KKR & Co Inc (KKR) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to KKR's third quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位女士先生，感謝您耐心等候。歡迎參加KKR 2026年第三季財報電話會議。（接線員指示）提醒您，本次會議將被錄音。

I will now hand the call over to Craig Larson, Partner and Head of Investor Relations for KKR. Craig, please go ahead.

現在我將把電話交給KKR投資人關係主管兼合夥人Craig Larson。Craig，請開始。

Thank you, operator. Good morning, everyone. Welcome to our third quarter 2026 earnings call. This morning, as usual, I'm joined by Rob Lewin, our Chief Financial Officer; and Scott Nuttall, our Co-Chief Executive Officer.

謝謝，接線員。各位早安。歡迎參加我們2026年第三季財報電話會議。今天早上如同往常，我與我們的財務長Rob Lewin，以及我們的共同執行長Scott Nuttall一同出席。

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 contain forward-looking statements, which do not guarantee future events or performance. Please refer to our earnings release and our SEC filings for cautionary factors about these statements.

我們想提醒各位，我們將在本次電話會議中引用非GAAP衡量指標，並已在新聞稿中與GAAP數字進行調節；新聞稿可於kkr.com的Investor Center（投資人中心）專區取得。另提醒各位，我們以調整後的持股基礎（adjusted share basis）揭露各事業部門數字。本次電話會議將包含前瞻性陳述，該等陳述不保證未來事件或績效。請參閱我們的財報新聞稿及向SEC提交的文件，以了解與這些陳述相關的警示因素。

So first, beginning with our results for the quarter, once again, for the second consecutive quarter, we're reporting record results across all three of our headline financial metrics: fee-related earnings, total operating earnings, and adjusted net income per share.

首先，從本季業績開始。如同先前一樣，連續第二季，我們在三項主要財務指標上皆繳出創紀錄的成果：費用相關收益（FRE）、總營運收益（TOE）以及每股調整後淨利（Adjusted Net Income per Share）。

And over the trailing 12 months, LTM results for all three of these metrics also again set historic highs. Taking a closer look at Q3. Fee related earnings per share came in at $1.42, that's up 24% year-over-year. Total operating earnings per share of $1.88 are up 21% year-over-year, and adjusted net income per share of $1.78 is up 26%, compared to Q3 of 2025.

而在過去12個月（LTM）的期間內，這三項指標的LTM結果也再次創下歷史新高。更仔細看第三季：每股費用相關收益為1.42美元，年增24%。每股總營運收益為1.88美元，年增21%；每股調整後淨利為1.78美元，較2025年第三季年增26%。

Management fees in the quarter were $1.2 billion. Looking at management fees, excluding catch-up seasonal periods, management fees grew 16% year-over-year and were up 19% looking at the first nine months of '26 compared to '25. And visibility here remains healthy as AUM that has not yet turned on and is not yet paying management fees, ended the quarter at $75 billion with a blended fee rate of approximately 90 basis points. Since the start of the year, that $75 billion figure is up 24%.

本季管理費為12億美元。就管理費而言，若排除追補（catch-up）的季節性期間，管理費年增16%；而以2026年前九個月相較2025年前九個月，則成長19%。此外，可見度仍然健康：尚未啟動、尚未開始支付管理費的資產管理規模（AUM）於季末為750億美元，綜合費率約為90個基點。自年初以來，這個750億美元的數字成長了24%。

And two additional items of note just on the management fee side. First, it's worth highlighting our progress in real assets. Over the last three years, fee paying AUM has increased from $108 billion to $176 million. That's an 18% CAGR with a blended fee rate ex-catch-up fees that has increased every year alongside. And second, looking even more broadly, in 2019, we earned $1.2 billion of management fees across the full year. Given the growth and diversification across KKR, we're generating this level of management fees now in a single quarter.

另外就管理費面向再補充兩點。第一，值得強調我們在實體資產（real assets）方面的進展。過去三年，付費AUM已從1,080億美元增加至1.76億美元。這相當於18%的年複合成長率（CAGR），且排除追補費用後的綜合費率也逐年上升。第二，更廣泛來看，2019年我們全年管理費為12億美元。隨著KKR在規模與多元化上的成長，我們現在單一季度就能產生相同水準的管理費。

Back to our Q3 results. Total transaction and monitoring fees were $328 million in the quarter. Capital markets fees reached $290 million. That's our third highest quarterly result on record, and insurance-related capital markets activity picked up nicely this quarter. The related performance revenues were $326 million and are up year-over-year, driven by our US domiciled, infrastructure, and private equity K-Series vehicles. As a reminder, this is the second quarter where the crystallization from private equity wealth is sitting within that FRP line.

回到第三季業績。本季交易與監督費用（transaction and monitoring fees）合計為3.28億美元。資本市場費用達2.90億美元。這是我們史上第三高的單季表現，且本季與保險相關的資本市場活動明顯回升。相關的績效收入（performance revenues）為3.26億美元，年增，主要由我們以美國為註冊地的基礎建設與私募股權K-Series工具所帶動。提醒各位，這是第二個季度，私募股權財富（private equity wealth）的結晶（crystallization）已納入該FRP項目中。

Turning to expenses. Fee-related compensation was again at the midpoint of our guided range at 17.5%, and other operating expenses for the quarter came in at $215 million. So in total, fee-related earnings were a record $1.3 billion or $1.42 per share figure I mentioned a few moments ago. And our FRE margin came in just around 71%, also the highest we reported in our history.

接著談費用。費用相關薪酬（fee-related compensation）再次落在我們指引區間的中點17.5%，而本季其他營運費用為2.15億美元。因此合計而言，費用相關收益創下紀錄，達13億美元，或如我稍早提到的每股1.42美元。我們的FRE利潤率約為71%，同樣是我們歷史上最高水準。

Insurance segment operating earnings were $230 million. Excluding the impact of GA's annual actuarial assumption review and other related items, insurance operating earnings would have been $257 million. As we've discussed on prior calls, insurance operating earnings do not fully capture the broader impact of GA to KKR.

保險事業部門營運收益為2.30億美元。若排除GA年度精算假設檢視及其他相關項目的影響，保險營運收益將為2.57億美元。如同我們在先前電話會議中討論過的，保險營運收益並未完全反映GA對KKR更廣泛的影響。

So page 17 of the earnings release details the management fees under our investment management agreement, fees from IV-related vehicles, where we now have over $60 billion of AUM that wouldn't exist without GA as well as GA related capital markets fees, again, which picked up in Q3.

因此，財報新聞稿第17頁詳列了我們在投資管理協議下的管理費、來自IV相關工具的費用（目前我們有超過600億美元的AUM若沒有GA便不會存在），以及與GA相關的資本市場費用；而這些費用在第三季同樣有所回升。

So while we've been more disciplined throughout the first half of the year given the competitive environment, we're still seeing really attractive all in economics. And over the LTM, that total insurance economic figure was $1.9 billion. That's net of compensation, and that does not include, as a reminder, the impact of mark-to-market as we report our insurance investment portfolio largely based on cash outcomes.

因此，儘管在競爭環境下，我們在上半年採取了更嚴謹的紀律，但我們仍看到非常具吸引力的整體經濟效益（all-in economics）。在過去12個月（LTM）期間，該保險整體經濟效益合計為19億美元。此數字為扣除薪酬後的淨額，且提醒各位，並未包含按市價評價（mark-to-market）的影響，因為我們在揭露保險投資組合時，主要以現金結果為基礎。

Turning now to strategic holdings. We delivered a strong quarter with $192 million of operating earnings bringing the year-to-date total to $277 million. This puts us firmly on track to achieve our expectation of more than $350 million in operating earnings for full year 2026.

接著談策略性持股（strategic holdings）。我們本季繳出強勁表現，營運收益為1.92億美元，使年初至今合計達2.77億美元。這讓我們穩健地朝向達成2026年全年營運收益超過3.50億美元的預期目標前進。

And additionally, as you likely recall, we announced the sale of USI in the quarter, our most mature strategic holdings position that represents an exceptional outcome for our core private equity investors as well as our shareholders. Rob is going to touch base on this transaction in greater detail in a few minutes.

此外，如各位可能記得，我們在本季宣布出售USI；這是我們最成熟的策略性持股部位，為我們核心私募股權投資人以及股東帶來了極為出色的成果。Rob將在幾分鐘後更詳細說明這筆交易。

So altogether, total operating earnings, which, as a reminder, represents the more recurring components of our earnings streams were $1.88 per share. That's up 21% year-over-year. And over the last 12 months, 84% of our total pre-tax segment earnings were driven by these more recurring earnings streams, which again, we feel demonstrates the durability of our model.

綜合而言，總營運收益（提醒各位，該指標代表我們收益來源中較具經常性的部分）為每股1.88美元。年增21%。而在過去12個月中，我們稅前各事業部門收益總額的84%來自這些較具經常性的收益來源；我們認為這再次證明了我們模式的耐久性。

Moving now to investing earnings. Realized performance and investment income totaled $824 million, and we had $71 million of net realized investment income in strategic holdings. And again, just to be clear, these results do not reflect the USI transaction, which is subject to closing. So after interest expense and taxes, adjusted net income was just about $1.6 billion or $1.78 per share for the quarter.

接著談投資收益（investing earnings）。已實現的績效與投資收入合計為8.24億美元，而策略性持股的已實現投資淨收益為7,100萬美元。再次澄清，這些結果尚未反映USI交易，該交易仍待完成交割。因此，在扣除利息費用與稅負後，本季調整後淨利約為16億美元，或每股1.78美元。

Turning to investment performance on page 10 of the release. Q3 was a volatile quarter across markets. The yield on the 10-year treasury surged by 80 basis points. The Russell 2000 declined 7% in Q3, and the S&P 500 ex the MEG 7 declined by 2%. So against all of this volatility, our private equity portfolio was flat.

接著看新聞稿第10頁的投資績效。第三季市場波動劇烈。10年期美國公債殖利率大幅上升80個基點。Russell 2000在第三季下跌7%，而剔除MEG 7的S&P 500下跌2%。在這些波動之下，我們的私募股權投資組合表現持平。

Infrastructure has continued to be resilient, plus 4% in the quarter, while the opportunistic real estate portfolio declined 2%. And with high-yield industries of 2% in Q3 and the LSTA plus 2%, our leverage credit and alternative credit composites were up 1% and 3%, respectively.

基礎建設持續展現韌性，本季上漲4%，而機會型不動產投資組合下跌2%。此外，隨著高收益產業在第三季上漲2%且LSTA上漲2%，我們的槓桿信貸與另類信貸綜合表現分別上漲1%與3%。

And then finally, I'll spend a moment on some of our key operating metrics. On the investing side, we deployed $20 billion of capital in Q3 with activity really broad-based across geographies and asset classes. This brings us to $98 billion of capital invested over the trailing 12 months, which is up 15% compared to the prior period. And with a record $146 billion of dry powder available, we remain incredibly well positioned to build our portfolio for the future.

最後，我將花一點時間談談我們的一些關鍵營運指標。在投資方面，我們於第三季部署了200億美元資本，活動在各地區與各資產類別間都相當廣泛。這使得我們在過去12個月累計投資資本達到980億美元，較前一期間成長15%。此外，憑藉創紀錄的1,460億美元可用乾粉，我們仍然具備極佳的有利條件，為未來打造我們的投資組合。

Turning to fundraising. We raised $25 billion of new capital in the quarter and $116 billion over the trailing 12 months with demand also quite widespread. Some highlights here for the quarter. Within Real Assets, we continue to see momentum.

接著談募資。本季我們募集了250億美元新資本，過去12個月累計募集1,160億美元，需求同樣相當廣泛。本季有幾個重點。在實體資產方面，我們持續看到動能。

Early in Q3, we held the final close of the latest vintage of our flagship Global Infrastructure Fund at $19.2 billion, eclipsing the prior $17 billion fund. And we continue to make meaningful progress in raising capital for our Asia infrastructure strategy. On a combined basis, these efforts represent over $25 billion of committed capital to date. And at Helix, Samsung committed $1 billion to this AI infrastructure strategy, contributing to the more than $11 billion in total commitments today.

在第三季初，我們完成了最新一期旗艦全球基礎建設基金的最終募集，規模達192億美元，超越先前的170億美元基金。同時，我們在募集亞洲基礎建設策略資本方面也持續取得實質進展。合併計算，這些努力迄今代表超過250億美元的承諾資本。此外，在Helix，三星承諾投入10億美元於此AI基礎建設策略，使目前總承諾金額超過110億美元。

Turning to wealth. We brought in $3 billion of capital in Q3. That's up 11% from just last quarter and K-Series AUM now stands at $45 billion. That's up 55% year-over-year. And on a year-to-date basis, AUM is up 32%. And AUM at our K-Series private equity and infrastructure vehicles have now reached $22 billion and $17 billion, respectively, in just three years.

