DigitalBridge Group Inc (DBRG) 2022 Q2 法說會逐字稿

Greetings, and welcome to the DigitalBridge Group, Inc. Second Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 DigitalBridge Group, Inc. 2022 年第二季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。

I would now like to turn the conference over to your host, Severin White, Managing Director, Head of Public Investor Relations for DigitalBridge Group. Thank you. You may begin.

我現在想將會議轉交給您的主持人，DigitalBridge Group 公共投資者關係主管董事總經理 Severin White。謝謝。你可以開始了。

Good morning, everyone, and welcome to DigitalBridge's Second Quarter 2022 Earnings Conference Call. Speaking on the call today from the company is Marc Ganzi, our CEO; and Jacky Wu, our CFO. I'll quickly cover the safe harbor, and then we can get started.

大家早上好，歡迎來到 DigitalBridge 的 2022 年第二季度收益電話會議。今天在公司電話會議上發言的是我們的首席執行官 Marc Ganzi；和我們的首席財務官 Jacky Wu。我會快速覆蓋安全港，然後我們就可以開始了。

Some of the statements that we make today regarding our business operations and the financial performance may be considered forward-looking and such statements may involve a number of risks and uncertainties that could cause actual results to differ materially. All information discussed on this call is as of today, August 4, 2022, and DigitalBridge does not intend and undertakes no duty to update it for future events or circumstances. For more information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC and in our Form 10-Q for the quarter ended June 30, 2022.

我們今天就我們的業務運營和財務業績所做的一些聲明可能被認為是前瞻性的，此類聲明可能涉及許多風險和不確定性，可能導致實際結果大不相同。本次電話會議上討論的所有信息截至今天，即 2022 年 8 月 4 日，DigitalBridge 不打算也不承擔任何義務為未來的事件或情況更新它。有關更多信息，請參閱我們最近向美國證券交易委員會提交的 10-K 表格和我們截至 2022 年 6 月 30 日的季度的 10-Q 表格中討論的風險因素。

Great. So we're going to start by covering our quarterly agenda. Marc will outline some of the key drivers of our upgraded road map in the first section and then get into our 2Q business update in section 2. Jacky will cover our financial results in section 3, and then Mark will wrap up with some interesting case studies on how DBRG is executing the digital playbook, followed by Q&A.

偉大的。因此，我們將從涵蓋我們的季度議程開始。 Marc 將在第一部分概述我們升級路線圖的一些關鍵驅動因素，然後在第 2 部分介紹我們的 2Q 業務更新。Jacky 將在第 3 部分介紹我們的財務結果，然後 Mark 將總結一些有趣的案例研究關於 DBRG 如何執行數字劇本，然後是問答環節。

We made some great progress towards our 2022 goals from generating initial commitments to our new strategies to leading some of the most important digital infrastructure transactions this year. So let's get started. With that, I'll turn the call over to Marc Ganzi, our CEO. Marc?

我們在實現 2022 年目標方面取得了一些重大進展，從對我們的新戰略做出初步承諾到領導今年一些最重要的數字基礎設施交易。讓我們開始吧。有了這個，我會把電話轉給我們的首席執行官馬克甘茲。馬克？

Thanks, Severin. Before we get into the Q2 quarter business update and financials, I wanted to take investors through our upgraded strategic road map and explain how it's going to create and drive strong value creation for them over the next few years and beyond.

謝謝，塞弗林。在我們進入第二季度業務更新和財務之前，我想帶領投資者了解我們升級後的戰略路線圖，並解釋它將如何在未來幾年及以後為他們創造和推動強大的價值創造。

It's a road map, but as you can see in the middle of this slide, it was unlocked earlier this year with the repurchase of a minority stake in our Investment Management platform and our related transition to a traditional C-Corp. Those were seminal decisions that allowed us to leverage our comparative advantage, which is centered around our long history of operating and successfully investing institutional capital across the digital infrastructure ecosystem. These are decisions that will enable us to achieve accelerated growth in our highly scalable Investment Management platform. As you can see on the right, this is our growth engine: doubling our AUM over the next few years by extending new and existing investment offerings. When you complement that with the steady growth that we're seeing in our digital operating assets, it's a unique profile that's built on giving you, our investors, access to what we think are the most compelling investment platform and opportunities at scale in the digital infrastructure sector today.

這是一張路線圖，但正如您在這張幻燈片中間看到的那樣，它在今年早些時候通過回購我們投資管理平台的少數股權以及我們向傳統 C-Corp 的相關過渡而解鎖。這些開創性的決定使我們能夠利用我們的比較優勢，這種優勢圍繞著我們在數字基礎設施生態系統中運營和成功投資機構資本的悠久歷史。這些決策將使我們能夠在高度可擴展的投資管理平台上實現加速增長。正如您在右側所見，這是我們的增長引擎：通過擴展新的和現有的投資產品，在未來幾年內將我們的資產管理規模翻一番。當您用我們在數字運營資產中看到的穩步增長來補充這一點時，這是一個獨特的形象，它建立在讓您，我們的投資者能夠訪問我們認為最引人注目的投資平台和數字領域大規模機會的基礎上今天的基礎設施部門。

Let's explore our growth profile in greater detail on the next slide, please. When investors ask me, where are you going to create the most shareholder value over the next few years, with total conviction I can say, this is it. Doubling FEEUM in our IM platform and deploying that capital intelligently and prudently into the kind of high-quality, signature investments you've seen us make already this year. That is what generates returns for our investors. We invest, own and operate in platforms that are growing and that have long-dated revenue and earnings streams. DigitalBridge participates in the business building economics as a seasoned investor/operator in the digital infrastructure sector. The combination of growing secular demand for digital and the full stack capability that we have built to capitalize on positions us to take FEEUM from just under $25 billion to over $50 billion in the next 3 years.

請讓我們在下一張幻燈片上更詳細地探討我們的增長概況。當投資者問我，未來幾年你打算在哪裡創造最大的股東價值時，我可以堅定地說，就是這樣。將我們的 IM 平台中的 FEEUM 翻倍，並將該資本明智而謹慎地部署到您今年已經看到我們所做的那種高質量、標誌性的投資中。這就是為我們的投資者帶來回報的原因。我們投資、擁有和運營不斷增長且具有長期收入和收益流的平台。 DigitalBridge 作為數字基礎設施領域經驗豐富的投資者/運營商參與商業建築經濟學。對數字的長期需求不斷增長，加上我們為利用定位而建立的全棧能力，我們可以在未來 3 年內將 FEEUM 從不到 250 億美元增加到超過 500 億美元。

As the partner of choice in a resilient, growing asset class, we have high confidence in our ability to execute on this strategy through the good times and the challenging ones. Through the first 2 quarters of 2022, we have demonstrated our ability to execute on this plan against the backdrop of a challenging macro, that's it. We believe this is not hard to understand. It's not complex. We double our FEEUM in 3 years. This drives long-term predictable earnings and cash flows that we believe shareholders will increasingly appreciate.

作為有彈性、不斷增長的資產類別的首選合作夥伴，我們對自己在順境和挑戰時期執行這一戰略的能力充滿信心。在 2022 年前兩個季度，我們已經展示了在充滿挑戰的宏觀背景下執行該計劃的能力，僅此而已。我們相信這不難理解。這並不復雜。我們在 3 年內將 FEEUM 翻了一番。這推動了我們相信股東會越來越欣賞的長期可預測收益和現金流。

Next page, please. Great. So we're going to double FEEUM. What does that mean for you, our investors? It's really simple. We've got an easy algorithm that translates into incremental fee paying AUM into higher revenue. At an average fee rate of 90 basis points across our portfolio, with very attractive incremental margins, this drives strong earnings accretion. The earnings margin should remind you of other great digital infrastructure businesses many of you own today. The growth rate at DigitalBridge on the other hand, is unlike anyone else in our peer set as we will continue to deliver double-digit organic growth through 2025. This is incredibly unique in our sector. I'll let you apply your own multiples to the incremental FRE to understand the value creation opportunity over the next few years just on management fee streams alone.

請翻下一頁。偉大的。所以我們要把 FEEUM 翻倍。這對我們的投資者意味著什麼？這真的很簡單。我們有一個簡單的算法，可以將增加的費用支付 AUM 轉化為更高的收入。我們整個投資組合的平均費率為 90 個基點，加上極具吸引力的增量利潤率，這推動了強勁的收益增長。利潤率應該讓您想起你們中許多人今天擁有的其他偉大的數字基礎設施業務。另一方面，DigitalBridge 的增長率不同於我們同行中的任何其他公司，因為我們將在 2025 年之前繼續實現兩位數的有機增長。這在我們的行業中是獨一無二的。我會讓你將自己的倍數應用於增量 FRE，以了解未來幾年僅在管理費流方面的價值創造機會。

Next slide, please. So doubling FEEUM over the next 3 years is the business plan our team is focused on delivering for you today. Many of you ask me, is this possible? And how does that compare to our track record? Well, what I can share with you is it compares very well. In fact, we're on track to more than triple FEEUM since 2019 by the end of this year to greater than $25 billion. The key here is, since Jacky and I took over the firm, we have delivered on our fundraising commitments to you, our shareholders. We believe we have earned your trust in this regard with actual outperformance results. And when you factor in our expanded new full stack capabilities with the fact that we're likely to be in a position to refresh our flagship strategy sooner than later, given that Fund II is now fully deployed, we think this road map makes a ton of sense and is very easy for investors to understand.

請換下一張幻燈片。因此，在未來 3 年內將 FEEUM 翻一番是我們團隊今天專注於為您提供的商業計劃。很多人問我，這可能嗎？這與我們的往績相比如何？好吧，我可以與您分享的是它比較好。事實上，到今年年底，我們有望將 FEEUM 自 2019 年以來增加兩倍以上，達到 250 億美元以上。這裡的關鍵是，自從 Jacky 和我接管公司以來，我們已經兌現了對您，我們的股東的籌款承諾。我們相信我們在這方面以實際優異的業績贏得了您的信任。當你考慮到我們擴展的新的全堆棧功能以及我們可能會盡快更新我們的旗艦戰略這一事實時，鑑於第二基金現已完全部署，我們認為這個路線圖很重要有道理，投資者也很容易理解。

Next slide, please. So as a part of our upgraded road map, I want to refresh our sources and uses with respect to the balance sheet capital we've crystallized as part of our digital transformation. Today, following the Wafra and AMP transactions, which will boost future revenue and cash flows to DigitalBridge, at the same time setting aside $300 million for future GP commitments in our own funds. We're looking at about around $900 million of total digital firepower set to redeploy over the next year or so. And look, it's really easy. We've got 3 different buckets that we can deploy that capital.

請換下一張幻燈片。因此，作為我們升級路線圖的一部分，我想更新我們作為數字化轉型的一部分而具體化的資產負債表資本的來源和用途。今天，在 Wafra 和 AMP 交易之後，這將增加 DigitalBridge 未來的收入和現金流，同時在我們自己的資金中預留 3 億美元用於未來 GP 承諾。我們正在考慮在未來一年左右重新部署約 9 億美元的總數字火力。看，這真的很容易。我們有 3 個不同的桶，我們可以部署該資本。

First, strategic digital M&A. With our flexibility our corporate transition has afforded us that means we can buy, a, complementary strategic investment platforms like AMP, which increase earnings and extend our investment management capabilities. Or alternatively, we can buy more digital operating assets that meet our quality and return parameters. Both of these are incredibly good uses of the capital.

第一，戰略性數字併購。憑藉我們的靈活性，我們的企業轉型為我們提供了這意味著我們可以購買像 AMP 這樣的互補戰略投資平台，從而增加收益並擴展我們的投資管理能力。或者，我們可以購買更多符合我們質量和回報參數的數字運營資產。這兩者都是對資本的非常好的利用。

Second, capital structure optimization, which is really a fancy way of saying we intend to buy back our preferred stock over time. We've telegraphed this to all of you. This shouldn't be something new. Expect this to be a use of capital as current liquidity increases with the DataBank recap and warehouse investments returning to the balance sheet later this year.

其次，資本結構優化，這實際上是一種奇特的說法，我們打算隨著時間的推移回購我們的優先股。我們已將此電報給你們所有人。這應該不是什麼新鮮事。隨著今年晚些時候 DataBank 的回顧和倉庫投資返回資產負債表，當前流動性增加，預計這將是一種資本使用。

Lastly, share purchases and dividends. As you know, our Board recently approved a $200 million stock repurchase authorization that allows us to be opportunistic and take advantage of our stock trading below what we believe is the intrinsic value. Additionally, we've committed to reinitiating the dividend in the third quarter, which we'll detail further in the coming months. I remain steadfast to this commitment and unwavering. We've described that as a low but grow dividend since we expect the vast majority of our free cash flow to be reinvested back in our business given the accretive opportunities we see to compound value for you, our shareholders.

最後，股票購買和股息。如您所知，我們的董事會最近批准了一項 2 億美元的股票回購授權，這使我們能夠投機取巧，利用我們的股票交易價格低於我們認為的內在價值。此外，我們已承諾在第三季度重新啟動股息，我們將在未來幾個月進一步詳細說明。我對這一承諾保持堅定不移。我們將其描述為低但增長的股息，因為我們預計我們的絕大部分自由現金流將重新投資於我們的業務，因為我們看到了為您，我們的股東創造複合價值的增值機會。

Next slide, please. So let's take a step back before we wrap up this section and put the road map into proper context, understand how realigning our business to an asset-light model manifests itself in the numbers and, most importantly, our earnings growth. Today, when we look forward to 2023, we see a business that's going from roughly 1/3 investment management, 2/3 operating to really flipping that around with most of our earnings coming from our IM platform. That starts with the incremental cash flow from Wafra and AMP transactions and it's boosted by increasing guidance around capital formation that I've referenced and Jacky will share with you in greater detail later.

請換下一張幻燈片。因此，在我們結束本節並將路線圖置於適當的背景下之前，讓我們退後一步，了解將我們的業務重新調整為輕資產模型如何在數字上體現出來，最重要的是，我們的收入增長。今天，當我們展望 2023 年時，我們看到一家企業將從大約 1/3 的投資管理、2/3 的運營轉變為真正扭轉這一局面，我們的大部分收入來自 IM 平台。這始於 Wafra 和 AMP 交易的增量現金流，並且通過我提到的有關資本形成的指導增加而得到推動，Jacky 稍後將與您更詳細地分享。

This road map has important structural implications too. It's the past our balance sheet was perceived as a potential competitor to our IM business. That is no longer the case. Now it's our partner, helping to accelerate the Investment Management platform's growth with GP commitments, warehousing capabilities and positioned to co-invest alongside our LPs in great digital infrastructure opportunities, not competing with them. Importantly, we're still targeting over $300 million in segment-level EBITDA next year. With $900 million in dry powder, we believe we are in a very good position to fill the remaining $60 million in digital earnings. We will get this done organically and inorganically.

