Bridge Investment Group Holdings Inc (BRDG) 2022 Q2 法說會逐字稿

Greetings. Welcome to the Bridge Investment Group's Second Quarter 2020 Earnings Call and webcast. (Operator Instructions) Please note that this conference is being recorded.

問候。歡迎收看 Bridge Investment Group 的 2020 年第二季度財報電話會議和網絡直播。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Bonni Rosen, Head of Shareholder Relations. You may begin.

我現在將會議轉交給您的主持人，股東關係主管 Bonni Rosen。你可以開始了。

Good morning, everyone. Welcome to the Bridge Investment Group Second Quarter 2022 Financial Results Conference Call. Our prepared remarks include comments from our Executive Chairman, Robert Morse; Chief Executive Officer, Jonathan Slager; and Chief Financial Officer, Katie Elsnab. We will hold a Q&A session following the prepared remarks, during which Dean Allara, Vice Chairman and Head of the Client Solutions Group, will join.

大家，早安。歡迎參加 Bridge Investment Group 2022 年第二季度財務業績電話會議。我們準備的評論包括我們的執行主席羅伯特莫爾斯的評論；首席執行官喬納森·斯萊格；和首席財務官 Katie Elsnab。在準備好的發言之後，我們將舉行問答環節，副主席兼客戶解決方案集團負責人 Dean Allara 將參加問答環節。

During the call, we will discuss certain non-GAAP financial metrics. The reconciliation of the non-GAAP metrics are provided in the appendix of our supplemental slides. The supplemental materials are accessible on our IR website, at ir.bridgeig.com. These slides can be found under the Presentations portion of the site, along with the second quarter earnings call event link. They are also available live during the webcast.

在電話會議期間，我們將討論某些非公認會計準則財務指標。我們的補充幻燈片的附錄中提供了非 GAAP 指標的調節。補充材料可在我們的 IR 網站 ir.bridgeig.com 上訪問。這些幻燈片可以在網站的演示部分以及第二季度財報電話會議鏈接下找到。它們也可以在網絡直播期間進行現場直播。

It is now my pleasure to turn the call over to Bob.

現在我很高興將電話轉給 Bob。

Thank you, Bonni, and welcome to all. Bridge reported excellent results for the second quarter, our best quarter ever for distributable earnings, with strong growth across our key financial metrics.

謝謝你，邦尼，歡迎大家。 Bridge 報告了第二季度的出色業績，這是我們有史以來最好的可分配收益季度，我們的關鍵財務指標均實現了強勁增長。

Distributable earnings per share increased 28% year-over-year to $0.32 a share, driven by the consistent growth in management fee revenue and one of our strongest quarters for realized performance fees.

受管理費收入的持續增長和我們實現業績費用表現最強勁的季度之一的推動，每股可分配收益同比增長 28% 至每股 0.32 美元。

Fee-related earnings to the operating company increased 62% year-over-year to $40.5 million.

運營公司的費用相關收益同比增長 62% 至 4050 萬美元。

Gross AUM is about $42 billion and fee-earning AUM increased 44% year-over-year to $15.5 billion.

總資產管理規模約為 420 億美元，收費資產管理規模同比增長 44% 至 155 億美元。

In addition to the strong financial performance, Bridge strengthened its balance sheet via the private placement issuance of $150 million of senior notes, half with a 10-year tenor and half with a 12-year tenor. And we coupled that with an expanded senior secured revolving credit facility of $125 million, with the potential to increase to $225 million in certain circumstances, giving Bridge enhanced liquidity and flexibility.

除了強勁的財務業績外，Bridge 還通過私募發行 1.5 億美元的優先票據加強了資產負債表，其中一半為 10 年期，另一半為 12 年期。我們將其與 1.25 億美元的高級有擔保循環信貸額度相結合，在某些情況下有可能增加到 2.25 億美元，從而增強了 Bridge 的流動性和靈活性。

The market environment has become more turbulent recently, with markets impacted globally by concerns around numerous macro issues including high inflation, aggressive Fed actions and continuing geopolitical risks. The impact of these factors on various markets differs, although all markets, including those in which Bridge participates, have been affected.

市場環境最近變得更加動盪，全球市場受到對包括高通脹、美聯儲激進行動和持續的地緣政治風險在內的眾多宏觀問題的擔憂的影響。儘管所有市場，包括 Bridge 參與的市場，都受到了影響，但這些因素對各個市場的影響各不相同。

For the most part, many of our specialized investment strategies are resilient and in the past have proven to be recession-resistant. Residential rental investments in the U.S., which underpin our multifamily, workforce and affordable housing, single family for-rent and debt strategies investment theses and constitute approximately 85% of our gross AUM, continued to perform well. However, the market turmoil has begun to impact transaction volumes, which have slowed as both buyers and sellers seek price certainty and higher interest rates have made financing more challenging.

在大多數情況下，我們的許多專業投資策略都具有彈性，並且在過去已被證明具有抗衰退性。在美國的住宅租賃投資，支撐我們的多戶家庭、勞動力和經濟適用房、單戶出租和債務戰略投資論文，占我們總資產管理規模的約 85%，繼續表現良好。然而，市場動盪已經開始影響交易量，由於買賣雙方都在尋求價格確定性，而更高的利率使融資更具挑戰性，交易量已經放緩。

The U.S. labor market remains a bright spot for the economy, with the unemployment remaining near record lows. Importantly, nominal wage growth continues to hold up, along with consumer balance sheets. For residential rental real estate, in general, these strengths help to offset the challenges mentioned earlier.

美國勞動力市場仍然是經濟的亮點，失業率仍接近歷史低點。重要的是，名義工資增長以及消費者資產負債表繼續保持增長。對於住宅租賃房地產，一般而言，這些優勢有助於抵消前面提到的挑戰。

While acknowledging near-term challenges, we continue to have conviction in our views of the investment environment, and our strategies are designed to address and benefit from these themes. First, the U.S. is the preeminent investment destination, and thematic-driven investing in real assets in the U.S. provides our limited partner base with exposure to and safety in flight-to-quality opportunities in these turbulent times. We see this reflected in the continued demand for U.S. exposure by numerous international investors, and we have continued to expand our abilities to access this capital.

在承認近期挑戰的同時，我們繼續堅信我們對投資環境的看法，我們的策略旨在解決這些主題並從中受益。首先，美國是卓越的投資目的地，主題驅動的美國實物資產投資為我們的有限合夥人提供了在這些動盪時期獲得優質機會的敞口和安全性。我們看到這反映在眾多國際投資者對美國敞口的持續需求中，我們繼續擴大我們獲得這筆資金的能力。

Second, housing is critically undersupplied and new development is more difficult in the current environment, which should exacerbate the supply-demand imbalance over time. At Bridge, since 2018, we have invested significantly in our development capabilities, have grown a team of 42 professionals focused on this market and are currently pursuing 76 development projects virtually all in the multifamily sector.

其次，住房供應嚴重不足，在當前環境下，新的開發更加困難，隨著時間的推移，這將加劇供需失衡。在 Bridge，自 2018 年以來，我們對我們的開發能力進行了大量投資，培養了一支由 42 名專業人士組成的團隊，專注於這個市場，目前正在開展 76 個開發項目，幾乎都在多戶家庭領域。

The housing shortage in the U.S. impacts disproportionately the underserved middle class and workforce cohorts in the U.S., and our significant investments in these sectors are expected to perform well, as they are resilient and recession-resistant.