接著談財富管理。我們在第三季引入了30億美元資本，較上一季成長11%，而K-Series的資產管理規模（AUM）目前為450億美元。這較去年同期成長55%。以年初至今來看，AUM成長32%。而我們的K-Series私募股權與基礎建設載體的AUM在短短三年內分別達到220億美元與170億美元。

And lastly, in credit, we raised $14 billion of capital in the quarter and continue to expect a record fundraising year for total third-party credit overall and private credit specifically. So in summary, we had another record quarter, and we have a great deal of momentum again as we look ahead.

最後，在信貸方面，我們本季募集了140億美元資本，並持續預期整體第三方信貸、尤其是私募信貸，將迎來創紀錄的募資年度。總結而言，我們再度交出創紀錄的一季，展望未來也再次具備強勁動能。

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

接下來，我很高興把電話會議交給Rob。

Thanks a lot, Craig, and thank you, everyone, for joining our call this morning. As Craig just walked through, our model continues to deliver consistent and differentiated results with our key headline metrics all up north of 20% year-on-year. I'm going to spend a bit of time this morning going through the activity that we are seeing across the firm, which is directly driving these record results.

非常感謝，Craig，也謝謝各位今天早上加入我們的電話會議。如同Craig剛才所說，我們的模式持續交出一致且具差異化的成果，我們的主要核心指標年增率都超過20%。今天早上我會花一些時間，說明我們在公司各處所看到的活動情況，而這些活動正直接推動這些創紀錄的成果。

Let me first start with our monetization activity. which has been a real bright spot for us. If I could turn you to page 21 of the earnings release, we have already returned more capital to our clients in 2026 relative to any year in our history and that is excluding Q4 activity and the announced USI transaction.

我先從我們的變現活動談起，這一直是我們的一大亮點。如果各位翻到財報新聞稿第21頁，我們在2026年迄今已向客戶返還的資本，超過我們歷史上任何一年，且這還不包含第四季的活動以及已公告的USI交易。

This stands in sharp contrast to the muted monetization activity that we are seeing across our industry, and I think reflects both the performance of our portfolio and the benefits of our disciplined approach to linear deployment and portfolio construction. Year-to-date, we have returned $31 billion to our clients across private equity, real assets and credit. And including announced transactions and activity completed since September 30, we expect that figure to reach over $40 billion in 2026, exceeding our previous annual record by more than 50%.

這與我們在整個產業所看到的偏低迷變現活動形成鮮明對比，我認為這反映了我們投資組合的表現，以及我們在循序部署與投資組合建構上採取紀律化方法所帶來的效益。年初至今，我們已在私募股權、實體資產與信貸領域向客戶返還310億美元。若包含已公告交易以及9月30日後完成的活動，我們預期2026年該數字將超過400億美元，較我們先前的年度紀錄高出逾50%。

Turning briefly to USI. In late August, we announced the sale of the business, which was our inaugural core private equity investment. This transaction represents a really compelling outcome both for our clients as well as our shareholders. And we view it as a real proof point for KKR's business model and the long-term earnings that strategic holdings investment can provide for our business.

簡要談一下USI。8月下旬，我們宣布出售該業務，這是我們首筆核心私募股權投資。這筆交易對我們的客戶以及股東而言，都是非常具吸引力的成果。我們也將其視為KKR商業模式的有力驗證，並證明策略性持股投資能為我們的業務帶來長期獲利。

The sale is expected to deliver an approximately 6 times multiple of our cost on the original 2017 investment. A 3.4 times multiple on all KKR balance sheet capital, part of which was invested just last year and a roughly 33% premium to USI's unaffected valuation last quarter. And incremental to this are approximately $550 million of earnings generated over the life of the investment from realized carried interest, management fees as well as capital markets transaction fees.

預期此次出售將使我們相對於2017年原始投資成本取得約6倍的倍數。就KKR資產負債表投入的全部資本而言，倍數為3.4倍，其中一部分資本甚至是在去年才投入；同時，相較於USI上一季未受影響的估值，約有33%的溢價。此外，在投資存續期間，透過已實現的績效分成（carried interest）、管理費以及資本市場交易費，我們累計產生約5.5億美元的收益。

Upon closing, we expect to receive after-tax proceeds or an incremental liquidity of approximately $3.3 billion. In addition, we would expect to generate approximately $2 billion of adjusted net income, which translates to a little over $2 per share.

在交割完成後，我們預期將收到稅後所得款項，或約33億美元的新增流動性。此外，我們預期可產生約20億美元的調整後淨利，換算約略高於每股2美元。

USI demonstrates the significant value that can be created by leveraging KKR's core competencies, including our investment capabilities and our approach to capital allocation, we expect strategic holdings to continue building on this theme. As a reminder, strategic holdings represents KKR's direct ownership in companies that we believe are durable, less cyclical and well positioned to compound value over the long term. But we are always actively managing the portfolio, and we'll sell companies when we believe doing so can create even more value.

USI展現了透過運用KKR的核心能力（包括我們的投資能力與資本配置方法）所能創造的重大價值；我們預期策略性持股將持續在此主題上深化。提醒一下，策略性持股代表KKR對我們認為具耐久性、景氣循環性較低，且能在長期持續複利增值的公司之直接持有。但我們也始終積極管理該投資組合，當我們認為出售能創造更大價值時，就會出售公司。

And in thinking through the sale of USI, we ultimately determined that we could reinvest the freed up liquidity back into our business in a manner that will be accretive to our earnings per share over the long term, which brings us to our capital allocation framework, which we view as critical to our long-term performance.

在評估出售USI時，我們最終判斷可以把釋放出的流動性再投資回我們的業務，並在長期提升每股盈餘的增益性（accretive），這也引出我們的資本配置框架；我們認為這對我們的長期表現至關重要。

As a reminder, we have four key tools available to us: share buybacks, strategic holdings, strategic M&A, and insurance. These all take full advantage of the KKR ecosystem. And as a result, we have the potential for very high ROEs. Importantly, our capital allocation approach does not assign a predetermined amount of capital spend into any one of those four buckets. Rather, our focus here is all about how we take that marginal dollar of cash flow and drive the most recurring, durable, and growth-oriented earnings on a per share basis.

提醒一下，我們有四項關鍵工具可用：庫藏股回購、策略性持股、策略性併購（M&A），以及保險。這些都能充分運用KKR生態系。因此，我們具備取得非常高股東權益報酬率（ROE）的潛力。重要的是，我們的資本配置方法不會預先設定要在這四個類別中的任何一個投入固定金額。相反地，我們的重點在於如何運用那一筆邊際現金流，於每股基礎上推動最具經常性、耐久性且以成長為導向的獲利。

We believe capital allocation in its own right is a core competency of our management team. And given employees here own roughly 30% of our stock, this mindset is one that is highly aligned with our shareholders. We believe that we have delivered a lot of value over time through strategically allocating our capital and are very confident in our ability to continue to do so into the future.

我們相信資本配置本身就是我們管理團隊的核心能力。而且由於本公司員工持有約30%的股票，這樣的思維與股東高度一致。我們相信，透過策略性配置資本，我們長期以來已創造大量價值，並對未來持續做到這一點充滿信心。

And with some of the volatility that we are witnessing across markets, the opportunity to reinvest the $3.3 billion of after-tax proceeds we're receiving from USI is becoming even more compelling. Let me go through some examples of our recent activity here.

在我們所見市場波動加劇的情況下，將我們從USI取得的33億美元稅後所得款項再投資的機會變得更具吸引力。我來舉幾個我們近期活動的例子。

First, as it relates to share buybacks, it is an area where we have leaned into this year. Looking at activity from the beginning of Q3 through November 4, we have repurchased or retired $567 million of stock. And since the start of the year, that number is over $900 million, with an average price of $92 per share. From our seats, we see a very big disconnect between perception of our industry and our share price relative to the durability and growth orientation of our business model and our execution.

首先，就庫藏股回購而言，這是我們今年加大力道的領域。從第三季初到11月4日的活動來看，我們已回購或註銷了5.67億美元的股票。而自年初以來，該數字已超過9億美元，平均價格為每股92美元。以我們的觀點來看，市場對我們產業的認知與我們股價之間，與我們商業模式的耐久性、成長導向以及我們的執行力相比，存在非常大的落差。

But ultimately, we have conviction that by buying back more shares, we will increase our long-term earnings per share. That is why you've seen us deploy into the opportunity here. And I note that is both at the firm level and through purchases made directly by our co-CEOs and a number of our Directors earlier in 2026.

但歸根結底，我們堅信透過回購更多股份，將能提高我們的長期每股盈餘。這也是為什麼各位看到我們在此機會上進行部署。我也要指出，這不僅是在公司層面，也包括我們的共同執行長以及多位董事在2026年稍早直接進行的買入。

Moving to strategic holdings, we have reiterated our $350-plus million and $1.1-plus billion guidance for 2026 and 2030, respectively. Given the maturation of our existing portfolio, alongside what is an attractive pipeline of new investment opportunities.

轉向策略性持股方面，我們重申對2026年與2030年的指引，分別為超過3.5億美元與超過11億美元。鑑於我們現有投資組合的成熟度，以及一條具吸引力的新投資機會管線。

On this last point, you would have seen us recently leaning into the opportunity set here with our newest strategic holdings companies. Integer, a leader in global medical device contract development. Gen II Fund Services, one of the largest providers of outsourced private markets fund administrative services in North America, a space we obviously know well, and A1, a leading provider of residential garage door services.

就最後這一點而言，您應該已看到我們近期透過最新的策略性持股公司，更積極投入這裡的機會集合。Integer，全球醫療器材合約開發領導者。Gen II Fund Services，北美最大之一的私募市場基金行政管理外包服務供應商之一——這也是我們顯然非常熟悉的領域——以及A1，住宅車庫門服務的領先供應商。

We are already well on our way to replenishing the foregone earnings from USI and feel we can grow the portfolio at a faster rate given our pipeline. As we continue to execute on strategic holdings, we have strong conviction that this engine of our business model will be a massive differentiator for us over the next decade plus.

我們已經在補回USI所流失的獲利方面進展順利，並且鑑於我們的投資管線，我們認為可以用更快的速度擴大投資組合。隨著我們持續推進策略性持股，我們深信這個商業模式引擎將在未來十年以上成為我們的重大差異化優勢。

Within strategic M&A, we completed the acquisition of Arctos in May of this year. The business is already tracking well ahead of budget, and we are seeing great momentum across the platform. We closed Keystone last quarter of roughly $6 billion in total commitments, which is the largest first-time fund in the broader GP solution space.

在策略性併購方面，我們於今年5月完成對Arctos的收購。該業務目前的表現已明顯優於預算，我們也看到整個平台動能強勁。我們在上季完成Keystone募資，總承諾額約60億美元，這是更廣泛GP解決方案領域中規模最大的首次基金。

We just launched the latest vintage of Arctos sports strategy and we are making great progress on a new GP-led secondary strategy that we expect to launch in 2027. Altogether, we expect our new investing vertical called KKR Solutions to be $100-plus billion AUM business over time.

我們剛推出Arctos運動策略的最新一期（vintage），同時在一項新的由GP主導的次級策略上取得重大進展，預計於2027年推出。總體而言，我們預期新的投資垂直領域——KKR Solutions——長期將成為管理資產規模（AUM）超過1,000億美元的業務。

And finally, within insurance, we were more selective in allocating capital here during the first half of 2026, given the competitive environment and the attractive opportunities elsewhere across our business. In the third quarter, however, we did see opportunities to write business at higher returns and began to lean back in.

最後，在保險方面，鑑於競爭環境以及我們業務其他領域更具吸引力的機會，我們在2026年上半年於此的資本配置更為審慎。然而在第三季，我們確實看到以更高報酬承作業務的機會，並開始重新加大投入。

Total capital raised and insurance was just north of $9 billion in the quarter. That is up 42% from Q2 and 53% from Q1. We have positioned the business to respond quickly to changes in the market including the rate environment. To put that into perspective, on the retail side, new business volumes reached $3.4 billion in the quarter compared to $4.5 billion across the entire first half of 2026. That third quarter pace implies an annualized run rate of approximately $13.5 billion, and we've been picking up momentum.

本季募得的總資本與保險相關資金略高於90億美元。較第二季成長42%，較第一季成長53%。我們已將業務定位為能快速回應市場變化（包括利率環境）。為了提供一些對照，在零售端，本季新業務量達34億美元，相較之下，2026年上半年全期合計為45億美元。第三季的步調意味著年化運行率約為135億美元，而我們的動能正在提升。

Looking at just September and October, we've been run rating approximately $20 billion annually. So we are encouraged by the activity in insurance. And importantly, we have been able to grow volumes while maintaining our discipline on returns and capital allocation. And additionally, at GA, tying back to where I started my comments around monetization activity, we do expect a sizable gain from the sale of a railcar equipment lessor, which we announced in October. That transaction is expected to generate over $200 million of operating earnings when it closes, which we expect in the first quarter of 2027.

