DigitalBridge Group Inc (DBRG) 2022 Q4 法說會逐字稿

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

您好，歡迎來到 DigitalBridge Group Inc. 2022 年第四季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Severin White, Managing Director, Head of Public Investor Relations. Thank you. You may begin.

現在我很高興向您介紹主持人，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 Fourth Quarter 2022 Earnings Conference Call. Speaking on the call today from the company is Marc Ganzi, our CEO; and Jacky Wu, our CFO.

大家早上好，歡迎來到 DigitalBridge 的 2022 年第四季度收益電話會議。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。

I'll quickly cover the safe harbor, and then we can get started. Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking and such statements 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, February 24, 2023, 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 recent 10-K to be filed with the SEC for the year ending December 31, 2022.

我會快速覆蓋安全港，然後我們就可以開始了。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，此類聲明涉及許多風險和不確定性，可能導致實際結果存在重大差異。本次電話會議上討論的所有信息截至今天，即 2023 年 2 月 24 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 SEC 提交的截至 2022 年 12 月 31 日止年度的 10-K 中討論的風險因素。

So we're going to start with Marc summarizing the progress we've made in 2022, Jacky will outline our financial results and updated guidance and turn it back over to Marc to outline what we are focused on in 2023.

因此，我們將從 Marc 總結我們在 2022 年取得的進展開始，Jacky 將概述我們的財務結果和更新的指南，然後將其轉回給 Marc，概述我們在 2023 年的重點。

With that, I'll turn the call over to Marc Ganzi, our CEO. Marc?

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, Sev, and thank you, our investors, for your continued interest in DigitalBridge. Particularly as we enter 2023 and navigate the final stage of our transformation. I'd like to start today by putting 2022 and the progress we made this year in context. Most importantly, through a dynamic macro environment, we delivered growth this year, maintaining our position as the partner of choice to top operating management teams and institutional investors that are allocating capital to digital infrastructure, which has proven itself to be one of the most durable asset classes.

謝謝 Sev，也謝謝您，我們的投資者，感謝您對 DigitalBridge 的持續關注。特別是當我們進入 2023 年並進入轉型的最後階段時。我想從今天開始，將 2022 年和我們今年取得的進展放在背景中。最重要的是，通過充滿活力的宏觀環境，我們今年實現了增長，保持了我們作為頂級運營管理團隊和機構投資者首選合作夥伴的地位，這些團隊和機構投資者正在將資金分配給數字基礎設施，這已證明自己是最持久的之一資產類別。

First, on corporate strategy. We established our asset management platform as the strategic growth driver for our business going forward, successfully building out a full stack profile with new complementary strategies. Next, capital formation. It's our most relevant near-term KPI. When you look forward to revenue and earnings growth, this is where you'll find our best opportunity. Here, we exceeded our fundraising targets for the year, building up significant embedded earnings, growth going forward into 2023 and beyond.

第一，關於企業戰略。我們建立了資產管理平台作為我們未來業務的戰略增長驅動力，通過新的互補戰略成功構建了完整的堆棧配置文件。其次，資本形成。這是我們最相關的近期 KPI。當您期待收入和收益增長時，這就是您會找到我們最好的機會的地方。在這裡，我們超出了當年的籌款目標，建立了可觀的內含收益，增長持續到 2023 年及以後。

Finally, and most importantly, our portfolio continued to perform with strong leasing, driving solid outcomes for our investors. The best way to deliver growth in today's environment is to create free cash flow from organic leasing and escalators. Again, this is what matters, portfolio performance. And here is where we really excelled. We'll talk a little bit about that today.

最後，也是最重要的是，我們的投資組合繼續以強勁的租賃表現，為我們的投資者帶來可觀的成果。在當今環境下實現增長的最佳方式是通過有機租賃和自動扶梯創造自由現金流。同樣，這才是最重要的，投資組合的表現。這就是我們真正出色的地方。我們今天會稍微談一談。

Next slide, please. In 2022, DigitalBridge really established our asset management platform as the strategic growth driver for our business going forward. The fundamental shift was about orienting our company around a scalable, asset-light, high-return business model. As we've detailed before in our corporate overview, the returns on capital associated with Investment Management are superior and allow us to establish a leading market position of a smaller capital without having to tap capital markets regularly to grow our business. This is an alternative. We believe a superior alternative way to own digital infrastructure.

請換下一張幻燈片。 2022 年，DigitalBridge 真正建立了我們的資產管理平台，作為我們未來業務的戰略增長動力。根本性的轉變是讓我們的公司圍繞可擴展、輕資產、高回報的商業模式進行定位。正如我們之前在公司概覽中詳述的那樣，與投資管理相關的資本回報率非常高，使我們能夠以較小的資本建立領先的市場地位，而無需定期利用資本市場來發展我們的業務。這是另一種選擇。我們相信擁有數字基礎設施的一種更好的替代方式。

We achieved a number of key strategic objectives last year that allowed us to advance this road map. First, we scaled our full stack profile, both organically with the launch of our core and credit strategies and also through M&A as we telegraph to you, our investors, with the acquisition of AMP's infrastructure equity business. Now rebranded as InfraBridge. This gives us a compelling middle-market capability with a digital plus investment focus.

去年我們實現了一些關鍵戰略目標，使我們能夠推進這一路線圖。首先，我們擴展了我們的全棧配置文件，既通過我們的核心和信貸戰略的推出有機地擴展，也通過併購向您，我們的投資者發送電報，收購 AMP 的基礎設施股權業務。現在更名為 InfraBridge。這為我們提供了以數字加投資為重點的引人注目的中間市場能力。

Second, we consolidated the ownership of our Investment Management platform, buying back Wafra's minority stake so that 100% of our Investment Management earnings flow back to you, DigitalBridge shareholders. Finally, we continue to simplify our business profile. Starting with the DataBank recap. This was the first step in deconsolidating our operating segment, which represents the last phase in our corporate transformation. Some very important strategic progress this year that sets us up to win in 2023 and beyond.

其次，我們鞏固了我們投資管理平台的所有權，回購了 Wafra 的少數股權，以便我們投資管理的收益 100% 回流給您，DigitalBridge 股東。最後，我們繼續簡化我們的業務概況。從數據庫回顧開始。這是拆分我們運營部門的第一步，它代表了我們企業轉型的最後階段。今年取得了一些非常重要的戰略進展，使我們有能力在 2023 年及以後取得勝利。

Next slide, please. In addition to advancing our Investment Management road map, we allocated capital strategically across 4 accretive transactions while continuing to maintain strong liquidity at the corporate level. As I've mentioned before, maintaining strong liquidity in this environment is a strategic imperative to DigitalBridge. In 2022, we allocated over $800 million in cash to accretive M&A in our investment in our Investment Management profile as well as continuing to optimize our capital structure. Let me elaborate a little bit on that.

請換下一張幻燈片。除了推進我們的投資管理路線圖外，我們還在 4 項增值交易中戰略性地分配資本，同時繼續在公司層面保持強勁的流動性。正如我之前提到的，在這種環境下保持強勁的流動性是 DigitalBridge 的戰略要務。 2022 年，我們分配了超過 8 億美元的現金用於增加併購，以增加我們對投資管理的投資，並繼續優化我們的資本結構。讓我詳細說明一下。

First, let's start with the Wafra stake, for a little bit under $500 million in cash, including the earnout as well as the issuance of stock. We purchased AMP's infrastructure equity franchise next, and bought back over $110 million of common and preferred stock taking advantage of market dislocation in the fourth quarter of last year. Those investments are set to generate over $85 million in incremental pro forma earnings, which translates to EPS of over $0.49 per share. While we deployed significant capital in 2022, we also prioritized and have maintained strong liquidity. Today, that stands at almost $700 million.

首先，讓我們從 Wafra 的股份開始，現金略低於 5 億美元，包括收益和發行股票。接下來我們購買了 AMP 的基礎設施股權特許經營權，並利用去年第四季度的市場混亂回購了超過 1.1 億美元的普通股和優先股。這些投資將產生超過 8500 萬美元的增量預估收益，相當於每股收益超過 0.49 美元。雖然我們在 2022 年部署了大量資金，但我們也優先考慮並保持強勁的流動性。如今，這一數字接近 7 億美元。

Further, we continue to delever our business, reducing both investment level and corporate debt on a pro-rata basis during the course of 2022. Again, in this environment, this is essential to my battle plan. The ability to allocate capital in line with our priorities while maintaining strong liquidity and deleveraging were significant achievements this year.

此外，我們將繼續去槓桿化我們的業務，在 2022 年期間按比例降低投資水平和公司債務。同樣，在這種環境下，這對我的戰鬥計劃至關重要。能夠根據我們的優先事項配置資本，同時保持強勁的流動性和去槓桿化是今年取得的重大成就。

Next slide, please. Next is capital formation. This is really the KPI that drives future revenue and earnings growth. Here we finished off the year with a solid fourth quarter. We raised $1.4 billion across four of our strategies. That took our cumulative fundraising to $8.5 billion for the year and fee-earning equity to $4.8 billion, exceeding our 2022 midpoint target of $3.8 billion by 26%. As that capital kicks into high gear in the first quarter of this year and beyond, you'll see the revenue growth follow in our financials.

請換下一張幻燈片。其次是資本形成。這確實是推動未來收入和盈利增長的 KPI。在這裡，我們以穩健的第四季度結束了這一年。我們通過四種策略籌集了 14 億美元。這使我們今年的累計籌資額達到 85 億美元，收費權益達到 48 億美元，比我們 2022 年 38 億美元的中點目標高出 26%。隨著該資本在今年第一季度及以後開始高速運轉，您會看到我們的財務收入隨之增長。

Next page, please. So where does that put us across the platform? As of today, we're at approximately $28 billion in FEEUM. That's 52% higher than last year with half the growth coming from organic fundraising and the other half via our acquisition of AMP, which we just closed at the beginning of February. We're excited about that acquisition, and we've already commenced the full integration of the teams and back-office operations. We're looking forward to the growth in InfraBridge, and we're excited about the prospects that, that business has for DigitalBridge shareholders.

請翻下一頁。那麼，這將我們帶到了哪個平台？截至今天，我們的 FEEUM 約為 280 億美元。這比去年高出 52%，其中一半增長來自有機融資，另一半來自我們對 AMP 的收購，我們剛剛在 2 月初完成了收購。我們對這次收購感到興奮，我們已經開始全面整合團隊和後台運營。我們期待 InfraBridge 的增長，我們對該業務對 DigitalBridge 股東的前景感到興奮。

The other really important thing here to note is the proliferation of colors you see on the slide. We've talked about building the full stack and what you're starting to see is the manifestation of those efforts. On top of our flagship DigitalBridge Partners Series funds, we've gotten significant growth in co-investment, permanent capital vehicles and liquid strategies. And now we're laying in capital for our credit and core strategies. That significant embedded revenue and earnings growth that will manifest itself in 2023. This enables us to scale and execute our go-forward business plan.

這裡要注意的另一個非常重要的事情是您在幻燈片上看到的顏色的擴散。我們已經討論了構建完整的堆棧，您開始看到的是這些努力的體現。除了我們的旗艦 DigitalBridge 合作夥伴系列基金之外，我們在共同投資、永久資本工具和流動性策略方面取得了顯著增長。現在我們正在為我們的信貸和核心戰略投入資金。顯著的嵌入式收入和收益增長將在 2023 年體現出來。這使我們能夠擴展和執行我們的未來業務計劃。

Next slide, please. So the third piece that's relevant here as we look back in 2022 is the success we've had across our global portfolio. On the front end, that means actively investing in new platforms on a global basis. In particular, I want to highlight 2 signature transactions that we did in the back half of last year. Number one, the $11 billion take-private of Switch. And secondly, the $18 billion GD Towers partnership with Deutsche Telekom.

請換下一張幻燈片。因此，當我們回顧 2022 年時，與此相關的第三部分是我們在全球投資組合中取得的成功。在前端，這意味著在全球範圍內積極投資新平台。我想特別強調我們在去年下半年進行的兩筆簽名交易。第一，110 億美元的 Switch 私有化。其次，是價值 180 億美元的 GD Towers 與德國電信的合作夥伴關係。

I also want to call out the growth we're seeing in Asia, both with new platforms and tuck-in acquisitions, we've been able to execute across existing portfolio companies in that geography. We remain excited about that theater, and we're looking forward to investing there in 2023 and beyond.

我還想指出我們在亞洲看到的增長，無論是新平台還是收購，我們已經能夠在該地區的現有投資組合公司中執行。我們仍然對那個劇院感到興奮，我們期待著在 2023 年及以後投資那裡。

And look, all of this is enabled by continued growth in AUM and FEEUM that we've experienced over the last 2 years. We're now with investments in 5 continents. So again, let me put that in a proper perspective for you. In summary, one, we beat FEEUM by 26% in 2022 against our budget. 52% FEEUM growth since 2021 and 56% AUM growth over the last 3 years. We continue to post some of the fastest growth metrics in all of the key areas that matter in the asset management sector. I couldn't be more pleased with our execution.

看，所有這一切都是由於我們在過去兩年中經歷的 AUM 和 FEEUM 的持續增長而實現的。我們現在在五大洲進行投資。因此，讓我再次為您提供一個正確的視角。總而言之，第一，我們在 2022 年將 FEEUM 超出了我們的預算 26%。自 2021 年以來，FEEUM 增長了 52%，過去 3 年的 AUM 增長了 56%。我們繼續在資產管理領域的所有重要領域發布一些增長最快的指標。我對我們的處決感到非常滿意。

Next page. So why can we post this type of growth? Simple, our investments are outperforming in the most important metric of all, organic revenue growth at the asset level. Our performance continued to be strong this quarter. With growth on a year-over-year basis and monthly recurring revenue across all of our food groups. This is the foundation for the performance of our franchise over time, deliver organic growth.

下一頁。那麼為什麼我們可以發布這種類型的增長呢？很簡單，我們的投資在資產層面的有機收入增長方面表現優於所有最重要的指標。本季度我們的表現繼續強勁。隨著我們所有食品集團的同比增長和每月經常性收入。隨著時間的推移，這是我們特許經營業績的基礎，實現有機增長。

On the right side, you can see the conservative portfolio debt metrics that we put in place over a year ago and have been able to manage effectively through a dynamic macro environment. 42% loan-to-value, 74% of hedged debt fixed with an average full extended maturity of over 7 years. This is conservative management of the capital structures at our portfolio companies. This was not accidental. This is a plan we put in place at the beginning of COVID. We led multiple securitizations at the end of 2020, 2021 and 2022, setting up our portfolio companies to maximize their liquidity by having fixed debt with only 1 covenant, which is a DSCR ratio and no cash traps. This is a playbook that worked incredibly well for us in 2001 and 2002 and worked very well for us in 2008 and 2009, and it's working again.

在右側，您可以看到我們一年多前製定的保守的投資組合債務指標，並且能夠通過動態的宏觀環境進行有效管理。 42% 的貸款價值比，74% 的對沖債務是固定的，平均完全延長期限超過 7 年。這是對我們投資組合公司資本結構的保守管理。這並非偶然。這是我們在 COVID 開始時制定的計劃。我們在 2020 年底、2021 年和 2022 年底領導了多項證券化，建立我們的投資組合公司，通過只有 1 個契約的固定債務來最大化其流動性，這是 DSCR 比率並且沒有現金陷阱。這本劇本在 2001 年和 2002 年對我們非常有效，在 2008 年和 2009 年對我們也非常有效，現在它再次發揮作用。

When you deliver great performance on a portfolio company level that manifests itself in good outcomes for our investors, this is really the heart of the business.

