KKR & Co Inc (KKR) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to KKR's third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，感謝各位的耐心等待，歡迎參加 KKR 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the conference over to your host, Mr. Craig Larson. Thank you. You may begin.

現在我將把會議交給主持人克雷格·拉爾森先生。謝謝。你可以開始了。

Good morning, everyone, and welcome to our third quarter 2025 earnings call. This morning, as usual, I'm joined by Rob Lewin, our Chief Financial Officer; and Scott Nuttall, our Co-Chief Executive Officer.

各位早安，歡迎參加我們2025年第三季財報電話會議。今天早上，和往常一樣，我的來賓是財務長羅伯·萊文和聯合執行長史考特·納托爾。

We would like to remind everyone that we'll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our press release, which is available on the Investor Center section at kkr.com. And as a reminder, we report our segment numbers on an adjusted share basis. This call will also contain forward-looking statements, which do not guarantee future events or performance. Please refer to our earnings release as well as our SEC filings for cautionary factors about these statements.

我們想提醒各位，本次電話會議中我們將提及非GAAP財務指標，這些指標已在我們的新聞稿中與GAAP數據進行了核對，新聞稿可在kkr.com網站的投資者中心查閱。另需提醒的是，我們的分部業績數據均以調整後股份為基礎進行報告。本次電話會議還將包含前瞻性陳述，這些陳述並不保證未來的事件或表現。有關這些聲明的注意事項，請參閱我們的獲利報告以及我們向美國證券交易委員會提交的文件。

I'll begin this morning with our results for the third quarter. As you likely would have already seen through our press release, we had a strong Q3. We're pleased to be reporting fee-related earnings of $1.15 per share, total operating earnings of $1.55 per share, and adjusted net income of $1.41 per share. All of these figures are among the highest we reported in our history as a public company.

今天早上我先從第三季的業績報告開始。正如您可能已經從我們的新聞稿中看到的那樣，我們第三季業績強勁。我們很高興地宣布，每股費用相關收益為 1.15 美元，每股總營運收益為 1.55 美元，調整後每股淨收益為 1.41 美元。這些數據均位居我們作為上市公司歷史上公佈的最高數據。

Going into the P&L in a little more detail. Management fees and management fee growth continues to be strong. For Q3, management fees were $1.1 billion, that's up 19% year-over-year, driven by both our fundraising success really across all of our asset classes, alongside continued capital deployment. Catch-up fees within the management fee line were more elevated this quarter given the strength of our fundraising. They came in at a little over $40 million. So excluding catch-up fees, management fee growth on a year-over-year basis is a healthy 16%.

接下來更詳細地分析損益表。管理費及管理費成長持續強勁。第三季管理費為 11 億美元，年增 19%，這主要得益於我們所有資產類別的募資成功以及持續的資本部署。鑑於我們本季的融資實力，管理費中的追趕費用增加。最終成交價略高於 4000 萬美元。因此，不計追繳費用，管理費年增16%，這是一個健康的數字。

Total transaction and monitoring fees were $328 million in the quarter. Capital markets fees were quite strong at $276 million, driven by activity across private equity, infrastructure, core private equity as well as our work on behalf of our third-party clients.

本季交易和監控費用總額為 3.28 億美元。資本市場費用相當強勁，達到 2.76 億美元，這主要得益於私募股權、基礎設施、核心私募股權以及我們代表第三方客戶開展的工作。

Fee-related performance revenues in the quarter were $73 million. That figure is up nearly 30% year-over-year, with a growth here driven by the performance as well as the scaling at our K infra vehicle. And in terms of expenses, fee-related compensation was right at the midpoint of our guided range, which as a reminder, is 17.5%. Other operating expenses for the quarter came in at $176 million. So in total, fee-related earnings were $1 billion or $1.15 per share figure that I mentioned earlier, a record figure for us.

本季與費用相關的績效收入為 7,300 萬美元。該數字年增近 30%，這一增長主要得益於我們 K 基礎設施車輛的業績表現和規模擴張。至於支出方面，與費用相關的補償正好處於我們指導範圍的中點，提醒一下，範圍為 17.5%。本季其他營運支出為 1.76 億美元。因此，總而言之，與費用相關的收入為 10 億美元，即每股 1.15 美元，正如我之前提到的，這是我們創紀錄的數字。

Insurance segment operating earnings were $305 million this quarter. The run rate here is still at that $250 million level plus or minus, as there was a $41 million benefit this quarter from GA's annual actuarial assumption review process. Strategic Holdings operating earnings were $58 million for the quarter. And on a year-to-date basis here, they're meaningfully ahead of where we were a year ago. And as we head into 2026, we're tracking nicely towards our expected $350 million-plus of net dividends.

本季保險業務部門營業利潤為3.05億美元。由於通用電氣年度精算假設審查流程在本季度帶來了 4,100 萬美元的收益，因此目前的運行率仍然在 2.5 億美元左右。Strategic Holdings 本季營業利潤為 5,800 萬美元。從今年迄今為止的情況來看，他們已經顯著領先一年前的水平。展望 2026 年，我們正朝著超過 3.5 億美元的淨股利目標穩步邁進。

So in aggregate, total operating earnings, which represent the more recurring component of our earnings streams, were $1.55 per share, that's a record quarter, and 17% ahead of just last quarter.

因此，總體而言，總營業收入（代表我們收入流中更經常性的部分）為每股 1.55 美元，這是一個創紀錄的季度，比上個季度增長了 17%。

Moving on to investing earnings within our Asset Management segment. Realized performance and investment income totaled $935 million, and we had $70 million of net realized investment income within our Strategic Holdings segment.

接下來談談資產管理板塊的投資收益。已實現業績和投資收益總計 9.35 億美元，其中戰略控股部門的淨已實現投資收益為 7,000 萬美元。

So over $1 billion of (technical difficulty), highlights both the strength as well as the maturity of our portfolio. And of note in Q3, to give a little color, almost half of realized carried interest came from our private equity business in Asia. So in total, looking on a net basis, investing earnings after compensation were $306 million in Q3. After interest expense and taxes, adjusted net income was $1.3 billion or $1.41 per share. That's up 8% year-over-year, so relative to the third quarter of 2024.

因此，超過 10 億美元的（技術難度）既凸顯了我們投資組合的實力，也體現了其成熟度。值得注意的是，第三季度，近一半的已實現收益來自我們在亞洲的私募股權業務。因此，從淨額來看，第三季扣除薪資後的投資收益為 3.06 億美元。扣除利息支出和稅款後，調整後的淨收入為 13 億美元，即每股 1.41 美元。與去年同期相比成長了 8%，即相對於 2024 年第三季而言。

And stepping back for a moment, we're pleased with the progress and the momentum you're seeing beyond just this 90-day period. Looking over the last 12 months, management fees, fee-related earnings and adjusted net income are all at record levels for KKR over any 12-month period in our history, and are up 16%, 16% and 17%, respectively, compared to the 12-month period ended one year ago.

退一步講，我們對你們所看到的進展和勢頭感到滿意，這不僅僅是這 90 天的期限。回顧過去 12 個月，KKR 的管理費、費用相關收益和調整後淨收入均創歷史新高，與一年前結束的 12 個月相比，分別成長了 16%、16% 和 17%。

Turning now to some of the key operating metrics for us from the quarter, and let me start with capital raising. In the third quarter, we raised $43 billion of capital for the second highest fundraising quarter in our history, with an incremental $3 billion of capital coming in this quarter with the closing of our acquisition of HealthCare Royalty Partners.

現在讓我們來看看本季的一些關鍵營運指標，首先是融資情況。第三季度，我們籌集了 430 億美元的資金，這是我們歷史上第二高的季度籌款額，其中隨著我們完成對 HealthCare Royalty Partners 的收購，本季度新增了 30 億美元的資金。

Organic new capital raised across our credit platform comprised roughly 60% of the $43 billion raised this quarter as we're seeing strong momentum in our asset-based finance business as well as our insurance business more broadly.

本季我們信貸平台籌集的 430 億美元資金中，約 60% 來自有機新增資本，因為我們的資產融資業務以及更廣泛的保險業務都呈現出強勁的成長勢頭。

Inflows from Global Atlantic within credit were $15 billion. That's up considerably year-over-year, with $6 billion of that related to particularly strong funding agreement issuance as well as the Japan Post Insurance strategic partnership. In addition to this activity at GA, third-party asset-based finance and private IG represented over $5 billion of new capital raised in the quarter, and this included 5 separate private IG ABF mandates, 4 of which are with clients that are new to our credit platform, and our forward pipeline here remains quite strong.

全球大西洋信貸流入量為 150 億美元。與前一年相比，這一數字大幅成長，其中 60 億美元與特別強勁的融資協議發行以及與日本郵政保險的策略合作有關。除了 GA 的這項活動外，第三方資產融資和私人投資等級證券在本季度籌集了超過 50 億美元的新資本，其中包括 5 項獨立的私人投資級證券 ABF 委託，其中 4 項委託的客戶是首次使用我們的信貸平台，而且我們在這方面的未來業務渠道仍然非常強勁。

Looking across the entirety of our credit platform, we raised $55 billion year-to-date, and that's compared to $56 billion over all of 2024. Suffice to say, 2025 is on track to be a record capital raising year for our credit business.

從我們整個信貸平台來看，今年迄今為止我們已籌集了 550 億美元，而 2024 年全年預計將籌集 560 億美元。可以肯定地說，2025 年有望成為我們信貸業務創紀錄的融資之年。

Our private equity and real asset business lines together raised $16 billion of capital in the quarter across a number of strategies, and that includes additional closes in our flagship North America's private equity and our global infrastructure funds. And inflows from our private wealth efforts continue to be robust. In the third quarter, our K-Series suite of products brought in $4.1 billion, that is 20% higher compared to just last quarter, and is 80% above the new [indiscernible] figure from one year ago.

本季度，我們的私募股權和實物資產業務線透過多種策略共籌集了 160 億美元的資金，其中包括我們旗艦北美私募股權基金和全球基礎設施基金的額外募款。來自私人財富領域的資金流入依然強勁。第三季度，我們的 K 系列產品組合帶來了 41 億美元的收入，比上一季度增長了 20%，比一年前的新 [無法辨認] 數據增長了 80%。

Turning to deployment. We invested $26 billion of capital in Q3, with activity really broad-based across geographies and asset classes. In looking over the last 12 months, we've invested $85 billion, that's up 12% compared to the prior LTM period. And with a record $126 billion of dry powder available, we remain incredibly well positioned to build our portfolio for the future. Our teams continue to find creative ways to put capital work across asset classes.

接下來進入部署階段。我們在第三季投資了 260 億美元的資金，投資活動非常廣泛，遍及各個地區和各類資產。回顧過去 12 個月，我們投資了 850 億美元，比前一個 LTM 期間成長了 12%。憑藉創紀錄的 1260 億美元可用資金，我們仍然處於非常有利的地位，可以為未來建立我們的投資組合。我們的團隊不斷探索創新方法，將資本運作應用於各類資產。

Now turning to investment performance. Page 10 of the earnings release details the continued performance we're seeing across asset classes this quarter and in the LTM. Overall, our portfolios remain well positioned. And given our disciplined approach around investment pacing and linear deployment, we have roughly $17 billion of embedded gains that sit on our balance sheet across our Asset Management and Strategic Holdings, which is at or near record levels for us, and this is despite the healthy monetization activity that you've seen in the quarter.