該路線圖也具有重要的結構意義。過去，我們的資產負債表被視為我們 IM 業務的潛在競爭對手。這已不再是這種情況。現在它是我們的合作夥伴，通過普通合夥人的承諾、倉儲能力幫助加速投資管理平台的增長，並定位於與我們的有限合夥人共同投資於巨大的數字基礎設施機會，而不是與他們競爭。重要的是，我們明年的細分市場 EBITDA 目標仍然超過 3 億美元。憑藉 9 億美元的干火藥，我們相信我們處於非常有利的位置來填補剩餘的 6000 萬美元數字收入。我們將有機地和無機地完成這項工作。

Finally, this road map positions us not only to reach our near-term financial goals, but our Investment Management platform fundamentally grows faster. It's less capital intensive and it's highly scalable against our other publicly traded digital infrastructure peer set. These are incredibly attractive attributes in our view. We could not be more excited about executing on this next stage of our growth strategy.

最後，這份路線圖不僅使我們能夠實現我們的近期財務目標，而且我們的投資管理平台從根本上實現了更快的增長。它的資本密集度較低，並且相對於我們其他公開交易的數字基礎設施同行集具有高度可擴展性。在我們看來，這些都是極具吸引力的屬性。我們對執行下一階段的增長戰略感到無比興奮。

Next slide, please. So let's get a bit more granular on the second quarter and cover some of the highlights. I want to start by revisiting some of the macro factors we outlined earlier this year on our Q4 earnings call. As you can see on the right, many of these have continued to present challenges, with interest rates and inflation, in particular, continuing to climb. But look, let's not dwell on the headwinds. I want to talk about opportunities that adversity presents because that's the perspective that DigitalBridge brings to changing conditions.

請換下一張幻燈片。因此，讓我們更詳細地了解第二季度，並介紹一些亮點。我想首先回顧一下我們今年早些時候在第四季度財報電話會議上概述的一些宏觀因素。正如您在右側所見，其中許多繼續帶來挑戰，尤其是利率和通貨膨脹繼續攀升。但是，讓我們不要糾纏於逆風。我想談談逆境帶來的機遇，因為這是 DigitalBridge 為不斷變化的條件帶來的視角。

First, this is an amazing opportunity for us to really step up and deliver for customers and our clients, whether it's showing LPs how we can continue to deliver strong returns through the tough times or whether it's helping our portfolio companies cut through the supply chain issues before anyone else. We've been doing this for 3 decades and 2 other downturns. And one thing we've learned in that deleveraging and -- delivering for customers and clients in challenging periods is this is the basis for deep relationships, and through that, you gain more trust and that trust in turn builds over time.

首先，這對我們來說是一個真正加強並為客戶和我們的客戶提供服務的絕佳機會，無論是向有限合夥人展示我們如何在艱難時期繼續提供豐厚的回報，還是幫助我們的投資組合公司解決供應鏈問題在其他人之前。我們已經這樣做了 3 年，經歷了 2 次其他低迷時期。我們在去槓桿化和在充滿挑戰的時期為客戶和客戶提供服務中學到的一件事是，這是建立深厚關係的基礎，通過這種方式，您可以獲得更多信任，而這種信任又會隨著時間的推移而建立。

Second point, when capital becomes more scarce, the logic of outsourcing improves and the neutral host model that we operate in digital infrastructure actually makes more sense as our customers' balance sheets are constrained. By the way, we're already seeing this across our data center platforms with strong bookings growth, which I'm going to share with you later.

第二點，當資本變得更加稀缺時，外包的邏輯得到改善，我們在數字基礎設施中運營的中立主機模型實際上更有意義，因為我們客戶的資產負債表受到限制。順便說一句，我們已經在我們的數據中心平台上看到了這一點，預訂量增長強勁，稍後我將與您分享。

Number three, lower M&A prices are a good thing. If like us, you're net a buyer. In the shorter-term, it's allowed us to buy some top-tier assets when pure financial buyers are less competitive. Lacking the operational expertise, we are able to create an incremental value. Ideally, we'll see more rational pricing in the future, which will only improve returns on long-dated investments that we're making today.

第三，較低的併購價格是一件好事。如果喜歡我們，您就是淨買家。在短期內，當純粹的金融買家競爭力較弱時，它允許我們購買一些頂級資產。缺乏運營專業知識，我們能夠創造增量價值。理想情況下，我們會在未來看到更合理的定價，這只會提高我們今天所做的長期投資的回報。

Finally, this is crucial to the road map I laid out earlier around our capital formation targets. As the partner of choice to institutional capital and digital infrastructure, we expect to benefit as investors are going to focus their capital on scaled, go-to names in specific asset classes. I'm already hearing this as we talk to our LP base around the world who've impressed that -- who've been very impressed by our portfolio resilience, which I'll cover on the next slide.

最後，這對於我之前圍繞我們的資本形成目標制定的路線圖至關重要。作為機構資本和數字基礎設施的首選合作夥伴，我們預計將從中受益，因為投資者將把他們的資本集中在特定資產類別的規模化、知名度較高的名稱上。當我們與世界各地的 LP 基地交談時，我已經聽到了這一點，他們對此印象深刻——我們的投資組合彈性給他們留下了非常深刻的印象，我將在下一張幻燈片中介紹這一點。

Look, the bottom line is simple. We've been doing this for 3 decades through many market cycles and economic conditions. Periods like this are actually when our experience and expertise are even more relevant than when the sun is shining. So we are prepared. We are vigilant, and we're positioned to reinforce our standing as the leader in the digital infrastructure ecosystem.

看，底線很簡單。在許多市場週期和經濟條件下，我們已經這樣做了 3 年。像這樣的時期實際上是我們的經驗和專業知識比陽光普照時更重要的時期。所以我們準備好了。我們保持警惕，我們有能力鞏固我們作為數字基礎設施生態系統領導者的地位。

Next slide, please. Another question we've got in the summer is, how are your portfolio companies performing through this period? Well, the short answer is quite well. I've told investors we'd give them some insights into our 4 key verticals of digital infrastructure in this earnings season. So let's get into the details. Here on this page, you have some forward-looking stats across the 25-plus digital infrastructure portfolio companies that we own and operate today around the world. All of our core verticals are showing positive growth and, in some cases, really impressive increases relative to last year.

請換下一張幻燈片。我們在夏季提出的另一個問題是，您的投資組合公司在此期間的表現如何？好吧，簡短的回答很好。我已經告訴投資者，我們將在本財報季向他們介紹我們數字基礎設施的 4 個關鍵垂直領域。因此，讓我們進入細節。在此頁面上，您可以看到我們目前在全球擁有和運營的 25 多家數字基礎設施投資組合公司的一些前瞻性統計數據。我們所有的核心垂直行業都呈現出正增長，在某些情況下，與去年相比，增長確實令人印象深刻。

So this is driven by factors that I described on the last slide, like our ability to deliver and our increased focus on outsourcing by our customers. Bookings across our global tower portfolios are up 5% year-over-year and they're up over 28% in our fiber businesses. These stats are even more impressive when you take a look at the data center space with a 6x growth factor in bookings and a 2.7 factor increase in our small cell vertical. On the right-hand side, you can see some of the stats from our digital operating businesses where EBITDA is up 23% year-over-year and bookings are almost up 2.5x over the prior year. This is the kind of performance that investors are looking for in periods of distress. Who is growing? Who is resilient? DigitalBridge is.

所以這是由我在上一張幻燈片中描述的因素驅動的，比如我們的交付能力和我們對客戶外包的更多關注。我們全球塔式產品組合的預訂量同比增長 5%，而我們的光纖業務的預訂量增長超過 28%。當您查看數據中心空間時，這些統計數據更加令人印象深刻，預訂量增長了 6 倍，我們的小型基站垂直增長了 2.7 倍。在右側，您可以看到我們數字運營業務的一些統計數據，其中 EBITDA 同比增長 23%，預訂量幾乎比上一年增長 2.5 倍。這就是投資者在困境時期所尋求的那種表現。誰在成長？誰有彈性？數字橋是。

The credit honestly goes to all of the management teams across the globe that are executing day to day for customers at our portfolio companies. The takeaway here is simple. DigitalBridge's operating businesses continue to perform well despite the macro environment.

老實說，這要歸功於全球所有管理團隊，他們每天都在為我們投資組合公司的客戶服務。這裡的要點很簡單。儘管宏觀環境不佳，DigitalBridge 的經營業務繼續表現良好。

Next slide, please. Next, Capital Formation. Here, I'm very pleased to report that we're 2/3 of the way to our 2022 target at the halfway point. This, of course, was led by the $1.2 billion recap at DataBank that we announced in June. That transaction created a permanent capital vehicle, giving new investors access to DataBank as it enters the next phase of growth as the leading edge-focused data center platform in the U.S. In fact, we're very optimistic about our ability to bring in new additional investors into that transaction during the third quarter. We expect to raise more capital for DataBank.

請換下一張幻燈片。接下來，資本形成。在這裡，我很高興地報告我們已經完成了 2022 年目標的 2/3。當然，這是由我們在 6 月份宣布的 DataBank 的 12 億美元重述引領的。該交易創造了一個永久性的資本工具，讓新投資者能夠進入 DataBank 作為美國領先的數據中心平台進入下一增長階段。事實上，我們對我們引入新的額外的能力非常樂觀投資者在第三季度參與了該交易。我們希望為 DataBank 籌集更多資金。

Even more importantly, we've closed on initial commitments from early anchor investors in our new credit and core strategies. This is just the first proof-of-concept that we are set to form significant capital around both of these strategies as we enter the second half of this year. In both cases, we've catalyzed investor interest by seeding investments on our balance sheet to give LPs a very clear picture of the assets and the strategies that we're focused on. This is the power of utilizing the balance sheet. Uncertain macro conditions have elevated the investment rationale behind credit and core strategies, which sit lower on the risk-return premium spectrum. So we're optimistic about our ability to meet and exceed our initial fundraising targets in these strategies.

更重要的是，我們已經完成了早期錨定投資者對我們新信貸和核心戰略的初步承諾。這只是我們進入今年下半年時圍繞這兩種策略形成大量資本的第一個概念驗證。在這兩種情況下，我們都通過在我們的資產負債表上播種投資來激發投資者的興趣，讓有限合夥人非常清楚地了解我們所關注的資產和戰略。這就是利用資產負債表的力量。不確定的宏觀環境提高了信貸和核心戰略背後的投資理由，這些戰略在風險回報溢價範圍內處於較低水平。因此，我們對我們在這些戰略中達到並超過最初籌款目標的能力持樂觀態度。

When I look forward to the second half of '22, the other area we expect to have further success is in co-investments, where some of the new signature transactions we've announced create opportunities for existing and prospective investors to partner alongside of us in some of the highest quality global infrastructure businesses. Expect to hear more from us on co-investment as the year progresses. In fact, the Switch and GD Towers transaction will take our flagship DigitalBridge Partner II fund up to around 90% of committed capital. This creates conditions for us to begin evaluating future flagship strategies. This is one of the key catalysts for the updated guidance that Jacky will share with you shortly.

當我期待 22 年下半年時，我們期望在共同投資方面取得進一步成功的另一個領域，我們宣布的一些新的簽名交易為現有和潛在投資者創造了與我們合作的機會在一些最高質量的全球基礎設施業務中。隨著時間的推移，期待我們聽到更多關於共同投資的消息。事實上，Switch 和 GD Towers 的交易將使我們的旗艦 DigitalBridge Partner II 基金達到約 90% 的承諾資本。這為我們開始評估未來旗艦戰略創造了條件。這是 Jacky 即將與您分享的更新指南的關鍵催化劑之一。

In summary, we've built incredible momentum into a busy second half of the year as we get early validation on our new strategies. We experienced strong investor interest in co-invest, which positions us well to exceed our 2022 targets.

總而言之，隨著我們對新戰略的早期驗證，我們在繁忙的下半年建立了令人難以置信的勢頭。投資者對共同投資表現出濃厚的興趣，這使我們有能力超越 2022 年的目標。

Next page. Establishing new platforms was the headline story at DigitalBridge in Q2 of 2022. Capital deployment is an essential part of our investment process and success this quarter was very successful on this measure. Our investors look to us to identify, acquire and grow highest-quality digital infrastructure businesses globally. And I think this quarter typifies our ability to serve not only as the partner of choice to institutional investors, but to act in the same capacity to some of the leading corporates and management teams in our industry. I was incredibly impressed by the entire DigitalBridge team and their ability to execute these 2 signature transactions during turbulent market conditions. This is where our deep domain expertise combines with our determination to create the desired outcome, form the right capital and execute when others could not.

下一頁。建立新平台是 DigitalBridge 2022 年第二季度的頭條新聞。資本部署是我們投資過程的重要組成部分，本季度的成功在這方面非常成功。我們的投資者希望我們在全球範圍內識別、收購和發展最優質的數字基礎設施業務。我認為本季度體現了我們不僅有能力成為機構投資者的首選合作夥伴，而且有能力為我們行業的一些領先企業和管理團隊提供同樣的服務。整個 DigitalBridge 團隊及其在動蕩的市場條件下執行這兩項簽名交易的能力給我留下了深刻的印象。這就是我們深厚的領域專業知識與我們創造理想結果的決心相結合的地方，形成正確的資本並在其他人無法做到的時候執行。

Look, there's a lot more work to do on Switch and GD Towers, but we believe these are incredibly compelling new platforms with a lot of room for continued investment and growth.

看，在 Switch 和 GD Towers 上還有很多工作要做，但我們相信這些是令人難以置信的引人注目的新平台，具有很大的持續投資和增長空間。

Next slide, please. Before I wrap up the second quarter update and hand it over to Jacky, I would like to touch on just 2 examples where DigitalBridge is continuing to create value for our shareholders. First, DataBank. Not only does this recap and permanent capital vehicle create a long-term fund that brings in new investors with fee and carried, it's really an opportunity to harvest and highlight the DigitalBridge playbook at work. In just 2.5 years, we've turned a $500 million investment off our balance sheet almost into $1 billion of value for our shareholders. In the first part of the transaction, we'll be harvesting $230 million and that may rise over to over $400 million through subsequent closings, allowing us to both recycle capital into new digital M&A as well as maintain a significant participation in the continued growth of DataBank.