當您在投資組合公司層面表現出色並為我們的投資者帶來良好成果時，這才是真正的業務核心。

Let's talk about a few of those outcomes on the next slide, please. The reason we're so focused on portfolio performance is because ultimately, strong performance drives great outcomes for our investors. When we say our investors, we mean our LPs and of course, you, our public shareholders at DigitalBridge. In 2022, despite a rising rate environment and inflation, we delivered, generating realizations at attractive valuations well in excess of our carrying values and generating carried interest for you, our shareholders. These are deals we closed in the third and fourth quarter of 2022 not 2 years ago at the peak when multiples were greater than mid-20s and low 30s

請讓我們在下一張幻燈片上談談其中的一些結果。我們之所以如此關注投資組合的表現，是因為最終，強勁的表現會為我們的投資者帶來豐碩的成果。當我們說我們的投資者時，我們指的是我們的有限合夥人，當然還有您，我們在 DigitalBridge 的公眾股東。 2022 年，儘管利率環境和通貨膨脹率上升，但我們還是實現了目標，以遠超我們賬面價值的有吸引力的估值實現了盈利，並為我們的股東們帶來了附帶利益。這些是我們在 2022 年第三和第四季度完成的交易，而不是兩年前的高峰期，當時市盈率高於 20 多歲和 30 多歲

First Vantage Towers. We cornerstone their IPO 1.5 years ago and generated a strong return for our investors that was otherwise a challenging market, reinforcing the durability of digital infrastructure and Towers in particular. Second, Wildstone, which is our leading digital media platform that we sold to Antin. Again, strong returns on a net basis at a substantial premium to where we maintained it on our books. And then lastly -- and we continue to bring in new investors as that fundraising period stays open to the end of Q2 this year. That's a deal where we generated 2x MOIC for our balance sheet in just 3 years, and even better return for the original investors.

第一華帝塔。我們在 1.5 年前為他們的 IPO 奠定了基礎，並為我們的投資者帶來了豐厚的回報，否則這個市場充滿挑戰，加強了數字基礎設施，尤其是 Towers 的耐用性。其次，Wildstone，這是我們出售給 Antin 的領先數字媒體平台。同樣，強勁的淨回報率比我們在賬面上維持的水平高出很多。最後——我們繼續引入新的投資者，因為籌款期一直持續到今年第二季度末。這是我們在短短 3 年內為資產負債表產生 2 倍 MOIC 的交易，甚至為原始投資者帶來更好的回報。

Again, a significant premium to where we carried the asset on our balance sheet. This is what it's all about, investing in great platforms, best-in-class management teams, driving growth and performance and then ultimately delivering great returns for our investors and shareholders. That's been my track record over the last 25 years. And now as we exit future investments, you, our public investors get to share in the profits with me and our team, create alignment with you, our public shareholders. So that's the story in 2022. Significant progress on our corporate strategy, beating our capital formation targets and continued performance at the portfolio level, all of which sets the table for a very successful 2023 and beyond.

同樣，與我們在資產負債表上持有資產的位置相比有很大的溢價。這就是它的全部意義，投資於偉大的平台、一流的管理團隊、推動增長和績效，然後最終為我們的投資者和股東帶來豐厚的回報。這是我過去 25 年的記錄。現在，隨著我們退出未來的投資，您，我們的公共投資者可以與我和我們的團隊分享利潤，與您，我們的公共股東保持一致。這就是 2022 年的故事。我們的企業戰略取得重大進展，超過我們的資本形成目標，並在投資組合層面持續表現，所有這些都為 2023 年及以後的成功奠定了基礎。

So with that, I'll turn it over to Jacky to walk through the financials. Jacky?

因此，我將把它交給 Jacky 來完成財務。傑克？

Thank you, Marc, and good morning, everyone. As a reminder, in addition to the release of our fourth 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，除了發布第四季度收益外，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 fourth quarter results on Page 14, the company saw strong year-over-year growth, driven by fundraising in our Investment Management business and realized performance fees. For the fourth quarter reported total consolidated revenues were $301 million, which represents an 18% increase from the same period last year. GAAP net loss attributable to common stockholders was $19 million or $0.12 per share. Total company adjusted EBITDA was $28 million, which grew by 32% from $21 million in the same period last year.

從我們第 14 頁的第四季度業績開始，在我們投資管理業務的籌資和實現的績效費用的推動下，公司實現了強勁的同比增長。第四季度報告的綜合總收入為 3.01 億美元，比去年同期增長 18%。歸屬於普通股股東的 GAAP 淨虧損為 1900 萬美元或每股 0.12 美元。公司調整後的 EBITDA 總額為 2800 萬美元，比去年同期的 2100 萬美元增長了 32%。

Total company distributable earnings was a loss of $11 million or $0.07 per share.

公司可分配收益總額為虧損 1100 萬美元或每股 0.07 美元。

It is important to note that our results this quarter were negatively impacted by a $53 million noncash valuation allowance. Although we expect to have the ability to use the value of our NOLs under GAAP standards we have conservatively applied this reserve now. And as the company continues to generate growth in its earnings, it will be reversed in future periods. Digital AUM was $53 million in the fourth quarter, which grew by 17% from $45 million in the same period last year, including the recently closed transaction of AMP Capital, Switch and GD Towers. We have reached over $65 billion AUM on a pro forma basis.

值得注意的是，我們本季度的業績受到 5300 萬美元的非現金估值津貼的負面影響。儘管我們希望能夠根據 GAAP 標準使用我們的 NOL 的價值，但我們現在已經保守地應用了這一儲備。隨著公司繼續實現盈利增長，未來期間將出現逆轉。第四季度 Digital AUM 為 5300 萬美元，比去年同期的 4500 萬美元增長了 17%，其中包括最近完成的 AMP Capital、Switch 和 GD Towers 的交易。在備考基礎上，我們的資產管理規模已超過 650 億美元。

Turning to Page 15. Our fourth quarter highlights have trended positively with fee revenues, fee-related earnings and distributable earnings all up year-over-year when excluding the previously mentioned noncash valuation allowance. The company raised $22 billion in fee-earning equity under management, up 22% year-over-year, and we raised $4.8 billion of fee-paying capital during the year despite a very difficult fundraising environment. Furthermore, the company continues to prioritize the optimization of its capital structure. Our current corporate liquidity sits at approximately $680 million after closing the AMP Capital acquisition.

翻到第 15 頁。我們第四季度的亮點趨勢是積極的，費用收入、費用相關收益和可分配收益在不包括前面提到的非現金估值津貼的情況下均同比增長。該公司在管理下籌集了 220 億美元的收費股權，同比增長 22%，儘管籌資環境非常困難，我們在這一年籌集了 48 億美元的收費資本。此外，公司繼續優先優化其資本結構。在完成對 AMP Capital 的收購後，我們目前的公司流動資金約為 6.8 億美元。

During 2022, we executed a share repurchase program and initiated a regular quarterly dividend, which we believe we have the capacity to increase in the future. We will touch on this in more detail later in the presentation.

在 2022 年期間，我們執行了股票回購計劃並啟動了定期季度股息，我們相信我們有能力在未來增加股息。我們將在稍後的演示中更詳細地討論這一點。

Moving to Page 16. The company grew recurring Investment Management revenue and earnings, driven by fee-earning equity under management. The company's share of revenues and fee-related earnings increased by 49% and 33% year-over-year, respectively, led by our increased ownership of the business following the acquisition of Wafra's minority stake.

轉到第 16 頁。在管理的收費股權的推動下，該公司增加了經常性投資管理收入和收益。公司在收入和費用相關收益中的份額分別同比增長 49% 和 33%，這是由於我們在收購 Wafra 的少數股權後增加了對業務的所有權。

Moving to Page 17. Consolidated digital operating adjusted EBITDA was $99 million, which is a 17% increase from the same period last year, driven by continued data center acquisitions and organic leasing growth. The company's share of digital operating revenues was down 14% year-over-year, while adjusted EBITDA was down 15%. These reductions are attributed to the previously announced DataBank recapitalization which reduced the company's ownership from 22% at the beginning of the year to 11% in the fourth quarter.

轉到第 17 頁。在持續的數據中心收購和有機租賃增長的推動下，綜合數字運營調整後的 EBITDA 為 9900 萬美元，比去年同期增長 17%。該公司在數字業務收入中的份額同比下降 14%，而調整後的 EBITDA 下降了 15%。這些減少歸因於先前宣布的 DataBank 資本重組，這使公司的所有權從年初的 22% 減少到第四季度的 11%。

Turning to Page 18. We have seen continued growth in our high-margin Investment Management business. Since the fourth quarter of 2021, our annualized fee revenues increased from $120 million to $233 million and fee-related earnings increased from $73 million to $120 million on a pro forma basis. This includes the recently closed acquisition of AMP Capital's equity infrastructure platform, which was subsequently rebranded as InfraBridge. Looking at the right side of the page, our run rate fee revenues were $250 million. This provides an indication of expected revenues and is calculated simply by multiplying committed BUM at the end of the year by the average annual fee rates.

翻到第 18 頁。我們的高利潤投資管理業務持續增長。自 2021 年第四季度以來，我們的年化費用收入從 1.2 億美元增加到 2.33 億美元，與費用相關的預估收入從 7300 萬美元增加到 1.2 億美元。這包括最近完成的對 AMP Capital 股權基礎設施平台的收購，該平台隨後更名為 InfraBridge。查看頁面右側，我們的運行費收入為 2.5 億美元。這提供了預期收入的指示，只需將年底承諾的 BUM 乘以平均年費率即可計算得出。

Moving to Slide 19. I will now outline our earnings guidance for 2023 and 2025. We are updating our 2023 and 2025 targets for the Investment Management business, and are providing indicative guidance on run rate earnings. We've laid out 2 scenarios for 2023 based on our intent to opportunistically recapitalize and deconsolidate the operating segments, which once accomplished, frees up additional capital to allocate towards new earnings. This will shift the earnings profile of the business towards asset-light, higher margin, lower capital intensity and a higher DE as a result. We are expecting an exceptionally strong fundraising year in 2023, driven by our successor flagship fund product. Note that this is intended to represent FRE at the end of 2023, excluding catch-up fees and onetime items. Nominal earnings for 2023 will be impacted by timing of fundraising.

轉到幻燈片 19。我現在概述我們 2023 年和 2025 年的收益指導。我們正在更新投資管理業務的 2023 年和 2025 年目標，並提供運行率收益的指示性指導。根據我們機會主義地對運營部門進行資本重組和拆分的意圖，我們為 2023 年制定了兩種情景，一旦完成，將釋放額外資本以分配給新的收益。這將使企業的盈利狀況轉向輕資產、更高的利潤率、更低的資本密集度和更高的 DE。在我們的後續旗艦基金產品的推動下，我們預計 2023 年的籌款活動將異常強勁。請注意，這旨在代表 2023 年底的 FRE，不包括追加費用和一次性物品。 2023 年的名義收益將受到籌款時間的影響。

We have additionally introduced guidance on distributable earnings now that we have begun generating positive recurring earnings, and we'll begin to focus heavily on the bottom line going forward. Our strong liquidity position and near-term firepower allows for opportunistic deployment, which we expect to contribute significantly to run rate earnings in addition to the potential to generate realized gains and carried interest earned from further successful exits.

既然我們已經開始產生正的經常性收益，我們還額外引入了可分配收益指南，並且我們將開始重點關注未來的底線。我們強大的流動性狀況和近期火力允許機會主義部署，我們預計這將對運行率收益做出重大貢獻，此外還有可能產生已實現收益和從進一步成功退出中獲得的附帶利息。

Turning to Page 20. We wanted to look back at where we've been to highlight what has been accomplished to date and how that continues to drive into the future. Back in 2018 and 2019, the company's legacy assets generated earnings on paper, but were overlevered and unsustainable. Over the next couple of years, we've shed over 99% of the legacy assets and moved the company from this low margin and unsustainable business model into a high-growth, high-margin, asset-light business with promising growth prospects led by our fundraising engine. We continue to see meaningful upside to our core model as presented, led by further M&A and capital structure optimization, with compounding uplift from continued investment alongside our LPs in our funds, which target attractive IRRs and resulting carried interest as we begin harvesting exits like we successfully completed in the third and fourth quarter of 2022.

翻到第 20 頁。我們想回顧一下我們去過的地方，以強調迄今為止所取得的成就以及這些成就將如何繼續推動未來發展。早在 2018 年和 2019 年，該公司的遺留資產產生了賬面收益，但過度槓桿化且不可持續。在接下來的幾年裡，我們已經剝離了 99% 以上的遺留資產，並將公司從這種低利潤和不可持續的商業模式轉變為高增長、高利潤、輕資產業務，並在我們的籌款引擎。在進一步的併購和資本結構優化的帶動下，我們繼續看到我們的核心模型具有有意義的上升空間，隨著我們的有限合夥人對我們基金的持續投資的複合提升，隨著我們開始像我們一樣開始收穫退出，目標是有吸引力的內部收益率和由此產生的附帶權益2022年第三、四季度順利完成。

No major transformation is easy, and we'd like to thank our shareholders for the continued support and patience. And I'm pleased to say that as we continue to execute this plan, DigitalBridge will be prime for long-term shareholder success.

沒有任何重大轉型是容易的，我們要感謝我們的股東一直以來的支持和耐心。我很高興地說，隨著我們繼續執行該計劃，DigitalBridge 將成為股東長期成功的首要條件。

Turning to Page 21. The company has built significant balance sheet liquidity, driven by proceeds from both the DataBank recapitalization and return of warehouse investments due to successful fundraising. Following our recent acquisition of the InfraBridge platform for $316 million, we are strongly positioned with approximately $700 million of balance sheet liquidity. Additionally, we have further potential sources of capital, including BrightSpire shares and remaining legacy asset sales, which can be utilized to offset medium-term obligations such as the upcoming 2023 convertible note repayment, which we expect to retire with readily available cash on hand. Throughout 2023, we expect to remain well positioned to deploy capital for accretive uses.

翻到第 21 頁。在 DataBank 資本重組收益和成功籌資後倉庫投資回報的推動下，公司建立了可觀的資產負債表流動性。在我們最近以 3.16 億美元收購 InfraBridge 平台之後，我們擁有大約 7 億美元的資產負債表流動性。此外，我們還有更多潛在的資本來源，包括 BrightSpire 股票和剩餘的遺留資產出售，可用於抵消中期義務，例如即將到來的 2023 年可轉換票據償還，我們預計在退休時手頭有現成的現金。在整個 2023 年，我們預計仍將處於有利地位，可以將資本用於增值用途。

Moving to Page 22. We have continued to make significant progress improving our debt profile with our debt-to-adjusted EBITDA ratio improving from 11x down to 10x. This reduction is driven by lower investment level debt in our operating segment as a result of the DataBank recapitalization and transfer warehouse investments into our newly raised core and credit funds, resulting in a $206 million total reduction in debt. We will pay down the convertible notes due in April and target the reconsolidation of the operating segment, leaving only the $300 million of securitization as the company's remaining debt.

轉到第 22 頁。我們在改善債務狀況方面繼續取得重大進展，我們的債務與調整後 EBITDA 比率從 11 倍降至 10 倍。這一減少是由於 DataBank 資本重組和將倉庫投資轉移到我們新籌集的核心和信貸基金導致我們運營部門的投資水平債務降低，導致債務總額減少 2.06 億美元。我們將償還 4 月份到期的可轉換票據，並以重新合併運營部門為目標，只留下 3 億美元的證券化作為公司的剩餘債務。

As we continue to execute upon our plan, we expect to achieve leverage ratios in the low single digits. 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 expect to have a strong start to 2023 as our near-term fundraising and our growth prospects remain robust.