僅看9月與10月，我們的年化運行率約為200億美元。因此，我們對保險業務的活動感到鼓舞。而且重要的是，我們在維持報酬與資本配置紀律的同時，仍能擴大業務量。此外，在GA方面，呼應我一開始關於變現活動的評論，我們確實預期將因出售一間鐵路貨車設備出租商而取得可觀收益，該交易我們已於10月宣布。該交易在完成交割後，預計將帶來超過2億美元的營運收益，我們預期將於2027年第一季完成。

Taking a step back, we are very pleased with the progress that we have made across our business. We are generating meaningfully higher earnings from a more diversified business, and that progress is showing up in our results. We have now delivered record earnings at each of the last two quarters. And our forward indicators are as strong as they have ever been.

退一步來看，我們對在各項業務上取得的進展感到非常滿意。我們從更為多元化的業務中創造出顯著更高的獲利，而這些進展也反映在我們的業績之中。我們在最近連續兩個季度都交出創紀錄的獲利。而我們的前瞻指標也一如既往地強勁。

Dry powder, uncalled capital not yet earning fees and embedded gains are all at or near record levels, giving us confidence in the earnings growth ahead. With that momentum, and the expected contribution from the USI sale, we believe that we are well positioned to deliver a third consecutive quarter with record ANI per share to close out the year.

乾粉（dry powder）、尚未開始收取費用的未動用承諾資本，以及內含收益（embedded gains）皆處於或接近歷史高位，讓我們對未來的獲利成長充滿信心。在這股動能之下，加上USI出售案的預期貢獻，我們相信我們已具備良好條件，在年底前交出連續第三個季度每股ANI創新高的表現。

And by our next earnings call, KKR will have fully transitioned to a traditional one share-one vote governance structure, following the sunset of the super voting rights held by our co-founders, Henry Kravis and George Roberts. This represents another important milestone in KKR's journey as a public company with shareholders benefiting not only from very strong financial and operating performance, but also from enhanced governance rights.

並且在我們下一次財報電話會議之前，隨著共同創辦人Henry Kravis與George Roberts所持有的超級表決權日落到期，KKR將完全轉換為傳統的「一股一票」治理架構。這代表KKR作為上市公司旅程中的另一個重要里程碑；股東不僅受惠於非常強勁的財務與營運表現，也將受惠於更完善的治理權利。

With that, I'm going to hand the call over to Scott.

接下來，我把電話交給Scott。

Thanks, Rob. Hi, everybody. Thanks for joining our call today. There's a lot being written about our industry, and most of it is not flattering. We think what's missing is a broader historical context. So I thought today, we would share our perspective through the lens of our 50 years of experience.

謝謝你，Rob。各位好。感謝今天加入我們的電話會議。外界對我們產業有很多評論，而其中大多並不友善。我們認為缺少的是更廣泛的歷史脈絡。因此我想今天我們將以我們50年的經驗視角，分享我們的觀點。

The first thing we want to do is acknowledge all of the noise and complexity that have made it so difficult for the market to understand what's really happening. This year alone, we've heard worries about software private credit, private wealth, private equity monetizations, insurance affiliate issues, the impact of higher interest rates, and the consequence of all of the aforementioned on overall returns, and the ability to raise scale capital.

我們首先想做的是，承認所有讓市場難以理解真實情況的雜音與複雜性。光是今年，我們就聽到對軟體私募信貸、私募財富、私募股權變現、保險關係企業問題、較高利率的影響，以及上述所有因素對整體報酬與募集大規模資本能力之影響的擔憂。

There has been a lot thrown at you and no shortage of things to worry about. As you just heard, despite all of this noise and all of these questions, we continue to rework record results. And it is not just this quarter and not just some metrics. This will be a record year for us across all of our headline financial metrics, including monetization and both profit realized for and cash distributed back to our investors. And the momentum going forward is strong.

你們面對了很多衝擊，也不乏需要擔心的事情。如同你們剛剛聽到的，儘管有這些雜音與疑問，我們仍持續繳出創紀錄的成果。而且不只是這一季，也不只是某些指標。對我們而言，今年將在所有主要財務指標上創下紀錄，包括變現，以及為投資人實現的利潤與回饋給投資人的現金分配。而未來的動能依然強勁。

So how do we square the broader private market sentiment with our performance? Herein lies the opportunity for a broader historical perspective to make sense of all of this. When you step back, we think there are two things going on. First, alternative asset managers have not been public companies for very long. Most of us came public around the time of the financial crisis or thereafter. So the market's ability to learn about our business model has been limited by the market environment over the last 16 years.

那麼，我們如何將更廣泛的私募市場情緒與我們的表現對照起來？這正是需要更廣泛歷史視角來理解一切的機會所在。當你退一步看，我們認為有兩件事正在發生。第一，另類資產管理公司成為上市公司的時間其實不長。我們大多是在金融危機前後或之後上市。因此，市場在過去16年的環境限制下，對我們商業模式的學習與理解相對有限。

As we have discussed on prior calls, the first 10 of those years were a benign environment with low interest rates, low inflation, and multiples expanding. It was a relatively straightforward period in which to generate returns, especially investing in levered equity. The last six years, however, have been more complicated. With the pandemic rising rates and inflation, two wars, tariffs, and anxiety about both the downside and the opportunity set afforded by AI.

如同我們在先前的電話會議中討論過的，前10年是相對溫和的環境：低利率、低通膨、估值倍數擴張。那是一段相對容易產生報酬的時期，特別是投資於槓桿股權。然而，過去六年則更為複雜。疫情、利率上升與通膨、兩場戰爭、關稅，以及對AI所帶來下行風險與機會集合的焦慮。

Speaking of history and to put a finer point on it, the average 10-year treasury yield since KKR was founded in 1976, is 5.8%. The average treasury yield since the beginning of 2010 is 2.7%. Said simply, today's treasury rate at around 5% is less than the 50-year average since KKR was founded.

談到歷史，為了更精準地說明，自KKR於1976年成立以來，10年期美國公債殖利率的平均值為5.8%。自2010年初以來的平均公債殖利率為2.7%。簡而言之，當前約5%的公債利率，仍低於KKR成立以來50年的平均水準。

But the market has only known our space in a public context in a 2% to 3% or lower interest rate environment until very recently. So your experience set is different than ours. We generated strong returns for our investors before 2010 and in much higher interest rate environment than the one we're in right now. But the public market has not had the benefit of experiencing that yet and uncertainty and fear tend to be very powerful emotions.

但市場在公開市場脈絡下，直到最近才真正認識我們這個領域，而此前所處多為2%到3%或更低的利率環境。因此，你們的經驗集合與我們不同。在2010年之前、且在比現在更高的利率環境中，我們也為投資人創造了強勁報酬。但公開市場尚未有機會親身經歷那段情境，而不確定性與恐懼往往是非常強烈的情緒。

Part of why we like this period of time is that it will provide you with the opportunity to get to know us and our business better. And we can move from theory to more of a shared lived experience.

我們之所以喜歡這段期間，其中一部分原因是它將讓您有機會更深入了解我們以及我們的業務。而我們也能從理論層面，轉向更多共同的實際經驗。

Second, our strong belief is that you only know if you're good in this business once you've been able to invest through a few cycles. What makes this time particularly challenging to understand is that we have not had a normal recession or cycle in the United States, for example, for 16 years. You have to go back to the financial crisis. And the one prior to that was in 2001 around the time of the telecom bubble. So most of the opportunity the public markets have had to get to know our space has been in an environment where we haven't had a real cycle.

第二，我們堅信，只有當你能夠在幾個景氣循環中完成投資，你才知道自己在這個行業是否真的做得好。使得當下特別難以理解的是，例如在美國，我們已經有 16 年沒有出現過正常的衰退或循環。你必須回溯到金融危機。而在那之前的一次是在 2001 年、電信泡沫前後。因此，公開市場能夠認識我們這個領域的大多數機會，都發生在一個沒有真正經歷景氣循環的環境中。

And everyone is learning together. Both the public markets and we believe a number of the younger entrants in the private markets. In the past, we've talked about the fact that the private markets industry was about $3 trillion in size at the time of the financial crisis. That number today is in excess of $15 trillion. That sounds like a lot of growth, but it's about 12% per year.

而且大家都在一起學習。包括公開市場，以及我們認為私募市場中不少較年輕的新進者。過去我們談到，金融危機時私募市場產業規模約為 3 兆美元。如今這個數字已超過 15 兆美元。聽起來成長很多，但約等於每年 12% 的成長。

Through our lens, what is more important to understand is the number of participants in the industry that have experience investing through cycles. That's where the numbers get far more interesting. As best we can tell, over 65% of the participants in the private markets industry were formed after 2009. They are not even in existence at the time of the global financial crisis. Said another way, only 35% of the market participants have experienced a real recession or cycle. And if you want to go back further to the 2001 recession, less than 20% and of the market participants were in business at that time.

從我們的角度，更重要的是理解：這個產業中有多少參與者具備跨循環投資的經驗。這才是數字變得更有意思的地方。據我們所知，私募市場產業中超過 65% 的參與者是在 2009 年之後成立的。他們在全球金融危機時甚至尚未存在。換句話說，只有 35% 的市場參與者經歷過真正的衰退或景氣循環。如果再往前回溯到 2001 年的衰退，當時仍在營運的市場參與者不到 20%。

Said simply, 65% of the firms in our industry have not experienced a real cycle and over 80% and were not around at the time of the 2001 recession. That is a lot of new players. Most investors are experiential learners. What is happening now, we believe is that many market participants, a majority are learning by doing. And some of their results will reflect the fact that they have not invested through a cycle before. We expect many of them will learn from it and like us, get better from the experience.

簡單說，我們行業中有 65% 的公司沒有經歷過真正的景氣循環，而超過 80% 在 2001 年衰退時並不存在。這代表有非常多的新玩家。大多數投資人是從經驗中學習的。我們認為現在正在發生的是：許多市場參與者（而且是多數）正在邊做邊學。他們的一些結果將反映出他們過去未曾跨越景氣循環進行投資。我們預期其中許多人會從中學到教訓，並且像我們一樣，因為這段經驗而變得更好。

Some will disappear. Where we are different is that we have been around for 50 years. We've seen not only the financial crisis in the 2001 recession, but you can go back further to the early '90s real estate crisis. We've seen oil shocks. We've seen the recession of the early '80s. We've seen a 20-plus percent prime rate.

有些會消失。我們不同之處在於，我們已經走過 50 年。我們不僅經歷過金融危機與 2001 年衰退，還可以再往前追溯到 90 年代初期的不動產危機。我們見過石油衝擊。我們見過 80 年代初期的衰退。我們也見過最優惠利率（prime rate）超過 20% 的時期。

We've been able to invest and learn over the course of many cycles over the last five decades. And most of the firms operating in our space have not. That is a critical distinction in our view. We try to be a learning organization. A lot of the mistakes that other people are making now we made a couple of decades ago or more.

在過去五十年裡，我們能夠在多個景氣循環中投資並學習。而在我們這個領域運作的大多數公司並沒有。在我們看來，這是一個關鍵差異。我們努力成為一個學習型組織。許多人現在正在犯的錯誤，我們在二十多年前甚至更早就犯過了。

And we changed our investment process to reflect the mistakes we made and become better all weather through cycle investors. That, we believe, is what is showing up in our results. So another reason we like this time is that it gives you an opportunity to see what's different about us and that benefit of experience.

我們也調整了投資流程，以反映我們曾犯過的錯誤，並成為更好的、能在各種天候與景氣循環中運作的投資人。我們相信，這正反映在我們的成果之中。因此，我們喜歡這段時間的另一個原因是：它讓你有機會看見我們的不同之處，以及經驗所帶來的優勢。

But there's not just an educational benefit to all of this, is also a fundamental positive for our business momentum. The good news for us in this now K-shaped industry is that the happy part of the K is taking market share from the less happy part of the K.

但這不只是教育上的好處，對我們的業務動能而言也有根本性的正面影響。對我們來說，在這個如今呈現 K 型分化的產業中，好消息是：K 的「較好」那一端正在從「較差」那一端手中奪取市占。

We are raising more capital now than we ever have, and we are finding a significantly magnified focus by global investors on through-cycle investment acumen. The result is more concentrated commitments by our clients with firms like ours that are performing through the noise. And we anticipate this dynamic will accelerate going forward.

我們現在募到的資金比以往任何時候都多，而且我們看到全球投資人對「跨循環投資能力」的關注顯著提升。結果是，我們的客戶把承諾更集中地配置在像我們這樣能在雜訊中仍持續表現的機構上。我們預期這種動態未來將加速。

We say all this with a lot of humility and acknowledging that we will continue to make mistakes, and we will continue to learn. We say all this acknowledging we do not get everything right. But we are working to get better at what we do, we believe we are making progress, and we are pleased to see that progress in our results.

我們帶著很大的謙遜說這些，也承認我們仍會繼續犯錯，並且持續學習。我們也承認我們不可能事事都做對。但我們正努力把事情做得更好；我們相信自己正在進步，也很高興在成果中看到這些進步。

I hope this explanation helps. As you decide for all of the information coming out about our industry and all of the varied stories being written about our space. And I hope it helps to put our results in context and allows you to better understand the confidence we have in our own future.

