Bridge Investment Group Holdings Inc (BRDG) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Mark and I will be your conference operator today. At this time, I would like to welcome everyone to the Bridge Investment Group 3Q '24 earnings call and webcast. (Operator Instructions)

感謝您的支持。我叫馬克，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Bridge Investment Group 24 年第三季財報電話會議和網路廣播。（操作員指令）

I would now like to turn the call over to Bonni Rosen, Head of Shareholder Relations.

現在，我想將電話轉給股東關係主管 Bonni Rosen。

Thank you. Good morning, everyone. Welcome to the Bridge Investment Group conference call to review our third quarter, 2024 financial results prepared remarks include comments from our Executive Chairman, Robert Morse; Chief Executive Officer, Jonathan Slager; and Chief Financial Officer, Katie Elsnab.

謝謝。大家早安。歡迎參加 Bridge Investment Group 電話會議，回顧我們 2024 年第三季的財務業績，準備好的評論包括我們執行主席羅伯特·莫爾斯 (Robert Morse) 的評論；執行長喬納森·斯萊格 (Jonathan Slager)；和財務長凱蒂·埃爾斯納布（Katie Elsnab）。

We will hold a Q&A session following the prepared remarks. I'd like to remind you that today's call may include forward-looking statements which are uncertain outside the firm's control and may differ materially from actual results.

我們將在準備好的演講之後舉行問答環節。我想提醒您，今天的電話會議可能包含前瞻性陳述，這些陳述不確定，超出了公司控制範圍，並且可能與實際結果有重大差異。

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 factor section of our Form 10-K. 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.

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 表格中的風險因素部分。在電話會議中，我們還將討論某些非 GAAP 財務指標。非公認會計準則指標的對帳在我們的補充投影片附錄中提供。

The supplemental materials are accessible on our IR website at Ir.bridgeig.com. These slides can be found under the presentations, portions of the site along with the third quarter earnings call event link. They are also available live during the webcast.

補充資料可在我們的 IR 網站 Ir.bridgeig.com 上取得。這些投影片可以在簡報、網站的部分內容以及第三季財報電話會議活動連結下找到。在網路直播期間也可以觀看直播。

We reported GAAP net income to the company of approximately $10.6 million for the third quarter of 2024. On a diluted basis, net income attributable to Bridge per share of class A common stock was $0.04. Distributable earnings of the operating company were $28.2 million or $0.15 per share after tax and our board of directors declared a dividend of $0.10 per share which will be paid on December 20, to shareholders of record as of December 6. It is now my pleasure to turn the call over to Bob.

我們報告稱，2024 年第三季公司以 GAAP 計算的淨收入約為 1,060 萬美元。以稀釋後計算，Bridge 每股 A 類普通股淨利為 0.04 美元。營運公司的可分配收益為 2,820 萬美元，即稅後每股 0.15 美元，我們的董事會宣布每股派息 0.10 美元，將於 12 月 20 日支付給 12 月 6 日登記在冊的股東。現在我很高興將電話轉給鮑伯。

Thank you, Bonni, and good morning to all. It's a pleasure to speak to you this morning and to share our results and outlook. As we assess our daily activities of interacting with our 13,000 plus investor base to raise capital and of buying and selling assets across our specialized verticals.

謝謝你，Bonni，大家早安。我很高興今天上午與您交談並分享我們的成果和展望。我們評估與 13,000 多名投資者群體互動以籌集資金以及在我們的專業垂直領域中買賣資產的日常活動。

We believe that the long winter of real estate declines has bottomed and the sector has begun to reemerge not in full force, but we are seeing more substantive dialogue with investors, more deals to evaluate and generally more activities.

我們相信，房地產市場漫長的寒冬已經觸底，產業開始復甦，儘管力度尚未完全恢復，但我們看到與投資者的實質對話越來越多，需要評估的交易越來越多，總體而言活動也越來越多。

As we look across the alternative asset investment landscape. There are fundamental reasons why activity has picked up. So many asset classes are trading at or around all time, highs public equities, gold, even Bitcoin, real estate broadly defined has reset in value in large part due to the rate environment. Although value declines since the 2021 peak vary across sectors within real estate on average values have decreased by 19%.

縱觀另類資產投資格局。活動回暖有其根本原因。許多資產類別的交易價格都處於歷史高點或歷史高點附近，公開股票、黃金、甚至比特幣、廣義的房地產的價值在很大程度上由於利率環境而重置。儘管自 2021 年高峰以來，房地產各行業的價值下降情況各不相同，但平均價值下降了 19%。

We see in this environment, echoes of the aftermath of the global financial crisis, when values declined and offered an attractive entry point for buyers with assets pricing at a meaningful discount to replacement cost, ultimately resulting in outsized investment performance over the ensuing 10 plus years. Such investment opportunities have re-emerged today as we outlined in our 2024 outlook entitled navigating the curve, we think it is appropriate to lean into these opportunities remaining selective and precise in where we deploy capital, not only taking advantage of a buyer's market in several sectors, but also focusing on segments with secular tailwinds behind them.

在這種環境下，我們看到了全球金融危機餘波的迴響，當時價值下降，為買家提供了一個有吸引力的切入點，資產定價低於重置成本，最終在隨後的 10 多年裡帶來了超額的投資績效。正如我們在題為「駕馭曲線」的 2024 年展望中所概述的那樣，此類投資機會如今再次出現，我們認為應該抓住這些機會，在資本部署上保持選擇性和精準性，不僅要利用多個行業的買方市場，還要專注於具有長期順風的細分市場。

To that end, which Jonathan will further detail. In the third quarter of 2024, we were selectively active in deploying capital. We acquired $349 million of multifamily and workforce assets at attractive cap rates, $40 million of logistics assets and deployed $966 million of capital in our debt strategies vertical including meaningful recycling of investments.

為此，喬納森將進一步詳細說明。2024 年第三季度，我們有選擇地積極部署資本。我們以誘人的資本利率收購了價值 3.49 億美元的多戶型和勞動力資產、價值 4,000 萬美元的物流資產，並在我們的債務戰略垂直領域部署了 9.66 億美元的資本，包括有意義的投資回收。

We expect deployment opportunities to increase over the next several quarters. In an improving but still muted environment, bridges, business operations and financial results remain resilient and position us well to capitalize on the opportunities ahead. We have expanded our areas of competence since the last cyclical peak.

我們預計未來幾季的部署機會將會增加。在不斷改善但依然低迷的環境中，橋樑、業務營運和財務表現仍保持彈性，使我們能夠很好地利用未來的機會。自上一次週期性高峰以來，我們擴大了我們的能力領域。

We have three industrial logistics strategies, one focused on value add infill logistics equity, one on developed to core logistics and one on net lease industrial manufacturing and logistics that have been well received in the institutional and retail markets. We have a top performing albeit small single family for rent business that performs best in class.

我們有三種工業物流策略，一種專注於增值填充物流股權，一種專注於發展核心物流，一種專注於淨租賃工業製造和物流，這些策略在機構和零售市場都獲得了好評。我們擁有一家業績優異的小型獨戶出租業務公司，規模在同業中名列前茅。

We now have a PE secondaries business which has developed a prespecified portfolio with attractive markets and we have a wealth solutions team with distribution in place and a specialized high performing investment strategy with more to come.

我們目前擁有一家私募股權二級市場業務公司，該公司已開發出具有吸引力市場的預定投資組合，並且我們擁有一支財富解決方案團隊，其分銷渠道到位，並且擁有專門的高績效投資策略，未來還將推出更多內容。

All these initiatives have been financed off the Bridge balance sheet either via income statement capital which previously decreased FRE and DE but are expected to be meaningful contributors over time or via balance sheet capital. The net result is that going into the anticipated upturn, we have a broader offering of high demand investment capabilities more distribution and capital raising resources and more opportunity.