美國的住房短缺對美國服務不足的中產階級和勞動力群體造成了不成比例的影響，我們在這些領域的重大投資預計將表現良好，因為它們具有彈性和抗衰退能力。

For context, in our 112 multifamily investments in our current and predecessor funds, Bridge has never lost a dollar of capital and has returned a 2.4x multiple of capital on realized investments. We are especially pleased to see our robust execution in multifamily continue through these past few years of market dislocation, with a 3.1x multiple of capital since the first quarter of 2020.

就背景而言，在我們對當前和前任基金的 112 項多戶家庭投資中，Bridge 從未損失過一美元的資本，並且已實現投資的資本回報率為 2.4 倍。我們特別高興地看到，在過去幾年的市場混亂中，我們在多戶家庭方面的強勁執行力得以延續，自 2020 年第一季度以來資本倍數為 3.1 倍。

Third, the U.S. has substantial infrastructure needs to facilitate the sustained growth of e-commerce, onshoring and the normalization of U.S. supply chains. And since the launch of our logistics value-add investment program Bridge has invested nearly $900 million into attractive assets in critical nodes of the U.S. infrastructure system. We have launched the second vintage of this fund and expect to continue to grow our exposure in this area. Some may have seen our recent press releases in which we detail some of the attractive assets we have been able to acquire, often in noncompetitive situations.

第三，美國有大量的基礎設施需求來促進電子商務的持續增長、本土化和美國供應鏈的正常化。自我們的物流增值投資計劃啟動以來，Bridge 已向美國基礎設施系統關鍵節點的有吸引力的資產投資近 9 億美元。我們已經推出了該基金的第二個年份，並期望繼續增加我們在該領域的曝光率。有些人可能已經看過我們最近的新聞稿，其中我們詳細介紹了我們能夠獲得的一些有吸引力的資產，通常是在非競爭情況下。

Last, notwithstanding recent and expected increases in interest rates, there is a global hunt for sustainable yield without a huge amount of risk which increasingly is satisfied by alternative credit vehicles, as demonstrated by our strong final closing in Debt Strategies Fund IV of $2.9 billion, ongoing carefully structured and hedged investments in AMBS which generate attractive yield and early successes in the Bridge Net Lease Income vehicles.

最後，儘管最近和預期的利率上升，但全球都在尋找可持續的收益，但沒有巨大的風險，而替代信貸工具越來越滿足這種風險，正如我們最終以 29 億美元的債務策略基金 IV 的強勁收盤所證明的那樣，持續對 AMBS 進行精心結構和對沖的投資，這些投資在 Bridge Net Lease Income 工具中產生了可觀的收益和早期的成功。

Bridge has always focused our fundraising and investment in markets and properties underpinned by the long-tailed secular demand drivers I've just described.

Bridge 一直將我們的籌款和投資重點放在由我剛剛描述的長尾長期需求驅動因素支撐的市場和房地產上。

Subsequent to quarter-end, Bridge launched 2 new strategies, Bridge Solar and Bridge Ventures, that we believe will complement our existing investment vehicles.

在季度末之後，Bridge 推出了 2 項新戰略，即 Bridge Solar 和 Bridge Ventures，我們相信這將補充我們現有的投資工具。

The Bridge Solar strategy seeks to meet the growing demand for green energy while at the same time providing asset owners with a discount to market energy prices, all while addressing the urgent need to accelerate the delivery of renewable energy. Bridge has partnered with Lumen Energy, a leader in clean energy software and energy project development process technology, to offer best-in-class design, procurement, construction and operation of solar projects on properties owned by Bridge-managed funds and third-party assets.

Bridge Solar 戰略旨在滿足對綠色能源日益增長的需求，同時為資產所有者提供市場能源價格的折扣，同時解決加速交付可再生能源的迫切需求。 Bridge 與清潔能源軟件和能源項目開發過程技術的領導者 Lumen Energy 合作，在 Bridge 管理的基金和第三方資產擁有的物業上提供一流的太陽能項目設計、採購、建設和運營.

Our national footprint and local expertise, combined with Lumen's data-driven technology, will offer attractive efficiencies in the analysis and implementation of solar in a high-demand market that has been largely untapped. Additionally, we see demand from investors seeking ESG solutions for their real estate portfolio as regulators implement new roles.

我們的全國足跡和本地專業知識，結合 Lumen 的數據驅動技術，將在很大程度上尚未開發的高需求市場中為太陽能分析和實施提供有吸引力的效率。此外，隨著監管機構實施新角色，我們看到投資者對其房地產投資組合尋求 ESG 解決方案的需求。

Our near-term goals include the development of 700 megawatts of clean energy, the equivalent of over 400,000 tons of coal usage, and the creation of a distributed network of power generation. Small-scale solar installations on commercial real estate have addressed only about 5% of potential, and we believe the market is ripe for further expansion while offering significant returns to investors.

我們的近期目標包括開發 700 兆瓦的清潔能源，相當於超過 40 萬噸的煤炭使用量，以及創建分佈式發電網絡。商業房地產上的小規模太陽能裝置僅解決了約 5% 的潛力，我們認為市場已經成熟，可以進一步擴張，同時為投資者提供可觀的回報。

Our strategy and execution is the result of about 2 years of planning, and we are very excited about the launch.

我們的戰略和執行是大約 2 年規劃的結果，我們對發布感到非常興奮。

The Bridge Ventures strategy will target PropTech investment opportunities. Bridge is uniquely positioned as a forward-integrated PropTech investor to leverage its platform and vast industry relationships to access and profitably invest in compelling PropTech companies. Our Chief Investment Officer, Jeremy Ford, and the Bridge Ventures team bring over 25 years of relevant experience in technology, real estate investing and building and operating high-growth technology companies. With the recent retreat in venture pricing, we believe it is a great time to be entering this market.

Bridge Ventures 戰略將瞄準 PropTech 投資機會。 Bridge 具有獨特的定位，是一家前瞻性整合的 PropTech 投資者，可利用其平台和廣泛的行業關係來訪問並以盈利方式投資於引人注目的 PropTech 公司。我們的首席投資官 Jeremy Ford 和 Bridge Ventures 團隊在技術、房地產投資以及建設和運營高增長技術公司方面擁有超過 25 年的相關經驗。隨著最近風險定價的回落，我們認為現在是進入這個市場的好時機。

We're excited to expand into these segments where we see growth potential for our business and have already generated strong interest from new and existing investors.

我們很高興能夠擴展到這些領域，我們看到了我們業務的增長潛力，並且已經引起了新老投資者的強烈興趣。

We believe that Bridge is well positioned in the current environment to continue to perform for our investors and for our shareholders with our resilient and recession-resistant investment strategies. Our forward integration into property management positions Bridge as a best-in-class operator driving alpha and differentiated results across our existing portfolio.

我們相信，Bridge 在當前環境中處於有利地位，可以通過我們具有彈性和抗衰退的投資策略繼續為我們的投資者和我們的股東提供服務。我們與物業管理的前向整合使 Bridge 成為一流的運營商，在我們現有的投資組合中推動 alpha 和差異化結果。

We have successfully raised capital in many of our investment vehicles to continue to invest in a buyer's market and have significant dry powder. In past downturns, Bridge has executed cautious but continued deployment to take advantage of opportunities as they arise in a turbulent market.