現在來看投資績效。獲利報告第 10 頁詳細介紹了本季和過去 12 個月內我們在各類資產類別中看到的持續表現。整體而言，我們的投資組合依然處於良好狀態。鑑於我們在投資節奏和線性部署方面採取的嚴謹方法，我們的資產管理和戰略控股部門的資產負債表上大約有 170 億美元的內含收益，這已達到或接近我們歷史最高水平，而這還是在你們在本季度看到的健康的貨幣化活動之後。

And with that, I'm pleased to turn the call over to Rob.

接下來，我很高興把電話交給羅布。

Thanks a lot, Craig, and thank you all for joining our call this morning. We have another four topics that we'd like to cover today, mostly addressing some of the consistent questions that we have been receiving. They are a bit more involved this quarter. So please bear with us.

非常感謝克雷格，也感謝各位今天上午參加我們的電話會議。今天我們還有四個話題要討論，主要是為了解答一些我們常收到的問題。他們本季參與度更高一些。所以請大家耐心等待。

The first topic relates to our insurance business. As we have discussed on prior calls, we have been focused on four meaningful changes to how we run insurance. Number one, we are originating longer-duration liabilities and assets. Two, we are aggressively expanding outside the US to better match our global investment management footprint.

第一個主題與我們的保險業務有關。正如我們在先前的電話會議中所討論的那樣，我們一直專注於保險業務運作方式的四個重大變革。第一，我們正在創造期限更長的負債和資產。第二，我們正在積極向美國以外地區擴張，以更好地匹配我們的全球投資管理佈局。

Number three, GA is investing more capital across everything KKR does, including non-yielding and lower-yielding asset classes like private equity and real assets. And four, we are raising more third-party capital across our Ivy sidecar strategy and strategic partnerships to grow GA in a capital-efficient manner.

第三，GA正在增加對KKR所有業務的投資，包括不產生收益和收益較低的資產類別，如私募股權和實物資產。第四，我們正在透過 Ivy sidecar 策略和策略合作夥伴關係籌集更多第三方資金，以資本高效的方式發展 GA。

In effect, we are evolving our insurance business to be able to extend the duration of our book, to use more of our asset management capabilities around the world and leverage one of our core capabilities as a firm, capital raising. We believe these changes will expand our competitive advantage and allow us to generate higher and more durable returns over the long term, and all is on track from our standpoint.

實際上，我們正​​在發展我們的保險業務，以便能夠延長我們的保單期限，在全球範圍內更多地運用我們的資產管理能力，並發揮我們作為一家公司的核心能力之一——籌集資金。我們相信這些改變將擴大我們的競爭優勢，並使我們能夠在長期內獲得更高、更持久的回報，從我們的角度來看，一切都在按計劃進行。

We also wanted to discuss how we look at the impact of GA on our total P&L. Insurance operating earnings alone do not capture how our model works and the overall impact of our insurance-related economics. A lot of it appropriately shows up in our Asset Management segment. The last two quarters, we have talked about the total economics related to our insurance business, and we have received positive feedback on this topic. I think it has helped frame why the GA acquisition has been so powerful for KKR.

我們也想討論一下我們如何看待 GA 對我們整體損益的影響。單憑保險公司的營業收入並不能反映我們模式的運作方式以及與保險相關的經濟的整體影響。其中許多內容都適當地體現在我們的資產管理板塊中。過去兩個季度，我們討論了與保險業務相關的整體經濟效益，並收到了對此主題的正面回饋。我認為這有助於解釋為什麼收購GA對KKR如此重要。

Given this, we thought we would more clearly lay out the total economics, and we have added a new page to our earnings release that outlines this on page 20. Let's take a quick minute to walk through that page more specifically. The total economics on this page, of course, include [GA] segment insurance operating earnings that we report.

有鑑於此，我們認為應該更清楚地闡明整體經濟狀況，因此我們在收益報告中增加了一個新頁面，在第 20 頁對此進行了概述。我們花點時間更詳細地瀏覽一下這一頁。當然，本頁所列的總經濟數據包括我們報告的 [GA] 部門保險營運收益。

Next, you see we layer on the economics that show up in the Asset Management segment, and you could see that in three places. First, as GA assets have grown $139 billion in 2022 to $212 billion today, management fees under our investment management agreement have also significantly increased. Second, we have a differentiated third-party sidecar business. Of that $212 billion of total GA AUM, approximately $50 billion is from our Ivy-related vehicles.

接下來，你會看到我們把資產管理領域的經濟因素疊起來，你可以在三個地方看到這一點。首先，由於 GA 的資產從 2022 年的 1,390 億美元成長到如今的 2,120 億美元，根據我們的投資管理協議，管理費也大幅增加。其次，我們擁有差異化的第三方配套業務。在我們 2,120 億美元的 GA 總資產管理規模中，約有 500 億美元來自我們與常春藤聯盟相關的投資工具。

These vehicles allow us to marry third-party capital alongside the GA balance sheet, and they often pay fee and carry similar to a drawdown credit or PE fund. These assets would not exist without GA, but all of the management fees show up in our Asset Management segment.

這些工具使我們能夠將第三方資本與 GA 資產負債表結合起來，它們通常會支付類似於提款信貸或私募股權基金的費用和收益。如果沒有 GA，這些資產就不會存在，但所有的管理費都會計入我們的資產管理板塊。

And third, capital markets fees driven by GA are starting to contribute. Taken together, as you can see on page 20, the total insurance economics have increased meaningfully since our initial acquisition of GA. Year-to-date, the total economics are approximately $1.4 billion net of compensation, and that is up 16% compared to the same period last year.

第三，GA 推動的資本市場費用也開始產生影響。綜上所述，正如您在第 20 頁所看到的，自我們最初收購 GA 以來，整體保險經濟效益已顯著提高。今年迄今為止，扣除補償金後的經濟效益總額約為 14 億美元，比去年同期成長了 16%。

And if anything, these figures meaningfully understate the earnings power of owning Global Atlantic. We now manage over $80 billion of capital on behalf of third-party insurance clients, that is 3 times the AUM we managed when we bought GA, and that's because we are a much better partner to insurance clients.

而且，這些數字實際上嚴重低估了持有 Global Atlantic 的獲利能力。我們現在代表第三方保險客戶管理超過 800 億美元的資本，是我們收購 GA 時管理的資產規模的 3 倍，這是因為我們是保險客戶更好的合作夥伴。

In terms of the Ivy-related capital, when you aggregate where we stand on our Ivy strategy capital raise and the Japan Post Insurance commitment, we currently have approximately $6 billion of third-party capital capacity. And once this new capital is put to work, we expect that it will ultimately translate to north of $60 billion of additional fee-paying AUM.

就 Ivy 相關的資本而言，如果將我們在 Ivy 戰略融資和日本郵政保險承諾方面的進展加起來，我們目前擁有約 60 億美元的第三方資本能力。一旦這筆新資金投入使用，我們預計最終將轉化為超過 600 億美元的額外付費資產管理規模。

The vast majority of this is not showing up in our P&L today. Said another way, we expect that the capital we have raised over the last 12 months alone will allow us to more than double the aggregate AUM of our Ivy-related vehicles once it is put to work. From a capital markets perspective, and you've heard us say this before, we are just getting started here. And we have said that the GA related fees can be hundreds of millions annually over time.

絕大多數此類支出目前並未反映在我們的損益表中。換句話說，我們預計僅在過去 12 個月內籌集的資金，一旦投入使用，將使我們與 Ivy 相關的投資工具的總資產管理規模增加一倍以上。從資本市場的角度來看，正如我們之前所說，我們才剛起步。我們曾說過，隨著時間的推移，與通用航空相關的費用每年可能高達數億美元。

And finally, as we add higher returning, lower-yielding investments to the investment portfolio, that includes private equity and real assets, those excess returns do not show up for a while given that we report the portfolio largely based on cash outcomes. As you can see from the callout box on the top right of this slide, none of those economics are included here.

最後，當我們在投資組合中添加收益較高但收益率較低的投資（包括私募股權和實物資產）時，由於我們主要根據現金收益來報告投資組合，這些超額收益在一段時間內不會顯現出來。從這張投影片右上角的標註框中可以看到，這裡沒有包含任何經濟因素。

Transparently, we debated whether it changed our insurance operating reporting to mark-to-market and conform to many of the industry peers. But we have concluded that it would be inconsistent with how we think about the P&L across all of KKR. We have had a focus on cash outcomes in our segment reporting since 2018 when we moved away from reporting economic net income.

坦白說，我們曾討論過是否應該將我們的保險營運報告改為按市值計價，以符合許多業內同行的做法。但我們認為這與我們對 KKR 所有業務的損益情況的看法不符。自 2018 年我們不再報告經濟淨收入以來，我們在分部報告中一直專注於現金流結果。

We think it is the easiest way to understand our business and think that is the right decision for our insurance portfolio as well. And candidly, we like our conservative approach. So we have decided to continue reporting the lower-yielding investments in our insurance segment based on cash outcomes.

我們認為這是了解我們業務的最簡單方法，並認為這對我們的保險組合也是正確的決定。坦白說，我們喜歡我們保守的做法。因此，我們決定繼續根據現金流結果報告保險業務中收益率較低的投資。

But to give you a sense of the embedded profitability, our insurance operating earnings would have been approximately $50 million higher in Q3 if we included the impact of marks on our investments, where a significant portion of the return is related to appreciation and not cash yield.

但為了讓您了解其中蘊含的獲利能力，如果我們把投資的減損影響考慮在內，那麼我們第三季的保險業務營運收益將增加約 5,000 萬美元，因為其中很大一部分回報與增值有關，而不是現金收益。

As we continue to rotate the book, we would expect the difference between our reported earnings and the earnings on a marked basis to go up in 2026, but come down over time as the portfolio matures. However, in a growing and performing business, that number will never be 0.

隨著我們不斷輪換投資組合，我們預計 2026 年我們公佈的收益與以固定基數計算的收益之間的差異將會擴大，但隨著投資組合的成熟，這種差異會逐漸縮小。然而，在一個不斷成長的企業中，這個數字永遠不會是 0。

As you can tell from the attractive profile of our total economics, looking at the insurance segment alone only really tells part of the story. So we will be sharing with you the entire story every quarter so you can clearly understand how our management team defines success. Hopefully, that is clear and helpful in addressing many of the questions on this topic.

從我們整體經濟的良好前景可以看出，僅關注保險業只能說明部分問題。因此，我們將每季與您分享整個故事，以便您清楚了解我們的管理團隊如何定義成功。希望這能清晰明了地解答關於這個主題的許多問題。

The second topic this morning is the continued success we are seeing in private wealth. As Craig mentioned, we raised $4.1 billion in the quarter in our K-Series vehicles. Our capital inflows continue to be strong and gaining momentum. We now manage over $32 billion of assets across all of our K-Series vehicles, including activity through November 1. That $32 billion of K-Series AUM compares to $15 billion a year ago and just $6 billion two years ago.

今天早上的第二個主題是我們在私人財富領域持續看到的成功。正如克雷格所提到的，我們本季透過 K 系列車輛籌集了 41 億美元。我們的資本流入持續強勁，且勢頭越來越快。目前，我們管理的 K 系列車輛資產總額超過 320 億美元，其中包括截至 11 月 1 日的活動。K系列基金的資產管理規模為320億美元，而一年前為150億美元，兩年前僅60億美元。

Our North Star for the K-Series suite continues to be focused on building vehicles that we can be proud of 10-plus years from now. As a result, recognizing we don't read too much into the month-to-month sales, our performance, deployment and (technical difficulty) our expectations.