我希望這些說明能有所幫助。當你在判斷我們產業所流出的各種資訊、以及關於我們領域被寫出的各式各樣故事時。我也希望這能幫助你把我們的成果放在脈絡中理解，並讓你更了解我們對自身未來所抱持的信心。

As I said last quarter, the best response to pessimism is performance. We get that. Our focus is on continuing to perform for everybody counting on us, including you, our fellow shareholders and partners.

正如我上季所說，對悲觀情緒最好的回應就是績效表現。我們理解這一點。我們的重點是持續為所有仰賴我們的人交出表現，包括你——我們的股東同伴與合作夥伴。

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

接下來，我們很樂意回答各位的提問。

(Operator Instructions)

（接線員指示）

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

Scott, Rob. I hope everyone is doing well. We have a set of questions on Global Atlantic. And I heard your comments that you're leaning into growth at GA, and we saw the inflow acceleration 3Q. But can you talk about what changed from June 30 to September 30, how much of this was the 10-year US treasury yield given the natural rate sensitivity of GA.

Scott、Rob。希望大家都一切順利。我們有一組關於 Global Atlantic 的問題。我聽到你們提到正在加大 GA 的成長投入，我們也看到第三季資金流入加速。但你們能否談談從 6 月 30 日到 9 月 30 日之間發生了什麼變化？其中有多少是因為 10 年期美國公債殖利率（考量到 GA 對利率的天然敏感度）？

And have you been leaning into high-yielding segments of the AI adjacency verticals like GPU financing? And sorry, just one more. I know there's a bunch here, but you have some long-term goals in place, duration extensions, reallocation to alts within GA, where are you in that trajectory?

另外，你們是否也在加大投入於 AI 相關的高收益細分領域，例如 GPU 融資？抱歉，再多問一個。我知道問題很多，但你們在 GA 內部有一些長期目標，包括延長存續期間、在 GA 內將配置重新分配到另類資產；你們目前在這條軌跡上走到哪一步了？

Let us start going through those one by one, probably the combination of us will tackle some of your questions. As it relates to the first one, we saw a better opportunity to invest in the quarter, and I think that came from a number of different factors.

我們先逐一回答這些問題，可能會由我們幾位分別來處理你的一些提問。就第一個問題而言，我們在本季看到了更好的投資機會，我認為這來自幾個不同因素的共同作用。

We did see the rate movement upward, and we have positioned the business to respond very quickly to that. At the same time, you would have seen some movement in fixed income spreads. And so the left-hand side of the balance sheet moved in our direction. And we didn't see competition move necessarily as quick as it relates to pricing.

我們確實看到利率上行的變動，而我們已將業務定位為能非常快速地對此做出反應。同時，你也會看到固定收益利差出現一些變化。因此，資產負債表的左側朝著對我們有利的方向移動。而在定價方面，我們沒有看到競爭對手的調整速度同樣快。

And so we have spent now a number of years making sure that our liabilities and investment teams are synced up literally to the day and we were able to respond pretty quickly to that environment. So that would be point one.

因此，過去幾年我們一直在確保負債端與投資團隊真正做到同步，甚至精確到每天，我們也因此能對那樣的環境相當迅速地做出反應。這是第一點。

As it relates to the duration of our assets, you absolutely would have seen us continue to extend the duration of our assets. If I'm looking at year-to-date numbers. Through 2026, 93% of our liabilities, five-plus years in duration, 63%, seven-plus years in duration. Compare those numbers to 2024, 75% five-year and only 37% seven-year. So we're extending the duration of liabilities. And in tandem, we're continuing to modestly increase the pace at which we moved the book of assets to an alternative portfolio, roughly 2% of our portfolio today.

就我們資產的存續期間而言，你們絕對會看到我們持續拉長資產的存續期間。如果我看年初至今的數據。到 2026 年為止，我們 93% 的負債為五年以上存續期間，63% 為七年以上存續期間。把這些數字與 2024 年相比，當時五年期占 75%，七年期只有 37%。所以我們正在延長負債的存續期間。同時，我們也持續小幅提高把資產組合轉移到另類投資組合的速度，目前約占我們投資組合的 2%。

We can see that getting closer to industry average, but that's going to happen over time. Industry average is closer to 5% to 8%. But as we've mentioned multiple times on these calls, we're going to do this in a way that's prudent and in a way that matches the extension of the duration of our liabilities, which we continue to work through. Go ahead, Scott.

我們可以看到這正逐步接近同業平均，但這會隨時間發生。同業平均更接近 5% 到 8%。但正如我們在這些電話會議中多次提到的，我們會以審慎的方式來做，並且以與我們負債存續期間延長相匹配的方式來做，而這部分我們仍在持續推進。請繼續，Scott。

Just one other thing I would add is, I think we talked in the past about a big focus the last 12-, 24 months has been having our investment teams globally source these structured alternatives deals that we think are very attractive and fit nicely, investment-grade opportunities that fit into the GA balance sheet.

我另外想補充一點：我想我們過去談過，過去 12 到 24 個月的一個重點，是讓我們全球的投資團隊去尋找這些結構型另類投資交易來源；我們認為它們非常有吸引力，且是很契合的投資級機會，能很好地納入 GA 的資產負債表。

Some of those just take several weeks or months to actually gestate and be able to close. And so part of what's also going on in feeding what Rob's talking about, as we've got a significantly increased pipeline and magnified focus across the firm that's really taking hold.

其中一些交易確實需要數週或數月的時間才能真正醞釀成熟並完成交割。因此，推動 Rob 所談內容的另一部分原因是：我們的交易管線已顯著增加，而且公司內部的聚焦力度也被放大，且正在真正落地見效。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

One of the conversations I get into a bunch is on quality of earnings. And people look at a quarter like this and say, okay, you have all those records, but some of the beat today is transaction fees, strategic holdings, RPR performance fees, but management fee and insurance earnings are decelerating. So they don't like that mix. You've spoken to part of it, but I do want to give you a chance to respond to the aggregate.

我經常會被問到的一個話題是盈餘品質。人們看著像這樣的一個季度會說，好吧，你有這些創紀錄的表現，但今天部分超預期來自交易費、策略性持股、RPR 績效費，而管理費和保險盈餘正在放緩。所以他們不喜歡這種組合。你們已經談到其中一部分，但我也想給你們一個機會回應整體觀感。

But I want to specifically focus on transaction fees. I think you were on the first to enhance the quality and the scale of the platform. You make a lot of money from it, but people somehow discount that as lesser class than a management fee when -- so maybe get your perspective on how to think about that over the next couple of years in terms of per dollar AUM, per dollar of deployment with all your dry powder. Is there a lot of white space? Like I just wanted to get your big picture thoughts on quality of earnings. So I really appreciate it.

但我想特別聚焦在交易費上。我認為你們是最早提升平台品質與規模的公司之一。你們從中賺了很多錢，但人們不知為何會把它折價，認為它比管理費低一等——所以也許請你談談，未來幾年應該如何看待這件事：以每一美元 AUM、每一美元投放（deployment）來看，考量你們有那麼多乾粉。是否還有很大的未開發空間？我只是想聽聽你們對盈餘品質的大方向看法。非常感謝。

Yes. Thanks for the question, Glenn. It's Rob. I'll start. So we have positioned our firm very much on purpose to be able to have multiple ways to positively impact the P&L. And you listed off a bunch in your response, and we think that's important. Multiple different ways for us to be able to utilize our model to be able to achieve outcomes first and foremost, for our clients, our policyholders, and shareholders. And you're seeing some of that flow through our earnings over the past couple of quarters.

好的。謝謝你的問題，Glenn。我是 Rob，我先開始。我們非常有意識地把公司定位成能以多種方式對損益表（P&L）產生正面影響。你在問題裡列了很多項，我們認為這很重要。我們的模式有多種不同方式可以被運用，以首先為我們的客戶、保單持有人以及股東達成成果。而你也看到，過去幾個季度其中一些已反映在我們的盈餘表現上。

As it relates specifically to your question on transaction fees, I think you're getting into capital markets fees. We look at the scale of the business we've created in the capital markets and its breadth. And when I talk about breadth, I can talk about it by geography. I could talk about it by client coverage. I can also talk about it around product.

就你關於交易費的具體問題而言，我想你指的是資本市場費用。我們看的是我們在資本市場打造出的業務規模以及其廣度。談到廣度，我可以從地理區域來談。我也可以從客戶覆蓋來談。我也可以從產品面來談。

And so you think about insurance-related capital markets fees on the product side, structured products can add into that. I think on the geography side, big opportunity for us in Asia Pacific. And on the client side, we've got a very significant effort to cover both the sponsor and corporate community that we think provides just an additional layer of growth for that business.

因此，從產品面來看，與保險相關的資本市場費用是一塊，結構型產品也可以納入其中。從地理區域來看，亞太地區對我們而言是很大的機會。從客戶面來看，我們正投入非常顯著的努力去覆蓋贊助方（sponsor）與企業客群（corporate community），我們認為這能為該業務帶來額外一層成長。

Interestingly, if you look at our capital markets business and maybe look at a decade ago, you would have seen very significant peaks and valleys. Based on what I just went through, I think we've brought up the floor in that business pretty dramatically over the years.

有趣的是，如果你看我們的資本市場業務，回到大約十年前，你會看到非常明顯的高峰與低谷。基於我剛剛提到的這些，我認為多年來我們已相當大幅度地把這項業務的「底部」抬高了。

If you look at -- go back in history, 2023 and 2024, the capital markets in both of those years were largely shut, you did not see a lot of leveraged finance activity. And in each of those years, we generated $600-plus million of capital markets fees.

如果你回顧歷史，2023 年和 2024 年這兩年資本市場大多處於關閉狀態，你看不到太多槓桿融資活動。而在那兩年中，我們每年仍創造了超過 6 億美元的資本市場費用。

Obviously, in a more robust capital markets environment, you're seeing us deliver much better results. But I think the key for us is, are we building a business that is both durable can protect fees on the downside? We think the answer is yes. And then are we building a business that has multiple growth levers in front of it. We also think the answer is yes there too.

顯然，在資本市場環境更強勁時，你會看到我們交出更好的成果。但對我們而言的關鍵是：我們是否正在打造一個既具韌性、又能在下行時保護費用的業務？我們認為答案是肯定的。另外，我們是否正在打造一個面前有多個成長槓桿的業務？我們也認為答案同樣是肯定的。

But back to where you started this question, Glenn, lots of different ways to positively impact the P&L. That is our business model, and we believe we're delivering on that.

但回到你一開始的問題，Glenn：能以很多不同方式對 P&L 產生正面影響，這就是我們的商業模式，而我們相信我們正在兌現這一點。

Glenn, it's Scott. The only thing I would add maybe just a little bit of color. As you know, with the capital markets business, we're monetizing the deal flow that we have inherent in the firm to a much greater extent. And I really do view these as recurring. And if you look at kind of the activity level across the firm, it is recurring and it is an incredibly high flow-through margin because we don't have a lot of people that are doing this. A lot of the deal work is already being done by the deal teams.

Glenn，我是 Scott。我唯一想補充的可能是再提供一點背景。如你所知，在資本市場業務方面，我們正在更大程度地把公司內在的交易流量變現。而我確實把這些視為經常性收入。如果你看公司整體的活動水準，它是經常性的，而且由於我們做這件事的人手不多，因此其利潤流入率（flow-through margin）非常高。很多交易工作其實已經由交易團隊完成了。

And so if you look at it, we have virtually are syndicating $10 billion to $20 billion plus of equity a year. And you add on top of that the financing and refinancing across the embedded portfolio, which is always busy. You add on top of that the third-party business, which also feeds direct lending and other parts of our credit business, plus IPOs, plus secondaries.

所以如果你看，我們幾乎每年都在分銷（syndicate）100 億到 200 億美元以上的股權。再加上嵌入式投資組合中的融資與再融資，這部分一直都很忙。再加上第三方業務，它也會為直接放貸以及我們信貸業務的其他部分提供動能，還有 IPO，還有次級市場交易（secondaries）。

And plus on top of that, to your question about white space, global Atlantic/insurance and these big structured all deals. And so in any given week, we've got multiple different transactions that are kind of working their way through the capital markets business. And I do view that as highly recurring.

此外，回到你關於未開發空間的問題，還有 Global Atlantic／保險，以及這些大型結構型交易。因此，在任何一週，我們都有多筆不同的交易正在資本市場業務中推進。而我確實認為這是高度經常性的。

To Rob's point, can see the baseline of that business continue to increase. So I really appreciate the question because I don't really think the market fully understands what I just said, and we see significant growth opportunities ahead.

