2024-07-18 Blackstone Inc. (BX) Q2 2024 Earnings Call Transcript
Blackstone Inc. (NYSE:BX) Q2 2024 Earnings Call Transcript July 18, 2024 9:00 AM ET
Blackstone Inc. (NYSE:BX) 2024 年第二季度收益电话会议实录 美国东部时间 2024 年 7 月 18 日上午 9:00
Company Participants 公司参与者
Steve Schwarzman - Chairman, CEO
Steve Schwarzman - 董事长兼首席执行官
Jon Gray - President, Chief Operating Officer
乔恩-格雷 - 总裁兼首席运营官
Michael Chae - Chief Financial Officer
Michael Chae - 首席财务官
Weston Tucker - Head of Shareholder Relations
韦斯顿-塔克 - 股东关系主管
Conference Call Participants
电话会议与会者
Craig Siegenthaler - Bank of America
Craig Siegenthaler - 美国银行
Alex Blostein - Goldman Sachs
Alex Blostein - 高盛集团
Glenn Schorr - Evercore ISI
Crispin Love - Piper Stanler
克里斯平之爱 - 派珀-斯坦勒
Brian Bedell - Deutsche Bank
Brian Bedell - 德意志银行
Ken Worthington - JPMorgan
Ken Worthington - 摩根大通
Dan Fannon - Jefferies Dan Fannon - 杰富瑞
Benjamin Budish - Barclays
本杰明-布迪什 - 巴克莱银行
Brennan Hawken - UBS Brennan Hawken - 瑞银
Bill Katz - TD Cowen
Patrick Davitt - Autonomous Research
Patrick Davitt - 自主研究
Arnaud Giblat - BNP Arnaud Giblat - 法国国家巴黎银行
Operator 操作员
Good day, and welcome to the Blackstone Second Quarter 2024 Investor Call. Today's call is being recorded. At this time all participants are in a listen-only mode. [Operator Instructions].
日安，欢迎参加 Blackstone 2024 年第二季度投资者电话会议。今天的电话正在录音。现在所有与会者都处于只听模式。[接线员指示]
At this time, I'd like to turn the conference over to Weston Tucker, Head of Shareholder Relations. Please go ahead.
现在，我想把会议交给股东关系部主管 Weston Tucker。请讲。
Weston Tucker 韦斯顿-塔克
Great. Thank you and good morning and welcome to Blackstone's second quarter conference call. Joining today are Steve Schwarzman, Chairman and CEO; Jon Gray, President and Chief Operating Officer; and Michael Chae, Chief Financial Officer.
太好了。谢谢，早上好，欢迎参加 Blackstone 第二季度电话会议。今天加入我们的有董事长兼首席执行官 Steve Schwarzman、总裁兼首席运营官 Jon Gray 以及首席财务官 Michael Chae。
Earlier this morning we issued a press release and slide presentation which are available on our website. We expect to file our 10-Q report in a few weeks.
今天上午早些时候，我们发布了一份新闻稿和幻灯片演示，可在我们的网站上查阅。我们预计将在几周内提交 10-Q 报告。
I'd like to remind you that today's call may include forward-looking statements which are uncertain and may differ from actual results materially. We do not undertake any duty to update these statements. For a discussion of some of the factors that could affect results, please see the Risk Factors section of our 10-K. We'll also refer to non-GAAP measures and you'll find reconciliations in the press release on the shareholders page of our website.
我想提醒大家，今天的电话会议可能包含前瞻性陈述，这些陈述具有不确定性，可能与实际结果存在实质性差异。我们没有义务更新这些陈述。有关可能影响结果的一些因素的讨论，请参阅我们 10-K 中的 "风险因素 "部分。我们还将提及非美国通用会计准则（Non-GAAP）指标，您可以在我们网站股东页面的新闻稿中找到调节表。
Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone fund. This audio cast is copyrighted material of Blackstone and may not be duplicated without consent.
另请注意，本电话会议的任何内容均不构成要约 出售或要约邀请购买任何 Blackstone 基金的权益。本音频资料为 Blackstone版权所有，未经同意不得复制。
So quickly on results, we reported GAAP net income for the quarter of $948 million. Distributable earnings were $1.3 billion or $0.96 per common share and we declared a dividend of $0.82, which will be paid to holders of record as of July 29th.
关于业绩，我们报告的本季度美国通用会计准则净收入为 9.48 亿美元。可分配利润为 13 亿美元或每股普通股 0.96 美元，我们宣布派发 0.82 美元股息，将支付给截至 7 月 29 日th 的记录持有人。
With that, I'll turn the call over to Steve.
下面请史蒂夫发言。
Steve Schwarzman 史蒂夫-施瓦茨曼
Good morning and thank you for joining our call. On our last several earnings calls, we spent a good deal of time talking about how we saw inflation, compared to many other market participants. We took a strong view that we were seeing different outcomes with inflation moderating more quickly, in part because of our unique position in the real-estate area and our understanding of the shelter component of the Consumer Price Index.
早上好，感谢您参加我们的电话会议。在过去的几次财报电话会议上，我们花了大量时间讨论与许多其他市场参与者相比，我们是如何看待通货膨胀的。我们坚定地认为，我们看到了不同的结果，通胀会更快地缓和，部分原因是我们在房地产领域的独特地位，以及我们对消费者价格指数中住房部分的理解。
巴菲特在《2015-02-27 Berkshire - Past Present and Future》讲到私募基金是新时代的骗子，我们的关注清单中有几家私募基金，Blackstone是其中之一，我们目前的资产配置工作大体上围绕BRK展开，私募和券商是两个例外，券商有实际需要，私募是唯一的例外，我们选择私募的理由是私募的商业模式比银行要好。
As a result of our convictions, we decided to adopt a more aggressive approach to new investments. I'm pleased to report that in the second quarter we deployed $34 billion, the highest level in two years, and nearly $90 billion in the last three quarters since the 10-year treasury yield peaked. With inflation continuing to recede, we expect the Fed to begin cutting interest rates later this year. This should be very positive for Blackstone's asset values and provide the foundation for a significant realization cycle over time.
基于我们的信念，我们决定对新投资采取更加积极的态度。我很高兴地向大家报告，在第二季度，我们部署了 340 亿美元，这是两年来的最高水平，自 10 年期国债收益率达到顶峰以来，我们在过去三个季度中部署了近 900 亿美元。随着通胀持续下降，我们预计美联储将在今年晚些时候开始降息。这对 Blackstone 的资产价值应该是非常积极的，并为随着时间的推移出现一个重要的变现周期奠定了基础。
搞房地产的肯定心心念念的盼着降息。
As the largest alternatives firm in the world, with nearly $1.1 trillion of AUM, the real-time data collected across our global portfolio provides insights that help us decide in which areas to concentrate our investments. This data also alerts us to major paradigm shifts, which is essential for any top-performing asset manager.
作为拥有近 1.1 万亿美元资产管理规模的全球最大另类投资公司，我们在全球投资组合中收集的实时数据为我们提供了洞察力，帮助我们决定将投资集中在哪些领域。这些数据还能提醒我们注意重大的模式转变，这对于任何一家业绩优异的资产管理公司来说都是至关重要的。
Our firm has demonstrated this foresight repeatedly since our founding, including the decision to extend our private equity business into real estate in 1991 when values collapsed following the savings and loan crisis, by significantly expanding our credit platform in 2008 in advance of the extraordinary investment opportunities that arose from the global financial crisis.
自公司成立以来，我们已多次证明了自己的远见卓识，包括在 1991 年储蓄和贷款危机后房地产价值崩溃时，我们决定将私募股权投资业务扩展到房地产领域；2008 年，我们在全球金融危机带来非凡投资机遇之前，大幅扩展了信贷平台。
Being the first investment alternatives firm, to start and develop a dedicated private wealth business in 2011 and introducing the first large-scale perpetual product for that channel in 2017 and our decision later the same year to create a perpetual infrastructure strategy for institutional investors, which now anchors an overall infrastructure platform across Blackstone of over $100 billion.
作为第一家另类投资公司，我们于 2011 年启动并发展了专门的私人财富业务，并于 2017 年为该渠道推出了首款大规模永久产品，同年晚些时候，我们决定为机构投资者创建永久基础设施战略，目前该战略已成为 Blackstone 超过 1,000 亿美元的整体基础设施平台的支柱。
私募比银行好的地方，银行吸收的大部分资金是短期的。
This demonstrated ability to be in the right place at the right time continues on an accelerated basis today. This includes our investments and innovation in all types of private credit, where we're one of the world's largest managers; in global logistics as the largest private owner of warehouses in the world; in the energy transition field, where we own the largest private renewables developer in the United States. In India, where we believe Blackstone is the largest alternatives investor in what has become the fastest growing major economy, and of course in data centers, where we own the fastest growing platform in the world.
这种在正确的时间出现在正确的地点的能力如今仍在加速发展。这包括我们在各类私人信贷领域的投资和创新，我们是全球最大的私人信贷管理公司之一；在全球物流领域，我们是全球最大的私人仓库所有者；在能源转型领域，我们拥有美国最大的私人可再生能源开发商。在印度，我们相信 Blackstone 是这个增长最快的主要经济体中最大的另类投资商；当然，在数据中心领域，我们拥有全球增长最快的平台。
这是脑子进水的话，you can figure what will happen, you can’t figure out when it will happen.，未来有很大的不确定，搞明白是什么已经很难，知道什么时候是不可能的。
I'd like to take a moment to discuss what Blackstone is doing today in Artificial Intelligence, specifically in data centers, which is an essential part of that breakthrough area. AI is widely acknowledged as having the potential to be one of the greatest drivers of transformation in a generation. I have personally been active in this field since 2015. I believe the consequences of AI are as profound as what occurred in 1880 when Thomas Edison patented the electric light bulb.
我想花一点时间来谈谈 Blackstone 目前在人工智能领域所做的工作，特别是在数据中心领域，这是该突破性领域的重要组成部分。人工智能被公认为有可能成为一代人中最伟大的转型驱动力之一。自 2015 年以来，我个人一直活跃在这一领域。我相信，人工智能的后果就像1880年托马斯-爱迪生为电灯泡申请专利一样深远。
While it took years to develop commercially viable products, the subsequent build out of the electric grid over the following decades has parallels to the creation of data centers today to power the AI revolution.
虽然开发商业上可行的产品需要数年时间，但随后几十年的电网建设与今天为推动人工智能革命而建立的数据中心有着相似之处。
Current expectations are that there will be approximately $1 trillion of capital expenditures in the United States over the next five years to build and facilitate new data centers, with another $1 trillion of capital expenditures outside the United States. The need to provide power for these data centers is a major contributor to an expected 40% increase in electricity demand in the United States over the next decade compared to minimal growth in the last decade.
目前预计，在未来五年内，美国将有约 1 万亿美元的资本支出用于建设和促进新的数据中心，在美国以外地区还有 1 万亿美元的资本支出。与过去十年的微弱增长相比，未来十年美国的电力需求预计将增长 40%，而为这些数据中心提供电力的需求是其中的主要原因。
这个估计跟NVIDIA是一样的，皮衣黄接近80%的毛利润可以这么讲，Blackstone能做的只是重资产投资，风险大多了。
We believe these explosive trends will lead to unprecedented investment opportunities for our firm. Blackstone is positioning itself to be the largest financial investor in AI infrastructure in the world as a result of our platform, capital and expertise.
我们相信，这些爆炸性趋势将为我们公司带来前所未有的投资机会。凭借我们的平台、资本和专业知识，Blackstone 将成为全球人工智能基础设施领域最大的金融投资者。
Our portfolio today consists of $55 billion of data centers, including facilities under construction, along with over $70 billion in prospective pipeline development. Our largest data center portfolio company, QTS, has grown lease capacity 7x since we took it private in 2021. Through QTS and our other holdings, we have a robust ongoing dialogue with the world's largest data center customers.