K系列車型的研發方向仍然是打造讓我們在未來10年甚至更長時間裡都引以為傲的車輛。因此，我們認識到，我們不應該過度關注每月的銷售額、我們的業績、部署和（技術難度）以及我們的預期。

Elsewhere in private wealth, we remain encouraged by the progress we are seeing within our strategic partnership with Capital Group. As a reminder, we launched our first 2 public private credit solutions in April. So we are in the very earliest days of capital raising. And in July, we made an initial filing with the SEC for a public private equity solution. We also remain exciting as to what we can do together in other areas where our combined capabilities can add value to our clients, including within the retirement space.

在私人財富領域，我們對與 Capital Group 的策略合作夥伴關係所取得的進展感到鼓舞。提醒一下，我們在四月推出了首批 2 項公私合營信貸解決方案。所以我們現在還處於籌資的初期階段。7 月，我們向美國證券交易委員會提交了公開私募股權解決方案的初步申請。我們也對在其他領域攜手合作，為客戶創造價值充滿期待，包括退休領域。

The third topic this morning relates to the monetization environment. As we have explained on prior calls, we are very pleased with the performance of our portfolio and are seeing the benefits of our focus on linear deployment and portfolio construction. You can see in our results that we've been monetizing this performance actively. As one example, our realized [carry] is up over 50% year-to-date. And despite all this realized carry that has been monetized so far during the year, our unrealized carry balance has actually grown 14% year-to-date.

今天早上的第三個主題與獲利環境有關。正如我們在先前的電話會議中所解釋的那樣，我們對投資組合的表現非常滿意，並且看到了我們專注於線性部署和投資組合建置所帶來的好處。從我們的業績結果可以看出，我們一直在積極地將這種業績轉化為收益。例如，我們今年的已實現收益成長超過 50%。儘管今年迄今已經實現了這麼多已實現的收益，但我們的未實現收益餘額實際上年初至今增長了 14%。

As we sit here at the end of Q3, we continue to have line of sight to more monetizations, with roughly $800 million expected over the next two quarters related to transactions already closed or that have been announced but not yet closed. So things feel healthy, both in performance and exits.

截至第三季末，我們仍有望實現更多變現，預計未來兩個季度將有約 8 億美元與已完成或已宣布但尚未完成的交易相關。所以無論從表現或退出方面來看，一切都很健康。

The one accepted here relates to our second Asia private equity fund, which has underperformed. Asia II was raised 12, 13 years ago and stopped investing roughly 8 years ago. And as we have disclosed to our Asia II investors, we expect that fund will roughly return its cost.

這裡接受的這筆款項與我們的第二支亞洲私募股權基金有關，該基金表現不佳。Asia II 基金成立於 12、13 年前，約 8 年前停止投資。正如我們向亞洲二期投資者披露的那樣，我們預計該基金將大致收回其投資成本。

Now to be clear, our performance in Asia private equity more broadly has been a real bright spot. Our most recent funds Asia III and Asia IV are both top quartile performing funds for their vintage, with gross IRRs over 20% and differentiated DPI statistics. Asia III has already returned over 100% of its capital, and Asia IV has already returned 40%.

需要明確的是，我們在亞洲私募股權領域的整體表現一直是一大亮點。我們最新推出的亞洲 III 和亞洲 IV 基金在其成立年份中均位列前四分之一，總內部收益率超過 20%，且股息支付率統計數據也表現出色。亞洲三期基金已收回超過 100% 的資本，亞洲四期基金已收回 40% 的資本。

The reason we are discussing this today is that we collected roughly $350 million of gross carry from Asia II many years ago that we now have to pay back. We will be taking a charge in the fourth quarter to do just that, and reversing the compensation that was paid out when that carrier was collected. To be clear, while we are recognizing this event in Q4, our accrued unrealized performance income on the balance sheet has been net of this impact for some time.

我們今天討論此事的原因是，多年前我們從亞洲二期計畫收取了約 3.5 億美元的毛收益，現在我們必須償還這筆款項。我們將在第四季提列費用來支付這筆款項，並衝回先前向該承運商收取費用時支付的賠償金。需要明確的是，雖然我們在第四季度確認了這一事件，但我們資產負債表上的應計未實現業績收入在一段時間內已經扣除了這一影響。

The result is that we expect net realized performance income in Q4 to be lower than it otherwise would have been, and ANI per share to be about $0.18 lower. This is really a onetime charge that we've planned and reserved for that we wanted you to be aware is coming. And as we sit here today, we do not see any other material clawback risk that exists across our portfolio. When you cut through it, the monetization pipeline is strong, our performance is strong and we are taking a onetime charge for something that happened roughly 10 years ago.

因此，我們預計第四季度的淨實現業績收入將低於預期，每股淨實現業績收入將減少約 0.18 美元。這是我們提前規劃並預留的一次性費用，我們想讓您知道即將發生這種情況。就目前而言，我們認為我們的投資組合中不存在任何其他實質的追回風險。仔細分析一下就會發現，我們的獲利管道很強勁，業績也很出色，而我們只是為大約 10 年前發生的事情承擔一次性費用。

The final topic that I want to discuss this morning relates to our expectations for 2026. And do we still feel good about our guidance of $4.50 plus in FRE per share and $7 to $8 an after-tax ANI per share that we introduced in November 2023 and November 2021, respectively. On FRE, the answer is an unreserved yes. As you could tell from our fundraising this quarter, we have good momentum here and real line of sight to continued management fee growth.

今天早上我想討論的最後一個主題與我們對 2026 年的期望有關。我們是否仍然對我們分別在 2023 年 11 月和 2021 年 11 月提出的每股 FRE 超過 4.50 美元和每股稅後 ANI 7 至 8 美元的指導意見感到滿意？在FRE上，答案是毫無保留的「是」。從我們本季的融資情況可以看出，我們目前勢頭良好，並且管理費的持續成長前景光明。

Turning to ANI. Given everything that we see and all of the momentum across KKR, we continue to feel confident in our ability to achieve our 2026 ANI guidance. A key component here will, of course, be monetization activity. Today, we have roughly $17 billion of embedded gains across the firm, that is gross unrealized carry and unrealized gains in our asset management investment portfolio and strategic holdings. That is the second highest level in our history, it's up 10% from a year ago and up over 50% from two years ago.

轉向亞洲新聞社（ANI）。鑑於我們所看到的一切以及 KKR 的所有發展勢頭，我們仍然有信心實現 2026 年 ANI 目標。當然，其中的關鍵組成部分是盈利活動。目前，我們公司擁有約 170 億美元的內含收益，即資產管理投資組合和策略性持股中的未實現毛收益和未實現收益。這是我們歷史上第二高的水平，比一年前增長了 10%，比兩年前增長了 50% 以上。

Collectively, we've gone back with all of our business heads across all of our geographies and looked at our pipelines on a bottoms-up basis. And as a result of that exercise, we feel incredibly well positioned for future monetizations. To be clear, the monetization environment today is constructive, and we would expect that to continue into 2026.

我們召集了所有地區的業務負責人，從下往上全面審視了我們的業務流程。正因如此，我們感覺自己為未來的獲利做好了非常充分的準備。需要明確的是，目前的獲利環境是正面的，我們預計這種情況將持續到 2026 年。

However, if the monetization environment deteriorates, we may delay some of that activity. And if that were to happen, we would be earning less in 2026, but would be in service of more earnings in 2027 and beyond. Therefore, based on what we see today and our current conviction, we feel confident that we can achieve the $7-plus per share, and that includes the impact of our cash-based reporting approach for Global Atlantic.

但是，如果獲利環境惡化，我們可能會推遲部分活動。如果這種情況發生，我們在 2026 年的收入會減少，但會在 2027 年及以後創造更多收入。因此，根據我們今天所看到的和我們目前的信念，我們有信心實現每股 7 美元以上的目標，這其中也包括我們對 Global Atlantic 採用的現金報告方法的影響。

As you know, we share with you each quarter on our call, our expectations for gains in carry, and we update that expectation ahead of quarter end so you know what we know. And we will continue this practice so that we can track our progress together and that nobody is surprised as we move through 2026.

如您所知，我們每個季度都會在電話會議上與您分享我們對收益預期，並且我們會在季度末之前更新該預期，以便您了解我們所知道的情況。我們將繼續這種做法，以便我們能夠共同追蹤我們的進展，並且在進入 2026 年時，不會有人感到驚訝。

With that, let me hand the call off to Scott.

那麼，我把電話交給史考特吧。

Thank you, Rob. Hi, everybody. I just wanted to share a few thoughts. Sentiment is a fickle thing. Sometimes, it seems the market is looking for everything to be good, and not asking enough questions about what isn't working or what to be worried about.

謝謝你，羅布。大家好。我只是想分享一些想法。情感這東西善變。有時候，市場似乎總是希望一切都很好，而沒有提出足夠的問題去了解哪些方面出了問題，或者哪些方面需要擔心。

Sometimes it seems to be opposite is true. The market is convinced things are bad and is so confident that something is wrong, that it can ignore good news and positive things that are happening. Most of the time, we're somewhere between these two ends of the spectrum.

有時候，事實似乎恰恰相反。市場確信情況很糟糕，並且非常確信出了問題，因此可以忽略正在發生的好消息和積極事件。大多數時候，我們都處於這兩個極端之間。

Lately, it seems we're closer to the high anxiety end of it. Virtually, every day has a media story on how difficult it is to raise private equity funds or how concerning private credit risk could be. As is typically the case, it is impossible to generalize and paint every firm with the same brush. So let me tell you how we see it.

最近，我們似乎越來越接近高度焦慮的狀態了。幾乎每天都有媒體報道私募股權基金的籌募有多麼困難，或是私募信貸風險有多令人擔憂。通常情況下，不可能一概而論，對所有公司一概而論。那麼，讓我來告訴你我們是如何看待這件事的。

In private equity, some players in our industry likely deployed more capital than is ideal in 2021 and early 2022. In hindsight, that was a period of high private valuations before interest rate hikes and tariffs. And some firms deployed a five-year fund in 12 to 24 months during this period. Firms like these will likely need to own assets longer to grow out of the valuation multiple they paid. And some of those deals will not perform.

在私募股權領域，我們行業的某些參與者在 2021 年和 2022 年初可能投入了過多的資金。事後看來，那是在利率上調和關稅提高之前，私人估值很高的時期。在此期間，一些公司在 12 至 24 個月內部署了五年期基金。像這樣的公司可能需要持有資產更長時間，才能實現遠超過其當初支付的估值倍數的成長。而其中一些交易最終會失敗。

Investors in those funds are waiting for monetizations to come back before they recommit. And some investors are telling those firms they will not be re-upping in their next fund. They are consolidating their relationships and doing more with fewer partners.

這些基金的投資人都在等待變現機會出現後才會繼續投資。一些投資人告訴這些公司，他們不會在下一期基金中繼續投資。他們正在鞏固現有關係，並以更少的合作夥伴完成更多的工作。

Happily for us, we learned the over deployment lesson nearly 20 years ago. We are deployed in 2006 and 2007, ahead of the financial crisis and we were overconcentrated in our decade-plus old Asia II fund, and we changed how we invest as a result. Linear deployment, portfolio construction and macro and asset allocation expertise all came from these learnings. So we find ourselves in a great spot of not having too much exposure to 2021 and 2022, and we are generating differentiated performance and monetization. You can see that in our returns, and our fundraising results.