呼應 Rob 的觀點，你可以看到這項業務的基準水準持續上升。所以我非常感謝這個問題，因為我不認為市場完全理解我剛剛所說的內容，而我們也看到前方有顯著的成長機會。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

So lots of developments in the last week or two related to the AI ecosystem broadly and KKR generally has been a bit more measured and kind of picking your spots as you lean into it, but it's helpful to maybe kind of mark-to-market where your sort of AI-related infrastructure exposure sets between both your credit business and your equity-related businesses.

所以在過去一兩週，AI 生態系整體出現了很多進展；而 KKR 整體上一直比較審慎、屬於挑選切入點的方式來布局。不過，或許有助於以最新狀態來看，你們與 AI 相關的基礎設施曝險，在你們的信貸業務與股權相關業務之間各自處於什麼位置。

And I guess, more importantly, as you think about the forward growth and if we see moderation in deployment opportunities related to any sort of data center restrictions, how impactful could that be on your forward growth?

我想，更重要的是，當你思考未來成長時，如果我們看到與任何類型的資料中心限制相關的部署機會出現降溫，這對你們未來成長可能會有多大的影響？

Great, Alex. It's Scott. First off, congratulations. Let me start. So at the highest level, and I appreciate you asking the question, so I'm going to go high altitude because I think it's an important context. Obviously, AI is a very large opportunity. We think we're really well positioned to benefit, but we're also cognizant of the risks. And like any set of developments like this, we think money will be made and money will be lost. So our thinking is grounded in three things.

很好，Alex。我是Scott。首先，恭喜。我先開始。從最高層次來看，也謝謝你問這個問題，所以我會從宏觀角度回答，因為我認為這是重要的背景。顯然，AI 是一個非常大的機會。我們認為自己處於非常有利的位置可以受益，但我們也意識到其中的風險。而且就像任何這類發展一樣，我們認為有人會賺錢，也有人會賠錢。所以我們的思考建立在三件事上。

First, recognition that no one knows how this will play out. This level of spend this past is unprecedented. And we think it's important to approach all of this with a lot of humility. Second, we try to stay focused on what we're authentically good at. We find in moments like this, which are a mix of excitement and confusion. It's important to stay grounded in what we do well, so we don't drift.

第一，認知到沒有人知道這會如何發展。過去這段時間的支出規模是前所未有的。我們認為以非常謙遜的態度來面對這一切很重要。第二，我們努力專注在我們真正擅長的事情上。我們發現在這種既令人興奮又令人困惑的時刻，重要的是扎根於我們做得好的事，避免偏離。

Third thing I'd say, it's important to set a goal. So our goal has been that in 10 years, we want to look back and be proud of how we protected our clients' capital and realize profit for them by leveraging what I referenced before, what we're authentically good at.

第三，我想說的是，設定目標很重要。因此我們的目標是：10 年後回頭看時，我們希望能為自己如何保護客戶資本、並運用我先前提到的我們真正擅長的能力為他們實現利潤而感到自豪。

We want to be proud of the body of work regardless of how all this plays out. So through that lens, we've been doing a few things. And I know your question is focused on data centers. but it's broader than just data centers. It's kind of how we thought about what's going on here.

無論這一切最終如何發展，我們都希望能為這段成果感到自豪。因此從這個角度，我們做了幾件事。我知道你的問題聚焦在資料中心，但它不僅僅是資料中心。更像是我們如何看待眼前正在發生的事情。

First thing you need to do when you have a disruptive technology in our experience is get out of the way of disruption. We did an inventory of what we owned four- or five years ago and looked at everything through the lens of where is AI an opportunity, a threat or a question mark. If it was a threat or a question mark, we decided to try to get out of the way.

依我們的經驗，當出現顛覆性技術時，你首先要做的是不要擋在顛覆的路上。我們在四、五年前盤點了我們持有的資產，並用「AI 是機會、威脅，或是不確定因素」的角度來檢視每一項。如果是威脅或不確定因素，我們就決定盡量避開。

And so we sold some businesses that we were worried about. But that's probably an important part of this. You got to make sure you don't get disrupted. We learned that from what happened with the Internet event.

因此我們賣掉了一些我們擔心的業務。但這可能是其中很重要的一部分。你必須確保自己不會被顛覆。我們從網際網路那次事件中學到了這點。

Second, we recognize we own some assets today that are really benefiting in an outsized way from what's going on with AI. We've been selling those in some cases. This year, Kokusai is a good example in Japan, semiconductor equipment business, CoolIT, we talked about. We sold Kokusai for roughly 20 times our investors cost CoolIT for 15 times. Maybe if we'd held them longer, we could have done better than that. But those are pretty good outcomes.

第二，我們也認知到，我們今天持有的一些資產，正因 AI 的發展而以超乎尋常的幅度受益。我們在某些情況下也一直在出售這些資產。今年，日本的 Kokusai 是個很好的例子，是一家半導體設備業務；還有我們提過的 CoolIT。我們出售 Kokusai 的價格大約是投資人成本的 20 倍，CoolIT 則是 15 倍。也許如果我們持有更久，結果可能會更好。但這些已經是相當不錯的成果。

And third, to your question, we've been trying to judiciously deploy capital into new opportunities. But trying to do that with a long-term mindset and an eye to portfolio construction, diversification, and deployment phases. So we've done roughly $45 billion of equity investments in digital infra today, roughly $40 billion of equity in power deals so far, but we're staying diversified.

第三，回到你的問題，我們一直在審慎地把資本部署到新的機會上。但我們試著以長期思維來做，同時關注投資組合建構、分散化，以及部署的階段性。因此截至目前，我們在數位基礎設施已做了約 450 億美元的股權投資，在電力交易上也已投入約 400 億美元的股權，但我們仍保持分散。

So the seven data center platforms we have, they aggregate 6% of our infrastructure AUM. And when you take those investments plus other things we have across the firm, including Global Atlantic, it aggregates 1% to 2% of total firm AUM.

我們擁有的七個資料中心平台合計占我們基礎設施 AUM 的 6%。而當你把這些投資再加上我們公司內其他業務（包括 Global Atlantic）的相關部位加總起來，約占全公司總 AUM 的 1% 到 2%。

And we're trying to be appropriately careful, right? So a lot of the offtakes for cloud, not AI. When we bought CyrusOne five years ago as an example, that was predicated on cloud. AI was all upside. 90% of our long-term lease exposures are to governments or investment-grade hyperscalers, 3% are to neo clouds, just to size it for you.

我們也試著保持適度的謹慎，對吧？因此很多承購（offtake）是針對雲端，而不是 AI。以我們五年前收購 CyrusOne 為例，當時的投資論點是基於雲端。AI 全部都是額外上行。我們長期租約曝險中，90% 是政府或投資級的超大規模雲端業者（hyperscalers），只有 3% 是新型雲（neo clouds），讓你了解一下規模。

And we've also been trying to think about how do we develop new capital, new approaches to this space. And we've talked in the past about Helix, which is more of a one-stop shop. It's got power data centers and equipment, all in one offering to work with hyperscalers.

我們也一直在思考，如何在這個領域發展新的資本、以及新的做法。我們過去談過 Helix，它更像是一站式服務。它把電力、資料中心與設備整合在同一個方案中，來與 hyperscalers 合作。

So as I said, our overall expectation is that money will be made and lost, But we're trying to lean on our experience. So I mean to get out of the way where you need to, sell a bit early. It's better than a bit late and focus on your downside and be ready to be opportunistic if some run into trouble. That's usually where some of the most interesting opportunities arise. Craig, anything you want to add?

所以如我所說，我們整體的預期是有人會賺錢、也有人會賠錢，但我們試著倚靠我們的經驗。也就是在需要的地方避開風險、稍微提早賣出一些。早一點總比晚一點好；同時專注於下行風險，並在有人遇到麻煩時準備好把握機會。通常一些最有意思的機會就是在那時出現。Craig，你有什麼要補充的嗎？

No, I think that's great.

沒有，我覺得說得很好。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

I wanted to ask on the management fee outlook. Taking through the list of upcoming fundraising campaigns, Asia inflow should continue to raise early in the first half next year. You have Asia private equity in Europe, which will generate inflows through '27 and '28.

我想問一下管理費的展望。就即將展開的一系列募資活動來看，亞洲資金流入應該會持續，並在明年上半年較早開始募集。你們在歐洲的亞洲私募股權，將在 2027 年與 2028 年帶來資金流入。

But zooming out, we are entering a period beginning in '27 of leather campaign contribution following a very active super cycle. I was hoping you could speak to the expected contribution from non-campaign fundraising ahead and how it informs your outlook for management fee growth hanging into '27?

但從更宏觀的角度來看，在經歷了一個非常活躍的超級循環之後，我們正進入一個從 2027 年開始、募資活動貢獻（campaign contribution）走弱的時期。我希望你能談談在此之前、來自非募資活動（non-campaign）募資的預期貢獻，以及這如何影響你們對管理費成長延續到 2027 年的展望？

Steven, it's Rob. I'm glad you asked about management fees. Maybe taking a step back. This has been a real strength of our franchise. But I want to be clear about how we think about that strength that it's not just focused on one line item here either.

Steven，我是Rob。我很高興你問到管理費。也許先退一步看。這一直是我們平台的一大強項。但我想清楚說明我們如何看待這個強項：它也不只是聚焦在這裡某一個單一項目。

If you look back in history and will come to the future in a second, we've clearly had really robust management fee growth over the past several years. You look since the end of 2022, we've compounded here at roughly a 17% level. We're proud of that as a management team.

如果你回顧歷史——我等一下也會談到未來——過去幾年我們的管理費成長確實非常強勁。你看自 2022 年底以來，我們在這裡的複合成長率大約是 17%。作為管理團隊，我們對此感到自豪。

But we're also proud of a few other things that I'd say go in tandem with management fee growth. Number one is diversification. Prior to the closed transaction with Arcus, we had roughly a third of our management fees coming from each one of our three business lines, so a third from private equity, real assets and credit, and liquid strategies.

但我們也為另外幾件事感到自豪，我會說這些與管理費成長是相輔相成的。第一是多元化。在與 Arcus 完成交易之前，我們的管理費大約各有三分之一來自三條業務線：三分之一來自私募股權、實體資產與信貸，另外三分之一來自流動性策略。

Number two, we've done so while simultaneously increasing the duration of our capital. Today, 54% of our capital is now perpetual or 15-plus years in duration. We spent a lot of time talking about that. And then most importantly, as you think about management fees, we've ensured that our management fees dropped to the bottom line. So 17% compounded growth since 2022.

第二，我們在做到這些的同時，也同步拉長了我們資本的存續期間。如今，我們的資本中有 54% 已是永久性（perpetual）或存續期 15 年以上。我們花了很多時間談這件事。然後最重要的是，當你思考管理費時，我們確保管理費能落到最終盈餘。所以自 2022 年以來是 17% 的複合成長。

Our OpEx has compounded at 10% during that time. And because of the shift we have made in our comp ratios, our fee-related comp has compounded at 2% during that time. So we've taken a 17% management fee growth and translated that into two FRE growth. That's really important.

我們的營運費用（OpEx）在那段期間以 10% 的速度複利成長。而且因為我們在薪酬比率（comp ratios）上所做的調整，我們的與費用相關的薪酬（fee-related comp）在那段期間以 2% 的速度複利成長。因此，我們把 17% 的管理費成長轉化為 2% 的 FRE 成長。這點非常重要。

And I think if you take -- like if you think about our business model, we spent a lot of time on these calls talking about it. We want to be great in areas that we are already present. And to your question, we see a lot of room for growth across our platform. We have $75 billion of AUM not yet earning fees, that's a record number for us, and that's up 24% just from the beginning of the year.

而我認為，如果你從——如果你思考我們的商業模式，我們在這些電話會議上花了很多時間談這件事。我們希望在我們已經布局的領域做到非常出色。就你提的問題而言，我們看到整個平台都有很大的成長空間。我們有 750 億美元的資產管理規模（AUM）尚未開始收取費用，這對我們來說是創紀錄的數字，而且光是從年初到現在就增加了 24%。

But at the same time, we don't want to be all things to all people and asset management. We've said that for a while now. We're not going to start something new unless it could be really scalable, and we think we can be uniquely great at it. As a result, we're not the platform that's going to go down market for that last dollar of management fee growth.

但同時，我們不想在資產管理上成為「對所有人都提供所有東西」的公司。我們已經這麼說了一段時間。除非它真的可以高度規模化，而且我們認為自己能在其中具備獨特的卓越能力，否則我們不會去開展新的業務。因此，我們不會為了最後那一塊管理費成長而去下沉市場（go down market）。

But what we do know is that our strategy is going to yield maximum efficiency as it relates to how we translate management fee growth into FRE growth. And that's what we care the most about because we do not think our model requires a lot more operating complexity or people intensity to be able to achieve those results.