目前，我们的投资组合包括价值 550 亿美元的数据中心（包括在建设施），以及价值超过 700 亿美元的潜在管道开发项目。自 2021 年私有化以来，我们最大的数据中心投资组合公司 QTS 的租赁容量增长了 7 倍。通过 QTS 和我们持有的其他公司，我们与全球最大的数据中心客户保持着密切的联系。
We're also providing equity and debt capital to other AI-related companies. For example, in the second quarter, we committed to provide AI-focused cloud service provider, CoreWeave, with $4.5 billion of a $7.5 billion financing package, the largest debt financing in our history, and we're now focusing on addressing the sector's power needs in many differentiated ways. With large-scale platforms in infrastructure, real-estate, private credit and renewable energy, we are extremely well positioned to be the partner of choice in this rapidly growing area.
我们还为其他人工智能相关公司提供股权和债务资本。例如，在第二季度，我们承诺向专注于人工智能的云服务提供商 CoreWeave 提供 75 亿美元融资中的 45 亿美元，这是我们历史上最大的债务融资。凭借在基础设施、房地产、私人信贷和可再生能源领域的大型平台，我们已做好充分准备，成为这一快速增长领域的首选合作伙伴。
In another important area where Blackstone, once again, has been in the right place at the right time, is real-estate. During the global financial crisis, most competitors were forced out of business or delivered mediocre results. In fact, sometimes losing money for their customers, where Blackstone, for our investors, ultimately doubled their money.
在另一个重要领域，Blackstone 又一次在正确的时间出现在正确的地点，那就是房地产。在全球金融危机期间，大多数竞争对手被迫倒闭或业绩平平。事实上，有时他们的客户会亏损，而 Blackstone，对于我们的投资者来说，最终使他们的资金翻了一番。
BRK通过买入保险公司的方式买入房地产，资产价格涨了保费跟着涨，资产价格跌了也没什么敞口风险，是更安全的策略。
How did we do it? We owned the right assets in the right sectors with the right capital structures, enabling us to emerge from the crisis as the clear market leader. As a result, institutional limited partners and subsequently individual investors allocated significant capital to Blackstone real-estate in contrast to most other real estate managers.
我们是如何做到的？我们以正确的资本结构在正确的行业拥有正确的资产，使我们能够在危机中脱颖而出，成为当之无愧的市场领导者。因此，与大多数其他房地产管理公司相比，机构有限合伙人及随后的个人投资者向 Blackstone 房地产分配了大量资金。
With that capital, we repositioned our portfolio over time by selling US office buildings and instead bought warehouses, rental housing, and eventually data centers. These three sectors comprised approximately 75% of our global real-estate equity portfolio today compared to 2% in 2007. This repositioning drove the outperformance and extraordinary growth of our real-estate business over the last decade and a half.
有了这笔资金，随着时间的推移，我们对投资组合进行了重新定位，出售了美国的办公楼，转而购买仓库、租赁住房，并最终购买了数据中心。目前，这三个领域约占我们全球房地产股票投资组合的 75%，而 2007 年这一比例仅为 2%。在过去的十五年中，这一重新定位推动了我们房地产业务的优异表现和超常增长。
很神奇的策略。
Real-estate markets, of course, are cyclical, and over the past 2.5 years, the increase in interest rates and borrowing costs has created a more challenging environment. Even through this period, Blackstone real estate has delivered differentiated performance. BREIT for example, has generated a cumulative return of 10% net in its largest share class since the beginning of 2022 and 10% plus net returns annually since inception 7.5 years ago, more than double the return of the public-REIT market.
当然，房地产市场是周期性的，在过去的两年半时间里，利率和借贷成本的上升创造了一个更具挑战性的环境。即使在此期间，Blackstone 房地产仍取得了与众不同的表现。以 BREIT 为例，自 2022 年初以来，其最大份额类别的累计净回报率为 10%，自 7 年半前成立以来，每年的净回报率为 10%，是公共房地产投资信托市场回报率的两倍多。
Nearly 90% of BREIT's portfolio is in warehouse, rental housing, and data centers, with data centers alone contributing almost 500 basis points to returns in the last 12 months. The performance BREIT has achieved is the key reason it is 3x larger today than the next five largest non-traded REIT’s combined.
BREIT 近 90% 的投资组合是仓库、租赁住房和数据中心，仅数据中心在过去 12 个月中就贡献了近 500 个基点的回报。BREIT 所取得的业绩是其目前规模是其后五大非交易房地产投资信托基金总和的 3 倍的关键原因。
Now the cost of capital has begun to decline, which would be further helped by Fed cuts later this year. We believe creating the basis for a new cycle of increasing values in real estate. At the same time, new construction for most types of real-estate is declining dramatically down 40% to 70% year-over-year, depending on the asset class.
现在，资本成本已经开始下降，而美联储今年晚些时候的减息政策将进一步帮助资本成本下降。我们相信，这将为房地产价值的新一轮增长奠定基础。与此同时，大多数类型的房地产新开工面积都在急剧下降，同比下降 40% 到 70%，具体降幅取决于资产类别。
Looking forward, we are confident the outcomes experienced by our investors in this cycle will further reinforce our leadership position and will result in higher allocations to Blackstone from both institutional and private wealth channels in the future. Real-estate is one of the largest asset classes in the world, and having the largest business when the cycle is turning should be very advantageous for our shareholders.
展望未来，我们相信，我们的投资者在本轮周期中所经历的结果，将进一步巩固我们的领导地位，并在未来促使机构和私人财富渠道对 Blackstone 进行更高的配置。房地产是全球最大的资产类别之一，在周期转折时拥有最大的业务对我们的股东来说应该是非常有利的。
总体上是有长期确定性的业务，傻子自己也可以做，让私募赚钱是傻子必须做的事。
Blackstone is the reference firm in the alternatives industry, and for nearly four decades, we've been an essential partner to our investors helping them navigate a dynamic world. The Blackstone brand engenders deep trust with our clients, allowing us to innovate and build leading businesses across asset classes.
Blackstone 是另类投资行业的典范，近四十年来，我们一直是投资者不可或缺的合作伙伴，帮助他们驾驭这个多变的世界。Blackstone 品牌赢得了客户的高度信任，使我们能够不断创新，建立跨资产类别的领先企业。
We now have 75 individual investment strategies, and we are working on many more currently. Our near-term plans include launching several new products in the private wealth channel, the global expansion of our infrastructure platform, further deepening our penetration of the private credit and insurance markets, and expanding our business in Asia.
我们现在有 75 个单独的投资策略，目前正在开发更多的投资策略。我们的近期计划包括在私人财富渠道推出几款新产品，在全球范围内扩展我们的基础设施平台，进一步深化我们在私人信贷和保险市场的渗透，以及拓展我们在亚洲的业务。
Our firm is as innovative today as at any point in our history. Innovation in finance done correctly is essential to create the virtuous cycle of satisfied investors who provide more and more capital for future growth. I have great confidence that we are firmly on this path.
今天，我们公司与历史上任何时候一样具有创新精神。正确地进行金融创新，对于创造投资者满意的良性循环至关重要，因为投资者会为未来的增长提供越来越多的资金。我坚信，我们正坚定地走在这条道路上。
And with that, I'd like to turn it over to Jon.
下面请乔恩发言。
Jon Gray 乔恩-格雷
Thank you, Steve, and good morning everyone. In January, we highlighted three powerful dynamics emerging in our business. First, that investment activity was picking up meaningfully across the firm. Second, that commercial real-estate values were bottoming; and third, that our momentum in private wealth was accelerating.
谢谢你，史蒂夫，大家早上好。一月份，我们强调了我们业务中出现的三个强大动力。第一，整个公司的投资活动正在显著回升。第二，商业房地产价值正在触底；第三，我们在私人财富领域的发展势头正在加速。
Since then, each of these dynamics has progressed in a very positive way, starting with investment activity. We deployed $34 billion in the second quarter, up 73% year-over-year, and committed an additional $19 billion to pending deals. Activity was broad-based across the firm.
从那时起，这些动态都取得了非常积极的进展，首先是投资活动。我们在第二季度部署了 340 亿美元的资金，同比增长 73%，并承诺为待定交易再投入 190 亿美元。整个公司的投资活动范围广泛。
BXCI, our credit and insurance business, had one of its busiest quarters ever with $21 billion invested or committed, including in global direct lending, along with infrastructure and asset-based credit. In private equity, new commitments included two take-privates in Japan, a music royalties business in the UK, and a fast-growing insurance broker in India.
我们的信贷和保险业务 BXCI 是有史以来最繁忙的季度之一，投资或承诺投资 210 亿美元，包括全球直接借贷、基础设施和资产信贷。在私募股权投资方面，新的投资承诺包括在日本的两个私有化项目、在英国的一家音乐版税企业以及在印度的一家快速增长的保险经纪公司。
Back in the US, we bought Tropical Smoothie, a franchisor of fast casual cafes. This acquisition launched the investment period for our corporate private equity flagship, for which we've raised more than $20 billion to-date.
在美国，我们收购了热带冰沙（Tropical Smoothie），这是一家快速休闲咖啡馆特许经营商。这次收购开启了我们企业私募股权旗舰项目的投资期，迄今为止，我们已为该项目筹集了 200 多亿美元。
In real-estate as I said, we made the call in January that values were bottoming and the pillars of recovery were coming into place. What did we do with our conviction? We deployed nearly $15 billion in the first six months of the year in real-estate, approximately 2.5x the same period last year.
在房地产方面，正如我所说的，我们在一月份就判断价值正在触底，复苏的支柱正在形成。我们抱着这样的信念做了什么？今年前六个月，我们在房地产领域投入了近 150 亿美元，约为去年同期的 2.5 倍。
Since January, Green Street's index of private real-estate values has had six consecutive months of flat or increasing values for the first time in over two years. In our own portfolio, we're now seeing more bidders show up to sales processes for single assets driving price improvement. Overall, the cost of capital has declined significantly, with borrowing spreads and base rates moving lower, while the availability of debt capital has increased significantly.
自今年 1 月以来，Green Street私人房地产价值指数已连续 6 个月持平或上涨，这是两年多来的首次。在我们自己的投资组合中，我们现在看到更多的竞标者出现在单一资产的销售过程中，推动了价格的提升。总体而言，资本成本大幅下降，借贷利差和基准利率走低，而债务资本的可用性大幅增加。
At the same time, new construction starts are falling sharply and are at or near 10-year lows in the U.S. for both warehouses and apartment buildings, our two largest areas of concentration. For a market driven by supply and demand, this is very positive for long-term values. Nevertheless, the office sector remains under substantial pressure, with more troubled assets likely to emerge.
与此同时，美国仓库和公寓楼这两个最大的集中领域的新开工面积急剧下降，处于或接近 10 年来的最低水平。对于一个由供求关系驱动的市场来说，这对长期价值是非常有利的。然而，写字楼行业仍然面临巨大压力，可能会出现更多问题资产。
For Blackstone, as we've discussed, we have minimal exposure to traditional U.S. office in our expansive equity portfolio. Exposure is higher in our public mortgage REIT, creating some challenges, although its focus on senior loans has been an important factor in navigating the sector's dislocation. With the vast majority of our global real-estate portfolio concentrated in logistics, rental housing and data centers, Blackstone is in a very differentiated position.