請換下一張幻燈片。在我結束第二季度的更新並將其交給 Jacky 之前，我想談談 DigitalBridge 繼續為我們的股東創造價值的兩個例子。首先，數據庫。這種回顧和永久性資本工具不僅創造了一個長期基金，可以帶來新的費用和收益投資者，這確實是一個收穫和突出 DigitalBridge 劇本的機會。在短短 2.5 年的時間裡，我們已經將資產負債表上的 5 億美元投資轉化為幾乎 10 億美元的股東價值。在交易的第一部分，我們將收穫 2.3 億美元，並可能通過隨後的關閉增加到超過 4 億美元，使我們能夠將資本回收到新的數字併購中，並保持對持續增長的重要參與數據銀行。

During the second quarter, we also closed on a EUR 745 million Telenet TowerCo transaction, which we've now renamed Belgium Tower Partners. This was the deal we did to seed our new core strategy. Deploying $290 million in equity from our balance sheet and what's really interesting is that during that, we expect to be about a 6-month hold, not only do we generate the underlying earnings for the business, but we also earn a warehousing and a ticking fee. This is a great way for us to generate returns for our shareholders with your capital as we evaluate long-term capital allocation opportunities in a disciplined manner.

在第二季度，我們還完成了一筆價值 7.45 億歐元的 Telenet TowerCo 交易，我們現在已將其更名為 Belgium Tower Partners。這是我們為製定新的核心戰略所做的交易。從我們的資產負債表中部署 2.9 億美元的股權，真正有趣的是，在此期間，我們預計將持有約 6 個月，我們不僅會為企業產生基礎收益，而且還會獲得倉儲和滴答聲費用。這是我們以有紀律的方式評估長期資本配置機會時，用您的資金為股東創造回報的好方法。

So those are just 2 great examples of how we've executed the DigitalBridge playbook to build value for you, our shareholders. With that, I'm going to wrap up our Q2 update. In summary, our businesses are performing really well despite the challenging macroeconomic conditions. We're seeing strong momentum in our capital formation activities with early validation of our new core and credit strategies, and we're executing on exciting new investments that we believe will be the foundation of future returns.

因此，這些只是我們如何執行 DigitalBridge 劇本以為您，我們的股東創造價值的兩個很好的例子。至此，我將結束我們的第二季度更新。總而言之，儘管宏觀經濟形勢充滿挑戰，但我們的業務表現非常出色。隨著我們新的核心和信貸戰略的早期驗證，我們看到資本形成活動的強勁勢頭，我們正在執行令人興奮的新投資，我們相信這些投資將成為未來回報的基礎。

So I'll hand it over to Jacky to walk you through the financials. Jacky?

所以我會把它交給傑基來引導你完成財務。傑克？

Thank you, Marc, and good morning, everyone. As a reminder, in addition to the release of our second quarter earnings, we filed a supplemental financial report this morning, which is available within the Shareholders section of our website.

謝謝馬克，大家早上好。提醒一下，除了發布第二季度收益外，我們今天上午還提交了一份補充財務報告，可在我們網站的股東部分獲取。

Starting with our second quarter results on Page 18, the company continues to see strong year-over-year growth, driven by successful IM fundraising. For the second quarter, reported total consolidated revenues were $289 million, which represents a 22% increase from the same period last year, driven by continued expansion in AUM and FEEUM. GAAP net income attributable to common stockholders was a $37 million loss or $0.06 per share, representing a $104 million increase compared to the same quarter of last year. Total company adjusted EBITDA was $31 million, which grew from $15 million in the same period last year as we continue to see growth in our high-margin digital IM business.

從我們第 18 頁的第二季度業績開始，在成功的 IM 籌款的推動下，公司繼續實現強勁的同比增長。第二季度，在 AUM 和 FEEUM 持續擴張的推動下，報告的綜合總收入為 2.89 億美元，比去年同期增長 22%。歸屬於普通股股東的 GAAP 淨利潤為虧損 3700 萬美元或每股 0.06 美元，與去年同期相比增加了 1.04 億美元。公司調整後的 EBITDA 總額為 3100 萬美元，高於去年同期的 1500 萬美元，因為我們繼續看到高利潤數字 IM 業務的增長。

Distributable earnings was $8 million as recurring cash flows continue to be positive in the second quarter, accelerated by the Wafra transaction, which closed in May and significantly reduced corporate debt servicing as we rotate out of our legacy capital structure. We expect this measure to grow as we fundraise and close on our recently announced AMP Capital transaction. Digital AUM was $48 billion in the second quarter, which grew by 37% from $35 billion in the same period last year. As Marc mentioned, we have continued our strong growth trajectory and will be over $65 billion of AUM on a pro forma basis, including the recently announced pending transactions.

可分配收益為 800 萬美元，因為第二季度的經常性現金流繼續為正，Wafra 交易加速了這一進程，該交易於 5 月完成，並且隨著我們從遺留資本結構中退出而顯著減少了公司債務償還。我們預計隨著我們籌集資金並完成我們最近宣布的 AMP Capital 交易，這項措施將會增加。第二季度數字資產管理規模為 480 億美元，較去年同期的 350 億美元增長 37%。正如 Marc 提到的那樣，我們繼續保持強勁的增長軌跡，預計 AUM 將超過 650 億美元，包括最近宣布的未決交易。

Moving to Page 19. The company continued to grow IM revenue and earnings, driven by higher levels of fee-earning equity under management. The year-over-year comparison was impacted by onetime catch-up fees received during DBP II fundraising last year, which, when excluded, consolidated revenues increased by approximately 18% and FRE by 28% year-over-year. On a pro rata basis, we saw improved flow-through following the closing of the Wafra transaction with fee revenues increasing by 35% and FRE by 47%.

轉到第 19 頁。在管理的更高水平的收費股權的推動下，公司的 IM 收入和收益繼續增長。同比比較受到去年 DBP II 籌款期間收到的一次性追加費用的影響，如果不包括在內，綜合收入同比增長約 18%，FRE 同比增長 28%。按比例計算，在 Wafra 交易完成後，我們看到流量有所改善，費用收入增加了 35%，FRE 增加了 47%。

Moving to Page 20. Our Digital Operating segment has continued its growth in the second quarter. Consolidated adjusted EBITDA was $101 million during the second quarter, which is a 24% increase from the same period last year, driven by lease-up at Vantage SDC and the acquisition of Houston area data centers at DataBank.

轉到第 20 頁。我們的數字運營部門在第二季度繼續增長。第二季度合併調整後的 EBITDA 為 1.01 億美元，比去年同期增長 24%，這主要得益於 Vantage SDC 的租賃和 DataBank 對休斯頓地區數據中心的收購。

Turning to Page 21. We have seen continued growth in our digital reporting segments, particularly in our high-margin Investment Management business. We should note that the pro forma amounts shown on this page include the pending AMP transaction. We now own 100% of the IM revenues and FRE following the acquisition of Wafra's share in the business. Both transactions are highly accretive and generate strong recurring cash flows.

翻到第 21 頁。我們看到數字報告領域持續增長，特別是在我們的高利潤投資管理業務中。請注意，此頁面上顯示的備考金額包括待處理的 AMP 交易。在收購 Wafra 的業務份額後，我們現在擁有 100% 的 IM 收入和 FRE。這兩項交易都具有很高的增值性，並產生強勁的經常性現金流。

Since last year, our annualized fee revenues increased from $94 million to $240 million and FRE increased from $53 million to $125 million. We are excited to have increased exposure to this high-growth IM business, which has materially improved the company's cash flow profile since it is an asset-light and anchored by long-dated fee streams.

自去年以來，我們的年化費用收入從 9400 萬美元增加到 2.4 億美元，FRE 從 5300 萬美元增加到 1.25 億美元。我們很高興能夠增加對這一高增長 IM 業務的敞口，該業務實質上改善了公司的現金流狀況，因為它是輕資產並以長期費用流為基礎。

Looking at the right side of the page, our Digital Operating segment has continued its growth with annualized revenues increasing from $131 million last year to $160 million and annualized EBITDA increasing from $55 million last year to $68 million, driven primarily by successful acquisitions at Vantage SDC and DataBank.

查看頁面右側，我們的數字運營部門繼續增長，年化收入從去年的 1.31 億美元增加到 1.6 億美元，年化 EBITDA 從去年的 5500 萬美元增加到 6800 萬美元，這主要是由 Vantage SDC 的成功收購推動的和數據庫。

Moving to Slide 22, I will now outline our updated corporate guidance forecast. Starting with the Digital Investment Management, our recent fundraising success has demonstrated that DigitalBridge is the partner of choice to investors, deploying capital in the high-growth digital infrastructure sector.

轉到幻燈片 22，我現在將概述我們更新的公司指導預測。從數字投資管理開始，我們最近的融資成功表明，DigitalBridge 是投資者的首選合作夥伴，將資金部署在高增長的數字基礎設施領域。

We have a unique investor/operator model with a talented and experienced team that has been the key to our growth, and this model has enabled us to expand into key digital infrastructure adjacent verticals, including core, credit and ventures, which we expect will further accelerate our growth.

我們擁有獨特的投資者/運營商模式，擁有一支才華橫溢、經驗豐富的團隊，這是我們成長的關鍵，這種模式使我們能夠擴展到關鍵的數字基礎設施鄰近的垂直領域，包括核心、信貸和風險投資，我們預計這將進一步加速我們的成長。

As a result of recent successes in our near-term fundraising pipeline, we are increasing our 2023 and 2025 Investment Management framework. Our 2023 digital and management fee revenues guidance target range has been updated to $300 million to $360 million and our digital fee-related earnings target range is now $175 million to $195 million.

由於近期籌資渠道取得的成功，我們正在擴大 2023 年和 2025 年的投資管理框架。我們的 2023 年數字和管理費收入指導目標範圍已更新為 3 億美元至 3.6 億美元，我們與數字費用相關的收入目標範圍現在為 1.75 億美元至 1.95 億美元。

Moving to 2025. Our Digital Investment Management fee revenue guidance target range has been updated to $460 million to $520 million and our digital fee-related earnings target range is now $270 million to $310 million. Next, our Digital Operating targets have been adjusted to separate out organic growth on our existing investments from anticipated future digital M&A, driven by utilizing dry powder that we will receive following monetization of the remaining legacy investments and the return of warehouse investments that Marc outlined earlier. We used a portion of our dry powder for the Wafra and AMP transactions, and our remaining capital will be allocated based on a strong pipeline of both organic and inorganic opportunities.

邁向 2025 年。我們的數字投資管理費用收入指導目標範圍已更新為 4.6 億美元至 5.2 億美元，我們與數字費用相關的收益目標範圍現在為 2.7 億美元至 3.1 億美元。接下來，我們調整了數字運營目標，以將我們現有投資的有機增長與預期的未來數字併購分開，這是通過利用我們將在剩餘遺留投資貨幣化和 Marc 之前概述的倉庫投資回報後獲得的干火藥推動的.我們將部分乾粉用於 Wafra 和 AMP 交易，我們剩餘的資本將根據有機和無機機會的強大渠道進行分配。

Turning to Page 23, we've laid out a framework primarily based on an earnings-driven model, including fee-related earnings and adjusted EBITDA. At the core of our business is the recurring earnings from our digital IM business, which is based on a simple formula: we project how much capital we will raise in the future, which become fee-earning equity under management, or FEEUM. The FEEUM is multiplied by an applicable fee rate to give us our fee revenues. We then analyze how we can use our operational leverage to improve margins or invest in developing new strategies to derive the projected FRE.

轉到第 23 頁，我們已經制定了一個主要基於收益驅動模型的框架，包括與費用相關的收益和調整後的 EBITDA。我們業務的核心是我們數字 IM 業務的經常性收益，它基於一個簡單的公式：我們預測我們將在未來籌集多少資金，這些資金將成為管理下的收費股權或 FEEUM。 FEEUM 乘以適用的費率得出我們的費用收入。然後，我們分析如何利用我們的運營槓桿來提高利潤率或投資開發新戰略以獲得預計的 FRE。

Turning next to our Digital Operating segment, which constitutes the value of our pro rata ownership in DataBank and Vantage SDC. These businesses are very much in line with some of the most common names with digital REITs, which are anchored by long-term tenant leases, high-quality counterparty customers, fixed annual escalation rates and high AFFO flow-through.

接下來轉向我們的數字運營部門，這構成了我們在 DataBank 和 Vantage SDC 中按比例擁有的價值。這些業務與一些最常見的數字 REITs 名稱非常一致，這些名稱以長期租戶租賃、高質量的交易對手客戶、固定的年度升級率和高 AFFO 流量為基礎。

A third but often overlooked value driver is our performance fees on our Investment Management business. If our funds perform well and we deliver outsized investment returns to our limited partners, we will generate performance fees, which a portion will be returned to our common shareholders.

第三個但經常被忽視的價值驅動因素是我們投資管理業務的績效費用。如果我們的基金表現良好並且我們為我們的有限合夥人帶來超額投資回報，我們將產生績效費，其中一部分將返還給我們的普通股股東。

And lastly, we look at the net asset value of our current balance sheet to arrive at the company's total enterprise value, which we will walk through on the next page.

最後，我們查看當前資產負債表的資產淨值以得出公司的企業總價值，我們將在下一頁介紹。

Page 24 summarizes the remaining net value of our balance sheet. First is our digital principal investments, which include our GP interests in our Digital IM funds. Second is our remaining legacy investments, which consists primarily of our remaining shares in BrightSpire. We expect to monetize these remaining investments in the near- to medium-term. Third is our corporate capital structure, which includes our preferred equity, fund fee securitization and remaining convertible notes that we expect to repay at maturity next year. The sum of all 3, together with corporate cash, equates to our total corporate and other net asset value.

第 24 頁總結了我們資產負債表的剩餘淨值。首先是我們的數字本金投資，其中包括我們的 GP 在我們的數字 IM 基金中的權益。其次是我們剩餘的遺留投資，主要包括我們在 BrightSpire 的剩餘股份。我們希望在中短期內將這些剩餘投資貨幣化。第三是我們的公司資本結構，包括我們的優先股、基金費用證券化和我們預計明年到期償還的剩餘可轉換票據。這三者的總和，加上公司現金，等於我們的公司總資產和其他資產淨值。

In summary, and as I've continued to reiterate, our company is strong and healthy, driven by our sector-leading asset-light Investment Management business that generates high-quality, predictable and long-dated fee earnings. We continue to be excited for the rest of 2022 as our fundraising and our growth prospects remain robust.

總而言之，正如我繼續重申的那樣，在我們行業領先的輕資產投資管理業務的推動下，我們的公司強大而健康，該業務產生高質量、可預測和長期的費用收益。我們對 2022 年餘下的時間繼續感到興奮，因為我們的籌款活動和增長前景依然強勁。

And with that, I'd like to turn it back to Marc.