我們已經成功地在我們的許多投資工具中籌集了資金，以繼續投資於買方市場並擁有大量的干粉。在過去的低迷時期，Bridge 採取了謹慎但持續的部署，以利用動盪市場中出現的機會。

Finally, as mentioned, we are in a strong position from a capital and balance sheet perspective to perform well while the broader markets work through challenges.

最後，如前所述，從資本和資產負債表的角度來看，我們處於有利地位，可以在更廣泛的市場應對挑戰時表現良好。

With that, let me turn the call over to Jonathan to further detail our results and strategy.

有了這個，讓我把電話轉給喬納森，以進一步詳細說明我們的結果和戰略。

Thank you, Bob, and good morning, everyone. Bridge delivered another strong quarter, with solid fundraising, deployment and realized performance fees. We are a premier real estate investment manager with many of our funds ranked in the top quartile by Preqin. This has contributed to our continued fundraising success, resulting in $1.5 billion of inflows during the quarter, bringing us to $2.6 billion year-to-date, which is $1.4 billion ahead of where we were during the same time frame in 2021.

謝謝你，鮑勃，大家早上好。 Bridge 又一個強勁的季度實現了穩健的籌款、部署和已實現的績效費用。我們是首屈一指的房地產投資管理公司，我們的許多基金都被 Preqin 評為前四分之一。這促成了我們持續的籌款成功，導致本季度流入 15 億美元，使我們今年迄今達到 26 億美元，比我們在 2021 年同期的水平高出 14 億美元。

Second quarter results included the strong final closing of Debt Strategies Fund IV, in which we raised $2.9 billion in total equity commitments, almost 2x the amount raised in Debt Strategies III. Of note, $830 million of this capital is not yet included in fee-earning AUM until it's deployed.

第二季度業績包括債務策略基金 IV 的強勁最終收盤，我們在其中籌集了 29 億美元的總股權承諾，幾乎是債務策略 III 籌集金額的 2 倍。值得注意的是，在部署之前，這筆資金中的 8.3 億美元尚未計入收費資產管理規模。

Our Workforce and Affordable Housing Fund II will have its final closing in the third quarter, and we look forward to announcing the final results of a very strong capital raise.

我們的勞動力和經濟適用房基金 II 將在第三季度最終結束，我們期待著宣布非常強勁的融資的最終結果。

These impressive results in our capital raising successes are reflected in our higher ranking by PERE of the global private equity real estate firms for capital raise, where we rose from #19 to #13. This ranking is based on the amount of equity raised for discretionary value-add or opportunistic real estate strategies between January 2017 through the end of March 2022 and do not include the amounts raised in our fixed income-focused verticals. These results position Bridge as one of the most successful real estate investment managers globally in attracting capital.

我們在融資成功方面取得的這些令人印象深刻的成果反映在我們在全球私募股權房地產公司的融資方面的更高排名中，我們從第 19 位上升到第 13 位。該排名基於 2017 年 1 月至 2022 年 3 月期間為可自由支配的增值或機會性房地產策略籌集的股權數量，不包括我們以固定收益為重點的垂直領域籌集的資金。這些結果將 Bridge 定位為全球在吸引資本方面最成功的房地產投資管理公司之一。

Diversity of fundraising sources is a meaningful strength of our company. We have a healthy mix of both retail and institutional investors, with 37% of new commitments in Q2 from individual investors and 63% from institutions.

籌資來源的多樣性是我們公司的重要優勢。我們擁有健康的散戶和機構投資者組合，第二季度 37% 的新承諾來自個人投資者，63% 來自機構投資者。

As we have expanded our capital raising activity internationally, I am pleased to report our AIFM license in Luxembourg was approved as of this July. This important milestone allows us to expand our marketing efforts in Europe in a more direct and efficient manner. 55% of our new commitments in the quarter came from international clients.

隨著我們在國際上擴大融資活動，我很高興地報告我們在盧森堡的 AIFM 許可證已於今年 7 月獲得批准。這個重要的里程碑使我們能夠以更直接和有效的方式擴大我們在歐洲的營銷工作。本季度我們 55% 的新承諾來自國際客戶。

Despite some meaningful headwinds, our capital raising success in the second quarter is a result of the strong performance we continue to deliver to our investors.

儘管存在一些有意義的逆風，但我們在第二季度的融資成功是我們繼續為投資者提供的強勁業績的結果。

We recognize that in a turbulent market environment investors are more cautious and have less capital capacity, whether due to the so-called denominator effect or simply a wait-and-see attitude prior to committing capital. That said, due to the attractiveness of our sectors and our performance track record, we believe that we are well positioned to continue to raise capital and outperform other alternative managers as we navigate the current environment.

我們認識到，在動蕩的市場環境中，無論是由於所謂的分母效應，還是只是在投入資金前的觀望態度，投資者都更加謹慎，資本能力也有所下降。也就是說，由於我們行業的吸引力和我們的業績記錄，我們相信我們有能力在當前環境中繼續籌集資金並超越其他替代經理。

This certainly was evidenced during Q2, as we welcomed 15 new institutional investors into our roster, meaningfully furthered our relationship with key consultants and broadened the global network of investors with which we have a strong and consistent dialogue.

這在第二季度肯定得到了證明，因為我們歡迎 15 位新的機構投資者加入我們的名冊，有意義地加強了我們與主要顧問的關係，並擴大了我們與之進行強有力和一致對話的全球投資者網絡。

Over the quarter, fee-earning AUM grew 6% to $15.5 billion, which is up 44% compared to a year ago. We also had one of our largest quarters for realized performance fees, at $33.6 million. This was driven mostly by Multifamily Fund III, which is in Year 7 of its anticipated 8-year term. We plan to continue to monetize assets during 2022 and 2023, as we see continued strong interest in well-run, stabilized and fully occupied multifamily assets.

在本季度，收費資產管理規模增長 6% 至 155 億美元，與一年前相比增長 44%。我們還擁有實現業績費用最大的季度之一，為 3360 萬美元。這主要是由 Multifamily Fund III 推動的，該基金處於預期 8 年期限的第 7 年。我們計劃在 2022 年和 2023 年繼續將資產貨幣化，因為我們看到對運行良好、穩定和完全佔用的多戶家庭資產的持續濃厚興趣。

We also had an active quarter in the transaction side of the business, with $938 million deployed across all of our funds.

我們在業務的交易方面也有一個活躍的季度，我們所有的資金都部署了 9.38 億美元。

More recently, we've observed a slowdown in commercial real estate transactions. In many cases, we are seeing transactions coming to us at very attractive pricing after more aggressive but less experienced investors fail. Sellers appreciate the certainty of close with a best-in-class manager, which in this market drives deal flow at more favorable pricing.

最近，我們觀察到商業房地產交易放緩。在許多情況下，在更激進但經驗不足的投資者失敗後，我們看到交易以非常有吸引力的價格出現。賣家很欣賞與一流經理達成交易的確定性，這在這個市場上以更優惠的價格推動交易流。

While debt markets were volatile in the quarter, our internal Debt Capital Markets Group helped us manage our financing costs, leveraging our strong relationships with national and regional banks. In our carefully curated high-growth markets, we continue to be a selective buyer and underwrite conservatively while deploying into high-quality assets in strong locations, always at a discount to replacement costs.