所有這些舉措均由 Bridge 資產負債表提供資金，要么通過損益表資本（此前減少了 FRE 和 DE，但預計隨著時間的推移會做出有意義的貢獻），要么通過資產負債表資本。最終結果是，進入預期的經濟好轉期，我們將提供更廣泛的高需求投資能力、更多的分銷和融資資源以及更多的機會。

I want to further illustrate this point by highlighting our investment in logistics value add. Since 2021 we have assembled a strong team of professionals. Now numbering 33 and open local offices in major logistics markets of Southern California, Dallas-Fort Worth, South Florida and the Meadowlands area of New York, New Jersey.

我想透過強調我們在物流增值方面的投資來進一步說明這一點。自 2021 年以來，我們已經組建了一支強大的專業團隊。目前已擁有33家分支機構，在南加州、達拉斯-沃斯堡、南佛羅裡達州以及紐約州梅多蘭茲地區、新澤西州等主要物流市場設有當地辦事處。

We have invested $22 million to build these capabilities, which is substantially less than what it would cost to acquire an existing logistics business. We raised $336 million in our first value add closed end vehicle $428 million in developed to core SMAs and expect the first close of our next vintage fund in the value add logistics areas to raise more capital in its first closing than the entire fund size of our first vintage.

我們已投資 2,200 萬美元來建立這些能力，這比收購現有物流業務的成本要低得多。我們在首隻增值封閉式投資工具中籌集了 3.36 億美元，在開發核心 SMA 中籌集了 4.28 億美元，並預計我們在增值物流領域的下一檔基金在首次關閉時籌集的資金將超過我們首檔基金的整個基金規模。

In addition, we are in advanced dialogue with a leading state pension plan regarding a multiyear developed to core SMA. We believe that this initiative, although it so called cost us $22 million of FRE to the operating company to create will result in one of the best positions, specialized logistics businesses and a major profit contributor in the future.

此外，我們正與一家領先的國家退休金計劃就制定多年期核心 SMA 進行深入對話。我們相信，儘管這項舉措花費了營運公司 2,200 萬美元的 FRE，但將為公司帶來最好的地位之一、專業的物流業務以及未來的主要利潤來源。

Money well spent often overlooked as an internal initiative, but very characteristic of Bridge's, internal capabilities to recognize opportunity, create and nurture teams and drive results. An earlier example of the same practice is our development opportunity zone vertical which has deployed over $4 billion of equity in six vehicles since 2019.

資金花得值，但通常被忽視為一項內部舉措，但這非常符合 Bridge 的特點，即識別機會、創建和培育團隊並推動成果的內部能力。同樣做法的一個早期例子是我們的開發機會區垂直領域，自 2019 年以來，該領域已在六種投資工具中部署了超過 40 億美元的股權。

In addition to developing the product capabilities mentioned above, we have continued to invest in our distribution capabilities both domestically and abroad. Our institutional coverage efforts are stronger than ever and we've added or are in the process of closing 11 new institutions as meaningful investors this year. For some time, we have also focused on expanding our penetration with major pension funds and consultants.

除了開發上述產品能力之外，我們還持續投資國內外的分銷能力。我們的機構覆蓋力度比以往任何時候都要強，今年我們已經增加或正在增加 11 家新機構作為有意義的投資者。一段時間以來，我們也致力於擴大與主要退休基金和顧問公司的合作。

We've increased penetration to this important segment by 20% year over year based on expected capital raise for 2024. We have opened an office in Dubai to further augment our already significant Middle Eastern investor base and we continue to add LPs in Europe and Asia as well as domestically. We introduced our retail accredited investor strategy last quarter.

根據 2024 年預期的資本增加，我們對這一重要領域的滲透率年增了 20%。我們在杜拜開設了辦事處，以進一步擴大我們本已重要的中東投資者基礎，並且我們將繼續在歐洲、亞洲和國內增加 LP。我們上個季度推出了散戶合格投資者策略。

We've already made progress in this channel. Our net lease industrial strategy is approved with several major custodians. We have partnered with leading (inaudible) independent broker dealers and are in discussions with several major wealth platforms to expand our distribution of what we believe to be a differentiated offering to this part of the market.

我們已經在這個管道取得了進展。我們的淨租賃產業策略已獲得數家主要託管機構的批准。我們已經與領先的（聽不清楚）獨立經紀交易商合作，並正在與幾個主要的財富平台進行討論，以擴大我們對這一部分市場的差異化產品的分銷。

We've demonstrated some early success expecting to break escrow and have our first closing for the strategy in the fourth quarter. While we are still in the early stages, we're encouraged by the progress we've made to date. As a culmination of capital raising efforts, we raised approximately $607 million in the third quarter, led by $429 million in debt strategies and $115 million in workforce and affordable housing.

我們已經取得了一些早期的成功，預計將打破託管並在第四季度首次完成該策略。雖然我們仍處於早期階段，但我們對迄今為止的進展感到鼓舞。作為籌資努力的結果，我們在第三季籌集了約 6.07 億美元，其中主要包括 4.29 億美元的債務策略和 1.15 億美元的勞動力和經濟適用住房。

We also had $48 million of inflows into our solar infrastructure strategy. We continue to have engagement from both [VP] and new LPs in our secondary business and we expect to see meaningful capital flows in the coming quarters.

我們的太陽能基礎設施策略也獲得了 4,800 萬美元的資金流入。我們的二級業務繼續得到[VP]和新LP的參與，我們預計未來幾季將出現有意義的資本流動。

Third quarter, fundraising improved from second quarter and we expect fourth quarter to be even stronger. This we believe will be the manifestation of our determination and focus on high quality investment teams in the right sectors and explains why we have such confidence in the increasing LP demand in our sectors. With that, I will turn the call over to Jonathan.

第三季的籌資情況較第二季有所改善，我們預期第四季的籌資情況會更加強勁。我們相信，這將反映我們的決心和對正確行業的高品質投資團隊的關注，並解釋了為什麼我們對我們所在行業的 LP 需求不斷增長如此有信心。說完這些，我會把電話轉給喬納森。

Thank you, Bob, and good morning. There's much to be optimistic about in the outlook for commercial real estate over the next year. Real estate prices continue to show signs of stabilization with major indices turning positive in 2024. Green Street's commercial property price index bottomed in late 2023 and is up 3% in 2024.

謝謝你，鮑勃，早安。未來一年商業房地產的前景有很多值得樂觀的地方。房地產價格持續呈現穩定跡象，主要指數在2024年轉為正值。Green Street 的商業房地產價格指數在 2023 年底觸底，並將在 2024 年上漲 3%。

Our portfolios were also positive for the quarter. Yet, the impact of an improving debt market and increased transaction volumes has just begun to be reflected in the market. We anticipate more meaningful improvements in valuation and volumes in the coming quarters.

我們的投資組合在本季也表現良好。然而，債務市場好轉和交易量增加的影響才剛開始在市場上反映出來。我們預計未來幾季估值和銷售將有更顯著的改善。

The improvement in the debt capital markets is illustrated by a rise in CMBS issuance and a significant narrowing of credit spreads. As noted last quarter, we've capitalized on this in our SFR business by completing a securitized debt financing for Bridge SFR Fund for 200 basis points lower than our prior to securitization in November '22.

債務資本市場的改善表現為 CMBS 發行量的增加和信用利差的顯著收窄。正如上個季度所指出的，我們在 SFR 業務中充分利用了這一點，為 Bridge SFR Fund 完成了證券化債務融資，融資利率比我們 22 年 11 月之前的證券化利率低 200 個基點。

Another transactional green street, this quarter was our debt strategies vertical had its biggest lending quarter in over two years with 15 loans totaling over $720 million being originated. Much of which was recycled capital so not fully captured in our deployment numbers for this quarter.

另一條交易綠色通道，本季是我們債務策略垂直領域兩年多來最大的貸款季度，發放了 15 筆貸款，總額超過 7.2 億美元。其中大部分是回收資本，因此未完全體現在本季的部署數字中。

Additionally, Freddie Mac chose Bridge to anchor its first ever multi contributor Q deal which we issued with Harbor Group in September.

