<p>布鲁克菲尔德公司（TSE:BN）已举行其第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>布鲁克菲尔德公司最新的财报电话会议传达了自信的语气，强调了强劲的可分配收益、强大的募资能力和积极的资产变现，这些都验证了投资组合的估值。管理层承认住宅和年金流动性存在短期压力，但强调了资产负债表的强劲、流动性和充足的灵活性，以将资本转向更高回报、长期的机会。</p>
<h2>可分配收益在稳健的基础表现上有所提升</h2>
<p>布鲁克菲尔德报告本季度总可分配收益为 16 亿美元，过去 12 个月为 60 亿美元。实现前的可分配收益达到 14 亿美元，或每股 0.59 美元，同比增长 7%，过去 12 个月的实现前可分配收益为 55 亿美元，或每股 2.32 美元，突显出其韧性和持续的盈利能力。</p>
<h2>募资势头推动资产管理费增长</h2>
<p>资产管理仍然是主要的利润引擎，本季度产生了 7.65 亿美元的可分配收益，过去 12 个月为 28 亿美元。收费资本上升至 6140 亿美元，同比增长 12%，而与费用相关的收益增长 11% 至 7.72 亿美元，得益于截至目前筹集的 670 亿美元资本，包括最新季度的 210 亿美元。</p>
<h2>财富解决方案通过收购 Just Group 加速发展</h2>
<p>财富解决方案在本季度交付了 4.3 亿美元的可分配收益，过去一年为 17 亿美元，同比增长 11%，随着平台的扩展。4 月收购 Just Group 增加了约 400 亿美元的保险资产，并在英国养老金风险转移市场上实现了即时规模，使布鲁克菲尔德的保险基础接近 2000 亿美元。</p>
<h2>运营业务显示广泛的现金流增长</h2>
<p>运营业务在本季度贡献了 3.6 亿美元的可分配收益，过去 12 个月为 15 亿美元，进一步巩固了多元化的收益基础。值得注意的是，基础设施、私募股权和能源领域的运营资金运营同比增长 19%，反映出这些领域的基本面和增长举措的执行情况有所改善。</p>
<h2>房地产租赁韧性强，租金显著上涨</h2>
<p>房地产基本面看起来稳健，超级核心和核心加的投资组合的入住率超过 95%，而超级核心同店净营业收入在本季度上涨 2%。布鲁克菲尔德在全球签署了 260 万平方英尺的租约，平均净租金比到期水平高出 15%，而美国和加拿大的办公和零售租约则记录了特别强劲的租金上涨。</p>
<h2>变现验证价值并建立实现管道</h2>
<p>布鲁克菲尔德在本季度推进了 170 亿美元的资产销售，主要在账面价值或以上，支持其投资组合的估值。在季度结束后，完成了对首尔国际金融中心的 25 亿美元再融资，实现了 17% 的内部收益率和 2.4 倍的倍数，同时累计未实现的收益权达到了 118 亿美元。</p>
<h2>股东回报通过分红和回购得到支持</h2>
<p>资本回报保持活跃，本季度通过分红和股票回购向股东返还了 5.98 亿美元。截至目前，布鲁克菲尔德公司和布鲁克菲尔德资产管理的股票回购已超过 10 亿美元，显示出管理层对内在价值的信心和对每股收益增长的关注。</p>
<h2>资产负债表通过大规模融资得到加强</h2>
<p>公司截至目前已执行了 450 亿美元的融资，包括 150 亿美元与房地产相关，同时保持了管理层所称的保守杠杆和充足流动性。一个显著的例子是对曼哈顿西区 2 号的 19 亿美元、10 年期无追索权融资，产生了约 4 亿美元的净现金。</p>
<h2>针对技术和人工智能的投资增加了增量收益</h2>
<p>布鲁克菲尔德强调了选择性的技术相关投资，包括通过部分变现技术头寸实现约 1.2 亿美元的可分配收益。它还详细说明了对 SpaceX 的约 10 亿美元承诺，作为更大融资轮的一部分，并强调对人工智能基础设施和硬资产技术机会的严谨态度，而不是广泛的投机性敞口。</p>
<h2>住宅板块面临时机驱动的波动性</h2>
<p>北美住宅表现落后于去年，主要是因为去年受益于五个总体规划社区的销售收益。此外，某些地块销售的延迟时机导致短期收益波动，尽管管理层坚持认为该板块的长期需求和基本面仍然支持。</p>
<h2>财富解决方案的流出随着规模的增长而上升</h2>
<p>财富解决方案的流出高于去年，反映出保险和资产基础的成熟特征和规模的增长。管理层建议投资者应预期年化流出在 100 亿至 120 亿美元之间，随着业务的扩展，将其视为持续时间特征的结构性特征，而不是压力指标。</p>
<h2>年金需求的软性阶段被市场份额增长所缓解</h2>
<p>行业范围内的年金需求在第一季度有所减弱，美国的交易量同比下降约 9% 至 10%，导致养老金相关活动的季节性放缓。尽管如此，布鲁克菲尔德报告了市场份额的增长，表明其竞争地位正在改善，即使在更广泛的市场暂时降温的情况下。</p>
<h2>收益压缩促使向长期资产的转移</h2>
<p>管理层指出，由于新签业务的平均净收益降低，而融资成本上升，近期投资利差面临压力。为了应对这种压缩，公司正在积极将资本重新配置到更长期、更高回报的 Brookfield 策略中，旨在随着时间的推移恢复和增强风险调整后的回报。</p>
<h2>监管和市场头条被视为可控噪音</h2>
<p>高管们提到监管审查的不断演变，包括对某些保险和信贷结构的审查，以及关于私人信贷和软件贷款的负面头条。Brookfield 将这些发展视为主要是行业层面的噪音，对其核心业务的直接影响有限，尽管它承认这种审查增加了市场的不确定性。</p>
<h2>季节性增加了原始目标的执行风险</h2>
<p>管理层重申其目标是在 2026 年实现约 250 亿美元的新保单签发，但警告季度进度可能不均匀。养老金的第一季度季节性和银行渠道建设的时机可能会导致达到全年目标所需的运行速度出现波动，即使长期路径保持不变。</p>
<h2>指引强调多年的增长和实现潜力</h2>
<p>展望未来，Brookfield 表示有信心在 2026 年保持势头，预计将迎来创纪录的募资年，并在下半年实现增长。预计每年将写入约 50 亿英镑养老金流的 Just Group 收购，支持财富解决方案在 2026 年实现约 250 亿美元的新保单签发的雄心，并增强以有吸引力的初始回报收购的保险资产。</p>
<p>Brookfield 的财报电话会议描绘了一个多元化的平台，推动稳定的费用和保险收益，得益于强劲的募资、积极的变现和严格的资本回报。尽管住宅、年金和利差的短期逆风需要关注，但管理层对长期、高回报策略的关注以及日益增长的变现管道为投资者提供了积极的中期前景。</p>

房地产指数 ETF - iShares 道琼斯

美国房地产 ETF - Vanguard

美国房地产 ETF - SPDR

全球房地产股指数 ETF - SPDR

全球房地产投资信托 ETF - iShares