雖然本季度債務市場動盪，但我們的內部債務資本市場集團利用我們與國家和地區銀行的牢固關係幫助我們管理融資成本。在我們精心策劃的高增長市場中，我們繼續作為選擇性買家並保守地承保，同時在強大的位置部署高質量資產，始終以低於重置成本的價格進行。

One of the biggest challenges for real estate is the volatility and overall contraction of the debt markets, which is impacting investors' ability to obtain well-priced leverage in the capital stack of individual assets. We've seen significant slowdowns in securitizations, which provide liquidity to the debt capital markets. This has had a chilling effect on the confidence of lenders, resulting in higher spreads and lower leverage overall. While we do think these markets will recover in the near to midterm, until they do, this will continue to impact transaction volumes and pricing. As a result, we have a more cautious view of transaction revenue for the third and fourth quarters. We hope to see some recovery before year-end.

房地產面臨的最大挑戰之一是債務市場的波動和整體收縮，這影響了投資者在單個資產的資本堆棧中獲得合理定價的槓桿的能力。我們已經看到證券化的顯著放緩，這為債務資本市場提供了流動性。這對貸方的信心產生了寒蟬效應，導致利差增加，整體槓桿率降低。雖然我們確實認為這些市場將在近期至中期恢復，但在它們恢復之前，這將繼續影響交易量和定價。因此，我們對第三季度和第四季度的交易收入持更為謹慎的看法。我們希望在年底前看到一些復甦。

Bridge continues to see positive fundamentals in our specialized strategies, particularly in our residential and logistics verticals, which are supported by long-term secular demand drivers. Housing stock in the U.S. remains chronically undersupplied, which has only intensified with the recent increase of interest rates. Similarly, penetration of e-commerce and onshoring in the United States will continue to reshape how consumer goods are distributed for years to come. These dynamics are contributing to meaningful rent growth, which continues to outpace inflation. Our multifamily portfolios generated rent increases of 19% during the second quarter.

Bridge 在我們的專業戰略中繼續看到積極的基本面，特別是在我們的住宅和物流垂直領域，這得到了長期長期需求驅動因素的支持。美國的住房存量長期供不應求，隨著最近利率的提高，這種情況只會加劇。同樣，電子商務在美國的滲透和在岸外包將在未來幾年繼續重塑消費品的分銷方式。這些動態正在促成有意義的租金增長，繼續超過通貨膨脹。我們的多戶家庭投資組合在第二季度產生了 19% 的租金增長。

In logistics, we've seen substantial rent growth across our core global gateway markets, well above expectations. Rental rates on executed leases and those in late-stage negotiations have exceeded pro forma by 27% on assets acquired in the last 12 months, providing significant support to our underwritten yields.

在物流方面，我們看到核心全球門戶市場的租金大幅增長，遠高於預期。在過去 12 個月內收購的資產的已執行租賃和處於後期談判中的租賃的租金已超過備考 27%，為我們的承保收益率提供了重要支持。

As you have heard from Bob earlier, Bridge continues to add investment strategies, such as Bridge Solar and Bridge Ventures, while we execute and scale our existing business focused on some of the most attractive sectors within real estate. This point is illustrated well by our most recent vintage of Bridge Debt Strategies, which raised almost 2x the capital commitments of its predecessor.

正如您之前從 Bob 那裡聽到的那樣，Bridge 繼續增加投資策略，例如 Bridge Solar 和 Bridge Ventures，同時我們執行和擴展我們現有的業務，專注於房地產中一些最具吸引力的行業。我們最近的過渡債務策略很好地說明了這一點，該策略籌集的資本承諾幾乎是其前身的 2 倍。

Our second vintage of our Workforce and Affordable Housing Fund will be substantially larger than its predecessor, and Multifamily Fund V is expected to be significantly larger than Multifamily Fund IV.

我們的勞動力和經濟適用房基金的第二個年份將大大超過其前身，而 Multifamily Fund V 預計將大大大於 Multifamily Fund IV。

We are incredibly proud of these results and see a long runway ahead with a large and growing total addressable market of U.S. real estate approximating $25 trillion today.

我們對這些結果感到無比自豪，並看到今天美國房地產的龐大且不斷增長的總潛在市場接近 25 萬億美元，未來還有很長的路要走。

Over to you, Katie.

交給你了，凱蒂。

Thanks, Jonathan, and good morning, everyone. Our strong performance continued into Q2. GAAP net income to the operating company was $124.4 million, versus $83.2 million in the prior year, and our GAAP earnings per share was $0.44.

謝謝，喬納森，大家早上好。我們的強勁表現持續到第二季度。運營公司的 GAAP 淨收入為 1.244 億美元，而去年為 8320 萬美元，我們的 GAAP 每股收益為 0.44 美元。

Most importantly, reoccurring fund management fees continue their consistent growth, which provides our investors with a [true] perspective on the underlying growth and stability of our business. Reoccuring fund management fees grew to $49.4 million, up from $34.5 million a year ago, an increase of 43% year-over-year and a 44% compounded growth rate over the last 5 years. This outstanding growth have been driven by the scaling of existing strategies and expansion into new verticals.

最重要的是，經常性基金管理費繼續持續增長，這為我們的投資者提供了對我們業務潛在增長和穩定性的[真實]視角。重複性基金管理費從一年前的 3450 萬美元增至 4940 萬美元，同比增長 43%，過去 5 年的複合增長率為 44%。這種出色的增長是由現有戰略的擴展和向新垂直領域的擴張推動的。

In this more volatile macro environment, our business has proven to be durable and resilient. Our management fees are long-duration in nature, with an tenure of 7.9 years, and are almost entirely from closed-end vehicles with no redemption features. Essentially, all of our fund management fees are based upon either committed or invested capital from our limited partners, and as such, management fees are not subject to market volatility.

在這個更加動蕩的宏觀環境中，我們的業務已被證明具有持久性和彈性。我們的管理費是長期性質的，7.9年，幾乎全部來自沒有贖回功能的封閉式工具。從本質上講，我們所有的基金管理費用均基於我們有限合夥人的承諾或投資資本，因此，管理費用不受市場波動的影響。

Our non-GAAP financial metrics are found on Slide 4 of the investor presentation. As Jonathan mentioned, fee-earning AUM continued on its trajectory of strong double-digit growth, up 44% year-over-year to $15.5 billion and increasing 6% from last quarter. Total fund-level fee revenue for the second quarter increased 32% year-over-year to $67.0 million, which was primarily due to a 43% increase in fund management fees on the higher fee-earning AUM.

我們的非 GAAP 財務指標可在投資者演示文稿的幻燈片 4 中找到。正如喬納森所說，收費資產管理規模繼續保持兩位數的強勁增長，同比增長 44% 至 155 億美元，比上一季度增長 6%。第二季度的基金級總費用收入同比增長 32% 至 6700 萬美元，這主要是由於較高的收費資產管理規模增加了 43% 的基金管理費。

Total fee-related revenues grew by 37% over last year to end the quarter at $76.2 million. The performance was driven by continued strong fundraising, fee-earning AUM growth and effective deployment. Total fee-related earnings to the operating company increased 62% year-over-year to $40.5 million, and our fee-related earnings margin was a healthy 52%. Quarter-over-quarter, our margins were impacted by the timing of catch-up and transaction fees.

與去年同期相比，與費用相關的總收入增長了 37%，至本季度末達到 7620 萬美元。業績受到持續強勁的籌款、收費的 AUM 增長和有效部署的推動。運營公司的與費用相關的總收益同比增長 62% 至 4050 萬美元，我們與費用相關的利潤率為 52% 的健康水平。與上一季度相比，我們的利潤率受到追趕時間和交易費用的影響。

Pretax distributable earnings to the operating company for the quarter was a record $54.6 million, up 49% compared to a year ago on a pro forma basis. Our after-tax distributable earnings per share increased 28% on a pro forma basis to $0.32 per share and a 14% increase from Q1, representing our best quarter on record.