此外，房地美選擇 Bridge 作為其首個多貢獻者 Q 交易的支柱，該交易是我們於 9 月與 Harbor Group 共同發行的。

Furthermore Bridge debt strategies issues the 13 [CRECLO] deal totaling over $638 million. It was our first CLO in two years and the deal was overwhelmingly well received, with oversubscriptions on every offer tranche allowing the deal to price well inside of other issuers preceding deals. This improving liquidity in the market provides the foundation for greater transaction activity on the real estate equity side of our business.

此外，Bridge 債務策略公司發行了 13 筆 [CRECLO] 交易，總額超過 6.38 億美元。這是我們兩年來的首筆 CLO，交易獲得了極大的歡迎，每個發行部分的認購都超額完成，使得交易定價遠低於其他發行人之前的交易。市場流動性的提高為我們業務中房地產股權方面的交易活動的增加奠定了基礎。

Although overall real estate transaction volumes are still far below normal levels, momentum is building and our investment teams remain nimble to transact at attractive pricing. Deployment for the quarter totaled $617 million led by dead strategies.

儘管整體房地產交易量仍遠低於正常水平，但勢頭正在增強，我們的投資團隊仍然能夠靈活地以有吸引力的價格進行交易。本季的部署總額為 6.17 億美元，主要為無效策略。

We also had a pickup in activity within multifamily as we continue to lean into select investments notably on a year-to-date basis. Within our largest segment multifamily, our $784 million of investments were underwritten to unlevered IRRs that are 23% better than pre-pandemic levels.

由於我們繼續傾向於選擇性投資，尤其是從年初至今，我們的多戶型住宅活動也有所增加。在我們最大的多戶型細分市場中，我們承保的 7.84 億美元投資的無槓桿 IRR 比疫情前的水平高出 23%。

On the credit side. In the first three quarters, we were able to deploy $1.9 billion in debt strategies inclusive of recycled capital. In our multifamily pipeline, we are beginning to see medium to large sized portfolios sourced through off market relationships as well as lender driven transactions.

從信用方面來看。前三個季度，我們能夠部署包括回收資本在內的 19 億美元債務策略。在我們的多戶型房產管道中，我們開始看到透過場外關係以及貸方驅動的交易獲得的中型到大型投資組合。

There is a widespread expectation that a significant amount of product will come to market in Q1 and a view that if the debt markets remain active and the short end of the yield curve continues to improve, we will see significant volumes in 2025.

人們普遍預計，第一季將有大量產品進入市場，並認為，如果債務市場保持活躍且殖利率曲線的短端繼續改善，我們將在 2025 年看到大量產品進入市場。

While this positions have been more limited, the results have demonstrated continued demand for our product with a weighted average IRR of 23.6% and a 2.39% gross multiple on year-to-date multifamily dispositions. In our logistics vertical, with the quick interest rate reversion, we've seen more and once untouchable properties come available in the super prime markets as users and private owners have limited liquidity alternatives.

儘管這些部位較為有限，但結果表明，我們的產品持續受到需求，年初至今的多戶型處置的加權平均 IRR 為 23.6%，總倍數為 2.39%。在我們的物流垂直領域，隨著利率的快速回歸，我們看到越來越多曾經不可觸碰的房產在超級優質市場上出現，因為用戶和私人業主的流動性選擇有限。

Our entry price point is approximately half of peak pricing and we are finding opportunities where we can stabilize the assets to an approximately 7% yield. This stabilization point translates to some of the widest spreads we have seen since the early 2000s, making this an exciting time for our next fund series in this strategy.

我們的入場價大約是高峰定價的一半，我們正在尋找能夠將資產穩定到約 7% 收益率的機會。這個穩定點意味著自 21 世紀初以來我們所見過的最大利差之一，這對我們下一個採用這一策略的基金系列來說是一個激動人心的時刻。

Despite laboring under near peak delivery levels in multifamily with 163,000 units coming in Q3 absorption exceeded this at 193,000 units. Bringing our four quarter total to 490,000 units which is 50% above pre-pandemic average absorption levels of 330,000 units.

儘管第三季多戶型住房交付量接近峰值，共 163,000 套，但吸收量卻超過了峰值，達到 193,000 套。我們四個季度的總數達到 49 萬套，比疫情前 33 萬套的平均吸收量高出 50％。

We expect similar deliveries and absorption in Q4 but the picture gets much more compelling as multifamily starts are down 42% off peak. Just a pose against a continuing strong demand picture. On the industrial side, we have a similar story, only slightly behind multifamily but starts are 76% off peak levels at just 43 million square feet.

我們預計第四季度的交付量和吸收量將類似，但由於多戶型住宅開工量較高峰期下降了 42%，因此前景將更加引人注目。這只是對持續強勁的需求的一種姿態。工業方面，我們也有類似的情況，僅略微落後於多戶型住宅，但開工面積比峰值低 76%，僅 4,300 萬平方英尺。

The impact of high deliveries and supply has impacted rent growth at just 0.3% nationally on the multifamily side. However, our operational skills allow Bridge to mitigate some of this. In our most recent multifamily workforce images, we have exceeded our projections by 6.8% live to date.

高交付量和高供應量的影響僅使全國多戶住宅租金增加了 0.3%。但是，我們的操作技能可以讓 Bridge 緩解其中的一些問題。在我們最新的多戶型勞動力影像中，迄今為止我們已經超出了預測 6.8%。

In our first logistics value vintage, we have exceeded underwritten net effective rents by 19.6% on average since and in our single family rental portfolio, Bridge maintains a 94% occupancy and year-to-date performance of just over 5.9% blended rent growth and 11% NOI growth which is solidly ahead of our public peers who have reported NOI growth in the 5% range.

在我們的第一個物流價值週期中，我們平均超過承保的淨有效租金 19.6%，並且在我們的單戶租賃組合中，Bridge 保持著 94% 的入住率，年初至今的業績為混合租金增長率略高於 5.9%，淨有效租金增長率在 11%，遠領先於報告淨有效租金增長率在 5% 左右的上市公司。

Now turning to performance, as mentioned earlier, we had a positive performance for Q3 and our real estate valuations up 0.2%. While the downward movement in the interest rates is positive for commercial real estate. Historically, there is a lag before this is reflected in fund valuations especially as transaction volumes have yet to fully rebound.

現在談談業績，正如前面提到的，我們第三季的業績表現良好，我們的房地產估值上漲了 0.2%。而利率下行對商業不動產而言是利多。從歷史上看，這種變化在基金估值中反映出來之前會有一個滯後，尤其是在交易量尚未完全反彈的情況下。

We are encouraged by many leading indicators such as public res increasing 41%, since they crossed in October of 2023. From a commercial real estate perspective, all signs are pointing up following declines in both volumes and values reminiscent of the GFC resulting from the rate hiking cycle. Surveys of CRE participants by [CBRE] indicate that over 90% of them see significant improvement in volumes in 2025.

許多領先指標令我們感到鼓舞，例如公共資源成長了 41%，自 2023 年 10 月以來一直如此。從商業房地產的角度來看，在經歷了升息週期導致的成交量和價值雙雙下降（讓人想起全球金融危機）之後，所有跡像都指向上行。[CBRE] 對 CRE 參與者的調查顯示，超過 90% 的參與者認為 2025 年的交易量將顯著改善。

According to PERE, nearly half of all institutional investors are under allocated to private real estate and our own interactions indicate that they are recognizing that the reset in values makes this an attractive entry point. Bridge has invested significantly in building out best in class investment teams in the most attractive sectors of commercial real estate and PE secondaries. And we are well positioned to emerge from this downturn to an even more compelling and scaled platform.

根據 PERE 的數據，幾乎一半的機構投資者在私人房地產方面的投資不足，而我們自己的互動表明，他們認識到價值的重置使這成為一個有吸引力的切入點。Bridge 已投入大量資金，在商業房地產和 PE 二級市場最具吸引力的領域中打造一流的投資團隊。我們已做好準備，走出這次衰退，建立一個更具吸引力、更具規模的平台。

I'll now turn the call over to Katie.

我現在將電話轉給凱蒂。

Thank you, Jonathan. Bridge's business continued to exhibit stability in the quarter with fee earning AUM increasing 1.3% from last quarter, driven by increased inflows into workforce and affordable housing and debt strategies.