但我們確定的是，我們的策略將在「如何把管理費成長轉化為 FRE 成長」這件事上帶來最高效率。這也是我們最在意的，因為我們不認為我們的模式需要更多的營運複雜度或更高的人力密集度，就能達成那些成果。

And maybe lastly, on the point as we're talking about business model because I think it's important. I think it's worth remembering that this strategy has much more focus to it. And it is also much more compatible with keeping our small collaborative culture, which, in turn, is what we think generates a lot of our investment alpha, which in turn makes the flywheel continue to perpetuate.

最後也許再補充一點，既然我們在談商業模式，我認為這很重要。值得記住的是，這個策略更聚焦。而且它也更能兼容我們小而協作的文化；反過來，我們認為這正是產生大量投資超額報酬（alpha）的來源，進而讓飛輪效應持續運轉並自我強化。

Hopefully, that's helpful in terms of how we think about it big picture, a lot of specifics that, of course, go into any one year. But that is how we approach this topic of management fee growth. And really, it's a translation into durable management fee growth over time and bottom line results.

希望這能在宏觀層面上幫助你理解我們的思考方式；當然，每一年都會有很多細節因素。但這就是我們看待管理費成長這個議題的方法。而且本質上，是把它轉化為隨時間推進更具持續性的管理費成長，以及最終的損益表成果。

Benjamin Budish, Barclays Bank.

Benjamin Budish，巴克萊銀行。

I wanted to ask a few follow-ups on the back of, I think, Craig's question from earlier on the insurance side. I guess, you talked about the allocation to all. So I'm curious if you could also spend a bit of time talking about your allocation to investment-grade private credit on the fixed income side.

我想就先前 Craig 較早提到的保險端問題再追問幾點。我想，你談到了對 AL（資產負債管理/ALM 相關配置）的配置。所以我也想請你們花點時間談談，在固定收益端，你們對投資級私募信貸（investment-grade private credit）的配置情況。

And then you guys mentioned earlier that the capital markets fees related to GA had kind of stepped up this quarter. Curious if you could unpack that a bit a little bit. I know that's been sort of part of the thesis sort of another place that KKR can benefit more broadly. But what did you see in Q3? How can we think about that scaling up over time as well?

另外你們先前提到，與 GA 相關的資本市場費用在本季似乎有所提升。想請你們再拆解說明一下。我知道那一直算是投資論點的一部分，也就是 KKR 能更廣泛受益的另一個領域。但你們在第三季看到了什麼？我們又該如何看待它隨時間推進的規模化成長？

Ben, it's Craig, why don't I start? So I think, look, the starting point here, I think I'd even take it up a level as it relates to ratings and capital position. So looking across the four agencies, GA has been affirmed or upgraded by all four of these agencies over the last 18 months. Capital position remains really strong, ahead of its RBC range, lots of liquidity.

Ben，我是 Craig，我先開始吧？我想，先從更高一層來看，與評級與資本狀況相關。綜觀四家評級機構，GA 在過去 18 個月裡已被這四家機構全部確認評級或上調評級。資本狀況仍然非常強勁，位於其 RBC（風險資本）區間之上，流動性也很充裕。

And so I think when we look at GA's portfolio as a whole diversified by asset class, industry sector, geography issuer, quality of the portfolio remains high, 94% NAIC 1 or 2. Now to your question, we do get asked a lot about GA's exposure to private originated fixed income. So you may have seen on GA's website as it relates to where you see the bondholder presentations, we've actually added quite a bit of disclosure.

因此，當我們看 GA 的投資組合時，整體在資產類別、產業別、地理區域、發行人等面向都相當分散；投資組合的品質仍然很高，94% 為 NAIC 1 或 2。回到你的問題，我們確實常被問到 GA 對私募起源（private originated）的固定收益曝險。所以你可能在 GA 官網上、也就是債券持有人簡報（bondholder presentations）那裡看到，我們其實新增了不少揭露。

I think to summarize some of that disclosure of GA's adjusted investment assets, around 4% of that is invested in senior secured direct lending. And if someone is more narrowly focused on the non-IG rated portion of that piece of the pie, the number is lower. So the non investment-grade rated portion of that is around 1% of adjusted invested assets. So again, it's a small piece.

簡要總結 GA 對「調整後投資資產」（adjusted investment assets）的揭露，其中約 4% 投資於第一順位擔保的直接放款（senior secured direct lending）。如果有人更聚焦在這塊餅中非投資級（non-IG）評級的部分，比例會更低。該非投資級評級部分約占調整後投資資產的 1%。所以再說一次，這只是很小的一部分。

And I think if you look back more holistically, when you look at where we've chosen to invest in risk assets, it's really been this first lien senior secured risk even less focused on the equity bucket, for instance. So I think, again, looking at the portfolio as a whole, GA would have more limited equity exposure relative to peers. So I think as it relates to the overall investment portfolio, and on this topic, those are some of the things that give us comfort.

而且如果更全面地回頭看，當我們選擇投資於風險資產時，主要是投在第一順位（first lien）、高順位擔保的風險部位，對股權部位（equity bucket）的著墨相對更少。因此，從整體投資組合來看，GA 相較同業會有較有限的股權曝險。所以就整體投資組合以及這個議題而言，這些都是讓我們感到安心的一些因素。

Ben, let me follow up real quickly on your question on capital markets. We've talked about it being a very significant opportunity for our business model. In the quarter, we generated plus or minus $50 million of revenue in insurance-related capital markets fees. As Scott mentioned, we started to see some of those structured adults come to fruition. I think that, in particular, is a big opportunity for the broader platform inclusive of capital market syndication.

Ben，我很快補充你關於資本市場的問題。我們一直談到，這對我們的商業模式而言是非常重大的機會。本季我們在與保險相關的資本市場費用上，創造了約正負 5,000 萬美元的營收。如 Scott 所提到的，我們開始看到部分結構化產品逐步開花結果。我認為這尤其是整個平台（包含資本市場承銷/分銷，capital market syndication）的一個重大機會。

Yes. We've shared in the past, we expect that to be several hundred million of capital markets revenues here. That continues to be our expectation.

是的。我們過去也分享過，我們預期這裡的資本市場營收會達到數億美元的規模。這仍然是我們的預期。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

Just wanted to circle back to capital allocation and the $3.3 billion of USI sale proceeds. I heard you outlined four areas for potential allocation of capital there. Just curious how you're weighing those different opportunities where incrementally you're seeing at the margin, more attractive opportunities, how to maybe buybacks most immediately?

我想回到資本配置以及 USI 出售所得 33 億美元的議題。我聽到你概述了四個可能的資本配置方向。想請教你們如何權衡這些不同機會、在邊際上你們覺得哪些機會更具吸引力，以及是否可能最先考慮回購？

And just curious what's the time frame for putting that capital back to work? And with the recent strategic holdings investments, how should we think about the contribution of dividends from holdings into '27 and '28, given the newer investments you've made?

另外也想請教，把這筆資本重新投入運用的時間框架是什麼？以及就近期的策略性持股投資而言，考量你們新增的投資，我們應該如何看待持股股利對 2027 與 2028 年的貢獻？

Great. Thanks, Mike. Listen, it's a dialogue that we are having absolutely all the time, right, as it relates to capital allocation. We have no fixed dollar amount of percentage to go to any -- against any one of our four buckets of capital allocation. It is really all about how we take that margin dollar free cash flow and deploy it in a way that generates the most amount of earnings per share that are both durable and growth-oriented. That's our goal and variables are going to be changing all the time.

好的。謝謝你，Mike。聽著，這確實是我們一直在進行的對話，對吧，關於資本配置。我們並沒有設定固定的金額或百分比要分配到——分配到我們四個資本配置「桶」中的任何一個。重點在於，我們如何把那個邊際的一美元自由現金流，以能創造最大每股盈餘（EPS）的方式去部署，而且這些 EPS 必須同時具備可持續性與成長導向。這是我們的目標，而相關變數會一直在變。

As we talk through as an example, we saw variables shift a little bit in the quarter on insurance and we started to allocate more capital there. Share buybacks, obviously, an area where we've allocated real capital in the quarter and for the year and our expectation is that could be an interesting and compelling opportunity for our shareholders going forward.

舉例來說，本季我們看到保險相關的一些變數有些變化，因此我們開始把更多資本配置到那裡。至於股票回購，顯然是我們在本季以及今年都投入了實質資本的領域；我們也預期，未來這可能會成為對股東而言有趣且具吸引力的機會。

As it relates to your question on strategic holdings and USI, so we've already announced the three new investments. I touched on those in my prepared remarks. One has already closed in Q4. Taken together, we would expect these three investments to generate roughly half of USI's anticipated operating earnings by 2028 and nearly match it by 2030.

至於你問到策略性持股與 USI，我們已經宣布了三項新的投資。我在事先準備的發言中也提到了這些。其中一項已在第四季完成交割。合併來看，我們預期這三項投資到 2028 年大約可產生相當於 USI 預期營運獲利的一半，並在 2030 年幾乎追平。

So in short, we've not even closed on USI yet, and we already have investments that would largely replace the 2030 earnings that we were expecting from USI by deploying less capital than what USI will return. So feel good about the body of work and strategic holdings.

簡而言之，我們甚至還沒完成對 USI 的交割，但我們已經有一些投資，透過投入比 USI 將回收的資本更少的資金，就能在很大程度上取代我們原本預期 USI 在 2030 年帶來的獲利。所以對這一系列成果與策略性持股感到很踏實。

And I said, we'll continue to keep you updated on capital allocation, but the one constant that you will hear from us as a management team is consistency and approach. And how we allocate our capital as a result, can shift depending on how variables evolve across any number of things in our business.

我也說過，我們會持續就資本配置向各位更新，但你們會從我們管理團隊這裡一再聽到的一個不變主軸，就是一致性與方法論。因此，我們如何配置資本，可能會隨著業務中各種變數的演變而有所調整。

Yes, Mike, it's Scott. Just one thing I'd add if you go back to April '24 when we had our Investor Day, one of the things we shared is that we saw a path to $15-plus per share of ANI and 10 years or less, so call that 2034 or earlier. And so what we're really doing is we look at these capital allocation questions, thinking about where can we generate the biggest impact on that $15-plus outcome.

是的，Mike，我是 Scott。如果回到 24 年 4 月我們舉辦投資人日的時候，我想補充一點：我們當時分享過，我們看到一條路徑，可以在 10 年或更短時間內把 ANI 做到每股 15 美元以上，也就是 2034 年或更早。所以我們現在在思考這些資本配置問題時，真正做的是：思考在哪裡能對「每股 15 美元以上」這個結果產生最大的影響。

And the good news is right now, buybacks are accretive and look good, strategic holdings are accretive and look good, and insurance is accretive and looks good. So we're able to have a pretty good debate around how and where to allocate amongst those three but they all look quite attractive. Some are more attractive immediately, so more attractive longer term, but it falls in the good problem category.

好消息是，目前回購具增厚效益而且看起來很不錯，策略性持股具增厚效益而且看起來很不錯，保險業務也具增厚效益而且看起來很不錯。因此，我們可以就這三者之間如何以及在哪裡配置，進行相當充分的討論，但它們看起來都相當有吸引力。有些在短期更具吸引力，有些在長期更具吸引力，但這屬於「好問題」的範疇。

Mike Brown, UBS.

Mike Brown，瑞銀（UBS）。

So KKR is returning more than 4 billion declines in 2026. And so you're exceeding your prior annual record. How deep is the remaining monetization pipeline here? And as we look out to 2027, is the 20%-plus level that consensus is baking in for realized performance revenues achievable given the current market conditions? And then just given you've given a view into 4Q, can you maybe help frame the monetization level that you're expecting for the fourth quarter based on what you know currently?

所以 KKR 在 2026 年將回收超過 40 億美元，並且還在增加。因此你們正在超越先前的年度紀錄。目前剩餘的變現管線深度如何？另外，展望 2027 年，在目前市場條件下，共識預期已實現績效收入（realized performance revenues）達到 20% 以上的水準是否可達成？再者，既然你們已經對第四季提供了一些觀點，能否協助界定一下，根據你們目前所掌握的資訊，對第四季預期的變現水準大概會是什麼？

Yes, sure, Mike. Let me take those questions. So as we look forward to our monetization visibility, obviously, that number is quite robust with USI. It's $3.5-plus billion over the next couple of quarters. That would be split roughly 75% realized investment income, 25% realized performance revenue. Ex-USI number is about $600 million. About 85% of that $600 million is going to be realized investment income or other forms of revenue that have a similar comp load, so a high flow-through to that $600 million.