<p>Brookfield Corporation 第一季度的财报电话会议强调了强劲的可分配收益为 16 亿美元，以及稳健的募资努力，资产管理部门产生了 7.65 亿美元的可分配收益。公司在房地产租赁方面表现良好，运营业务的现金流实现了广泛增长。尽管在住宅和年金领域面临短期压力，管理层强调了资产负债表的强劲和持续的资本轮换至更高回报的机会。股东回报得到了 5.98 亿美元的股息和回购的支持，而公司在年初至今已执行了 450 亿美元的融资，保持了保守的杠杆水平和充足的流动性</p>

<p>Brookfield Corporation ((TSE:BN)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>布鲁克菲尔德公司（TSE:BN）已举行其第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Brookfield Corporation’s latest earnings call struck a confident tone, underscoring strong distributable earnings, powerful fundraising, and active asset monetizations that validate portfolio valuations. Management acknowledged pockets of short-term pressure in residential and annuity flows, but stressed balance-sheet strength, liquidity, and ample flexibility to rotate capital into higher-return, long-duration opportunities.</p>
<div class="lb-trans"><p>布鲁克菲尔德公司最新的财报电话会议传达了自信的语气，强调了强劲的可分配收益、强大的募资能力和积极的资产变现，这些都验证了投资组合的估值。管理层承认住宅和年金流动性存在短期压力，但强调了资产负债表的强劲、流动性和充足的灵活性，以将资本转向更高回报、长期的机会。</p>
</div><h2>Distributable Earnings Advance On Solid Underlying Performance</h2>
<div class="lb-trans"><h2>可分配收益在稳健的基础表现上有所提升</h2>
</div><p>Brookfield reported total distributable earnings of $1.6 billion for the quarter and $6.0 billion over the past 12 months. DE before realizations reached $1.4 billion, or $0.59 per share, up 7% year-on-year, with trailing 12‑month DE before realizations at $5.5 billion, or $2.32 per share, highlighting resilient, recurring profitability.</p>
<div class="lb-trans"><p>布鲁克菲尔德报告本季度总可分配收益为 16 亿美元，过去 12 个月为 60 亿美元。实现前的可分配收益达到 14 亿美元，或每股 0.59 美元，同比增长 7%，过去 12 个月的实现前可分配收益为 55 亿美元，或每股 2.32 美元，突显出其韧性和持续的盈利能力。</p>
</div><h2>Fundraising Momentum Drives Asset Management Fee Growth</h2>
<div class="lb-trans"><h2>募资势头推动资产管理费增长</h2>
</div><p>Asset management remained a key profit engine, generating $765 million of DE in the quarter and $2.8 billion over 12 months. Fee-bearing capital climbed to $614 billion, up 12% versus a year ago, while fee-related earnings increased 11% to $772 million, supported by $67 billion of capital raised year-to-date, including $21 billion in the latest quarter.</p>
<div class="lb-trans"><p>资产管理仍然是主要的利润引擎，本季度产生了 7.65 亿美元的可分配收益，过去 12 个月为 28 亿美元。收费资本上升至 6140 亿美元，同比增长 12%，而与费用相关的收益增长 11% 至 7.72 亿美元，得益于截至目前筹集的 670 亿美元资本，包括最新季度的 210 亿美元。</p>
</div><h2>Wealth Solutions Accelerates With Just Group Acquisition</h2>
<div class="lb-trans"><h2>财富解决方案通过收购 Just Group 加速发展</h2>
</div><p>Wealth Solutions delivered $430 million of DE in the quarter and $1.7 billion over the last year, an 11% year-on-year increase, as the platform scales. The April acquisition of Just Group added roughly $40 billion of insurance assets and immediate scale in the UK pension risk transfer market, pushing Brookfield’s insurance base toward the $200 billion mark.</p>
<div class="lb-trans"><p>财富解决方案在本季度交付了 4.3 亿美元的可分配收益，过去一年为 17 亿美元，同比增长 11%，随着平台的扩展。4 月收购 Just Group 增加了约 400 亿美元的保险资产，并在英国养老金风险转移市场上实现了即时规模，使布鲁克菲尔德的保险基础接近 2000 亿美元。</p>
</div><h2>Operating Businesses Show Broad-Based Cash Flow Growth</h2>