幸運的是，我們早在近 20 年前就吸取了過度部署的教訓。我們在 2006 年和 2007 年，也就是金融危機爆發之前進行了投資，當時我們過度集中投資於成立十多年的亞洲 II 基金，因此我們改變了投資方式。線性部署、投資組合建置以及宏觀和資產配置的專業知識都源自於這些經驗。因此，我們發現自己處於一個非常有利的位置，對 2021 年和 2022 年的風險敞口不大，並且我們正在創造差異化的業績和盈利模式。從我們的收益和籌款結果可以看出這一點。

Stepping back, the last 15 years have been interesting. We had 10 years of low rates, low inflation and high multiples. It was during this period that we told the firm, do not confuse a bull market with brains. Cycles and disruptive events happen, but they largely didn't during that 10-year period. Sure enough, that period was followed by COVID, inflation, rate increases, tariffs and war.

回顧過去15年，真是精彩。我們經歷了10年的低利率、低通膨和高估值倍數。正是在這段時間裡，我們告訴公司，不要把牛市和智慧混為一談。週期性和突發事件時有發生，但在那十年間，這類事件基本上沒有發生。果不其然，那段時期之後就出現了新冠疫情、通貨膨脹、利率上漲、關稅和戰爭。

So the last five years have been a far more volatile and interesting investment environment. We have been deploying steadily throughout all of it. As a result, we find ourselves in a happy situation where it is more clear to the people we work for, what is different about us, as there's more dispersion between our results and some others that do what we do.

因此，過去五年是一個更動盪且有趣的投資環境。我們一直在穩步推進部署工作。因此，我們發現自己處於一種令人欣喜的境地，我們的雇主可以更清楚地了解我們與眾不同之處，因為我們的業績與其他從事類似工作的人之間的差距更大。

In short, we had to wait roughly 20 years for our learnings from before the financial crisis to show up fully in our relative results. That is now happening, which is why it can be the case that some private equity LPs are pulling back from some market participants, while we are raising record size private equity funds.

簡而言之，我們大約等了 20 年，才看到金融危機前學到的經驗教訓在相對績效中得到充分體現。這種情況現在正在發生，這就是為什麼一些私募股權有限合夥人正在撤出一些市場參與者，而我們正在籌集創紀錄規模的私募股權基金。

Second, on private credit. It is true the industry has grown a lot, in particular, direct lending. But let's put the direct lending market in context. $1.7 trillion compared to $145 trillion for the global fixed income market, a very small percentage. So any suggestion of systemic risk seems ill-informed. And that's before you get to the duration of capital and lack of deposit funding, low leverage and senior secured status in the capital structure.

其次，透過私人信貸。確實，該行業發展迅速，尤其是直接貸款行業。但讓我們把直接貸款市場放在更大的背景下看待。它的規模為1.7兆美元，而全球固定收益市場規模為145兆美元，直接貸款市場僅佔很小的比例。因此，任何關於系統性風險的說法似乎都缺乏依據。這還沒考慮到資本期限、存款資金不足、低槓桿率以及資本結構中的優先擔保地位等因素。

Our base view is a credit of all kinds. We are talking both public and private has had low default rates for a long time. And we have seen defaults across both markets tick up somewhat. But from everything we are seeing, there's nothing alarming going on, just the beginning of a return to a more normal default environment. And as in private equity, in credit, we expect more dispersion across company, investment and manager performance.

我們的基本觀點是各種形式的認可。我們所說的是，無論是公營企業還是私營企業，其違約率長期以來都很低。我們看到兩個市場的違約率都有上升。但從我們目前所看到的情況來看，並沒有什麼令人擔憂的事情發生，這只是回歸正常預設環境的開始。與私募股權領域一樣，我們預期信貸領域中公司、投資和經理的表現將出現更大的分散化。

When you step back, our view is that forward credit fundamentals, both liquid and private, will remain attractive. And our clients feel the same way, which is why we are having a record credit fundraising year. So that's the backdrop on those two topics and how we view some of the noise you may be hearing.

長遠來看，我們認為，無論是流動性強的信貸或私人信貸，其遠期基本面都將保持吸引力。我們的客戶也有同樣的感受，這也是我們今年信貸融資額創歷史新高的原因。以上就是關於這兩個主題的背景，以及我們對您可能聽到的一些雜音的看法。

As ever, for us, it is the signal, not the noise that matters. Our signals include record profitability over the last 12 months, over 15% annual growth in all of our key metrics, our second highest fundraising quarter ever, monetizations driving year-to-date realized carry up over 50%. And despite the monetizations, near-record unrealized carrying gains, indicating our portfolio, both equity and credit, is performing well. But the noise is bad and the facts are good. We will leave it to you to decide which to pay more attention to.

就像以往一樣，對我們來說，重要的是訊號，而不是噪音。我們的訊號包括過去 12 個月創紀錄的獲利能力，所有關鍵指標年增長率超過 15%，有史以來第二高的季度籌款額，以及貨幣化推動年初至今實現的收益成長超過 50%。儘管進行了資產變現，但未實現的帳面收益接近歷史最高水平，這表明我們的股票和信貸投資組合表現良好。但噪音不好，事實才是真相。至於您應該更關注哪一個，就由您來決定了。

With that, we're happy to take your questions.

那麼，我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

Glenn Schorr, Evercore ISI.

Glenn Schorr，Evercore ISI。

I appreciate it. I think you answered the first 15 questions with your remarks. So that was helpful. Maybe we could -- a little like [Eminem and 8 Mile], but anyway. So I wonder if you get -- wrap up your international perspective, despite the comments that you came with on Asia II, like you said, III and IV PE are growing well. You're in the market for infra III Global IV in Asia.

謝謝。我認為你的發言已經回答了前15個問題。那很有幫助。或許我們可以——有點像[埃米納姆和《8英里》]那樣，但不管怎樣。所以我想知道您是否能總結一下您的國際觀點，儘管您對亞洲二期發表了一些評論，但正如您所說，亞洲三期和四期私募股權發展良好。您正在尋找亞洲地區的基礎設施 III 全球 IV。

And then you made your comments about APAC insurance in Japan Post. So what I'm asking is, can you put that all in a bow, talk about investor demand for allocating outside the US and at the same time, for demand inside Asia, how much can this add to the overall growth rate of KKR and differentiate your growth versus others?

然後您就日本郵政的亞太保險問題發表了評論。所以我想問的是，您能否把所有這些因素綜合起來，談談投資者對在美國以外地區進行資產配置的需求，以及同時對亞洲內部的需求，這能為 KKR 的整體增長率帶來多大的提升，並使你們的增長與其他公司形成差異化？

Thanks for the question, Glenn. Look, I'd say investor demand for all things Asia continues to increase at a market space, especially over the course of this year, we have seen interest in Europe and Asia increased, but I'd say with a particular focus on Asia, and that's across all asset classes.

謝謝你的提問，格倫。你看，我認為投資者對亞洲的一切需求在市場空間中持續增長，尤其是在今年，我們看到對歐洲和亞洲的興趣都有所增加，但我認為尤其關注亞洲，而且這種情況遍及所有資產類別。

I think for a while there, there was a dynamic where some investors would kind of complete China with Asia. And I'd say the education process has proceeded quite nicely, and there's a big and broad understanding now of the opportunities in markets like Japan, India, Korea, Southeast Asia, Australia is quite broad-based.

我認為有一段時間，一些投資者會試圖用亞洲市場來彌補中國市場的空缺。我認為教育進程進展得相當順利，現在人們對日本、印度、韓國、東南亞、澳洲等市場的機會有了廣泛而深入的了解。

And as you know, we started our Asia platform in 2006 and now have 9 offices, over 600 people on the ground, 0 expats. So it's a very local presence. And now we've brought, in addition to private equity, infrastructure, real estate and credit. And increasingly, we're having insurance conversations as well to your comment. So we think we're extraordinarily well positioned, and we're seeing more origination opportunities on the ground and more penetration of all things private markets across Asia.

如您所知，我們於 2006 年啟動了亞洲平台，現在擁有 9 個辦公室、600 多名當地員工，沒有外籍員工。所以它的業務範圍非常有限。現在，除了私募股權之外，我們還引入了基礎設施、房地產和信貸。而且，根據您的評論，我們也越來越多地談到保險問題。因此，我們認為我們處於非常有利的地位，並且我們看到了更多實際的業務拓展機會，以及亞洲各地私募市場的更大滲透率。

And I think for us, our AUM, just to give you a sense, in Asia, is now over $80 billion. I was going to give you a context, when we raised the Asia II fund, that number was [$12 billion]. So the business has grown incredibly rapidly over the course of the last 10, 12 years. And I think that's only gaining pace as we penetrate more of these markets.

我覺得，就我們而言，僅就我們在亞洲的資產管理規模而言，目前已超過 800 億美元。我本來想跟你介紹一下背景，當我們募集亞洲二期基金時，那個數字是[120億美元]因此，在過去的 10 到 12 年裡，公司發展速度驚人。而且我認為，隨著我們滲透到更多這類市場，這種趨勢只會加速發展。

In terms of what it can mean for us as a firm, we think Asia, on average, is going to grow faster than the rest of KKR. And we've said that just given the demographic tailwinds, given what we see in terms of the development of the capital markets, a lot of these markets remind us of the US and Europe 20, 30, 40 years ago.

就對我們公司而言，我們認為亞洲的平均成長速度將超過 KKR 其他地區的成長速度。我們已經說過，鑑於人口結構的有利因素，鑑於我們所看到的資本市場的發展情況，許多市場都讓我們想起了 20、30、40 年前的美國和歐洲。

And so we've been working to get ready for these markets to continue to grow and develop. So what we do becomes more and more relevant. So we feel very well positioned, very optimistic, and we're leaning into it.

因此，我們一直在努力做好準備，迎接這些市場的持續成長和發展。因此，我們所做的一切變得越來越重要。所以我們感覺情況非常有利，非常樂觀，並且正在全力以赴。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

Okay. Actually, I have two, if I could squeeze it in. The first one on the insurance, and Rob, thank you for the expanded commentary. I think it would be interesting to see in your presentation, maybe what that mark-to-market pro forma look like so that the investment community could sort of track that along the way.

好的。其實，如果時間允許的話，我有兩個。第一條是關於保險的，羅布，感謝你詳細的評論。我認為在您的演講中，如果能看到按市值計價的預測財務報表是什麼樣子，那就很有意思了，這樣投資界就可以隨時跟踪這一變化。

So my first question is, as you think about the ROE trajectory for the insurance business, what do you think is a normalized level, and when do you get there? And then relative to your guidance that you may or may not get to that $7 plus next year depending upon the monetization backdrop, what, if any, mitigants do you have on expense side to potentially soften the differential?

所以我的第一個問題是，當您考慮保險業務的 ROE 軌跡時，您認為正常水平是多少，何時才能達到該水平？那麼，關於您之前提到的明年能否達到 7 美元以上的目標取決於盈利環境，您在支出方面有哪些緩解措施（如果有的話）來縮小差距呢？

Yes. Thanks, Bill, for the question. Let me -- I'll take them in tandem. I'm going to bring you back to page 20 of our earnings release, maybe as a starting point, Bill, because I really do think that's the best place to hang out as we're talking about how our insurance business is tracking. And what we're focused on is the [$1.8 billion] of LTM insurance economics.

