Bridge Investment Group Holdings Inc (BRDG) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Bridge Investment Group Fourth Quarter 2022 Earnings and Acquisition of Newbury Partners Conference Call. (Operator Instructions)

您好，歡迎來到 Bridge Investment Group 2022 年第四季度收益和收購 Newbury Partners 電話會議。 （操作員說明）

As a reminder, this conference is being recorded. I would now like to turn the call over to Bonni Rosen, Head of Shareholder Relations. Thank you. You may begin.

提醒一下，這次會議正在錄製中。我現在想把電話轉給股東關係主管 Bonni Rosen。謝謝。你可以開始了。

Good morning, everyone. Welcome to the Bridge Investment Group Year-end and Fourth Quarter Conference Call. We will also discuss our planned acquisition of Newbury Partners. Our prepared remarks include comments from our Executive Chairman, Robert Morse; Chief Executive Officer, Jonathan Slager, Chief Financial Officer, Katie Elsnab; as well as Chris Jaroch partner of Newbury Partners. We will hold a Q&A session following the prepared remarks, where we will be joined by Chris Jaroch and Richard Lichter, Founder and Managing Partner of Newbury Partners.

大家，早安。歡迎來到 Bridge Investment Group 年終和第四季度電話會議。我們還將討論我們計劃收購 Newbury Partners。我們準備好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 Jonathan Slager、首席財務官 Katie Elsnab；以及 Newbury Partners 的合夥人 Chris Jaroch。我們將在準備好的發言後舉行問答環節，屆時 Chris Jaroch 和 Newbury Partners 的創始人兼執行合夥人 Richard Lichter 將加入。

This morning, we posted a press release and investor presentation on our website with details on the Newbury transaction. I'd like to remind you that today's call may include forward-looking statements, which are uncertain and outside the firm's control and may differ materially from actual results. We do not undertake any duty to update these statements. For a discussion of some of the risks that could affect results, please see the Risk Factors section of our Form 10-K.

今天早上，我們在我們的網站上發布了一份新聞稿和投資者介紹，其中包含紐伯里交易的詳細信息。我想提醒您，今天的電話會議可能包含前瞻性陳述，這些陳述是不確定的並且不在公司的控制範圍內，可能與實際結果存在重大差異。我們不承擔更新這些聲明的任何義務。有關可能影響結果的一些風險的討論，請參閱我們的 10-K 表格的風險因素部分。

During the call, we will also 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 fourth quarter earnings call of event link. They are also available live during the webcast.

在電話會議期間，我們還將討論某些非 GAAP 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 上獲取。這些幻燈片可以在網站的“演示文稿”部分以及活動鏈接的第四季度收益電話會議中找到。它們也可以在網絡直播期間進行現場直播。

I will present our GAAP metrics and Katie will present our non-GAAP data. We reported GAAP net income to the operating company for the fourth quarter of $18.2 million and $272.4 million for the full year 2022. GAAP earnings per share was $0.92 for the full year 2022 with a GAAP loss per share for the fourth quarter of $0.04.

我將展示我們的 GAAP 指標，Katie 將展示我們的非 GAAP 數據。我們向運營公司報告的第四季度 GAAP 淨收入為 1820 萬美元，2022 年全年為 2.724 億美元。2022 年全年 GAAP 每股收益為 0.92 美元，第四季度 GAAP 每股虧損為 0.04 美元。

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

現在我很高興將電話轉給凱蒂。

Thanks, Bonni, and good morning, everyone. It's an exciting day for Bridge. I will review our financial highlights from the 2022 earnings announcement this morning, followed by Bob and Jonathan with macro commentary on our markets and operations. Bob, Jonathan and Chris will then introduce the Newbury Partners and share details on how Bridge and Newbury will work together going forward.

謝謝，Bonni，大家早上好。對於 Bridge 來說，這是激動人心的一天。今天上午，我將回顧 2022 年收益公告中的財務亮點，隨後鮑勃和喬納森對我們的市場和運營進行宏觀評論。 Bob、Jonathan 和 Chris 隨後將介紹 Newbury Partners 並分享有關 Bridge 和 Newbury 未來將如何合作的詳細信息。

From a macro perspective, 2022 was a challenging year. We experienced the highest levels of inflation in decades. As a result, central banks around the world shifted policy from low interest rates and quantitative easing to aggressive rate increases and concurrent monetary tightening. In addition, the world experienced increased geopolitical risks from the expanding conflict between Russia and Ukraine and economic slowdown and now subsequent reopening in China and other developments weighing on global capital markets.

從宏觀上看，2022年是充滿挑戰的一年。我們經歷了幾十年來最高水平的通貨膨脹。因此，世界各國央行將政策從低利率和量化寬鬆政策轉向積極加息和同時收緊貨幣政策。此外，由於俄羅斯和烏克蘭之間不斷擴大的衝突以及經濟放緩以及隨後中國重新開放以及其他對全球資本市場造成壓力的事態發展，世界面臨著越來越大的地緣政治風險。

Despite a challenging backdrop, Bridge delivered meaningful positive growth across our key metrics for 2022. FRE to the operating company increased to $158.3 million powered by 37% growth in recurring fund management fees, which more than offset a decline in transaction fees. Operating expenses were up 37% year-over-year as our platform continues to scale. We added to our relatively new logistics, solar and PropTech teams, augmented our ESG and compliance efforts, and at the same time, we're cautious on employee compensation and other expenses. Notwithstanding investing for growth, which has already started to occur in these new verticals, our fund management fee revenue outpaced this growth by 5%, showcasing our operating leverage and cost discipline.

儘管背景充滿挑戰，但 Bridge 在我們 2022 年的關鍵指標上實現了有意義的正增長。運營公司的 FRE 增加到 1.583 億美元，這得益於經常性基金管理費用增長 37%，這足以抵消交易費用的下降。隨著我們平台的不斷擴展，運營費用同比增長 37%。我們增加了相對較新的物流、太陽能和 PropTech 團隊，加強了我們的 ESG 和合規工作，同時，我們對員工薪酬和其他費用持謹慎態度。儘管在這些新的垂直領域已經開始出現增長投資，但我們的基金管理費收入超過了這一增長 5%，展示了我們的經營槓桿和成本紀律。

Distributable earnings to the operating company increased to a record $187.9 million, with after-tax DE per share of $1.10, a 24% increase from 2021. This increase was driven by our continued growth in fee-earning AUM and fee-related earnings. Distributable earnings for the fourth quarter were $35.6 million, with after-tax DE per share of $0.21. We declared a dividend of $0.17 per share, which will be paid to shareholders of record as of March 10. The rapid rise in interest rates led to a repricing in the asset markets in which we participate and a significant decrease in lending activity during the second half of the year. A widening bid-ask spread in property transaction markets made it difficult to value assets and close investments. This has impacted deployment and to a lesser extent, our capital-raising activities.

運營公司的可分配收益增加到創紀錄的 1.879 億美元，每股稅後 DE 為 1.10 美元，比 2021 年增長 24%。這一增長是由我們的收費 AUM 和收費相關收入的持續增長推動的。第四季度的可分配收益為 3560 萬美元，每股稅後 DE 為 0.21 美元。我們宣布派發每股 0.17 美元的股息，該股息將支付給 3 月 10 日之前登記在冊的股東。利率的快速上升導致我們參與的資產市場重新定價，並且在第二個時期貸款活動顯著減少半年。房地產交易市場的買賣差價擴大使得難以對資產進行估值和完成投資。這影響了部署，並在較小程度上影響了我們的籌資活動。

With respect to deployment, we have been patient as markets corrected in the second half of 2022. As a result, our transaction volumes, along with the entire market were down, and we took a view that our $3.5 billion of dry powder would be deployed at better values in the future. Although transaction fees and realized performance fee revenue may remain muted in the near term due to the short-term market conditions, the underlying fundamentals of our business remain healthy. For example, our Multifamily and Workforce assets, which represent 34% of our fee-earning AUM are 94% occupied and the same-store effective rent growth for 2022 over 2021 averaged above 15%.

在部署方面，隨著市場在 2022 年下半年調整，我們一直保持耐心。因此，我們的交易量以及整個市場都在下降，我們認為將部署我們 35 億美元的干火藥在未來更好的價值。儘管由於短期市場狀況，交易費和已實現績效費收入在短期內可能保持低迷，但我們業務的基本面依然健康。例如，我們的多戶家庭和勞動力資產占我們收費 AUM 的 34%，但 94% 已被佔用，2022 年同店有效租金比 2021 年平均增長 15% 以上。

Fundamentals in our latest single-family rental portfolio are similarly strong, with 7.4% growth in NOI for 2022 and 96% occupancy. Logistics, which is a growing component of our AUM, continues to experience historically low vacancy rates, particularly in the coastal and gateway infill markets in which we primarily invest. This, in turn, has continued to support double-digit rent growth, which we think will persist into 2023.