該季度運營公司的稅前可分配收益達到創紀錄的 5460 萬美元，與一年前相比，在備考基礎上增長了 49%。我們的稅後可分配每股收益在備考基礎上增長 28% 至每股 0.32 美元，比第一季度增長 14%，這是我們有記錄以來最好的季度。

This was driven by all of the components of our business we've detailed, including our strong fee-earning AUM growth, fee-related earnings and realized performance allocations. Bridge declared a dividend of $0.30 per share, in line with our goal to distribute substantially all of distributable earnings to our shareholders. If we turn to investment performance, you can see the value that has been created through our focus on value-add assets in high-growth markets. Realized performance and incentive fees were $33.6 million for the second quarter. The performance fees were driven by realizations in the multifamily vertical.

這是由我們詳細介紹的所有業務組成部分推動的，包括我們強勁的收費 AUM 增長、與收費相關的收益和已實現的績效分配。 Bridge 宣布派發每股 0.30 美元的股息，這符合我們將大部分可分配收益分配給股東的目標。如果我們轉向投資業績，您可以看到我們專注於高增長市場中的增值資產所創造的價值。第二季度實現的績效和激勵費用為 3360 萬美元。績效費用是由多戶垂直領域的實現驅動的。

Unrealized performance allocations increased by $70.1 million and includes the impact of the large realizations within the quarter. This brings the unrealized carried interest on the balance sheet to $575.5 million. As a reminder, our accrued performance allocations are recorded one quarter in arrears. As such, the marks recorded as of June 30, 2022, reflect the values as of March 31, 2022.

未實現的績效分配增加了 7010 萬美元，其中包括本季度大量實現的影響。這使資產負債表上未實現的附帶權益達到 5.755 億美元。提醒一下，我們應計的績效分配記錄了四分之一的拖欠。因此，截至 2022 年 6 月 30 日記錄的分數反映了截至 2022 年 3 月 31 日的值。

As Bob mentioned, we strengthened our balance sheet with the issuance of $150 million of senior notes at a weighted-average interest rate of 5.05% and average duration of 11 years. These notes closed in July and, therefore, will be reflected on the balance sheet next quarter. In addition, we refinanced our senior secured revolving credit facility, increasing it from $75 million to $125 million, with an accordion feature for another $100 million. We expect to use these proceeds for general operating purposes and to grow our business.

正如鮑勃所說，我們以 5.05% 的加權平均利率和 11 年的平均期限發行了 1.5 億美元的優先票據，從而加強了我們的資產負債表。這些票據於 7 月結束，因此將反映在下個季度的資產負債表中。此外，我們為我們的高級擔保循環信貸融資再融資，將其從 7500 萬美元增加到 1.25 億美元，手風琴功能又增加了 1 億美元。我們希望將這些收益用於一般經營目的並發展我們的業務。

As we look forward to the second half of the year, we are proud of the business model that we have built. While there are many uncertainties in the world, our experienced vertically integrated teams, specialized focused on the highest-growth property sectors, solid investment performance and our long-duration capital base has positioned us well to continue to generate strong results. Finally, I want to thank each of our employees for their hard work this quarter and express my appreciation to our investors.

展望下半年，我們為自己建立的商業模式感到自豪。儘管世界上存在許多不確定性，但我們經驗豐富的垂直整合團隊，專注於增長最快的房地產行業，穩健的投資業績和我們長期的資本基礎，使我們能夠繼續產生強勁的業績。最後，我要感謝我們每一位員工在本季度的辛勤工作，並對我們的投資者表示感謝。

With that, I will turn the call back to the operator so that we can take your questions.

有了這個，我會將電話轉回接線員，以便我們回答您的問題。

(Operator Instructions) Our first question is from Ken Worthington, with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Ken Worthington。

Maybe first, can you talk a bit about how you plan to monetize your investment in solar and PropTech? If you can give us some idea how you're thinking about the funds you plan to launch around those investments and how we should think about sort of timing, size, fee rates, fee sharing with your partners, sort of all of the logistics around monetization.

也許首先，您能談談您計劃如何將您對太陽能和 PropTech 的投資貨幣化嗎？如果您能告訴我們您如何考慮計劃圍繞這些投資推出的基金，以及我們應該如何考慮時間、規模、費率、與合作夥伴的費用分攤，以及所有的物流貨幣化。

Ken, thanks for your question. This is Bob Morse speaking. It's early days for both of those funds. As I mentioned in my prepared remarks, from a solar perspective this is an initiative we've been working on for quite some time. And we are contemplating raising capital to fund our solar investments in a fund format. We think that the appetite for ESG-oriented investments in renewable energy is quite strong. We think that the business case for solar installations on commercial and industrial real estate is very strong. And particularly with the recently passed new Inflation Reduction Act and the climate provisions of the Inflation Reduction Act, the economics of that have gotten just better, not worse, in a lot of respects.

肯，謝謝你的提問。這是鮑勃·莫爾斯講話。這兩個基金都還為時過早。正如我在準備好的發言中提到的，從太陽能的角度來看，這是我們已經開展了很長時間的一項舉措。我們正在考慮籌集資金，以基金形式為我們的太陽能投資提供資金。我們認為，以 ESG 為導向的可再生能源投資需求非常強勁。我們認為商業和工業房地產太陽能裝置的商業案例非常強大。尤其是最近通過了新的《減少通貨膨脹法》和《減少通貨膨脹法》的氣候條款，在很多方面，其經濟性變得更好，而不是更糟。

We said we've partnered with Lumen Energy. What that translates to is Bridge has made an investment in Lumen Energy. Lumen Energy is a minority GP participant in the fund. And we think that we bring the best of both Bridge and our real estate expertise, our network of assets around the country for which, in many cases, solar is highly applicable, along with the evaluation technology, the knowledge of markets, of regulations, of renewable energy construction management that Lumen brings to be an entity that is better in the aggregate than either one of us would be separately.

我們說我們已經與 Lumen Energy 合作。這意味著 Bridge 對 Lumen Energy 進行了投資。 Lumen Energy 是該基金的少數 GP 參與者。我們認為我們帶來了 Bridge 和我們的房地產專業知識中最好的，我們在全國各地的資產網絡，在許多情況下，太陽能非常適用，以及評估技術，市場知識，法規， Lumen 帶來的可再生能源建設管理總體上比我們任何一個單獨的實體都要好。

How big is the market? It's a huge market. I don't think there's much good statistics on how big the market is, but it certainly is relevant that virtually every commercial real estate asset is worthy of analysis and investigation to understand whether solar is applicable there. Our initial objective, as mentioned, is to build about 700 megawatts of renewable energy, and we hope we can go from there. The fund that we're launching is a closed-end fund, although it has the flexibility of transforming into other ownership structures over time as well, and we're in the early stages of raising capital for that fund.