就 Blackstone 而言，正如我们已经讨论过的，在我们广泛的股权投资组合中，我们对传统美国办公楼的风险敞口很小。我们的公共抵押房地产投资信托基金（Public Mortgage REIT）的风险敞口较高，这也带来了一些挑战，尽管其对优先贷款的关注一直是我们在该行业错位中游刃有余的一个重要因素。我们的全球房地产投资组合绝大部分集中在物流、租赁住房和数据中心，因此 Blackstone 处于非常与众不同的地位。
Moving to our private wealth business, where our momentum has been accelerating. We raised $7.5 billion in the channel overall in the second quarter. In the perpetual vehicles, we raised over $6 billion in the second quarter, and nearly $13 billion in the first half of the year, already exceeding what we raised from individuals in all of 2023.
说到我们的私人财富业务，我们的势头一直在加快。第二季度，我们在该渠道总体募集了 75 亿美元。在永续工具方面，我们在第二季度募集了 60 多亿美元，今年上半年募集了近 130 亿美元，已经超过了我们 2023 年全年从个人募集的资金。
傻子总是值得更好的服务，直接骗钱的效率最高也是让傻子最舒服的方式，傻子最痛恨自己的脑子。
BCRED led the way with $3.4 billion raised in the quarter, the highest level in two years. BXPE raised $1.6 billion in the quarter, reaching $4.3 billion in its first six months. And BREIT is seeing encouraging signs on the new sales front, raising $900 million in Q2, the best quarter in over a year.
本季度，BCRED 以 34 亿美元的融资额遥遥领先，达到两年来的最高水平。BXPE 本季度融资 16 亿美元，前六个月融资额达到 43 亿美元。BREIT 在新销售方面也出现了令人鼓舞的迹象，在第二季度筹集了 9 亿美元，是一年多来最好的一个季度。
The vehicle has delivered six straight months of positive performance, and has fulfilled 100% of repurchase requests every month since February. Requests in June were down 85% from the peak last year, down 50% from May, and have declined further month-to-date in July.
该车已连续 6 个月取得良好业绩，自 2 月份以来，每月都能 100% 满足回购请求。6 月份的申请量比去年峰值下降了 85%，比 5 月份下降了 50%，7 月份至今又进一步下降。
As we've been saying for some time, we believe flows in the wealth channel ultimately follow performance. We built the leading platform in our industry with over $240 billion and three large-scale perpetual vehicles. We have more in development, including two we plan to bring to market by early next year.
正如我们一直以来所说的那样，我们相信财富渠道的资金流最终将追随业绩。我们建立了业内领先的平台，拥有超过 2400 亿美元的资金和三个大型永续工具。我们还有更多的产品正在开发中，包括计划明年初推向市场的两款产品。
First, an infrastructure vehicle that will provide investors access to the full breadth of the firm's strategies in this area, including equity, secondaries and credit. And second, a vehicle that will invest across our expansive credit platform. Our commitment to the $85 trillion private wealth market is stronger than ever.
首先是一个基础设施工具，它将为投资者提供公司在这一领域的全部战略，包括股票、二级市场和信贷。其次，该工具将投资于我们广阔的信贷平台。我们对 85 万亿美元私人财富市场的承诺比以往任何时候都更加坚定。
Multiple other areas of the firm are showing strong momentum today. Our credit and insurance business is thriving in an environment of higher interest rates and accelerating demand for both investment-grade and non-investment-grade strategies. Our performance has been outstanding, with minimal defaults of less than 40 basis points over the last 12 months in our non-investment-grade portfolio.
如今，公司的其他多个领域也呈现出强劲的发展势头。在利率上升、对投资级和非投资级策略的需求加快的环境下，我们的信贷和保险业务蓬勃发展。我们的业绩表现出色，在过去 12 个月中，我们的非投资级投资组合违约率最低，不到 40 个基点。
Our scale allows us to focus on larger investments, where competitive dynamics are more favorable, and where the quality of borrowers and sponsors is higher. In our nearly $120 billion global direct lending business, our emphasis on senior secured positions with average loan-to-values of 44% provides significant equity cushion subordinate to our loans.
我们的规模使我们能够专注于规模较大、竞争态势更有利、借款人和担保人质量更高的投资项目。在我们近 1,200 亿美元的全球直接借贷业务中，我们强调优先担保头寸，其平均贷款与价值比率为 44%，这为我们的贷款提供了重要的次级股权缓冲。
We're the sole or lead lender in approximately 80% of our U.S. portfolio, helping us to drive document negotiations and control the dialogue with borrowers if any challenges arise. We believe our scale, careful sector and asset selection, and deep experience will differentiate us in a world of greater performance dispersion in credit.
我们是美国约 80% 投资组合的唯一或主要贷款人，这有助于我们推动文件谈判，并在出现任何挑战时控制与借款人的对话。我们相信，我们的规模、对行业和资产的审慎选择以及深厚的经验，将使我们在信贷业绩更加分散的世界中脱颖而出。
In our investment-grade focused credit business, our goal is to deliver higher yields to clients, primarily insurers, by migrating a portion of their liquid portfolios to private credit. We place or originated $24 billion of A-rated credits on average in the first half of 2024, up nearly 70% year-over-year, which generated approximately 185 basis points of excess spread versus comparably rated liquid credits.
在以投资级为重点的信贷业务中，我们的目标是通过将客户（主要是保险公司）的部分流动性投资组合转移到私人信贷，为其提供更高的收益。2024 年上半年，我们平均投放或发起了 240 亿美元的 A 级信贷，同比增长近 70%，与可比评级的流动信贷相比，产生了约 185 个基点的超额利差。
Our insurance AUM grew 21% year-over-year to $211 billion, driven by strong client interest in our asset-light open architecture model. We have four large strategic relationships and 15 SMAs today, and we expect our business to grow significantly from here.
由于客户对我们的轻资产开放式架构模式兴趣浓厚，我们的保险资产管理规模同比增长 21%，达到 2,110 亿美元。目前，我们拥有四家大型战略关系公司和 15 家 SMA，我们预计我们的业务将在此基础上大幅增长。
Moving to infrastructure, our total platform across the firm now exceeds $100 billion, as Steve noted, including our perpetual BIP strategy, infrastructure secondaries, and other infrastructure equity and credit investments. We built this platform from the ground up to become one of the largest in the world.
在基础设施方面，正如史蒂夫所言，我们整个公司的平台总额现已超过 1,000 亿美元，其中包括我们的永久 BIP 战略、基础设施二级市场以及其他基础设施股权和信贷投资。我们从零开始打造这一平台，使其成为全球最大的平台之一。
BIP specifically reached the $50 billion milestone, including July fundraising, up 21% from year end 2023. Performance has been exceptional. With the commingled BIP strategy generating 16% net returns annually since inception, beating the public infrastructure index by nearly 1,100 basis points per year.
BIP 具体达到了 500 亿美元的里程碑，包括 7 月份的筹款，比 2023 年底增长了 21%。业绩表现优异。自成立以来，混合 BIP 战略每年产生 16% 的净回报，每年比公共基础设施指数高出近 1,100 个基点。
We are well positioned to address the massive funding needs for our infrastructure projects globally, including digital and energy infrastructure. Just last week, we agreed to invest nearly $1 billion in a portfolio of solar and wind projects in the U.S. alongside NextEra, the largest public renewables developer in the country.
我们已做好充分准备，满足全球基础设施项目（包括数字和能源基础设施）的大量资金需求。就在上周，我们同意与美国最大的公共可再生能源开发商 NextEra 一起，向美国的太阳能和风能项目组合投资近 10 亿美元。
A final comment on our drawdown fund business, where there are a number of initiatives we're quite excited about. We've launched or expect to launch fundraising in the next few quarters for the new vintages of multiple strategies. These include the successors to our $5 billion Life Sciences Fund, $9 billion private credit opportunistic strategy, $22 billion private equity secondaries fund, and $6 billion private equity Asia fund. All have strong track records, and we expect the new vintages to be at least as large as, and in most cases, hopefully larger than the current funds.
最后谈谈我们的缩减基金业务，我们在这方面有许多令人兴奋的举措。我们已经启动或预计将在未来几个季度启动多个战略的新基金募集。其中包括 50 亿美元生命科学基金、90 亿美元私募信贷机会策略、220 亿美元私募股权二级市场基金和 60 亿美元私募股权亚洲基金的后续基金。所有基金都有良好的业绩记录，我们预计新基金的规模至少与现有基金相当，而且在大多数情况下，有望超过现有基金。
While the fundraising environment has been challenging, we're seeing more receptivity from LPs today as markets improve. Importantly, when we meet with our clients around the world, what we consistently hear is that they are holding or increasing their allocations to alternatives and to Blackstone.
虽然筹款环境一直充满挑战，但随着市场的好转，我们看到 LPs 如今更加乐于接受。重要的是，当我们与世界各地的客户会面时，我们始终听到的是，他们正在持有或增加对另类投资和 Blackstone 的配置。
In closing, our firm is emerging from this multiyear period of higher cost of capital, even stronger than before, and we're sticking with our model of being a third-party asset manager, relying on our track record, our people, and the power of our brand to grow.
总之，我们的公司正在走出资本成本较高的这一多年期，甚至比以前更加强大，我们将坚持作为第三方资产管理公司的模式，依靠我们的业绩记录、我们的员工和我们品牌的力量来实现增长。
With that, I will turn things over to our very capable CFO, Mr. Chae.
下面请我们非常能干的首席财务官 Chae 先生发言。
Michael Chae
Thanks, Jon, and good morning everyone. The firm delivered steady financial results in the second quarter, with positive momentum in fundraising and deployment as you've heard today. I will first review results, and we'll then discuss investment performance and the outlook.
谢谢，乔恩，大家早上好。正如大家今天听到的，公司在第二季度取得了稳定的财务业绩，在筹资和部署方面势头良好。我将首先回顾业绩，然后讨论投资业绩和前景。
Starting with results, the firm's expansive range of growth engines continues to power AUM to new record levels. Total AUM increased 7% year-over-year to $1.1 trillion, with inflows of $39 billion in the quarter and $151 billion over the last 12 months. Fee-earning inflows were also $151 billion for the LTM period, including $53 billion in the second quarter, the highest level in two and a half years, lifting fee-earning AUM by 11% to $809 billion.
首先是业绩，公司广泛的增长引擎继续推动资产管理规模创下新高。总资产管理规模同比增长 7%，达到 1.1 万亿美元，本季度流入 390 亿美元，过去 12 个月流入 1,510 亿美元。本季度手续费收入流入也达到 1510 亿美元，其中第二季度流入 530 亿美元，达到两年半以来的最高水平，使手续费收入资产管理规模增长 11%，达到 8090 亿美元。
总体上能稳定增长的领域。
We activated the investment periods for our corporate private equity and PE energy transition flagships in the second quarter, which along with BXPE and Private Wealth, were in fee holidays as of quarter end, representing $27 billion of fee AUM in aggregate. Notwithstanding the temporary impact from these fee holidays, management fees increased 5% year-over-year to a record $1.8 billion in the second quarter. Notably, Q2 represented the 58th consecutive quarter of year-over-year growth in base management fees at the firm.
在第二季度，我们激活了公司私募股权和能源转型旗舰基金的投资期，以及BXPE和私人财富，它们在季度末处于费用假期状态，总计代表了270亿美元的费用管理资产规模。尽管这些费用假期暂时影响了收入，但管理费同比增长了5%，在第二季度达到了创纪录的18亿美元。值得注意的是，第二季度代表了公司基础管理费连续第58个季度的同比增长。
Fee-related earnings, the comparison of FRE to prior periods was impacted by a decline in fee-related performance revenues in the real estate segment, including from BREIT, as its positive year-to-date appreciation came in modestly below the required hurdle. These revenues carry favorable margins, and their decline impacted the firm's FRE margin in the second quarter. These factors are partly offset by the steadily growing contribution from our direct lending business, with fee-related performance revenues in the credit and insurance segment rising 24% year-over-year to $168 million.