我們最新的單戶租賃組合的基本面同樣強勁，2022 年 NOI 增長 7.4%，入住率達到 96%。物流是我們 AUM 中不斷增長的組成部分，空置率繼續處於歷史低位，尤其是在我們主要投資的沿海和門戶填充市場。這反過來又繼續支持兩位數的租金增長，我們認為這將持續到 2023 年。

Now turning to investment performance. Our equity real estate funds, which are mostly value-add strategies, depreciated 4.8% in the quarter and 1.7% for the year as we've continued to increase cap rate assumptions in the rising rate environment on unrealized investments. These cap rate increases have been largely offset in many cases by rent growth and we continue to see strength in the underlying value-add sectors in which we invest.

現在轉向投資業績。我們的股票房地產基金主要是增值策略，本季度貶值 4.8%，全年貶值 1.7%，因為我們在未實現投資的利率上升環境中繼續提高資本化率假設。在許多情況下，這些資本化率增長在很大程度上被租金增長所抵消，我們繼續看到我們投資的基礎增值行業的實力。

In addition, we generally have the ability to hold assets through the market volatility, and we believe our funds are conservatively and appropriately capitalized. We are focused on the long-term value we provide to our limited partners and are confident that we continue to add value to the assets in our funds. We achieved solid fundraising results in Q4 of $518.1 million, bringing inflows to $4.5 billion for the year in what was a more difficult backdrop for raising capital.

此外，我們通常有能力通過市場波動持有資產，我們認為我們的資金是保守和適當資本化的。我們專注於為有限合夥人提供的長期價值，並有信心繼續為我們的基金資產增值。我們在第四季度取得了 5.181 億美元的穩健籌資成果，在籌資更加困難的背景下使全年資金流入達到 45 億美元。

During 2022 through January of 2023. We also completed final closings for the latest vintages of our debt strategies, Multifamily and Workforce and Affordable Funds at record levels. We expect Debt Strategies IV will be fully invested in the coming months as we continue to find attractive investment opportunities amidst the turbulence of the credit markets.

從 2022 年到 2023 年 1 月。我們還以創紀錄的水平完成了債務策略、多戶家庭和勞動力以及負擔得起的基金的最新結算。我們預計債務策略 IV 將在未來幾個月內得到充分投資，因為我們將在信貸市場的動盪中繼續尋找有吸引力的投資機會。

In the fourth quarter, we bought $633 million of investment-grade CRE, CLO and CMBS bonds with a weighted average spread of SOFR plus 436 basis points unlevered. These highly risk-mitigated investment-grade bonds were all floating great and are seen here in the capital structure, that exhibited outside deals due to the general illiquidity in the securitization markets during the quarter. We continue to have productive dialogue with our investors related to this strategy. We had momentum in Q4 from several of our strategies with $167 million committed to opportunity on Fund V, $44 million to net lease income and $42 million to AMBS.

第四季度，我們購買了 6.33 億美元的投資級 CRE、CLO 和 CMBS 債券，加權平均利差為 SOFR 加上 436 個基點的無槓桿。由於本季度證券化市場普遍缺乏流動性，這些高度風險緩釋的投資級債券都浮動很大，並且在資本結構中可以看到，這些債券表現出外部交易。我們將繼續與我們的投資者就這一戰略進行富有成效的對話。我們在第四季度從我們的幾個戰略中獲得了動力，其中 1.67 億美元承諾用於基金 V 的機會，4400 萬美元用於淨租賃收入，4200 萬美元用於 AMBS。

We ended the year with gross AUM of $43.3 billion and fee-paying AUM of $17.3 billion, an increase of 19% and 30%, respectively, from 2021. With $3.5 billion of dry powder, we are well positioned to fully deploy capital for our funds at we believe is an attractive point in the cycle. Our value-add platform is built for such market environments. We also feel good about our fund capital base with 98% of our fee-earning AUM in long-term closed-end funds, which have no redemption features and a weighted average duration of 7.7 years.

截至今年年底，我們的總資產管理規模為 433 億美元，付費資產管理規模為 173 億美元，分別比 2021 年增長 19% 和 30%。憑藉 35 億美元的干火藥，我們已做好充分準備，可以充分部署我們的資本我們認為資金在周期中是一個有吸引力的點。我們的增值平台就是為這樣的市場環境而構建的。我們也對我們的基金資本基礎感到滿意，我們 98% 的收費 AUM 是長期封閉式基金，這些基金沒有贖回功能，加權平均期限為 7.7 年。

This significantly inflates Bridge from the redemptions currently seen by those who have more exposure to retail open-end vehicles. Approximately 90% of our fee-earning AUM is invested in high-conviction themes, which include residential rental in the U.S. across Multifamily, Workforce and Affordable Housing, Single-Family Rental, Senior Housing and in our private credit strategy where the majority of the collateral is Multifamily related.

這大大增加了 Bridge 從目前看到的那些對零售開放式車輛有更多接觸的人的贖回。我們大約 90% 的收費 AUM 投資於高信念主題，其中包括美國的多戶住宅租賃、勞動力和經濟適用房、單戶租賃、老年住房以及我們的私人信貸戰略，其中大部分抵押品與多戶家庭有關。

While the market environment has been volatile in the past few months, we continue to believe that the U.S. real estate alternative offers investors resilient, recession resistant downside protection, durable inflation-protected yields and the potential for meaningful capital appreciation.

儘管過去幾個月市場環境動盪不安，但我們仍然相信，美國房地產替代方案為投資者提供了有彈性、抗衰退的下行保護、持久的通脹保護收益率和有意義的資本增值潛力。

With that, let me turn the call over to Bob.

有了這個，讓我把電話轉給鮑勃。

Thank you, Katie. We are pleased to discuss our strong year-end 2022 and fourth quarter results and the definitive agreement to acquire Newbury Partners, one of the largest and, in our view, highest quality and best performing independent secondaries firms. The transaction is an exciting next step in our strategic plan to grow both organically and inorganically to thoughtfully expand our investment platform in an attractive and growing asset class.

謝謝你，凱蒂。我們很高興討論我們強勁的 2022 年底和第四季度業績，以及收購 Newbury Partners 的最終協議，Newbury Partners 是最大的、我們認為質量最高、表現最好的獨立二級公司之一。該交易是我們戰略計劃中令人興奮的下一步，該計劃旨在實現有機和無機增長，以深思熟慮地擴大我們在具有吸引力且不斷增長的資產類別中的投資平台。

Before reviewing the strategic rationale for the Newbury transaction and the macro environment in which we expect to operate in 2023, I wanted to highlight selected achievements in 2022. We achieved record closes in 3 established Bridge verticals with Debt Strategies IV at $2.9 billion, Multifamily V at $2.3 billion with a final closing that occurred in January; and Workforce and Affordable Housing II at $1.7 billion, highlighting the confidence investors place in our best-in-class investment teams.

在回顧紐伯里交易的戰略依據和我們預計 2023 年運營的宏觀環境之前，我想強調 2022 年的選定成就。我們在 3 個成熟的橋樑垂直領域取得了創紀錄的收盤價，其中債務策略 IV 為 29 億美元，多戶型 V 23 億美元，最終於 1 月完成交割； 17 億美元的勞動力和經濟適用房 II，凸顯了投資者對我們一流投資團隊的信心。

Both Multifamily V and Workforce and Affordable II are the largest specialized funds of their kind, and positioned to participate in the continued opportunities around housing in the U.S. The predecessor funds for each of these are ranked in the top quartile in performance by Preqin for their sizes and vintages, illustrating the value of specialized focus and forward integration, both of which, in part, define our approach to the real estate markets. We will launch in first quarter 2023, successor vehicles in our established logistics, office and health care verticals as well as our debt strategies vertical since Debt Fund IV is expected to be over 85% deployed.

Multifamily V 和 Workforce and Affordable II 都是同類基金中規模最大的專業基金，並定位於參與美國住房相關的持續機會。根據 Preqin 的規模，這些基金的前身基金在業績方面均名列前四分之一和年份，說明專業專注和前向整合的價值，這兩者在一定程度上定義了我們進入房地產市場的方法。我們將在 2023 年第一季度在我們已建立的物流、辦公和醫療保健垂直領域以及我們的垂直債務戰略中推出後續工具，因為債務基金 IV 預計將部署 85% 以上。

We have assembled outstanding investment teams and launched new strategies in Renewable Energy and PropTech to further expand our scope and have enjoyed early success in those efforts. And finally, we completed 1 strategic acquisition in the complementary Single-Family for rent sector. We're starting strong in 2023 with the planned Newbury acquisition, to expand into the attractive and growing secondaries sector with an outstanding management team and an enviable track record of success.

我們組建了優秀的投資團隊，並在可再生能源和房地產科技領域推出了新戰略，以進一步擴大我們的範圍，並在這些努力中取得了初步成功。最後，我們在互補的單戶住宅租賃領域完成了 1 項戰略收購。我們將在 2023 年以計劃中的 Newbury 收購開始強勁發展，以憑藉出色的管理團隊和令人羨慕的成功記錄擴展到有吸引力且不斷發展的二級市場。

2022 was an unusual year from the perspective of commercial real estate. Counter to the typical pattern where volumes are greater in the second half than the first half of the year, 2022 started with a bang and ended with a whimper. At the beginning of 2022, transaction volumes were high, price expectations from sellers were high and buyers were plentiful. In the first half of 2022, we sold $745 million of assets, contributing to $31.6 million of realized performance fees.