有了這個，我想把它轉回給馬克。

Thanks, Jacky. One question we've gotten this quarter, particularly in light of the new signature transactions we've signed, is how do you create value and generate differentiated returns? The simple answer is, we are specialists. We are business builders in digital infrastructure. And while our business model is investment management focused, we are not your traditional financial buyer, splitting an unlevered return into debt and equity components. What we do have is a platform strategy, proven playbooks that we've developed and refined over the past 3 decades, and I want to walk you through a few recent examples so you have context for how we approach value creation.

謝謝，傑基。本季度我們遇到的一個問題，特別是考慮到我們簽署的新簽名交易，是您如何創造價值並產生差異化回報？答案很簡單，我們是專家。我們是數字基礎設施的業務建設者。雖然我們的商業模式以投資管理為重點，但我們不是您傳統的財務買家，將無槓桿回報分成債務和股權部分。我們所擁有的是一個平台戰略，以及我們在過去 3 年中開發和完善的行之有效的劇本，我想向您介紹幾個最近的例子，以便您了解我們如何進行價值創造。

I'll cover our framework briefly, starting with establishing the right platform. This is critical. In my experience, if you get the assets and the team right from the start, the degree of difficulty goes way down. We spend a lot of time upfront making sure we have the right setup from the start. That means buying high-quality assets that can handle our second stage, transform and scale. This is where we buy and build. You've heard me say it before. You have to pair capital with the right business plan, almost always investing in both greenfield projects and bolt-on M&A.

我將簡要介紹我們的框架，從建立正確的平台開始。這很關鍵。根據我的經驗，如果你從一開始就把資產和團隊搞定，難度就會大大降低。我們在前期花費了大量時間來確保我們從一開始就擁有正確的設置。這意味著購買能夠處理我們第二階段、轉型和擴展的優質資產。這是我們購買和建造的地方。你以前聽我說過。你必須將資金與正確的商業計劃相結合，幾乎總是投資於綠地項目和補強併購。

Finally, stage 3. You've heard me say it before, follow the logos. We follow logos to support the continued growth with our customers. As they build networks to meet increasing demand, we follow them and we build facilities for them. So let's cover a few case studies where you can see the strategy in action.

最後，第 3 階段。你之前聽我說過，跟隨徽標。我們遵循徽標以支持與客戶的持續增長。當他們建立網絡以滿足日益增長的需求時，我們跟隨他們並為他們建造設施。因此，讓我們介紹一些案例研究，您可以在其中看到該策略的實際應用。

Next slide, please. First, Vantage Data Centers. Most of you know Vantage, which today is one of the leading global hyperscale data center companies, operating state-of-the-art facilities on behalf of the world's largest technology and cloud companies. And it starts with one key tenet, find the right leader, find the right CEO, and we have that. When we partnered with Sureel Choksi and his team at Vantage 5 years ago, they were in 2 markets with 3 campuses on the West Coast of the United States. They literally had 66 megawatts of installed capacity. Our view at that time was Vantage was the right platform. It was capable of scaling to meet the demand for public cloud compute that we had anticipated would continue to grow exponentially. Look, it's also worth noting a few people felt that the original acquisition looked a bit sporty at the time. I took a little bit of heat for the acquisition price in that multiple.

請換下一張幻燈片。首先，Vantage 數據中心。你們中的大多數人都知道 Vantage，它如今是全球領先的超大規模數據中心公司之一，代表世界上最大的技術和雲公司運營最先進的設施。它從一個關鍵原則開始，找到合適的領導者，找到合適的 CEO，我們有。 5 年前，當我們在 Vantage 與 Sureel Choksi 和他的團隊合作時，他們在美國西海岸的 2 個市場和 3 個校區開展業務。他們實際上擁有 66 兆瓦的裝機容量。我們當時的觀點是 Vantage 是合適的平台。它能夠擴展以滿足我們預期將繼續呈指數增長的公共雲計算需求。看，也值得注意的是，當時有一些人覺得最初的收購看起來有點運動。我對那個倍數的收購價格有點熱。

Fast forward to 5 years, nobody is talking about the multiple. Vantage is now on 5 continents with 25 campuses online or under development. EBITDA across the platform is now 7x what it was 5 years ago. That's an incredible growth trajectory. That qualifies as a successful completion of stage 2 as it moves out of transform and scale phase of the plan, now today, Vantage is in the third phase of the DigitalBridge platform strategy of following the logos. As Sureel's key customers extend their global footprint into new markets and Vantage is going there with them in Asia, Africa and Europe. We're thrilled to support Sureel and his team as they deliver for customers on a global basis.

快進到 5 年，沒有人在談論倍數。 Vantage 現在在 5 大洲有 25 個在線或正在開發中的校園。整個平台的 EBITDA 現在是 5 年前的 7 倍。這是一個令人難以置信的增長軌跡。這有資格作為第二階段的成功完成，因為它已經退出了計劃的轉型和擴展階段，現在，Vantage 正處於遵循徽標的 DigitalBridge 平台戰略的第三階段。隨著 Sureel 的主要客戶將其全球足跡擴展到新市場，Vantage 將與他們一起進入亞洲、非洲和歐洲。我們很高興能夠支持 Sureel 和他的團隊在全球範圍內為客戶提供服務。

Next slide, please. Next up, DataBank. Look, this is another great example. Six years ago, we partnered with Raul Martynek, who I've known and worked with for 25 years, to build a nationwide edge data center platform, starting with a regional Midwest operator serving 3 markets. Again, it's really critical to understand. We partnered with the right management team. We acquired the right core assets and then we built from there. Today, we're in 26 markets around the United States, more markets than any of our competitors that purport to be in the edge compute space with a network of data centers optimized to serve not just enterprise customers, but increasing demand from cloud providers as they look to grow their footprints in Tier 2 and Tier 3 markets. Data gravity and latency are becoming increasingly relevant, and DataBank's robust interconnection profile makes them the ideal partner to meet that demand.

請換下一張幻燈片。接下來，數據庫。看，這是另一個很好的例子。六年前，我們與我認識並共事了 25 年的 Raul Martynek 合作，建立了一個全國性的邊緣數據中心平台，首先是一家服務於 3 個市場的中西部地區運營商。同樣，理解真的很重要。我們與正確的管理團隊合作。我們獲得了正確的核心資產，然後我們從那裡開始建設。今天，我們涉足美國的 26 個市場，比我們聲稱處於邊緣計算空間的任何競爭對手都多的市場，其數據中心網絡經過優化，不僅可以服務於企業客戶，還可以服務於雲提供商日益增長的需求，因為他們希望擴大在二級和三級市場的足跡。數據引力和延遲變得越來越重要，而 DataBank 強大的互連配置文件使其成為滿足該需求的理想合作夥伴。

So 6 facilities to 64, 8x EBITDA growth, another successful transform and scale case study, buying and building selectively. The ability to do both is critical. DataBank now is also in the third phase of our platform strategy, growing their business in partnership with key customers who value their low-latency, multi-market nationwide footprint. There's plenty of room for continued growth here in phase 3, which is one of the reasons we're so pleased to welcome Swiss Life, EDF Invest and other new investment investors to the platform alongside of our significant commitment from our balance sheet to continue to grow DataBank.

所以 6 個設施到 64 個，EBITDA 增長 8 倍，這是另一個成功的轉型和規模案例研究，有選擇地購買和建設。兩者兼顧的能力至關重要。 DataBank 現在也處於我們平台戰略的第三階段，與重視其低延遲、多市場全國足蹟的主要客戶合作發展他們的業務。第三階段有很大的持續增長空間，這是我們非常高興地歡迎 Swiss Life、EDF Invest 和其他新投資投資者加入該平台的原因之一，同時我們在資產負債表上做出重大承諾，繼續發展數據庫。

Next slide, please. Last case study, Edgepoint. This was launched 1.5 years ago to build and scale a Southeast Asian tower platform. This is our eighth tower platform in the portfolio on a global basis. By the way, did we mention we love towers. Here, we partnered with a team led by Suresh Sidhu to execute a buy-and-build strategy that capitalizes on strong regional demand and healthy carrier dynamics in the markets we serve: Malaysia, Indonesia and we've just recently added the Philippines. This investment is now in phase 2, transform and scale. We're making incredible progress here in year 2. We've already hit our 5-year underwriting model in terms of scale. We've almost tripled the number of sites since we started. It's truly incredible what Suresh and the team have done here.

請換下一張幻燈片。最後一個案例研究，Edgepoint。這是 1.5 年前推出的，旨在構建和擴展東南亞塔式平台。這是我們在全球範圍內產品組合中的第八個塔式平台。順便說一下，我們有沒有提到我們喜歡塔樓。在這裡，我們與 Suresh Sidhu 領導的團隊合作，利用我們服務的市場中強勁的區域需求和健康的承運人動態來執行收購和建設戰略：馬來西亞、印度尼西亞和我們最近剛剛加入的菲律賓。這項投資現在處於第 2 階段，轉型和規模化。我們在第二年取得了令人難以置信的進步。我們已經在規模上達到了我們的 5 年承保模式。自我們開始以來，我們的站點數量幾乎增加了兩倍。 Suresh 和團隊在這裡所做的一切真是令人難以置信。

On top of that, we've built a robust regional build-to-suit program with key regional carriers and have already delivered 800 BTS sites since inception and recently have built our first group of 5G small cells and RAN hubs to support the next phase of network growth in Southeast Asia for our customers. This has been a terrific example of our ability to leverage successful playbooks and experience in other geographies and partnering with strong, proven local teams to build and create value for our investors. I look forward to keeping you updated on the progress we make here. We're very excited about Edgepoint, Southeast Asia and its future prospects.

最重要的是，我們與主要區域運營商建立了一個強大的區域定制項目，自啟動以來已經交付了 800 個 BTS 站點，最近還建立了我們的第一批 5G 小型基站和 RAN 中心以支持下一階段為我們的客戶在東南亞的網絡增長。這是一個很好的例子，說明我們有能力利用其他地區的成功經驗和經驗，並與強大、成熟的本地團隊合作，為我們的投資者創造價值。我期待著讓您了解我們在這裡取得的進展。我們對 Edgepoint、東南亞及其未來前景感到非常興奮。

So this brings us to our conclusion today, which is the results and the key outputs of the execution piece of the DigitalBridge story. It's been exactly 2 years since Jacky and I took the helm here with the faith in support of our Board, our employees and you, our shareholders. We laid out a plan over this time period that was brave as it was bold, and we've executed against that plan at every road marker that we have placed for you. In fact, we've exceeded those markers and guidance. This quarter is no exception.

因此，這使我們得出了今天的結論，即 DigitalBridge 故事執行部分的結果和關鍵輸出。自從 Jacky 和我懷著對我們董事會、我們的員工和您（我們的股東）的支持的信念執掌這裡已經整整 2 年了。我們在這段時間制定了一個既勇敢又大膽的計劃，並且我們在為您設置的每個路標上都按照該計劃執行了該計劃。事實上，我們已經超出了這些標記和指導。本季度也不例外。

Let me again summarize a series of key and successful outcomes for DigitalBridge and you. We transitioned our DataBank investment into a continuation fund to help the company get permanent capital, proof that we can use the balance sheet intelligently and tactically to create a fantastic IRR of 37% for you, our public shareholders. We sold our European-based digital infrastructure media business, Wildstone, booking our first full exit from DBP I, proof that carry will accrue to you, our shareholders. We had formal first closes in our credit and SaaS strategies, proof again that we could enter new verticals in our digital infrastructure investment management ecosystem.

讓我再次為 DigitalBridge 和您總結一系列關鍵的成功成果。我們將 DataBank 投資轉變為持續基金，以幫助公司獲得永久資本，證明我們可以明智地和有策略地使用資產負債表為您，我們的公眾股東創造 37% 的驚人內部收益率。我們出售了我們位於歐洲的數字基礎設施媒體業務 Wildstone，預訂了我們第一次從 DBP I 完全退出，證明收益將歸您，我們的股東所有。我們的信貸和 SaaS 戰略首次正式結束，再次證明我們可以在我們的數字基礎設施投資管理生態系統中進入新的垂直領域。

Next, we acquired Switch and GD Towers, 2 very valuable and highly sought-after platforms growing at scale. We have deployed and committed over 90% of DigitalBridge Partners Fund II. Lastly, we've already achieved 2/3 of our fundraising goals and we're only halfway through 2022. This is critical proof that even in a challenging macro, DigitalBridge continues to successfully form capital around what we believe are best-in-class ideas in digital infrastructure investing.

接下來，我們收購了 Switch 和 GD Towers，這兩個非常有價值且廣受歡迎的平台正在大規模發展。我們已經部署並投入了超過 90% 的 DigitalBridge Partners Fund II。最後，我們已經實現了籌款目標的 2/3，而我們到 2022 年才剛剛過半。這證明即使在充滿挑戰的宏觀環境中，DigitalBridge 仍能繼續成功地圍繞我們認為一流的資本形成資本數字基礎設施投資的想法。

The key in this quarter is simple, execution matters. And let's be honest with each other, winning matters. I love to win. Our team loves to win, and you win with us in the digital infrastructure business model that DigitalBridge is executing today. We have aligned our ideas, people and capital to create long-term value for you, our shareholders.

本季度的關鍵很簡單，執行力很重要。讓我們彼此誠實，獲勝很重要。我喜歡贏。我們的團隊喜歡贏，而您在 DigitalBridge 今天執行的數字基礎設施業務模型中與我們一起贏了。我們調整了我們的想法、人員和資本，為您，我們的股東創造長期價值。

I want to end in thanking my team for their tireless dedication to our business plan, and I want to thank you, our shareholders, for your trust and continued interest in DigitalBridge. Thank you.

最後，我要感謝我的團隊為我們的商業計劃所做的不懈努力，我要感謝我們的股東們對 DigitalBridge 的信任和持續關注。謝謝。

(Operator Instructions) Our first question comes from the line of Michael Elias with Cowen and Company.

（操作員說明）我們的第一個問題來自 Michael Elias 與 Cowen and Company 的合作。

I have 2 just to start. You talked about the challenging macro environment, but you had really strong bookings within the data center business. I'd love to get a sense for what you're seeing in your pipeline across the verticals of digital infrastructure that you operate and just given what's happening with the macro. And then I have a follow-up.

我有 2 個剛開始。你談到了充滿挑戰的宏觀環境，但你在數據中心業務中的預訂量確實很大。我很想了解您在您運營的數字基礎設施的垂直管道中看到的內容，並且只是考慮到宏正在發生的事情。然後我有一個後續行動。

Yes. Thanks, Michael. So yes, look, it was a tremendous second quarter in terms of new bookings. What was also quite interesting is that the backlogs of our data center businesses have continued to climb year-over-year. So second quarter backlogs in terms of pipeline growth, which is leases that have not been yet executed but are in what I would call diligence or discussions, those pipelines are up over 128% year-over-year. So there's not only just profound movement in bookings, but there's also been a profound movement in the pipelines. So that's obviously quite strong. We've had similar growth in our pipelines in fiber and towers as well. BTS backlogs are up close to almost 30% globally. That's -- we've got 8 tower companies around the world. So some of that is stronger in certain regions versus others. But very strong demand here in the U.S. for BTS, very strong demand for BTS, as we discussed, in Southeast Asia. And so those 2 markets are really sort of our leading indicator markets for build-to-suit.

