Management remarks
Call period: 2026 Q2 · 2026-08-04
Guidance: Martin Kelly: Importantly, forward earnings indicators, including our capital formation and origination pipelines, committed capital not yet earning management fees, and signed originations with future syndication fees, are all very strong and continue to build, providing confidence that we will hit our 20%-plus FRE growth outlook for the year as well as establishing embedded momentum for 2027.Margins: Martin Kelly: Our FRE margin reached 58.5%, up roughly 80 basis points sequentially and 120 basis points year-over-year.Analyst Q&A
Analyst Bart Dziarski asked: how overall ties into your outlook for the $85 billion origination -- sorry, inflow target this year and maybe get an early look into how you're thinking about 2027? Management Martin Kelly answered: We're right on track for the year, $42 billion for the half, $85 billion for the full year. That's what we expect to hit. We've messaged through cycle over a 5-year period, $85 billion. So just use that as an anchor point for next year. And the mix of business this quarter was reflective of where we saw pricing in the marketplace. So we issued -- Marc spoke to this, we issued about $12 billion of annuities in different flavors, MYGAs and FIAs principally.管理层陈述
电话会期间：2026 Q2 · 2026-08-04
指引：马丁·凯利表示：重要的是，包括资本形成与发起管道、尚未赚取管理费的承诺资本、带有未来银团费用的已签署发起业务在内的远期收益指标均十分强劲且持续增强，这让我们有信心实现全年20%以上的FRE增长目标，并为2027年奠定增长势头。利润率：马丁·凯利表示：我们的FRE利润率达到58.5%，环比增长约80个基点，同比增长120个基点。分析师问答
分析师巴特·齐亚尔斯基询问公司能否完成2026年850亿美元资金流入目标，以及2027年可参考什么基准。马丁·凯利回应：上半年流入420亿美元，全年850亿美元目标进度符合预期；公司此前给出的中期框架是，按五年周期看年均流入约850亿美元，因此可暂把这一规模作为2027年的基准。本季度公司发行约120亿美元年金，主要为保证收益年金和固定指数年金。