是的。謝謝你的提問，比爾。讓我來——我會同時接受它們。比爾，我想帶你回到我們收益報告的第 20 頁，或許可以作為起點，因為我真的認為，在我們討論保險業務的進展時，這是最好的切入點。我們關注的是過去 12 個月的保險經濟效益（18 億美元）。

Our job there is to attractively scale those economics. And as we continue to lean into areas where we've got real competitive differentiation, whether that's our world-class investment platform, the global origination reach that we have and then especially our ability to really lean into third-party capital, we're excited on what that could translate to.

我們在那裡的工作就是以有吸引力的方式擴大這些經濟效益。隨著我們繼續增加對自身俱有真正競爭優勢領域的投入，無論是我們世界一流的投資平台、我們擁有的全球業務拓展能力，還是我們真正利用第三方資本的能力，我們都對這些優勢能夠轉化為實際成果感到興奮。

And then you referenced it, and we absolutely will be talking about this going forward. All of the economics on page 20 are without giving benefit to the roughly $200 million of annual run rate accrued income that is not showing up in these numbers today. But if we do our jobs right, it will start hitting the P&L when the portfolio matures, that's likely probably going to start in 2027, 2028.

然後你提到了這一點，我們以後一定會討論這個問題。第 20 頁的所有經濟數據都沒有考慮約 2 億美元的年度累積收入，而這些收入目前並未反映在這些數據中。但如果我們工作做得好，當投資組合成熟時，它就會開始影響損益表，這很可能從 2027 年、2028 年開始。

And so I want to, of course, minimize the importance of our insurance operating earnings that are a critical component. But I think we've done a bit of a disservice spending the time we have on that one number without the context of what's going on around our broader insurance business or providing much detail around that accrued income that is building up in the business.

因此，我當然想盡量降低保險業務營運收益的重要性，儘管它是至關重要的組成部分。但我認為，我們把時間花在這一個數字上，而沒有考慮到我們更廣泛的保險業務的背景，也沒有詳細說明業務中不斷積累的累計收入，這有點失職。

And as it relates to guidance, we definitely believe we can achieve the $7-plus of ANI next year, Bill. We were just making a comment and I think an appropriate one that it is going to be somewhat dependent on the monetization environment. Today, that monetization environment is constructive. You see that as it relates to our monetization guide, what we've been able to generate. We expect it to be constructive in 2026 as well. And so that was more of a comment.

至於業績指引方面，我們絕對相信明年能夠實現 ANI 7 美元以上的目標，比爾。我們只是發表了一些看法，我認為這些看法很恰當，那就是這在某種程度上取決於獲利環境。如今，這種商業環境是建設性的。您可以看到，這與我們的獲利指南有關，也與我們已經創造的收益有關。我們預計2026年也將是建設性的。所以這更像是一種評論。

But one thing as it relates to guidance and maybe even tying it back to the $200 million of annual accrued income and as we think about that topic in particular, that number is biased to go up materially in 2026 as we add more to our alts portfolio and get closer to industry average. So as we think about our '26 numbers, we've previously talked of $7-plus of total operating earnings.

但有一點與指導有關，甚至可能與每年 2 億美元的累積收入有關，當我們特別考慮這個話題時，隨著我們向另類投資投資組合中增加更多投資並接近行業平均水平，這個數字在 2026 年可能會大幅增長。所以，當我們展望 2026 年的業績時，我們之前曾談到總營業收入超過 7 美元。

A couple of years ago, when we first talked about it, we did not expect a cash versus accrued impact to our numbers. And I know, of course, our investors and analysts are appropriately more focused on our FRE and ANI targets, but that's specifically why you didn't hear us refer to the '26 TOE target in our prepared remarks. It's just not a metric as relevant to '26 guidance given this dynamic. And so I don't think it's as appropriate to track on that basis. Really just want to be clear on that one point.

幾年前，當我們第一次討論這個問題時，我們並沒有預料到現金與應計項目會對我們的財務數據產生影響。當然，我知道我們的投資者和分析師更關注我們的 FRE 和 ANI 目標，但這正是為什麼你們沒有聽到我們在準備好的發言稿中提到「26 TOE」目標的原因。鑑於這種動態，它並不是一個與 2026 年業績指引密切相關的指標。所以我認為以此為依據進行追蹤並不合適。我只是想把這一點弄清楚。

But I'll also be clear that as we think about that $7-plus of ANI next year, that includes the impact of how we're thinking about cash versus accrued on insurance, which is a real headwind there, and still think that we can achieve the $7-plus. And over time, we still expect TOE to represent 70%-plus of our pretax earnings. So I know that was a mouthful, Bill, but hopefully answer both your questions.

但我也要明確指出，當我們考慮明年超過 7 美元的 ANI 時，這其中也包括我們如何看待保險中的現金與應計收益的影響，這是一個真正的阻力，但我仍然認為我們可以實現超過 7 美元的目標。隨著時間的推移，我們仍然預計 TOE 將占我們稅前利潤的 70% 以上。我知道我剛才說的話有點長，比爾，但希望能回答你的兩個問題。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Just maybe building a little bit on that -- and sorry to make this about guidance, but just given the performance of the stock this year and investor focused on various metrics, I think it's worthwhile spending a minute on this. When you think about FRE, and you guys have a $450-plus target for 2026 as well, it might be helpful just to kind of go through the broader building blocks as you look through current fundraising dynamics, operating leverage opportunity. And anything else you feel is worthwhile addressing as you think about '26 FRE?

或許可以在此基礎上再深入探討一下——很抱歉把話題引到業績指引上，但鑑於今年該股的表現以及投資者關注的各種指標，我認為值得花點時間談談這個問題。當你考慮 FRE 時，你們也為 2026 年設定了 450 美元以上的目標，那麼在審視當前的籌款動態和營運槓桿機會時，了解更廣泛的組成部分可能會有所幫助。在考慮「26 FRE」時，您覺得還有其他值得探討的問題嗎？

Thanks a lot for the question, Alex. It's a good one. Certainly, we're leaning into the plus on the [$450], and it's in large part because of the component parts you referenced. And starting with management fees, which are going to be driven by fundraising. We have put out a $300 billion-plus fundraising target between 2024 and 2026. We're tracking well ahead of our target there. We are north of 70%-plus achieved on the target only 7 quarters into a 12-quarter target. So that feels like we're in a good position.

非常感謝你的提問，Alex。這是個好主意。當然，我們傾向於 [450 美元] 這個價格，這很大程度上是因為你提到的那些組件。首先是管理費，而管理費將取決於募款狀況。我們設定了2024年至2026年間募款超過3000億美元的目標。我們目前的進度遠遠超出預期目標。在12個季度的目標期限內，我們只完成了7個季度，就已經完成了70%以上的目標。所以感覺我們處境不錯。

Our capital markets business, it's really generating significant outcomes. We think it's incredibly well positioned in an environment where deployment across our space increases, and we'd be biased to the upside on that for '26. You're starting to see our fee-related performance revenue scale in our business. We think the trajectory there [through] '26, but beyond can be pretty material.

我們的資本市場業務確實取得了顯著成果。我們認為，隨著我們領域部署的增加，它在當前環境下處於非常有利的地位，我們對 2026 年的前景持樂觀態度。您已經開始看到我們業務中與費用相關的績效收入規模了。我們認為，到 2026 年及以後的發展軌跡可能會非常重要。

And I think we've, as a management team, demonstrated a real ability to hold our operating costs well below our revenue growth, even as we pursue substantial scaling across the business. So when you add up all those component parts, that's a part of our P&L we feel really good about.

我認為，作為管理團隊，我們已經展現出真正的能力，即使我們在整個業務範圍內追求大幅擴張，也能將營運成本控制在遠低於收入成長的水平。所以，把所有這些組成部分加起來，我們損益表中的這一部分就讓我們非常滿意了。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

So I wanted to circle back to the insurance discussion and certainly appreciate the disclosure on Slide 20 and a lot of the additional contacts you offered, Rob, in your prepared remarks. As we think about the all-in ROE potential, I know you had talked about 20% plus or alluded to that in the past.

所以我想回到保險的話題上來，羅布，非常感謝你在第 20 頁幻燈片上的披露以及你在準備好的發言稿中提供的許多其他聯繫方式。當我們考慮整體 ROE 潛力時，我知道你過去曾談到 20% 以上的 ROE，或暗示過這一點。

As we look at the last 12 months under the new disclosure lens, ex unlocking it implies a return of about 18% to 19%, and that's before crediting various sources of upside, even putting aside the mark-to-market just from ongoing rotation of the GA general account, higher side car earnings, incremental contribution from capital markets. So I was hoping we could maybe anchor to what would be a reasonable all-in ROE once some of those benefits are reflected in the run rate.

當我們以新的揭露視角審視過去 12 個月時，不考慮這些因素意味著大約 18% 到 19% 的回報，這還不包括各種上漲來源，甚至不考慮 GA 一般帳戶持續輪動帶來的市值調整、更高的附加收益以及資本市場的增量貢獻。所以我希望，一旦這些收益反映到運行率中，我們或許可以確定一個合理的綜合 ROE。

Yes. Thanks for the question, Steven. And I think you answered a lot of the question for me in your question. So listen, no explicit target, other than we said we think over time that we should take our all-in return from that high teens to north of 20%, and especially as you think about layering in all of those upsides.

是的。謝謝你的提問，史蒂文。我覺得你的問題已經解答了我很多疑問。所以聽著，我們沒有設定明確的目標，只是說我們認為隨著時間的推移，我們的總回報率應該從十幾個百分點提高到 20% 以上，尤其是在考慮到所有這些利好因素之後。

And if you look at our insurance business today and the way it's positioned, I would say that the two biggest needle movers to our ability to generate outcomes over the next couple of years is going to be our alts portfolio starting to mature and generating cash outcomes relative to the accrued outcomes today as that catches up.

如果你看看我們今天的保險業務及其定位，我認為未來幾年影響我們業績的兩大關鍵因素是：我們的另類投資投資組合開始成熟，並隨著其業績增長，產生相對於目前累計收益的現金收益。

And I think a big contributor over time is going to be third-party capital. Again, it's an area where, as a firm, we've got some real competitive advantages in the space versus the vast majority of insurance companies that are out there. $6 billion of dry powder, we think turns into $60 billion-plus of fee-paying AUM, which should convert to some meaningful additional management fees for our platform. So those to me would be the two biggest drivers.

我認為，隨著時間的推移，第三方資本將成為重要的貢獻者。再次強調，在這個領域，我們公司相對於絕大多數保險公司擁有真正的競爭優勢。我們認為，60億美元的可用資金最終將轉化為超過600億美元的付費資產管理規模，這將為我們的平台帶來可觀的額外管理費收入。所以對我來說，這兩點是最重要的驅動因素。

The third is, listen, we're in a, I would say, a competitive marketplace that is tight right now, and we all know that. There's a lot of competition for liabilities. There's a lot of competition on the asset side. Spreads are at really low rates. And we're able to generate these ROEs even in that kind of a competitive environment. But so as we're sitting here, that competitive environment will change over time, and the question is how are we positioned when things get more challenging.

第三點是，聽著，我們現在身處在一個競爭非常激烈的市場，而且市場競爭非常激烈，我們都知道這一點。負債業務的競爭非常激烈。資產領域的競爭非常激烈。利差非常低。即使在如此激烈的競爭環境下，我們也能獲得這樣的投資報酬率。但就我們目前所處的環境而言，競爭環境會隨著時間而改變，問題是，當情況變得更具挑戰性時，我們如何定位自己。

And I would bring you back to a couple of things here. One is also our third-party capital. Think about it much like a private equity fund that we could draw down to invest into dislocation in the market. We could do the same thing here with our third-party capital. Most other insurance companies don't have the benefit of that.