2022年對於商業地產來說，是不平凡的一年。與下半年交易量大於上半年的典型模式相反，2022 年以一聲巨響開始，以一聲嗚咽結束。 2022年初，交易量高，賣家價格預期高，買家多。 2022 年上半年，我們出售了 7.45 億美元的資產，貢獻了 3160 萬美元的已實現績效費用。

In the second half of 2022, we were very selective on monetizations as well as deployment, yet we remained actively engaged with brokers, sponsors and lenders seeking attractively priced opportunities. We expect to see more of these as 2023 progresses, hopefully culminating with a much more steady and active market by the second half of the year as the capital markets stabilize.

2022 年下半年，我們在貨幣化和部署方面非常有選擇性，但我們仍然積極與經紀人、贊助商和貸款人合作，尋求價格有吸引力的機會。隨著 2023 年的進展，我們預計會看到更多這樣的情況，並希望隨著資本市場的穩定，到今年下半年最終形成一個更加穩定和活躍的市場。

As we look ahead, we see green shoots, particularly in the U.S. with a resilient labor market and healthy consumer metrics. We've also started to see some evidence of inflation easing with the personal expenditures price index rising just 5% in December, the slowest annual gain since September 2021.

展望未來，我們看到了復甦的曙光，尤其是在擁有彈性勞動力市場和健康消費者指標的美國。我們還開始看到一些通脹放緩的跡象，個人支出價格指數在 12 月份僅上漲 5%，這是自 2021 年 9 月以來的最低年度漲幅。

We've already seen the Fed slow the pace of rate increases from 75 basis points to 25 basis points, and treasury yields come down by almost 100 basis points from their highs. If these trends continue, this will bring much needed price discovery back to the market, which would increase the velocity of commercial real estate transactions as we progress further in 2023.

我們已經看到美聯儲將加息步伐從 75 個基點放緩至 25 個基點，國債收益率從高點下跌近 100 個基點。如果這些趨勢繼續下去，這將為市場帶來急需的價格發現，隨著我們在 2023 年的進一步發展，這將提高商業房地產交易的速度。

In commercial real estate, our outlook focuses on sectors with long-term demand drivers and opportunistic plays that may come in the form of broken capital structures or repositioning of assets. We expect to see some attractive near-term opportunities albeit in a slower deployment market, followed by a significant increase in activity later in the year as the capital markets stabilize.

在商業地產方面，我們的展望重點關注具有長期需求驅動因素和可能以資本結構破裂或資產重新定位形式出現的機會主義行為的行業。儘管部署市場放緩，但我們預計會看到一些有吸引力的近期機會，隨後隨著資本市場穩定，今年晚些時候活動將顯著增加。

Our long-term strategic intentions are to continue to grow organically as we've done in our established verticals and combine organic growth with carefully curated acquisitions. The alternative asset management space is fragmented and consolidating and we believe offers significant opportunities.

我們的長期戰略意圖是繼續有機增長，就像我們在已建立的垂直領域所做的那樣，並將有機增長與精心策劃的收購相結合。另類資產管理領域是分散的和整合的，我們認為提供了重要的機會。

Over the course of 2022, we evaluated numerous opportunities before focusing on Newbury Partners. We have seen that the weakness in the capital markets in the third and fourth quarters of 2022 accelerated the desire of smaller managers to consolidate, and we believe this trend is just beginning.

在 2022 年期間，我們在關注 Newbury Partners 之前評估了許多機會。我們已經看到，2022年三四季度資本市場的疲軟加速了規模較小的經理人整合的願望，我們認為這種趨勢才剛剛開始。

We selected the secondaries sector as one of the most attractive and believe that the Newbury team, investment philosophy and process fit hand in glove with how Bridge has navigated successfully since founded. We and others see significant opportunity within the high-growth secondaries market.

我們選擇二級市場作為最具吸引力的行業之一，並相信 Newbury 團隊、投資理念和流程與 Bridge 自成立以來的成功發展密切相關。我們和其他人在高增長的二級市場中看到了巨大的機會。

The alternative asset sector has grown rapidly over the past decade with more than $13.3 trillion in assets under management by alternative managers and is expected to grow at double-digit rates for the next 5 years. As liquidity needs evolve for investors, demand for secondaries solutions has accelerated. The secondaries market has grown dramatically in recent years with $132 billion in volume in 2021, up 120% over 2020 with a healthy $108 billion of volume estimated for 2022, and the market is projected to grow at a 22% compound annual growth rate through 2026 per a Morgan Stanley research report.

另類資產行業在過去十年中發展迅速，另類資產管理人管理著超過 13.3 萬億美元的資產，預計未來 5 年將以兩位數的速度增長。隨著投資者流動性需求的發展，對二級市場解決方案的需求也在加速增長。二級市場近年來增長迅猛，2021 年的交易量為 1320 億美元，比 2020 年增長 120%，預計 2022 年的交易量將達到 1080 億美元，到 2026 年市場預計將以 22% 的複合年增長率增長根據摩根士丹利的研究報告。

The current macroeconomic environment along with the gap between public and private market pricing has only increased the need for LPs and sponsors to seek secondaries solutions to rebalance investment allocations, extend fund durations to weather price volatility, gain liquidity or streamline portfolios. In turn, LPs and secondaries funds benefit from outsized current cash yields, instant exposure to PE asset classes with limited to no J curve, high diversification and structural value protection from buying below NAV.

當前的宏觀經濟環境以及公共和私人市場定價之間的差距只會增加有限合夥人和發起人尋求二級解決方案以重新平衡投資分配、延長基金期限以應對價格波動、獲得流動性或精簡投資組合的需求。反過來，有限合夥人和二級基金受益於超高的當前現金收益率、即時暴露於有限或沒有 J 曲線的 PE 資產類別、高度多樣化和結構性價值保護以防止購買低於資產淨值。

With Newbury, we will diversify our product offering and add significant assets to the Bridge platform. The transaction also represents an opportunity to expand our investment offerings to both Bridge and Newbury investors by developing real estate secondaries funds as we combine Bridge's real estate underwriting expertise with Newbury's sterling reputation as a leading secondary market investor.

通過 Newbury，我們將豐富我們的產品供應，並為 Bridge 平台增加重要資產。由於我們將 Bridge 的房地產承銷專業知識與 Newbury 作為領先的二級市場投資者的良好聲譽相結合，該交易還代表了一個機會，可以通過開發房地產二級基金來擴大我們對 Bridge 和 Newbury 投資者的投資產品。

We are excited about this value-enhancing transaction and see a number of opportunities to scale together in today's secondary market. We look forward to working closely with Newbury's highly experienced management team, and we are confident that our firm's shared values, proven track records, complementary areas of expertise will make for a seamless integration. This positions Bridge to capitalize on the growing secondaries opportunity set and create significant near and long-term value for our investors.

我們對這項增值交易感到興奮，並看到了在當今二級市場上共同擴大規模的許多機會。我們期待與 Newbury 經驗豐富的管理團隊密切合作，我們相信我們公司的共同價值觀、可靠的業績記錄和互補的專業領域將實現無縫整合。這使 Bridge 能夠利用不斷增長的二級市場機會，為我們的投資者創造重要的近期和長期價值。

I'll now turn the call over to Jonathan to more fully describe what Newbury does today and to walk through the financial terms of the Newbury transaction.

我現在將電話轉給喬納森，以更全面地描述紐伯里今天所做的事情，並詳細介紹紐伯里交易的財務條款。

Thank you, Bob, and good morning. We are delighted to announce the signing of a definitive agreement to acquire substantially all of the business of Newbury Partners and to enter into long-term employment contracts with the senior professionals who have managed the growth and success of Newbury since its founding in 2006.

謝謝你，鮑勃，早上好。我們很高興地宣布簽署最終協議，收購 Newbury Partners 的絕大部分業務，並與管理 Newbury 2006 年成立以來的發展和成功的高級專業人士簽訂長期僱傭合同。

Newbury is the leader in the secondaries market with a focus on acquiring limited partnership interest in established buyout, growth equity and venture capital funds. Consistent with the way Bridge operates in its real estate investment funds, Newbury's focus has been on small and middle market transactions, where there is less competition and more attractive pricing. Since its founding in 2006, Newbury has raised over $6.2 billion of committed investor capital across 5 dedicated funds.

Newbury 是二級市場的領導者，專注於收購已建立的收購、增長股權和風險投資基金的有限合夥權益。與 Bridge 在其房地產投資基金中的運作方式一致，紐伯里的重點一直放在中小型市場交易上，那裡競爭較少，定價更具吸引力。自 2006 年成立以來，Newbury 已通過 5 個專項基金籌集了超過 62 億美元的承諾投資者資本。

The firm has executed more than 200 transactions, investing in over 500 underlying interest on behalf of limited partners. Newbury's experienced management team has decades long track record of strong performance and has returned over $4 billion of cash distributions to investors since inception.