<div class="lb-trans"><h2>运营业务显示广泛的现金流增长</h2>
</div><p>Operating businesses contributed $360 million of DE in the quarter and $1.5 billion over 12 months, reinforcing the diversified earnings base. Notably, operating funds from operations in infrastructure, private equity, and energy rose 19% year-on-year, reflecting better fundamentals and execution of growth initiatives across these segments.</p>
<div class="lb-trans"><p>运营业务在本季度贡献了 3.6 亿美元的可分配收益，过去 12 个月为 15 亿美元，进一步巩固了多元化的收益基础。值得注意的是，基础设施、私募股权和能源领域的运营资金运营同比增长 19%，反映出这些领域的基本面和增长举措的执行情况有所改善。</p>
</div><h2>Real Estate Leasing Resilient With Meaningful Rent Uplift</h2>
<div class="lb-trans"><h2>房地产租赁韧性强，租金显著上涨</h2>
</div><p>Real estate fundamentals looked solid, with Super Core and Core Plus portfolios more than 95% occupied and supercore same-store NOI up 2% in the quarter. Brookfield signed 2.6 million square feet of leases globally at average net rents 15% above expiring levels, while U.S. and Canadian office and retail leases recorded particularly strong rent step-ups.</p>
<div class="lb-trans"><p>房地产基本面看起来稳健，超级核心和核心加的投资组合的入住率超过 95%，而超级核心同店净营业收入在本季度上涨 2%。布鲁克菲尔德在全球签署了 260 万平方英尺的租约，平均净租金比到期水平高出 15%，而美国和加拿大的办公和零售租约则记录了特别强劲的租金上涨。</p>
</div><h2>Monetizations Validate Values And Build Realization Pipeline</h2>
<div class="lb-trans"><h2>变现验证价值并建立实现管道</h2>
</div><p>Brookfield advanced $17 billion of asset sales in the quarter, largely at or above carrying values, supporting the marks on its portfolio. After quarter-end, it completed a $2.5 billion recapitalization of IFC Seoul, achieving a 17% internal rate of return and a 2.4-times multiple, while accumulated unrealized carried interest reached $11.8 billion.</p>
<div class="lb-trans"><p>布鲁克菲尔德在本季度推进了 170 亿美元的资产销售，主要在账面价值或以上，支持其投资组合的估值。在季度结束后，完成了对首尔国际金融中心的 25 亿美元再融资，实现了 17% 的内部收益率和 2.4 倍的倍数，同时累计未实现的收益权达到了 118 亿美元。</p>
</div><h2>Shareholder Returns Supported By Dividends And Buybacks</h2>
<div class="lb-trans"><h2>股东回报通过分红和回购得到支持</h2>
</div><p>Capital returns remained active, with $598 million returned to shareholders in the quarter via dividends and share repurchases. Year-to-date, buybacks have exceeded $1 billion across Brookfield Corporation and Brookfield Asset Management shares, signaling management’s conviction in intrinsic value and focus on per-share accretion.</p>
<div class="lb-trans"><p>资本回报保持活跃，本季度通过分红和股票回购向股东返还了 5.98 亿美元。截至目前，布鲁克菲尔德公司和布鲁克菲尔德资产管理的股票回购已超过 10 亿美元，显示出管理层对内在价值的信心和对每股收益增长的关注。</p>
</div><h2>Balance Sheet Strengthened By Large-Scale Financings</h2>
<div class="lb-trans"><h2>资产负债表通过大规模融资得到加强</h2>
</div><p>The company executed $45 billion of financings year-to-date, including $15 billion tied to real estate, while maintaining what management described as conservative leverage and substantial liquidity. A notable example was the $1.9 billion, 10-year nonrecourse financing of 2 Manhattan West at a 5.5% coupon, which generated about $400 million of net cash.</p>