我想再次強調幾點。其中一股也是我們的第三方資金。你可以把它想像成一個私募股權基金，我們可以從中提取資金來投資市場錯位領域。我們也可以利用第三方資金做同樣的事情。其他大多數保險公司都沒有這種優勢。

The other benefit in a world where the spreads go up materially in our space is that the return outcome is that attractive. We've got additional free cash flow across all of KKR that we could use to lean into that return environment. So I think those are just two things we think about in a world where we know the competition for assets and liabilities isn't always going to be like it is today. So how do we position ourselves to make sure we take advantage of that. And I think that, over time, will lead to more ROE as well.

另一個好處是，在我們這個領域價差大幅擴大的情況下，回報結果也同樣具有吸引力。KKR旗下所有公司都有額外的自由現金流，我們可以利用這些現金流來適應這種回報環境。所以我認為，在當今世界，我們知道資產和負債的競爭不會永遠像今天這樣，因此，我們需要考慮這兩件事。那麼，我們該如何定位自己，才能確保充分利用這些優勢呢？而且我認為，隨著時間的推移，這也會帶來更高的淨資產收益率。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Great. Thanks for all the color on the slide presentation today. Really, really good in-depth in answering a lot of questions. Maybe just to zoom back to GA and Capital Markets and looking at slide 20, I think in the footnote there, that is contribution for cap markets is net of FRE comp. I just want to confirm that.

偉大的。感謝您今天在投影片簡報中展現的豐富色彩。回答了很多問題，而且非常深入透徹。也許我們可以回到 GA 和資本市場，看看第 20 張投影片，我認為在腳註中，資本市場的貢獻是扣除 FRE 補償後的淨額。我只是想確認一下。

And then as you think about expanding the overall ROE past the 20% on the fee side, can you talk about that -- the expansion within the capital markets business from the GA side, what was that so far in '25 and how do you see that expanding in '26 and '27? Is that even a faster opportunity than the other parts of the fee-related business from the GA angle?

那麼，當您考慮將整體 ROE 從手續費提高到 20% 以上時，您能否談談 GA 方面資本市場業務的擴張，2025 年至今情況如何，以及您如何看待 2026 年和 2027 年的擴張？從通用航空的角度來看，這是否比其他收費業務領域的機會更快？

With the KCM side, just to be clear on (technical difficulty) related fees, management fees, that's going to be the Ivy side car-related fees and KCM are all net of the 17.5% comp load (technical difficulty) --

關於KCM方面，為了避免技術上的誤解，需要明確說明的是，相關費用、管理費，以及Ivy方面與車輛相關的費用，KCM的所有費用均已扣除17.5%的佣金。（技術難題）——

We've talked about the opportunity here to be able to generate a very substantial capital markets business in tandem with Global Atlantic. We've got a (technical difficulty) road map for what the art of the possible here is for us. (technical difficulty) opportunity on the back of what we're doing in GA and on the origination side and the capabilities we've built out in distribution on the capital market side can be hundreds of millions of dollars of annual opportunity for us, and we think that's something that will materialize over the next couple of years.

我們已經討論過，有機會與 Global Atlantic 攜手打造一個非常龐大的資本市場業務。我們已經制定了一份（技術難題）路線圖，闡述了我們在這裡能夠實現的藝術。 （技術難題）基於我們在通用航空和貸款發起方面所做的工作，以及我們在資本市場分銷方面建立的能力，我們每年可以獲得數億美元的機會，我們認為這將在未來幾年內成為現實。

Ben Budish, Barclays Bank.

本·布迪什，巴克萊銀行。

Maybe just a few kind of modeling details as we'll be getting a few questions on -- obviously, the big inflows in the credit space may be a little bit different from kind of the historical run rate. And then on the private equity side, it looks like the management fee rate -- I know there's been some catch-up fees in the past and other dynamics, but maybe just for those two segments, anything to call out maybe outside of catch-up fees that might be impacting the fee rate in this quarter? And how we should think about maybe the next couple of quarters?

或許只需要一些建模細節，因為我們會收到一些相關問題——顯然，信貸領域的巨額資金流入可能與歷史運行速度略有不同。然後，在私募股權方面，管理費率似乎——我知道過去有一些追趕費用和其他因素，但也許只針對這兩個領域，除了追趕費用之外，還有什麼需要指出的，可能會影響本季度的費率嗎？那我們該如何考慮接下來的幾季呢？

Yes, sure. Let me hit on both of those questions and Scott or Craig can jump in with additional thoughts. First, as it relates to -- I would just say, the broader point on management fees, I think it's been a real bright spot here across KKR. And some of you have probably heard me say this before, but I don't think you're going to find another asset management company in the world that has the scale of management fees we do, the diversification of management fees and the growth profile of those management fees.

當然可以。我先簡單談談這兩個問題，Scott 或 Craig 可以補充一些想法。首先，就管理費這個更廣泛的問題而言，我認為這一直是 KKR 的亮點。你們當中有些可能以前聽我說過，但我認為你們在世界上找不到另一家資產管理公司，其管理費的規模、多元化程度以及成長前景都與我們相同。

We're up 19% year-on-year, 7% compared to last quarter. We do have some healthy catch-up fees in the quarter, principally in our real assets business. But even if you exclude those, we're still up 16% year-on-year in management fees. It's a pretty attractive number.

我們年增了 19%，季增了 7%。本季我們確實有一些可觀的追趕性費用，主要來自我們的實體資產業務。即使排除這些因素，我們的管理費收入仍比去年同期成長了 16%。這是一個相當吸引人的數字。

To your specific question, a more narrow question as it relates to PE, blended fee rate, there's always some puts and takes when you look at quarter-to-quarter fee rates. You're taking a quarter end fee-paying AUM number and also a management fee number earned over a 90-day period of time.

針對您提出的具體問題，一個更具體的問題，即與私募股權相關的混合費率，在查看季度費率時總會有一些利弊權衡。你採用了季度末的付費資產管理規模數字，以及 90 天內所賺取的管理費數字。

But you're right, in Q3, we did have our Americas XII fund in private equity, have a step-down in fee rate. Now this is purely formulaic based on the age of the fund. But I think the bigger point and more important point here is that I don't think there's anything to read into as it relates to fee rates.

但你說得對，在第三季度，我們的美洲十二基金確實投資了私募股權，費用率降低。現在，這完全是根據基金的成立時間按公式計算的。但我認為更重要的一點是，我認為這與收費標準無關。

I think the best example of that is if you look at the roughly $17.5 billion of capital we've raised so far in our North America XIV fund, and you compare that to the roughly $18.5 billion of capital that we raised for Americas XIII, our fee rates are pretty much on top of each other. If anything, Americas XIV is a smidge ahead of XIII, and so we're not seeing any kind of fee degradation there.

我認為最好的例子是，看看我們迄今為止在北美第十四期基金中籌集的約 175 億美元資金，再與我們為美洲第十三期基金籌集的約 185 億美元資金進行比較，就會發現我們的收費標準幾乎完全一致。如果說有什麼區別的話，那就是美洲 XIV 比 XIII 略微領先一些，所以我們並沒有看到任何費用下降的情況。

As it relates to credit business, we're really pleased, obviously, in the response from our clients, not just this quarter but over the course of the year, and we would continue to expect you to see a translation from the capital that we've raised on the credit side to the P&L over the coming quarters.

就信貸業務而言，我們顯然對客戶的回饋感到非常滿意，不僅是本季度，而且是全年的回饋。我們預計，在接下來的幾個季度裡，我們將把我們在信貸方面籌集的資金轉化為損益表中的收益。

And Ben, it's Craig. Why don't I just give a little bit of color on the credit piece. And you're right, the $43 billion in Q3, second largest quarter for us ever. The $27 billion of credit liquid strategies, that is a record quarter for us. Of that $27 billion, Global Atlantic was about $15 billion of that, so a little over half.

還有本，我是克雷格。我為什麼不在片尾字幕加點色彩呢？你說得對，第三季營收達 430 億美元，是我們有史以來第二高的季度營收。270億美元的信貸流動性策略，這是我們創紀錄的一個季度。在這 270 億美元中，Global Atlantic 約佔 150 億美元，略超過一半。

Of that $15 billion, over $6 billion of that came from FABN activity as well as the Japan Post strategic partnership capital. And I think on the FABN front, we've become a lot more creative honestly, in accessing these markets. If we look just over the last handful of months, we've issued FABNs in the US [east], sterling, euro and Canadian dollar markets. So we've been very active in individual sales and institutional flow, at about [7] has been pretty equally split.

在這 150 億美元中，超過 60 億美元來自 FABN 的活動以及日本郵政的戰略合作夥伴關係資金。我覺得在 FABN 方面，我們在進入這些市場方面確實變得更有創意了。如果我們回顧過去幾個月的情況，我們已經在美國（東部）、英鎊、歐元和加元市場發行了FABN。因此，我們在個人銷售和機構資金方面一直非常活躍，大約[7]兩者相當均衡。

And so in addition to GA, I think the other piece is to note is in the private IG and third-party ABF part, again, as Rob noted in the prepared remarks, that number was at about $5 billion total AUM across the ABF franchise, now is $84 billion, that's up 12% just from last quarter, and it's up almost 30% on a year-over-year basis, a very strong growth. And as we've noted, on the private IG ABF mandates at five separate mandates in the quarter, four of which are with clients that are new to our credit business, and we've got a very strong pipeline on top of that. So you're correct. It was a very strong quarter for us.

因此，除了 GA 之外，我認為另一點需要注意的是私人 IG 和第三方 ABF 部分，正如 Rob 在準備好的發言稿中提到的那樣，整個 ABF 業務的總資產管理規模約為 50 億美元，現在已達到 840 億美元，僅比上一季度就增長了 12%，同比增長近 30%，這是一個非常強勁的增長。正如我們所指出的，本季度我們在私人投資級 ABF 委託業務方面完成了五項不同的委託，其中四項委託是與我們信貸業務的新客戶合作，而且我們還有非常強勁的業務儲備。你說得對。這是一個非常強勁的季度。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

I wanted to ask about the insurance business. I was just hoping you could elaborate a bit around how the changes you're making to the insurance business make you a better partner for insurance clients, how you'll be an even better partner for these clients and more clients over the next three to five years? And maybe you could elaborate on how these changes expand your competitive advantage?

我想諮詢一下保險業務方面的問題。我希望您能詳細說明一下，您對保險業務所做的改變如何使您成為保險客戶更好的合作夥伴，以及在未來三到五年內，您將如何成為這些客戶以及更多客戶的更好合作夥伴？您能否詳細說明一下這些變化如何擴大您的競爭優勢？

Michael, it's Scott. I'll try to take that one. Look, I think we've always worked for insurance clients. If you go back even to the beginning of the firm, some of the first people that invested with KKR in the late '70s, early '80s were insurance companies. And then we spent many decades owning insurance companies and sitting on the Boards of those companies, more in the property and casualty space, primary and reinsurance.

邁克爾，我是史考特。我會盡量接受這個提議。你看，我認為我們一直以來都是為保險客戶提供服務的。如果追溯到公司成立之初，在 20 世紀 70 年代末 80 年代初，最早與 KKR 合作投資的一些公司是保險公司。然後，我們花了數十年時間擁有保險公司，並擔任這些公司的董事，主要集中在財產和意外保險領域，包括主保險和再保險。

But the comment really comes from the fact that when you're an agent working for an insurance company, you think you understand the job of the people that you work for. Now that we own an insurance company ourselves and manage the book, we have a much better appreciation for the complexity of the job.