謝謝你，喬納森。Bridge 的業務在本季持續保持穩定，收費 AUM 較上一季成長 1.3%，這得益於勞動力流入、經濟適用房和債務策略的增加。

The related revenue was $82.5 million, increasing 3% from last quarter. Mostly due to the inclusion of fee related performance revenues related to the crystalization of carried interest for our open end net lease strategy we discussed on our last earnings call.

相關營收為8,250萬美元，較上一季成長3%。主要是由於我們在上次財報電話會議上討論的開放式淨租賃策略中包含了與附帶權益結晶相關的費用相關績效收入。

This was partially offset by lower other asset management and property income and net earnings from Bridge's, property operators. The lower other income line item was impacted by a onetime benefit of $1.9 million included in Q2, which we noted last quarter. The decrease in net earnings from Bridge property operators was mostly driven by lower revenue from the office vertical. As that strategy becomes a smaller part of our business.

這被其他資產管理和房地產收入以及來自房地產運營商Bridge的淨收益的下降部分抵消。較低的其他收入項目受到第二季度包含的 190 萬美元一次性福利的影響，我們在上個季度註意到了這一點。Bridge 地產業者淨收入的下降主要是由於辦公室垂直業務收入的下降。隨著該策略在我們的業務中所佔的比例越來越小。

We anticipate that this trend will carry on in the future. Transaction fees were roughly flat versus Q2. As Jonathan noted real estate deal volumes in the market appear to be improving. However, transaction related revenue will grow more modestly in the future due to the mix of the capital we're raising.

我們預計這一趨勢在未來還將持續下去。交易費用與第二季相比基本持平。正如喬納森所指出的，市場上的房地產交易量似乎正在改善。然而，由於我們籌集的資金組合，未來交易相關收入將會更溫和地成長。

I would also note we expect transaction fees to be smaller percentages of revenues as we continue to grow and scale our strategies. Historically, we have always focused on recurring management fees as a better indicator of the underlying performance of our business.

我還要指出的是，隨著我們繼續發展和擴大我們的策略，我們預計交易費佔收入的比例將會越來越小。從歷史上看，我們一直關注經常性管理費，將其作為衡量我們業務基本績效的更好指標。

This metric has grown at a 26% CAGR since IPO and has exhibited stability during the past two years of real estate volatility. Highlighting the attractiveness of our long tenured AU and profile, 97% of our capital remains invested in clothes and funds with a weighted average duration of 6.4 years.

自 IPO 以來，該指標的複合年增長率為 26%，並且在過去兩年的房地產波動中保持穩定。為了凸顯我們長期 AU 和投資組合的吸引力，我們將 97% 的資金仍投資於服裝和基金，加權平均期限為 6.4 年。

The related earnings to the operating company were $32.4 million, decreasing from last quarter, mostly attributable to higher compensation related expenses which increased by approximately $3.1 million excluding approximately $3 million in compensation associated with the fee related performance revenue.

營運公司的相關收益為 3,240 萬美元，較上一季有所下降，主要由於與薪酬相關的費用增加，該費用增加了約 310 萬美元，但不包括與費用相關的績效收入相關的約 300 萬美元的薪酬。

We have weathered the downturn by growing the AUM during the last 2.5 years with a careful eye towards cost management. As the cyclical recovery has started materializing, we have begun reinvesting in the growth of our platform including on the investment and fundraising sides of the business positioning the company for this sub cycle as outlined by Bob earlier.

過去兩年半里，我們密切關注成本管理，擴大了資產管理規模，度過了經濟衰退期。隨著週期性復甦開始實現，我們已經開始對我們平台的成長進行再投資，包括業務的投資和籌資方面，為公司在這個子週期中的定位，正如鮑勃之前概述的那樣。

The long term earnings, power of the platform is substantial driven by our brand, our track record and our people. On the people side, we expect compensation expense to grow off of the adjusted $42 million in Q3, distributable earnings to the operating company for the quarter were $28 million with after tax de per share of $0.15, a decrease of $0.04 from last quarter.

我們的品牌、我們的業績和我們的員工將為我們平台的長期獲利和實力提供巨大的推動力。在人員方面，我們預計薪資支出將在第三季調整後的 4,200 萬美元基礎上成長，本季營運公司可分配收益為 2,800 萬美元，稅後每股收益為 0.15 美元，較上一季減少 0.04 美元。

The decrease is mostly due to the items discussed within fee related earnings along with a net insurance loss of $1.6 million versus a gain of $2 million last quarter, representing approximately $0.02. The net loss included a one-time loss of approximately $2 million associated with a large claim in our captive.

下降主要是由於費用相關收益中討論的項目以及 160 萬美元的淨保險損失，而上季度的收益為 200 萬美元，約合 0.02 美元。淨損失包括與我們自保公司一項大額索賠相關的約 200 萬美元的一次性損失。

Additionally, the large claim impacted our claims history which also resulted in higher (inaudible) reserves for the quarter of $1.5 million. Our general expectation is that our insurance income will stabilize to more normalized positive levels next quarter.

此外，這筆大額索賠影響了我們的索賠歷史，也導致本季的準備金增加（聽不清楚）150 萬美元。我們的整體預期是，下個季度我們的保險收入將穩定到更正常化的正水準。

Similar to the last few quarters, performance fee realizations primarily consisted of tax distributions within debt strategies. As a reminder, the non-controlling interest for this vertical is 60% leading to a ratio of 24% of the gross real life performance fees that will flow through to the operating company, net accrued performance revenue on the balance sheet stands at $339.5 million, which slightly increased compared to last quarter and is recorded one quarter in arrears.

與前幾季類似，績效費實現主要包括債務策略中的稅收分配。提醒一下，該垂直行業的非控股權益為 60%，導致流向營運公司的實際總績效費用佔 24%，資產負債表上的淨應計績效收入為 3.395 億美元，與上一季相比略有增加，並且延遲一個季度記錄。

It's important to note that 81% of the carry are related to multifamily funds four and workforce one where we are currently monetizing assets with European waterfalls these funds are expected to drive substantial distributable earnings in the latter part of 2025 to 2026.

值得注意的是，81% 的收益與多戶型基金四和勞動力基金一有關，我們目前正在利用歐洲瀑布模型將資產貨幣化，預計這些基金將在 2025 年下半年至 2026 年帶來大量可分配收益。

With that, I would now like to hand the call back to Bob for some closing remarks.

說完這些，我現在想把電話交還給鮑勃，請他做一些結束語。

Thank you, Katie. Bridge has managed expenses carefully through the last two years of the real estate winter. Now we are seeing a substantial uptick in investor interest, early signs of rising values and indications that transaction volumes are beginning to recover. For Bridge, this is the time to lean into our future growth by investing heavily in our manufacturing and distribution teams to take advantage of these opportunities.

謝謝你，凱蒂。在過去兩年的房地產寒冬中，布里奇一直謹慎地管理開支。現在我們看到投資者興趣大幅上升、價值上升的早期跡像以及交易量開始恢復的跡象。對 Bridge 來說，現在是時候透過大力投資我們的製造和分銷團隊來利用這些機會，實現未來的成長。

You will see our trajectory and planner proving out as we raise and deploy more capital. Although the financial performance in our FRE and distributable earnings may lag several quarters after which you will see a much more scaled business emerge.

隨著我們籌集和部署更多資本，您將看到我們的軌跡和規劃得到證實。儘管我們的常規經常性收入和可分配收益的財務表現可能會落後幾個季度，但之後你會看到更大規模的業務出現。

We believe the many investment we have made in distribution, logistics, PE secondaries and renewable energy will become meaningful contributors going forward to supplement our historic presence in residential rental and commercial real estate backed fixed income.

我們相信，我們在分銷、物流、私募股權二級市場和再生能源領域的大量投資將成為未來有意義的貢獻者，以補充我們在住宅租賃和商業房地產支持的固定收益領域的歷史地位。

With that, I would now like to open the call for questions.

現在，我想開始提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指令）

Mike Brown, Wells Fargo Securities.