是的。謝謝，邁克爾。所以是的，看，就新預訂而言，這是一個巨大的第二季度。同樣有趣的是，我們數據中心業務的積壓訂單逐年攀升。因此，第二季度管道增長方面的積壓，即尚未執行但正在我稱之為盡職調查或討論中的租賃，這些管道同比增長超過 128%。因此，不僅在預訂方面發生了深刻的變化，而且在管道中也發生了深刻的變化。所以這顯然非常強大。我們在光纖和塔的管道中也有類似的增長。全球 BTS 積壓量接近 30%。那就是——我們在全球有 8 家塔式公司。因此，其中一些在某些地區比其他地區更強。但正如我們所討論的，在美國這裡對 BTS 的需求非常強勁，在東南亞對 BTS 的需求非常強勁。因此，這 2 個市場確實是我們定制化的領先指標市場。

And then on the fiber side, we've just seen a return of the hyperscalers needing more data center connectivity. That's been one of the fastest-growing verticals in terms of new bookings, but also pipeline and enterprise customers have returned back in 2022. So positive net bookings but also positive forecast and pipelines in the fiber business, mostly in Beanfield and [Idea]. So it's been an incredible quarter. And it's hard, right, because you've got this macro that's difficult to understand. You've got some businesses declining, you've got some businesses talking about job layoffs. We're trying to hire people. We're trying to keep people digging ditches. We're trying to keep people stacking towers and turning on data center capacity. So it's really interesting that our business, the digital infrastructure world, continues. And we saw that in the dotcom crash. We saw that in the mortgage crisis, people continue to need digital infrastructure irrespective of the macro setup and thesis.

然後在光纖方面，我們剛剛看到需要更多數據中心連接的超大規模數據中心的回歸。就新預訂而言，這是增長最快的垂直行業之一，但管道和企業客戶也已在 2022 年回歸。因此，積極的淨預訂以及光纖業務的積極預測和管道，主要是在 Beanfield 和 [Idea]。所以這是一個令人難以置信的季度。這很難，對吧，因為你有這個很難理解的宏。你有一些企業在衰退，你有一些企業在談論裁員。我們正在努力招人。我們正在努力讓人們挖溝渠。我們正在努力讓人們堆疊塔並打開數據中心容量。因此，我們的業務，即數字基礎設施世界，仍在繼續，這真的很有趣。我們在互聯網泡沫中看到了這一點。我們看到，在抵押貸款危機中，無論宏觀設置和論點如何，人們都繼續需要數字基礎設施。

Awesome. And then just my second question would be, it looks like in your guidance, you're still expecting a contribution to the Operating business on the EBITDA side from to-be-determined M&A. Could you just give us an update on what you're looking to add on that side of the business? And as part of that, earlier this year, you had mentioned that you were seeing hairline cracks form in valuations, which was presenting a window of opportunity. Just love to get an update on what you've seen on the private market valuation front since you made those comments.

驚人的。然後我的第二個問題是，在您的指導中，您仍然期望未確定的併購對 EBITDA 方面的運營業務做出貢獻。您能否向我們介紹一下您希望在該業務方面添加的內容的最新信息？作為其中的一部分，今年早些時候，您曾提到您看到估值出現細微的裂縫，這是一個機會之窗。只是想了解自您發表這些評論以來您在私人市場估值方面所看到的最新情況。

Yes. Look, so we're beginning to see valuations come down. That shouldn't surprise I think anybody. I think deals that we saw that were -- bankers were expecting 30x have now come into the mid-20s range fiber deals that people thought were going to trade at 22 to 24 moved down into the low to middle-teens. And so we're seeing a re-mark-to-market, and we're seeing a correction in private M&A multiples largely because there's less liquidity and less people hunting. I mentioned in my commentary, our ability to land Switch and GD Towers was a function that our lenders showed up for us, we have the capital, we have the conviction and we could act quickly. And I think those results speak to why we're the leaders in what we do. And to be honest, the public guys were kind of on the sidelines. They couldn't get Switch done and they couldn't get the GD Towers portfolio done. So we got that done. And in fact, I would offer to you, if you look at recently what American Tower did with CoreSite, they had to go out and find private capital, to go finance CoreSite. We don't have to do that. We have that capital at our discretion so we can move quicker.

是的。看，所以我們開始看到估值下降。我認為任何人都不應該對此感到驚訝。我認為我們看到的交易是——銀行家們預計 30 倍的交易現在已經進入了 20 年代中期的纖維交易，人們認為這些交易將在 22 到 24 之間進行交易，而這些交易已經降到了中低端。因此，我們看到重新按市值計價，我們看到私人併購倍數出現調整，這主要是因為流動性減少，獵頭人數減少。我在評論中提到，我們登陸 Switch 和 GD Towers 的能力是我們的貸方為我們出現的功能，我們有資金，我們有信念，我們可以迅速採取行動。我認為這些結果說明了為什麼我們在我們所做的事情上處於領先地位。老實說，公眾人士有點旁觀。他們無法完成 Switch，也無法完成 GD Towers 產品組合。所以我們完成了。事實上，如果你看看最近 American Tower 對 CoreSite 所做的事情，我想告訴你，他們必須出去尋找私人資本，為 CoreSite 提供資金。我們不必那樣做。我們可以自行決定是否擁有這筆資金，因此我們可以更快地採取行動。

Look, the balance sheet-light model, people are going to have to get used to it, right? It takes time. It's a different form of how you can own digital infrastructure. And we think this is a smarter way to own it. As my CFO reminded me yesterday, we actually don't have maintenance CapEx in our numbers. When you're running an Investment Management business where your average -- weighted average fund is 11 to 12 years, that's actually longer than a data center lease or a fiber lease that's 5 to 10 years long.

看，資產負債表輕模型，人們將不得不習慣它，對嗎？這需要時間。這是您擁有數字基礎設施的另一種形式。我們認為這是擁有它的更明智的方式。正如我的首席財務官昨天提醒我的那樣，我們的數字實際上沒有維護資本支出。當您經營一家投資管理公司時，您的平均加權平均基金期限為 11 至 12 年，這實際上比數據中心租賃或光纖租賃的 5 至 10 年長。

So we think the durability of the cash flows in this asset-light model are really strong. The resilience of our business model was proven out this quarter. And now we're in a mode where we're raising capital, we're playing offense and our underlying portfolio companies are performing. This is a really good setup. We have room for optimism, and we believe that we can execute strongly through this macro setup. This is, I think, where investors need and want to be.

所以我們認為這種輕資產模式的現金流持久性非常強。本季度證明了我們商業模式的彈性。現在我們處於一種模式，我們正在籌集資金，我們正在進攻，我們的基礎投資組合公司正在表現。這是一個非常好的設置。我們有樂觀的空間，我們相信我們可以通過這種宏觀設置強勢執行。我認為，這是投資者需要並希望成為的地方。

Looking forward to seeing you guys in Boulder next week.

期待下週在博爾德見到你們。

Our next question comes from the line of Richard Choe with JPMorgan.

我們的下一個問題來自摩根大通的 Richard Choe。

I just wanted to follow up and see, given the inflationary environment and a lot of talk on pricing, what segments or digital infrastructure assets do you think have the most pricing power going forward?

我只是想跟進看看，考慮到通貨膨脹環境和大量關於定價的討論，您認為哪些細分市場或數字基礎設施資產未來具有最大的定價權？

Well, look, right now, I think the data center sector has experienced, Richard, the highest increase in price per megawatt and then price per rack. We've seen that globally across Vantage, DataBank, AtlasEdge and Scala. All those businesses have reported not only positive up net bookings, but they've also seen increase in price per metric. And I think that's been -- to be honest with you, it's been as low as 10% and it's been as high as 20%. So -- and that is a function of, I think, obviously, not only a lack of supply in terms of where hyperscalers can go. I think this notion of outsourcing has been more amplified in the last 2 quarters. I believe, Richard, over the next 4 quarters, that will continue to be amplified. I think we see the scarcity in will serve letters, the scarcity in permits, the scarcity of land. We see that more pronounced in Europe than in North America and Asia, but we have a very strong footprint in Europe. We have a massive pipeline of opportunity in Europe that we're executing on, and we got there early. We got the power. We got the will serve letters. We got the permits. A lot of that foundational groundwork we did 3, 4 years ago is now coming home to bear fruit for us. And the same thing in the U.S and the same thing in Canada and the same thing in Asia and certainly what we're seeing in Latin America as well and recently lighting up Johannesburg, where we lighted up 100 megawatts for a couple of hyperscale tenants there.

好吧，現在，理查德，我認為數據中心行業經歷了每兆瓦價格的最高漲幅，然後是每機架的價格。我們已經在 Vantage、DataBank、AtlasEdge 和 Scala 的全球範圍內看到了這一點。所有這些企業不僅報告淨預訂量增加，而且每個指標的價格也有所上漲。我認為，老實說，低至 10%，高至 20%。所以 - 我認為，這顯然不僅僅是超大規模供應商可以去向方面缺乏供應的一個功能。我認為這種外包的概念在過去兩個季度中得到了更大程度的放大。我相信，理查德，在接下來的 4 個季度中，這種情況將繼續擴大。我想我們看到了遺囑的稀缺，許可證的稀缺，土地的稀缺。我們看到歐洲比北美和亞洲更明顯，但我們在歐洲的足跡非常強大。我們在歐洲擁有大量機會，我們正在執行這些機會，而且我們很早就到了那裡。我們擁有強大的力量。我們收到了遺囑。我們拿到了許可證。我們在 3、4 年前所做的許多基礎工作現在正在為我們結出碩果。美國也是如此，加拿大也是如此，亞洲也是如此，當然還有我們在拉丁美洲看到的，最近點亮了約翰內斯堡，我們在那里為幾個超大規模租戶點亮了 100 兆瓦.

So really feel very strong about our pricing power in the data center business. I would say towers, just interestingly, we came out of a conference with one of our portfolio companies last week, and we talked about pricing a lot, Richard. There clearly is a window to move pricing up in towers, up significantly, not 5%, but 10% or 15%. We've opted not to do that at Vertical Bridge. We've been a partner to Verizon and AT&T and T-Mobile for almost 3 decades now, over 3 decades. What I've learned is that in these moments where you have the opportunity to move higher on price, we've taken the high road. And yes, we've moved up prices. But certainly, my attitude is, I don't want to gouge customers because inflation will be tamed eventually. These customers will be there. They'll need us. These are multi-decade relationships. And so whilst pricing in towers has moved up, it hasn't moved up as precipitously as it has in data centers.

因此，我們對我們在數據中心業務中的定價能力感到非常強烈。我會說塔，有趣的是，上週我們與我們的一家投資組合公司舉行了一次會議，我們談論了很多定價，理查德。顯然有一個窗口可以提高塔樓的價格，大幅上漲，不是 5%，而是 10% 或 15%。在 Vertical Bridge，我們選擇不這樣做。我們已經成為 Verizon、AT&T 和 T-Mobile 的合作夥伴近 3 年，超過 3 年。我所了解到的是，在這些你有機會提高價格的時刻，我們已經走上了正軌。是的，我們已經提高了價格。但可以肯定的是，我的態度是，我不想欺騙顧客，因為通貨膨脹最終會得到抑制。這些客戶將在那裡。他們會需要我們。這些是數十年的關係。因此，雖然塔的價格上漲了，但並沒有像數據中心那樣急劇上漲。

I'd say fiber pricing has also moved up. That's largely due to the fact that we're putting on new capacity, we're building new routes, building new laterals. We built some interesting new web-scale routes, long-haul routes that have performed really well for us. Construction costs haven't really been the problem there, Richard. It's really been the sourcing of materials and crews, just getting the right construction crews to get out there and do either full trenching or micro trenching or suboceanic cabling. These are really high in-demand jobs. And the most important thing that you've got to do in the fiber space right now is continue to retain and hire great people that understand how to work in the field. That's been, I think, probably the biggest thing.

我想說光纖價格也上漲了。這主要是因為我們正在增加新的容量，我們正在建設新的路線，建設新的支路。我們建立了一些有趣的新網絡規模航線，對我們來說表現非常好的長途航線。建築成本並不是真正的問題，理查德。這實際上是材料和工作人員的採購，只是讓合適的施工人員到那裡去做全挖溝或微挖溝或海底電纜。這些都是需求量很大的工作。您現在在光纖領域要做的最重要的事情就是繼續留住和僱用了解如何在該領域工作的優秀人才。我認為，這可能是最重要的事情。

Small cell pricing has moved up a little bit as well. We've seen a tremendous amount of 5G overlays across the FreshWave network and the ExteNet network. There clearly is some room for more pricing, but we also have to be sensitive to the fact that carriers can self-perform in small cells. So we haven't seen a demonstrative move in rental prices like we've seen perhaps in the data center space.

小型基站的價格也有所上漲。我們已經在 FreshWave 網絡和 ExteNet 網絡上看到了大量的 5G 覆蓋。顯然還有更多定價空間，但我們也必須對運營商可以在小型基站中自我執行這一事實保持敏感。因此，我們還沒有看到租賃價格出現明顯的變化，就像我們在數據中心領域看到的那樣。

Our next question comes from the line of Dan Day with B. Riley Securities.

我們的下一個問題來自 Dan Day 與 B. Riley Securities 的對話。

Thanks for the update on the longer-term guidance. It's very helpful. So clearly, a focus here on scaling the IM platform. And I think there's an ongoing debate right now among the public asset managers out there around the best way to divvy up the carried interest between shareholders and employees. A lot of them have started to give more carry to employees to use FRE margins that way. A lot of times, the stocks just don't get the credit from the carrier. So just if you could remind us what the corporate share carry interest right now is in your funds and then whether you think that might change over time.