隨著我們繼續執行我們的計劃，我們希望實現低個位數的槓桿率。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。由於我們的近期籌資和增長前景依然強勁，我們預計到 2023 年將有一個良好的開端。

And with that, I will turn it back to Marc. Thank you.

有了這個，我會把它轉回給馬克。謝謝。

Thanks, Jacky. I want to finish out by laying my top priorities for 2023. This is a section we've done in previous Q4 earnings calls where I'd like to lay out the 3 things that matter. This year, it's pretty simple. Number one, we've got a fund raise. We will continue to form capital around new and existing platforms. Two, as our promise to all of you, simplification. Getting the operating segment deconsolidated while we maintain strong liquidity.

謝謝，傑基。最後，我想確定 2023 年的首要任務。這是我們在之前的第四季度財報電話會議中所做的部分，我想在其中列出三件重要的事情。今年，這很簡單。第一，我們籌集了資金。我們將繼續圍繞新的和現有的平台形成資本。第二，作為我們對你們所有人的承諾，簡化。在我們保持強勁流動性的同時，拆分運營部門。

Lastly, we need to continue to perform at our portfolio companies with strong asset management through the cycle and driving free cash flow growth by industry-leading organic revenue growth at the asset level. This is a seminal to our success going forward. It's a tried and tested formula for me as a CEO and who has presided over the good and the bad times. The key in a market fraught with crosswinds is you have to have a simple and focused battle plan. We have that here at DigitalBridge in 2023 and beyond.

最後，我們需要繼續在整個週期內通過強大的資產管理在我們的投資組合公司中表現出色，並通過資產層面行業領先的有機收入增長來推動自由現金流的增長。這是我們未來成功的重要因素。對於身為 CEO 的我來說，這是一個久經考驗的公式，我曾主持過好時光和壞時光。在充滿側風的市場中，關鍵是你必須有一個簡單而專注的戰鬥計劃。我們在 2023 年及以後在 DigitalBridge 擁有它。

Next page, please. So let's start with fund raising. This is really going to be our #1 KPI in 2023. This is the metric that I know all of you will have your eyes on quarter-to-quarter. Our plan is to raise more than $8-plus billion of net new capital across our platforms. That will break down essentially into 3 buckets of opportunity.

請翻下一頁。那麼讓我們從籌款開始吧。這真的將成為我們 2023 年的第一 KPI。我知道你們每個季度都會關注這個指標。我們的計劃是通過我們的平台籌集超過 8 億美元的淨新資本。這將基本上分解為 3 個機會桶。

First, we're going to launch our next DigitalBridge Partner Series; two, we're going to finish raising around our core and credit strategies that we started last year, where we have excellent momentum heading into the first part of this year; Three, we're going to continue to grow our co-invest program, supporting the acquisition of new platforms as well as providing additional capital to existing portfolio companies to fuel their growth. Our co-invest program over the last 4 years has been really one of the standout attributes of why institutional investors want to partner with us. That incremental FEEUM is going to drive a substantial amount of high-margin reoccurring fee revenues, as you can see on the right, with little to no incremental G&A.

首先，我們將推出下一個 DigitalBridge 合作夥伴系列；第二，我們將完成圍繞我們去年開始的核心和信貸戰略的融資，我們在進入今年上半年的勢頭良好；第三，我們將繼續發展我們的共同投資計劃，支持收購新平台，並為現有投資組合公司提供額外資金以推動其增長。我們過去 4 年的共同投資計劃確實是機構投資者希望與我們合作的突出特點之一。增量 FEEUM 將推動大量高利潤的經常性費用收入，如您在右側所見，幾乎沒有增量 G&A。

Now this is largely the fact that we invested heavily in 2022 in systems and in people. We invested in those people to seed and grow new products, and the fruits of that labor will pay off in 2023 with high-margin FRE. We're confident that we can achieve these targets because we continue to see very strong interest in the digital infrastructure asset class by the world's leading institutional investors, that naturally are attracted to its combination of persistent growth, durability and the recognition that DigitalBridge is the leading investor in the sector.

現在，這主要是因為我們在 2022 年對系統和人員進行了大量投資。我們投資於這些人來播種和種植新產品，這些勞動的成果將在 2023 年以高利潤率 FRE 獲得回報。我們有信心我們能夠實現這些目標，因為我們繼續看到世界領先的機構投資者對數字基礎設施資產類別非常濃厚的興趣，他們自然會被其持續增長、耐用性和對 DigitalBridge 的認可的結合所吸引該行業的領先投資者。

Next page, please. So next up, my priority continues to be advancing the simplification of our corporate profile, which will ultimately result in the deconsolidation of our operating segment into IM. There are 3 drivers here that I want you all to pay attention to. Number one, significantly reduced complexity. This is the number one thing we talk to public investors about today.

請翻下一頁。因此，下一步，我的首要任務是繼續推進我們公司形象的簡化，這最終將導致我們的運營部門分拆到 IM 中。這裡有3個驅動希望大家注意。第一，顯著降低了複雜性。這是我們今天與公眾投資者談論的第一件事。

The financial consolidation of businesses that we own, a combined 12% of, in my view, distorts true DigitalBridge shareholder revenues, cash flows and capital structure, which leads to unnecessary complexity that is a tangible cost burden and makes it challenging for investors to understand what is DigitalBridge own? We're kind of getting sick hearing that question. So we're going to make things simple.

我們擁有的企業的財務合併，在我看來，總共佔 12%，扭曲了真正的 DigitalBridge 股東收入、現金流和資本結構，這導致不必要的複雜性，這是一種有形的成本負擔，並使投資者難以理解DigitalBridge 擁有什麼？聽到這個問題我們有點不舒服。所以我們要讓事情變得簡單。

The second key here is the acceleration of a pure-play corporate profile. What will ultimately emerge as a lean, profitable asset manager serving secular growth markets, devoid of the complexity of assembling and then pulling apart two business models, which makes it tough on you, our investors.

這裡的第二個關鍵是加速純粹的企業形象。最終將成為一家服務於長期增長市場的精益、盈利的資產管理公司，避免了組合和拆分兩種商業模式的複雜性，這讓您，我們的投資者感到艱難。

Lastly, we expect this initiative to unlock incremental capital that we can redeploy in order to fuel the growth in the form of incremental digital M&A and our optimization of our capital structure. We're essentially monetizing assets at attractive multiples and then redeploying them at lower levels into businesses that compound over time. We've demonstrated this already with the acquisition of AMP, taking over the full stick of our IM business from Wafra, and we will do that again in 2023.

最後，我們希望這一舉措能夠釋放增量資本，我們可以重新部署這些資本，以推動增量數字併購形式的增長和我們對資本結構的優化。我們本質上是以有吸引力的倍數將資產貨幣化，然後將它們以較低的水平重新部署到隨著時間的推移複合的業務中。我們已經通過收購 AMP 證明了這一點，從 Wafra 手中接管了我們的全部 IM 業務，我們將在 2023 年再次這樣做。

Next slide, please. So what does this look like when we finalize our asset manager profile? Well, here's just a quick illustration of what we look like today on the left, with 2 segments. 2/3 of our earnings coming from Investment Management and 1/3 coming from the operating segment, which is predominantly Vantage SDC and DataBank.

請換下一張幻燈片。那麼，當我們最終確定我們的資產經理配置文件時，這會是什麼樣子呢？好吧，這只是我們今天在左側的樣子的快速說明，有 2 個部分。我們 2/3 的收益來自投資管理，1/3 來自運營部門，主要是 Vantage SDC 和 DataBank。

So migrating to the right side of the page, going forward, our earnings will be driven by reoccurring revenues and earnings from our Investment Management platform, supplemented by income from retained principal investments, which is the residual amount that we'll keep in Vantage SDC and DataBank in essence as the GP of those continuation vehicles.

因此，轉到頁面右側，展望未來，我們的收益將由我們投資管理平台的經常性收入和收益驅動，並輔以留存本金投資的收入，這是我們將保留在 Vantage SDC 中的剩餘金額DataBank 本質上是這些延續工具的 GP。

Strategically, one of the most attractive aspects of this transition is, we are more closely aligning our capital with that of our limited partners. The ability to align the balance sheet in private LPs with our public investors is where we're going, and we think that symmetry bodes well for all parties, and it creates the right outcomes for all investors.

從戰略上講，這種轉變最吸引人的方面之一是，我們將我們的資本與我們的有限合夥人的資本更加緊密地結合在一起。使私人 LP 的資產負債表與我們的公共投資者保持一致的能力是我們前進的方向，我們認為對稱對所有各方都是好兆頭，它為所有投資者創造了正確的結果。

Next slide, please. So at the end, this is what that simpler profile looks like on a financial basis. As you can see, the transition will reveal a fast-growing asset manager, levered to the secular growth markets in digital infrastructure. The incredible 42% 3-year CAGR on FRE is growth that we're anticipating over the next few years. This manifests itself in very strong financial performance.

請換下一張幻燈片。所以最後，這就是更簡單的配置文件在財務基礎上的樣子。正如您所看到的，這一轉變將揭示一個快速增長的資產管理公司，利用數字基礎設施的長期增長市場。 FRE 令人難以置信的 42% 3 年復合年增長率是我們預計未來幾年的增長。這體現在非常強勁的財務業績上。

We have a simple algorithm with new FEEUM generating revenue at an average rate of 90 bps and very attractive incremental margins. As I stated before, my focus go forward is to grow our profitability. This is an attractive high-growth profile that's simple to understand and appreciate.

我們有一個簡單的算法，新的 FEEUM 以平均 90 個基點的速度產生收入和非常有吸引力的增量利潤率。正如我之前所說，我的重點是提高我們的盈利能力。這是一個有吸引力的高增長概況，易於理解和欣賞。

Next page, please. So finally, I want to address where we're going to put the money to work and what our priorities are going forward, so there's no confusion. As you can see, over the past few years, we've allocated capital to a combination of uses. I think we as a management team have demonstrated we tend to be very pragmatic about these choices. One of our biggest allocations has been almost $400 million in GP commitments alongside of our LPs. Today, we structurally allocate about 2% to 3% of the equity in each of our fund vehicles. And in the long run, especially as we finalize our capital structure optimization, we expect to allocate more capital to this high-return use case. We're eating our own cooking, and we like to see our capital compound at attractive rates, and we think you'll agree with that.

請翻下一頁。所以最後，我想談談我們要把錢花在哪裡，以及我們的優先事項是什麼，這樣就不會造成混淆。如您所見，在過去幾年中，我們將資金分配給了多種用途。我認為我們作為一個管理團隊已經證明我們對這些選擇往往非常務實。我們最大的分配之一是將近 4 億美元的 GP 承諾與我們的 LP 一起。今天，我們在每個基金工具中結構性地分配了大約 2% 到 3% 的股權。從長遠來看，尤其是當我們完成資本結構優化時，我們希望將更多資本分配給這個高回報用例。我們正在吃自己做的飯，我們希望看到我們的資本以有吸引力的利率複利，我們認為您會同意這一點。

The second primary use is accretive digital M&A, as I stated a few pages ago. Between the Wafra transaction AMP, last year, we deployed over $500 million in cash to continue to build our IM platform and increase our exposure in this high-quality earnings stream. We'll continue to be active here with a focus on strategic and complementary platforms where we can accelerate growth.

第二個主要用途是增值型數字併購，正如我在幾頁前所說的那樣。在去年的 Wafra 交易 AMP 之間，我們部署了超過 5 億美元的現金來繼續構建我們的 IM 平台並增加我們在這一高質量收益流中的曝光率。我們將繼續在這里活躍，專注於戰略和互補平台，我們將在這些平台上加速增長。

As I highlighted in my last quarterly earnings call, we've also been looking at the notion of entering the private equity space in digital infrastructure, which is a space that we do not occupy today. We think there are good opportunities here and a fertile ground, and we'll continue to build that organically and also go out and look at accretive M&A.

正如我在上一季度財報電話會議上強調的那樣，我們也一直在研究進入數字基礎設施私募股權領域的概念，這是我們今天沒有佔據的領域。我們認為這裡有很好的機會和肥沃的土壤，我們將繼續有機地建設它，並出去看看增值併購。

The third piece is capital structure optimization. Look, here, we've been opportunistic. We bought back preferreds last year, which we expect to continue to be a use of free cash flow going forward. In the near term, as I promised, we'll pay down our $200 million of 2023 converts when they come due on time in April with cash on hand.

第三塊是資本結構優化。看，在這裡，我們一直是機會主義的。我們去年回購了優先股，我們預計未來將繼續使用自由現金流。在短期內，正如我所承諾的那樣，我們將在 4 月準時到期時用手頭現金支付 2023 年 2 億美元的轉換費用。

Finally, repurchases and dividends. We took advantage of what we see as an attractive price for our stock last quarter, buying back $55 million, and we also retained a $0.01 dividend last year in terms of making sure that we stayed committed to our promises. We intend to continue to maintain what we call a low but grow dividend policy, and we're going to continue to execute share repurchases opportunistically over time, measuring it against the other 3 categories of where we can put capital to work. The key here is, as we look at our capital allocation framework is a focus in the near term on successfully executing creative digital M&A the way we have last year, and continue to rationalize and optimize our capital structure as we did last year. Over time, we'll have more free cash flow to invest alongside our LPs and compound shareholder capital.

最後，回購和分紅。上個季度我們利用我們認為具有吸引力的股票價格回購了 5500 萬美元，並且去年我們還保留了 0.01 美元的股息，以確保我們信守承諾。我們打算繼續維持我們所謂的低但增長的股息政策，並且我們將隨著時間的推移繼續機會主義地執行股票回購，並將其與我們可以投入資金的其他三個類別進行比較。這裡的關鍵是，當我們審視我們的資本配置框架時，近期的重點是像去年那樣成功地執行創造性的數字併購，並像去年那樣繼續合理化和優化我們的資本結構。隨著時間的推移，我們將有更多的自由現金流與我們的有限合夥人和復合股東資本一起進行投資。

Next page, please. So in conclusion today, let's bring it back to where we're going and where we want to take you, our investors in 2023. What's my scorecard for the year ahead? Pretty simple. Here's my checklist. One, we're going to fund raise. As most of you know, I'm laser-focused right now on forming $8 billion in new net capital around our DigitalBridge Partner core and credit strategy as well as co-invest.

請翻下一頁。所以今天總結一下，讓我們把它帶回到我們要去的地方以及我們想帶你去的地方，我們的投資者在 2023 年。我來年的記分卡是什麼？很簡單。這是我的清單。第一，我們要籌集資金。正如你們大多數人所知，我現在正專注於圍繞我們的 DigitalBridge 合作夥伴核心和信貸戰略以及共同投資形成 80 億美元的新淨資本。

Two, simplification. We're going to finish our transformation with the deconsolidation of the operating segment and continue to delever our business. And lastly, portfolio performance. Continuing to invest in high-quality digital businesses, driving free cash flow through organic growth and investing in the best management teams in the digital infrastructure ecosystem.

二、簡化。我們將通過拆分運營部門來完成轉型，並繼續去槓桿化我們的業務。最後，投資組合表現。繼續投資於高質量的數字業務，通過有機增長推動自由現金流，並投資於數字基礎設施生態系統中的最佳管理團隊。

Taking a step back, I believe that these are really our control variables for 2023. These are the things that we can go out and execute. And my belief is, as we execute on these 3 initiatives, good things will happen at the company. And most importantly, good things will happen for you, our shareholders. With that, I want to thank you for listening to our earnings presentation this morning.

退一步說，我相信這些真的是我們2023年的控制變量，這些都是我們可以出去執行的事情。我相信，當我們執行這 3 項舉措時，公司就會發生好事。最重要的是，好事會發生在你們身上，我們的股東。有了這個，我要感謝你今天早上聽我們的收益介紹。

Now I'd like to turn the call back over to our operator to initiate our Q&A session. Operator?