富國證券的麥克布朗。

Great, good morning. Thanks for taking my questions. I guess I just wanted to maybe start off by maybe trying to put a little bit of a finer point on the real estate market recovery here and outlook. Can you just maybe add a little bit more thought or color around when we could start to see a pickup in kind of three main places?

太好了，早安。感謝您回答我的問題。我想我只是想先嘗試更詳細地闡述房地產市場的復甦和前景。您能否再補充一些想法或細節，說明我們何時能夠看到三個主要領域的回升？

I guess one fundraising particularly from like the retail side, two, transaction fee sounds like the outlook there that will start to pick up. But just, how do you think that could play out over the next 12 to 18 months and then realizations, and then I guess a lot happening in real time here and we're seeing kind of a backup in the yield. So, just curious if that gives you a little bit of pause, do you think that that could kind of moderate the pace of the recovery? Thank you.

我想，一是融資，特別是從零售方面來說，二是交易費，聽起來那裡的前景將開始回升。但是，您認為這將如何在未來 12 到 18 個月內發揮作用，然後實現，然後我想這裡會實時發生很多事情，我們看到收益率有所回升。所以，我只是好奇這是否會讓您稍微停下來思考一下，您是否認為這可能會減緩復甦的步伐？謝謝。

Yeah, so a lot. That was a very multipart question and I'm not sure I did a great job. This is Jonathan Slager, great job of getting all of the notes. But if I miss something, please feel free to interject and make sure that 1I cover it. I do want before I respond to your question to mention that unfortunately, Bob has had to leave for an important client meeting, they couldn't move, but we do have Dean Allara, our Vice Chairman who's going to be on the line to be able to support with questions related to client solutions and capital raising and provide additional support for the team in addition to myself and Katie.

是的，很多。這個問題涉及很多部分，我不確定我是否回答得很好。這是喬納森·斯萊格 (Jonathan Slager)，他出色地完成了所有筆記的整理工作。但如果我遺漏了什麼，請隨時插話並確保我能涵蓋它。在回答您的問題之前，我想先提一下，很遺憾，鮑勃必須離開去參加一個重要的客戶會議，他們不能動，但我們有副董事長迪恩·阿拉拉 (Dean Allara)，他將在線上為與客戶解決方案和融資相關的問題提供支持，除了我和凱蒂之外，他還為團隊提供額外支持。

With respect to the overall commercial real estate market. I think taking your last question first about the impact of rates and the outcome of the election and what we've seen so far, I think our perspective is that overall, it's early days to kind of be able to start assessing whether we have a change. Obviously, the fed has a meeting later today.

就整體商業房地產市場而言。我認為首先回答你關於利率影響和選舉結果的最後一個問題以及我們目前看到的情況，我認為我們的觀點是，總體而言，現在還為時過早，無法開始評估我們是否會發生變化。顯然，美聯儲今天晚些時候有一個會議。

And, I expect, and all of us expect that they'll continue the trajectory down on the short end of the curve in terms of bringing their rates closer to the neutral rate overall. And I so despite the fact that there's some optimism and ebullience and there's been whatever the so called Trump trade that has impacted yields.

而且，我預計，我們所有人都預計，他們將繼續沿著曲線的短端軌跡向下移動，使利率更接近整體中性利率。儘管存在一些樂觀和熱情，所謂的川普交易已經影響了收益率。

We expect that to come back in and we expect that the impact of that in the short run will be to slow down the pace of transaction flow and the pace of recovery and values. But we still expect that to take place meaning. There is a significant pent up demand for transaction volumes among the participants.

我們預計這種情況將再次出現，我們預計，短期內其影響將是減緩交易流程的速度以及復甦和價值的速度。但我們仍然期望這能夠有意義地實現。參與者對交易量有巨大的壓抑需求。

There's also as we talk about, we've talked about many, many times a significant loan maturity wall that's coming into commercial real estate that's going to kind of force transactions to take place into the market as borrowers can't bring capital to refinance the loans at the new lower loan amounts.

我們也曾多次討論過，商業房地產領域存在的貸款到期壁壘問題，這將迫使交易在市場上進行，因為借款人無法拿出資金以新的較低貸款金額進行再融資。

So we, we see that contributing and again, the overall sentiment is there's a tremendous amount of dry powder and demand. And we're really optimistic. I think we mentioned the absorption in my opening remarks in my script. We talked about the, the 193,000 units that were absorbed versus the deliveries of 163,000. So we're at the -- we're getting towards the back end of the deliveries on the multifamily side.

因此，我們看到了這種貢獻，而且整體情緒是存在大量的乾火藥和需求。我們確實非常樂觀。我想我們在我的劇本的開場白中提到了專注。我們討論的是，吸收了 193,000 台，而交付了 163,000 台。因此，我們正處於—我們正接近多戶型房屋交付的後端。

But the demand at 590,000 units in the last four quarters continues really strong and we expect that to continue strong. And obviously one of the positive parts of the expectations under a Trump administration is going to be continued growth.

但過去四個季度 59 萬台的需求仍然強勁，我們預計這種強勁勢頭還會持續下去。顯然，川普政府的積極預期之一就是經濟將繼續成長。

And all of that is good for commercial real estate. So we're expecting values to recover. And again, what's challenging and has been challenging for a long time is the pace at which values recover, the pace at which rates ultimately do come down, especially on that kind of shorter end of the yield curve.

這一切對商業房地產來說都是有利的。因此我們預計價值將會恢復。再次強調，長期以來的挑戰是價值復甦的速度，利率最終下降的速度，特別是在殖利率曲線較短的一端。

And the curve, hopefully will start to show a more normal shape with lower front end debt. So I think broadly speaking, that's my response to the overall market is that we see a lot of enthusiasm, Dean's on the phone, but he's out there every day talking to our LP base and I think that there's a huge amount of them that have been paused in terms of allocation into commercial real estate.

希望曲線能夠開始呈現出更正常的形狀，前端債務也會減少。因此，我認為從廣義上講，我對整個市場的反應是，我們看到了很多熱情，迪恩正在打電話，但他每天都在與我們的 LP 基地交談，我認為他們中的很大一部分在商業房地產配置方面已經暫停。

And now they're meaningfully and actively looking to allocate and the place they want to allocate is an industrial and multifamily, which are two really strong suits for Bridge.

現在他們正在積極地尋求分配，他們想要分配的地方是工業和多戶型住宅，這兩個領域正是 Bridge 的強項。

Hey, Jonathan, I just added Good morning, Mike, your question about retail fundraising. So we have a vehicle that we expect that we will break escrow on this quarter. We are pretty excited about that. It is currently it's on -- we're breaking eco likely because we're on a number of custodian platforms. We're on a couple of larger RRA as to put it that way, we're in dialogue as we look to the future with multiple wire house type folks as well.

嘿，喬納森，早上好，麥克，我剛剛補充了你關於零售籌款的問題。因此，我們有一個工具，我們預計將在本季度解除託管。我們對此感到非常興奮。目前，我們正在打破生態壁壘，因為我們在多個託管平台上。我們可以這樣說，我們正在進行幾個較大的 RRA 對話，我們也在與多家電線公司類型的人士討論未來。

So that all feels pretty good as the momentum sort of swings here, I think is what's happening and we expect over the coming quarters should be pretty positive as Jonathan mentioned also, worth mentioning that we expect in time that we'll have multiple products as we continue to build out. Not only the distribution is being built out right now, but obviously the parking as well, the product set as well. So further questions on that, but just.

所以這一切都感覺很好，因為這裡的勢頭有點轉變，我想這就是正在發生的事情，我們預計未來幾個季度應該會非常積極，正如喬納森提到的那樣，值得一提的是，我們預計隨著我們繼續建設，我們將及時擁有多個產品。目前正在建造的不僅是分銷系統，顯然還有停車場和產品線。因此對此還有進一步的問題，但僅此而已。

Thanks Dean. Did we miss anything there? Because that was a lot of multipart questions. So I feel like I want to make sure that you got covered there, Mike.