感謝您更新長期指南。這非常有幫助。很明顯，這裡的重點是擴展 IM 平台。而且我認為，目前公共資產管理者之間正在圍繞分配股東和員工附帶權益的最佳方式進行辯論。他們中的許多人已經開始為員工提供更多提成，以這種方式使用 FRE 利潤。很多時候，股票並沒有從運營商那裡得到信用。所以，如果你能提醒我們，你的基金中現在有多少公司股份附帶利息，然後你是否認為這會隨著時間的推移而改變。

Yes. Look, I think we've demonstrated that we feel very comfortable about the split between where the carried interest goes to our investment team and where it goes to you, our public shareholders. I mean historically, we've kind of been in this either 60-40, 65-35, 70-30 split depending on the product and the team. We feel very comfortable with our splits. We think it's in range with where the market is. And obviously, the Street has not given us credit for carried interest yet. We do have a lot of capital at work. As I mentioned earlier, our funds are performing and they're performing exceptionally well. So we do believe that at one point in time, the analyst community will give us credit for carry. Heretofore, they have not. We did reference an exit inside the quarter, that will trigger carried interest for Fund I. We're not at liberty to give specific details on that today, but I would say it was a very, very positive result for the company. And most importantly, it demonstrates our ability to return carried back to public shareholders which is sort of us portending what's coming in the future.

是的。看，我認為我們已經證明，我們對附帶權益分配給我們的投資團隊和分配給您（我們的公眾股東）之間的分配感到非常滿意。我的意思是，從歷史上看，根據產品和團隊的不同，我們一直處於 60-40、65-35、70-30 的狀態。我們對我們的分裂感到很舒服。我們認為它在市場範圍內。顯然，華爾街還沒有給我們帶來附帶利益的信用。我們確實有很多資本在運作。正如我之前提到的，我們的基金表現出色，而且表現異常出色。所以我們確實相信，在某個時間點，分析師社區會給我們帶來收益。迄今為止，他們還沒有。我們確實提到了本季度內的退出，這將觸發基金 I 的附帶權益。我們今天不能隨意提供具體細節，但我想說這對公司來說是一個非常非常積極的結果。最重要的是，它證明了我們有能力將回報帶回公眾股東，這在某種程度上預示著未來會發生什麼。

We have other assets where we've got a lot of interest in. We're going to continue to raise capital. We're going to continue to sell assets. This is part of the business model that we're in. And we're really pleased with what happened in this quarter, proving out the concept that we could return carry back to public shareholders.

我們還有其他我們很感興趣的資產。我們將繼續籌集資金。我們將繼續出售資產。這是我們所處商業模式的一部分。我們對本季度發生的事情感到非常高興，證明了我們可以將收益返還給公眾股東的概念。

Yes. And Dan, and no matter what split, and obviously, Marc gave the range of it, but we love the alignment between the balance sheet, the GP and our employees, right? So as we do well, as we build up our track record, as we make money for our limited partners, the GP with its share of the carried interest, obviously, wins out and you, as a common shareholder, will win out. So we love that alignment, and we're sticking to it.

是的。丹，無論是什麼拆分，顯然，馬克給出了它的範圍，但我們喜歡資產負債表、普通合夥人和我們的員工之間的一致性，對吧？因此，只要我們做得好，當我們建立我們的業績記錄，當我們為我們的有限合夥人賺錢時，普通合夥人及其附帶權益的份額顯然會贏，而你作為普通股東也會贏。所以我們喜歡這種一致性，並且我們會堅持下去。

Awesome. Just one more for me. You've talked about taking the preferred shares out. I guess should we be thinking about that being like the use of balance sheet capital? Or should that be like you layering on more debt, like the securitizations you did to effectively replace that in the capital structure? And then I guess just related, how do you think about the total debt that this business -- corporate level debt, I should say, that this business can hold? Is it some multiple of debt, like [23], digital operating EBITDA plus FRE? Or is there some other way you're thinking about the debt level?

驚人的。再給我一個。你已經談到了取出優先股。我想我們是否應該將其視為資產負債表資本的使用？還是應該像你一樣增加更多債務，就像你為有效取代資本結構中的債務而進行的證券化一樣？然後我想只是相關的，你如何看待這個企業的總債務——我應該說，這個企業可以持有的企業級債務？它是債務的某種倍數，例如 [23]，數字運營 EBITDA 加上 FRE？或者您是否有其他方式來考慮債務水平？

Yes, sure, Dan. We break it out to a couple of different ways to look at it. So if you look at an asset-light Investment Management, principally an asset-light investment management model, you back out the preferred equity as well as the non-recourse debt that sits at the DataBank and Vantage books and records, we're at sub 3x net debt-to-EBITDA leverage level. And I would say that, that leveling is short of or on par with other alternative asset managers. So we're really right on par with that.

是的，當然，丹。我們將其分解為幾種不同的方式來看待它。因此，如果你看一下輕資產投資管理，主要是輕資產投資管理模式，你會撤回優先股以及位於 DataBank 和 Vantage 賬簿和記錄中的無追索權債務，我們在低於 3 倍的淨債務對 EBITDA 槓桿水平。我要說的是，這種水平低於或與其他另類資產管理公司相當。所以我們真的與此相提並論。

And I would say that 3x -- 3x to 4x type of leverage is optimal for us as an asset-light alternative asset manager, as the highest growth alternative asset manager out there. And so yes, we will look at a mix principally off of just pure retirement of those preferred equity stakes to be able to delever our balance sheet. But at the end of the day, we're always going to look at what the best return for our shareholders is. And we do believe that digital acquisition, digital M&A continues to be the best use of capital because of the fact that it's going to give us not just long-term fee streams for a long period of time, but the secular tailwinds in the industry itself is born on the best use of our cash. So to the degree there's opportunities there, we'll do that. If not, then we will be very opportunistic with optimizing our capital structure.

我會說 3 倍 - 3 倍到 4 倍的槓桿對於我們作為輕資產另類資產管理人和增長最快的另類資產管理人來說是最佳的。因此，是的，我們將主要考慮將這些優先股純粹退休的組合，以便能夠去槓桿化我們的資產負債表。但歸根結底，我們總是會考慮對股東來說最好的回報是什麼。我們確實相信，數字收購、數字併購仍然是資本的最佳利用方式，因為它不僅會在很長一段時間內為我們提供長期的費用流，還會為行業本身帶來長期的順風誕生於對我們現金的最佳利用。因此，只要那裡有機會，我們就會這樣做。如果沒有，那麼我們將非常有機會優化我們的資本結構。

I think also, Jacky, another -- yes, just one add-on to that is, I think we've given you pretty strong guidance about where we're going in the next 3 years. This tripling of our ability to raise capital is a really important moment in time for the company. We have a lot of confidence and conviction around that. I think we've always been clear. When we've put up fundraising targets, we always candidly repeat them. We've given a very clear guide on where the Investment Management platform is going over the next 3 years. What's interesting is Jacky and I created the first securitization related to an investment management business of last year. That was a really successful securitization. Like other securitizations, we have an accordion feature, and we have the ability to tack on to that existing trust. So as you think about the trajectory of the capital that we're forming and as you look at the total FEEUM growth over the next 3 years and you look at the multiple where we did that first securitization, one can logically assume we could take on more securitized debt.

我也認為，Jacky，另一個 - 是的，只是一個附加組件，我認為我們已經為您提供了關於未來 3 年我們的發展方向的非常有力的指導。我們籌集資金的能力增加了三倍，這對公司來說是一個非常重要的時刻。我們對此充滿信心和信念。我想我們一直很清楚。當我們提出籌款目標時，我們總是坦率地重複這些目標。我們已經就未來 3 年投資管理平台的發展方向提供了非常明確的指南。有趣的是，Jacky 和我在去年創建了第一個與投資管理業務相關的證券化。那是一次真正成功的證券化。與其他證券化一樣，我們有一個手風琴功能，我們有能力繼續現有的信任。因此，當您考慮我們正在形成的資本軌跡時，當您查看未來 3 年的總 FEEUM 增長以及我們進行第一次證券化的倍數時，可以從邏輯上假設我們可以承擔更多的證券化債務。

Now certainly, as we retire preferreds, a good opportunity there could certainly be to take up more securitized debt, which has a lower cost and, most importantly, has no covenants, except maybe one, which is a DSCR ratio. The simplicity of the capital structure gets easier. I actually think, as Jacky does, we can delever. At the same time, we can tack on our existing trust because as we continue to grow long-term revenue streams in the Investment Management platform, you also have the ability to take on additional leverage in that trust. But at the same time, we're paying down prefs, which are typically costing us 7%, 8%, but mark-to-market, more like all-in yield 9% to 10%, there's an awesome accretion trade here, which creates more free cash flow, which is something that Jacky and I are both focused on, which is continue to grow free cash flow and to grow the earnings potential of this business.

現在可以肯定的是，當我們退休優先股時，肯定會有一個很好的機會來承擔更多的證券化債務，它的成本更低，最重要的是，沒有契約，除了一個契約，它可能是一個 DSCR 比率。資本結構的簡單性變得更容易。實際上，我認為，正如 Jacky 所做的那樣，我們可以去槓桿化。同時，我們可以加強現有的信任，因為隨著我們繼續在投資管理平台中增加長期收入流，您也有能力在該信任中發揮額外的影響力。但與此同時，我們正在支付首付，這通常會讓我們付出 7%、8% 的代價，但按市值計算，更像是 9% 到 10% 的總收益率，這裡有一個很棒的增值交易，這創造了更多的自由現金流，這是 Jacky 和我都關注的事情，這將繼續增加自由現金流並增加該業務的盈利潛力。

Our next question comes from the line of Jon Atkin with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Jon Atkin。

You talked about data center pricing. Just interested in any commentary you have around targeted development yields and has that kind of moved in line with pricing or held steady? And then secondly, on towers, given Germany and then earlier, Telenet and then Edgepoint, it's kind of shifted the geographic mix that you have. How does that affect your thinking on geographic focus for tower transactions going forward?

您談到了數據中心定價。只是對您圍繞目標開發收益率的任何評論感興趣，這種評論是與定價一致還是保持穩定？其次，在塔樓上，先是德國，然後是更早的時候，先是 Telenet，然後是 Edgepoint，這有點改變了你所擁有的地理組合。這如何影響您對未來鐵塔交易的地理重點的思考？

Well, look, I think on the single-tenant development yields for data centers, they really haven't moved that much, Jonathan. I think whilst we've been able to get higher pricing, construction costs have moved up. So what we've tried to do is align that cost and increase in the facilities and then to align that with the right rental rate so that we're getting to all-in about the same yield. So single-tenant yields based on certain geographies can be as low as 7%, they can be as high as 9% to 11%, like in Latin America. It's just very geographic dependent, it's customer dependent. And it's also whether it's an edge facility or whether it's a hyperscale facility, we're seeing slightly different yields as well. So I like the yields. I like where we're at in the data center space. Our construction pipeline has moved up over 136% year-over-year. So we've got more shovels in the ground, and we're lighting up more capacity this year versus last year. So we're seeing no demonstrative change there. I'd tell you, it's been net now an increase and yields have moved up slightly.

好吧，喬納森，我認為就數據中心的單租戶開發收益而言，它們確實沒有太大變化。我認為雖然我們能夠獲得更高的定價，但建築成本已經上升。因此，我們試圖做的是調整成本和設施的增加，然後將其與正確的租金率保持一致，以便我們獲得大致相同的收益。因此，基於某些地區的單租戶收益率可能低至 7%，它們可能高達 9% 至 11%，例如拉丁美洲。它只是非常依賴於地理，它依賴於客戶。而且無論是邊緣設施還是超大規模設施，我們也看到了略有不同的收益率。所以我喜歡收益率。我喜歡我們在數據中心領域所處的位置。我們的建築管道同比增長超過 136%。所以我們有更多的鏟子在地上，我們今年比去年點亮了更多的產能。所以我們在那裡沒有看到明顯的變化。我會告訴你，現在是淨增長，收益率略有上升。

I'd say on the tower side, we're very happy with the partnership with Deutsche Telekom. We look at that on an adjusted Q4 run rate TCF multiple or Q1 run rate TCF multiple when we're going to close, it's effectively a 22 to 23x TCF deal given the amount of towers and the amendments that are going on and the lease up that's happening there. So I feel that's a really good price. But arguably -- sorry, not arguably, the most high-quality tower portfolio in Europe. This is, for us, the sort of diamond asset in Europe. And I think on -- when you hear about private U.S. multiples still for small tuck-in deals, SBA talking about mid-30s or almost as high as 40x TCF for developer portfolios, I really feel good about what we did in Germany.

我想在塔端說，我們對與德國電信的合作夥伴關係感到非常高興。當我們要關閉時，我們會根據調整後的 Q4 運行率 TCF 倍數或 Q1 運行率 TCF 倍數來看，考慮到塔的數量和正在進行的修正以及租賃，這實際上是 22 到 23 倍的 TCF 交易那正在那裡發生。所以我覺得這是一個非常好的價格。但可以說 - 抱歉，不能說是歐洲最優質的塔式產品組合。對我們來說，這是歐洲的一種鑽石資產。而且我認為 - 當你聽到美國私人倍數仍然用於小額交易時，SBA 談論 30 年代中期或幾乎高達 40 倍的開發商投資組合的 TCF，我對我們在德國所做的事情感到非常滿意。

I think also what's interesting about the GD Towers deal, Jonathan, is that we had the right long-term capital to go chase this and we had the capital ready so we could play and we could play effectively. Partnering up with Brookfield was certainly smart, but we had a great new core fund that could play in that asset. And these are exactly the types of assets we want to put into our core fund, long-term leases, a 30-year lease with Deutsche Telekom, a stabilized yield of about 3.5% to 4% that grows over time as we add more lease up and we get more amendments and we bring on new towers into the inventory. This is exactly what institutional investors want in this market, in this environment. They want safety. They want to know they've got a long-term lease with an investment-grade customer, and they want to know they have a great management team that can go execute the asset. We're really excited about that deal. We think we bought it at the right price. And certainly, a year or 2 ago, it would have traded probably at a higher price, and there probably would have been more strategics around that could have had capital to do it.

我認為 GD Towers 交易的有趣之處還在於，喬納森，我們擁有合適的長期資本來追逐這一點，我們已經準備好資本，因此我們可以發揮作用，並且可以有效發揮作用。與 Brookfield 合作當然是明智的，但我們有一個很棒的新核心基金可以在該資產中發揮作用。這些正是我們想要投入核心基金的資產類型，長期租賃，與德國電信簽訂的 30 年租約，穩定的收益率約為 3.5% 至 4%，隨著我們增加更多租約，該收益率會隨著時間的推移而增長向上，我們得到更多的修正，我們將新塔納入庫存。這正是機構投資者在這個市場、這個環境中想要的。他們想要安全。他們想知道他們與投資級客戶簽訂了長期租約，並且他們想知道他們擁有一支可以執行資產的優秀管理團隊。我們對這筆交易感到非常興奮。我們認為我們以合適的價格購買了它。當然，在一兩年前，它可能會以更高的價格進行交易，而且可能會有更多的戰略可以有資金來做這件事。

So timing worked out, I think, pretty well for us on the GD deal. And once again, can't thank [Tim Hogs] and Thorsten Langheim enough. They were great partners in getting this deal done, and they're going to be great partners going forward as we grow that platform and consolidate the European tower space.