与收费相关的收益，FRE 与前期的比较受到房地产部门与收费相关的业绩收入下降的影响，包括来自 BREIT 的收入，因为其年初至今的正增值略低于所要求的水平。这些收入具有有利的利润率，其下降影响了公司第二季度的 FRE 利润率。这些因素被我们直接贷款业务稳步增长的贡献所部分抵消，信贷和保险部门与收费相关的业绩收入同比增长 24%，达到 1.68 亿美元。
Distributable earnings were $1.3 billion in the second quarter or $0.96 per share, up 3% year-over-year. DE was underpinned by the firm's steady baseline of fee-related earnings, with Q2 representing the 11th consecutive quarter of FRE over $1 billion.
第二季度可分配利润为 13 亿美元，每股收益 0.96 美元，同比增长 3%。可分配收益得益于公司稳定的收费相关收益，第二季度是 FRE 连续第 11 个季度超过 10 亿美元。
Net realizations were $308 million in the second quarter, up year-over-year, but still reflective of a backdrop that is not yet robust as it relates to scale dispositions. That said, we executed the sales of a number of public and private holdings in the second quarter, concentrated in our Asia private equity business, including a leading healthcare services company in Korea, the IPO and subsequent sale of stock of one of the largest housing finance platforms in India, and the sale of stock of an India-based technology company.
第二季度的净变现额为 3.08 亿美元，同比有所增长，但仍反映出规模化处置的背景尚不强劲。尽管如此，我们还是在第二季度出售了一些公共和私人股权，主要集中在我们的亚洲私募股权业务，包括韩国一家领先的医疗保健服务公司、印度最大的住房融资平台之一的首次公开募股及随后的股票出售，以及一家印度科技公司的股票出售。
Moving to investment performance, our funds generated healthy overall appreciation in the second quarter, led by strength in infrastructure, private credit and life sciences. Infrastructure reported 6.3% appreciation in the quarter, and 22% over the last 12 months, with broad gains across digital transportation and energy infrastructure. Our data center platform was again the single largest driver of appreciation in our real estate and infrastructure businesses, and for the firm overall in the second quarter.
关于投资业绩，在基础设施、私人信贷和生命科学领域强劲表现的带动下，我们的基金在第二季度实现了健康的整体增值。基础设施在本季度升值 6.3%，在过去 12 个月中升值 22%，其中数字交通和能源基础设施涨幅较大。在第二季度，我们的数据中心平台再次成为房地产和基础设施业务以及公司整体增值的最大推动力。
In credit, we reported another outstanding quarter against a continuing positive backdrop of private debt market fundamentals. The private credit strategies generated a gross return of 4.2% in the quarter and 18% for the LTM period. The default rate across our 2000-plus non-investment grade credits was less than 40 basis points over the last 12 months, as Jon noted, with no new defaults in private credit in the second quarter.
在信贷方面，在私人债务市场基本面持续向好的背景下，我们又取得了一个出色的季度业绩。本季度，私人信贷策略创造了 4.2% 的总回报率，在本季度期间则创造了 18% 的总回报率。正如乔恩所指出的，在过去 12 个月中，我们 2000 多笔非投资级信贷的违约率低于 40 个基点，第二季度私人信贷没有出现新的违约。
Our multi-asset investing platform, BXMA reported a 2.1% gross return for the absolute return composite, the 17th consecutive quarter of positive performance, and 12% for the last 12 months. BXMA has done an extraordinary job delivering resilient all-weather returns over the past several years through volatile equity markets and the longest and deepest drawdown in bonds on record. Since the start of 2021, the absolute return composite, net of fees, is a cumulative 27% or nearly double the traditional 60/40 portfolio.
我们的多元资产投资平台BXMA报告的绝对回报综合总回报率为2.1%，这是连续第17个季度取得正回报，过去12个月的回报率为12%。在过去几年中，BXMA 在股市动荡、债券缩水时间最长、程度最深的情况下，依然表现出色，实现了全天候的弹性回报。自 2021 年年初以来，扣除费用后的绝对回报综合指数累计达到 27%，几乎是传统 60/40 投资组合的两倍。
The corporate PE funds appreciated 2% in the second quarter and 11% for the LTM period. Our operating companies overall reported stable mid-single digit year-over-year revenue growth, along with continued margin strength. In real estate, values were stable overall in the quarter, supported by strength in data centers and global logistics. This was offset by declines in our office portfolio, including Life Sciences Office and certain other factors.
企业私募股权投资基金第二季度增长 2%，本季度增长 11%。我们的运营公司整体收入保持稳定的中个位数同比增长，利润率持续走强。在房地产方面，由于数据中心和全球物流业的强劲表现，本季度房地产价值总体保持稳定。但包括生命科学办公楼在内的办公楼投资组合的下降以及某些其他因素抵消了这一增长。
One final highlight on investment performance. Our dedicated Life Sciences business delivered a standout second quarter. The funds appreciated 11.9% and a remarkable 33% for the LTM period after achieving positive milestones for multiple treatments under development, including for stroke prevention, cardiovascular disease and rare forms of epilepsy in children. The growth and performance of this business is yet another example of the firm's ability over many years to innovate and translate megatrends into large-scale businesses for the benefit of our investors.
关于投资业绩的最后一个亮点。我们专注的生命科学业务在第二季度表现突出。在预防中风、心血管疾病和罕见的儿童癫痫等多种正在开发的治疗方法取得积极的阶段性成果后，该基金在第二季度升值了11.9%，并在本报告期显著升值了33%。该业务的增长和表现再次证明了公司多年来的创新能力，并将大趋势转化为大规模业务，为投资者带来收益。
Turning to the outlook, we're putting in place the foundation for a favorable step-up in earnings power over time. First, in terms of net realizations. We expect a near-term lag between improving markets and a pickup in these revenues as we stated previously. In the meantime, the firm's underlying performance revenue potential has continued to build, with performance revenue eligible AUM in the ground reaching a record $531 billion at quarter-end. Meanwhile, net accrued performance revenue on the balance sheet, the firm's store value, grew sequentially to $6.2 billion or $5.08 per share. As markets heal and liquidity improves, we are well positioned for a significant acceleration in net realizations over time.
展望未来，我们正在为逐步提高盈利能力奠定基础。首先是净实现额。正如我们之前所说的那样，我们预计市场改善与这些收入回升之间存在短期滞后。与此同时，公司潜在的业绩收入潜力也在持续增长，截至季度末，符合业绩收入条件的资产管理规模达到创纪录的 5310 亿美元。同时，资产负债表上的应计净业绩收入（公司的存储价值）连续增长，达到 62 亿美元或每股 5.08 美元。随着市场愈合和流动性的改善，我们已做好充分准备，随着时间的推移，净变现能力将显著加快。
In terms of FRE, we anticipate a material step up in FRE in the fourth quarter, with multiple drivers of note. First, with respect to management fee holidays, the corporate PE and energy transition flagships will exit their respective fee holidays in the coming months and will generate full management fees in Q4. BXPE exited its fee holiday this month.
就 FRE 而言，我们预计第四季度的 FRE 将大幅增长，其中有多个值得注意的驱动因素。首先，在管理费假期方面，企业私募股权基金和能源转型旗舰基金将在未来几个月内退出各自的管理费假期，并将在第四季度产生全额管理费。BXPE 在本月退出了收费假期。
Second, in terms of fee-related performance revenues, Q4 includes a scheduled crystallization for the commingled BIP infrastructure strategy with respect to three years of significant accrued gains, as well as BXP's first crystallization event with respect to full year 2024 gains.
其次，在与费用相关的业绩收入方面，第四季度包括混合 BIP 基础设施战略三年重大应计收益的预定结晶，以及 BXP 2024 年全年收益的首次结晶。
Looking forward to 2025, we will see the full year benefit of the flagship vehicles that were activated in 2024. We also expect to raise multiple other flagships throughout the course of 2025, including Life Sciences, private equity secondaries, private equity Asia, and other major strategies.
展望 2025 年，我们将看到 2024 年启动的旗舰基金的全年收益。我们还预计在整个 2025 年期间，还将推出其他多个旗舰项目，包括生命科学、私募股权二级市场、亚洲私募股权市场和其他主要战略。
In addition, we expect the continued expansion of our platform of perpetual strategies, which has grown by 2.5x in the past three years. And importantly, our credit insurance business is on a strong positive trajectory, with segment FRE increasing nearly 30% year-over-year in the second quarter. The dual engines of performance and innovation at Blackstone continue to drive the firm forward.
此外，我们预计将继续扩大我们的永久战略平台，该平台在过去三年中增长了 2.5 倍。重要的是，我们的信用保险业务正处于强劲的积极发展轨道上，第二季度分部 FRE 同比增长近 30%。Blackstone 的业绩和创新双引擎将继续推动公司向前发展。
In closing, the firm is exceptionally well positioned against today's evolving backdrop, with powerful structural tailwinds and multiple engines of growth. Our long-term capital provides the flexibility and firepower to invest, and the patience to sell assets when the time is right. We are very optimistic about the future of Blackstone.
总之，在当今不断变化的背景下，公司的定位非常准确，拥有强大的结构性顺风和多种增长引擎。我们的长期资本为投资提供了灵活性和火力，也为在适当时机出售资产提供了耐心。我们对 Blackstone 的未来非常乐观。
With that, we thank you for joining the call. I would like to open it up now for questions.
谢谢大家参加电话会议。现在请大家提问。
Question-and-Answer Session
问答环节
Operator 操作员
Thank you. [Operator Instructions] We'll go first to Craig Siegenthaler with Bank of America.
谢谢[首先请美国银行的克雷格-西根塔勒发言
Craig Siegenthaler 克雷格-西根塔勒
Good morning, everyone. So, my question is on investing. It was nice to see the sharp pick up in both deployments and commitments in the quarter. And with the credit piece more steady, we wanted to get your perspective on the two equity businesses, real estate and private equity. So, do you think we'll likely see further progress in the second half, or is a $24 billion deployment and $19 billion commitment run rates driven by upticks in P [ph] in real estate, really a good run rate going forward, just given the stronger activity levels that you already achieved this quarter?
大家早上好。我的问题是关于投资的。很高兴看到本季度的投资部署和投资承诺都大幅回升。随着信贷业务更加稳定，我们想了解一下您对房地产和私募股权这两项股权业务的看法。您认为下半年我们还能看到进一步的进展吗？或者说，考虑到本季度已经达到的较强的活动水平，240 亿美元的部署额和 190 亿美元的承诺额的运行率是否真的是一个良好的运行率？
Jon Gray 乔恩-格雷
So Craig, it's a good question. I think it's hard to put an exact number, but there are some, I think, very positive signs. The fact that we have $19 billion committed at the end of the quarter is a good forward indicator of a lot of activity.
克雷格，这是个好问题。我认为很难给出一个准确的数字，但我认为有一些非常积极的迹象。截至本季度末，我们已承诺投资 190 亿美元，这是一个很好的前瞻性指标。
I would say that just the volume of what we're seeing across our business, our equity strategies, is picking up. We did this last quarter, our first growth deal in a while, buying an ERP software business in Israel. We're seeing good activity in our secondaries business, that has clearly picked up year-on-year. I think double the activity over last year's level. Infrastructure quite busy.
我想说的是，我们看到我们的业务、我们的股权战略的数量都在增加。上个季度，我们收购了以色列的一家ERP软件企业，这是我们一段时间以来的第一笔增长交易。我们的二级市场业务也很活跃，同比明显增长。我认为比去年增加了一倍。基础设施业务相当繁忙。
Real estate a little more episodic, but we are definitely leaning in as we've talked about, and then private equity, broad based global. We bought a couple of companies in Japan. We bought an insurance brokerage in India. We bought some software and online platforms in Europe. We bought a fast food business here in the United States. And I would say by virtue, and I said it last quarter, sort of my briefcase indicator continues to be getting full and indicates that there should be increasing solid levels of transaction activity.