該公司已經執行了 200 多筆交易，代表有限合夥人投資了 500 多個標的物。 Newbury 經驗豐富的管理團隊擁有數十年的強勁業績記錄，自成立以來已向投資者返還超過 40 億美元的現金分配。

Newbury's investment performance has been strong and steady and has improved over time. Since the global financial crisis, Newbury funds that have started mark-to-market reporting have had gross annualized returns of greater than 20% and net returns of approximately 15% to 21%. Newbury's best-in-class management team, middle market investment strategy and strong direct sourcing channel align with our strategy of investing in carefully targeted opportunities that allow us to drive better risk-adjusted returns.

紐伯里的投資業績一直強勁而穩定，並隨著時間的推移而有所改善。自全球金融危機以來，開始按市值報告的紐伯里基金的年化總回報率超過 20%，淨回報率約為 15% 至 21%。 Newbury 一流的管理團隊、中間市場投資戰略和強大的直接採購渠道與我們投資於精心瞄準的機會的戰略相一致，使我們能夠推動更好的風險調整後回報。

Newbury has more than 250 limited partners worldwide, spanning pension funds and endowments, family offices and investment managers, among others. There is little overlap with Newbury's limited partners and existing Bridge investors with less than 3% overlap of institutional clients invested with both firms.

紐伯里在全球擁有超過 250 名有限合夥人，涵蓋養老基金和捐贈基金、家族辦公室和投資經理等。與 Newbury 的有限合夥人和現有的 Bridge 投資者幾乎沒有重疊，投資於這兩家公司的機構客戶的重疊度不到 3%。

This allows significant cross-selling opportunities. We believe the Newbury acquisition is highly strategic and financially accretive to the Bridge platform. Newbury has approximately $5.2 billion in assets under management, which will bring Bridge to a total AUM of $48.5 billion. More importantly, fee-paying AUM, which represents most closely the true underlying growth of our business, will increase by 25% or $4.3 billion, bringing us to $21.6 billion as of December 31, 2022, based on combined year-end numbers.

這提供了重要的交叉銷售機會。我們認為，對 Newbury 的收購對 Bridge 平台具有高度戰略性和財務增值性。 Newbury 管理著大約 52 億美元的資產，這將使 Bridge 的 AUM 總額達到 485 億美元。更重要的是，根據年末合併數字，截至 2022 年 12 月 31 日，最能代表我們業務真正潛在增長的付費 AUM 將增長 25% 或 43 億美元，使我們達到 216 億美元。

For perspective, Bridge's fee paying AUM at the time of our IPO was $10.3 billion. So post-closing of Newbury, this represents 110% growth in just 6 quarters. During 2022, Newbury generated $43 million of management fees and $28 million of fee-related earnings, with the duration of their fee earning AUM approximately 8 years.

從長遠來看，Bridge 在我們首次公開募股時支付的 AUM 費用為 103 億美元。因此，在紐伯里關閉後，僅 6 個季度就實現了 110% 的增長。 2022 年期間，Newbury 產生了 4300 萬美元的管理費和 2800 萬美元的費用相關收益，其收取費用的 AUM 持續時間約為 8 年。

As a result, on a combined basis, we estimate our fee-related earnings would have been $192 million for that same time period, enhancing our FRE profile in a powerful way. In addition, Newbury generated strong estimated FRE margins of 65%, which will enhance the FRE margins for the combined business going forward.

因此，在合併的基礎上，我們估計同期與費用相關的收入將達到 1.92 億美元，從而有力地增強了我們的 FRE 形象。此外，紐伯里估計 FRE 利潤率高達 65%，這將提高未來合併業務的 FRE 利潤率。

Overall, on closing, we expect the transaction would have been accretive to 2022 FRE and FRE margins. On an after-tax DE per share basis, we estimate the transaction would have been mid-single-digits accretive. In addition to being immediately accretive to earnings, we are excited about the growth prospects of Newbury as we launch successor funds and expand our offerings in the secondaries sector.

總體而言，在交易結束時，我們預計該交易將增加 2022 年的 FRE 和 FRE 利潤率。以每股稅後 DE 為基礎，我們估計該交易的增幅為中等個位數。除了立即增加收益外，我們對 Newbury 的增長前景感到興奮，因為我們推出了後續基金並擴大了我們在二級市場的產品。

As we discussed in the past, we have long focused our shareholders on recurring fund management fees as a benchmark of our underlying growth and stability. We recognize that transaction fees can be more inconsistent and seasonal and we clearly saw that in 2022. Our annualized recurring fund management fees were $121 million at the time of IPO. And as of the fourth quarter of 2022, we are now at $200 million, representing 65% growth.

正如我們過去所討論的那樣，我們長期以來一直將股東的注意力集中在經常性基金管理費上，作為我們潛在增長和穩定性的基準。我們認識到交易費用可能更加不一致和季節性，我們在 2022 年清楚地看到了這一點。我們的年度經常性基金管理費在 IPO 時為 1.21 億美元。截至 2022 年第四季度，我們現在的收入為 2 億美元，增長了 65%。

When combined with Newbury, they are $243 million, which is more than twice our IPO level. We expect to continue to grow as we raise successor Newbury fund this year. Additionally, Newbury has a loyal investor base with nearly 80% of its Fund V capital coming from repeat investors.

與 Newbury 合併後，它們的價值為 2.43 億美元，是我們 IPO 水平的兩倍多。隨著我們今年籌集繼任的紐伯里基金，我們預計將繼續增長。此外，Newbury 擁有忠實的投資者基礎，其 Fund V 近 80% 的資金來自回頭客。

With respect to the funding of the transaction, Bridge will provide $320 million in cash for substantially all of the business of Newbury, which includes the acquisition of existing management agreements and in-place workforce. We are not acquiring the carried interest associated with Funds I through V. However, we will earn carried interest on future funds and anticipate 40% of that carry attributable to our ownership in the platform will be allocated to the operating company.

關於交易資金，Bridge 將為 Newbury 的幾乎所有業務提供 3.2 億美元現金，其中包括收購現有管理協議和現有員工隊伍。我們不會收購與基金 I 至 V 相關的附帶權益。但是，我們將獲得未來基金的附帶權益，並預計我們在平台中的所有權所帶來的附帶權益的 40% 將分配給運營公司。

Bridge intends to fund this acquisition using existing balance sheet resources, including the $150 million of proceeds from the recent private placement of debt. The private placement was priced in January and will include the issuance of $120 million of 7-year notes and $30 million of 10-year notes with a weighted average interest rate of approximately 6%.

Bridge 打算使用現有的資產負債表資源為此次收購提供資金，包括最近私募債務的 1.5 億美元收益。私募在 1 月份定價，將包括發行 1.2 億美元的 7 年期票據和 3000 萬美元的 10 年期票據，加權平均利率約為 6%。

The note purchase agreement is contingent upon us closing the Newbury transaction and funding would occur at that time. We also expanded our revolving credit facility to $225 million with full capacity currently available. We expect the transaction to close in the first half of 2023 subject to customary closing conditions, including investor consents and regulatory approvals.

票據購買協議取決於我們完成紐伯里交易，屆時將進行融資。我們還將我們的循環信貸額度擴大到 2.25 億美元，目前可用的全部容量。我們預計該交易將於 2023 年上半年完成，但須滿足慣例成交條件，包括投資者同意和監管部門批准。

I want to end our prepared remarks by reiterating how excited we are to be partnering with Richard, Chris, Warren, Gerry and the entire Newbury team. Their culture of teamwork excellence and specialization is aligned with our values, and we look forward to working together in the years to come.

我想通過重申我們對與理查德、克里斯、沃倫、格里和整個紐伯里團隊合作感到非常興奮來結束我們準備好的發言。他們的卓越團隊合作和專業化文化與我們的價值觀一致，我們期待在未來的歲月裡攜手合作。

This transaction is highly strategic for Bridge and provides another area of dynamic potential growth going forward. It is now my pleasure to turn the call over to Chris Jaroch of Newbury Partners to say a few words.

此項交易對 Bridge 具有高度戰略意義，並提供了另一個充滿活力的潛在增長領域。現在我很高興將電話轉給 Newbury Partners 的 Chris Jaroch 說幾句話。

Thanks, Jonathan. As you know, we spent a lot of time thinking about the future growth and development of our business, and we are excited about the common vision and cultural fit between Bridge and Newbury. We believe that this partnership will accelerate our growth both within our existing investment strategy as well as into adjacent secondaries opportunities. The team at Newbury is confident that this transaction will position us for shared success, and we very much look forward to working closely with the entire Bridge team to realize the benefits of this complementary combination.

謝謝，喬納森。如您所知，我們花了很多時間思考我們業務的未來增長和發展，我們對 Bridge 和 Newbury 之間的共同願景和文化契合度感到興奮。我們相信，這種夥伴關係將在我們現有的投資戰略以及相鄰的二級投資機會中加速我們的增長。 Newbury 團隊相信此次交易將使我們共同取得成功，我們非常期待與整個 Bridge 團隊密切合作，以實現這一互補組合的好處。

Thank you, Chris. We are likewise thrilled about this new opportunity we have together. Operator, we will now open up the line for questions. Thank you.