現在我想將電話轉回給我們的接線員以啟動我們的問答環節。操作員？

(Operator Instructions) Our first question is from the line of Ric Prentiss with Raymond James.

（操作員說明）我們的第一個問題來自 Ric Prentiss 和 Raymond James。

This is Brent on for Ric this morning. First question, you talked about M&A in the IM segment. With AMP deal done, what new swim lanes might a target fit into to expand your offering? You mentioned private equity. What else should we be thinking about there?

這是今天早上為 Ric 準備的布倫特。第一個問題，你談到了 IM 領域的併購。完成 AMP 交易後，目標可能適合哪些新泳道以擴展您的產品？你提到了私募股權。我們還應該考慮什麼？

It's Marc, and thanks for tuning in. So I think we've been pretty prescriptive about that. I've made it very clear that digital private equity is a high priority of us. There are many firms that are in middle market, digital private equity that you're investing in digital infrastructure and TMT and also software and SaaS models.

我是 Marc，感謝收聽。所以我認為我們對此已經很規範了。我已經非常清楚地表明，數字私募股權是我們的重中之重。有許多處於中間市場的公司，數字私募股權投資於數字基礎設施和 TMT 以及軟件和 SaaS 模型。

We think there's a couple of really good teams out there that we have a lot of respect for. We're out talking to all of them just like we would be in our traditional investment management space. We talked to all the management teams. And so we've been spending the last year getting to know a couple of those management teams. And we think there's a good opportunity to add that part of our IM business through an acquisition. And that's why we've been harvesting the cash so that we can be opportunistic.

我們認為有幾個非常優秀的團隊，我們非常尊重。我們正在與他們所有人交談，就像我們在傳統的投資管理領域一樣。我們與所有管理團隊進行了交談。因此，去年我們一直在了解其中的幾個管理團隊。我們認為這是一個很好的機會，可以通過收購來增加我們 IM 業務的這一部分。這就是為什麼我們一直在收集現金，以便我們可以投機取巧。

What we've also said is, I think I've also been pretty prescriptive about the importance of renewable energy and the ability to power digital infrastructure with renewable energy. We've seen that case study, full force at Switch, where we're outperforming our leasing projections, our full year of leasing in '22 exceeded our 3-year guidance, and customers want to be in data centers and they want to be around digital infrastructure that has renewable energy. So we're spending a lot of time around thinking about how we can grow the InfraBridge platform and continue to add strength in the renewable space. So those are really my 2 areas of focus today is really private equity -- digital private equity middle market and renewable energy. We're very focused, got a number of targets, and obviously, we have a guide in terms of what we think we're going to do in M&A. We did well last year with the Wafra and AMP deals. And I think this management team, those that follow me know that we've got a pretty rich history in doing M&A. So our confidence and conviction level around that is pretty strong.

我們還說過，我想我對可再生能源的重要性以及使用可再生能源為數字基礎設施提供動力的能力也有很好的規定。我們已經看到案例研究，在 Switch 全力以赴，我們的表現優於我們的租賃預測，我們在 22 年的全年租賃超過了我們 3 年的指導，客戶希望進入數據中心，他們希望成為圍繞具有可再生能源的數字基礎設施。因此，我們花了很多時間思考如何發展 InfraBridge 平台並繼續增強可再生能源領域的實力。所以我今天真正關注的兩個領域是私募股權——數字私募股權中間市場和可再生能源。我們非常專注，有很多目標，顯然，我們有一個關於我們認為我們將在併購中做什麼的指南。我們去年在 Wafra 和 AMP 交易方面做得很好。我認為這個管理團隊，那些跟隨我的人都知道我們在進行併購方面有著豐富的歷史。因此，我們對此充滿信心和信念。

Got it. And then on the DE guidance, what kind of carried interest is assumed in that guide? And is that sort of the difference between the upper end and lower end of the guide?

知道了。然後在 DE 指南中，該指南假定了什麼樣的附帶利益？這就是指南的上端和下端之間的區別嗎？

Yes, I'll defer it to Jacky on that.

是的，我會把它推遲給 Jacky。

Great. The biggest difference in the guide really in the range is driven by the fundraising range, but we have not assumed carried interest in our guidance. So that would be incremental upside to our numbers.

偉大的。指南中真正在範圍內的最大差異是由籌資範圍驅動的，但我們沒有在我們的指南中假設附帶利益。因此，這將增加我們的數字。

Okay. And then Marc, you'll have a lot of funds to deploy if you hit this guide. And then you also have some portfolio codes that might be nearing time to exit. So could you just give us an update on how you're viewing M&A multiples right now globally, what looks attractive? What looks less attractive?

好的。然後馬克，如果你點擊本指南，你將有很多資金可以部署。然後你還有一些可能快要退出的投資組合代碼。那麼，您能否向我們介紹一下您目前在全球範圍內如何看待併購倍數的最新情況，看起來有吸引力的是什麼？什麼看起來不那麼吸引人？

Yes. So look, it's kind of the tale of 2 cities, right? I think the high-quality digital infrastructure assets are still hanging in and are holding their value. And I think what you're seeing is -- and when I say high-quality, businesses that have contracted cash flows greater than 5, 10, 15 years that are more than 80% exposed to investment-grade counterparties and businesses that have securitized debt, long-term capital structures that are portable.

是的。所以看，這是 2 個城市的故事，對吧？我認為高質量的數字基礎設施資產仍然存在並保值。我認為你所看到的是——當我說高質量時，合同現金流量超過 5、10、15 年的企業有超過 80% 暴露於投資級交易對手和證券化的企業債務，可移植的長期資本結構。

We proved that in the Wildstone transaction. We proved that out in the DataBank transaction. We had portable capital structures, and we had high-quality assets with long-durated cash flows. I think what you're also seeing is the tale of the other side of the city, which I sort of telegraphed about 2, 3 years ago, which is you have a series of generalists infra funds that went in, bought a lot of fiber that was facing consumer that did not have long-term contracted cash flows, which we were very clear we were staying away from.

我們在 Wildstone 交易中證明了這一點。我們在 DataBank 交易中證明了這一點。我們擁有可移植的資本結構，我們擁有具有長期現金流的優質資產。我想你也看到了城市另一邊的故事，我在大約 2、3 年前打過電報，你有一系列的通才基礎設施基金，買了很多光纖那是面對沒有長期合同現金流量的消費者，我們非常清楚我們正在遠離這種情況。

So the last 2 to 3 years, we've been focusing on quality, the Deutsche Telekom transaction, Switch, Landmark. These are businesses that have high exposure to investment-grade counterparties and long-term leases, and that's where we deployed capital. We went left and we played risk off. The rest of the world went right and paid high multiples for residential fiber and other businesses that don't have long-term cash flows.

所以在過去的 2 到 3 年裡，我們一直專注於質量、德國電信交易、Switch、Landmark。這些企業對投資級交易對手和長期租賃有很高的風險敞口，這就是我們部署資本的地方。我們向左走，我們玩了冒險。世界其他地區做對了，為住宅光纖和其他沒有長期現金流的企業支付了高倍數。

So we've always been very careful to stay away from businesses that have consumer-facing graphics and are built on hope dividends. We don't invest on hope dividends. It's just not what we do at DigitalBridge. And so it comes as no surprise in the third quarter and the fourth quarter that both of our funds, DigitalBridge Partners 1 and 2 moved up in value while we saw other counterparties and private equity and other forms of investing in the space, either at par or move down. And I think that was largely because of our disciplined investment framework, which we continue to execute today.

因此，我們一直非常小心地遠離那些擁有面向消費者的圖形並建立在希望紅利之上的企業。我們不投資希望紅利。這不是我們在 DigitalBridge 所做的。因此，毫不奇怪，在第三季度和第四季度，我們的基金 DigitalBridge Partners 1 和 2 的價值都上升了，而我們看到其他交易對手和私募股權以及其他形式的投資領域，無論是在面值或向下移動。我認為這主要是因為我們今天繼續執行的嚴格投資框架。

So the setup as we go forward, is really interesting. We think there are good opportunities to play in kind of 3 types of investment opportunities as we form all this new capital. One, we do think there is dislocation. And when there's dislocation, you can invest, you can take advantage of a re-mark to market. And we're certainly seeing that in the fiber-to-the-home space, and we think there's going to be good opportunities to not play in that sector in the mid-20s, but play in that sector back down again in the low teens, if not even single digits. So -- we're looking very carefully at some of those businesses because we think they're finally reflecting their value. And maybe that's the right time to enter fiber to the home or resi fiber.

因此，我們前進的設置非常有趣。我們認為，隨著我們形成所有這些新資本，我們有很好的機會參與 3 種類型的投資機會。第一，我們確實認為存在錯位。當出現錯位時，你可以投資，你可以利用市場重新標記的機會。而且我們肯定在光纖到戶領域看到了這一點，我們認為在 20 年代中期將有很好的機會不參與該領域，但在低點再次回歸該領域十幾歲，即使不是個位數。所以——我們正在非常仔細地研究其中的一些業務，因為我們認為它們最終反映了它們的價值。也許現在是進入光纖到戶或 resi 光纖的正確時機。

We'll continue to look at Towers on a global basis. Towers have always held up very strong in these sort of turbulent macro environments on. Got a number of tower deals we're working on. We still like data centers. We like private cloud. We like what we're doing at Switch. We certainly like what we're doing in public cloud or Vantage, and we have numerous data center opportunities to execute in this fund focusing on private and public cloud narratives.

我們將繼續在全球範圍內關注 Towers。在這些動蕩的宏觀環境中，塔樓總是非常堅固。我們正在處理一些塔式交易。我們仍然喜歡數據中心。我們喜歡私有云。我們喜歡我們在 Switch 所做的事情。我們當然喜歡我們在公共雲或 Vantage 中所做的事情，並且我們有許多數據中心機會可以在該基金中執行，重點關注私有云和公共雲的敘述。

Another area that I think that we're seeing a really good opportunity is in network infrastructure that is based on SaaS models. So software-defined networking businesses that were trading in the mid-30s are now trading back down in the low teens again. That's an interesting opportunity as we think about what makes networks tick in the future. And then, of course, we'll also look at digital media assets. We had a great experience with the Wildstone acquisition. The Outdoor Media business is coming under some pressure right now like other sectors. So it's a combination of value shopping high-quality shopping. And then the last of the 3 legs to the stool where we'll invest is what we call backing management teams and new ideas. It's something that we've done time and time again. We've stood up new businesses, new ideas, and we're not afraid to do that with the right management team. It has to be sort of best-in-class. So a lot to do right now. We've got a very big pipeline of new ideas that we're prosecuting for our new DigitalBridge Partners strategy. And we're pretty optimistic about the things that we're doing right now.

我認為我們看到一個非常好的機會的另一個領域是基於 SaaS 模型的網絡基礎設施。因此，在 30 年代中期交易的軟件定義網絡業務現在再次回落到十幾歲以下。這是一個有趣的機會，因為我們正在思考是什麼讓網絡在未來運轉起來。然後，當然，我們還將研究數字媒體資產。我們在收購 Wildstone 方面獲得了豐富的經驗。與其他行業一樣，戶外媒體業務目前也面臨一些壓力。所以它是超值購物和優質購物的結合。然後我們將投資的 3 條腿中的最後一條是我們所謂的支持管理團隊和新想法。這是我們一次又一次地做的事情。我們創立了新業務、新想法，而且我們不懼怕與合適的管理團隊合作。它必須是一流的。現在有很多事情要做。我們正在為新的 DigitalBridge Partners 戰略提出大量新想法。我們對我們現在正在做的事情非常樂觀。

And last one for me. When should we expect the 2023 Investor Day? .

最後一個給我。我們應該在什麼時候期待 2023 年投資者日？ .

I'll leave that to Severin White. Severin, do you want to answer that question? .

我會把它留給 Severin White。 Severin，你想回答這個問題嗎？ .

Yes. I think we're looking potentially at June. So more to follow on that.

是的。我認為我們可能會在 6 月份尋找。因此，還有更多內容要遵循。

Our next question is from the line of Eric Luebchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Eric Luebchow。

Just wanted to get an update on the deconsolidation of DataBank and Vantage SDC. Obviously, you've had a successful recap thus far of DataBank. Could you kind of remind us what you have left to do there? And maybe do you think you can continue to achieve the, I think, 30x multiple that you did on the initial stages of the recap? And then separately, with Vantage SDC, what type of appetite do you see out there today from investors for more stabilized data center assets like Vantage SDC versus more of a development platform like you have in the fund business? .

只是想了解有關 DataBank 和 Vantage SDC 拆分的最新信息。顯然，到目前為止，您已經成功地回顧了 DataBank。你能提醒我們你還有什麼事要做嗎？也許你認為你可以繼續實現你在回顧初始階段所做的 30 倍？然後，對於 Vantage SDC，您認為今天投資者對更穩定的數據中心資產（如 Vantage SDC）和基金業務中的更多開發平台的興趣是什麼？ .

Yes. Thanks, Eric. Those are great questions. Let's start with DataBank. I think that's kind of the easier one. First of all, since we announced the transaction last June with Swiss Life and EDF, the headline multiple was close to 30x. What I'm pleased to tell you is that multiple today is not 30 times. The business, as you saw from Digital Operating results, which were very strong year-over-year.

是的。謝謝，埃里克。這些都是很好的問題。讓我們從數據庫開始。我認為那是一種更容易的方法。首先，自從我們去年 6 月宣布與 Swiss Life 和 EDF 的交易以來，整體市盈率接近 30 倍。我很高興地告訴你，今天的倍數不是 30 倍。正如您從數字運營結果中看到的那樣，該業務同比非常強勁。

DataBank has massively outperformed its business plan. In fact, had its best quarter of leasing and company history in the fourth quarter. And today, the subscription period on that fund, remember, that's a continuation fund, Eric. That stays open until June 30. So investors can subscribe all the way to June 30 at the initial share price. So investors that have been patient and have continued to look at the company, have the chance to invest and clearly now have the chance to invest in the lower to mid-20s type multiple.

DataBank 的業績大大超出了其業務計劃。事實上，第四季度是租賃和公司歷史上最好的季度。今天，那個基金的認購期，記住，那是一個延續基金，埃里克。一直開放到 6 月 30 日。因此投資者可以以初始股價一直認購到 6 月 30 日。因此，一直有耐心並繼續關注該公司的投資者有機會投資，而且現在顯然有機會投資於 20 多歲以下的倍數。

So the business has managed to take that entry multiple down from 30 to 28, now closer to 25 to 24x. We've had spectacular execution at DataBank, I'm pleased to say. So what we did, Eric, is we had a number of different initiatives in flight with Switch and Deutsche Telekom. So we actually turned off the DataBank fundraising in fourth quarter. We're reigniting that fundraising starting March 1, where we'll take subscriptions again, and we'll take subscriptions all the way until the end of June 30. We do have roughly about 22 investors in the data room doing the work. We feel really good about our ability to raise another $600 million there. That gets us that $600 million, if I'm correct, Jacky, that takes us from about 12% down to 6% or 7%. You'll have to give back me up on the numbers here on the fund raising.

因此，該企業已設法將該進入倍數從 30 倍降至 28 倍，現在接近 25 倍至 24 倍。我很高興地說，我們在 DataBank 的執行力非常出色。因此，埃里克，我們所做的是我們與 Switch 和德國電信開展了許多不同的計劃。所以我們實際上在第四季度關閉了 DataBank 籌款活動。我們將從 3 月 1 日開始重新啟動籌款活動，屆時我們將再次接受訂閱，我們將一直接受訂閱，直到 6 月 30 日結束。我們的數據室中確實有大約 22 名投資者在做這項工作。我們對我們在那裡再籌集 6 億美元的能力感到非常滿意。這讓我們得到了 6 億美元，如果我是正確的，Jacky，這會使我們從大約 12% 下降到 6% 或 7%。你必須在籌款的數字上告訴我。

Yes sure, no worries. We're at around 11% right now, and that will take us a little under 8%.