房地产的投资比较零散，但正如我们所说的，我们肯定会向房地产投资倾斜。我们在日本收购了几家公司。我们在印度收购了一家保险经纪公司。我们在欧洲收购了一些软件和在线平台。我们在美国收购了一家快餐企业。我想说的是，我在上个季度就说过，我的公文包指标会继续变满，这表明交易活动的稳健水平会不断提高。
看上去没什么标准。
So I think the fact that we're seeing rates coming down, the market's being more conducive, more people are thinking about selling assets. I think as the IPO market reopens, we should see more. It's hard to say it's a straight line, but the overall trend lines on investing are positive.
因此，我认为，随着利率下降，市场变得更加有利，越来越多的人开始考虑出售资产。我认为随着首次公开募股市场的重新开放，我们应该会看到更多。很难说这是一条直线，但投资的整体趋势线是积极的。
Craig Siegenthaler 克雷格-西根塔勒
Thank you, Jon. 谢谢你，乔恩。
Operator 操作员
We'll go next to Michael Cyprys with Morgan Stanley.
我们接下来请摩根士丹利的迈克尔-赛普利斯（Michael Cyprys）发言。
Jon Gray 乔恩-格雷
Good morning, Mike. Mike, are you with us?
早上好 迈克迈克，你在听吗？
Operator 操作员
Please check your mute function. We're unable to hear you.
请检查静音功能。我们无法听到您的声音。
Jon Gray 乔恩-格雷
Let's move on in the queue.
让我们继续排队。
Operator 操作员
Thank you. We'll go next to Alex Blostein with Goldman Sachs.
谢谢。我们接下来请高盛的亚历克斯-布洛斯坦（Alex Blostein）发言。
Alex Blostein 亚历克斯-布洛斯坦
Hey, good morning, everybody. Hey Jon, so maybe just building on your point around deployment activity picking up, I was hoping we could go in on what that could mean for real estate fundraising. Obviously, it's been an area of somewhat of a challenge, but as deployment ramps, and you guys are making nice progress on BREP X, I believe, and other areas as well. So what areas do you think will be the soonest to come back when it comes to real estate fundraising and your broader outlook there over the next 12 to 18 months?
大家早上好。嘿，乔恩，你说部署活动正在加快，我希望我们能谈谈这对房地产筹资意味着什么。很明显，这一直是一个有些挑战的领域，但随着部署的加快，我相信你们在 BREP X 和其他领域也取得了不错的进展。那么，您认为在未来 12 到 18 个月内，哪些领域的房地产筹款会最快恢复，以及您对这些领域的更广泛展望？
Jon Gray 乔恩-格雷
Well, obviously the sentiment for investors on real estate has been pretty negative given what's happened in much of their portfolios. We have been an outlier. We've raised over $8 billion for our latest opportunistic European fund. We've raised now a little over $5 billion for our latest real estate debt fund. You know, I think they are going to be a little more cautious going into open-ended funds until they see more of a pickup.
很明显，鉴于大部分投资组合的情况，投资者对房地产的情绪非常消极。我们是个例外。我们为最新的机会主义欧洲基金募集了 80 多亿美元。我们为最新的房地产债务基金募集了 50 多亿美元。你知道，我认为在他们看到经济回暖之前，他们会对开放式基金持谨慎态度。
I think it is an area that's probably a little more muted for a period of time, just because of investor caution, but we've seen this before. If you went back to the financial crisis, people wait for the numbers to get better, to feel better about a sector, and then they start to jump in.
我认为，由于投资者的谨慎态度，这个领域在一段时间内可能会比较冷淡，但我们以前也见过这种情况。如果你回溯到金融危机，人们会等待数据好转，对某个行业感觉更好，然后就开始跃跃欲试。
I will say the tenor of the conversations around real estate have improved. I think people are recognizing that prices have reset and that it's an interesting time to get back in. And I think one of the really important things, and Steve pointed this out in his remarks, is the differentiation of our performance. The fact that we're three-quarters allocated to logistics, rental housing and data centers, which looks very different than other investors. And I think like the financial crisis, it may take a bit of time, but when people see the dispersion in performance and how we've done, I think we'll see significant capital moving in our direction.
我想说的是，围绕房地产的谈话基调有所改善。我认为，人们已经意识到房价已经重启，现在是重新进入的好时机。我认为真正重要的事情之一，史蒂夫在发言中指出了这一点，就是我们的业绩差异化。事实上，我们四分之三的投资都分配给了物流、租赁住房和数据中心，这看起来与其他投资者非常不同。我认为，就像金融危机一样，这可能需要一点时间，但当人们看到业绩的分散性和我们的表现时，我认为我们会看到大量资本向我们的方向流动。
So the path of travel here I think for us is good, but in real estate I think it'll take a little bit of time just because of the experience investors have had in the sector.
因此，我认为我们的发展前景是好的，但在房地产领域，我认为还需要一点时间，因为投资者在该领域已经积累了丰富的经验。
Michael Chae
And I'd just add, Alex. This is Michael. In terms of the breadth drawdown area, obviously, I think our timing was fortuitous in terms of being able to raise those funds over the last two or three years and now being in a really amazing position with $60 billion of dry powder. And so we're in a good position where subject to finishing the Europe drawdown fundraise where we have a lot of dry powder to invest from those opportunistic vehicles.
我还想说 亚历克斯我是迈克尔。在广度缩减领域，很明显，我认为我们的时机很好，在过去的两三年里，我们能够筹集到这些资金，现在又拥有 600 亿美元的干粉，处于一个非常有利的位置。因此，我们现在处于一个很好的位置，只要完成欧洲缩减基金的募集，我们就有大量的干粉可以从这些机会主义工具中进行投资。
Alex Blostein 亚历克斯-布洛斯坦
Yep. Thanks so much. 是的。非常感谢
Operator 操作员
Thank you. We'll go next to Glenn Schorr with Evercore ISI.
谢谢。我们接下来请 Evercore ISI 的 Glenn Schorr 发言。
Glenn Schorr 格伦-肖尔
Hello there! Good morning.
你们好早上好
Jon Gray 乔恩-格雷
Morning. 早上好
Glenn Schorr 格伦-肖尔
Curious if we can get a little update on the bank partnerships and asset-backed finance. There was another deal announced today outside of you guys. But there's been a tremendous amount of news flow in that space and the asset-backed opportunity might be multiples larger than what we've seen in middle market lending. So I wonder if you could help frame the opportunity and remind us what you have on the ground already.
对于银行合作伙伴关系和资产支持融资的更新，我很好奇我们能否得到一些最新的信息。今天在你们之外又宣布了另一笔交易。但那个领域有大量的新闻流动，而且资产支持的机会可能比我们在中端市场贷款中看到的要大得多。所以我想问一下，你们能否帮助界定这个机会，并提醒我们你们已经有哪些实际进展。
Jon Gray 乔恩-格雷
Well, I think it is a big area of opportunity, because I think you can offer clients higher returns in investment-grade private credit, particularly in the asset-backed sector, because you are able to take out a lot of the distribution costs in an ABS transaction and so we've seen a tremendous amount of interest in this area.
我认为这是一个充满机遇的大领域，因为我认为在投资级私人信贷领域，尤其是在资产支持领域，你可以为客户提供更高的回报，因为你可以在资产支持证券交易中省去很多分销成本，因此我们看到了这一领域的巨大商机。
In fact, we talk about 15 SMAs with insurance companies away from the big four strategic partnerships and virtually all of those have some piece of asset-backed finance. It could be fund finance, it could be transportation, digital; it could be green energy, it could be residential.
事实上，除了四大战略伙伴关系之外，我们还与保险公司建立了 15 个 SMA，几乎所有这些 SMA 都有一些资产支持融资。可能是基金融资，可能是交通、数字；可能是绿色能源，也可能是住宅。
We're just seeing a tremendous amount of interest in this area. We've been building up the number of platforms. We have partnerships, flow agreements with banks. We've been making some smaller strategic investments from our partners as you know. We have a balance sheet light approach to this. But I think that market is something like a $5 trillion market, and the penetration remains very low and we have seen a big pickup in terms of our volumes in this area and I would expect you'll see more.
我们在这一领域看到了巨大的兴趣。我们一直在增加平台的数量。我们与银行达成了合作和流动协议。众所周知，我们一直在与合作伙伴进行一些较小规模的战略投资。在这方面，我们采用的是轻资产负债表的方法。但我认为，这个市场大约有 5 万亿美元的规模，渗透率仍然很低，我们在这个领域的交易量有了很大的提升，我希望你们会看到更多。
I would also point out that the build-out of the AI infrastructure which Steve’s dwelled on, and I think is really important, much of that will be in asset-backed finance. And so if you think about financing data centers and financing the power that's going to support that, it will be ABF. And the fact that we have an enormous equity business that invests in scale in both of these areas and have a lot of expertise, makes credit investors and insurance companies particularly want to allocate more capital.
我还想指出的是，史蒂夫提到的人工智能基础设施的建设，我认为非常重要，其中大部分将是资产支持融资。因此，如果你考虑为数据中心融资，为支持数据中心的电力融资，那将是 ABF。事实上，我们拥有庞大的股权业务，在这两个领域都有大规模的投资，并且拥有大量的专业知识，这使得信贷投资者和保险公司特别希望分配更多的资本。
巴菲特对私募基金的评价：In truth, “equity” is a dirty word for many private-equity buyers; what they love is debt. （事实上，对于许多私募股权买方来说，"股权"是一个讨厌的词汇；他们喜爱的是债务。），喜欢债务融资是心理状态的反映，是注定做不好的。
So it feels to us like a very big market, early days in terms of penetration, and because these are long-duration assets, I think the holders really appreciate additional spread, and the dialogue in this area is as good as anywhere at the firm today.
因此，我们觉得这是一个非常大的市场，在渗透方面还处于初期阶段，而且由于这些资产期限较长，我认为持有人非常欣赏额外的利差，目前公司在这一领域的对话也非常好。
Glenn Schorr 格伦-肖尔
Thanks Jon. 谢谢你，乔恩。
Operator 操作员
Thank you. We'll go next to Crispin Love with Piper Stanler.
谢谢接下来请克里斯平-洛夫和派珀-斯坦勒发言。
Crispin Love 克里斯平-洛夫
Thanks. Good morning, everyone. I appreciate you taking my question. Just a big picture question on the election, just with the U.S. election rapidly approaching. Can you speak to what you expect to be the biggest impacts due prior to the election, and then how that could impact near-term deployment and realizations? And then how you would also expect the differences between former President Trump or President Biden or perhaps another Democrat occupying the White House to impact Blackstone and the environment over the intermediate term and beyond, and how that could change your activity, just depending on what we see in November?
谢谢。大家早上好。感谢您接受我的提问。我只想问一个关于大选的大局问题，美国大选即将来临。您能否谈谈在大选之前，您预计会有哪些最大的影响，以及这些影响会如何影响近期的部署和实现？然后，您还预期前总统特朗普或拜登总统或另一位民主党人入主白宫会对黑石集团和中期及以后的环境产生怎样的影响，以及这将如何改变您的活动，这取决于我们在 11 月看到的情况？
Jon Gray 乔恩-格雷
You know, I think on the pre-election side, I think investors, frankly, are more focused on what's happening with the economy and in particular with inflation. I know there will be a lot of press coverage of course, rightfully on how the Democrats, Republicans are doing, how things look. But I think if we get good prints on inflation that gives the Fed more air cover to cut rates, that will be more determinative of how markets perform. So I think that is really the key thing to keep your eye on, even though there will be a lot of press focus on the election itself.
