相關盈餘（fee-related earnings）為4,700萬美元，年比持平，FRE利潤率為44%。若排除前一年追溯補收費的影響，本季費用相關盈餘約年增20%，我們持續在全公司享有有機成長與營運槓桿。

Turning briefly to incentive fees, performance remains solid across the platform. As a reminder, ARS performance fees are primarily realized in the fourth quarter, and we continue to view these fees as a meaningful contributor to our overall earnings power.

簡要談到激勵費（incentive fees），整體平台的績效仍然穩健。提醒一下，ARS績效費主要在第四季實現，我們仍認為這些費用將對整體獲利能力做出重要貢獻。

Our carry fund investment performance remains strong, and this quarter we surpassed a notable milestone with gross unrealized carry exceeding $1 billion, and the firm share exceeding $500 million, up 16% and 23% year over year, respectively. Our balance sheet remains strong, and we are maintaining a healthy quarterly dividend yield of $0.12 per share. As of Tuesday, we had a 4% dividend yield, and there is room for future dividend growth as we enjoy positive momentum in our earnings.

我們的carry基金投資績效依然強勁，本季我們也達成一項重要里程碑：未實現carry總額（gross unrealized carry）超過10億美元，而公司分成（firm share）超過5億美元，分別年增16%與23%。我們的資產負債表依然強健，並維持每股0.12美元的健康季度股利。以週二為基準，我們的股利殖利率為4%，且隨著獲利動能轉正，未來仍有股利成長空間。

During the quarter, we repaid $65 million of our term loan and repurchased $18.6 million or 1.6 million shares under our stock repurchase authorization plan. We intend to use the $64 million remaining in our program as of May 1 to largely manage dilution. More broadly, we remain well-positioned for growth in '26 and beyond. We benefit from strong fundraising momentum and strong investment performance alongside embedded revenue growth from contracted capital and ongoing operating leverage within the business.

本季我們償還了6,500萬美元的定期貸款，並在股票回購授權計畫下回購1,860萬美元（或160萬股）。截至5月1日，我們計畫運用本計畫剩餘的6,400萬美元，主要用於管理稀釋。更廣泛而言，我們在2026年及其後仍具備良好的成長定位。我們受惠於強勁的募資動能與優異的投資績效，同時也有來自已簽約資本的內嵌收入成長，以及業務內部持續的營運槓桿。

Thank you again for joining us, and we're now happy to take your questions.

再次感謝各位參與，接下來我們很高興回答各位的問題。

(Operator Instructions) Bill Katz, TD Cowen.

（接線員指示）Bill Katz，TD Cowen。

Appreciate you taking the question. Michael, I'd just like to go back to some of your commentary. Just speaking, maybe you can unpack the confidence in the growth sales. I think you mentioned you expect it to be up sequentially and in the second half of the year be higher than the first half.

感謝讓我提問。Michael，我想回到你剛才的一些評論。就你所說的內容而言，或許你可以進一步拆解你對銷售成長的信心來源。我記得你提到，你預期它會按季上升，且下半年會高於上半年。

Can you unpack where you're seeing the growth, break it down between maybe the SMA side, the specialized side, and then just to leverage on some of Jon's comments, how you sort of seeing that between maybe the Private Market side versus the Absolute Return side.

你能否說明你看到的成長來源，並在SMA端、專門化（specialized）端之間做個拆分？另外延伸Jon的評論，你如何看待私募市場端相對於絕對報酬端的成長情況？

Thanks for the question, Bill. So I think the first thing that I would say is that our first-quarter fundraising was in line with our expectations, and I think that's important for everybody to hear. It was obviously a lower number than the first quarter a year ago, but it was what we expected. And all of our statements regarding our confidence with Q2, the back half of the year, the full year are absolutely still intact.

謝謝你的問題，Bill。我想我首先要說的是，我們第一季的募資符合我們的預期，我認為這點對大家來說很重要。它顯然低於一年前的第一季，但確實在我們預期之內。而我們對第二季、下半年以及全年所表達的信心，完全沒有改變。

We feel very good about that. The pipeline is quite full. We see that growth coming really everywhere. So we see our separate account re-ups and new separate accounts being a source of fundraising and growth for the year. We see our specialized funds being a source of fundraising and fund for the year.