所以我認為，在 GD 交易上，時機對我們來說非常好。再次感謝 [Tim Hogs] 和 Thorsten Langheim。他們是完成這筆交易的重要合作夥伴，並且隨著我們發展該平台並鞏固歐洲塔樓空間，他們將成為未來的重要合作夥伴。

Just while we're on towers, LatAm and that latest tranche with (inaudible), any sort of comments given the valuation was a little lower than the ranges that you pointed out? And you obviously know that market extremely well, going back to some of your prior stints. But thoughts on Brazil and why that may or may not have made sense for your strategy?

就在我們在塔樓上時，LatAm 和最新的部分（聽不清），鑑於估值略低於您指出的範圍，有什麼評論嗎？你顯然非常了解這個市場，回到你之前的一些工作。但是關於巴西的想法以及為什麼這對您的戰略可能有意義或可能沒有意義？

Yes. Look, we looked at it. That tower portfolio got looked at about 3 or 4 times. And each time, it didn't work for us. And it certainly probably won't work for Jeff. Jeff has a different set of underwriting requirements. And Jeff is a friend, and I think a lot of SBA and I think they run a world-class organization. I think for what we're doing at Highline, we've made different decisions. And it's not to suggest that our decisions are more correct than his decision. I think they just felt like that particular portfolio was right for them. And we've done some other things in the market that were candidly in the same price range, if not even lower. So we're finding value in Brazil right now. I think there's obviously a pretty material disconnect with what's happening in Brazil today.

是的。看，我們看過了。該塔投資組合被查看了大約 3 或 4 次。每次，它對我們都不起作用。它肯定不會對 Jeff 起作用。 Jeff 有一套不同的承保要求。 Jeff 是我的朋友，我認為 SBA 很多，我認為他們經營著一個世界級的組織。我認為對於我們在 Highline 所做的事情，我們做出了不同的決定。這並不是說我們的決定比他的決定更正確。我認為他們只是覺得那個特定的投資組合適合他們。我們在市場上做了一些其他的事情，坦率地說，價格範圍相同，甚至更低。所以我們現在正在巴西尋找價值。我認為與今天巴西發生的事情顯然存在很大的實質性脫節。

And so we still think that wireless market is tremendous. I mean you're looking at the most important social media market on the planet in terms of adaptation to social media applications and how much time that economy spends on their phone. Brazilians spend more time on their phone than almost any other country. So that mobile economy and that migration of 5G is going to happen. While there certainly is a lot of inflation happening in Brazil, there's a disconnect with the reais. There's a very important political election campaign coming that's currently priced into the currency. That dislocation creates a window of opportunity. We see it as opportunity. I think Jeff and the management team at SBA also feel the same way. They think that Brazil represents a very strong opportunity today, and we would agree with SBA on that.

所以我們仍然認為無線市場是巨大的。我的意思是，您正在關注地球上最重要的社交媒體市場，以適應社交媒體應用程序以及該經濟體在手機上花費的時間。巴西人花在手機上的時間幾乎比其他任何國家都多。因此，移動經濟和 5G 的遷移將會發生。雖然巴西確實存在大量通貨膨脹，但與雷亞爾之間存在脫節。一場非常重要的政治競選活動即將到來，目前已計入貨幣價格。這種錯位創造了一個機會之窗。我們將其視為機遇。我認為 Jeff 和 SBA 的管理團隊也有同感。他們認為巴西今天代表著一個非常強大的機會，我們同意 SBA 的觀點。

Got it. And then maybe just on the venture fund, it's a relatively newer vehicle, but the types of things that you've been working at and maybe just double clicking on that a little bit to provide a little bit of context as to where you may be headed there.

知道了。然後可能只是關於風險基金，它是一個相對較新的工具，但是你一直在從事的事情的類型，也許只需雙擊它一點點以提供一些關於你可能在哪裡的背景信息前往那裡。

Yes. Thanks. Well, look, Alex and the team are doing a great job. We made a really important play into private enterprise 5G networks by taking a leadership stake in Salona networks. We then took a stake in Leading Edge, which we think will be the preeminent edge data center platform in Tier 2 and Tier 3 markets in Australia. And we've looked at a few other things, and we've kind of liked -- the resetting of pricing in Silicon Valley has been good for us. We haven't pulled the trigger on anything, but there is definitely a mark-to-market in what I would call later-stage growth venture capital-type money. So we look at it as mid- to late-stage growth capital. It's pretty exciting. Our pipeline is pretty full. We're obviously out forming capital around that strategy right now, much like we did with credit and core, and those strategies are now realizing a lot of success.

是的。謝謝。好吧，你看，亞歷克斯和他的團隊做得很好。通過在 Salona 網絡中取得領導地位，我們在私有企業 5G 網絡中發揮了非常重要的作用。然後我們入股了 Leading Edge，我們認為這將是澳大利亞 2 級和 3 級市場中卓越的邊緣數據中心平台。我們還研究了其他一些事情，我們有點喜歡——矽谷重新定價對我們有好處。我們還沒有觸發任何事情，但我稱之為後期增長風險投資型資金的市值肯定是按市值計算的。所以我們把它看成是中後期的成長資本。這很令人興奮。我們的管道非常滿。很明顯，我們現在正在圍繞該戰略形成資本，就像我們對信貸和核心業務所做的那樣，這些戰略現在取得了很大的成功。

And I think I'd just put a pin in this by saying, look, we understand the physical layer of digital infrastructure, I think, better than any other management team on the planet. Where we're really focused on in ventures, Jonathan, is what I'd call the metaphysical level of infrastructure, which is that software-defined layer between ultimately the user and the hard infrastructure. That's a massive, massive amount of white space.

而且我想我只是通過說，看，我認為我們比地球上任何其他管理團隊更了解數字基礎設施的物理層來說明這一點。喬納森，我們在風險投資中真正關注的是我所說的基礎設施的形而上學層面，這是最終用戶和硬基礎設施之間的軟件定義層。那是一個巨大的空白空間。

And so we're out looking at different ideas, different business models in that space. We recognize the importance of software-defined networks and how the cloud interfaces with actually hard infrastructure into that virtualized ability to dial up capacity quickly and efficiently. There's a lot of different business models around that. That is where the investment team is focused right now is in the software-defined layer of infrastructure. And so almost think of it as like SaaS -- digital SaaS is infrastructure. We're looking at that heavily, and we think there's a lot of opportunity sitting there.

所以我們在那個領域尋找不同的想法，不同的商業模式。我們認識到軟件定義網絡的重要性，以及云如何與實際的硬基礎設施連接到虛擬化能力中，從而快速有效地增加容量。圍繞它有很多不同的商業模式。這就是投資團隊目前關注的重點是基礎設施的軟件定義層。所以幾乎可以將其視為 SaaS——數字 SaaS 是基礎設施。我們正在密切關注這一點，我們認為那裡有很多機會。

And look, at the end of the day, any investment we make in ventures has to tie back to our physical infrastructure. The company has to either touch our infrastructure or they have to use our infrastructure. That's one of the core guiding principles an investment committee. And when we sit at an investment committee and we look at new deals and say, look, are they using our infrastructure? It's got to be pretty simple. It's got to work within our ecosystem. And the good news is most start-ups are using our infrastructure, whether it's fiber from Zayo, it's data center services from DataBank, where they're somehow touching an ExteNet or Boingo indoor system. Our infrastructure goes a lot of places and a lot of people use it and a lot of startups use it and certainly, a lot of software-defined companies are using our infrastructure. So far, it's working really well and it makes a lot of sense in our ecosystem.

看看，歸根結底，我們在風險投資中所做的任何投資都必須與我們的物理基礎設施相關聯。公司要么接觸我們的基礎設施，要么他們必須使用我們的基礎設施。這是投資委員會的核心指導原則之一。當我們坐在投資委員會旁，看著新交易時，會說，看，他們是否在使用我們的基礎設施？它必須非常簡單。它必須在我們的生態系統中發揮作用。好消息是，大多數初創企業都在使用我們的基礎設施，無論是來自 Zayo 的光纖，還是來自 DataBank 的數據中心服務，它們都以某種方式接觸 ExteNet 或 Boingo 室內系統。我們的基礎設施有很多地方，很多人在使用它，很多初創公司也在使用它，當然，很多軟件定義的公司也在使用我們的基礎設施。到目前為止，它運行良好，在我們的生態系統中意義重大。

Our next question comes from the line of Rick Prentiss with Raymond James.

我們的下一個問題來自 Rick Prentiss 和 Raymond James 的台詞。

Thanks for the deck and the upgraded road map. Looking at Slide 23, I think it's an important slide. I agree, I don't think the market's giving you credit yet for the performance fees. But probably a large part of that when we consider that comp group of the alternative asset managers is they obviously have a lot longer history of the exits showing folks the performance fees. You've got your first exit event coming up. You said you can't provide anything yet. When do you expect and what do you expect you could provide us with the Wildstone transaction to start putting the dots on the scatter diagram of demonstrating performance?

感謝您提供甲板和升級後的路線圖。查看幻燈片 23，我認為這是一張重要的幻燈片。我同意，我認為市場還沒有將績效費歸功於你。但是，當我們考慮另類資產管理公司的競爭群體時，其中很大一部分可能是他們顯然有更長的退出歷史，向人們展示績效費用。您的第一個退出事件即將到來。你說你還不能提供任何東西。您預計什麼時候可以向我們提供 Wildstone 交易以開始在展示性能的散點圖上畫點？

Yes. Well, Rick, what I would just turn you to is the base of our financials. Since we've announced the transaction on Wildstone we did fair value that onto our books. So you'll see that mark up in carried interest in the base of our financials, which obviously was positive. So I think that, that will be helpful.

是的。好吧，里克，我只想告訴你我們財務狀況的基礎。自從我們宣布了關於 Wildstone 的交易後，我們就在我們的賬簿上做了公允價值。所以你會看到我們財務基礎的附帶權益有所增加，這顯然是積極的。所以我認為這會有所幫助。

Can you envision providing...

你能想像提供...

Jacky, what he's trying to do is give you the breadcrumbs, Rick, on the trail. So you'll figure that out sometime today, and then you'll e-mail us later and say, oh, I found it. Look, this is simple, Rick. It's -- I've been investing other people's capital for 28 years. We have an enormous track record and great returns over those 3 decades, generating a lot of profit interest for other LPs and other GPs and of course, for ourselves along that road.

傑基，他想做的是在路上給你麵包屑，瑞克。所以你會在今天的某個時候弄清楚，然後你會在稍後給我們發電子郵件說，哦，我找到了。看，這很簡單，里克。這是——我已經投資別人的資本 28 年了。在這 3 年裡，我們擁有巨大的業績記錄和豐厚的回報，為其他 LP 和其他 GP，當然也為我們自己帶來了很多利潤。

As I mentioned before, both of our funds are performing incredibly well. We do mark our funds quarter-to-quarter. Both Fund I and Fund II in our flagship series, both had outstanding quarters. And net-net, the portfolio continued to move up. It didn't move down. So when you're managing close to pro forma for GD Towers and Switch, over $70 billion of assets, there's a lot of carry embedded in there. Folks will have to extrapolate what they think is reasonable in terms of the multiple that we can achieve. But we know we're sitting on eventually an arsenal of carry and public investors are going to get the benefit of that over the next 5 to 7 years. So not baked into our guidance, it's not in our numbers. Maybe after 3 or 4 carry events, we'll start maybe perhaps forecasting carry more frequently. But if people can't walk away from this quarter and understand that this business is performing well. Our portfolio companies are performing well. We've demonstrated our ability to actually return capital to investors in Wildstone and trigger a carry event for public investors. I mean we're laying it all out there. This should be -- we hope it should be easy for investors to understand, if it's not, call us. Schedule time with us. We'll make it easy for you. We know we're now on the right road map. And this was an incredibly successful quarter from our perspective, proving out key concepts that we knew were really important, the performance of balance sheet capital, the performance of our fund capital, our ability to do big deals and most importantly, our ability to be ahead of fundraising in an environment where you're going to -- not everyone is going to have those kind of results. We feel like we did everything that was asked of us in the quarter and then some, and I think that will continue throughout the rest of this year.

正如我之前提到的，我們的兩隻基金都表現得非常好。我們確實按季度標記我們的資金。我們旗艦系列中的 Fund I 和 Fund II 都有出色的季度表現。而且淨淨，投資組合繼續向上移動。它沒有向下移動。因此，當您管理 GD Towers 和 Switch 的接近備考時，超過 700 億美元的資產，其中嵌入了很多利差。人們將不得不根據我們可以實現的倍數來推斷他們認為合理的東西。但我們知道，我們最終將坐擁大量利差，公眾投資者將在未來 5 到 7 年內從中受益。所以沒有納入我們的指導，它不在我們的數字中。也許在 3 或 4 個進位事件之後，我們可能會開始更頻繁地預測進位。但是，如果人們不能離開這個季度並了解這項業務表現良好。我們的投資組合公司表現良好。我們已經證明了我們有能力實際將資本返還給 Wildstone 的投資者，並為公眾投資者觸發利差事件。我的意思是我們把它全部放在那裡。這應該是——我們希望投資者易於理解，如果不是，請致電我們。與我們安排時間。我們會讓你輕鬆。我們知道我們現在在正確的路線圖上。從我們的角度來看，這是一個非常成功的季度，證明了我們知道非常重要的關鍵概念，資產負債表資本的表現，我們基金資本的表現，我們做大交易的能力，最重要的是，我們有能力成為在你要去的環境中籌款之前 - 不是每個人都會有那種結果。我們覺得我們做了本季度要求我們做的所有事情，然後做了一些，我認為這將在今年餘下的時間裡繼續進行。

Yes. And even the Wildstone is the first -- like you said, the first monetization out of one of our funds today, but Marc and Ben have had a long history of monetizations and making money for investors. So that's the foundation of this company and its people matter.

是的。甚至 Wildstone 也是第一個——就像你說的，今天我們的一個基金中的第一個貨幣化，但馬克和本在貨幣化和為投資者賺錢方面有著悠久的歷史。所以這就是這家公司的基礎，它的員工很重要。

Follow-up on a previous question as well. On the debt level. I appreciate that color on where you think debt should go. It does seem like there's a lot of kind of wacky numbers or different numbers out there in other data collection sets that suggest a much higher level of leverage for you guys compared to the alternative asset managers. Any thoughts about helping people clean that up or understand exactly the asset-light model and how it is being deployed and what the levels truly are?