你知道，我认为在大选前，坦率地说，投资者更关注经济的发展，尤其是通货膨胀。我知道会有很多媒体报道民主党和共和党的表现，以及事情的前景。但我认为，如果我们的通胀数据良好，为美联储降息提供了更多的 "空中掩护"，这将对市场的表现起到更大的决定性作用。因此，我认为这才是真正需要关注的关键所在，尽管会有很多媒体关注大选本身。
I think post-election, you could see some very different policies. I would just back up and say look, we've operated in blue environments and red and purple environments, and the constant for us is delivering great returns for our customers and that's what we focus on. And we focus on a lot of these long-term trends that we've talked about, what's happening in digitalization, what's happening in power, in life sciences, the growth of the alternatives business, private credit. We think those are the long-term determinants of value.
我认为大选之后，你可能会看到一些截然不同的政策。我想说的是，我们在蓝色环境、红色和紫色环境中都开展过业务，对我们来说不变的是为客户提供丰厚的回报，这也是我们关注的重点。我们关注的是我们所谈到的许多长期趋势，如数字化、电力、生命科学、另类业务增长、私人信贷等。我们认为这些才是价值的长期决定因素。
That being said, what happens here, there will be differences. There'll be differences in the regulatory front. Certainly if you had a Republican administration in areas like antitrust, you would see a different posture I would believe. On energy, you could see, obviously, a different approach on hydrocarbons versus renewables, and you have to factor that into investing. And you could see a very different policy in terms of tariffs broadening out and maybe being certainly higher, and you have to think about that in terms of manufacturing businesses.
尽管如此，这里发生的事情会有不同。监管方面会有分歧。当然，如果在反垄断等领域有一个共和党政府，我相信你会看到不同的姿态。在能源方面，很明显，你会看到在碳氢化合物和可再生能源方面的不同做法，你必须将这一因素考虑到投资中。在关税方面，你可能会看到一个非常不同的政策，也许会扩大范围，也许会提高关税，你必须从制造业企业的角度考虑这一点。
价值投资者不关心这些。
So the good news is, I think we have a pretty good sense of what that may look like, and we're really focused on the long-term in some of these big sectors where we think there are huge opportunities. And regardless of which side wins, I think those things will be really the critical item in terms of driving higher returns.
因此，好消息是，我认为我们对这一前景已经有了很好的认识，而且我们非常注重一些大行业的长期发展，我们认为这些行业蕴藏着巨大的机遇。无论哪一方获胜，我认为这些都将是推动更高回报的关键因素。
Crispin Love 克里斯平-洛夫
Thank you, Jon. 谢谢你，乔恩。
Operator 操作员
Thank you. We'll go next to Brian Bedell with Deutsche Bank.
谢谢。我们接下来请德意志银行的布莱恩-贝德尔（Brian Bedell）发言。
Brian Bedell 布莱恩-贝德尔
All right, great, thanks. Good morning, folks. Maybe a question for Michael on FRE margin. Obviously, as you're scaling or I should say, as you are building the base management fees with the funds coming off holiday and new funds coming into market in ‘25 and obviously on the deployment on the credit side.
好的，谢谢。早上好，各位。我想问迈克尔一个关于 FRE margin 的问题。很明显，随着你们的规模不断扩大，或者我应该说，随着你们的基本管理费不断增加，25 年将有基金结束假期，并有新的基金进入市场，而且很明显，在信贷方面也有部署。
As you think about ‘25 from an FRE margin perspective, I know Michael you've said you certainly want to scale the FRE margin over time. But should we be set up for a step-up in the FRE margin in ‘25, excluding the impact of whatever happens with fee-related performance fees? And then if you could just remind us of what the – what do you think the comp ratio overall on FRE per is maybe that depends by product. But I have a few questions in there, but basically FRE margin ex-FRE per is the base question.
当你从 FRE 利润率的角度考虑 25 年时，我知道 Michael 你说过你当然希望随着时间的推移扩大 FRE 利润率。但是，我们是否应该为 25 年 FRE 利润率的上升做好准备，不包括与费用相关的业绩费用的影响？然后，如果您能提醒我们，您认为每份 FRE 的总体补偿率是多少，也许这取决于不同的产品。我还有几个问题要问，但基本问题是除去每股 FRE 之外的 FRE 利润率。
Michael Chae
Sure. Hey Brian. Look, I think the underlying sort of trajectory and the baseline for margins, certainly ex-FRE per, is one of stability in the near term, and we think operating leverage over the long term.
当然，嘿，布莱恩。听着，我认为利润率的基本轨迹和基线（当然不包括 FRE）在短期内是稳定的，而且我们认为长期的经营杠杆作用也是稳定的。
I think you note correctly the two sort of key variables in the near term, fee holidays and that level of sensitivity to fee-related performance revenues on fee holidays, corporate private equity energy transition, both activated in this quarter, as I mentioned. We'll have some other funds that'll be in holiday proportions in the second half. So we'll come through that in the latter part of the year and into next year.
我想你正确地注意到了近期的两个关键变量，即收费假期和收费假期对与收费相关的业绩收入的敏感度，以及企业私募股权基金的能源转型，正如我提到的，这两个变量都在本季度启动。下半年，我们还将有其他一些基金进入假期。因此，我们将在今年下半年和明年渡过难关。
Then second, that level of sensitivity to fee-related performance revenues. So core plus fee-related performance revenues do carry higher incremental margins generally as do direct lending incentive fees.
其次是对与费用相关的业绩收入的敏感度。因此，与直接借贷奖励费用一样，核心收入加上与费用相关的绩效收入通常会带来更高的增量利润。
On the other side for infrastructure, Q4 represents its first large crystallization. As we've been building and scaling out that business, it carries with it a modestly lower effective margin at this stage of its development. But of course, it's been performing extraordinarily well, and that's very positive for FRE on an absolute dollar basis.
另一方面，对于基础设施业务而言，第四季度是其首次大规模结晶。由于我们一直在建立和扩大该业务，因此在其发展的现阶段，有效利润率略低。当然，它的表现一直非常出色，按绝对美元计算，这对 FRE 来说是非常积极的。
So overall, in the near term, we'd expect full year margins to be sort of in a reasonable range relative to last year, where it falls within that function of the factors I mentioned that you cited. Then longer term, that sort of picture of stability and over time of operating leverage.
因此，总体而言，在短期内，我们预计全年利润率与去年相比将处于一个合理的范围内，即在我提到的你所引用的因素的作用范围内。从长远来看，经营杠杆的稳定性和长期性也会有所改善。
So, I think you framed the picture right. I think you alluded to the right couple of variables, and both the near term and into 2025. Obviously, on a long-term basis we're very comfortable and optimistic about it.
所以，我认为你说得很对。我想你提到了几个正确的变量，包括近期和 2025 年。显然，从长远来看，我们对此非常满意和乐观。
Jon Gray 乔恩-格雷
Thanks, Brian. 谢谢你，布莱恩。
Operator 操作员
Thank you. We'll go next to Ken Worthington with JPMorgan.
谢谢。接下来请摩根大通的肯-沃辛顿（Ken Worthington）发言。
Ken Worthington 肯-沃辛顿
Hi. Good morning. Thanks for taking the question. In terms of the secondary business, there's been an overwhelmingly positive course of commentary from the industry at large. Two things, maybe can you talk about deployment opportunities and the competitiveness of private equity secondaries these days?
嗨，早上好。感谢您接受提问。关于二级市场业务，整个行业的评论都非常积极。有两件事，也许你能谈谈部署机会和私募股权二级市场如今的竞争力？
And then your secondary returns in your investment performance table has trailed private equity and other asset classes in recent years, I think in ‘23 up 2.5%, and in ‘24 up 3% to-date. As you go into flagship secondary fundraising, what anchors your confidence in being able to raise more money in the next vintage, and are returns a factor here?
在你们的投资业绩表中，二级市场的回报率近年来一直落后于私募股权和其他资产类别，我认为 23 年的回报率为 2.5%，24 年至今的回报率为 3%。在你们进行旗舰项目的二次募资时，是什么支撑着你们有信心在下一个阶段募集到更多资金，回报率是否也是一个因素？
Jon Gray 乔恩-格雷
So a couple of things on the secondaries business. One, I would say is that if you just look at what's happening in alternatives, the growth in alternatives, which has been a double-digit grower now for a long period of time, what we've seen is the need for liquidity as an asset class grows. So that's why secondaries business continues to grow, and our business, which we started with 10 years ago at $10 billion has grown eightfold. So there's a need for liquidity.
关于第二类业务，我想谈两点。其一，我想说的是，如果你看看另类投资正在发生什么，另类投资的增长长期以来都是两位数增长，我们看到的是资产类别对流动性的需求在增长。这就是二级市场业务持续增长的原因，我们的业务从 10 年前的 100 亿美元起步，到现在已经增长了 8 倍。因此，对流动性的需求是存在的。
比银行更有优势的融资模式，事实上更能够做出成绩，如果私募喜欢债务融资，那么银行更喜欢，并且是没有选择的喜欢。
Even today, if you look at the volume of secondaries that trade, it's 1% to 2% of the underlying NAV in funds, which is very low for most asset classes in terms of liquidity. So there is, as alternatives grow, the fact that this sector, there's not enough liquidity today in the sector, and the sector is growing. It creates a secular opportunity.
即使在今天，如果你看一下二级市场的交易量，也不过是基金相关资产净值的 1%到 2%，就流动性而言，这在大多数资产类别中都是非常低的。因此，随着另类投资的发展，该行业目前的流动性不足，而该行业正在发展壮大。这创造了一个世俗的机会。
Also, as you know, in the institutional market what we've seen is a bunch of clients are over their targets, and that's creating a deployment opportunity. So I think we as the largest player in the space feel very good. When you comment on returns, if you look at those overall, they've been remarkably strong. Yes, in recent quarters not as strong, but since inception, mid-teens or higher returns, latest funds, high-teens net returns.
另外，如你所知，在机构市场，我们看到很多客户都超过了他们的目标，这就创造了一个部署机会。因此，我认为我们作为该领域最大的参与者，感觉非常好。当你谈到回报时，如果你看一下整体回报，它们一直非常强劲。是的，最近几个季度没有那么强劲，但自成立以来，回报率都在 10%以上，最新的基金，净回报率都在 10%以上。
So when we think about going back out to raise our next flagship fund, our confidence level is extremely high. Our last vintage, I think, was $22 billion for our private equity secondaries business. The team there, Verdun Perry has done an incredible job. Our expectation is we would raise something larger.
因此，当我们考虑再次募集下一支旗舰基金时，我们的信心指数非常高。我想，我们的私募股权二级市场业务的上一个年份是 220 亿美元。Verdun Perry 团队的工作非常出色。我们希望能募集到更大的资金。
So it feels like a segment that is well-positioned, that there is a bit of structural inefficiency that's allowed you to generate attractive returns. Clients are beginning to really recognize that the risk return is favorable, and we think it can continue to be a real growth driver here at Blackstone.
因此，我们认为这是一个定位准确的细分市场，存在一定的结构性低效，使您能够获得有吸引力的回报。客户开始真正认识到风险回报是有利的，我们认为这将继续成为 Blackstone 真正的增长动力。
Steve Schwarzman 史蒂夫-施瓦茨曼
Just to add onto and reinforce Jon's point. First of all, on the long-term track record, as Jon said, you can see in the investment record, 14% across the business. And in the two most recent sort of invested funds, 24% and 21% net.