謝謝你，克里斯。我們同樣對我們共同擁有的這個新機會感到興奮。接線員，我們現在將打開問題熱線。謝謝。

(Operator Instructions) Our first question is coming from the line of Michael Cyprys with Morgan Stanley.

（操作員說明）我們的第一個問題來自 Michael Cyprys 與摩根士丹利的合作。

Congratulations on the transaction. Maybe just start off on the Newbury transaction. I was hoping you might be able to elaborate a bit more on the opportunities you see to scale the Newbury business. You mentioned cross-selling. How do you think about that? What does that take? Expanding into real estate secondaries I think another area, I think you also alluded to maybe some other products. Just curious how you think about doing that? What are some of the actions that you guys might take this year and into '24? What does that require in terms of team build?

恭喜成交。也許只是從紐伯里交易開始。我希望您能夠詳細說明您看到的擴大 Newbury 業務的機會。你提到交叉銷售。你怎麼看？那需要什麼？擴展到房地產二級市場我認為是另一個領域，我想你也提到了其他一些產品。只是好奇你是如何考慮這樣做的？你們今年和進入 24 世紀可能會採取哪些行動？這對團隊建設有什麼要求？

And then I think you also alluded to raising a fund -- a successor fund at Newbury. Just any sort of thoughts around the market environment for raising capital today there? And how you think about sizing that? And if that fund might scale just given the strong performance track record.

然後我想你還提到了籌集資金——紐伯里的繼任基金。對當今籌集資金的市場環境有何看法？您如何考慮調整大小？鑑於強勁的業績記錄，該基金是否可以擴大規模。

Thanks, Michael. This is Bob speaking. I might start off a little bit and then ask Chris to elaborate as well. We have tried to be very both strategic and tactical as we look for opportunities to expand, and we feel that the secondaries -- broadly speaking, the secondaries business is one that offers significant growth potential going forward. And our interpretation of Newbury's history and track record is such that it sets the foundation for strong growth going forward. The Newbury team has created an enviable track record. They have a philosophy, a middle-market philosophy, if you will, that parallels so closely, how Bridge has created its track record as well. So we think that there's a significant fit between our 2 firms in how to do business.

謝謝，邁克爾。我是鮑勃。我可能會開始一點點，然後請 Chris 詳細說明。在尋找擴張機會時，我們一直試圖在戰略和戰術上都非常出色，我們認為二級業務——從廣義上講，二級業務是未來具有巨大增長潛力的業務。我們對 Newbury 的歷史和往績的解讀是，它為未來的強勁增長奠定了基礎。紐伯里團隊創造了令人羨慕的記錄。他們有一種哲學，一種中間市場哲學，如果你願意的話，這與 Bridge 如何創造其業績記錄非常相似。因此，我們認為我們兩家公司在開展業務方面非常契合。

Newbury has just about completed the deployment of capital in their Fund V. So we collectively anticipate the successful launch of a Fund VI to continue precisely what they've been doing with their very strong list of investors. We, as Jonathan alluded to, would expect that we can do some significant cross-sell between our investor base and their investor base, both for raising capital for the secondaries business as well as raising capital for our fundamental real estate activities. But the secondaries business, like the real estate business has a lot of different aspects to it, focusing on PE, venture capital and buyout opportunities has been the main focus of Newbury. Looking backwards, we think that there's meaningful opportunity in the more nascent, but growing real estate secondaries business. It's our view that the power of Bridge's real estate expertise and Newbury's secondaries expertise will create a strong entrant in that field.

Newbury 剛剛完成其 Fund V 的資本配置。因此，我們共同期待 Fund VI 的成功推出，以繼續他們與強大的投資者名單所做的事情。正如喬納森所暗示的那樣，我們希望我們可以在我們的投資者基礎和他們的投資者基礎之間進行一些重要的交叉銷售，既可以為二級業務籌集資金，也可以為我們的基礎房地產活動籌集資金。但二級業務與房地產業務一樣有很多不同的方面，專注於私募股權、風險投資和收購機會一直是紐伯里的主要關注點。回顧過去，我們認為新興但不斷發展的房地產二級業務存在有意義的機會。我們認為，Bridge 的房地產專業知識和 Newbury 的二級專業知識的力量將在該領域創造一個強大的進入者。

And there are other areas to focus on as well, whether it be infrastructure or other opportunities in the secondaries business. It's a growing business. So we think that it adds to the various growth vectors that we already have in our quiver, and we believe that the Newbury team will be really effective in terms of capturing some of those opportunities. Chris, anything that you'd like to add there?

還有其他領域需要關注，無論是基礎設施還是二次業務中的其他機會。這是一個不斷增長的業務。所以我們認為它增加了我們已經擁有的各種增長載體，我們相信紐伯里團隊在抓住其中一些機會方面將非常有效。克里斯，你有什麼要補充的嗎？

Well, Michael, first off, I'd say we're delighted that the opening question is focused on our business and we're delighted with this combination. And as Bob said, the secondaries market is really even in its middle innings of its tremendous growth. I mean when we started this business back in 2006, just the regular way private equity secondaries market was probably $10 billion or $15 billion in size, if that. Today, we're looking at $100-plus billion markets year-over-year. So there's been enormous growth in the business, but we think that the overall market still has another 2 to 3x in the next few years. And so there's just tremendous underlying growth in the business.

好吧，邁克爾，首先，我想說我們很高興開場白的問題集中在我們的業務上，我們對這種結合感到高興。正如鮑勃所說，二級市場實際上甚至處於其巨大增長的中間階段。我的意思是，當我們在 2006 年開始這項業務時，私募股權二級市場的常規規模可能是 100 億美元或 150 億美元，如果那樣的話。今天，我們正在尋找年復一年超過 100 億美元的市場。因此，該業務出現了巨大的增長，但我們認為未來幾年整體市場仍有 2 到 3 倍的增長。因此，該業務存在巨大的潛在增長。

And so I think what we've been looking at going forward is, one, as Bob said, raising the successor fund to our Fund V, which was a $2 billion U.S. fund, and we're looking forward to that imminent launch. And then two, as we talk to sellers in the universe looking for liquidity or other rebalancing solutions, we see in their portfolios, a whole series of other types of fund interest, not just the buyout and venture and growth equity that we've been focused on through our [culture] in Newbury, but we see real estate funds in there, we see credit funds. We see other types of funds in these portfolios. So as we look to address the broader market as it's evolving, I think these incremental capabilities that we can develop together with the Bridge folks will give us, one, better solutions for the people that we're dealing with, but also create avenues for continued growth of the platform.

所以我認為我們一直在關注的是，正如鮑勃所說，為我們的基金 V 籌集繼任基金，這是一個 20 億美元的美國基金，我們期待著即將推出。其次，當我們與宇宙中尋求流動性或其他再平衡解決方案的賣家交談時，我們在他們的投資組合中看到了一系列其他類型的基金興趣，而不僅僅是我們一直關注的收購、風險和增長股權專注於我們在紐伯里的[文化]，但我們在那裡看到房地產基金，我們看到信貸基金。我們在這些投資組合中看到其他類型的基金。因此，當我們希望在不斷發展的過程中應對更廣泛的市場時，我認為我們可以與 Bridge 人員一起開發的這些增量功能將為我們提供一個更好的解決方案，為我們正在打交道的人提供解決方案，同時也為平台的持續增長。

Great. And just maybe to follow up on that. You mentioned Fund VI launching that here just given broadly, we're hearing about a more challenging fundraising backdrop today. So just curious to what extent are you guys seeing that on the secondaries front? And if you think that, that Fund V at $2 billion could scale in this market environment to raise a larger sized fund? And given the focus on the smaller and mid-market that you alluded to, maybe you could just talk a little bit about the capacity that you see for raising larger-sized funds given the focus on the smaller end of the marketplace.

偉大的。也許只是跟進。你提到這裡剛剛廣泛推出的基金 VI，我們今天聽到的是更具挑戰性的籌款背景。所以很好奇你們在二級方面看到的程度如何？如果您認為 20 億美元的 Fund V 可以在這種市場環境下擴大規模以籌集更大規模的基金？考慮到你提到的對中小型市場的關注，也許你可以談談你看到的籌集大型基金的能力，因為你關注的是較小的市場端。

And then following up on the point around extending into real estate. Maybe you could just speak Bob to what does that require in terms of hiring platform builds? What actions you guys might have to take in order to actually bring such a new product into the marketplace together?

然後跟進關於擴展到房地產的問題。也許你可以和 Bob 談談在招聘平台構建方面需要什麼？你們可能需要採取什麼行動才能真正將這樣的新產品一起推向市場？

Perhaps, Chris could address the first part of that question with respect to appetite in the secondaries business. And then I'll talk a little bit about team building.

或許，克里斯可以解決該問題的第一部分關於二級業務的胃口。然後我會談談團隊建設。

Michael, all great questions. I think the general overlay around sort of fundraising in the private equity space is that 2022 was definitely a slower year, but it was still the third largest fundraising year on record. So -- and again, enormous amounts of capital still flowing into private equity. Within the secondary space, specifically, I think if you look at the size of the market and the growth in the market, the interest and the acknowledgment of where secondaries sort of fits in the space is as great as it's ever been. I mean we've just seen the Blackstone Strategic Partners platform go out and raise a $25 billion fund. So the largest fund in -- sort of raised in the past 12 months.