但這句話的真正意義在於，當你是保險公司的代理人時，你會認為自己了解你所服務的機構的工作。現在我們自己擁有了一家保險公司並管理業務，我們對這項工作的複雜性有了更深刻的認識。

And so it comes from a couple of respects. One, we're sitting down with them as principles. We're talking to them about how they're investing in their book, how we're investing in ours. And it's not just theory, it's practice, and we're comparing notes. So we're able to sit down as true partners and talk to them about, that would be number one. It's just a different quality of dialogue.

所以，這可以從兩個方面來解釋。第一，我們和他們坐下來，以校長的身份進行會談。我們正在和他們討論他們如何投資他們的書，以及我們如何投資我們的書。這不只是理論，更是實踐，我們正在交流心得。所以，我們能夠像真正的伴侶一樣坐下來和他們談談，這才是最重要的。這只是對話品質上的差異。

Number two, when we're out originating transactions for our insurance business, we often like to have third parties alongside us. And so we're bringing them deal flow that is originated specifically for insurers and talking to them about how we're structuring it for our balance sheet and comparing notes on how it could work for theirs. It's a different dynamic than just taking a separate account and having some capital to manage. We do that as well. But we're finding that the engagement with insurance CIOs and CEOs is that it's just a different quality.

第二，當我們外出進行保險業務時，我們通常喜歡有第三方在場。因此，我們為他們帶來專門為保險公司打造的交易機會，並與他們探討我們如何根據自身資產負債表進行結構化安排，並交流如何才能更好地服務於他們的資產負債表。這與單獨開設一個帳戶並管理一些資金的情況截然不同。我們也這樣做。但我們發現，與保險公司首席資訊長和執行長的互動，其品質確實有所不同。

And frankly, the intimacy of the discussion and the relationship is dramatically greater because we're talking all the time about deal flow and what we're seeing and how we're both navigating these markets and potential challenges.

坦白說，因為我們一直在談論交易動態、我們所看到的以及我們如何應對這些市場和潛在挑戰，所以討論的親密程度和關係都大大增強了。

And on the back of that, one of the concerns we had candidly when we bought Global Atlantic is how would our third-party insurance clients react? We were a little worried candidly about could there be a negative synergy. They say, okay, we're in the same business now. And what we're really pleased about is it's actually the opposite. We have seen -- guys took you through the numbers, the $25 billion is somewhere between [$85 billion] of third-party insurance AUM since we announced the Global Atlantic transaction. And that number just continues to grow and the pace of growth is actually increasing. So hopefully, that helps.

正因如此，我們在收購環球大西洋時坦率地表達的一個擔憂是，我們的第三方保險客戶會如何反應？坦白說，我們有點擔心會不會產生負面綜效。他們說，好吧，我們現在從事的是同一行業了。而我們真正感到高興的是，事實恰恰相反。我們已經看到——夥計們已經向你們展示了相關數據，250億美元介於我們宣布收購Global Atlantic以來第三方保險資產管理規模的850億美元之間。而且這個數字還在持續成長，成長速度其實還在加快。希望這能有所幫助。

John Barnidge with Piper Sandler.

約翰·巴尼奇和派珀·桑德勒。

My question is kind of focused on the life insurance business. We've seen a lot of life insurers with sizable asset management operations even, but some without, partnering with alternative asset managers in increasing fashion for product creation for retirement products, evergreen or interval funds. Is this an opportunity for enhancing your relationships and brought it out the tentacles which the organization touches within broader life insurance?

我的問題主要集中在人壽保險業務。我們看到，許多擁有相當規模的資產管理業務的人壽保險公司，甚至一些沒有資產管理業務的人壽保險公司，都在越來越多地與另類資產管理公司合作，為退休產品、常青基金或定期基金等產品進行開發。這是否是一個加強人際關係的機會，並揭示了該組織在更廣泛的人壽保險領域所觸及的觸角？

Thanks, John. No, it absolutely is an opportunity for us. And it has -- if you look at the growth that we've had in third-party insurers, life insurers has been a meaningful component of that, and it continues to scale in both life and property and casualty. And it's absolutely the case, especially now that we own 100% of Global Atlantic, and we're working across more of KKR's investing businesses.

謝謝你，約翰。不，這絕對是我們的一個機會。事實的確如此——如果你看看第三方保險公司的成長情況，你會發現人壽保險公司一直是其中的重要組成部分，而且在人壽保險和財產及意外傷害保險領域，人壽保險的成長規模還在不斷擴大。事實的確如此，尤其是現在我們擁有 Global Atlantic 100% 的股份，而我們正在與 KKR 的更多投資業務合作。

So we're talking about more infrastructure, real estate equity-type opportunities across the life insurer and P&C insurer space than we ever have before. And working with them on specific transactions, where some of these are quite sizable, that we want to partner or partners alongside of us.

因此，我們現在談論的是人壽保險和財產保險領域比以往任何時候都更多的基礎設施、房地產股權類型的投資機會。並與他們合作進行一些具體的交易，其中一些交易規模相當大，我們希望與他們建立合作關係。

The only thing I would add is this is not just a US opportunity, right? So we're having these conversations with insurers in Europe and Asia as well, both on the life and P&C side. So it's an astute question. It's absolutely part of the reason that you're seeing our credit business, but also our other businesses accessing so much capital, insurance continues to be a growing component.

我唯一要補充的是，這不僅僅是美國的機會，對吧？所以我們也在與歐洲和亞洲的保險公司進行這些對話，包括人壽保險和財產保險方面。所以，這是一個很精闢的問題。這絕對是您看到我們的信貸業務以及其他業務獲得如此多資金的部分原因，保險業務仍然是一個不斷增長的組成部分。

And if you look at KKR in total, if you add up the numbers that I mentioned, we have somewhere between $290 billion and $300 billion now of our AUM from insurers, both Global Atlantic plus third parties.

如果你縱觀 KKR 的整體情況，如果你把我提到的數字加起來，我們現在從保險公司（包括 Global Atlantic 和第三方）獲得的資產管理規模在 2900 億美元到 3000 億美元之間。

Just one more thing to add on there, John, is that you're right, there's just so much more interconnectivity between us and our insurance clients today. We've actually formed now, one group at KKR, who just has oversight in being able to deliver the firm to our insurance clients, as one example. I'd also put reinsurance as a big opportunity to be able to provide to our life and annuity clients, and that is overseen by that same team that oversees the broader client relationship with insurance companies, to Scott's point, not just in the US, but really around the world.

約翰，我還要補充一點，你說得對，如今我們和保險客戶之間的連結確實更加緊密了。實際上，我們現在在 KKR 成立了一個專門的團隊，負責監督如何為我們的保險客戶提供服務，舉個例子來說。我還要指出，再保險是一個為我們的人壽和年金客戶提供服務的絕佳機會，而且正如斯科特所說，再保險是由負責與保險公司建立更廣泛的客戶關係的同一個團隊負責的，這不僅在美國，而且在世界各地都是如此。

Patrick Davitt, Autonomous Research.

Patrick Davitt，自主研究。

A lot of chatter on the quote-unquote, deal dam breaking, and it certainly does seem like that's happening, at least from a deployment and IPO standpoint. The industry announced M&A data in the US at least seems to still show fairly low strategic buyer activity for sponsor-backed companies even before the last two weeks volatility. So maybe it's just your point earlier on the bad vintages, but I would think there'd still be more.

關於所謂的「交易大壩破除」的討論很多，而且從部署和IPO的角度來看，這似乎確實正在發生。業界公佈的美國併購數據顯示，即使在最近兩週市場波動之前，有贊助商支持的公司的策略性買家活動仍然相當低。所以也許你之前提到的那些糟糕的年份只是個例子，但我認為應該還有更多。

So from your perspective, what do you think is driving that disconnect? And in that vein, do you think there's something different about how the exit channel mix will track this cycle versus history? In other words, more reliant on the IPO channel versus strategic buyers?

那麼從你的角度來看，你認為造成這種脫節的原因是什麼？那麼，從這個角度來看，您認為本輪週期出口通路組合與以往相比會有什麼不同嗎？換句話說，更依賴IPO通路而非策略性買家？

Thank you, Patrick. I wouldn't overreact to some of the data. I mean from our seats -- and it could be just because we're so global, and we have more, maybe mature average private equity exposures, amongst others. We're having active dialogues with strategic buyers for our assets. We're definitely having dialogue with financial sponsors who are interested.

謝謝你，派崔克。我不會對某些數據反應過度。我的意思是，從我們的角度來看——這可能只是因為我們的業務遍及全球，而且我們擁有更多、更成熟的平均私募股權投資，等等。我們正在與有意收購我們資產的策略買家進行積極對話。我們確實在與有興趣的投資者進行對話。

To your point, the IPO market is the back open again. And we're also seeing opportunities for recaps and refis. So it's pretty broad-based in terms of what we're seeing. In terms of the broader market, I'm not sure I can give you much color, but from a KKR seat, the dialogue is broad.

正如你所說，IPO市場已經重新開放了。我們也看到了重組和再融資的機會。所以，就我們所看到的現象而言，它的影響範圍相當廣泛。就更廣泛的市場而言，我不太確定我能提供太多細節，但從 KKR 的角度來看，討論的範圍很廣。

Yes. I'm actually just going to add to that. I was just passed a note by the team that we expect another transaction to sign up today actually. And so I, in my prepared remarks today, I mentioned that we've got about $800 million of visibility, assuming that transaction gets signed up, that would take us from $800 million to roughly $1 billion of monetization visibility over the next couple of quarters. I don't believe we've had that type of visibility in one of these calls since Q4 of 2021.

是的。我其實只是想補充一點。團隊剛剛遞給我一張紙條，說我們預計今天還會有另一筆交易簽約。因此，我在今天準備好的發言稿中提到，我們目前有大約 8 億美元的可見收益，假設這筆交易最終達成，那麼在接下來的幾個季度裡，我們的可見收益將從 8 億美元增加到大約 10 億美元。我相信自 2021 年第四季以來，我們還沒有在這樣的電話會議中獲得如此清晰的了解。

So listen, understand some of the data that's out there that has so far not been our experience. And we're expecting continued constructive environment here as firms and strategics look to put their dry powder to work.

所以，請聽我說，理解目前已有的一些數據，這些數據與我們迄今為止的經驗並不相符。我們預計，隨著企業和策略投資者尋求動用手中的資金，這裡的環境將繼續保持建設性。

Yes. The only thing I would add is for the prepared remarks, it is really hard to paint our whole industry with one brush. I think the two keywords are dispersion and bifurcation. So we -- our experience is quite a bit different than what we're reading in the headlines, I think that's the punchline.

是的。我唯一想補充的是，對於準備好的演講稿，很難一概而論地評價我們整個產業。我認為兩個關鍵字是分散和分岔。所以，我們的經驗和我們在新聞標題中讀到的內容大相逕庭，我想這就是重點。

Brian Mckenna with Citizens Bank.

布萊恩·麥肯納，公民銀行。

Great. Of the $270 billion of carried interest eligible AUM that's above cost, maybe accrued and carry, what's the average multiple on invested capital for this AUM? And then is there a way to think about when the majority of this capital was invested on average?