我只想补充并强化乔恩的观点。首先，关于长期跟踪记录，正如乔恩所说，你可以从投资记录中看到，整个业务的投资比例为 14%。而在最近两次的投资资金排序中，净值分别为 24% 和 21%。
I would say in the last year or so, the return versus private equity, first of all there is as you know, a lag on the reporting of the secondary business relative to the underlying GPs. Moreover, I'd say the nature of the secondaries business is portfolios that tend to have more mature investments. So I think in terms of the cyclical rebound in returns, that will also lag and be more muted to some degree than the overall market, and what you'll see in our own private equity business.
我想说的是，在过去一年左右的时间里，与私募股权投资相比，首先，正如你所知道的那样，二级业务的报告相对于相关的 GP 来说是滞后的。此外，我想说的是，二级市场业务的性质是倾向于拥有更成熟投资的投资组合。因此，我认为，就回报的周期性反弹而言，这在某种程度上也会滞后于整体市场，而且你会在我们自己的私募股权业务中看到这种反弹。
There's also a variable around the sort of the level of deal flow, a year ago and the benefit that comes from buying those funds at a discount to the fund returns in the short term. But long-term overall, it is an outstanding track record.
此外，一年前的交易流量水平以及短期内以基金回报的折扣价购买这些基金所带来的收益也是一个变量。但从长远来看，总体业绩还是非常出色的。
Ken Worthington 肯-沃辛顿
Great. Thank you. 太好了谢谢
Jon Gray 乔恩-格雷
Thank you. 谢谢。
Operator 操作员
We'll go next to Dan Fannon with Jefferies.
接下来请 Jefferies 的 Dan Fannon 为我们介绍。
Dan Fannon 丹-范农
Thanks. Good morning. Jon, I was hoping you could expand a bit more on the fundamentals you're seeing in real-estate, which is obviously fueling some of the confidence around your accelerating deployment. I think you mentioned more buyers out in the market, but hoping to get a little more context around the broader real-estate environment.
谢谢。早上好。乔恩，我希望你能多谈谈你所看到的房地产基本面，这显然会增强你对加快部署的信心。我想你提到了市场上有更多的买家，但希望能就更广泛的房地产环境提供更多信息。
Jon Gray 乔恩-格雷
So what we said on real-estate, and you guys know, because we've been certainly talking about it for some time, is there are a couple of, I'd say very positive signs that are emerging in the overall real-estate picture. Office, as we've said, is more challenged. Vacancy rates in office today are sort of mid-20s, and it's going to take a while to work through that.
关于房地产，我们说过，你们也知道，因为我们已经讨论了一段时间，在整个房地产市场中，我认为有几个非常积极的迹象正在出现。正如我们所说，写字楼面临的挑战更大。如今，写字楼的空置率在 20% 左右，要解决这个问题还需要一段时间。
In the other sectors, the fundamentals are better. If you think about apartments and logistics in the U.S. 5%, 6% vacancy. Demand has softened a bit, but pretty steady I'd say in both of those areas. Very positively supply has come down 50%-ish in multifamily starts, 75% from the peaks in warehouse starts, so that's very good long term.
其他行业的基本面更好。在美国，公寓和物流业的空置率为 5%、6%。需求略有放缓，但我认为这两个领域都很稳定。非常积极的是，多户住宅的开工供应量下降了 50%左右，仓库的开工供应量比高峰期下降了 75%，所以长期来看，这是非常好的。
But the near-term thing that has really impacted price and transaction volume has been cost and availability of capital. So, if you went back to the fall, the tenor was 80 basis points higher than it is today. Spreads were probably 100 or more basis points wider, and the CMBS market was basically closed. That's changed pretty significantly, and the result of that is, in those sectors where we have our greatest exposure, which would be logistics and rental housing, we see 2x, 3x more bidders showing up to buy assets.
但近期真正影响价格和交易量的是成本和资金供应。因此，如果你回到秋季，贷款期限比现在高出 80 个基点。利差可能比现在宽 100 个基点或更多，CMBS 市场基本上是封闭的。这种情况已经发生了很大的变化，其结果是，在我们接触最多的行业，也就是物流和租赁住房行业，我们看到竞购资产的投标人增加了 2 倍或 3 倍。
So I think that is clearly a positive. We have said we don't see some sort of rocket ship V-shaped recovery here. But we definitely have seen, if you look at the Green Street Property Report, six quarters, as I noted, where things have been flat and rising, and the sentiment's improving.
因此，我认为这显然是一个积极因素。我们说过，我们看不到某种火箭飞船式的 V 型复苏。但我们肯定已经看到，如果你看一下《绿街地产报告》，正如我所指出的，有六个季度的情况是持平和上升的，情绪正在改善。
房地产是总体上没什么超额收益但确定性比较好的领域。
So you've got a better cost of capital environment. You've got decent fundamentals, in that sense, the groundwork. And if you went back to the financial crisis of course, we started deploying in the summer of ‘09. There were still plenty of negative headlines from troubled deals for the next couple of years, and it was a great deployment period for us.
因此，你有一个更好的资本成本环境。从这个意义上说，你已经有了良好的基础。当然，如果追溯到金融危机，我们是在 09 年夏天开始部署的。在接下来的几年里，仍然有很多负面新闻来自于陷入困境的交易，而这对我们来说是一个很好的部署时期。
There's some similarities we're seeing today. The sentiment, we think, will stay negative because there still will be some troubled assets to work through the system. But on the ground prices have cleared, and some of these headwinds have gone away, and that creates a favorable environment, and what we're doing now is seed planting for the future. So these huge public to privates we've done in the U.S., the big push in European logistics, we think this will pay real dividends for our investors over time.
我们今天看到了一些相似之处。我们认为，市场情绪仍将是负面的，因为仍有一些问题资产需要通过系统处理。但从实际情况来看，价格已经回落，一些不利因素已经消失，这就创造了一个有利的环境，我们现在所做的就是为未来播种。因此，我们在美国进行的这些大型公转私项目，以及在欧洲物流业的大力推进，我们认为随着时间的推移，都将为我们的投资者带来真正的红利。
Dan Fannon 丹-范农
Great. Thank you. 太好了谢谢
Operator 操作员
We'll go next to Benjamin Budish with Barclays.
我们接下来请巴克莱银行的本杰明-布迪什（Benjamin Budish）发言。
Benjamin Budish 本杰明-布迪什
Hi. Good morning, and thanks for taking the question. I wanted to ask maybe a specific one on BPP. If you could give an update on sort of what's happening there with the redemption queue, and then it sounds like based on your optimism around, real-estate performance and inflows potentially picking up over the near to medium term, how should we think about the sort of inflows and outflows of that fund evolving over the next, say, six to 12 months? Thank you.
早上好，感谢您接受提问。我想问一个关于 BPP 的具体问题。如果您能介绍一下赎回排队的最新情况，然后听起来基于您对房地产表现和资金流入在中短期内可能回升的乐观态度，我们应该如何看待该基金在未来 6 到 12 个月内的资金流入和流出情况？谢谢。
Jon Gray 乔恩-格雷
Yeah. In our Core+ institutional business, we've seen a little bit of a pickup. It's still single digit in terms of the redemption queue across our BPP product line. I think, as you know in this, different than what we have in our individual investor vehicle, that it's based on new capital coming in, in terms of providing liquidity over time, and the institutional investors have a recognition that it takes time in a period of like this to get liquidity.
在我们的核心+机构业务中，我们看到了一点回升。就整个 BPP 产品线的赎回队列而言，仍然是个位数。我认为，正如你所知道的，这与我们的个人投资者工具不同，它是基于新资本的进入，随着时间的推移提供流动性，机构投资者认识到，在这样的时期获得流动性需要时间。
As I said earlier on fundraising, my expectation would be open-ended funds will take some time before investors feel a little more confident. We're starting to see some interest, particularly folks thinking about could they buy in at a little bit of a discount and so forth. But I think it's a question of working our way through the cycle.
正如我之前说过的，我预计开放式基金还需要一段时间才能让投资者更有信心。我们已经开始看到一些兴趣，尤其是一些人在考虑能否以折扣价购买基金等等。但我认为，这是一个在周期中不断努力的问题。
Again here, I think we've done a very nice job on how we've set these portfolios up for success over time in terms of the portfolio positioning. But I would say my expectations on inflows here would be a little bit muted over the near term. But as fundamentals, certainly as real-estate starts to deliver more positive performance, we can see the shift and that's exactly what happened.
同样，我认为我们在投资组合定位方面做得非常好，为这些投资组合的长期成功奠定了基础。但我想说的是，我对资金流入的预期在短期内会有些微弱。但随着基本面的变化，当然是随着房地产开始带来更积极的表现，我们可以看到这种转变，而这正是发生了的事情。
If you went back to the post-financial crisis period, interestingly what you see in that case is people want to get deployed and then they pull their redemptions from the queue. So in many cases, they get in the queue thinking about, well maybe I want liquidity. Then when the world turns, they pull that back. So, I think that could happen over time as well, and it is obviously a tie here to what happens in the cycle.
如果你回溯到金融危机后的时期，有趣的是，你会发现人们想获得配置，然后从队列中撤出赎回。因此，在很多情况下，他们在排队时会想，也许我需要流动性。然后，当世界发生变化时，他们又将其撤回。因此，我认为随着时间的推移，这种情况也会发生，这显然与周期中发生的情况有关。
下跌了想撤，上涨了想买，开放式基金很难赚到钱的。
Benjamin Budish 本杰明-布迪什
Got it. Thank you, Jon.
知道了谢谢你，乔恩
Operator 操作员
Thank you. We'll go next to Brennan Hawken with UBS.
谢谢。接下来请瑞银集团的布伦南-霍肯（Brennan Hawken）发言。
Brennan Hawken 布伦南-霍肯
Good morning. Thanks for taking my questions. So, was curious, given the tightening of redemption limits that we saw at SREIT during the quarter, can you speak to the impact that you saw in the wealth market on the back of that?
早上好。感谢您接受我的提问。我很好奇，本季度SREIT收紧了赎回限制，您能谈谈这对财富市场的影响吗？
I mean, totally appreciate that BREIT is dramatically better positioned and you all actually allowed for more redemptions when above the limit and a clear sign of strength. So it's not really about BREIT specifically, but more about what SREIT, that impact that had on that market and maybe risk appetites. Thanks.
我的意思是，我完全理解 "英国脱欧 "计划的定位大大提高，而且你们实际上允许更多的赎回，当赎回超过限额时，这是一个明显的强势迹象。因此，这并不是真正意义上的 "脱欧"，而更多的是 "SREIT "对市场和风险偏好的影响。谢谢。
Jon Gray 乔恩-格雷
As you noted, there was a short-term impact in May in BREIT specifically as investors got nervous. We were able to assure investors that we managed the liquidity in a very differentiated way, and then we saw in June redemption specifically in BREIT come down pretty sharply 50% from May levels. As I noted in my remarks, month-to-date so far, they've come down additionally.
正如您所指出的，由于投资者的紧张情绪，5 月份英国脱欧投资计划受到了短期影响。我们能够向投资者保证，我们以非常有区别的方式管理流动性，然后我们看到 6 月份的赎回，特别是 BREIT 的赎回，比 5 月份的水平大幅下降了 50%。正如我在发言中指出的，到目前为止，本月的赎回量已经额外下降。
We have not seen a dramatic change or frankly much of a change in terms of sentiment or what's happening in the private wealth channel. I think in real estate specifically, investors are still waiting and seeing here a bit, although we pointed out in the quarter, we had our best inflows in BREIT in a year. BCRED had its best quarter in two years in fundraising and BXPE has continued to raise significant money, and that has been a very successful launch in the first six months.