市場有多大？這是一個巨大的市場。我認為關於市場有多大的統計數據並不多，但幾乎所有商業房地產資產都值得分析和調查，以了解太陽能是否適用於那裡，這無疑是相關的。如前所述，我們最初的目標是建造大約 700 兆瓦的可再生能源，我們希望我們能從那裡開始。我們推出的基金是封閉式基金，儘管隨著時間的推移它也具有轉變為其他所有權結構的靈活性，而且我們正處於為該基金籌集資金的早期階段。

I think the same philosophy is behind the launch of our PropTech fund. We were fortunate to hire a terrific CIO, Jeremy Ford. We interviewed a lot of people. He stood out head and shoulders above everybody else as somebody with deep experience and knowledge of PropTech. Bridge has been investing in selective PropTech opportunities for 4 or 5 years at this point. And we've developed on our balance sheet a smattering of PropTech investments which we will be contributing to the fund.

我認為我們推出 PropTech 基金的背後也是同樣的理念。我們有幸聘請了一位了不起的 CIO Jeremy Ford。我們採訪了很多人。作為對 PropTech 擁有豐富經驗和知識的人，他在所有人中脫穎而出。目前，Bridge 已經在選擇性的 PropTech 機會上進行了 4 或 5 年的投資。我們在資產負債表上開發了少量的 PropTech 投資，我們將向該基金捐款。

And we think that the combination of Jeremy and his team's overall knowledge of the venture and PropTech space, the fact that we're forward-integrated into property management and so we can quickly and, we believe, very accurately assess the viability of proposed technologies in the actual operation and management of commercial real estate, gives us a leg up over a traditional venture investor because we have that forward integration and boots on the ground into property management. Again, this is a vehicle that's going to be raised in a fund format and will be in the structure of a closed-end fund.

我們認為，Jeremy 和他的團隊對風險投資和 PropTech 領域的全面了解，以及我們向前整合到物業管理中的事實，因此我們可以快速並且我們相信，非常準確地評估所提議技術的可行性在商業地產的實際運營和管理中，讓我們比傳統的風險投資人更有優勢，因為我們有這種前向整合和腳踏實地進入物業管理。同樣，這是一種將以基金形式籌集的工具，並將採用封閉式基金的結構。

Brilliant. And then just maybe on retail, we've heard from others throughout earnings season that retail engagement and alternative products sort of slowed from the beginning of the quarter through the end and into July. And we're also seeing new entrants, generally, outside of real estate use a combination of brand and, in some cases, lower fees to try to penetrate various retail channels. So in terms of retail appetite, what are you seeing in your wealth channels? And is there any dialogue that comes up with your wealth channel distribution partners with regard to fees? Or is that sort of a topic that's still not really on the table?

傑出的。然後可能只是在零售方面，我們在整個財報季都從其他人那裡聽說，從本季度初到月底再到 7 月，零售參與度和替代產品的速度有所放緩。我們還看到，房地產之外的新進入者通常會使用品牌組合，在某些情況下，還會降低費用來嘗試滲透各種零售渠道。那麼就零售需求而言，您在財富渠道中看到了什麼？是否與您的財富渠道分銷合作夥伴就費用進行了對話？還是那種還沒有真正擺在桌面上的話題？

Ken, this is Dean. Great question. We're obviously reading what you're reading and it's publicly available. We're not seeing any pushback on fees. I mean, just a full stop there from that perspective. Understand that we have QP vehicles, qualified purchaser vehicles. So we're at the upper end of the retail channel from that perspective. I would say that in the quarter we did fine from that perspective in the retail channel. I would say that we're seeing continued white space in the RIA retail channel. Said differently, I think we're going to outperform there year-over-year from that perspective.

肯，這是迪恩。好問題。我們顯然正在閱讀您正在閱讀的內容，並且它是公開的。我們沒有看到任何收費方面的阻力。我的意思是，從這個角度來看，只是一個句號。了解我們有 QP 車輛，合格的採購車輛。因此，從這個角度來看，我們處於零售渠道的高端。我想說，從零售渠道的角度來看，本季度我們做得很好。我想說的是，我們在 RIA 零售渠道中看到了持續的空白。換句話說，我認為從這個角度來看，我們的表現將逐年超越那裡。

And we're actually having dialogue -- this week I'm in New York with Bob. We're meeting with a number of platform retail partners right now and continuing to look at next year and late this year and closing out this year and beyond into next year overall.

我們實際上正在進行對話——這週我和鮑勃在紐約。我們現在正在與一些平台零售合作夥伴會面，並繼續關註明年和今年年底，並在今年及明年整體結束。

So I think the volatility by the retail investor, in the marketplace that the retail investor has seen, there's certainly some of that. We're not seeing quite the growth we saw sort of quarter-over-quarter, year-over-year from that perspective. That's coming -- I see that coming back right now. But more importantly, there is white space in the RIA channel, in particular, as well as we continue to expand into just about every wirehouse out there. So it -- and no fee pushback at all that we've seen at this point in time.

所以我認為散戶投資者的波動，在散戶投資者所看到的市場中，肯定有一些。從這個角度來看，我們並沒有看到我們看到的季度環比、同比增長。那即將到來——我看到它現在又回來了。但更重要的是，特別是 RIA 頻道中存在空白，而且我們繼續擴展到幾乎所有的有線廣播公司。所以它 - 我們在這個時間點看到的所有費用都沒有退縮。

Our next question is from Michael Cyprys, with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

Maybe we could start off talking about deployment. You guys alluded to a more challenging backdrop, a tougher financing environment here, leading to a slowdown or an expected slowdown in transactions. I was just hoping you could elaborate a bit around that. What are you seeing out there in the marketplace? How is that impacting your ability to put capital to work? How are you pivoting and navigating yet still able to put capital to work? And what areas are you able to do that and find most compelling in this backdrop?

也許我們可以開始討論部署。你們提到了更具挑戰性的背景，這裡的融資環境更加嚴峻，導致交易放緩或預期放緩。我只是希望你能詳細說明一下。你在市場上看到了什麼？這對您將資金投入工作的能力有何影響？您是如何進行旋轉和導航的，但仍然能夠讓資金發揮作用？在這種背景下，您能夠做到這一點並發現最引人注目的領域是什麼？

Jonathan, do you want to handle that question?

喬納森，你想處理這個問題嗎？

Yes, I do. Nice to hear from you. We are -- this is a time when I think maybe Bridge, more than most times, really differentiates itself. And I think what we're seeing is really a lot less swings at the plate, less pitches thrown at us, if you will, using the baseball analogy, because there's less product in the market, right? So by definition, that means there's going to be some slowdown in volume. But offsetting that is a lot fewer competitors. There's many, many of our fellow investment funds with significant dry powder that are just full-on pencils-down. Literally, almost every one of the regional sponsors who's counting on equity capital from a fund allocator, they're pencils-down. And so the field is a little more wide open, I guess, to Bridge.

是的，我願意。很高興聽到你的消息。我們是——這是我認為布里奇比大多數時候更能脫穎而出的時候。而且我認為我們所看到的實際上是更少的擺動，更少的投球，如果你願意的話，使用棒球類比，因為市場上的產品更少，對吧？因此，根據定義，這意味著交易量將會有所放緩。但抵消這一點的競爭對手要少得多。有很多很多我們的同業投資基金都有大量的干粉，只是用鉛筆寫滿了。從字面上看，幾乎每一個從基金分配者那裡獲得股權資本的區域贊助商，他們都束手無策。因此，我想，對於布里奇來說，這個領域更加開放。

And what we're seeing is the assets that are on the market are ones that meet a couple of characters. One is it's an asset where someone's bought it years ago. So their basis is very low, and they're going to do extremely well, and it's just time for them to monetize. And so even though they are not getting what they might have gotten 3 months ago or 6 months ago, they're still getting a tremendous return. They're still willing to go ahead and transact. But what they're looking for is certainty of execution, a safe pair of hands, someone who will perform in the way that they say. And that is distinctively Bridge's strong reputation in the markets in which it participates.