<div class="lb-trans"><p>公司截至目前已执行了 450 亿美元的融资，包括 150 亿美元与房地产相关，同时保持了管理层所称的保守杠杆和充足流动性。一个显著的例子是对曼哈顿西区 2 号的 19 亿美元、10 年期无追索权融资，产生了约 4 亿美元的净现金。</p>
</div><h2>Targeted Tech And AI Bets Add Incremental Upside</h2>
<div class="lb-trans"><h2>针对技术和人工智能的投资增加了增量收益</h2>
</div><p>Brookfield highlighted selective technology-related investments, including realizing about $120 million of DE from a partial monetization of a tech position. It also detailed a roughly $1 billion commitment to SpaceX as part of a larger round and emphasized a disciplined approach to AI infrastructure and hard-asset tech opportunities rather than broad speculative exposure.</p>
<div class="lb-trans"><p>布鲁克菲尔德强调了选择性的技术相关投资，包括通过部分变现技术头寸实现约 1.2 亿美元的可分配收益。它还详细说明了对 SpaceX 的约 10 亿美元承诺，作为更大融资轮的一部分，并强调对人工智能基础设施和硬资产技术机会的严谨态度，而不是广泛的投机性敞口。</p>
</div><h2>Residential Segment Faces Timing-Driven Volatility</h2>
<div class="lb-trans"><h2>住宅板块面临时机驱动的波动性</h2>
</div><p>North American Residential performance lagged the prior year, primarily because last year benefited from a gain on the sale of five master-plan communities. In addition, delayed timing of certain lot sales caused short-term earnings volatility, though management maintained that long-term demand and fundamentals for the segment remain supportive.</p>
<div class="lb-trans"><p>北美住宅表现落后于去年，主要是因为去年受益于五个总体规划社区的销售收益。此外，某些地块销售的延迟时机导致短期收益波动，尽管管理层坚持认为该板块的长期需求和基本面仍然支持。</p>
</div><h2>Wealth Solutions Outflows Rise With Growing Scale</h2>
<div class="lb-trans"><h2>财富解决方案的流出随着规模的增长而上升</h2>
</div><p>Wealth Solutions saw higher outflows than a year ago, reflecting the maturing profile and growing size of the insurance and asset base. Management suggested investors should expect annualized outflows in the $10 billion to $12 billion range as the business scales, framing it as a structural feature of the duration profile rather than a stress indicator.</p>
<div class="lb-trans"><p>财富解决方案的流出高于去年，反映出保险和资产基础的成熟特征和规模的增长。管理层建议投资者应预期年化流出在 100 亿至 120 亿美元之间，随着业务的扩展，将其视为持续时间特征的结构性特征，而不是压力指标。</p>
</div><h2>Annuity Demand Soft Patch Tempered By Share Gains</h2>
<div class="lb-trans"><h2>年金需求的软性阶段被市场份额增长所缓解</h2>
</div><p>Industry-wide annuity demand softened in the first quarter, with U.S. volumes down roughly 9% to 10% year-on-year, creating a seasonally slow environment for pension-related activity. Despite this, Brookfield reported market share gains, indicating its competitive positioning is improving even as the broader market cooled temporarily.</p>
<div class="lb-trans"><p>行业范围内的年金需求在第一季度有所减弱，美国的交易量同比下降约 9% 至 10%，导致养老金相关活动的季节性放缓。尽管如此，布鲁克菲尔德报告了市场份额的增长，表明其竞争地位正在改善，即使在更广泛的市场暂时降温的情况下。</p>
</div><h2>Yield Compression Sparks Shift To Longer-Duration Assets</h2>
<div class="lb-trans"><h2>收益压缩促使向长期资产的转移</h2>
</div><p>Management flagged pressure on near-term investment spreads as newly written business earns lower average net yields, while funding costs have risen. To counter this compression, the company is actively reallocating capital into longer-duration, higher-return Brookfield strategies, aiming to restore and enhance risk-adjusted returns over time.</p>