好的，當然可以，Mike。我來回答這些問題。就我們對未來變現能見度的觀察而言，顯然包含 USI 的數字相當強勁，未來幾個季度合計超過 35 億美元。其中大約 75% 會是已實現投資收益（realized investment income），25% 會是已實現績效收入（realized performance revenue）。不含 USI 的數字大約是 6 億美元。這 6 億美元中約 85% 將是已實現投資收益或其他具有類似薪酬負擔（comp load）的收入形式，因此對這 6 億美元而言，流入（flow-through）比例很高。

And on a look-forward basis, there's no predictions as it relates to 2027, lots of different things that can impact where we are. But our embedded gains across our platform today at 9/30, stand at $18 billion. That is up around 60% over the past three years. And that has happened while -- I think it's fair to say that we have outpaced the industry on monetizations, which clearly have a negative drag to that $18 billion. So I feel good about how we're positioned heading into 2027. And we'll, of course, see how the market performs and where it makes sense to monetize on behalf of clients

至於更往前看，我們不會對 2027 年做預測，因為有很多不同因素都可能影響我們所處的位置。但截至 9/30，我們平台上的內含未實現收益（embedded gains）為 180 億美元。這在過去三年增加了約 60%。而這是在——我認為可以公平地說——我們的變現速度超越同業的同時發生的；而變現顯然會對這 180 億美元形成負向拖累。所以我對我們邁向 2027 年的布局感到很有信心。當然，我們也會觀察市場表現，以及在何時代表客戶進行變現才是合理的。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

I was hoping to get an update on your outlook for private wealth and your K-Series suite of products. And just where you are in the distribution rollout. And as we think about more products into next year, other things that are in the pipeline or how -- or planned at this point?

我想請你們更新一下對私人財富（private wealth）以及 K-Series 產品組合的展望。以及你們目前在通路推廣（distribution rollout）方面的進度。另外，當我們思考明年會推出更多產品時，是否還有其他在管線中的事項，或目前有哪些規劃？

Dan, why don't -- it's Craig. Why don't I start? Look, I think in terms of the progress, in some ways, we think the statistics speak for themselves. So AUM was $45 billion at September 30. That's up 55% relative to a year ago on a year-to-date basis, up over 30%. And that's -- we think those are pretty positive numbers.

Dan，我先來——我是 Craig。我先開始吧？我想就進展而言，在某些方面，我們認為數據本身已經說明了一切。截至 9 月 30 日，AUM 為 450 億美元。相較一年前成長 55%；以年初至今（YTD）來看，成長超過 30%。我們認為這些都是相當正面的數字。

Like I think of all the volatility, all the angst, all the headlines on wealth and AUM over the first nine months of the year is up a pretty healthy amount. Six of our eight strategies if you look more recently had positive flows in the quarter. And for the two that were negative, one was negative $4 million and the second was negative $15 million.

我想，在各種波動、焦慮，以及關於財富管理與 AUM 的各種新聞標題之下，今年前九個月 AUM 仍然有相當健康的增幅。如果看更近期，我們八個策略中有六個在本季呈現正向資金流入。而兩個為負的策略，其中一個是負 400 萬美元，第二個是負 1,500 萬美元。

So again, I think all of those all of those statistics speak very positively about our franchise, about the brand, about the distribution, about the investments we've made, about this being a global opportunity. And to your point on new products, we're not done yet. So we don't have anything to announce at the moment in terms of incremental products and strategies but stay tuned.

所以再一次，我認為所有這些統計數據都非常正面地反映了我們的特許經營（franchise）、品牌、通路、我們所做的投資，以及這是一個全球性的機會。至於你提到的新產品，我們還沒做完。目前我們沒有要宣布任何新增產品或策略，但敬請期待。

And I think the wealth platforms themselves remain very interested and the engagement that we have as it relates to this very topic and opportunities that we see to continue to expand the K-Series into additional directions.

而且我認為各個財富管理平台本身仍然非常有興趣；就這個主題而言，我們的互動與參與度很高，也看到許多機會可以持續把 K-Series 擴展到更多方向。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，RBC Capital Markets。

I wanted to ask around in an incrementally higher rate environment, how you're evolving or adapting the value creation plan to ensure performance in private equity is maintained? You talked about a through-the-cycle acumen and you've got operational DNA. So I just wanted to see how you're thinking about that in the current environment for private equity.

我想請教，在利率環境進一步走高的情況下，你們如何演進或調整價值創造計畫，以確保私募股權的績效得以維持？你們談到跨週期的能力（through-the-cycle acumen），也有營運 DNA。我想了解在目前私募股權的環境下，你們是如何思考這件事的。

Bart, it's Scott, I'll take a shot. So the first thing I would say is back to the prepared remarks. We don't view this as a kind of a strange environment so the rates where they are, we kind of view this as more of a return to normalcy. If you got to put on a chart, the 10-year treasury yield back to 1976, you'll see what I mean. The strange period was the 10-plus years where it was kind of really low, close to zero. So we don't think we need to meaningfully evolve our value creation tools.

Bart，我是 Scott，我來試著回答。我首先要說的是，回到事先準備的講稿，我們不把這視為一種奇怪的環境；利率在目前的水準，我們更把它視為回歸常態。如果你把 10 年期美債殖利率從 1976 年開始畫成圖表，你就會明白我的意思。真正奇怪的時期，是那長達 10 年以上、殖利率非常低、接近零的期間。所以我們不認為需要大幅調整我們的價值創造工具。

We keep adding more clearly. But what you tend to also find in a period of time like this where rates are a little bit higher than maybe they've been is your entry multiple probably on the margin can be a bit lower. So what happens when you think about buying a business or an asset when rates are really low, you probably need to think about whether rates are going to be higher when you exit. And the answer is probably yes.

當然我們仍在持續增加更多工具。但你也會發現，在像現在這種利率比過去略高的時期，你的進場倍數（entry multiple）在邊際上可能會低一些。因此，當你在利率非常低的時候思考收購一家企業或一項資產，你可能需要考慮退出時利率是否會更高。答案很可能是會。

So you're probably assuming you're going to have multiple contraction over the course of your ownership period. In a period of time like this, maybe that's less the case. But our ability to kind of invest in good assets and companies and make them great is something that we have been systematically developing over the course of the three-plus decades I've been here, and I think we're much better at it now than we've ever been.

所以你可能會假設在持有期間會出現倍數收縮（multiple contraction）。而在像現在這樣的時期，這種情況也許就沒那麼明顯。但我們投資優質資產與公司並把它們做得更卓越的能力，是我在這裡三十多年來持續系統性打造的，我認為我們現在比以往任何時候都更擅長。

And I think that is the case regardless of trades are at 1%, 5% or 7%. And if you need to know what I'm talking about, kind of take a look at a buyout model. In sensitize, every 100 basis points of interest rate move, where does that mean to your overall returns. You may pay down a little bit less debt, but that happens one time.

而且我認為不論利率在 1%、5% 或 7%，情況都是如此。如果你想知道我在說什麼，可以看看一個收購（buyout）模型。做敏感度分析：每變動 100 個基點的利率，對你的整體報酬意味著什麼。你可能會少償還一些債務，但那只會發生一次。

If you can take a business and double its profitability, you get a multiple on every incremental dollar of that profitability that you create, it's much more powerful than any impact of interest rate moves. And so in a way, if you're going to kind of buy lower and keep creating value, we actually think the return opportunity is at least as compelling as it's been.

如果你能把一家企業的獲利能力提高一倍，你所創造的每一塊增量獲利，都能獲得相應倍數的回報，這比利率變動帶來的任何影響都要強大得多。因此在某種程度上，如果你打算以較低價格買入並持續創造價值，我們其實認為回報機會至少和以往一樣具有吸引力。

And so I appreciate you asking the question because unless you've actually been around our industry, for the financial crisis. I don't know what I'm talking about. That's what actually the math shows you, and that's been our experience.

所以我很感謝你提出這個問題，因為除非你真的在金融危機期間待過我們這個產業。不然你可能會覺得我不知道自己在說什麼。但數學計算確實就是這樣顯示的，而這也一直是我們的經驗。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

Scott, Rob and Craig. I want to take the realization conversation from a slightly different angle. You drew the contrast of the record capital being returned by KKR to our investors this year in a year where the industry is not doing a great job of that, which is part of this kind of K-shaped narrative.

Scott、Rob 和 Craig。我想從稍微不同的角度來談談「變現（realization）」這個話題。你對比了今年 KKR 向投資人返還創紀錄資本的情況，而在同一年，整個產業在這方面做得並不理想，這也是這種所謂 K 型敘事的一部分。

So it would just be great to make this a little bit more tangible. How much are LPs actually realizing the differentiation? Is it bringing new LPs to KKR? It's beating up fundraising, improving cross-sell, what areas of the business are you seeing kind of the most positive sentiment. Just trying to get to maybe more of the specific implications of that outperformance and what it means beyond what we're seeing in the actual financials today.

所以如果能把這件事講得更具體一些就太好了。LP 們實際上在多大程度上感受到這種差異化？這是否正在為 KKR 帶來新的 LP？它是在衝擊募資、改善交叉銷售，還是你們在業務的哪些領域看到最正面的情緒？我只是想更具體地了解這種超額表現的影響，以及它除了我們今天在財務數字上看到的之外，還意味著什麼。

Devin, it's Scott. So I just came off the road kind of Europe, Middle East, Asia. We are definitely hearing about this from our investors. They are noticing that firms -- and we're not alone, but firms like ours that have a broader, longer experience that are getting more cash back and the portfolios are performing a lot better than some others.

Devin，我是 Scott。我剛結束一趟路演，涵蓋歐洲、中東、亞洲。我們確實一直從投資人那裡聽到這件事。他們注意到一些公司——我們不是唯一一家，但像我們這種擁有更廣泛、較長期經驗的公司——正在返還更多現金，而且投資組合的表現也比其他一些公司好很多。

And keep in mind in kind of a more normal environment, the difference between a top quartile performer in private equity and bottom quartile can be 1,600 basis points or 1,800 basis points. You want to be with top quartile managers. We think that kind of differential is actually going to go up as we head into the next few years. So no doubt, the color when you're in these meetings and say, wow, you guys are doing something different.

而且請記住，在比較正常的環境下，私募股權中前四分位數（top quartile）與後四分位數（bottom quartile）績效差距可能是 1,600 個基點或 1,800 個基點。你會希望跟前四分位數的管理人合作。我們認為，隨著未來幾年到來，這種差距實際上還會擴大。所以毫無疑問，在這些會議上你會聽到的回饋是：哇，你們確實在做一些不一樣的事。

And that's why you hear the optimism in our voice. We had 2010 through 2020 that we felt we were doing the right things, portfolio construction, linear pacing, being really thoughtful about diversification and the risks we were taking that has been informed by prior cycles we've been through. It did not matter because there was a rising tide and everybody looks smart.

這也是為什麼你會聽到我們語氣中的樂觀。2010 到 2020 年間，我們覺得自己做了正確的事——投資組合建構、線性節奏（linear pacing）、在多元化與承擔風險方面非常審慎——這些都來自我們經歷過的前幾輪週期所累積的經驗。但那段時間其實不太重要，因為水漲船高，大家看起來都很聰明。

That was a period of time it was really straightforward to continue a bull market with brains, right? The reason that we're having more fun right now is that you can actually see a huge difference in kind of how we build portfolios relative to how some others have built portfolios in our space.

那是一段只要順著多頭市場走就很容易的時期，對吧？我們現在更覺得有趣的原因是，你其實可以清楚看到，我們建構投資組合的方式，和我們這個領域裡某些其他人的方式之間存在很大的差異。

And that's showing up in capital raising. So you can see kind of what's happened most recent private equity and interest funds in particular. You can see that showing through. So it's clearly showing how we're differentiated. And so it's much less frustrating time for us right now. I appreciate the question.

而這也反映在募資上。所以你可以看到最近私募股權基金，尤其是利率相關基金的情況。你可以看到這些差異正在顯現。因此它很清楚地展現了我們的差異化。所以對我們來說，現在反而沒那麼挫折。謝謝你的提問。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

But curious if you can share your initial thoughts on the midterm elections from last week. Market seems to be trying to figure it out. But wondering your view potential impacts to KKR and the alternatives broadly could be related to data centers or just other areas where they're calling out.

想請教你對上週期中選舉的初步看法。市場似乎還在試著解讀。但我想了解你認為對 KKR 以及更廣泛的另類資產可能帶來的影響，可能會與資料中心或其他他們點名的領域有關。

Crispin, so one of the really nice things about our business model is the long duration of our capital. And so as we think about our investment periods in most cases, they last political cycles, and we remind our teams of that all of the time. And so certainly, there could be some volatility coming out of the midterms. And sitting here with substantial dry powder, I think that can be a real advantage for our platform, our people, our access to capital.

Crispin，我們商業模式的一個很好的地方在於，我們的資本期限很長。因此當我們思考投資期間時，多數情況下都會跨越政治週期，我們也一直提醒團隊這一點。所以當然，期中選舉之後可能會出現一些波動。而在我們手上仍有大量可投資資金（dry powder）的情況下，我認為這對我們的平台、我們的人才以及我們取得資本的能力而言，可能是一個很大的優勢。

And so we'll watch what transpires but the benefit of our business model is we get to focus on the long term and take advantage on behalf of our clients any kind of short-term volatility.

所以我們會觀察後續發展，但我們商業模式的好處是，我們可以專注於長期，並代表客戶把握任何短期波動所帶來的機會。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

I just want to come back to Cap Markets. Just in terms of the longer-term trajectory of that business, obviously, you had fantastic growth over that historically the last three years, including this year, is hovering more around that $1 billion level.