也跟進上一個問題。在債務層面。我很欣賞你認為債務應該流向的顏色。在其他數據收集集中似乎確實有很多古怪的數字或不同的數字，這表明與另類資產管理公司相比，你們的槓桿水平要高得多。關於幫助人們清理它或準確理解輕資產模型及其部署方式以及真正的水平是什麼，有什麼想法嗎？

Yes, sure, Rick. Look, the reality is if you look at -- there's 3 parts of that leverage. One part is the preferred equity. So some folks don't include that, but some folks do. It's kind of quasi-debt. That's 1 element of it. The second element is the non-recourse debt that's sitting at DataBank and Vantage. And so if we are focusing purely on the investment management business, and you back those 2 elements out, which we've already highlighted that, our emphasis going forward is a bit more towards investment management, that's asset light, does not require incremental debt or CapEx to achieve that plan. As well as the fact that we've said we want to optimize our capital structure and pay off and/or retire or trade down our preferred equity, then you will see that our alternative asset management business itself along with corporate implies a sub 4x leverage, and that would be right in line with other alternative asset managers.

是的，當然，瑞克。看，現實情況是，如果你看一下——這個槓桿有 3 個部分。一部分是優先股。所以有些人不包括它，但有些人卻包括在內。這是一種準債務。這是它的 1 個元素。第二個要素是 DataBank 和 Vantage 的無追索權債務。因此，如果我們純粹專注於投資管理業務，並且你支持我們已經強調過的這兩個要素，那麼我們未來的重點將更多地放在投資管理上，即輕資產，不需要增加債務或資本支出來實現該計劃。除了我們已經說過我們希望優化我們的資本結構並償還和/或退休或交易我們的優先股這一事實之外，您會看到我們的另類資產管理業務本身以及公司意味著低於 4 倍的槓桿率，這與其他另類資產管理公司一致。

Ladies and gentlemen, our next question comes from the line of Eric Luebchow Wells Fargo.

女士們，先生們，我們的下一個問題來自 Eric Luebchow Wells Fargo。

So just curious, you mentioned the $60 million of digital M&A. Just wanted to confirm that was specific to the balance sheet. Are there opportunities maybe to add some additional IM platforms, either to expand into new geographies or maybe new product sets? You mentioned, I think, growth equity or traditional private equity in the past.

很好奇，你提到了 6000 萬美元的數字併購。只是想確認這是特定於資產負債表的。是否有機會添加一些額外的 IM 平台，以擴展到新的地區或新的產品集？你提到過，我認為，增長股權或傳統私募股權在過去。

Yes. Thanks, Eric. Yes. So look, we look at that $900 million of firepower without any leverage, right? Assuming you could put 50-50 debt-to-equity leverage against that $900 million, you actually kind of amplify that to almost $1.8 billion of purchasing power.

是的。謝謝，埃里克。是的。所以看，我們看看那 9 億美元的火力，沒有任何影響力，對吧？假設你可以對這 9 億美元施加 50-50 的債務股本槓桿，你實際上可以將其放大到近 18 億美元的購買力。

Now we do have 2 areas that we are refining our M&A plan. First and foremost, we do believe there are other investment managers out there that fit very nicely with what we're doing, whether they're doing middle market digital infrastructure, whether they're doing growth, private equity, where they touch telecom and infrastructure or media. There's a bunch of those targets out there, and I would tell you that those discussions continue to happen. And we've got a lot of really good targets that have really great people and they have very great ideas and are candidly not swimming in our swim lanes. So that's important.

現在我們確實有 2 個領域正在完善我們的併購計劃。首先，我們確實相信還有其他投資經理非常適合我們正在做的事情，無論他們是在做中間市場數字基礎設施，還是在做增長、私募股權，他們涉及電信和基礎設施或媒體。那裡有很多這樣的目標，我會告訴你，這些討論仍在繼續。我們有很多非常好的目標，他們有非常棒的人，他們有非常好的想法，而且坦率地說，他們不在我們的泳道上游泳。所以這很重要。

Finding other organizations that have great talent and that share kind of our view of how to invest, but don't invest in the places we invest, that's really interesting to us, and that's where Jacky and I have been spending our time over the summer is looking at those opportunities. And we think there is a nice pipeline of ideas around that, and we're moving down the path of executing on some of those things.

尋找其他擁有優秀人才並且與我們有相同投資觀點但不投資於我們投資的地方的組織，這對我們來說真的很有趣，這就是 Jacky 和我整個夏天都花時間的地方正在尋找這些機會。我們認為圍繞這一點有一個很好的想法管道，我們正在沿著執行其中一些事情的道路前進。

At the same time, we've continued on Digital Operating to think about ways that we can obviously grow our Vantage portfolio. We've got a number of campuses that are maturing. We can certainly add more campuses this year and next year to the Vantage SDC portfolio. So we're looking at that very carefully. They've had a tremendous, tremendous year, Vantage SDC, and it's performed, I think, above our expectations. So we're looking at that to the extent that we can increase our exposure to hyperscale data centers in the U.S. and Canada and perhaps even look at some of our European assets, that's very interesting to us. So there's a lot happening there. At the same time, it doesn't preclude us from looking at other things in the ground lease buyout space, the tower space, wholesale fiber space, other data center businesses. There's a lot that we can do off the balance sheet. And so we're happy with our firepower. The return of capital from DataBank, the return of capital from warehousing transactions and credit in our core strategy, all that money is now coming back in the third quarter. So we're really happy about that.

與此同時，我們繼續進行數字化運營，以思考可以明顯增加我們的 Vantage 產品組合的方法。我們有許多正在成熟的校園。我們當然可以在今年和明年為 Vantage SDC 產品組合添加更多校園。所以我們正在非常仔細地研究它。他們度過了非常非常棒的一年，Vantage SDC，我認為它的表現超出了我們的預期。因此，我們正在考慮增加我們在美國和加拿大的超大規模數據中心的風險敞口，甚至可能看看我們的一些歐洲資產，這對我們來說非常有趣。所以那裡發生了很多事情。同時，這並不妨礙我們在地面租賃買斷空間、塔式空間、批發光纖空間和其他數據中心業務中尋找其他東西。我們可以在資產負債表之外做很多事情。所以我們對我們的火力很滿意。來自 DataBank 的資本回報，來自我們核心戰略中的倉儲交易和信貸的資本回報，所有這些資金現在都將在第三季度回歸。所以我們對此感到非常高興。

Jacky has now got strong liquidity, which allows us in this economic uncertain environment to play offense, and both he and I have a rich history of playing offense in previous downturns. So we're excited. We're working hard. It's been a really long summer. We got more work ahead of us. And I would say, strong expectation for us to announce something inside of this year, where we will put that $900 million of cash to work in strategic M&A.

傑基現在擁有強大的流動性，這讓我們能夠在這種經濟不確定的環境中進攻，而他和我在之前的低迷時期都有豐富的進攻經驗。所以我們很興奮。我們正在努力工作。這是一個非常漫長的夏天。我們還有更多的工作要做。我會說，強烈期望我們在今年內宣布一些事情，我們將把那 9 億美元的現金用於戰略併購。

Okay. And then just one last one, if I could. Just wondering what you're seeing in data center development around power procurement and availability. It seems like it's been an increasing challenge in Europe and even in Northern Virginia, where there appears to be a pretty significant transmission issue that Dominion Energy is trying to work through. So just wondering if you're seeing any material delays in bringing new capacity online from delays in power availability and whether that's having any impact on your ability to kind of deliver on your pipeline.

好的。然後是最後一個，如果可以的話。只是想知道您在圍繞電力採購和可用性的數據中心開發中看到了什麼。在歐洲，甚至在弗吉尼亞北部，這似乎是一個越來越大的挑戰，Dominion Energy 正在努力解決那裡似乎存在一個相當重要的輸電問題。所以只是想知道您是否看到由於電力供應延遲而導致新容量上線的任何實質性延遲，以及這是否對您在管道上交付的能力有任何影響。

Sure. So let's hit the Northern Virginia issue on the head. We don't see any delays in delivery of space this year. We have gone all the way out into 2023 to see what workloads will be compromised or delayed. We don't see any compromise in our bookings in terms of who will get deployed. We do see delays. I think that's one of the key things that is coming out of it. '23 should have some delays, '24 should have some delays, but we do see things normalizing in '25 and '26. Someone had reported 2028. That's just false. They haven't done their homework.

當然。因此，讓我們直面北弗吉尼亞問題。我們沒有看到今年空間交付有任何延誤。我們一直走到 2023 年，看看哪些工作負載會受到影響或延遲。就誰將被部署而言，我們的預訂沒有任何妥協。我們確實看到了延誤。我認為這是由此產生的關鍵因素之一。 23 年應該有一些延遲，24 年應該有一些延遲，但我們確實看到 25 年和 26 年事情正常化。有人報告了 2028。那是錯誤的。他們沒有做功課。

So look, Dominion is on it, the State of Virginia is on it, Loudon County is on it, the sector is on it. Yes, it was a bit of a wake-up call for the region. But what I can tell you is I do believe the sector has come together. I think the state is very focused on it. Certainly, the utility commission is focused on it. We're focused on it, and we don't see any compromise in deliveries this year. And perhaps there's some compromise in deliveries next year in '24, but net-net, it's still a great market, and it's a place I think all of our peers want to be.

所以看，自治領在上面，弗吉尼亞州在上面，勞登縣在上面，這個部門在上面。是的，這為該地區敲響了警鐘。但我可以告訴你的是，我確實相信這個行業已經走到了一起。我認為國家對此非常關注。當然，公用事業委員會專注於此。我們專注於此，我們認為今年的交付量不會有任何妥協。也許明年 24 年的交付量會有一些妥協，但淨淨，它仍然是一個偉大的市場，我認為我們所有的同行都想成為一個地方。

Other areas that concern us, look, we've told you for the better part of 2 years that the power grid in California is somewhat compromised. Pacific Gas and Electric really can't supply any material amount of new megawatts in the Santa Clara area or San Jose. Silicon Valley Power currently is constrained in terms of what they can deliver. The next upgrade to that grid is 2025. So Santa Clara has become a very capacity-tight market. Our renewal rates are holding in very strong there. All of our new capacity is pre-leased that we brought online last year. And so I just mentioned this is kind of actually where we saw a lot of value, Eric, in Switch. Switch has over 1.5 gigawatts of power capacity that they draw from 3 different sources of green energy. And particularly in a market like Reno where they have land, they have renewable power and they control their destiny, where they can light up almost 800 megawatts of capacity, that's less than 0.2 of a millisecond from Santa Clara. So we're really excited about the prospects for Switch. They've got a lot of land. They have the power and the capability to grow. And Reno has become one of the great what I would call tethered markets to Santa Clara. Same thing in Las Vegas, same thing in Austin, same in Grand Rapids in Atlanta.

其他與我們有關的領域，你看，我們已經告訴你 2 年的大部分時間，加利福尼亞的電網在某種程度上受到了損害。太平洋天然氣和電力公司確實無法在聖克拉拉地區或聖何塞提供任何實質性的新兆瓦電力。 Silicon Valley Power 目前在他們可以提供的服務方面受到限制。該電網的下一次升級是 2025 年。因此，聖克拉拉已成為一個容量非常緊張的市場。我們的續訂率在那裡非常強勁。我們所有的新容量都是預租的，我們去年上線了。所以我剛剛提到這實際上是我們在 Switch 中看到很多價值的地方，埃里克。 Switch 擁有超過 1.5 吉瓦的功率容量，它們來自 3 種不同的綠色能源。尤其是在里諾這樣的市場，他們擁有土地，擁有可再生能源，他們掌控自己的命運，在那裡他們可以點亮近 800 兆瓦的容量，距離聖克拉拉不到 0.2 毫秒。所以我們對 Switch 的前景感到非常興奮。他們有很多土地。他們有成長的力量和能力。里諾已經成為我稱之為聖克拉拉的系留市場之一。拉斯維加斯同樣如此，奧斯汀也是如此，亞特蘭大急流城也是如此。

Switch has a significant amount of excess power that they reserved through renewable sources. And look, our customers like that narrative, too. They want to be in data centers where it's sourced by green energy. And it's not woke speak, right? This is like hardcore reality. This is a company that planned for this great management team, great CEO. And being able to control your destiny in terms of controlling the land, controlling your will-serve letters and controlling your power capacity, that's good for customers. And that's what we see in Switch, much the way we saw when we acquired Vantage. We saw a long road map of opportunity to develop new campuses. And Rob and the team at Switch have done a great job of developing the world's most highly protected private cloud campuses at a Tier 4 and Tier 5 level, once again, controlling the energy narrative. And I think that's going to be the differentiator going into the future.

斯維奇通過可再生能源儲備了大量的過剩電力。看，我們的客戶也喜歡這種敘述。他們希望位於使用綠色能源的數據中心。這不是醒來說話，對吧？這就像鐵桿現實。這是一家為這個偉大的管理團隊、偉大的首席執行官而計劃的公司。並且能夠在控制土地、控制您的遺囑和控制您的功率容量方面控制您的命運，這對客戶有好處。這就是我們在 Switch 中看到的，就像我們在收購 Vantage 時看到的那樣。我們看到了開發新校園的機會的漫長路線圖。 Rob 和 Switch 的團隊在開發世界上保護最嚴密的第 4 層和第 5 層私有云園區方面做得非常出色，再次控制了能源敘事。我認為這將成為未來的差異化因素。

Do the strong data center companies know how to source green energy? Can they do it in a way where they can control that capacity and they can plan over the next decade, not over the next 2 quarters? And so this is what we saw in Switch. And this is actually what Raul and Sureel are doing at DataBank and are doing advantage. They're planning for the future and trying not to be entirely reliant on the existing grid, and I think most data center operators are thinking through that conundrum as well. So we're well positioned. Our management teams are ready, and we're really excited about closing on Switch because they've actually got more ready-lift capacity than anybody else in the market.

有實力的數據中心企業知道如何採購綠色能源嗎？他們能否以一種可以控制該容量並且可以在未來十年而不是接下來的兩個季度內進行規劃的方式來做到這一點？這就是我們在 Switch 中看到的。這實際上是 Raul 和 Sureel 在 DataBank 所做的，並且正在發揮優勢。他們正在為未來做計劃並儘量不完全依賴現有的電網，我認為大多數數據中心運營商也在思考這個難題。所以我們的位置很好。我們的管理團隊已經準備就緒，我們對關閉 Switch 感到非常興奮，因為他們實際上擁有比市場上其他任何人都多的準備能力。

Thank you. Ladies and gentlemen, this concludes our Q&A session and thus concludes our call today. We thank you for your interest and participation. You may now disconnect your lines.

謝謝。女士們，先生們，我們的問答環節到此結束，我們今天的電話會議也到此結束。感謝您的關注和參與。您現在可以斷開線路。