我們看到的是市場上的資產是符合幾個角色的。一個是它是多年前有人購買的資產。所以他們的基礎非常低，他們會做得非常好，現在正是他們賺錢的時候。因此，即使他們沒有得到 3 個月前或 6 個月前可能得到的東西，他們仍然獲得了巨大的回報。他們仍然願意繼續進行交易。但他們正在尋找的是執行的確定性，一雙安全的手，一個會按照他們所說的方式執行的人。這就是 Bridge 在其參與的市場中的獨特聲譽。

With respect to the debt side of the equation, we have a couple of really great advantages. And we talk a lot about Bridge's vertical integration, but I've got to give kudos to our Debt Capital Markets team. They are constantly developing and expanding regional bank relationships. Because some of the larger national money center banks are almost the same way. Considering how large their balance sheets are, they're very cocooned in. They're being very conservative. The debt funds right now, because of the challenges in the CLO market and the lack of liquidity for them, they're being very cocooned in.

關於等式的債務方面，我們有幾個非常好的優勢。我們經常談論 Bridge 的垂直整合，但我必須對我們的債務資本市場團隊表示敬意。他們不斷發展和擴大區域銀行關係。因為一些較大的國家貨幣中心銀行的方式幾乎相同。考慮到他們的資產負債表有多大，他們非常封閉。他們非常保守。現在的債務基金，由於 CLO 市場的挑戰以及它們缺乏流動性，它們被困在其中。

So basically, our lenders of choice tend to be regional banks who are looking for opportunities to get with large national sponsors like Bridge and build relationships. And our track record of execution and performing on loans and everything is attractive to them. So we've developed some tremendous relationships. We have a lot of flexibility. Obviously, with the way the yield curve is right now, we're favoring more fixed-rate debt because floating-rate debt requires caps and/or swaps, neither of which looks super attractive to us right now.

因此，基本上，我們選擇的貸方往往是區域銀行，他們正在尋找機會與像 Bridge 這樣的大型國家贊助商建立關係並建立關係。我們在貸款執行和執行方面的記錄以及一切都對他們有吸引力。所以我們建立了一些巨大的關係。我們有很大的靈活性。顯然，就目前的收益率曲線而言，我們傾向於更多的固定利率債務，因為浮動利率債務需要上限和/或掉期，這兩種方式目前對我們來說都不是超級有吸引力的。

And we're continuing to find deals. Like, literally, just the other day, we were awarded a really attractive multifamily deal that was a relatively newer asset, super high quality, but old enough that there's quite a bit of opportunity for us to do our value-add play. But with incredibly conservative debt assumptions, it's still yielding yields that are similar to our historical yields and well below placement cost.

我們正在繼續尋找交易。就像，從字面上看，就在前幾天，我們獲得了一項非常有吸引力的多戶家庭交易，這是一項相對較新的資產，超高品質，但足夠老，我們有很多機會進行增值遊戲。但由於債務假設極其保守，它的收益率仍與我們的歷史收益率相似，遠低於安置成本。

So we're still out there swinging at the plates, and we think everything that we hit is going to be something we love. And in terms of the volume increasing, it's not ours to decide, right? It's a market issue. But I think all of us are believing that after Labor Day we're going to start to see a little bit more return to that. I still have belief that the back end of the debt markets is going to right itself because it just will as we start to see some stability in long-term rates.

所以我們仍然在那裡揮舞著盤子，我們認為我們擊中的所有東西都會成為我們喜歡的東西。至於增加量，這不是我們的決定，對吧？這是一個市場問題。但我認為我們所有人都相信，在勞動節之後，我們將開始看到更多的回歸。我仍然相信債務市場的後端會自行恢復正常，因為它會隨著我們開始看到長期利率穩定下來。

And so if that all happens, I think we're going to start to see transaction volume pick up pretty significantly. But right now, I think our short answer, which we delivered in our prepared remarks, is that we're cautious about deployment levels for the next 2 quarters. So we're just going to see what happens.

因此，如果這一切發生，我認為我們將開始看到交易量顯著增加。但現在，我認為我們在準備好的評論中給出的簡短回答是，我們對未來兩個季度的部署水平持謹慎態度。所以我們只是看看會發生什麼。

Great. And just a follow-up question on capital management. Maybe you could just talk a little bit about the debt issuance that you guys did and upsize in the credit facility, how you're thinking about potential uses there? And then just more broadly, if you could update us on your thinking around capital management and potential for strategic opportunities in this market backdrop.

偉大的。只是關於資本管理的後續問題。也許你可以談談你們所做的債務發行和擴大信貸額度，你如何考慮那裡的潛在用途？然後更廣泛地說，如果您可以向我們介紹您對資本管理的想法以及在此市場背景下的戰略機會潛力。

Michael, it's Bob. Those questions clearly are related. At the beginning of the year, we concluded that we felt that it would be beneficial to have some additional capital on our balance sheet, which prompted our exploration of the private placement markets. And the receptivity was very strong to put some additional capital on our balance sheet.

邁克爾，我是鮑勃。這些問題顯然是相關的。今年年初，我們認為在資產負債表上增加一些資本是有益的，這促使我們探索私募市場。在我們的資產負債表上增加一些額外資本的接受度非常強。

We're seeing uses of that capital related to GP investments. Having said that, we're committed to an asset-light model. We're seeing opportunities like the Gorelick Brothers acquisition that we made continue to manifest themselves. And so we're confident that we will be able to find appropriate uses for some of that cash on the balance sheet as we think about things.

我們看到了與 GP 投資相關的資金用途。話雖如此，我們致力於輕資產模式。我們看到像收購 Gorelick Brothers 這樣的機會繼續顯現。因此，我們有信心在思考問題時能夠為資產負債表上的部分現金找到合適的用途。

From a capital management perspective, if I can interpret your question a bit, we are, as I said, committed to a relatively asset-light type of model. Some of our larger investors, particularly some of our larger international investors, have the expectation that there will be perhaps modestly more significant GP investments in our funds going forward than has been the case in the past.

從資本管理的角度來看，如果我能稍微解釋一下你的問題，正如我所說，我們致力於一種相對輕資產的模式。我們的一些較大的投資者，尤其是我們的一些較大的國際投資者，預計未來我們的基金中的 GP 投資可能會比過去有所增加。

Remember, we as an employee group and management team are very closely aligned with our limited partner investors. We, in the past, have funded the majority of the GP investments personally with after-tax dollars. We're supplementing that with some -- we're continuing that practice, but supplementing that with some balance sheet capital as well, particularly as our fund sizes grow and our investor base grows to include meaningfully more institutions than has been the case in the past.

請記住，我們作為員工團體和管理團隊與我們的有限合夥人投資者非常緊密地結合在一起。過去，我們個人用稅後資金資助了大部分 GP 投資。我們正在用一些補充——我們正在繼續這種做法，但也用一些資產負債表資本來補充它，特別是隨著我們的基金規模增長和我們的投資者基礎增長到包括比以往更多的機構。過去的。

We alluded to this in the prepared remarks. We brought on 15 new institutional investors in the second quarter, and we've been pretty relentless in terms of finding additional opportunities to create relationships with investors. Jonathan, as CEO, left his vacation in July to travel to a Central Asian sovereign wealth fund meeting. I'm not sure whether we're going to win that beauty contest or not, but I think it's indicative of the enthusiasm and fervor with which we're growing our capital base.