我們對此感覺非常好。案源（pipeline）相當充足。我們看到成長幾乎來自各個面向。因此，我們看到獨立帳戶（separate account）的續約與新增獨立帳戶，將成為今年募資與成長的來源；我們也看到專門化基金將成為今年募資與資金募集的來源。

We see the individual investor channel continuing to be a source of growth and fundraising for the remainder of the year. Our specialized fund fundraising for this year will be weighted towards the back half of the year and likely weighted towards Q4 as certain funds will turn on in terms of fundraising later in the year in the second half. And so I think that's touching on all of the things you asked me to comment on. If not, you'll let me know.

我們也看到個人投資人通路將持續成為今年剩餘期間的成長與募資來源。今年我們的專門化基金募資將偏重於下半年，且可能更偏重於第四季，因為部分基金將在下半年、也就是今年稍晚才會啟動募資。因此，我想這已涵蓋你要我評論的所有面向；如果還沒有，你再告訴我。

But our pipeline is quite full, and we are making progress monthly in our individual investor efforts, and we are enthusiastic about the way things are looking and -- which led us to reiterate our guidance for 2028 from Investor Day that we've given you before.

但我們的募資管線相當充實，而且我們在個人投資人方面的努力每個月都在取得進展；我們對目前的發展態勢感到振奮——這也促使我們重申在投資人日（Investor Day）已向各位提供過的 2028 年指引。

Okay. Just -- Thank you. I can follow up offline. On the -- just coming back to 2028 for a moment. If I do the quick math on your guidance for management fees, and look at where it was a year ago, it's running sort of more of a -- like a mid-, high-single-digit kind of growth rate. What kind of acceleration do you think you need to ensure that you can hit your 2028 goal of doubling FRE?

好的。只是——謝謝。我可以線下再跟進。回到 2028 年這個話題一下。如果我快速算一下你們對管理費的指引，並看看一年前的水準，現在看起來比較像是——中到高個位數的成長率。你們認為需要什麼樣的加速，才能確保達成 2028 年 FRE 翻倍的目標？

So let me answer from two directions. One is top line. And -- Let me just actually take a big step back and say we're confident. We've recommitted to that, to those growth objectives. Obviously, getting to those growth objectives, I don't think we ever thought or communicated was a perfectly linear function like straight line.

我從兩個方向回答。一個是營收端（top line）。另外——我其實想先退一步說，我們很有信心。我們已再次承諾這些成長目標。當然，要達成這些成長目標，我想我們從未認為或對外溝通過它會是一條完全線性的函數、像直線一樣。

And we expect, expected, and continue to expect years where we would be above the above the CAGR, so to speak, and years where we would be below. But we think that that target CAGR is well within our reach, and we feel very good about our ability to get there. I think we will see over that period of time some increase in the top-line growth.

我們過去預期、現在也仍然預期，會有某些年度高於所謂的 CAGR，也會有某些年度低於。但我們認為該目標 CAGR 完全在可達範圍內，且我們對達成它的能力感到非常有把握。我認為在那段期間，我們會看到營收端成長有所提升。

And as you know, and as we've consistently said, we continue to believe we have margin expansion as well. So if you look at our revenue growth adjusted for the catch-up fees, and then you look at our FRE growth, you see that impact of margin expansion. And so I think it'll be a combination of solid top-line growth, probably higher over the full period than the numbers you just quoted, but also margin expansion that'll deliver the profitability growth.

而且如你所知、也如我們一貫所說，我們仍然相信也有利潤率擴張（margin expansion）的空間。因此，如果你看我們扣除追補費（catch-up fees）調整後的營收成長，再看我們的 FRE 成長，你會看到利潤率擴張帶來的影響。所以我認為這會是穩健的營收端成長（整段期間可能會高於你剛剛引用的數字）加上利潤率擴張的組合，來帶動獲利成長。

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通（JPMorgan）。

Thanks for taking the question. Wanted to dig a little bit into Wealth. Apologize if I misheard this. I think you said that you raised $500 million this quarter in the Wealth business. You've got the infrastructure product and market. Where did the money go? If I heard it correctly, it was $500 million, and did the $500 million include some of the seed capital that you raised for the registered private equity fund?