偉大的。在超過成本、可能已產生收益和已產生收益的 2,700 億美元合格附帶權益資產管理規模中，該資產管理規模的投資資本平均倍數是多少？那麼，有沒有辦法思考這些資金平均而言大部分是在什麼時候投資的呢？

Yes. Thanks, Brian. So we don't -- so we can pull and track down that data for you, we don't have it handy right now. But I would say, as you look across our platform, it's a pretty mature portfolio. So the multiple of money is going to be pretty healthy.

是的。謝謝你，布萊恩。所以，我們現在手邊沒有這些數據，無法為您提取和追蹤這些數據。但我認為，縱觀我們的平台，這是一個相當成熟的產品組合。因此，資金倍數將會相當可觀。

And the way -- if you think broadly, the $17 billion of accrued gains that sit on our balance sheet and the $9 billion of unrealized carried interest, the way to think about that is it tends to expand over time, and you tend to get a little bit less of an uplift in the early years. So I think it would speak to sort of the maturity of that profile being a little longer than what you would think of sort of an average deployment period for us.

從廣義上講，我們資產負債表上的 170 億美元累計收益和 90 億美元未實現附帶權益，其發展趨勢是隨著時間的推移而增長，而在最初幾年，增長幅度往往會小一些。所以我認為這說明該職位的成熟度更高，其部署週期比我們通常認為的平均部署週期要長一些。

But your specific questions, as it relates to multiples and maturity, we can pull those over time and be able to provide those to our analysts and shareholder community.

但對於您提出的有關倍數和到期日的具體問題，我們可以隨著時間的推移收集這些信息，並提供給我們的分析師和股東群體。

And just -- Brian, to give you a couple of stats. I'd say, like, if I look at remaining fair value of the private equity portfolio, like the percentage of companies marked at 2-plus times is almost 30%. And like when you look broadly across the overall portfolio, back to some of the things we've talked about, linear deployment and deployment pacing, I think in our industry, we probably do benefit from a more mature portfolio and a portfolio that probably does have more meted gains in that portfolio relative to others.

還有——布萊恩，我給你一些統計數據。我想說，如果我看一下私募股權投資組合的剩餘公允價值，就會發現估值超過 2 倍的公司佔比接近 30%。就像從整體上看投資組合一樣，回到我們之前討論過的線性部署和部署節奏，我認為在我們的行業中，我們可能確實會受益於更成熟的投資組合，以及相對於其他投資組合而言，收益更為可觀的投資組合。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

My question is on the capital markets business, and I appreciate some of the new color on the GA side and also the robust realization now you just provided. But it was a very strong quarter for transaction fees and some of what closed in 3Q was actually a function of 2Q activity given the delay, and Q2 was weighed down by the trade war and correction public equities, which is why there's [new] activity across the industry. So my question is, if I look at your 3Q results, $328 million a quarter for total transaction fees, $278 million for our Capital Markets segment, is that a solid baseline to grow off of into 2026, if we see M&A activity continue to be elevated? Or were there some lumpy items there?

我的問題是關於資本市場業務的，我很欣賞GA方面的一些新見解，以及您剛才提供的切實可行的方案。但就交易費而言，這是一個非常強勁的季度，第三季度完成的部分交易實際上是由於第二季度的交易活動造成的，因為第二季度的交易有所延遲，而第二季度又受到貿易戰和公開股票市場調整的影響，這就是為什麼整個行業出現了（新的）交易活動。所以我的問題是，如果我看一下你們第三季的業績，總交易費為每季 3.28 億美元，資本市場部門為每季 2.78 億美元，如果併購活動繼續保持高位，這是否是一個可以支撐到 2026 年增長的可靠基準？或者那裡有一些形狀不規則的物品？

Yes. Thanks for the question, Craig. And always tough to give specific guidance as it relates to our capital markets business. I'd tell you is we're really pleased with the trajectory of that business. I were actually, as a management team, really the most pleased with how that business performed in 2022 and 2023 when the capital markets were largely shut, and we were able to take the floor of revenue in that business up quite a bit.

是的。謝謝你的提問，克雷格。而且，對於我們的資本市場業務，總是很難給予具體的指導。我可以告訴你的是，我們對這項業務的發展軌跡非常滿意。實際上，作為管理團隊，我對該業務在 2022 年和 2023 年的表現非常滿意，當時資本市場基本上關閉，我們能夠大幅提高該業務的最低收入。

As you'll recall, we generated plus or minus $600 million of revenue in each of those two years. And as you saw the markets bounce back in 2024, we were close to $1 billion of fees. I don't think we'll quite get there. I know we won't quite get there as it relates to 2025, but another really attractive capital markets here.

您應該還記得，在那兩年裡，我們每年的收入都在 6 億美元左右。正如你所看到的，市場在 2024 年反彈，我們當時的費用接近 10 億美元。我覺得我們恐怕無法完全達到目標。我知道我們不可能在 2025 年之前完全實現這個目標，但這裡確實存在著另一個極具吸引力的資本市場。

So I do think that where we are, year-to-date, where we're at forecast through year-end gives a pretty good baseline for how you could think about growth from here. But we absolutely believe our capital markets business remains a real growth business for us. We think it will grow alongside everything we're doing at KKR is to act scales.

所以我認為，就我們今年迄今為止的狀況以及對年底的預測而言，這為我們思考未來的成長提供了一個相當不錯的基準。但我們堅信，我們的資本市場業務仍然是我們真正的成長業務。我們認為它會隨著我們在 KKR 所做的一切而發展壯大，那就是擴大規模。

We've got a very differentiated approach to third-party capital markets in an environment where mid-market PE starts to come back on the deployment side, which we believe it will. Over the course of the next 12, 18 months, we think we're incredibly well positioned to take share there. And then what we're doing alongside GA is just on top of everything else we're doing across KKR and with third-party clients.

在中端市場私募股權開始回歸投資領域的當下（我們相信這種情況一定會發生），我們對第三方資本市場採取了非常差異化的方法。在接下來的 12 到 18 個月裡，我們認為我們已做好充分準備，能夠搶佔那裡的市場份額。此外，我們與 GA 合作的工作，也只是在 KKR 內部以及與第三方客戶進行的所有其他工作之外的另一項成果。

And then just before -- we have no more questions in the queue, and thank you, everybody, for your time and interest in KKR. Just one additional topic. We've received a lot of inbounds over the last couple of weeks just on some of the private credit names that have been in the news.

就在這時——我們已經沒有其他問題要問了，感謝大家抽空關注 KKR。還有一個話題。過去幾週，我們收到了很多關於一些出現在新聞中的私人信貸機構的諮詢。

And so just recognizing the questions we've received and the fact that we haven't had a public forum to respond, just wanted to let everybody know, to be clear that as a firm, we have no exposure to first brands, we have no exposure to tricolor or the couple of telecom names that were in the news last week. We don't own them, just to be clear, nor have we ever owned those names.

因此，考慮到我們收到的問題，以及我們還沒有公開的論壇來回應，我想讓大家知道，明確一點，作為一家公司，我們沒有任何與 First Brands、Tricolor 或上週新聞中提到的幾家電信公司相關的投資。需要說明的是，我們並不擁有這些名稱，也從未擁有過這些名稱。

And again, just one other point on that, is a couple of those had reached out to our teams, one of those repeatedly, and they were turned down. And to be honest, they didn't check enough of our requirements to merit an initial screening. So just wanted to be clear on that point, recognizing the inbounds we've received.

還有一點要補充的是，其中有幾個人聯絡過我們的團隊，其中一人也多次聯絡我們，但都被拒絕了。說實話，他們並沒有核查我們提出的足夠多的要求，不足以讓我們進行初步篩選。所以，我只是想澄清這一點，並感謝我們收到的回饋。

Yes. Let me just pick up. I mean I think what's going on right now, everybody is like the market loves simple sound bites and a really tidy story. And candidly, when we read some of these headlines, it's clear many of us have PTSD from the financial crisis and are looking for, will it trigger the next one. Like where is the next boogeyman.

是的。讓我來接。我的意思是，我覺得現在的情況是，每個人都覺得市場喜歡簡單明了的宣傳語和條理清晰的故事。坦白說，當我們看到這些新聞標題時，很明顯，我們中的許多人都患有金融危機造成的創傷後壓力症候群，並且都在擔心，這是否會引發下一次金融危機。下一個怪物會在哪裡出現呢？

But from our standpoint, this market and economy really don't provide a simple narrative like that. You just can't generalize. And as I said, it's dispersion and bifurcation. So between pandemic, wars, inflation, rising rates, tariffs over the last five years, there's obviously been a lot been thrown at all of us.

但從我們的角度來看，目前的市場和經濟狀況並不能用如此簡單的邏輯來解釋。你不能一概而論。正如我所說，這是分散和分岔。因此，在過去的五年裡，疫情、戰爭、通貨膨脹、利率上升、關稅等等，顯然我們所有人都面臨著許多挑戰。

But from our standpoint, what we don't see talked about much is the fact that we've had kind of this rolling recession dynamic in the US, where some industries are already experiencing or have experienced their cycle. We've seen it in manufacturing. We're now seeing in building products, maybe parts of chemicals, parts of leisure. And the public markets are also obviously seeing dispersion, very different performance if you look by sector.

但從我們的角度來看，很少有人談論的是，美國一直存在著一種滾動式衰退的動態，而一些行業已經經歷了或正在經歷衰退週期。我們在製造業中已經看到了這一點。我們現在在建築產品、部分化學品、部分休閒用品中都看到了這種現象。而且，公開市場也明顯呈現分散化趨勢，依產業劃分，表現差異很大。

And so that part of the narrative is not included when we kind of look at what's coming out in the media. But from our seats, it doesn't feel like last time. You can't paint it all with one brush. And that's not to say there isn't risk of excess and bad actors. But what we're taking comfort in is like air is periodically being led out of the balloon. And so we're just not seeing that uniform excess we saw before the GFC.

因此，當我們查看媒體報導的內容時，並沒有把這部分內容考慮在內。但從我們的角度來看，感覺和上次不一樣了。你不能用一支畫筆描繪所有事物。但這並不意味著不存在過度行為和不良分子的風險。但我們感到欣慰的是，就像氣球裡的空氣會週期性地被排出一樣。因此，我們沒有看到像全球金融危機之前那樣普遍存在的供應過剩現象。

So as we said, to return to a more normal default environment, fundamentals away from the recession, the rolling recession areas are really solid. Our numbers, revenue and EBITDA continue to look really good. And so the job has stayed proactive in portfolio and risk management and focus critically on long-term funding, and we're going to find out who's good at investing through a cycle and a more dispersion heavy economic environment.

正如我們所說，要恢復到更正常的預設環境，擺脫衰退的基本面，滾動衰退區域非常穩定。我們的各項數據、收入和 EBITDA 都持續表現良好。因此，這項工作一直積極主動地進行投資組合和風險管理，並專注於長期融資，我們將看看誰擅長在經濟週期和更分散的經濟環境中進行投資。

So we wanted to make sure that you understood that perspective. We didn't get asked about it, but it is something we get asked about several days a week. So with that, we really appreciate everybody having the patience to stick with us on this call. Appreciate your interest in our firm, and we'll talk to you along the way.

所以我們希望確保您理解這種觀點。雖然沒人問過我們這個問題，但我們每週都會被問到好幾次。最後，我們非常感謝大家耐心聽完這次電話會議。感謝您對我們公司的關注，我們將在接下來的過程中與您保持聯繫。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路了，感謝您的配合。