<div class="lb-trans"><p>管理层指出，由于新签业务的平均净收益降低，而融资成本上升，近期投资利差面临压力。为了应对这种压缩，公司正在积极将资本重新配置到更长期、更高回报的 Brookfield 策略中，旨在随着时间的推移恢复和增强风险调整后的回报。</p>
</div><h2>Regulatory And Market Headlines Seen As Manageable Noise</h2>
<div class="lb-trans"><h2>监管和市场头条被视为可控噪音</h2>
</div><p>Executives pointed to evolving regulatory scrutiny, including reviews of certain insurance and credit structures, alongside negative headlines around private credit and software lending. Brookfield characterized these developments as mostly sector-level noise that has limited direct impact on its core businesses, though it acknowledged that such scrutiny adds to market uncertainty.</p>
<div class="lb-trans"><p>高管们提到监管审查的不断演变，包括对某些保险和信贷结构的审查，以及关于私人信贷和软件贷款的负面头条。Brookfield 将这些发展视为主要是行业层面的噪音，对其核心业务的直接影响有限，尽管它承认这种审查增加了市场的不确定性。</p>
</div><h2>Seasonality Adds Execution Risk To Origination Targets</h2>
<div class="lb-trans"><h2>季节性增加了原始目标的执行风险</h2>
</div><p>Management reiterated its goal of reaching about $25 billion of new policy originations in 2026 but cautioned that quarterly pacing may be uneven. First-quarter seasonality in pensions and the timing of bank channel build-outs could introduce volatility around the run-rate needed to hit that full-year target, even if the long-term path remains intact.</p>
<div class="lb-trans"><p>管理层重申其目标是在 2026 年实现约 250 亿美元的新保单签发，但警告季度进度可能不均匀。养老金的第一季度季节性和银行渠道建设的时机可能会导致达到全年目标所需的运行速度出现波动，即使长期路径保持不变。</p>
</div><h2>Guidance Highlights Multi-Year Growth And Realization Upside</h2>
<div class="lb-trans"><h2>指引强调多年的增长和实现潜力</h2>
</div><p>Looking ahead, Brookfield signaled confidence in maintaining momentum through 2026, calling for a record fundraising year and a pickup in realizations in the second half. The Just Group acquisition, expected to write around £5 billion of pension flows annually, supports Wealth Solutions’ ambition for roughly $25 billion of new policy originations in 2026 and bolsters insurance assets acquired on attractive initial returns.</p>
<div class="lb-trans"><p>展望未来，Brookfield 表示有信心在 2026 年保持势头，预计将迎来创纪录的募资年，并在下半年实现增长。预计每年将写入约 50 亿英镑养老金流的 Just Group 收购，支持财富解决方案在 2026 年实现约 250 亿美元的新保单签发的雄心，并增强以有吸引力的初始回报收购的保险资产。</p>
</div><p>Brookfield’s earnings call painted a picture of a diversified platform driving steady fee and insurance earnings, backed by strong fundraising, active monetizations, and disciplined capital returns. While near-term headwinds in residential, annuities, and spreads warrant monitoring, management’s focus on long-duration, higher-return strategies and the growing realization pipeline underpin a constructive medium-term outlook for investors.</p>
<div class="lb-trans"><p>Brookfield 的财报电话会议描绘了一个多元化的平台，推动稳定的费用和保险收益，得益于强劲的募资、积极的变现和严格的资本回报。尽管住宅、年金和利差的短期逆风需要关注，但管理层对长期、高回报策略的关注以及日益增长的变现管道为投资者提供了积极的中期前景。</p>
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Brookfield 公司财报电话会议表明其势头持久