謝謝讓我提問。我想更深入了解一下財富管理（Wealth）。如果我聽錯先道歉。我想你說你們本季在財富管理業務募了 5 億美元。你們有基礎建設產品與市場。這些資金流向哪裡？如果我聽得沒錯是 5 億美元，那這 5 億美元是否包含你們為已註冊的私募股權基金募集的部分種子資金？

So Jon, I'm going to let you sort of take that. The one thing that I do want to mention, in our last quarter call, Jon talked a lot about our private label wealth growth. So while we have the infrastructure interval fund and market raising money every day, and we are bringing the private equity co-investment fund is in registration, we are -- we continue to raise money in the wealth channel outside of the registered vehicles.

Jon，這題我讓你來回答。我想先補充一點：在我們上一季的電話會議中，Jon 談了很多我們自有品牌（private label）的財富管理成長。所以，雖然我們的基礎建設區間基金（interval fund）與市場每天都在募資，而且我們的私募股權共同投資基金正在註冊中，但我們——我們仍持續在已註冊載體（registered vehicles）之外的財富通路募資。

And I think that's important to just remember, Ken. Jon spent a bunch of time on that last quarter, quoted the number of private label relationships we started over the last year or two, and it was a significant number, and we're going to continue to grow in that part of the wealth channel as well. And so Jon, anything else you want to add? Welcome.

Ken，我覺得這點很重要，值得記住。Jon 上一季花了不少時間談這件事，並引用了過去一兩年我們新增的自有品牌合作關係數量，那是個相當可觀的數字；我們也會持續在財富通路的這一部分成長。Jon，你還想補充什麼嗎？請。

Yeah. I think I'll just expand on that point, Michael, which is our ability to raise. We're super excited about the infrastructure product. We're super excited about the private equity product that will come in registered form. It did not include, by the way, Ken, to your point, the seed capital because that came from an institutional investor, so the $500 million does not include that.

是的。我想就這點再延伸一下，Michael。也就是我們的募資能力。我們對基礎建設產品非常興奮；對將以註冊形式推出的私募股權產品也非常興奮。順帶一提，Ken，回到你問的點，那 5 億美元不包含種子資金，因為那筆是來自機構投資人，所以這 5 億美元不含該部分。

But at a broader level, as Michael pointed out, the registered funds are exceptionally important, but they actually will probably never be the majority of the capital that we raise from the wealth channel. Maybe over time, but certainly not for the near term. We raise capital across all of our verticals: private equity, infrastructure, real estate, absolute return strategies.

但從更宏觀的層面來看，如 Michael 所說，註冊基金非常重要，但它們實際上可能永遠不會成為我們從財富通路募集資金的主要來源。也許長期會，但至少短期不會。我們在所有垂直領域募資：私募股權、基礎建設、不動產、絕對報酬策略。

And we have the ability to raise that capital in separate account form, where you're doing possibly separate accounts for a single wealth individual of a high-net-worth nature. It could be a separate account that is for an advisory firm or an advisor at a large firm that services or serves to be a solution for a number of that particular advisor's clients.

而且我們有能力以專戶（separate account）的形式募集這些資金，例如可能為單一高淨值（high-net-worth）個人設立專戶；也可能是為一家顧問公司，或大型機構中的某位顧問設立專戶，作為該顧問多位客戶的解決方案。

It could be a 3(c)(7) kind of private traditional closed-end fund, and of course, then it could also be registered funds. So it's pretty broad-based, and I would argue, and we do argue and do say, and Michael mentioned, I talked about this in one of our previous calls, we think that's actually one of our real competitive advantages in the wealth channel, is that flexibility, both on the broad, diversified, open architecture solution, but also flexibility with respect to the wrapper.

也可能是 3(c)(7) 類型的私募傳統封閉式基金；當然，也可能是註冊基金。所以覆蓋面很廣。我認為——我們也一直主張並對外表示（Michael 也提到），我在之前某次電話會議談過，我們認為這其實是我們在財富通路的一項真正競爭優勢：那種彈性——既能提供廣泛、多元、開放式架構（open architecture）的解決方案，也能在產品包裝載體（wrapper）方面保持彈性。

Great. Thank you very much.

很好。非常感謝。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

Hi, this is Ben Graham in for Crispin Love. Thanks for taking the question. I'm just wondering if you could discuss what you're seeing in Grove Lane recently, and more specifically, just if the current climate and sentiment in alts has changed your near-term views for Grove Lane at all.