是的，不用擔心。我們現在大約是 11%，這將使我們略低於 8%。

So really high conviction, Eric, around DataBank, largely because the business is just performing at an incredible pace. So we're pretty optimistic that we'll get that done here in short order. Vantage SDC, same story. It's a business that continues to execute against its plan. Really hard to find at that entry price and at that cap rate, the quality of the cash flows of domestic U.S. close to 100% investment grade, 15-year leases with investment-grade cloud players.

Eric 對 DataBank 非常有信心，這主要是因為該業務正在以驚人的速度發展。所以我們非常樂觀，我們會在短期內完成這項工作。 Vantage SDC，同樣的故事。這是一家繼續按照其計劃執行的企業。以該入門價格和上限利率，很難找到美國國內現金流的質量接近 100% 投資級，與投資級雲播放器簽訂 15 年租約。

And as you can imagine, other parts of the world, maybe not U.S. pensions, but certainly Asian pensions, Australian pensions, Middle Eastern sovereign wealth funds between Asia and the Middle East and Australia, we're finding that there's a lot of appetite for high-quality yielding assets. And again, the entry price would be the same as it was when we initiated that continuation fund, as you know, Vantage SDC sits in a continuation fund already. And so we've got very strong momentum there. Part of my team is in Australia this week, fundraising, and some of my team next week is in Asia and some of my teams in the Middle East. So we're constantly fundraising, Eric. It's really candidly our strength. And that's why we feel really confident about the 2023 guidance that we've laid out.

正如你可以想像的那樣，世界其他地區，也許不是美國養老金，但肯定是亞洲養老金、澳大利亞養老金、亞洲與中東和澳大利亞之間的中東主權財富基金，我們發現人們對優質收益資產。再一次，入場價將與我們發起該延續基金時的價格相同，如您所知，Vantage SDC 已經在延續基金中。所以我們在那裡有非常強勁的勢頭。我的部分團隊本週在澳大利亞籌款，下週我的部分團隊在亞洲，部分團隊在中東。所以我們一直在籌款，埃里克。坦率地說，這確實是我們的優勢。這就是為什麼我們對我們制定的 2023 年指南充滿信心。

And once again, that guidance is $8-plus billion of new fundraising just to be entirely clear with everyone. We have an expectation that we're going to beat that target. So that's the update on 2 of those. And by the way, if we sell a stake in Vantage SDC again, call it, if we sell what Jacky was sort of telegraphing we might sell half that stake, which would take us from 12% to about 6%. Do you want to give us the math on that?

再一次，這個指導是 8 多億美元的新籌款，只是為了讓每個人都完全清楚。我們期望我們將超過該目標。這就是其中 2 個的更新。順便說一句，如果我們再次出售 Vantage SDC 的股份，可以這麼說，如果我們出售 Jacky 所說的那種電報，我們可能會出售一半的股份，這將使我們的股份從 12% 減少到 6% 左右。你想給我們數學嗎？

Yes, sure. So we're a little over 13% ownership of Vantage SDC now, and under GAAP considerations, we would get to below 9.5% to deconsolidate our position. Obviously, we'll be opportunistic with any sort of recapitalization there. .

是的，當然。因此，我們現在對 Vantage SDC 的所有權略高於 13%，根據 GAAP 考慮，我們將低於 9.5% 以分散我們的地位。顯然，我們會在那裡進行任何形式的資本重組。 .

Got you. That's helpful. And just one more for me. Marc, there's been some debate in the fixed income community, so maybe you could help clear the air around the outlook for Zayo within your portfolio just based on where the bonds are traded earlier this year. So maybe you can just give us an update on the cash flow and growth outlook and the performance of that fairly large portfolio asset, that would be helpful. .

明白了這很有幫助。還有一個給我。馬克，固定收益界存在一些爭論，所以也許你可以根據今年早些時候債券的交易地點，幫助澄清你投資組合中 Zayo 的前景。因此，也許您可以向我們提供有關現金流量和增長前景以及相當大的投資組合資產表現的最新信息，這會有所幫助。 .

Yes, sure. We're certainly under no obligation to talk about that asset, but I really like you, Eric. But anyway, we're forecasting roughly 5.5% to 6.8% organic net growth this year at Zayo. We had a very, very strong fourth quarter, strongest revenue bookings in the company's history in 2022 and the strongest quarter of net installs in the company's history in Q4.

是的，當然。我們當然沒有義務談論這項資產，但我真的很喜歡你，埃里克。但無論如何，我們預測今年 Zayo 的有機淨增長約為 5.5% 至 6.8%。我們的第四季度非常非常強勁，2022 年的收入預訂量是公司歷史上最強勁的，第四季度的淨安裝量也是公司歷史上最強勁的季度。

We have spent the last 2 years rebooting the management team. Candidly, redoing the back-office systems, which needed a lot of work in repair. We put more CapEx into the physical plant, just renovating certain routes and building redundancy and strength over $120 million invested in the last 2 years that was at our election, it was discretionary CapEx to make sure the network is strong. And then we've got a best-in-class sales team led by Andrés Irlando.

在過去的 2 年裡，我們一直在重新啟動管理團隊。坦率地說，重做後台系統，這需要大量的維修工作。我們將更多的資本支出投入實體工廠，僅翻新某些路線並建立冗餘和實力，在我們選舉的過去兩年中投資超過 1.2 億美元，這是可自由支配的資本支出，以確保網絡強大。然後，我們擁有一支由 Andrés Irlando 領導的一流銷售團隊。

So we've made all the right moves. We're starting to see the results. And we're very confident in that company. The routes that Zayo has and the customers it has are pretty indelible, really difficult to replicate what Zayo has on a nationwide basis. And so we know in time, the network wins and we know the quality of the cash flows and the quality of the customers win. I think the business had a set of headwinds. We knew that when we underwrote the deal. We had a battle plan to fix it, and that's what I've been focused on for the last better part of 3 quarters since the second quarter of last year. It's one of the Boards that I personally sit on and investors can go to sleep at night knowing that I'm very involved in that business day to day with Steve Smith, and I quite enjoy it, and I like the management team, and I know where we're going, and it's headed in the absolute right direction and the financial performance will show that this year. So we have strong conviction in the bonds.

所以我們已經採取了所有正確的舉措。我們開始看到結果。我們對那家公司非常有信心。 Zayo 擁有的路線和它擁有的客戶是不可磨滅的，很難在全國范圍內復制 Zayo 擁有的東西。所以我們及時知道，網絡贏了，我們知道現金流的質量和贏得客戶的質量。我認為這項業務遇到了一系列不利因素。我們在承銷交易時就知道這一點。我們有一個解決它的戰鬥計劃，這就是自去年第二季度以來我在 3 個季度的最後大部分時間裡一直關注的問題。這是我親自參與的董事會之一，投資者可以在晚上入睡，因為我知道我每天都與史蒂夫史密斯一起參與這項業務，我非常喜歡它，我喜歡管理團隊，而且我知道我們要去哪裡，它正朝著絕對正確的方向前進，今年的財務業績將證明這一點。所以我們對債券有強烈的信心。

The next question is from the line of Jon Atkin with RBC Capital Markets. .

下一個問題來自 RBC Capital Markets 的 Jon Atkin。 .

So just two questions on capital formation. Can you talk a little bit about how your discussions with investors has changed just given what's going on in kind of the macro economy and financing costs and just overall capital markets conditions? And are you expecting to get largely kind of repeat investors or folks that are new to the family or new to Digital? Just trying to get a sense of how you get to that target and how the discussions maybe this year might be different from what you've had in prior cycles? And then on the simplification of the capital structure. I think you kind of alluded to this earlier, but maybe you could just to repeat, what are the procedural milestones to keep in mind that might influence the time line around deconsolidation?

所以只有兩個關於資本形成的問題。鑑於宏觀經濟和融資成本以及整體資本市場狀況的變化，您能否談談您與投資者的討論有何變化？您是否希望獲得大量的回頭客或對家庭或 Digital 不熟悉的人？只是想了解一下您是如何實現該目標的，以及今年的討論可能與您之前週期中的討論有何不同？然後是關於資本結構的簡化。我認為您之前曾提到過這一點，但也許您可以重複一遍，要記住哪些程序里程碑可能會影響拆分時間線？

Let me take the easier one, which is deconsolidation. I think we just laid that out. We've got teams in place right now that are talking to investors on both assets. I think DataBank sort of comes first. Vantage SDC comes second. We've committed to deconsolidating both of those assets this year. I've given you a June 30 time line on the DataBank fundraising. That's when the subscription period ends in that continuation fund. And we've got 22 logos in there in the data room doing the work. $600 million is the target.

讓我採取更簡單的方法，即去鞏固。我想我們只是把它擺出來了。我們現在已經組建了團隊，正在就這兩種資產與投資者進行對話。我認為 DataBank 是第一位的。 Vantage SDC 位居第二。我們已承諾在今年拆分這兩項資產。我已經為您提供了 6 月 30 日的 DataBank 籌款時間表。那是認購期在該延續基金中結束的時候。我們在數據室裡有 22 個徽標來完成這項工作。 6億美元是目標。

Verbal commitments right now are almost quadruple that, just to give you a sense of our conviction level around the DataBank process. The Vantage SDC process sell down there just started. And there, it's a combination, as I said, sovereign wealth funds, pension funds, particularly Japanese, Korean and Australian pension funds, roughly about 14 logos have been invited to look at that. And what's also interesting right now, if you follow fundraising, Jonathan, you'll know that there are literally hundreds of billions of dollars sitting on the sidelines in secondary funds. So folks that do secondaries like Partners Group, Blackstone and Ardian, who are quite expert at that are also looking at the opportunity. It's a really high-quality set of assets.

現在的口頭承諾幾乎是原來的四倍，只是為了讓您了解我們對 DataBank 流程的信心程度。 Vantage SDC 的銷售流程才剛剛開始。正如我所說，它是一個組合，主權財富基金、養老基金，特別是日本、韓國和澳大利亞的養老基金，大約有 14 個徽標已被邀請查看。現在也很有趣的是，如果你關注籌款活動，喬納森，你就會知道二級基金中有數千億美元處於觀望狀態。因此，像 Partners Group、Blackstone 和 Ardian 這樣精通二級市場的人也在尋找機會。這是一組非常優質的資產。

And what I've always found in my line of work, Jonathan, is when there's hundreds of billions of dollars sitting on the sidelines chasing very few deals that are of high quality, usually you win. So we've got secondary folks looking at it as well, not at a discount to be clear. And our conviction level around just the quality of the Vantage assets is quite strong. So I can't give you a specific time line. We haven't put a time line on that process yet. But again, we have guided that we will get both of these assets deconsolidated. And look, at the end of the day, people need to understand the motivation of the deconsolidation. I think we've been hearing from investors that they want us to simplify the business and by deconsolidating and moving the 2 operating assets to IM is going to be met with a lot of support.

喬納森，我在我的工作中總是發現，當有數千億美元的資金坐在場邊追逐很少的高質量交易時，通常你會贏。因此，我們也有二手人在看它，不是打折要清楚。我們對 Vantage 資產質量的信念非常強。所以我不能給你一個具體的時間表。我們還沒有為該過程設定時間表。但同樣，我們已經指導我們將對這兩項資產進行拆分。看，歸根結底，人們需要了解拆分的動機。我認為我們一直從投資者那裡聽到他們希望我們簡化業務，並且通過將 2 個運營資產拆分並轉移到 IM 將得到很多支持。

I'm not doing it because investors are telling us we need to do it. I'm doing it because I know we have to delever our business. And I think some of the comments that Jacky made about leverage earlier today are absolutely seminal to what we're doing, maintaining high liquidity and getting our target leverage sub-4x as fast as we can. And by having low leverage and high liquidity, that's how you play a market like this. That worked for me back in 2002 and 2003, and that worked for us in 2009 and 2010. It's a playbook that works. So we want to be known as the digital infrastructure investor with low leverage, a lot of liquidity and firepower to go play offense, which we absolutely 100% intend to do.

我不這樣做是因為投資者告訴我們我們需要這樣做。我這樣做是因為我知道我們必須去槓桿化我們的業務。我認為 Jacky 今天早些時候就槓桿率發表的一些評論絕對對我們正在做的事情具有開創性意義，即保持高流動性並儘快將我們的目標槓桿率降至 4 倍以下。通過低杠桿和高流動性，這就是您在這樣的市場中的運作方式。這在 2002 年和 2003 年對我有用，在 2009 年和 2010 年對我們也有用。這是一本行之有效的劇本。因此，我們希望以低杠桿、大量流動性和火力進攻的數字基礎設施投資者而聞名，我們絕對 100% 打算這樣做。

Let's switch gears to your first question, fundraising and what's going on there. We had about 80 investors, Jonathan, in our second fund, DigitalBridge Partners II. As we launch our new DigitalBridge Partners Strategy, we've already been out talking to those investors, our Fund II investors over the last 120 days. I'm pleased to say out of those 79 investors, not 1 of those investors had said no to our next strategy. That's pretty stunning. Now I don't expect we'll get 100% renewal on those investors, but we are anticipating about an 80% renewal rate on that $8.3 billion of capital, but also accepting that the denominator effect will make checks about 20% to 30% smaller. So where does that lead us? If you run that calculus at a 25% smaller check and an 80% take rate, you still have some fundraising to do. So we've been doing that. We've been out for the last 120 days, we're in dialogue with 200 new logos. That's not a typo, 200 new investors that we have outreach to that have verbally indicated they have interest of about $30 billion.

讓我們切換到您的第一個問題，籌款以及那裡發生的事情。我們的第二隻基金 DigitalBridge Partners II 有大約 80 名投資者 Jonathan。在我們推出新的 DigitalBridge Partners Strategy 時，我們已經在過去 120 天裡與這些投資者、我們的 Fund II 投資者進行了交談。我很高興地說，在這 79 位投資者中，沒有一位對我們的下一個策略說不。這真是太棒了。現在我不希望這些投資者獲得 100% 的續約率，但我們預計這 83 億美元資本的續約率約為 80%，但也接受分母效應將檢查約 20% 至 30%更小。那麼這會將我們引向何方？如果您以小 25% 的支票和 80% 的接受率運行該微積分，您仍然需要籌款。所以我們一直在這樣做。在過去的 120 天裡，我們一直在與 200 個新徽標進行對話。這不是打字錯誤，我們接觸過的 200 名新投資者口頭表示他們有大約 300 億美元的興趣。

Keep in mind, we've got 17 salespeople globally. Kevin Smithen and Leslie Golden are the best in the business. We fund raised 24/7. We have very sophisticated back-office tools that enable us to predict what investors are doing? Where are they in the process? What the probability that they get through diligence? What's the probability they get to IC? And what's the probability they get to yes?