邁克爾，所有很好的問題。我認為圍繞私募股權領域某種籌資的普遍疊加是，2022 年肯定是放緩的一年，但它仍然是有記錄以來第三大籌資年。所以——又一次，大量資本仍在流入私募股權。具體來說，在二級市場中，我認為如果你看看市場的規模和市場的增長，就會發現二級市場適合該領域的興趣和認可度與以往一樣大。我的意思是我們剛剛看到 Blackstone Strategic Partners 平台出去籌集了 250 億美元的資金。因此，最大的基金——在過去 12 個月內籌集了資金。

So there's enormous interest and appetite for secondaries and the growth in that business. And in some ways, the issues that a lot of LPs are facing right now, which is causing some of the slowdown in the LP market. So for instance, they're overallocated. They need to rebalance in some way. Those are exactly the problems that secondaries funds solve for limited partners. So we're very much the solution just sort of the meta problem that's going on with the fundraising market right now. And again, a lot of LPs understand that, and we would expect that we would have a very successful fundraising as a result, not just because we have a very strong investor base that has supported us historically through multiple funds, but we see lots of inbound interest in secondaries right now because in some ways, this is exactly the exposure in the market that a lot of people are looking for. So we're very, very excited about that.

因此，人們對二級市場和該業務的增長有著巨大的興趣和胃口。在某些方面，許多有限合夥人目前面臨的問題導致有限合夥人市場放緩。因此，例如，它們被過度分配了。他們需要以某種方式重新平衡。這些正是二級基金為有限合夥人解決的問題。因此，我們在很大程度上解決了目前籌款市場正在發生的元問題。再說一次，很多 LP 都明白這一點，我們預計我們會因此獲得非常成功的融資，這不僅僅是因為我們擁有非常強大的投資者基礎，歷史上通過多個基金支持我們，而且我們看到很多現在對二級市場的入境興趣是因為在某些方面，這正是很多人正在尋找的市場曝光率。所以我們對此非常非常興奮。

As we look into other adjacencies, we would certainly need to add teams and fund vehicles to support those specific activities because they are different activities, and they do have different investor levels of interest. So we would need to continue to build out the team to address these things. But I think that from a core activity perspective, as we face sellers, as I was describing before, we're seeing so much of this stuff in the flow already, and we can't address it in our current format. And so again, we see lots of easy ability to leverage into those spaces going forward.

當我們研究其他鄰接項目時，我們肯定需要增加團隊和基金工具來支持這些特定活動，因為它們是不同的活動，而且它們確實有不同的投資者興趣水平。因此，我們需要繼續組建團隊來解決這些問題。但我認為，從核心活動的角度來看，正如我之前所描述的那樣，當我們面對賣家時，我們已經在流程中看到了很多這樣的東西，我們無法以當前的格式解決它。因此，我們再次看到許多可以輕鬆利用這些空間的能力。

Michael, I would add just a couple of things. Number one, certainly acknowledging that in the fourth quarter, there was a modest slowdown in fundraising activity. I think a lot of investors were looking forward to turning the calendar page at the end of the year. The amount of dialogue, the amount of activity that we see in early 2023 has been quite strong both internationally as well as domestically as investors -- institutional investors, high net worth investors, family offices, et cetera, look to allocate capital in 2023. So we have probably a record amount of dialogue with investors. Dialogue generally results in some strong fundraising capabilities.

邁克爾，我想補充幾件事。第一，當然承認在第四季度，籌款活動略有放緩。我想很多投資者都期待著在年底翻開日曆頁。我們在 2023 年初看到的對話量和活動量在國際和國內投資者中都相當強勁——機構投資者、高淨值投資者、家族辦公室等都希望在 2023 年分配資本。因此，我們可能與投資者進行了創紀錄的對話。對話通常會產生一些強大的籌款能力。

To the point about building teams, that's how Bridge has grown to where we are today. Remember, we stood up a net lease team in late 2021. We stood up a logistics value-add team, which is doing a fantastic job, in late 2021 as well. So incrementalizing the Newbury organization to include whether it be a real estate secondaries capability or a continuation fund capability or other aspects of the secondaries business seems like a natural adjunct to what we've done on an ongoing basis.

就建立團隊而言，這就是 Bridge 發展到今天的方式。請記住，我們在 2021 年末成立了一個淨租賃團隊。我們也在 2021 年末成立了一個物流增值團隊，該團隊做得非常出色。因此，將 Newbury 組織增量化以包括房地產二級能力或持續基金能力或二級業務的其他方面似乎是對我們持續所做工作的自然補充。

Our next questions is coming from the line of Ken Worthington with JPMorgan.

我們的下一個問題來自摩根大通的 Ken Worthington。

So more on Newbury here. How are you thinking about introducing Newbury secondary products to Bridge's wealth management distribution channels? What might new products for wealth management look like? And then what are you thinking about in terms of timing of products and launch? Do you need to wait for Newbury IV. Can you do it sort of in advance? Would it be concurrent? Is it going to take 4 years? How are you thinking about products and timing?

更多關於紐伯里的信息。您如何考慮將紐伯里二級產品引入 Bridge 的理財分銷渠道？財富管理的新產品會是什麼樣子？那麼您在產品和發佈時間方面有什麼想法？您需要等待 Newbury IV 嗎？你能提前做嗎？會不會並發？需要4年嗎？您如何考慮產品和時機？

Thanks, Ken, for the question. First of all, Newbury IV is imminent, so not much of a weight there in terms of launching that fund. Bridge has a broad suite of relationships with wealth management platforms. I don't think there's a single major wealth management platform with whom we don't have good dialogue at this point. And over the course of 2022, we expanded the distribution of funds on that platform. Of course, we are at the very beginning stages of introducing a secondaries concept in that dialogue. We couldn't really talk about that much before we announced the transaction, which took place earlier this morning.

謝謝，肯，提出這個問題。首先，Newbury IV 迫在眉睫，因此在啟動該基金方面沒有太大的影響。 Bridge 與財富管理平台有著廣泛的關係。我認為目前我們沒有與任何一個主要的財富管理平台進行良好的對話。在 2022 年期間，我們擴大了該平台上的資金分配。當然，我們正處於在該對話中引入次要概念的最開始階段。在我們宣布今天早上早些時候發生的交易之前，我們真的不能談那麼多。

We think having said that, that there's a meaningful appetite in the wealth management channels with whom we do business for a variety of products. We think that as a company, we've built a strong track record as a capable, high-performing, good partner to the wealth management channels with whom we do business. So there's -- we expect that there will be meaningful receptivity to expanding that product suite to include the secondaries business as well, but certainly more on that to follow.

話雖如此，我們認為與我們有業務往來的財富管理渠道對各種產品有著濃厚的興趣。我們認為，作為一家公司，我們已經建立了良好的業績記錄，成為與我們開展業務的財富管理渠道的有能力、高績效、良好的合作夥伴。所以有 - 我們預計會有有意義的接受度來擴展該產品套件以包括二級業務，但肯定會有更多的後續業務。

The investor base that has traditionally supported Newbury's business has been both ultra-high net worth family, office as well as institutional. So it's a big, broad global investor base. The addition of a wealth management distribution channel should be purely 100% augmenting to the distribution that they've successfully built in the past.

傳統上支持 Newbury 業務的投資者基礎既有超高淨值的家庭、辦公室，也有機構。因此，這是一個龐大而廣泛的全球投資者基礎。財富管理分銷渠道的增加應該純粹是 100% 擴大他們過去成功建立的分銷渠道。

And Ken maybe I'd follow on that a little bit. I mean I think secondaries -- because of the diversification because of the risk mitigation sort of comes with that, the cash flowing aspects to it, the shorter duration version of it is very well tailored for the wealth management channel in the sense that if you're looking for an entry point into private equity, what better way to get into it through a highly diversified portfolio of secondary opportunities. So I think from that standpoint, the product itself will be very attractive for that end market.

肯，也許我會稍微跟進一下。我的意思是，我認為二級市場——因為風險緩解帶來的多元化，它的現金流方面，它的較短期限版本非常適合財富管理渠道，因為如果你在尋找進入私募股權的切入點時，有什麼更好的方法可以通過高度多元化的二級機會組合進入其中。所以我認為從這個角度來看，產品本身對終端市場非常有吸引力。

Great. Maybe in terms of the quarter and the results, income from top property operations and insurance income were a bit higher than trend. What drove the better results here? And I guess we're kind of looking for sustainability, if they are sustainable.

偉大的。也許就季度和結果而言，來自頂級財產業務的收入和保險收入略高於趨勢。是什麼推動了這裡更好的結果？我想我們是在尋找可持續性，如果它們是可持續的話。

Let me speak to the insurance results first. That was really driven by claim history that occurred during 2022. And that will vary just based upon actual incidents that occur. As we think about the property operations, as our fee earning AUM continues to grow, that balance will continue to increase. And so those are really the largest drivers, and we continue to deploy properties -- deploy capital, particularly in the Multifamily sector and -- Multifamily and Workforce sectors, those will continue to scale.