你好，我是代替 Crispin Love 的 Ben Graham。謝謝讓我提問。我想請你們談談最近在 Grove Lane 看到的情況；更具體地說，目前另類投資（alts）的環境與情緒是否改變了你們對 Grove Lane 的短期看法？

Yeah. Our (inaudible) -- so Grove Lane's doing well. We're adding to the Grove Lane team. As we said in our comments, we're going to continue to invest in Grove Lane, and we're very happy with what we're seeing there and with how Grove Lane and the Grove Lane team, which we have added to over the last year is performing.

是的。我們的（聽不清）——總之 Grove Lane 表現得很好。我們正在擴編 Grove Lane 團隊。正如我們在評論中所說，我們會持續投資 Grove Lane；我們對那裡看到的情況，以及 Grove Lane 與 Grove Lane 團隊（過去一年我們也持續增補人員）的表現都非常滿意。

We are -- We mentioned that some of the issue set that has captured a lot of conversation and attention in the wealth channel with regard to alts, it's, for the most part, an issue set that we're quite insulated against and perhaps even a beneficiary of -- because our products aren't in the center of that conversation in any way.

我們——我們提到，在財富通路中，關於另類投資的某些議題引發了大量討論與關注；但就大多數情況而言，那些議題我們相當能夠隔離風險，甚至可能成為受益者——因為我們的產品並不在那場討論的核心位置。

And we -- I sort of laid out the specific places that we're where we're not impacted, which is where all that kind of conversation is. So we're not seeing -- we're just seeing growth there, and we're seeing opportunity there. We're very happy with Grove Lane. We're investing with Grove Lane.

而且我——我也概述了我們不受影響的具體面向，也就是所有那些討論所聚焦的地方。因此我們沒有看到——我們只看到那裡的成長，也看到機會。我們對 Grove Lane 非常滿意。我們正在與 Grove Lane 一起投資。

And we're not -- I'm not stating that I think that we are a beneficiary from the conversation and stresses associated with redemption or fee-related performance fees or marks or anything like that. But we don't have those issues in our portfolios and our offerings in the wealth channel. And so we are growing, admittedly off a low base, but we're growing and we feel very good about that.

我並不是——我不是在說我認為我們會因為與贖回、費用相關的績效費、估值調整（marks）或類似壓力的討論而受益。但我們在財富通路的投資組合與產品供給中並不存在那些問題。因此我們正在成長，坦白說基期較低，但我們在成長，而且我們對此感到非常良好。

Awesome. That's it for me. Appreciate the color there.

太好了。我這邊就這些。謝謝你提供的補充說明。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Okay. Thank you for taking the follow up. I got myself disconnected just as you were answering my prior call, so I apologize for that, but I think I got the notes from my team. Just think about realizations for a moment, and you mentioned that you're now north of $500 million. In terms of your share of that, it looks like your ratio of that is going up over time. So maybe a two-part question.

好的。謝謝讓我追問。我在你回答我上一個問題時不小心斷線了，所以先致歉，但我想我已從團隊那邊拿到筆記。先談一下退出變現（realizations）。你提到你們現在已超過 5 億美元。就你們在其中的分成來看，你們的占比似乎隨時間上升。所以我有兩個問題。

How do you sort of see the realization backdrop over the near term? I appreciate that the macro is very choppy from day to day. And then one of your peers recently had a very unique way of trying to accelerate the realization possibility in capital raising by creating new entities to sort of transfer some of that value.

你們如何看待短期內的退出變現環境？我理解宏觀每天都很波動。另外，你們某位同業最近用了一個非常特別的方法，試圖透過成立新實體來轉移部分價值，以加速退出變現的可能性並促進募資。

Just wondering if as you've looked at that, is there an opportunity here to somehow accelerate the latent earnings power? Because if I do the math, it looks like the net accrued carry is about 20%-some-odd of your market cap. It just seems like a lot of untapped earnings.