我想回到資本市場（Cap Markets）這塊。就這項業務的長期軌跡而言，顯然你們在過去三年（包括今年）歷史性地成長非常亮眼，但目前大致徘徊在約 10 億美元的水準。

If you can talk about what you see as the potential inflection to grow that from here on an annual basis. And you mentioned, of course, having a better contribution from GA over time. And I think you also mentioned geographically, you're looking at opportunities in Asia. And what other things, I guess, on the client coverage side and product might help inflect that. I don't know if you're able to comment on 4Q and what you're seeing in Cap markets for this upcoming 4Q as well.

如果可以的話，請談談你認為從現在起，推動其年度成長的潛在拐點會是什麼。你也提到，當然，隨著時間推移 GA 的貢獻會更好。我想你也提到在地理上，你們在亞洲尋找機會。那麼在客戶覆蓋與產品面，還有哪些因素可能有助於帶來拐點？另外，不知道你是否能評論第四季，以及你對即將到來第四季資本市場業務的觀察。

Sure. Let me start with business building, which we think is a pretty exciting opportunity. And I'd really bucket it into four areas, Brian, for us. Number one, as KKR does more around the world and deploys more capital, we think that should be a real benefit to our capital markets platform given the resources that we have built out on the ground across the world.

當然。我先從業務建設談起，我們認為這是一個相當令人興奮的機會。Brian，對我們而言，我會把它歸納為四個面向。第一，隨著 KKR 在全球做更多事情並部署更多資本，考量到我們在全球各地已建立的在地資源，我們認為這將對我們的資本市場平台帶來實質助益。

Number two, we have talked of the opportunity around insurance-related capital markets fees. Scott talked about the several hundred million dollar annual type of opportunity. We are making progress, but we are certainly not there, but believe with our platform and what we've created, that is certainly an attainable target for us.

第二，我們談過保險相關的資本市場費用機會。Scott 提到過每年數億美元規模的機會。我們正在取得進展，但確實還沒達到那個水準；不過我們相信，憑藉我們的平台以及我們所打造的能力，這對我們而言絕對是可達成的目標。

Third piece of it where I think we've got a very differentiated approach is on third-party capital markets. And the way we approach our third-party clients across the world, is really with our private credit capital alongside our capital markets expertise. And so we can go to clients and be able to hold their capital structures through our private credit business, distribute their capital structures through our capital markets business. And often, it's a combination of the two. That is a very unique approach to third-party client coverage where we can pull everything together.

第三個部分，我認為我們有非常差異化的方法，是第三方資本市場業務。我們在全球面向第三方客戶的方式，實際上是把我們的私募信貸資本與資本市場專業能力結合在一起。因此我們可以面向客戶，透過私募信貸業務持有其資本結構，並透過資本市場業務分銷其資本結構。而且很多時候，兩者會結合使用。這是一種非常獨特的第三方客戶覆蓋方式，我們可以把所有能力整合起來。

And we know that middle-market buyouts as an example, have been slower. That won't stay slow forever, given the amount of dry powder on the sideline, and we're really well positioned there. And then the fourth area, you hit on it and your question is going to be Asia-Pac. And as the Asia Pac markets continue to mature and become more institutionalized.

我們也知道，以中型市場收購（middle-market buyouts）為例，近期確實比較慢。但考量到場邊仍有大量可投資資金（dry powder），這種放緩不會永遠持續，而我們在那裡的布局非常到位。第四個面向，你在問題中也提到了，就是亞太。隨著亞太市場持續成熟並變得更制度化。

I think that is an opportunity for our leading platform in the region. In terms of Q4, listen, we've got, I would say, a healthy pipeline heading into the quarter. Hopefully, we'll finish out a strong year here, but we'll see how that pipeline materializes and go through that in some detail with you on our Q4 call.

我認為這對我們在該區域的領先平台而言是一個機會。至於第四季，坦白說，我們進入本季時的案源管線算是健康。希望今年能以強勁表現收尾，但還要看這些管線如何落地；我們也會在第四季電話會議上與你更詳細地說明。

Patrick Davitt, Autonomous Research.

Patrick Davitt，Autonomous Research。

Everyone, since you're leaning into KKR's agent experience on the call today, I want to ask another historical perspective question related to the AI opportunity. A lot of the nay-sayers like to point to the fiber build-out in the late '90s as a corollary to what's happening today with the AI infrastructure build out.

各位，既然今天你們在電話會議上正著重於KKR的代理（agent）經驗，我想再問一個與AI機會相關的歷史觀點問題。很多唱反調的人喜歡把90年代末的光纖建設拿來類比，說這就像今天AI基礎設施的建設。

So as you look at the nature of the investments you and others are doing today, I think it would be helpful to get your historical perspective on that specific comparison and why you think this is a different and/or better investment opportunity than what you saw back then?

因此，當你看待你們以及其他人今天所做投資的性質時，我認為如果能聽到你對這個特定比較的歷史觀點，以及你為什麼認為這是一個不同且／或更好的投資機會（相較於你當年看到的情況），會很有幫助？

Patrick, it's Scott. Thanks for the question. I think it is different. I mean I get that some aspects of it could rhyme. But if you think about back at time of the fiber build-out, we were largely just an equity-focused firm, largely just private equity. So a pretty small percentage of the opportunity was kind of relevant to what we did at the time.

Patrick，我是Scott。謝謝你的提問。我認為這是不同的。我的意思是，我理解其中某些面向可能會有相似之處。但如果你回想光纖建設的那個時期，我們基本上是一家以股權為主的公司，主要就是私募股權。所以當時那個機會中，與我們所做事情相關的比例其實相當小。

Obviously, now with the capabilities we have across in particular, infrastructure and credit, and the ability that we can invest and do invest meaningfully in investment-grade opportunities, I think that is a critical distinction.

顯然，現在我們具備的能力，特別是在基礎設施與信貸方面，以及我們能夠投資並且確實有實質投入於投資級機會的能力，我認為這是一個關鍵差異。

The opportunity set now, if you think about the risks we're taking, as I mentioned, we're really focused on being on the other side of highly profitable investment-grade hyperscalers and governments around the world. So as we think about the risk that we are taking as all this develops, it's quite a bit different than maybe what other people might be taking.

現在的機會集合，如果你想想我們承擔的風險，如我提到的，我們真正專注於站在全球高度獲利的投資級超大規模業者（hyperscalers）以及各國政府的另一側。因此，當我們思考在這一切發展過程中我們所承擔的風險時，它與其他人可能承擔的風險有很大不同。

And certainly, there are some aspects of it that as you think about people that are building data centers on spec, we don't do that. If you think about folks that are taking risks with companies that are less investment grade in terms of their status and less cash flow that they develop from other parts of their business, we've been more cautious on that front in aggregate in the market at large.

當然，若你想到有些人在投機性（on spec）地建資料中心，我們不做那種事。如果你想到有些人對於在信用狀態上較非投資級、且其從其他業務部分所產生的現金流較少的公司承擔風險，我們在整體市場層面上對這一塊一直更為審慎。

So I really do think it's about how you approach it. And given the tools we have now, I feel quite good about the risks that we're taking for the downside protection that we will have as part of how we're doing this. But it has some similarities. And I think if you're taking those types of risks, we are not. That's where I think you better make sure you're getting the reward because back to what I said, nobody really knows how this is going to play out, and that's just not what we do.

所以我確實認為重點在於你如何切入。以我們現在擁有的工具而言，考量到我們在做這件事的方式中所具備的下行保護，我對我們所承擔的風險感到相當放心。但它確實有一些相似之處。而我認為如果你是在承擔那些類型的風險，我們不是。在那種情況下，我認為你最好確保你拿到足夠的回報，因為回到我說的，沒有人真的知道這會如何發展，而那也不是我們的做法。

Dan Welden, Wells Fargo.

Dan Welden，Wells Fargo。

I had a question on real estate. You talked about North American real estate equity as a deployment driver this quarter. And I wonder if you could elaborate on where you think you can underwrite the most attractive returns right now.

我有一個關於不動產的問題。你提到本季北美不動產股權是資金部署的驅動因素。我想請你進一步說明，你認為目前在哪些領域可以承作（underwrite）最具吸引力的報酬。

You've talked in the past about some of the best opportunities in sort of one-off high-quality assets with motivated sellers. Are you beginning to see a broadening in the market opportunity and a greater deployment opportunity in real estate?

你過去談過，一些最佳機會是在有動機賣家的單一（one-off）高品質資產上。你是否開始看到市場機會面在擴大，以及不動產方面有更大的部署機會？

Dan, it's Craig. Why don't I start? Look, we started our real estate business back in 2013. If you look at where we are today, we've got about $85 billion of AUM split pretty equally between credit and equity, again, with professionals now on a global basis.

Dan，我是Craig。我先開始吧？你看，我們在2013年開始我們的不動產業務。如果你看我們今天的位置，我們大約有850億美元的AUM，信貸與股權大致各半分配，而且現在專業團隊是以全球為基礎配置。

I think your point is well taken in terms of the opportunity today. Real estate has always been a cyclical asset class. And in our view, in pockets, you're seeing some very positive fundamentals. So I think you're seeing a decline in supply across in-favor assets where you're seeing positive demand. In our view, there are opportunities to buy assets below replacement cost.

我認為你對於當下機會的觀點很到位。不動產一直是一個具週期性的資產類別。而在我們看來，在某些區塊你正看到一些非常正面的基本面。所以我認為你會看到在市場偏好的資產上，供給正在下降，同時需求是正向的。在我們看來，有機會以低於重置成本的價格買到資產。

And that's with inflation expected to continue to impact new supply at the same time. And I think all else equal in this asset class, look, you'd rather put capital to work with a 10-year treasury at $4.85 versus a 2% treasury environment. So I think while capital formation has still been difficult, the investing environment for this vintage actually still feels pretty good to us. And I think for those clients that have an appetite for some cyclicality and some volatility, we're constructive on this environment.

而且在預期通膨將持續影響新增供給的同時也是如此。我認為在這個資產類別中，其他條件相同的情況下，你寧可在10年期美債殖利率4.85%的環境下投入資本，而不是在2%美債環境下。所以我認為，雖然資本募集仍然困難，但就這一批次（vintage）的投資而言，投資環境對我們來說其實仍然相當不錯。而我認為對於那些願意承受一些週期性與波動性的客戶，我們對這個環境持建設性看法。

Arnaud Giblat, BNP.

Arnaud Giblat，BNP。

Wondering if you could get an update on the 401(k) opportunity and how the results of the midterm elections might have changed the time line here?

想請問你是否可以更新一下401(k)的機會，以及期中選舉的結果可能如何改變這裡的時間表？

No, it's Craig. Why don't I start? Thanks for the question and thank you for being patient. Look, I think we've talked a lot on these calls historically, about 401(k) and about retirement broadly. You'll be surprised to hear that we think there's a lot of industrial logic to introducing alts as individuals invest behind their future retirement and as they're thinking about asset allocations decades out.

不，我是Craig。我先開始吧？謝謝你的提問，也謝謝你的耐心。你看，我想我們過去在這些電話會議上談過很多次401(k)以及更廣義的退休議題。你可能不意外，我們認為，當個人為未來退休進行投資、並思考跨越數十年的資產配置時，引入另類投資（alts）在產業邏輯上是很合理的。

And we welcome the DOL's efforts to provide some greater clarity on how 401(k) plans can access private investments in an effort of enhancing diversification, as well as risk-adjusted returns at the same time. So we think this shows progress.

我們也歡迎美國勞工部（DOL）為401(k)計畫如何取得私募投資提供更清晰的指引，藉此在提升分散化的同時，也提升風險調整後報酬。因此我們認為這顯示出進展。

We think it's going to take some time. But again, we remain very constructive on what this can mean for us over the long term. So I don't think you need to adjust your models for Q4 of '26. But as we think about the long term, we think this has an opportunity to be another meaningful tailwinds for us in our industry.

我們認為這會需要一些時間。但同樣地，從長期來看，我們對這件事可能為我們帶來的意義仍然非常建設性。所以我不認為你需要為了2026年第四季去調整你的模型。但從長期來看，我們認為這有機會成為我們以及本產業另一股重要的順風。

We have reached the end of the question-and-answer session. I would now like to turn the call back over to Craig Larson for closing comments.

我們已到達問答環節的結束。現在我想把電話會議交回給Craig Larson作結語。

Rob, first, thank you for your help in a longer call. Thank you, everybody, for your interest in KKR. Please feel to reach out directly. If you have any questions, otherwise, we look forward to speaking with everyone in 90 days or so. Thank you so much.

Rob，首先，謝謝你在這場較長的電話會議中的協助。也謝謝各位對KKR的關注。請隨時直接與我們聯繫。如果你有任何問題；否則，我們期待大約90天後再與各位交流。非常感謝。

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。您現在可以掛斷電話線，並感謝您的參與。