請記住，我們在全球擁有 17 名銷售人員。 Kevin Smithen 和 Leslie Golden 是業內最好的。我們為 24/7 籌集資金。我們擁有非常先進的後台工具，使我們能夠預測投資者在做什麼？他們在這個過程中的什麼位置？他們通過勤奮得到的概率有多大？他們進入 IC 的概率是多少？他們同意的可能性有多大？

So we put that all into the supercomputer, and we get a pretty good outcome for fundraising this year. Now a lot can happen. We accept that the environment is incredibly turbulent, it's choppy, investors have choices. But we also know that investors are not walking away from digital infrastructure, Jonathan. They're not walking away from renewable energy, and they're not walking away from credit. So renewables, digital infrastructure and credit are the strategies that are working. That is where investors are putting capital to work. We had successful fundraising in January. We've had successful fundraising in February. We're obviously not at liberty to report those results until the next quarterly earnings. But again, I want to be clear with everyone on the phone today, we have very strong conviction around what we're doing in fundraising. And we've got the data and the dialogue and the sales team to support that. So again, I think if you're taking anything away from this call is you have somebody who has a lot of conviction in our fundraising now based on the various discussions we have going on. Does that help, Jonathan?

因此，我們將所有這些都放入了超級計算機中，並且今年的籌款活動取得了不錯的成績。現在可能會發生很多事情。我們承認環境非常動盪，波濤洶湧，投資者有選擇。但我們也知道，投資者並沒有放棄數字基礎設施，喬納森。他們並沒有放棄可再生能源，也沒有放棄信貸。因此，可再生能源、數字基礎設施和信貸是行之有效的戰略。這就是投資者投入資金的地方。我們在一月份成功籌款。我們在二月份成功籌款。顯然，在下一個季度收益之前，我們不能隨意報告這些結果。但是，我想再次對今天電話中的每個人說清楚，我們對我們在籌款方面所做的事情有著非常堅定的信念。我們有數據、對話和銷售團隊來支持這一點。所以，我想如果你從這次電話會議中得到什麼，那麼根據我們正在進行的各種討論，你現在有一個對我們的籌款有很大信心的人。這有幫助嗎，喬納森？

Yes, it does.

是的，它確實。

Our next question is from the line of Jade Rahmani with KBW.

我們的下一個問題來自 Jade Rahmani 與 KBW 的合作。

A question about fundraising. Does digital infrastructure fall within real estate or infrastructure and does that designation make any difference in terms of the outlook? .

關於籌款的問題。數字基礎設施是否屬於房地產或基礎設施，這種指定在前景方面有什麼不同嗎？ .

It's infrastructure, right? I mean you go back to DigitalBridge Partners Strategy 1 and Strategy 2, I'd say strategy 1, Jade, 25% of the capital was coming from real estate buckets. You pivot to Strategy 2, $8.3 billion, about 10% of that capital came from real estate allocators. And as we look forward and think about what we're doing with the new strategy, I think it's pretty much all infra at this point. I don't think real estate investors are looking at our series of fund products as real estate. I think it's -- the conversations we have, Jade are with the head of infrastructure, the CIOs of real assets, I mean, our connectivity with investors now is pretty strong. And I think what we found is that our home for our capital is infrastructure, unless, of course, we're out raising money for credit, we're out raising money for our venture growth strategy or liquid securities products. Those are different -- those are obviously different conversations. But in our core DigitalBridge Partners flagship strategy, it's real assets and underneath that, it's infra. .

這是基礎設施，對吧？我的意思是你回到 DigitalBridge Partners 戰略 1 和戰略 2，我會說戰略 1，Jade，25% 的資本來自房地產桶。你轉向戰略 2，83 億美元，其中約 10% 的資金來自房地產分配者。當我們展望未來並思考我們正在用新戰略做什麼時，我認為目前幾乎都是基礎設施。我不認為房地產投資者將我們的系列基金產品視為房地產。我認為這是——我們的對話，傑德與基礎設施負責人，實物資產的首席信息官，我的意思是，我們現在與投資者的聯繫非常牢固。而且我認為我們發現我們的資本之家是基礎設施，當然，除非我們為信貸籌集資金，我們為我們的風險增長戰略或流動證券產品籌集資金。這些是不同的——那些顯然是不同的對話。但在我們的核心 DigitalBridge Partners 旗艦戰略中，它是實物資產，而在其之下，它是基礎設施。 .

So does that create an opportunity to broaden the focus to overall infrastructure, there could be synergies and fundraising with respect to all the LPs you're talking to? Or do you think that's more of a risk to dilute your focus?

那麼，這是否創造了一個機會，可以將重點擴大到整體基礎設施，與您正在交談的所有有限合夥人之間可能會產生協同效應和籌款？還是您認為這會分散您的注意力？

No, I think -- look, we obviously are very skilled at fundraising. We've almost tripled the size of our fundraising team. I mentioned on the call, we did invest a lot in SG&A last year because we're building a growth engine, Jade to get to $150 billion of assets under management. I'm guiding to $275 million to $290 million of FRE in 2025. And the way we get there is by fundraising. And the way we get there is building scale in our credit product, building scale in our core product. Certainly, InfraBridge is a big part of our growth strategy as well. We like the Digital plus strategy. We like what we're doing there. Certainly, like the team we have in place there in terms of digital logistics and renewable energy. There's a lot of room for us to grow there.

不，我認為 - 看，我們顯然非常擅長籌款。我們籌款團隊的規模幾乎增加了兩倍。我在電話中提到，去年我們確實在 SG&A 方面投入了大量資金，因為我們正在打造一個增長引擎，Jade 以管理 1500 億美元的資產。我計劃在 2025 年實現 2.75 億美元至 2.9 億美元的 FRE。我們實現目標的方式是籌款。我們實現這一目標的方法是擴大我們的信貸產品規模，擴大我們核心產品的規模。當然，InfraBridge 也是我們增長戰略的重要組成部分。我們喜歡數字加戰略。我們喜歡我們在那裡做的事情。當然，就像我們在數字物流和可再生能源方面的團隊一樣。我們在那裡有很大的發展空間。

We picked up 5 world-class fundraisers from InfraBridge, bringing our total team to 17 people globally, and they've got a bunch of logos that we didn't have, and we've got a bunch of logos they didn't have. So the synergies in the InfraBridge deal are yet to be entirely apparent to the street, Jade. But I can tell you, we're fully integrated day 1, Jacky Wu and Ben Jenkins and Liam did a great job integrating that team into our operations. So the day we closed, everybody was on the same page for fundraising asset management and back office and accounting. And so we're hitting the ground running on InfraBridge. It took a little longer than we would have liked to have closed the transaction, but it really just gave Jacky more time to integrate the back office side and it gave Liam and Ben more time to integrate the Investment Management team.

我們從 InfraBridge 挑選了 5 位世界級籌款人，使我們的全球團隊總數達到 17 人，他們有一堆我們沒有的標誌，我們有一堆他們沒有的標誌.因此，傑德，InfraBridge 交易中的協同效應尚未完全顯現出來。但我可以告訴你，我們在第一天就完全整合了，Jacky Wu、Ben Jenkins 和 Liam 在將該團隊整合到我們的運營中做得很好。所以在我們關閉的那天，每個人都在籌款資產管理、後台和會計方面達成一致。因此，我們在 InfraBridge 上開始運行。完成交易的時間比我們希望的要長一點，但這確實給了 Jacky 更多時間來整合後台部門，也給了 Liam 和 Ben 更多時間來整合投資管理團隊。

So clearly, strong synergies in fundraising now, a much bigger team. A lot of interest in what we're doing, not just in DigitalBridge Partners in our flagship strategy, but also some of the other co-investment vehicles and other strategies that we have going on right now. We're -- we think we're in the right place. We've got the right dialogue going and now it's just time to close some capital, which I think we will, just albeit at slightly smaller check sizes this year.

很明顯，現在籌款方面的強大協同作用，一個更大的團隊。對我們正在做的事情非常感興趣，不僅是我們旗艦戰略中的 DigitalBridge Partners，還有我們目前正在進行的其他一些共同投資工具和其他戰略。我們 - 我們認為我們在正確的地方。我們已經進行了正確的對話，現在是關閉一些資本的時候了，我認為我們會這樣做，儘管今年的支票規模略小。

And just the last question on the overall environment. Does rationalization that's playing out in the tech sector more broadly, create any flow-through impacts to the underlying businesses. Will that slow the growth rate and have any impact on LP appetite to invest in this space?

最後一個關於整體環境的問題。在科技行業更廣泛地發揮作用的合理化是否會對基礎業務產生任何流動影響。這會減緩增長率並對 LP 投資該領域的興趣產生任何影響嗎？

So look, what we have is the results from the fourth quarter, which we shared from you today. Organic growth in 2022 is at record levels across fiber, towers, small cells and data centers. Certain data center verticals are growing faster than others. I think I highlighted this in my PTC conversation in Hawaii. We see private cloud being massively on the rise. And certainly, renewable powered private cloud is on the rise because of just cybersecurity attacks, people wanting that Tier 5 security that Switch has. And certainly, there's been no abatement and leasing advantage. I mean it's a real out-leased Equinix and the outleased Digital Realty last year on the public cloud side.

所以看，我們擁有的是我們今天與您分享的第四季度的結果。到 2022 年，光纖、塔、小型基站和數據中心的有機增長將達到創紀錄水平。某些數據中心垂直領域的增長速度快於其他垂直領域。我想我在夏威夷的 PTC 談話中強調了這一點。我們看到私有云正在大量興起。當然，由於網絡安全攻擊，可再生動力私有云正在興起，人們想要 Switch 擁有的第 5 層安全性。當然，沒有減排和租賃優勢。我的意思是去年在公共雲方面，它是一個真正的外租 Equinix 和外租 Digital Realty。

So we've got the right CEOs. We've got the right management teams. And certainly, they've got access to capital. We did a very good job securitizing most of our portfolio companies, as I highlighted in our earnings deck. By having only 1 covenant Jade, which is just a DSCR ratio and no cash traps at those securitizations, our companies are minting free cash flow. And so what we're doing is harvesting cash down at those 27 digital infrastructure companies. We're reinvesting back into the businesses, not pushing dividends out to LPs. We think this is the right moment to reinvest in new towers, new data centers. We're seeing higher rents. Data center rents are up 12% in the public cloud. They're up 6% globally. And so we're seeing higher rents, and we're seeing better returns on a single tenant basis.

所以我們有合適的首席執行官。我們擁有合適的管理團隊。當然，他們可以獲得資金。正如我在收益表中強調的那樣，我們在將大部分投資組合公司證券化方面做得非常出色。通過只有 1 個契約翡翠，這只是一個 DSCR 比率，並且在這些證券化中沒有現金陷阱，我們的公司正在創造自由現金流。因此，我們正在做的是從這 27 家數字基礎設施公司那裡獲取現金。我們正在重新投資於業務，而不是將股息推給有限合夥人。我們認為現在是重新投資新塔、新數據中心的合適時機。我們看到更高的租金。公共雲中的數據中心租金上漲了 12%。它們在全球範圍內上漲了 6%。因此，我們看到了更高的租金，並且我們看到了單個租戶的更好回報。

So we have fully funded business plans for 2023. We do see CapEx being trimmed by the mobile carriers. We do see CapEx being trimmed in enterprise spend, and we do see CapEx being trimmed in cloud. But all that being said, all of our business plans are pointed to very strong high single-digit, low double-digit organic growth next year. So this is the narrative, Jade, that played out in '09 and 2010 for us. We had strong liquidity. We lowered our leverage. We had fixed debt in the form of securitized debt and it enabled us to play offense. We're running that same playbook, not just at one company like we did at Global Tower Partners, but we're running that playbook at 27 companies. So you're getting a force multiplier at DigitalBridge, you're getting to global scale, as Severin said, 5 continents we're operating today. It's a truly remarkable business, and we're going to see the benefits of having scale, having strong liquidity and having great customer relationships. We anticipate a very strong 2023.

因此，我們已經為 2023 年的商業計劃提供了充足的資金。我們確實看到移動運營商削減了資本支出。我們確實看到資本支出在企業支出中被削減，我們確實看到資本支出在雲中被削減。但話雖如此，我們所有的業務計劃都指向明年非常強勁的高個位數、低兩位數的有機增長。所以這就是 Jade 在 09 年和 2010 年為我們上演的故事。我們有很強的流動性。我們降低了槓桿率。我們以證券化債務的形式持有固定債務，這使我們能夠進攻。我們正在運行相同的劇本，不僅僅是像我們在 Global Tower Partners 那樣在一家公司運行，而是在 27 家公司運行該劇本。所以你在 DigitalBridge 獲得了一個力量倍增器，你正在達到全球規模，正如 Severin 所說，我們今天在 5 個大洲開展業務。這是一項真正了不起的業務，我們將看到擁有規模、強大的流動性和良好的客戶關係的好處。我們預計 2023 年會非常強勁。

Our next question is from the line of Michael Elias with Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Michael Elias。

Two, if I may. First, just as we think about the incremental capital that you're looking to deploy, I know you talked about the verticals that you're looking to invest in. But maybe if you could just double click on the geographies that are of focus. I believe you flagged Asia earlier on the call, just thinking about how you're prioritizing deploying capital across regions? And then my second question for you would be one of the key themes at least for the data center space has been a rise in pricing, Marc, which you just talked to, driven in par by supply chain and then also tighter occupancy. Any color on how you see pricing evolving across the verticals of com infra and if you think that could be a further tailwind for your businesses this year?

兩個，如果可以的話。首先，正如我們考慮您要部署的增量資本一樣，我知道您談到了您要投資的垂直領域。但也許您可以雙擊關注的地區。我相信你早些時候在電話會議上提到了亞洲，只是在想你如何優先安排跨地區的資本部署？然後，我要問你的第二個問題是，至少對於數據中心空間而言，關鍵主題之一是價格上漲，Marc，你剛剛與之交談過，這是由供應鏈推動的，然後是更嚴格的入住率。關於您如何看待 com infra 的垂直定價演變的任何顏色，如果您認為這可能是今年您的業務的進一步順風？

As always, Michael, good question. It's very thoughtful. Let's try to take the second one first because it's top of mind. Our business plans in 2023 are not predicated on higher pricing to customers. Let me repeat that. We are not predicating our growth results on just making our customers pay more. That's a bad playbook. Had I run that playbook in '02 and '03 and '09 and '10, when the markets turn and get good, customers don't come back to you. So we tend to be very pragmatic about how we price. We don't want to gouge. We certainly don't want to be someone who shapes the price and then the customer gets angry, and when their capital structure recovers and they've got more liquidity and their CapEx spending accelerates, we get left behind.

一如既往，邁克爾，問得好。這是非常周到的。讓我們嘗試先考慮第二個，因為它是最重要的。我們 2023 年的業務計劃並不以向客戶提高定價為前提。讓我重複一遍。我們的增長結果並不僅僅取決於讓我們的客戶支付更多費用。那是一本糟糕的劇本。如果我在 02 年、03 年、09 年和 10 年運行該劇本，當市場轉好並變得良好時，客戶就不會回到你身邊。因此，我們在定價方面往往非常務實。我們不想挖苦。我們當然不想成為決定價格的人，然後客戶生氣，當他們的資本結構恢復並且他們有更多的流動性並且他們的資本支出加速時，我們就落後了。

I've watched other publicly-traded digital infrastructure companies do that. and they'll admit, they won't admit it today. But back then, they would have admitted, they suffered for it. So we've learned from that past, right? And you've got to always look at the past and look at these down cycles, and this is where you pick customers up. You don't step on them. And I'm very clear about this with all of our 27 CEOs. There's a right way to behave. There's a right way to treat your customers. And there's a reason why we had incredible growth in the dot-com crash and the mortgage crisis because we knew how to play those cycles. We're doing the same thing today. We're putting customers first. We're taking care of them and the growth rates will follow.