想請問你們在評估那類作法時，是否有機會以某種方式加速潛在的獲利能力釋放？因為如果我算一下，你們的淨應計業績報酬（net accrued carry）大約相當於市值的 20% 多一些。看起來有很多尚未被釋放的獲利。

So thank you, Bill, for the question, and thank you for the realization of the value of our net accrued carry. And I would start the answer by pointing out that behind that net accrued carry at net asset value is a tremendous amount of carry at work that is not yet in the money. We're not today working on a transaction like that. We're familiar with what you're referencing.

Bill，謝謝你的問題，也謝謝你注意到我們淨應計業績報酬的價值。我會先指出，在以淨資產價值（net asset value）計的淨應計業績報酬背後，還有大量尚未進入價內（not yet in the money）的 carry 正在運作。我們目前沒有在進行你所提到的那類交易。我們了解你所指的作法。

We're not working on that today. There may be opportunities for us to do that and to accelerate the realization of some of the carry. It is not the easiest thing to do. It's a longer broader conversation. Carry is a huge asset class across the industry, and it is an asset class that is, at this point, largely unfinanced.

我們目前沒有在做那件事。未來或許會有機會讓我們這麼做，並加速部分 carry 的實現。但這並不是一件容易的事，且需要更長、更廣泛的討論。Carry 在整個產業中是一個巨大的資產類別，而到目前為止，這個資產類別在很大程度上仍未被融資化。

And I do think there are opportunities for financing markets to unlock some of that value, but it's not the easiest, it's not the easiest asset class to value and unlock because there is so much carry at work that is not yet in the money that is harder to find agreement on value. The carried NAV is not particularly hard. It's NAV. Everything's liquidated yesterday, that's what you get. But you have this giant asset behind that that is not in carried NAV yet, and that's where it's not the easiest asset to value and to find agreement on value for.

而且我確實認為，融資市場有機會把其中一部分價值釋放出來，但這並不容易，這不是最容易估值並解鎖的資產類別，因為有大量仍在運作中的業績分成（carry）尚未進入價內（in the money），因此更難就其價值達成共識。已計入的業績分成淨資產價值（carried NAV）其實不特別難算。它就是NAV。假設昨天把所有資產都清算了，你拿到的就是那個數字。但在那之後還有一個巨大的資產尚未反映在carried NAV裡，而那部分才是最不容易估值、也最不容易就其價值達成共識的地方。

And we, as you know, are significant owners of the firm and therefore the firm share of both carry at NAV and carry at work. And we're always going to want to -- we're not going to want to do anything that we don't think is a fair and full reflection of value just to accelerate the timing of something that we believe is a when, not if, and we believe is growing in its fundamental value, is growing while we're holding it.

而我們，如你所知，是公司的重要持有人，因此也持有公司在「已計入NAV的carry」以及「運作中的carry」兩者的份額。我們一向會希望——我們不會為了加速我們認為是「何時」而非「是否」會發生的事情的時間點，而去做任何我們認為無法公平且充分反映價值的事；而且我們相信其基本面價值正在成長，並且在我們持有期間仍在成長。

So we're certainly -- This is something we spend a lot of time talking about internally because we do think that there are opportunities to try to finance the carry asset, not just for Grosvenor, but across the industry, that's a big opportunity. But that carry at work piece is hard to get to get to a place where you are happy with the value you're getting.

所以我們當然——這是我們內部花很多時間討論的事情，因為我們確實認為，嘗試為carry資產做融資不僅對Grosvenor而言，對整個產業而言都是一個很大的機會。但那個「運作中的carry」部分很難做到讓你對所取得的估值感到滿意。

It's necessarily attached and tied to carry at NAV, and we're just not going to make a deal that short-changes value for short-term realization when we believe that the value is growing. The value of the carry at NAV is growing from increased value of portfolio holdings, and the value of the carry at work is coming into the money and growing your carried NAV as well. Does that make sense to you?

它必然會與「已計入NAV的carry」相連並綁在一起，而當我們相信價值正在成長時，我們不會為了短期變現而做一筆犧牲價值的交易。「已計入NAV的carry」的價值會因投資組合持有資產價值上升而成長，而「運作中的carry」的價值則是逐步進入價內並成長，進而也會推升你的carried NAV。這樣說你能理解嗎？

Right. It does. Thank you for that. I was just wondering, just given the backdrop, how you are thinking about the opportunity to maybe tap into that $500 million as you look over the next several quarters just in terms of realization potential.