我們在準備好的評論中提到了這一點。我們在第二季度引入了 15 位新的機構投資者，並且在尋找更多機會與投資者建立關係方面，我們一直非常堅持不懈。喬納森作為首席執行官，於 7 月離開假期前往參加中亞主權財富基金會議。我不確定我們是否會贏得那場選美比賽，但我認為這表明了我們正在擴大資本基礎的熱情和熱情。

Our next question is from Finian O'Shea, with Wells Fargo.

我們的下一個問題來自富國銀行的 Finian O'Shea。

Just a question on the rent growth you're seeing. I think you called out multifamily and logistics as being very strong. Can you touch on broadly the other strategies, if there are any parts where performance is [slowing] or you're not able to pass on the inflation or higher rents?

只是關於您所看到的租金增長的問題。我認為您稱多戶家庭和物流非常強大。如果有任何部分錶現[放緩]或者你無法轉嫁通貨膨脹或更高的租金，你能否廣泛地談談其他策略？

Jonathan, do you want to handle that question?

喬納森，你想處理這個問題嗎？

Sure, Bob. I mean, I think if you look across -- certainly, single-family residential is in the same boat. The demand for single-family rental housing is extremely high, particularly as home prices rise and interest rates continue to be higher than they were at their nadir. We're seeing the affordability of those become more challenging. You're hearing a slowdown in uptake of people buying the new homes that are coming in. But at the same time, we're seeing an uptake in people seeking a single-family rental. So that particular strategy is continuing to have tailwinds behind it.

當然，鮑勃。我的意思是，我認為如果你看過去——當然，單戶住宅是在同一條船上。對單戶出租房屋的需求非常高，尤其是在房價上漲和利率繼續高於最低點的情況下。我們看到這些產品的可負擔性變得更具挑戰性。您聽說購買新房的人數有所放緩。但與此同時，我們看到尋求單戶出租的人有所增加。因此，這一特定戰略繼續在背後順風順水。

With respect to office, it's an interesting dynamic, and I think a tale of 2 cities, right? You're continuing to see some of the gateway markets which have traditionally been the most stable continuing to have really low reoccupancy rates. And questions about -- the biggest question about return to work tends to be, I think, in some of the larger corporations. The small to midsize companies I think all have a need to be together, to have collaborative and creative work processes, and that requires office space. And we're seeing continued demand in terms of that.

關於辦公室，這是一個有趣的動態，我認為是兩個城市的故事，對吧？您將繼續看到一些傳統上最穩定的門戶市場繼續具有非常低的重新佔用率。我認為，關於重返工作崗位的最大問題往往是在一些大公司中。我認為中小型公司都需要團結起來，擁有協作和創造性的工作流程，而這需要辦公空間。我們看到這方面的持續需求。

In terms of rental rate, I think really the kind of offsetting factors have kind of kept rental rates relatively flat. We have some markets where we do see a little bit of rent growth, but for the most part the rental rates are relatively flat. And there's built-in escalations in a lot of those leases, but probably not sufficient to cover the expense issues today.

就租金而言，我認為確實是那種抵消因素使租金保持相對平穩。我們確實看到一些市場的租金有所增長，但在大多數情況下，租金相對持平。許多這些租約中都有內置的升級，但可能不足以解決今天的費用問題。

And in seniors housing, I think it's a really interesting space. We look at that space, in particular, as being kind of finally really at the early stages of what has been referred to as the Silver Tsunami. We're starting to see reoccupancy rates, we're probably almost at the prepandemic levels. But we see those as being things that -- the occupancy is going to really move up over the next little bit, which is going to drive pricing power. And we are already starting to see some meaningful movement in our rental rates in our stronger, better-quality assets.

在老年人住房中，我認為這是一個非常有趣的空間。我們特別將那個空間視為最終真正處於被稱為銀色海嘯的早期階段。我們開始看到重新入住率，我們可能幾乎處於大流行前的水平。但我們認為這些是——入住率將在接下來的一段時間內真正上升，這將推動定價能力。我們已經開始看到我們更強大、質量更好的資產的租金出現了一些有意義的變化。

But as you can imagine, the wage growth in the kind of support you need, the human-intensive part of caregiving has been pretty tremendous. So right now they're probably not quite at the breakeven level, but I think that's just short term. I think we're going to start to see that change really quickly. So I think we remain bullish with respect to that strategy.

但正如你可以想像的那樣，你需要的那種支持的工資增長，看護的人力密集型部分是相當巨大的。所以現在他們可能還沒有達到盈虧平衡的水平，但我認為這只是短期的。我認為我們將很快開始看到這種變化。因此，我認為我們仍然看好該策略。

And then, of course, the fixed income strategies are mostly oriented around floating rate, which get the benefit of movements in the curve. So the actual yields are improving. I think that we might have noted that there's marks that are down by that nature, but the reality is we are hold-to-maturity type of funds. So for us, that just means greater yields and greater cash flows and returns over the hold period. So I think that covers it. Did I miss anything, Bob, or anyone?

然後，當然，固定收益策略大多以浮動利率為導向，這得益於曲線的變動。所以實際產量正在提高。我認為我們可能已經註意到，有一些標記因這種性質而下降，但現實是我們是持有至到期類型的基金。所以對我們來說，這只是意味著在持有期間更高的收益率、更大的現金流和回報。所以我認為這涵蓋了它。我錯過了什麼嗎，鮑勃，或者任何人？

I don't think so. Finian, anything else?

我不這麼認為。菲尼安，還有別的嗎？

We have reached the end of the question-and-answer session, and I will now turn the call over to Robert Morse for closing remarks.

我們已經到了問答環節的尾聲，我現在將把電話轉給羅伯特·莫爾斯（Robert Morse）做閉幕詞。

Thank you, Kyle, and thank you all to those of you who have taken the time to review with us our second quarter results.

謝謝你，凱爾，並感謝你們中的那些花時間與我們一起審查我們第二季度業績的人。

We feel that we've navigated through a turbulent second quarter with a great deal of success. We have continued to invest in our company, not just on the balance sheet, as we discussed, but in our personnel, in our processes and in our investment activities.

我們覺得我們已經度過了動蕩的第二季度並取得了巨大的成功。我們繼續投資於我們的公司，不僅如我們所討論的那樣在資產負債表上，而且在我們的人員、我們的流程和我們的投資活動中。

And we continue to believe, as we stated, that we're focused on really attractive and prolific areas within the U.S. real estate market in which to invest. We hope that we can continue to navigate well in the current environment. In the past, it's been Bridge's experience that those times that separate good investors from bad investors has been a time that we've been able to distinguish ourselves.

正如我們所說，我們繼續相信，我們專注於美國房地產市場中真正有吸引力和多產的投資領域。我們希望我們能夠在當前的環境中繼續順利航行。過去，Bridge 的經驗是，那些區分好投資者和壞投資者的時代是我們能夠區分自己的時代。

We look forward to your continued support, and we hope that we'll have occasion to speak on a frequent basis. Thanks so much.

我們期待您的繼續支持，我們希望我們有機會經常發言。非常感謝。

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

今天的會議到此結束，此時您可以斷開線路。感謝您的參與。