在私人财富渠道的情绪或发生的事情方面，我们还没有看到戏剧性的变化，坦率地说，也没有看到太大的变化。我认为，具体到房地产领域，投资者仍在观望，尽管我们在本季度指出，我们在 BREIT 取得了一年来最好的资金流入。BCRED在本季度取得了两年来最好的募资成绩，BXPE也继续募集到大量资金，在前六个月的推出非常成功。
Ultimately, this is about performance. That's what matters. That's what drives things. It's the same story as our institutional business. We are relentless in focusing on where we invest capital, how we manage the assets and how we deliver returns. If you look at BREIT since inception, remarkable double-digit net returns over 7.5 years, more than double the public REIT index. You look at the double-digit net returns in BCRED, the strong start for BXPE, this is what ultimately matters to our underlying clients, and this is what we've got to do.
归根结底，这与性能有关。这才是最重要的。这才是驱动力。这与我们的机构业务如出一辙。我们坚持不懈地关注资本投向、资产管理和回报方式。如果你看一下 BREIT 自成立以来的情况，7.5 年的净回报率达到两位数，是公共房地产投资信托指数的两倍多。看看 BCRED 两位数的净回报率，看看 BXPE 的强劲开局，这才是我们的相关客户最关心的，也是我们必须要做的。
I think, frankly, getting through this downturn period and people seeing the semi-liquid structure work, I think will give additional confidence. So, as long as we continue to execute, I think that's the key in this private wealth channel. I feel good about our ability to do that. So our confidence in the channel remains extremely high.
我认为，坦率地说，度过这个低迷时期，人们看到半流动结构的运作，我认为会给他们带来更多信心。因此，只要我们继续执行，我认为这就是私人财富渠道的关键。我对我们的能力感到满意。因此，我们对该渠道的信心仍然非常高。
Brennan Hawken 布伦南-霍肯
Great. Thanks for that color.
太好了谢谢你的颜色。
Operator 操作员
Thank you. We'll go next to Bill Katz with TD Cowen.
谢谢。接下来请 TD Cowen 的比尔-卡茨（Bill Katz）发言。
Bill Katz 比尔-卡兹
Okay, thank you very much. Maybe to pick up on the retail discussion, you were obviously very early and very prescient in terms of building the platform. However, the last number of years has been a very big pickup of focus and new players into that.
好的，非常感谢。关于零售业的讨论，很明显，你们在建立平台方面做得非常早，也非常有先见之明。然而，最近几年，零售业的关注度有了很大的提升，也有了新的参与者。
So, I was wondering, as you look ahead, how you sort of see the evolution of the wealth management opportunity, certainly a big denominator. But how do you think the competition shakes out and how are the conversations with the financial advisors and intermediaries playing out in terms of how they are allocating to the bigger brands? Thank you.
因此，我想知道，展望未来，你如何看待财富管理机会的演变？但你认为竞争格局会如何变化，与财务顾问和中介机构的对话是如何进行的？谢谢。
Jon Gray 乔恩-格雷
Thanks, Bill. It's definitely an area of large-scale opportunity, and everybody in the industry is recognizing this now. I think credit to our firm to get into this well before other people, to focus on financial advisors and their underlying clients, to build out now a 300-plus person global team led by Joan Solotar that's focused on serving individual investors and also innovating, creating these perpetual products that brought costs down very significantly from what had existed historically in non-traded REITs, non-traded BDCs, and really innovating to create things that would work from a cost structure, tax standpoint, liquidity standpoint.
谢谢，比尔。这绝对是一个蕴藏着大规模机遇的领域，业内的每个人现在都认识到了这一点。我认为，我们公司比其他人更早进入这个领域，专注于财务顾问和他们的基本客户，建立了一个由琼-索洛塔（Joan Solotar）领导的 300 多人的全球团队，专注于服务个人投资者，同时进行创新，创造这些永久性产品，大大降低了非交易型房地产投资信托基金和非交易型 BDC 的成本，真正实现了从成本结构、税收角度和流动性角度进行创新。
So I think we will see more competitors move into the space. The advantage we have is our brand. I touched on it at the end of my remarks, but I think that is perhaps the most powerful asset of our firm along with our people. Investors know us, trust us, because we've done such a great job investing capital for four decades. The relationship and reservoir of goodwill we have with individual investors in in the products, in the results we've delivered in BREIT and BCRED, and in the drawdown funds that we have sold into the channel have built up a lot of positive feelings.
因此，我认为会有更多的竞争对手进入这一领域。我们的优势在于我们的品牌。我在发言的最后提到了这一点，但我认为这也许是我们公司最强大的资产，还有我们的员工。投资者了解我们，信任我们，因为四十年来我们在资本投资方面做得非常出色。我们与个人投资者在产品、我们在 BREIT 和 BCRED 中取得的成果以及我们在渠道中销售的缩水基金方面的关系和商誉积累了很多积极的情感。
So I think others will show, but we're continuing to innovate here. We talked about in the remarks, new products in infrastructure and multi-asset credit. I think the one advantage I'd say in this market versus the institutional market, there you can have thousands and thousands of individual private equity firms or real-estate firms, credit firms. I think when you get to private wealth, the brands are going to matter, the scale, the ability to service. I think it'll be a smaller number of players in that segment. It'll grow over time, but it requires something different.
因此，我认为其他人会表现出来，但我们将继续在这里创新。我们在发言中谈到了基础设施和多资产信贷领域的新产品。我认为，与机构市场相比，这个市场有一个优势，那就是你可以拥有成千上万家个人私募股权公司或房地产公司、信贷公司。我认为，当你进入私人财富市场时，品牌、规模和服务能力将变得非常重要。我认为，在这一领域，参与者的数量会越来越少。随着时间的推移，它还会增长，但所需要的东西不同。
We have a pretty meaningful first mover advantage, $240 billion of total assets. We are absolutely committed to delivering great performance and great service to the underlying customer. So, we recognize it's going to be more competitive. Others will try to do things in the marketplace. We respect them, but we really like our first mover position in this very large and growing market.
我们拥有相当大的先发优势，总资产达 2400 亿美元。我们绝对致力于为基本客户提供出色的业绩和优质的服务。因此，我们认识到竞争会更加激烈。其他人会尝试在市场上有所作为。我们尊重他们，但我们非常喜欢我们在这个巨大且不断增长的市场中的先行者地位。
Bill Katz 比尔-卡兹
Thanks Jon. 谢谢你，乔恩。
Operator 操作员
Thank you. We'll go ahead to Patrick Davitt with Autonomous Research.
谢谢。下面有请 Autonomous Research 公司的 Patrick Davitt。
Patrick Davitt 帕特里克-达维特
Hey. Good morning, everyone. Most of mine have been asked. I guess, the gross to net flow GAAP in AUM was fairly dramatic for a low realization quarter. So to what extent is that a result of the assets moving between strategies and/or funds? And if so, could you give the volume of that rotation that was included in gross flows, if any? Then taking a step back, is this a trend we should expect more of on a go-forward basis, or do you think 2Q was uniquely large? Thanks.
大家早上好。我的大部分问题都有人问过了。我想，对于一个变现能力较低的季度来说，资产管理规模从毛额到净流量的GAAP变化是相当戏剧性的。那么，这在多大程度上是资产在不同策略和/或基金之间流动的结果？如果是的话，你能否提供包含在总流量中的轮换量（如果有的话）？退一步讲，我们是否应该期待未来会有更多这样的趋势？谢谢。
Michael Chae
Yeah, I think Patrick, there has been over time a bit more of that dynamic that involves to some degree the open-ended funds and the nature of how those work. There have been some shifts in terms of allocation of capital between businesses that cross segments. Also, we had in the second quarter that the move from a reporting standpoint, a couple of businesses between credit and BXMA. So that's been – the nature of the business involves more of that, but it’s not – I think it's not going to be dramatically different over time.
是的，我认为帕特里克，随着时间的推移，这种动态在一定程度上涉及到开放式基金以及这些基金的运作性质。跨部门业务之间的资本分配也发生了一些变化。此外，我们在第二季度从报告的角度出发，在信贷和 BXMA 之间转移了几项业务。因此，业务性质涉及到更多这种情况，但这并不是--我认为随着时间的推移，这种情况不会有很大的不同。
Patrick Davitt 帕特里克-达维特
Thank you. 谢谢。
Operator 操作员
Thank you. We'll take our last question from the line of Arnaud Giblat with BNP.
谢谢。最后一个问题由法国国家巴黎银行的 Arnaud Giblat 提出。
Arnaud Giblat 阿尔诺-吉布拉特
Good morning. A quick question on the wealth channel. I'm just wondering if you could share with us why you think the European semi liquid products lag so much versus the U.S. products? And do you think that a refresh of the rules with the new ELTIF 2.0 rules are likely to offer material opportunity to grow in the European wealth channel?
早上好。我有一个关于财富渠道的简单问题。我只是想知道，您能否与我们分享一下，为什么您认为欧洲的半流动性产品与美国的产品相比如此落后？您认为新的ELTIF 2.0规则的更新是否有可能为欧洲财富渠道的增长提供实质性的机会？
Jon Gray 乔恩-格雷
So we love Europe. I'll be there next week, but it is harder on the regulatory front. If you look at the European Union, you have a completely different set of rules for private wealth products, almost by country, and some of the rules, I do believe, need to be updated. The definitions of who can invest, the term professional investor, which is technical. There are a lot of limitations by country, and the structures you can use are very different. So you have to attack Italy different than Switzerland and Spain or Germany.
所以我们喜欢欧洲。我下周会去那里，但在监管方面会更难。放眼欧盟，几乎每个国家都有一套完全不同的私人财富产品规则，而且我认为有些规则需要更新。关于谁可以投资的定义，专业投资者一词，这是一个技术问题。每个国家都有很多限制，你可以使用的结构也大不相同。因此，你对意大利的攻击必须与瑞士、西班牙或德国不同。
We built up a lot of capabilities. We're having some success today with our European direct lending platform, although it's still small. I think European investors ultimately will want the same thing as U.S. investors. They tend to be a little more risk averse as you know, but I think their desire for strong returns in a product that's designed and works for them will be high.
我们建立了很多能力。如今，我们的欧洲直接借贷平台取得了一些成功，尽管规模还很小。我认为欧洲投资者的最终需求与美国投资者相同。如你所知，他们往往更倾向于规避风险，但我认为他们对通过专为他们设计和运作的产品获得丰厚回报的渴望会很高。
We're a persistent bunch. We're going to stick at it in Europe. We do want to work with the regulators to try to make this a little bit more of a user-friendly environment. The distributors, the big financial institutions recognize this as well.
我们是一群坚持不懈的人。我们会在欧洲坚持下去。我们确实希望与监管机构合作，努力使这一环境更加方便用户。分销商和大型金融机构也认识到了这一点。
So I think it's a long-term process. I think it can change. We've seen some changes in places like Japan that were conducive to selling some of these private wealth products. I think we will over time hopefully see changes in Europe, because I think the products make a lot of sense for customers. So, we'll stick at it, and it's probably going to take some time.
因此，我认为这是一个长期的过程。我认为这是可以改变的。在日本等地，我们已经看到了一些有利于销售私人财富产品的变化。我认为随着时间的推移，我们有望在欧洲看到变化，因为我认为这些产品对客户很有意义。因此，我们会坚持下去，这可能需要一些时间。
Operator 操作员
Thank you. That will conclude our question-and-answer session. At this time I'd like to turn the call back over to Weston Tucker for any additional or closing remarks.
谢谢。问答环节到此结束。现在，我想请 Weston Tucker 发表补充或结束语。
Weston Tucker 韦斯顿-塔克
Thank you everyone for joining us today, and look forward to following up after the call. Have a great day.
感谢大家参加今天的会议，并期待在会后继续跟进。祝大家今天愉快
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