先說保險結果。這實際上是由 2022 年發生的索賠歷史驅動的。這將根據實際發生的事件而有所不同。當我們考慮房地產業務時，隨著我們的收費 AUM 持續增長，該餘額將繼續增加。因此，這些確實是最大的驅動因素，我們將繼續部署資產——部署資本，特別是在多戶家庭部門和——多家庭和勞動力部門，這些將繼續擴大。

Right. They kind of go hand in hand with that recurring fee income that we like to focus on in terms of kind of the core business.

正確的。它們與我們喜歡在核心業務方面關注的經常性費用收入齊頭並進。

Ken, we mentioned this, I believe, in an earlier earnings call, the strategic decision to be forward integrated into property management, we think is really an important component of how we post performance. We think that we can generate alpha at the asset level. We think, particularly in the changed interest rate environment, where leverage has gone from being an unmitigated positive in terms of financing real estate acquisitions to something that's more in the neutral range probably in the whole scheme of things.

肯，我們提到過這一點，我相信，在早些時候的財報電話會議上，將戰略決策整合到物業管理中，我們認為這確實是我們發佈業績的重要組成部分。我們認為我們可以在資產層面產生阿爾法。我們認為，尤其是在利率環境發生變化的情況下，槓桿率已經從房地產收購融資方面的絕對積極因素轉變為可能在整個計劃中處於中性範圍內的因素。

In this new environment, property management gives us an element of alpha that investors who are not forward integrated just don't enjoy. And so we've worked hard over the years, and we continue to work hard to optimize that approach to property management. We think we've had a lot of learnings over the past 32 years or so as we've grown our property management, and we think it's a huge asset for us and for our investors going forward.

在這種新環境中，物業管理為我們提供了阿爾法要素，而未進行前向整合的投資者則無法享受。因此，多年來我們一直在努力工作，並將繼續努力優化物業管理方法。我們認為，在過去 32 年左右的時間裡，我們在發展物業管理方面學到了很多東西，我們認為這對我們和我們的投資者來說都是一筆巨大的財富。

Our next question is coming from the line of Sumeet Mody with Piper Sandler.

我們的下一個問題來自 Sumeet Mody 和 Piper Sandler 的台詞。

Wondering if you guys could talk broadly about the deployment opportunity today versus 3 months ago? Any changes you might be seeing there? And then on the transaction fees in the quarter came in a little lower than we were expecting. Can you help us frame how to think about those fees for this year kind of given the backdrop that we see?

想知道你們是否可以廣泛談論今天與 3 個月前的部署機會？您可能會在那裡看到任何變化？然後本季度的交易費用略低於我們的預期。鑑於我們看到的背景，您能否幫助我們構建如何考慮今年的這些費用？

Jonathan, how about over to you on that?

喬納森，那你呢？

Sure. Sure. On the transaction fees, I think we are seeing, I think, the very interesting opportunities that the debt markets have sort of presented, which on the negative side, I think there's been this bid-ask spread that I think was alluded to in our call. We've seen a much slower market. I think that the broad statistics are saying the overall commercial real estate market is down like 70% in terms of volume, which, of course, everyone is subject to. We're starting to see some green shoots of that coming back. We're also starting to see some of the opportunistic things that might be coming from the impact of higher rates, including the significant need for reserves to be put aside for rate cap purchases and other things that are connected to floating rate debt.

當然。當然。在交易費用方面，我認為我們正在看到債務市場提供的非常有趣的機會，從消極的方面來說，我認為我認為我們在我們的文章中提到了這種買賣價差稱呼。我們看到市場放緩得多。我認為廣泛的統計數據表明，整個商業房地產市場的交易量下降了 70%，當然，每個人都會受到影響。我們開始看到一些復甦的跡象。我們也開始看到一些可能來自更高利率影響的機會主義事情，包括為利率上限購買和其他與浮動利率債務相關的事情預留儲備的重要需求。

So the markets are starting to open up a little bit again. I think what we really need is a little bit more stability in the debt markets. And then our assumption is that there's really kind of a stability to kind of the steady growth in transaction volume in commercial real estate over time, especially in the segments like multifamily and industrial that we focus in. And so this kind of pause in the market will probably be followed by a very active period in the market, which we hope will happen in the second half of the year.

因此，市場開始再次開放一點。我認為我們真正需要的是債務市場更加穩定。然後我們的假設是，隨著時間的推移，商業房地產交易量的穩定增長確實存在某種穩定性，尤其是在我們關注的多戶住宅和工業等領域。所以這種市場停頓之後可能會是市場非常活躍的時期，我們希望這會在今年下半年發生。

Of course, we don't know for sure exactly when that resurges. But what we do know is there's a lot of capital and a lot of focus and these, call it, long-term secular demand benefits that we see between supply and demand have not changed. So at this stage, we still have a very bullish outlook on the segments -- the real estate segments that we operate in.

當然，我們並不確定它何時會再次出現。但我們所知道的是，有很多資本和很多關注點，我們在供需之間看到的所謂長期長期需求效益並沒有改變。所以在這個階段，我們仍然非常看好這些細分市場的前景——我們經營的房地產細分市場。

I would only add, I think we feel quite comfortable and responsible having been patient in the fourth quarter. Asset prices continued to adjust in many markets, and we were appropriately cautious. We have approximately $3.5 billion of dry powder across our various funds. We think that 2023 will be a very attractive vintage, if you will, in order to deploy some of that capital.

我只想補充一點，我認為我們在第四季度保持耐心後感到非常自在和負責任。多個市場資產價格持續調整，我們適度審慎。我們的各種基金擁有大約 35 億美元的干火藥。我們認為 2023 年將是一個非常有吸引力的年份，如果您願意的話，以便部署部分資金。

And our specialized investment teams are in the markets all day, every day, looking for opportunities. As Jonathan said, there are some green shoots and more that are beginning to surface, and we think that the combination of dry powder, the ability to accurately analyze and assess assets in the markets that we prioritize is going to create some really good opportunity in 2023.

我們的專業投資團隊每天都在市場上尋找機會。正如喬納森所說，有一些萌芽和更多開始浮出水面，我們認為乾火藥的結合，以及準確分析和評估我們優先考慮的市場資產的能力，將為我們創造一些非常好的機會2023.

Our next question is coming from the line of Adam Beatty with UBS.

我們的下一個問題來自瑞銀集團的 Adam Beatty。

A fair bit of discussion. Much appreciate around the idea of product extensions with Newbury. So I just wanted to -- just a quick follow-up on timing around that. If we were to think about sort of -- assuming a transaction closed first half of this year, if we were to think about sort of mid-'24 for some kind of product extension launch. Is that conservative? Is that aggressive? How are you thinking about timing on that?

相當多的討論。非常感謝 Newbury 的產品擴展理念。所以我只是想 - 只是快速跟進一下時間安排。如果我們考慮某種 - 假設交易在今年上半年結束，如果我們考慮在 24 世紀中期推出某種產品擴展。那是保守的嗎？那是侵略性的嗎？您如何考慮時間安排？

I think that without committing to a particular time zone, job #1 is closing the transaction. Job #2 is a successful launch and capital raise for Fund VI -- Newbury Fund VI. And so that will be the immediate focus. We're not going to take our eyes off the ball as it relates to that.

我認為在不承諾特定時區的情況下，作業 #1 正在關閉事務。工作 #2 是 Fund VI -- Newbury Fund VI 的成功啟動和融資。因此，這將是當前的焦點。我們不會把注意力從與此相關的事情上移開。

Having said that, the dialogue with investors, the dialogue with traditional Bridge investors, the dialogue with traditional Newbury investors shows a strong demand in alternative secondaries products, shows a strong interest in working with our combined firm to access that demand. So we're going to be commercial as it relates to launching new products as we think that the organization has evolved and is capable, and our first 2 jobs are completely done. Richard or Chris, anything you'd like to add there?

話雖如此，與投資者的對話、與傳統 Bridge 投資者的對話、與傳統 Newbury 投資者的對話顯示了對替代二級產品的強烈需求，表明了與我們合併後的公司合作以滿足這種需求的濃厚興趣。因此，我們將變得商業化，因為它與推出新產品有關，因為我們認為該組織已經發展並且有能力，並且我們的前兩項工作已經完全完成。 Richard 或 Chris，您想補充什麼嗎？

Well, what I would say is Newbury Fund V is at this point, 95% committed. And so as soon as this transaction closes, we'll launch Fund VI. We're very close to our investors, and that's why we've been getting 80% or more re-ups and then new investors as we raise the size of the funds. And we would expect the same sort of thing now.

好吧，我要說的是 Newbury Fund V 在這一點上已經投入了 95%。因此，一旦交易完成，我們將推出 Fund VI。我們與投資者的關係非常密切，這就是為什麼我們在增加資金規模時獲得了 80% 或更多的回報，然後又獲得了新的投資者。我們現在會期待同樣的事情。

Most of our investors have been with us multiple funds and some have even invested before Newbury was even founded. We have (inaudible) so there's no surprise on timing of when we launch these funds. So that will be the first order of business once we close the transaction.