謝謝 Dean。我們是否遺漏了什麼？因為那包含很多多個部分的問題。所以我覺得我想確保你在那裡得到了保障，麥克。

Yeah. No, I think you, I think you hit all my, four or five sub questions in there. Thank you for all that.

是的。不，我認為你回答了我所有的其中的四、五個子問題。謝謝你所做的一切。

Fantastic. And thanks team for helping me out in that retail one.

極好的。並感謝團隊在零售方面給予我的幫助。

You said retail fundraiser, we got it.

您說的是零售募款，我們明白了。

if I could just ask a follow up here on, maybe on kind of like a theme of operating leverage. So as we think about that recovery, that's playing out and the investments you've been making in the business, you talk a lot about the investments in the logistics side and also flag some of the investments you're making on the distribution.

我可以在這裡問一個後續問題嗎，也許是關於經營槓桿的主題。因此，當我們思考正在發生的復甦以及您在業務上所做的投資時，您談論了很多關於物流方面的投資，同時也提到了您在分銷方面所做的一些投資。

Just curious how you think about that investment spend level in '25 relative to '24 and then balance that against again that recovery that's going to come through and the scale that's building in the platform and how that will kind of come through in terms of operating leverage.

只是好奇您如何看待 25 年相對於 24 年的投資支出水平，然後再次將其與即將出現的復甦和平台上正在構建的規模進行平衡，以及這將如何體現在經營槓桿方面。

Yeah. Well, I want to clarify when you refer to operating leverage. Are you referring to the overall balance sheet at Bridge? And are you referring to the investments?

是的。好吧，我想澄清一下您提到的營業槓桿。您指的是 Bridge 的整體資產負債表嗎？您指的是投資嗎？

No, just to clarify, I'm just thinking through that kind of revenue growth, potential relative to expected kind of expense growth.

不，只是為了澄清一下，我只是在思考那種收入成長、相對於預期費用成長的潛力。

Right? Okay. Well, I think on a what I think is very, very positive note we have for the last few years, we keep talking about investing, but we've built out a pretty scaled national team. And Bob referred to that on in his opening remarks on the logistics side.

正確的？好的。嗯，我認為過去幾年我們的表現非常非常積極，我們一直在談論投資，但我們已經建立了一支規模相當大的國家隊。鮑伯在關於物流方面的開場白中提到了這一點。

So we don't need to do a huge amount of team growth. Obviously that the team is there and in place, the other thing is a lot of what we've been doing on the logistics side is development and that development, we now have like maybe it's 8, 7 to 8 green lit construction projects, development, construction projects.

所以我們不需要做大量的團隊擴張。顯然，團隊已經在那裡，另一件事是我們在物流方面所做的許多工作是開發，而這種開發，我們現在可能有 8 個、7 到 8 個綠燈亮起的建設項目，開發，建設項目。

And those will start generating significant development fees, which are -- which again don't require us to hire incremental folks. Those folks are already in place and they've done all the work of getting everything entitled and ready to go.

這些將開始產生大量的開發費用，這也不需要我們僱用更多的員工了。那些人已經到位，他們已完成所有工作，讓一切準備就緒，準備出發。

So we're going to start to see that coming through on the revenue side and that will drop through to the bottom line. So you start looking at a very significant investment we've made in the logistics team in particular over the last few years and you look into 2025 and you say that's going to start turning positive in the back half of 2025.

因此，我們將開始看到這一點在收入方面得到體現，並將下降到利潤方面。因此，您開始關注我們在過去幾年中對物流團隊所做的一項非常重要的投資，並展望 2025 年，您會說這項投資將在 2025 年下半年開始轉為積極狀態。

So we're really about that. With respect to retail distribution and Dean might have something to add here. It's going to continue to be significant investment, not just in retail, but also we've been expanding our institutional coverage and really made some amazing inroads when maybe Dean, you want to cover some of the statistics about how progress we've made there.

所以我們確實是這麼做的。關於零售分銷，Dean 可能有話要補充。我們將繼續進行重大投資，不僅僅是在零售領域，而且我們一直在擴大我們的機構覆蓋範圍，並確實取得了一些驚人的進展，也許 Dean 想要介紹一些關於我們在那裡取得的進展的統計數據。

But we need to continue to invest in our distribution, raising capital through institutions is different than the wire houses and our business is transitioning toward that and regular way retail. So maybe you can jump in, Dean.

但我們需要繼續投資我們的分銷，透過機構籌集資金與透過電線電纜公司籌集資金不同，我們的業務正在向常規零售方式轉型。所以也許你可以加入，迪恩。

Yeah, absolutely. So, a couple of comments here I'd make as it regards to invest in distribution to give you a sense, Mike over the past two years, our distribution team is up by head count by 50%.

是的，絕對是如此。因此，我在這裡就投資分銷發表幾點評論，讓您了解一下，麥克，在過去的兩年裡，我們的分銷團隊的員工人數增加了 50%。

So that -- and that I don't know if we'll grow to that extent, but as we built and we've made some pretty notable significant executive hires at the retail level over in this year that we expect we'll start filling in below that as well to execute there. And that's always been an ongoing part. I think we've always believed and invested in distribution as we look to grow overall.

所以—我不知道我們是否會發展到那個程度，但隨著我們的建設，我們在今年的零售層面上招募了一些相當值得注意的重要高管，我們預計我們也將開始填補這些職位的空缺，以便在那裡執行任務。這始終是一個持續的部分。我認為，我們始終相信分銷並對其進行投資，因為我們尋求的是整體成長。

So I don't see that -- I see that continuing to a degree, I can't give you exact numbers, but we're not stopping that investment. I'd put it that way.

所以我認為這種情況不會持續下去，雖然我無法給出確切的數字，但我們不會停止投資。我會這麼說。

The success, I think we have retail sort of at our doorstep to some degree. There's still -- this takes quarters, I don't want to set expectations high here and then we're just starting to sort of launch through that so that, it feels right, institutionally we've just, we have 11 new accounts we're going to bring in this year institutional accounts that are new, which is breaking new ground there.

我認為，在某種程度上，我們的成功已經將零售業帶到了我們家門口。還有——這需要幾個季度的時間，我不想在這裡設定太高的期望，然後我們才剛開始通過這種方式啟動，這樣感覺是對的，從機構上講，我們今年將引入 11 個新帳戶，這些帳戶都是新的，這是在那裡開闢新天地。

We think there's a lot of white space. We're seeing the white space I'd say are the execution of those new institutions is global. It's between I know Bob mentioned that we just opened the office in Dubai. So we're seeing some Middle Eastern capital. We're seeing some additional European capital. We're seeing most of the new capital to be honest here in the US and Canadian but more US pension institutional world.

我們認為還存在很大的空白。我們看到的空白是這些新機構的執行是全球性的。我知道鮑伯提到我們剛剛在杜拜開設了辦事處。因此我們看到了一些中東首都。我們看到了一些額外的歐洲資本。說實話，我們看到大部分新資本都在美國和加拿大，但更多的是美國退休金機構。

I think there's a comment about the 20% increase in consultant coverage, we've got year over year as we penetrate the much of that capital is harnessed with the consultant and the institution side here in the US. And then we're seeing new institutional traction in Asia, mainly Korea, but we are seeing roads in other parts of Asia as well. So if that answers that second part of your question, Mike, but additional color there.

我認為有一則評論說顧問覆蓋率增加了 20%，隨著我們在美國深入滲透，我們的覆蓋率逐年提高，其中大部分資本都由顧問和機構方面利用。然後，我們看到亞洲，主要是韓國，出現了新的製度牽引力，但我們也看到亞洲其他地區正在推進這一進程。所以，如果這回答了你問題的第二部分，麥克，但還有更多的細節。

Great. Thank you for all that color. I'll leave it there. Thank you.

偉大的。感謝這一切的色彩。我就把它留在那裡。謝謝。

Ken Warrington, JP Morgan.

摩根大通的肯‧沃靈頓。

Hi, great. Maybe first to follow up on that question, you mentioned that the outlook for fundraising is better in 4Q. What magnitude of improvement are you expecting relative to 3Q? And is it more funds in market? Should we end up seeing a close in Newbury or is it just bigger contributions into the existing funds that we saw in 3Q?