對，可以理解。謝謝你的說明。我只是想問，在這樣的背景之下，當你展望未來幾個季度、就變現潛力而言，你們如何看待可能動用那5億美元的機會？

Yeah, we're --

是的，我們——

Maybe I'll jump in.

也許我插一句。

Okay.

好的。

Maybe I'll just jump in to say, one of the trends that Michael talked about people financing different assets on the balance sheet that the corporation owns. There's also what you've probably seen is a huge amount of activity around continuation funds. The transaction from one of our peers you might have been referring to could have been a recent deal where they were some leverage put on a prior fund such that the proceeds from that leverage could go commit to the new fund and potentially unlock some carry in the prior.

我先補充一下：Michael提到的一個趨勢是，人們在為公司資產負債表上所持有的不同資產進行融資。你可能也看到，圍繞延續基金（continuation funds）有大量活動。你提到的同業交易，可能是近期一筆交易：他們在一支既有基金上加了槓桿，使得該槓桿的資金得以承諾投入新基金，並可能在原基金中釋放部分carry。

Anytime you have a massive amount of capital invested in the private markets, there will be various tools and innovations developed to, as Michael pointed out, finance that and be creative in terms of kind of liquidity provider.

只要有大量資本投在私募市場，就會出現各種工具與創新來——如Michael所說——為其提供融資，並在作為流動性提供者方面更具創意。

I don't, and I wouldn't say we're not looking at any stuff like that right now, as Michael pointed out. I won't say we would never look at stuff like that. I think the broader point from our perspective is you have an asset that is compounding, as Michael pointed out, at very nice growth rates, which means that it is working for you, the shareholders, even while it is not yet necessarily turned into cash.

我不會說我們現在正在看任何這類事情；正如Michael指出的。我也不會說我們永遠不會看這類事情。我認為從我們的角度，更大的重點是：你有一項資產正在複利成長，如Michael所說，以非常不錯的成長率在累積，這意味著即使它尚未必然轉化為現金，它仍在為你——股東——工作。

And I think the other point from our perspective is it's made up of well over 100, if not 150 kind of waterfalls, which is unique, and it's diversified across all the asset classes and all the implementation styles. And our clients are patient with respect to the realization of capital, and we're patient with respect to the realization of that asset, especially when it kind of continues to build value and work for you.

而且從我們的角度，另一個重點是：它由遠超過100個、甚至可能150個不同的分配瀑布（waterfalls）所構成，這很獨特，並且在所有資產類別與所有執行風格之間高度分散。我們的客戶對資本回收的實現是有耐心的，而我們對該資產的實現也有耐心，尤其是在它持續累積價值並為你運作的情況下。

Okay. Thank you for taking the extra question.

好的。謝謝你們多回答一個問題。

Tyler Miller, William Blair.

Tyler Miller，William Blair。

It looks like you were in the market with two new specialized funds. I think one of them is the next multi-asset class fund. The predecessor funds there, last two raised about $1 billion each and a pretty strong performance. How are those initial conversations going? Any color you would offer on those?

看起來你們正在市場上推出兩支新的專門基金。我想其中一支是下一期的多資產類別基金。該系列前兩支基金各募了大約10億美元，且績效相當強勁。初步對談進展如何？你們願意分享一些看法嗎？

Jon, you want to take that? I think we're kind of in pre-market, but do you want to take that, Jon?

Jon，你要回答嗎？我想我們還算是在預熱階段（pre-market），但你要回答嗎，Jon？

Sure. Yeah, I mean, I think where -- that's our MAC IV franchise that you're talking about. You're correct that their prior fund was roughly that size, and you're correct that the performance has been very good.

當然。是的，我的意思是——你說的是我們的MAC IV系列。你說得對，他們上一支基金大約就是那個規模；你也說得對，績效一直非常好。

Actually, as you've heard us talk about probably more in the last call, it happens to be one of the areas, not the only area, where we were able to leverage the broad origination of the platform and leverage the information we get from our privileged position in the ecosystem to pick up on various themes going on in the market, which meant that it was a place where we were able to get long some of those AI themes and data and energy and technology themes that are kind of powering the market now.