我看過其他公開交易的數字基礎設施公司這樣做。他們會承認，他們今天不會承認。但在那時，他們會承認，他們為此受了苦。所以我們從過去吸取了教訓，對吧？而且您必須始終回顧過去並審視這些下行週期，這就是您吸引客戶的地方。你不要踩到他們。我對我們所有 27 位首席執行官都非常清楚這一點。有一個正確的行為方式。有一個正確的方式來對待你的客戶。我們在互聯網泡沫破滅和抵押貸款危機中取得令人難以置信的增長是有原因的，因為我們知道如何應對這些週期。我們今天也在做同樣的事情。我們把客戶放在第一位。我們正在照顧他們，增長率將隨之而來。

Yes, we have moved up pricing. I don't want you to walk away from the conversation saying, we haven't moved Towers rents up. We haven't moved data center routes up. Fiber rents actually have stayed pretty static and small cell pricing has stayed pretty static. But in Towers and in data centers and select verticals and select markets where we have a unique permitting position or we have a unique power position, Michael, we are pricing that space accordingly as one would expect. So I do see good growth in '23. It won't be as good as the growth was in '22.

是的，我們已經提高了價格。我不希望你離開談話時說，我們還沒有提高 Towers 的租金。我們還沒有向上移動數據中心路由。光纖租金實際上一直保持穩定，而小型基站的定價也一直保持穩定。但是在塔樓和數據中心以及我們擁有獨特許可地位或我們擁有獨特權力地位的特定垂直市場和特定市場，邁克爾，我們正在按照人們的預期相應地定價該空間。所以我確實看到了 23 年的良好增長。它不會像 22 年那樣增長。

Looking at the January leasing results from all the portfolio companies, I'd say we're on plan, mostly a little bit slightly ahead of plan, but you can't read much, Michael, in the first quarter. I think the fun conversation we're going to have is over the summer, checking in with us at the sort of half pole, right, halfway through the race, where are we? I think when we're out at your conference in Boulder or some of the other summer conferences, it will be interesting to check in then and figure out where are we against plan? How is leasing? Where are rates? Where is CapEx spending? Those are all things that we're going to monitor pretty closely. And the good news is I get to talk to you 4 times in a year like this, and so I'm always pretty transparent with you, and I'll share with you what I'm hearing. Does that make sense?

看看所有投資組合公司 1 月份的租賃結果，我會說我們按計劃進行，大部分都比計劃提前了一點，但邁克爾，第一季度你看不到太多信息。我認為我們將要進行的有趣對話是在整個夏天，在半杆位上與我們一起檢查，對，在比賽進行到一半時，我們在哪裡？我認為當我們參加您在博爾德舉行的會議或其他一些夏季會議時，檢查一下並弄清楚我們在哪裡違反計劃會很有趣？租賃情況如何？費率在哪裡？資本支出在哪裡？這些都是我們將密切關注的事情。好消息是，像這樣，我一年能和你談 4 次，所以我對你總是很透明，我會和你分享我聽到的。那有意義嗎？

Absolutely. Appreciate those comments. And then just any color on geographies where you're focused on deploying the capital.

絕對地。感謝這些評論。然後是您專注於部署首都的地區的任何顏色。

Yes, yes. So look, I mean, we're always shifting a little bit, right? There was -- if you look at DigitalBridge Partners 1 and DigitalBridge Partners 2, DigitalBridge Partners 1, we put 20% of the fund in the LatAm. We put about 40% to 45% in Europe and about 30% to 35% in the U.S. Then that shifted in Fund II. We decided to go -- we sort of took risk off in Europe, put about 30% to 35% there. We moved up in the U.S. and Canada to close to 42%, 43%. We did very little in Latin America, about 5%, then we did 20% in Asia. So Asia was a big part of our strategy in DigitalBridge Partners 2.

是的是的。所以看，我的意思是，我們總是在移動一點點，對吧？有——如果你看看 DigitalBridge Partners 1 和 DigitalBridge Partners 2，DigitalBridge Partners 1，我們將 20% 的資金投入了 LatAm。我們將大約 40% 至 45% 的資金投入歐洲，將大約 30% 至 35% 的資金投入美國。然後轉移到基金 II。我們決定去——我們在歐洲有點冒險，在那裡放了大約 30% 到 35%。我們在美國和加拿大的比例上升到接近 42%、43%。我們在拉丁美洲做的很少，大約 5%，然後我們在亞洲做了 20%。因此，亞洲是我們 DigitalBridge Partners 2 戰略的重要組成部分。

I think for this year, from an allocation perspective, as I highlighted on the call today, I like what we're seeing in Asia. There's some technicals there that we like. And so we're going to continue on the same cadence in Asia. We're seeing good opportunities. We're seeing a lot of our customers are looking to sell infrastructure. And keep in mind, a lot of the carriers sold their infrastructure, Michael, 15 years ago in the U.S. In Europe, they started selling 5, 6 years ago. And Asia is kind of the last big theater where you're going to see a lot of infrastructure to be sold. So I think that's me telegraphing that a little bit. I'm still a little risk off on Europe. I think the way we play Europe is through dislocation. I think you've seen a couple of fiber-to-the-home bankruptcies in the last 2 to 3 weeks. We've been looking around some of those.

我認為今年，從分配的角度來看，正如我今天在電話會議上強調的那樣，我喜歡我們在亞洲看到的情況。那裡有一些我們喜歡的技術。因此，我們將在亞洲繼續保持同樣的節奏。我們看到了很好的機會。我們看到很多客戶都希望出售基礎設施。請記住，許多運營商在 15 年前在美國出售了他們的基礎設施，邁克爾，在歐洲，他們在 5、6 年前開始銷售。亞洲是最後一個大劇院，你會看到很多基礎設施要出售。所以我認為那是我的一點電報。我對歐洲仍有一點風險。我認為我們玩歐洲的方式是通過錯位。我想你在過去的 2 到 3 週內已經看到了幾起光纖到戶的破產案。我們一直在尋找其中的一些。

So in Europe, we're going to be a little more opportunistic. I don't think we pay up for high-quality platforms in Europe. I think in the U.S., it's business as usual. I think we've been pretty consistent across the last 2 funds about what we've done in the U.S. and we like the U.S. We like the technicals. It's our home market. We like some of the things we're seeing in Canada. I wouldn't give up on investing in Canada. And then I think in Latin America, as they start to emerge from some of the recessions they had 5, 6 years ago, we do like some of those markets. But again, a very limited amount of capital. I don't see us going crazy in LatAm. But I think the big winners over the next 2 years for us will be here in our home market and in Asia are really the 2 standout areas for geography, Michael.

所以在歐洲，我們會更加投機取巧。我不認為我們為歐洲的高質量平台付出了代價。我認為在美國，一切如常。我認為我們在過去兩隻基金中對我們在美國所做的事情一直非常一致，我們喜歡美國。我們喜歡技術。這是我們的本土市場。我們喜歡我們在加拿大看到的一些東西。我不會放棄在加拿大投資。然後我認為在拉丁美洲，當他們開始擺脫 5、6 年前的一些衰退時，我們確實喜歡其中的一些市場。但同樣，資金量非常有限。我不認為我們在拉美會發瘋。但我認為未來 2 年我們的大贏家將在我們的本土市場，而亞洲確實是地理上最突出的兩個地區，邁克爾。

Our next question is 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 all the color on the deconsolidation of DataBank and Vantage. I think the other piece of the simplification pie that we've spent less time on is some of the noncore assets you plan to divest, like the BrightSpire shares, some of the other kind of legacy Colony Capital stuff just kind of laying around still. Any update on the time line for divestiture of those? Is that going to be a 2023 event? And would that have any impact on the DE guidance that you gave? .

感謝您對 DataBank 和 Vantage 的拆分給予的所有支持。我認為我們在簡化派上花費較少時間的另一塊是您計劃剝離的一些非核心資產，例如 BrightSpire 股票，以及其他一些遺留的 Colony Capital 資產，這些資產仍然存在。關於剝離這些資產的時間表有任何更新嗎？那會是 2023 年的活動嗎？這會對您提供的 DE 指南產生任何影響嗎？ .

I think we've been pretty clear about that as well that this would be the year that we'd finished divesting of all the noncore assets. That time line remains unchanged. That cash can be put to good work on digital IM M&A, and that's what we intend to do, rotate out of stuff that doesn't have a high IRR, high yield. So we'll focus on that. And then it also gives us the opportunity to put more capital into our new funds because that's working. I mean that's clearly the right strategy for us is to continue to invest in digital. So I think what you'll see is, by the end of this year, an incredibly clean, low-levered, sector-focused asset manager that's putting up incredibly strong FRE numbers. And our goal is, as usual, is to beat our guidance. I think that something this management team has long had a rich history of doing is beating our guidance. So -- but look, on BrightSpire, Jacky has been running with that. And I'm sure, Jacky, any incremental color you want to give on BrightSpire? .

我認為我們也很清楚，今年將是我們完成剝離所有非核心資產的一年。該時間線保持不變。這筆現金可以用於數字 IM 併購，這就是我們打算做的，輪換出沒有高 IRR、高收益的東西。所以我們會專注於此。然後它也讓我們有機會向我們的新基金投入更多資金，因為這是有效的。我的意思是，對我們來說，繼續投資數字技術顯然是正確的戰略。所以我想你會看到，到今年年底，一個非常乾淨、低杠桿、專注於行業的資產管理公司將提供非常強勁的 FRE 數據。和往常一樣，我們的目標是超越我們的指導。我認為這個管理團隊長期以來一直在做的事情超出了我們的指導。所以 - 但是看，在 BrightSpire 上，Jacky 一直在運行它。 Jacky，我敢肯定，您想在 BrightSpire 上添加任何顏色嗎？ .

Yes, sure. So we've always said we'd be responsible sellers, but Marc really said it. It's noncore and our focus this year is to be opportunistic with selling -- to divesting those to the degree it makes sense for our shareholders and the price that we're going to get for it. But -- and then the other legacy Colony assets, really the principal 1 is a seller's note associated with health care, which we will continue to work with Highgate to monetize that are appropriate. And the other investments are pretty much gone. So we're really left with just those two. .

是的，當然。所以我們一直說我們會成為負責任的賣家，但馬克真的這麼說了。它是非核心業務，我們今年的重點是機會主義的銷售——將這些業務剝離到對我們的股東有意義的程度以及我們將要獲得的價格。但是——然後是其他遺留的 Colony 資產，實際上主要的 1 是與醫療保健相關的賣方票據，我們將繼續與 Highgate 合作，將其貨幣化是適當的。其他投資幾乎消失了。所以我們真的只剩下那兩個了。 .

Awesome. And then I appreciate the color on the common stock repurchases in the fourth quarter. Just wondering if you could give an average purchase price on those for 4Q, maybe how active you've been after quarter end and if you have been active in '23 so far, whether that's been the common, the preferred, the mix and how much is on the authorization as of today? .

驚人的。然後我欣賞第四季度普通股回購的顏色。只是想知道您是否可以給出 4Q 的平均購買價格，也許您在季度結束後有多活躍，到目前為止您是否在 23 世紀活躍，這是否是常見的、首選的、混合的以及如何今天有多少授權？ .

Yes, sure. It was basically at around $13, and we will continue to work with our Board to see where it makes sense to be more opportunistic with taking the rest of it from a share buyback perspective. .

是的，當然。它基本上在 13 美元左右，我們將繼續與我們的董事會合作，看看從股票回購的角度來看，在哪些地方更有意義地利用其餘部分。 .

Okay. So just to be -- you're not commenting on any repurchase activity after quarter end. That's fine if you are. I just wanted to make sure. .

好的。所以只是 - 你不會在季度結束後評論任何回購活動。如果你是，那很好。我只是想確定一下。 .

We will not comment on that at this point, but if we do have an authorization, I'll have to do so.

我們現在不會對此發表評論，但如果我們確實獲得授權，我將不得不這樣做。

Our next question is 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 wanted to follow up on the potential investments in Asia. Do you see more opportunity with Towers, data centers or Fiber? And would it be mainly carrier sales or investing in companies that are thinking about building? Just wanted to get a little more color there. .

我想跟進亞洲的潛在投資。您認為塔、數據中心或光纖有更多機會嗎？主要是運營商銷售還是投資於正在考慮建設的公司？只是想在那裡多一點顏色。 .

Yes. Thanks, Richard. Look, you wouldn't be surprised to hear this, but it's a little bit of everything, right? Some of these are carrier partnerships like we have with Deutsche Telekom, like we have with Liberty in Europe. Some of these are straight acquisitions. Some of these are divested assets, potentially a carrier divesting of their long-haul suboceanic network. It could be edge data center,s we're working with a specific customer. It could be -- it's a variety of things. I don't want to get too specific because it's obviously pretty strategic. We like to kind of run dark and silent. And then when we make our move we announce the deal. But -- as I said before, Richard, the playground in Asia is very fertile. It's fertile from a customer perspective, from a carrier perspective. It's extremely fertile from a fundraising perspective. We're seeing incredible interest in what we're doing because we did raise a lot of capital, Richard, in Fund I and Fund II out of Asia. And we're seeing a lot of interest in what we do as Asian investors, as you know, Richard, tend to be pretty conservative. So they looked at our first strategy, they looked at our second strategy. They generally like to invest in later-generation strategies.

是的。謝謝，理查德。看，聽到這個你不會感到驚訝，但它是一切的一點點，對吧？其中一些是運營商合作夥伴關係，例如我們與德國電信的合作夥伴關係，例如我們與歐洲的 Liberty 合作的合作夥伴關係。其中一些是直接收購。其中一些是剝離資產，可能是運營商剝離其遠程海底網絡。它可能是邊緣數據中心，我們正在與特定客戶合作。它可能是 - 它是各種各樣的東西。我不想說得太具體，因為它顯然非常具有戰略意義。我們喜歡在黑暗中安靜地奔跑。然後當我們採取行動時，我們宣布交易。但是——正如我之前所說，理查德，亞洲的遊樂場非常肥沃。從客戶的角度來看，從運營商的角度來看，它是肥沃的。從籌款的角度來看，它非常肥沃。我們看到人們對我們正在做的事情產生了難以置信的興趣，因為理查德，我們確實在亞洲以外的基金 I 和基金 II 籌集了大量資金。我們看到很多人對我們作為亞洲投資者所做的事情很感興趣，理查德，正如你所知，他們往往非常保守。所以他們研究了我們的第一個戰略，他們研究了我們的第二個戰略。他們通常喜歡投資後代戰略。

So the big kind of '23 surprise for us will be the fundraising in Asia and we now have 3 full-time sales people in Asia, which we had -- literally a year ago, we had none. And they are 3 absolute rockstar fundraisers. So we went from having literally not a strong presence in that region to having a leading presence in that region from a fundraising perspective, and I'm pretty excited. I've taken 2 trips Asia in the last 90 days. I'll take 2 more trips to Asia in the next 120 days, and we're pretty buoyant about what we're seeing there from a pipeline perspective, from a fundraising perspective. Our Singapore office has 17 full-time investment professionals now. So we're -- we feel like we've got the right team on the street, right opportunity set and we've got the right capital information. And those are the ingredients you need to be successful.

因此，對我們來說，23 年最大的驚喜將是在亞洲的籌款活動，我們現在在亞洲有 3 名全職銷售人員，而一年前我們還沒有。他們是 3 位絕對搖滾明星籌款人。因此，從籌款的角度來看，我們從在該地區的實力不強轉變為在該地區的領先地位，我感到非常興奮。在過去的 90 天裡，我去過亞洲 2 次。在接下來的 120 天內，我將再去亞洲兩次，從籌款的角度來看，我們對在那裡看到的情況非常樂觀。我們的新加坡辦事處現在有 17 名全職投資專業人士。所以我們——我們覺得我們在街上有合適的團隊，合適的機會集，我們有合適的資本信息。這些是您取得成功所需的要素。

Great. And you've mentioned this in the bits and parts throughout the Q&A. But just to circle back, I think there's some perception that you paid a very premium multiple for Switch. And it seems like given how it's performed, maybe it's not nearly as high as people assume. Any kind of update there that you can provide that you want to clarify on that? .