我們的大多數投資者都與我們一起投資過多個基金，有些甚至在 Newbury 成立之前就已經投資了。我們有（聽不清）所以我們推出這些基金的時間並不奇怪。因此，一旦我們完成交易，這將是首要任務。

As Chris said earlier, we -- when we do transactions, we see other types of assets. Because typically, when a seller sells to us since we're operating in the inefficient part of the private equity space, they show us all of their assets or most of their assets and asking us what we want to buy. And then we naturally focus on the things we know like buyouts and growth equity. But we could easily pick up their real estate funds or other things. And I think that's one of the opportunities going forward.

正如克里斯之前所說，我們 - 當我們進行交易時，我們會看到其他類型的資產。因為通常情況下，當賣家向我們出售產品時，因為我們在私募股權領域的低效部分運營，他們會向我們展示他們的所有資產或大部分資產，並詢問我們想要購買什麼。然後我們自然而然地關注我們所知道的事情，比如收購和增長股權。但是我們可以很容易地拿到他們的房地產基金或其他東西。我認為這是未來的機會之一。

That makes total sense. I appreciate all the detail around Newbury V and VI. Sounds good going forward. Just bigger picture. I wanted to get maybe thoughts from each of the different legacy management teams in this new partnership as to what drew you together presumably both firms had and may still have alternatives in terms of partnership and what have you. So what was distinct about this partner, be it Bridge or Newbury that really was attractive and seemed like a good fit even despite -- it's a bit of an extension for both sides.

這是完全有道理的。我欣賞 Newbury V 和 VI 周圍的所有細節。聽起來不錯。只是更大的圖景。我想從這個新的合作夥伴關係中的每個不同的遺留管理團隊那裡得到一些想法，關於是什麼讓你走到一起，大概兩家公司在合作夥伴關係方面都有並且可能仍然有替代方案，以及你有什麼。所以這個搭檔的獨特之處在於，無論是布里奇還是紐伯里，它確實很有吸引力，而且看起來很合適——這對雙方來說都是一種延伸。

That's a great question. Thanks for that. Go ahead, Richard.

這是一個很好的問題。感謝那。來吧，理查德。

I can speak from the Newbury side. I mean, secondary assets are in high demand now, secondary firms. And there's been a number of transactions. So we naturally saw a number of possible acquirers contact us. I was particularly pleased to see Bridge. I thought their common vision fit with us. I thought they're focused on the types of size investments that we do, made some sense. And so to me, there were natural synergies.

我可以從紐伯里方面發言。我的意思是，二級資產現在需求量很大，二級公司。並且有一些交易。因此，我們很自然地看到許多可能的收購方與我們聯繫。我特別高興見到布里奇。我認為他們的共同願景適合我們。我認為他們專注於我們所做的規模投資類型，這是有道理的。所以對我來說，有自然的協同作用。

And then ultimately, at least the way I look at it, it all comes down to the people. So you can have a good business plan, but are those the people you want to work with, are those the people you want to partner with. So we very much wanted to do this transaction with Bridge rather than someone else. And we're pretty excited about going forward to combine the firms. And I think it's a case of 1 plus 1 equals more than 2.

最終，至少在我看來，這一切都取決於人。所以你可以有一個好的商業計劃，但那些是你想與之合作的人，是那些你想與之合作的人。因此，我們非常希望與 Bridge 而不是其他人進行此交易。我們對合併這些公司感到非常興奮。我認為這是 1 加 1 大於 2 的情況。

I would certain -- from the Bridge side, I would certainly underscore all of those comments that Richard made about philosophy, about culture, about business practices, approach to the market, et cetera. From our perspective, we have a pretty well-established strategic focus on different opportunities in the alternative asset investment management market broadly defined.

我敢肯定——從 Bridge 的角度來看，我肯定會強調 Richard 就哲學、文化、商業實踐、市場方法等所做的所有評論。從我們的角度來看，我們對廣泛定義的另類資產投資管理市場中的不同機會有著相當完善的戰略重點。

Prior to engaging in meaningful discussions with Newbury, we have done a very comprehensive analysis of the secondary space in general. It was a space that we were attracted to for a lot of different reasons. It expanded into a near-term adjacency, what we were doing. We felt that the investor appetite was strong and growing, and it was a growth market. Newbury very quickly distinguished itself.

在與 Newbury 進行有意義的討論之前，我們對一般的二級空間進行了非常全面的分析。由於很多不同的原因，我們被這個空間所吸引。它擴展到我們正在做的近期鄰接。我們覺得投資者的胃口很旺盛，而且還在增長，這是一個成長型市場。紐伯里很快脫穎而出。

We met with, if not dozens, probably at least a dozen or so different secondaries firms. And in those meetings, we learned a lot about the sector. And the Newbury team and the individuals who manage Newbury, Richard, Chris, Warren, Gerry, the full team, they distinguish themselves very quickly as a quality team that had the same philosophy and focus that we felt had underpinned a lot of Bridge success in the past. And so we were delighted that we could construct a win-win transaction for them and for us.

我們會見了，如果不是幾十家，可能至少有十幾家不同的二級公司。在這些會議中，我們學到了很多關於該行業的知識。 Newbury 團隊以及管理 Newbury、Richard、Chris、Warren、Gerry 以及整個團隊的個人，他們作為一支優秀的團隊很快脫穎而出，他們擁有相同的理念和專注力，我們認為這正是 Bridge 取得巨大成功的基礎過去。因此，我們很高興能夠為他們和我們構建雙贏的交易。

Our next question is coming from the line of Michael Cyprys with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

Just wanted to circle back on the Bridge results and expenses and margin. I was hoping you might be able to elaborate on the expense outlook, on comp and noncomp expense here in '23 as well as the FRE margin outlook here in '23.

只是想回到 Bridge 的結果、費用和保證金上。我希望您能夠詳細說明 23 年的費用前景、補償和非補償費用以及 23 年的 FRE 利潤率前景。

So I'll make some early comments and then ask Katie to comment as well if I miss anything. We said in our prepared remarks that we were disciplined on expenses in the fourth quarter in light of reduced transaction activity. And we think we run, Michael, a pretty lean ship. We have tried to manage headcount appropriately, allocating headcount to those areas that are growing. A lot of the expense growth you saw in 2022 was to fund some of those growth opportunities, whether it be in logistics or net lease or solar or PropTech, all those newly launched initiatives are doing well, growing well, attracting capital, delivering results, finding good assets to acquire, et cetera.

所以我會提前發表一些評論，如果我遺漏了什麼，也請 Katie 發表評論。我們在準備好的評論中表示，鑑於交易活動減少，我們在第四季度對支出進行了紀律處分。我們認為我們在運行，邁克爾，一艘非常精簡的船。我們試圖適當地管理員工人數，將員工人數分配到那些正在增長的領域。您在 2022 年看到的很多費用增長是為其中的一些增長機會提供資金，無論是在物流、淨租賃、太陽能還是 PropTech 領域，所有這些新推出的計劃都表現良好，增長良好，吸引資金，取得成果，尋找好的資產來收購，等等。

And many of those investments, expenses are completed at this point. We continue to have a need to manage our business well and to continue to grow headcount. The headcount growth should be more modest in 2023, borrowing some other strategic initiative that we see. And we're, of course, conscious of delivering good margins and good bottom line profitability to our investors. Katie, anything to add there?

而其中的許多投資、費用都在此時完成。我們仍然需要很好地管理我們的業務並繼續增加員工人數。借用我們看到的其他一些戰略舉措，到 2023 年員工人數增長應該會更加溫和。當然，我們意識到為我們的投資者提供良好的利潤率和良好的底線盈利能力。凱蒂，有什麼要補充的嗎？

I think the only thing that I would just emphasize as well is just the importance of looking at our margins on a long-term basis, that quarter-over-quarter, we do have volatility as it relates to transactions that occurred during the quarter. And so that's one thing. It's just to focus on looking at our margins on a long-term basis.

我認為我要強調的唯一一件事就是從長期來看我們的利潤率的重要性，即季度環比，我們確實存在波動，因為它與本季度發生的交易有關。所以這是一回事。這只是為了專注於長期關注我們的利潤率。

There are no further questions at this time. I'd now like to hand the call back over to management for any closing comments.

目前沒有其他問題。我現在想將電話轉回給管理層，徵求任何結束意見。

Thank you, operator, and thank you to all who joined us today. We are delighted to complete the review of 2022, fourth quarter and 2022. We're delighted to announce the Newbury transaction. We know we have a great deal of opportunity looking forward in 2023. We think we're well positioned to capture a meaningful amount of that opportunity, and we look forward to future dialogue as we progress through the year. Thanks so much.

謝謝接線員，也感謝今天加入我們的所有人。我們很高興完成 2022 年、第四季度和 2022 年的審查。我們很高興地宣布紐伯里交易。我們知道我們在 2023 年有很多機會。我們認為我們有能力抓住有意義的機會，我們期待著未來的對話，因為我們在今年取得進展。非常感謝。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路。享受你剩下的一天。