嗨，太好了。也許首先要跟進這個問題，您提到第四季的融資前景更好。相對於第三季度，您預計會有怎樣的改善？市場上的資金是否增加？我們最終是否應該看到紐伯里 (Newbury) 的關閉，還是只是像我們在第三季度看到的那樣，對現有基金進行更大的貢獻？

Yeah, obviously we can't be as specific as I know you want us to be. And but Dean maybe you can give him a flavor for what, where, where we think the energy is. I think we did say in the remarks that we thought logistics is going to be a big winner.

是的，顯然我們不能像你希望的那樣具體。但 Dean，也許你可以讓他感受我們認為能量是什麼、在哪裡、在哪裡。我想我們確實在評論中說過，我們認為物流將成為大贏家。

But let me give you some directional comments here. I'll hit this as well. I think we're going to see in logistics, we're going to see some notable increase that will, we can make those Q4 numbers be Q3 plus -- maybe plus, plus. I can't say more than that, I don't think. But that feels very good. We also have, we call them the four horsemen in our world. We have debt right now. We have debt, we have workforce, we have logistics in the market and we have Newberry.

但讓我在這裡給你一些方向性的評論。我也要打這個。我認為我們將在物流方面看到一些顯著的成長，我們可以讓第四季的數字超過第三季——也許更多。我想我不能再多說了。但感覺非常好。我們也有，我們稱他們為我們世界的四騎士。我們現在有債務。我們有債務，我們有勞動力，我們有市場物流，我們有紐貝裡。

And so I think all those will contribute. Newberry to just comment further on that. The reups, I'd say it this way, the reups feel good. The team has executed on the initial investments in this current vehicle and have executed as you might expect, the market has been pretty good there.

所以我認為所有這些都會有貢獻。紐貝裡對此做進一步評論。重新開始，我想這樣說，重新開始感覺很好。該團隊已經對當前這款車型進行了初始投資，並且正如您所期望的那樣，該車型的市場表現相當不錯。

So they've done -- what they've done over their history back to the [3GFC] days. And so I think it's really a matter of a coming quarters liquidity to their current LPs, is sort of the gating thing right now, but that feels like it's going to be cutting loose over the coming quarters, I'm clear about that. And we're all seeing traction across traditional Bridge clients as well as the cross sell there. So I don't know if that at all.

所以他們做了——他們在歷史上做過的事情可以追溯到[3GFC]時期。因此，我認為這實際上是一個關於未來幾個季度他們當前 LP 的流動性的問題，現在有點像是門控問題，但感覺未來幾個季度它會逐漸放鬆，我很清楚這一點。我們都看到了傳統 Bridge 客戶以及交叉銷售的吸引力。所以我根本不知道那是否是。

Yes. Okay. That helps. And then you mentioned compensation. I think you said that $42 million was the right jumping off point. This is sort of a higher comp than we've seen either earlier this year or last year. So we've seen Bridge as a pay for performance company. Are you now sort of having to pay in advance of performance? You mentioned all the green shoots is that what's driving the step up in compensation and sort of what we think of as a payout ratio.

是的。好的。這有幫助。然後你提到了補償。我認為您說的 4,200 萬美元是正確的起點。這比我們今年早些時候或去年看到的要高一些。因此，我們將 Bridge 視為一家按績效付費的公司。您現在是不是需要在演出前提前付款？您提到所有的綠芽都是推動薪資上升的因素，也是我們所認為的派息率的因素。

Yeah, I'll start with that and maybe Katie and or Dean might want to chime in, but I think to be fair. Ken, we've been very, I think the remarks in the script, say it all we've been very careful about really tightly managing expenses. But we also have an important mandate to obviously maintain morale, maintain our teams, make sure that everybody is excited because we are coming into this phase where everyone has high expectations for a significant increase in volumes improvement in values and we're incredibly well positioned.

是的，我會從這個開始，也許凱蒂或迪恩可能想加入進來，但我認為這是公平的。肯，我們一直都非常，我認為腳本中的評論說明了一切，我們一直非常小心地嚴格管理開支。但我們還有一項重要任務，顯然就是保持士氣，維護我們的團隊，確保每個人都感到興奮，因為我們正進入這個階段，每個人都對數量和價值的大幅增加抱有很高的期望，而我們處於非常有利的位置。

So what we think is you're going to start seeing that flywheel of capital raised and capital deployed. But we need the team, we need the team both on the capital raising side. We need the team on the investment side, to be motivated and excited. And I think our overall perspective is it's time to get everybody excited.

因此我們認為你將開始看到資本籌集和資本部署的飛輪。但是我們需要團隊，我們需要融資方面的團隊。我們需要投資方面的團隊充滿動力和興奮。我認為我們的總體觀點是現在是時候讓每個人都興奮起來了。

And so we need to make sure that we're not being super stingy about bonuses and comp and so a lot of it is just making sure that kind of we're sending the right message to the team about our confidence there and then making sure that going forward, everything is appropriately staffed to be able to accomplish what we think is going to be a much higher volume of total work. Business is growing. I think that's the encouraging news is the business is growing. We love our teams, we have great teams and we want to keep morale solid.

因此，我們需要確保我們不會在獎金和補償方面過於吝嗇，很多時候我們只是要確保我們向團隊發出正確的信息，表明我們對他們的信心，然後確保在未來，一切都配備適當的人員，以便能夠完成我們認為將會大量的工作。業務正在成長。我認為這是一個令人鼓舞的消息，業務正在成長。我們熱愛我們的團隊，我們有優秀的團隊，我們希望保持堅定的士氣。

I would just.

我只會。

Go ahead.

前進。

I was going to add that, our employees are our greatest asset and now is the time to invest in them.

我要補充一點，我們的員工是我們最大的財富，現在是投資他們的時候了。

Thank you.

謝謝。

Did you have a follow on Kim Ken?

您有關注過 Kim Ken 嗎？

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧西普里斯 (Michael Cyprys)。

Great. Thanks so much. Good morning. Just a question on the deployment backdrop and multifamily. I was hoping maybe you could unpack that a bit more in terms of what you're seeing there. What you expect to see you mentioned short end of the curve moving lower the improvement there as a catalyst for volumes as you look ahead, but maybe you could unpack some of the moving pieces.

偉大的。非常感謝。早安.我只想問一下關於部署背景和多戶型的問題。我希望您能根據您所看到的情況進一步解釋這一點。您提到的曲線短端的下行趨勢是您希望看到的，這對未來銷量的改善具有催化劑的作用，但也許您可以解開一些移動的部分。

We're also seeing the back end yields move a bit higher, curious how you think about the sort of moving pieces around that the implications there. And if the back end yields were to continue to go even higher from where they are today, how do you see the sort of implications of that? Thank you.

我們也看到後端收益率略有上升，好奇您如何看待周圍變動因素及其影響。如果後端殖利率繼續從現在的水平走高，您認為這會產生什麼影響？謝謝。

Yeah, great question. I know there's a lot of debate around the treasure yields and the shape of the curve and all of that, but I think for commercial real estate value add, commercial real estate investing, let's put it that way because that's primarily what Bridge is involved in. That's the bulk of our current investing activities. The shorter end of the yield curve is a much more impactful thing. So getting those call it one month to call it 3 to 5 year underlying indices, tighter is important. It's also important that the debt markets be active and available.

是的，很好的問題。我知道關於財富收益率、曲線形狀等存在著許多爭論，但我認為對於商業房地產增值、商業房地產投資來說，我們這樣說是因為這主要是 Bridge 所涉及的領域。這是我們目前投資活動的大部分。殖利率曲線的較短一端影響更大。因此，讓這些所謂的一個月至三年至五年的標的指數變得更加嚴格是很重要的。債務市場的活躍和開放也很重要。

And that's part of the messaging that we gave you the securitization markets, the CLO markets, we're having significant resurgence in those. And you're seeing that in the issuances that we've done and all of that provides real liquidity. We're getting inbounds on a regular basis from banks who are literally out of the market for the last two years. And now they're calling us up saying, hey, we want, we want to do deals with you guys.