其實，正如你可能在上一通電話會議中更常聽到我們談到的，這剛好是其中一個領域——但不是唯一的領域——我們能夠運用平台廣泛的案源能力，並利用我們在生態系中具優勢的位置所取得的資訊，去捕捉市場上正在發生的各種主題；這也意味著，我們能在一些AI主題、資料、能源與科技主題上建立多頭部位，而這些主題正是目前推動市場的力量。

It's been a very good story for investors. It's one of those products that doesn't neatly fit into a bucket, but for investors that just appreciate the value of our origination and appreciate the delivery of an attractive risk-adjusted return profile we're excited to start, as Michael said, kind of pre-marketing and start talking to clients about that subsequent fund towards the back half of this year.

對投資人而言，這一直是個非常好的故事。這是一種不太容易被歸類到單一桶子裡的產品，但對於重視我們案源能力、並認同我們能交付具吸引力的風險調整後報酬特性的投資人，我們很期待如Michael所說，在今年下半年開始進行某種程度的預先行銷（pre-marketing），並開始與客戶談下一支基金。

The only thing I would add is that I believe that MAC III just not hit the market, came to market at a time that wasn't the best time for MAC III. And I think that had it been six to nine months earlier that we were back in market, it would have actually been a much larger raise than it ended up being. And I think the timing for MAC IV, which will be in market later in the year, and we're sort of pre-marketing now, the timing for that is much better.

我唯一想補充的是，我認為MAC III剛好不是在最好的時點進入市場；MAC III上市（募資）時的時機並不理想。我認為如果我們早六到九個月回到市場，實際募資規模會比最後結果大得多。我也認為MAC IV將在今年稍晚進入市場，而我們現在正在做一些預先行銷；MAC IV的時機要好得多。

And so we're enthusiastic about trying to drive MAC IV for the reasons Jon mentioned and just for the simple timing, which was unfortunate, and I think did result in MAC III being a lower raise than it could have been, and we don't -- we have advantageous timing now with MAC IV.

因此，基於Jon提到的原因，以及單純就時機而言——先前的時機確實不理想，我認為也導致MAC III的募資規模低於其本可達到的水準——我們對推動MAC IV感到很有熱情；而現在MAC IV的時機對我們更有利。

Got it. And then I got to ask on SpaceX since it held up here pretty well last week. Is there any color you're willing to share about your exposure in the current market?

了解。那我得問一下SpaceX，因為它上週在這裡表現得相當穩健。你們是否願意分享一些關於你們在目前市場中的曝險情況？

All I think we're prepared to say at this time is we do have exposure to SpaceX. It's been a very, very successful investment for the firm. Obviously, with all of the public information that's out regarding SpaceX and their planned offering as early, I guess, as next month, and their relatively frequent announcements with regard to progress, including yesterday and their deal with Anthropic, we're enthusiastic about the upside potential that our SpaceX exposure provides us over the remainder of the year.

我們目前能說的大概是：我們確實有SpaceX的曝險。這對公司而言是一筆非常、非常成功的投資。顯然，關於SpaceX的公開資訊很多，包括他們計畫最早可能在下個月進行發行（offering），以及他們相對頻繁地公布進展——包括昨天以及他們與Anthropic的合作——我們對於今年剩餘期間，我們的SpaceX曝險所帶來的上行潛力感到樂觀。

Got it. Thank you.

了解。謝謝。

(Operator Instructions)

（接線員指示）

Let me just add to that last answer just to say that I think if SpaceX does become public, at that time, we'll probably talk about it in a bit more detail, and it probably will be more volatile than it has been in terms of valuation and mark sort of week to week, month to month. And so we'll want to provide more detail on that if that does happen, later in the quarter or in the third quarter.

我再補充剛才最後一個回答：我認為如果SpaceX真的上市，到了那個時候，我們可能會更詳細地談一些，而且就估值與評價（mark）而言，它可能會比目前更具波動性——例如按週、按月的波動。因此，如果那真的發生——可能在本季稍晚或第三季——我們會希望提供更多細節。

And I'm not showing any further questions.

我這邊沒有看到其他問題了。

Well, thank you all very much.

好，非常感謝各位。

Great. Thank you again to everyone.

很好。再次感謝大家。

Thank you. Sorry, Stacie.

謝謝。抱歉，Stacie。

This does concludes today's conference. We thank you for your participation.

今天的電話會議到此結束。感謝各位的參與。