這是我們向您傳達的訊息的一部分，即證券化市場、CLO 市場正在顯著復甦。您可以從我們所做的發行中看到這一點，所有這些都提供了真正的流動性。我們定期收到一些銀行發送的信息，這些銀行在過去兩年裡實際上已經退出了市場。現在他們打電話給我們說，嘿，我們想和你們做交易。

So, I think that what that means to me between that and all the dry powder that's sitting in the credit funds is that spreads are going to tighten. So we can expect an available credit market, we can expect tighter spreads and we do need a little bit of help from the short end of the yield curve to really accelerate the volumes and the values but volumes and values will increase regardless in my view.

所以，我認為這對我來說意味著，信貸基金中所有的閒置資金利差將會收窄。因此，我們可以預期信貸市場可用，我們可以預期利差縮小，而且我們確實需要收益率曲線短端的一點幫助來真正加速交易量和價值，但無論如何，我認為交易量和價值都會增加。

And it's just a question of how much time it takes and how long it takes for that to manifest. And I think I already mentioned, some of the reasons for it, but at the end of the day, we have a really good supply demand dynamic for residential and industrial. And those are the two sectors where we focus. So that's, I think that's the response.

這只是一個需要多少時間以及需要多長時間才能實現的問題。我想我已經提到其中的一些原因，但歸根結底，我們的住宅和工業供需動態非常好。這正是我們關注的兩個領域。所以，我認為這就是答案。

Great, thanks. And just a follow up question, I think you mentioned some rent and NOI growth and occupancy stats for the SFR business. But just curious if you could elaborate on what that looks like across the multifamily workforce and some of the other sectors. And how has that been trending? And then as you look into '25 how do you expect? No, I growth, rent growth occupancy to trend into next year.

太好了，謝謝。這只是後續問題，我認為您提到了 SFR 業務的一些租金和 NOI 增長以及入住率統計數據。但我只是好奇你是否可以詳細說明多家庭勞動力和其他一些部門的情況。目前趨勢如何？那麼當您展望 25 時有何期待？不，我認為成長、租金成長、入住率將趨勢到明年。

Yeah, go ahead.

嗯，請說。

So in general, we had rent growth in our multifamily workforce housing about 3.3% quarter over quarter. The same store revenue growth was 2%. So overall, the assets are performing very well. And it's just really a matter of valuations, et cetera, a matter of the capital market.

總體而言，我們的多戶型勞動力住房租金環比增長約 3.3%。同店營收成長2%。因此整體而言，資產表現非常好。這其實只是一個估值等問題，一個資本市場的問題。

Yeah, and I think on to give you an idea of our forward view on that, we I mentioned it but to repeat that we are seeing -- already seeing on the multifamily side, in particular absorption exceed deliveries and deliveries are at the back end of their peak, right?

是的，我想讓您了解我們對此的前瞻性看法，我提到過這一點，但要重複一遍，我們已經看到 - 在多戶型方面，特別是吸收量超過交付量，而交付量正處於峰值的後端，對嗎？

So it's one of the things that's nice about real estate is that it takes a long time to build it, right? So it doesn't just magically appear and nobody knew it was coming. So we have a very clear view on deliveries and they're down and they're down hard coming forward and we have a pretty good view on absorption. And you can see that's maintaining very solid kind of record levels of absorption.

所以房地產的優點之一就是它需要很長時間才能建成，對嗎？所以它不會憑空出現，也不會有人知道它的到來。因此，我們對交付量有非常清晰的看法，交付量正在下降，而且未來下降幅度很大，我們對吸收量有相當好的看法。您可以看到，吸收率保持了非常穩定的記錄水準。

And so those two dynamics, give you a pretty solid picture. I think the other thing is in order to initiate new supply of real estate, you have to be able to get a decent return on that investment. And today, we don't see a lot of dynamics that are going to create lower cost to construct new real estate, either industrial or multifamily.

這兩種動態可以給你一個相當清晰的圖像。我認為另一件事是，為了啟動新的房地產供應，你必須能夠獲得可觀的投資回報。如今，我們並沒有看到太多能夠降低新房地產（無論是工業地產還是多戶住宅）建設成本的動力。

And we don't see, the cap rates either have to massively compress or the rents have to grow in order to justify new supply. Well, you pick either one of those or both of those. Both of them are good for Bridge and good for real estate and they inevitably have to happen if the supply demand story continues as we expect it to.

而且我們也沒有看到，為了證明新的供應是合理的，資本化率要麼大幅壓縮，要麼租金必須上漲。好吧，您可以選擇其中一個或兩個。這兩種情況對 Bridge 和房地產來說都是有利的，而且如果供需情況繼續按照我們預期的那樣發展，這兩種情況就必然會發生。

Great. Thanks so much.

偉大的。非常感謝。

(Operator Instructions) Roberts, TD Securities.

（操作員指示）羅伯茨（Roberts），道明證券（TD Securities）。

Hey guys, I'm on for Bill Katz. Good morning. Thanks for taking my question. I wanted to come back to some of your prior comments. Given that 90% of inflows in the third quarter came from institutional. I wonder if you could give us some color on how that might impact your outlook for transaction revenues and what management fee rates will look like against the 110 basis points we saw in the quarter. Thank you.

嘿夥計們，我是 Bill Katz 的支持者。早安.感謝您回答我的問題。我想回顧一下您之前的一些評論。鑑於第三季90%的流入資金來自機構。我想知道您是否可以向我們介紹一下這將如何影響您對交易收入的前景，以及與本季度的 110 個基點相比管理費率會是多少。謝謝。

Yeah, I'm going to give this one to Katie to give you some more guidance. I think she gave some in her remarks.

是的，我將把這個問題交給凱蒂，讓她給你更多的指導。我認為她在評論中已經給出了一些答案。

So if we think about inflows during the quarter, they're primarily related to our debt strategies which historically has been primarily institutional investors. So in general, what we are seeing across the board is that we are seeing a greater shift to institutional investors. Traditionally, with institutional investors, we're going to see a slightly lower management fee rate as well as you know, change in our overall revenue mix where we'll see transaction fees being a lower percentage of our total revenue over time.

因此，如果我們考慮本季的資金流入，它們主要與我們的債務策略有關，而從歷史上看，債務策略主要是機構投資者。因此，總體而言，我們全面看到的是，投資者正在更大程度地轉向機構投資者。傳統上，對於機構投資者來說，我們會看到管理費率略有下降，而且我們整體收入結構也會發生變化，隨著時間的推移，交易費占我們總收入的比例會下降。

And so when you think about our business as we continue to grow and scale and diversify, you're going to see the overall revenue growth, that transaction fee is going to be a lower percentage of that growth of that revenue.

因此，當您考慮我們的業務時，隨著我們的不斷發展、擴大和多樣化，您會看到整體收入的成長，而交易費在收入成長中所佔的百分比會較低。

I think we're viewing transaction fees as being there's some growth in it off of the place we are today. But again when you look at the character of what was in our business back in like 2021 where we had really large opportunity zone funds that were being deployed that did have transaction fees connected to them that those become smaller in overall scale and size.

我認為我們認為交易費用在當前水準的基礎上有所增長。但是，當您再次回顧 2021 年我們的業務特徵時，當時我們部署了非常龐大的機會區基金，這些基金確實涉及交易費用，因此這些基金的整體規模和規模都會變小。

And then as you point out the mix of investors where you have institutional investors where the transaction fees don't flow through, will impact it. But again, we continue to have generation of transaction fees as part of our long term business.

然後，正如你所指出的，投資者組合中存在機構投資者，而交易費用不會流經其中，這將對其產生影響。但是，我們仍將交易費用的產生作為我們長期業務的一部分。

Okay, great, helpful color guys. Thank you very much.

好的，很棒，很有幫助的色彩小伙子們。非常感謝。

There's no further question at this time, that concludes today's call. Thank you all for joining. You may now disconnect.

現在沒有其他問題了，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。