偉大的。你在整個問答環節中都提到了這一點。但回過頭來，我認為有些人認為你為 Switch 支付了非常高的溢價倍數。似乎考慮到它的表現，也許它並不像人們想像的那麼高。您可以提供您想要澄清的任何類型的更新嗎？ .

Yes. Look, I gave a pretty pointed speech in Hawaii about that, Richard, you should go check that out because it's pretty detailed. But I'll give you the highlights of that speech, which is we're 3 years ahead of leasing where we thought we'd be. That's kind of all you got to know. We thought we were going to do 16 megawatts, we did 77 megawatts. And the pipeline has quadrupled since we bought the company. And we just -- it's one of those stories, Richard, that is sometimes the company just performs better when it's private versus being public. They were constrained of capital, as you know, being a public company. The management team had a tough time. It's not a business you can run quarter-to-quarter. Just not built for public market cadence. And bringing it private allowed the company to make the right investments, the right long-term decisions and it's paid off really well for us.

是的。看，理查德，我在夏威夷發表了一個非常尖銳的演講，你應該去看看，因為它非常詳細。但我會給你那次演講的重點，那就是我們比我們認為的租賃提前了 3 年。這就是你所知道的全部。我們以為我們要做 16 兆瓦，我們做了 77 兆瓦。自從我們收購這家公司以來，管道已經翻了兩番。我們只是 - 這是其中一個故事，理查德，有時公司在私有而不是上市時表現更好。如您所知，作為一家上市公司，他們受到資本的限制。管理團隊度過了一段艱難的時期。這不是您可以逐季經營的業務。只是不適合公共市場節奏。將其私有化使公司能夠做出正確的投資、正確的長期決策，並為我們帶來了豐厚的回報。

We just had a Board meeting this week, and the results are pretty outstanding. We're in this business for nowhere near 30x anymore. Whoever is putting out that narrative, it just doesn't have the right information, and I'll leave it there. Business is performing well. Renewable energy for the major Fortune 100 enterprise companies for the U.S. government and for cloud players, it's not a nice to have, it's table stakes. These guys want to be in data centers where there's 100% renewable energy.

本週我們剛剛召開了董事會會議，結果非常出色。我們從事這項業務的時間已遠不及 30 倍。不管是誰發表了這種敘述，它只是沒有正確的信息，我會把它留在那裡。業務表現良好。可再生能源對於美國政府和雲玩家的主要財富 100 強企業來說，擁有它並不是一件好事，它是賭注。這些人希望進入 100% 可再生能源的數據中心。

And the last thing I would just say is Switch is in places. We're the alternative to markets that are now shut down and have no power. So -- for example, Grand Rapids has turned out to be a nice alternative to Northern Virginia. Reno is the alternative to Silicon Valley. Austin, Texas is the alternative to Dallas and Houston. And so we're in really good high-growth markets. We own the land. We control our real estate. We're fully permitted for the next 11 million square feet of data center space, and we have 1.5 gigawatts of unused power. So the combination of having a lot of land, a lot of rentable square feet and a lot of power and being unconstrained has put us in a huge advantage in some of these markets. And so that's why the business is crushing it today. And so we're going to continue to see outperformance in that asset. I'm really excited about what we're doing at Switch. And it's a blueprint for epically what we do in private cloud in Europe and what we do in Asia. So we're not stopping there. We think there's -- like we did with Vantage. We took Vantage to Europe, we took Vantage to Asia. The market for private Tier 5 renewable power data centers is a really interesting product. And so we're looking at that into the future. Where do we take Switch next.

最後我要說的是 Switch 就位了。我們是現在關閉且沒有電力的市場的替代品。所以——例如，事實證明，大急流城是北弗吉尼亞州的一個不錯的選擇。里諾是矽谷的替代品。得克薩斯州奧斯汀是達拉斯和休斯敦的替代選擇。因此，我們處於非常好的高增長市場。我們擁有土地。我們控制我們的房地產。我們獲得了接下來 1100 萬平方英尺數據中心空間的完全許可，並且我們有 1.5 吉瓦的未使用電力。因此，擁有大量土地、大量可出租平方英尺和大量權力以及不受約束的結合使我們在其中一些市場中處於巨大優勢。這就是為什麼今天的業務正在粉碎它。因此，我們將繼續看到該資產的出色表現。我對我們在 Switch 所做的事情感到非常興奮。它是我們在歐洲和亞洲在私有云領域所做工作的藍圖。所以我們不會就此止步。我們認為有——就像我們對 Vantage 所做的那樣。我們將 Vantage 帶到了歐洲，我們將 Vantage 帶到了亞洲。私有 Tier 5 可再生能源數據中心市場是一個非常有趣的產品。因此，我們正在展望未來。接下來我們將 Switch 帶到哪裡。

Our next question is from the line of Matt Niknam with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Matt Niknam。

But just two quick ones, if I could. First, on InfraBridge, if you could just talk about some of the incremental infrastructure opportunities in the mid-market, the deal opens up for DigitalBridge and maybe some of the near-term synergy it provide to your IM business. And then just secondly, maybe for Jacky, the targets you put out imply corporate overhead goes from $50 million this year to about $40 million in 2025 at a time when we're obviously seeing meaningful inflationary headwinds and the business is scaling. So I'm just wondering if you could talk about your confidence level and actually shrinking those corporate overhead costs.

但如果可以的話，只是兩個快速的。首先，在 InfraBridge 上，如果你能談談中端市場的一些增量基礎設施機會，這筆交易為 DigitalBridge 開啟了大門，也許它為你的 IM 業務提供了一些近期的協同作用。其次，也許對於 Jacky 而言，你提出的目標意味著公司管理費用將從今年的 5000 萬美元增加到 2025 年的約 4000 萬美元，而此時我們顯然看到了有意義的通脹逆風並且業務正在擴大。所以我只是想知道你是否可以談談你的信心水平以及實際縮減那些公司間接費用。

Well, look, I think Jacky and I are in the corporate overhead discussions together. The CEO and the CFO have put out a guide that we're going to take $10 million of cost out of the business this year. We've already taken steps to do that. You'll see it on a run rate impact by the fourth quarter, but it's just taking prudent measures in a variety of directions. We're trimming some of our investment team. We're trimming some of the back office team. Jacky has done a great job. We're getting really good synergies now in terms of the financial reporting on the fund accounting side. We had some duplication of efforts there when we did the merger a couple of years ago. And I give credit to Jacky and his team, they're pulling a lot of cost out of the back side of the business, and we think we can continue to pull more cost out of the business.

好吧，你看，我想 Jacky 和我正在一起討論公司管理費用。首席執行官和首席財務官發布了一份指南，我們今年將削減 1000 萬美元的業務成本。我們已經採取措施做到這一點。你會在第四季度看到它對運行率的影響，但它只是在各個方向採取謹慎的措施。我們正在裁員一些投資團隊。我們正在裁員一些後台團隊。傑基做得很好。在基金會計方面的財務報告方面，我們現在正在獲得非常好的協同效應。幾年前我們進行合併時，我們在那裡進行了一些重複工作。我讚揚 Jacky 和他的團隊，他們正在從業務的後台削減大量成本，我們認為我們可以繼續從業務中削減更多成本。

Bonuses are down year-over-year. We didn't get it done. So you'll see compensation is going to be down year-over-year, and it starts with the CEO taking a much lower bonus than I took the year previous, and it's just setting a tone with investors that, that's the right thing to do. This management team is all about doing right by shareholders. Ever since Jacky and I took on this task of putting these 2 companies together and coming up with the new narrative, we're dead serious about taking cost out of the business, and you're going to see that this year from us. A very strong commitment to bring back the earnings potential of the business.

獎金逐年下降。我們沒有完成。所以你會看到薪酬將逐年下降，首先是 CEO 拿的獎金比我去年拿的少得多，這只是給投資者定下了基調，這是正確的做。這個管理團隊完全是為了股東做正確的事。自從 Jacky 和我承擔了將這兩家公司放在一起並提出新的敘述的任務以來，我們就非常認真地考慮從業務中降低成本，今年你會從我們身上看到這一點。一個非常堅定的承諾，以恢復業務的盈利潛力。

I talked about profitability. We will be very profitable this year. As Jacky will tell you about catch-up billings and other fund products, taking the cost out of the business, the new fundraising comes on at an incredibly high margin. We're not adding people right now. That's the important thing you need to know. We added all the people last year. And so that's why you're seeing a lot of confidence in the Matt -- in the margin increase and certainly looking forward to talking to you next Monday at your conference and going even deeper on this.

我談到了盈利能力。今年我們將非常有利可圖。正如 Jacky 將向您介紹補繳賬單和其他基金產品，從業務中扣除成本，新的籌款活動獲得了令人難以置信的高利潤。我們現在不加人。這是你需要知道的重要事情。我們去年加了所有人。所以這就是為什麼你看到馬特對利潤率增加充滿信心，當然期待下週一在你的會議上與你交談，並就此進行更深入的討論。

But I don't think people are fully grasping what we've done here. You look at the $22.2 billion of FEEUM that we generated last year and you look at the sort of midpoint of our guide of $38 billion of FEEUM next year, we're talking about growing FEEUM by 78% year-over-year. I don't know of another asset manager on the planet that is telling investors, they're going to put up 78% growth next year, we are. Can't say that strong enough. Like this team is dead serious about where we're going. We put the right pieces in place in '22. And once we're deconsolidated, we'll have leverage in the same zone as other alternative asset managers, and we're going to keep taking leverage down. So we're doing all the right things, and the results are going to follow this year. And I'm happy to go as -- Jacky and I are happy to discuss guidance and we're happy to go as deep as you wish on any of those numbers.

但我認為人們並沒有完全理解我們在這裡所做的事情。你看看我們去年產生的 222 億美元的 FEEUM，你看看我們明年 380 億美元 FEEUM 指南的中點，我們說的是 FEEUM 同比增長 78%。我不知道這個星球上還有哪家資產管理公司告訴投資者，他們明年將實現 78% 的增長，我們是。不能說不夠強。就像這個團隊對我們要去的地方非常認真。我們在 22 年將正確的部分放在了適當的位置。一旦我們被拆分，我們將在與其他另類資產管理公司相同的區域擁有槓桿，並且我們將繼續降低杠桿。所以我們正在做所有正確的事情，結果將在今年出現。而且我很高興 - Jacky 和我很高興討論指導，我們很高興按照您的意願深入了解這些數字中的任何一個。

Matt, I lost your first question because it was absorbed in the SG&A cuts and the taking $10 million of costs out of the corporate overhead. What was the first question?

馬特，我失去了你的第一個問題，因為它被吸收在削減 SG&A 和從公司管理費用中扣除 1000 萬美元的成本中。第一個問題是什麼？

No worries. It was just around InfraBridge. Just wondering, incremental infrastructure opportunities in the mid-market, maybe some of the near-term synergy the deal provides.

不用擔心。它就在 InfraBridge 附近。只是想知道，中端市場的增量基礎設施機會，也許是該交易提供的一些近期協同效應。

Well, look, the immediate synergies is in middle market infra, they have 3 people doing middle-market digital infra. And so they've got 6 investments, 60% of their latest fund is digital. And so when you've got businesses like Expedia and Everstream, and they go from a bench of having 30 to 130 people to help them. As you can imagine, that team is pretty excited to be with our team because we're leaning in and we're helping on their investments, and there's a ton of value add to be delivered there. So immediate synergies around the investment team. We talked about fundraising. They had an excellent fundraising team. I can't say enough about some of the fundraisers that we picked up. Alice and Brian Lee in Asia.

嗯，看，直接的協同作用是在中間市場基礎設施中，他們有 3 個人在做中間市場數字基礎設施。所以他們有 6 項投資，他們最新基金的 60% 是數字化的。因此，當你擁有像 Expedia 和 Everstream 這樣的企業時，他們從 30 人變成了 130 人來幫助他們。你可以想像，那個團隊很高興能和我們的團隊在一起，因為我們正在努力，我們正在幫助他們的投資，並且那裡有大量的附加值。因此，投資團隊會立即產生協同效應。我們談到籌款。他們有一個優秀的籌款團隊。對於我們發起的一些籌款活動，我怎麼說都不為過。愛麗絲和布萊恩·李在亞洲。

I mean, we picked up some really world-class fundraisers, I had the chance a couple of weeks ago to be in Europe for 12 days, fundraising, saw 50 LPs of which half were InfraBridge LPs, half were DigitalBridge LPs, and it's just fantastic to have a bigger sales team. And be able to go and touch more clients, which is what we're doing right now. So we're seeing already the payback on the fundraising side. Jacky, do you want to talk about what you're doing in the back office, Jacky, with InfraBridge and where you see some of the cost synergies there. You're well ahead of your plan, and I think you've got a really targeted plan on how you get synergies there. And then we can come back and talk about other investable asset class in InfraBridge. Go ahead, Jacky.

我的意思是，我們挑選了一些真正世界級的籌款人，幾週前我有機會在歐洲待了 12 天，籌款，看到 50 個 LP，其中一半是 InfraBridge LP，一半是 DigitalBridge LP，而且它只是擁有更大的銷售團隊真是太棒了。並且能夠去接觸更多的客戶，這就是我們現在正在做的事情。所以我們已經看到籌款方面的回報。傑基，你想談談你在後台做什麼嗎，傑基，與 InfraBridge 以及你在那裡看到的一些成本協同效應。你遠遠領先於你的計劃，而且我認為你已經制定了一個關於如何在那裡獲得協同效應的真正有針對性的計劃。然後我們可以回過頭來討論 InfraBridge 中的其他可投資資產類別。來吧，傑基。

Yes, sure. So I think when we first underwrote the deal, we had FRE overlays in the low to mid-20s millions, and we're now looking closer towards 30, and that's principally because of the fact that we've been able to plug and play and have those funds really plug right into our back office and our scalable processes. Market -- I first took over at Colony now DigitalBridge, we had multiple ERP systems. It's now consolidated into one, obviously. If you look at the website even just a couple of years back, everybody in their neighbor was an MD and now we've effectively prudent down that top echelon pretty sizably. So it's just working smarter and trying to be much more efficient with both processes and systems, and also streamlining, titling and meritocracy and equity. So those things have allowed us to not miss a beat in terms of amount of work that needs to go on, but certainly, it allows for us to be much more efficient with doing it.

是的，當然。所以我認為當我們第一次承銷這筆交易時，我們有 20 到 50 萬左右的 FRE 疊加，現在我們正在接近 30，這主要是因為我們能夠即插即用並讓這些資金真正投入到我們的後台和可擴展的流程中。市場——我首先接管了 Colony，現在是 DigitalBridge，我們有多個 ERP 系統。顯然，它現在合併為一個。如果你在幾年前看一下這個網站，他們鄰居中的每個人都是 MD，現在我們已經有效地謹慎對待了這個頂級梯隊。因此，它只是更聰明地工作，並試圖在流程和系統方面更加高效，同時還精簡、授權、任人唯賢和公平。因此，這些事情使我們能夠在需要繼續進行的工作量方面不錯過任何一個節拍，但可以肯定的是，它使我們能夠更有效率地完成工作。

Thank you. As there are no further questions at this time, I would like to turn the floor back over to Marc Ganzi for closing comments. .

謝謝。由於此時沒有其他問題，我想將發言權轉回給 Marc Ganzi 以徵求結束意見。 .

Well, thank you, and thank you all of you for your time today. I think this is a pivotal moment in the company's history, and we're at an inflection point. And I think that inflection point is advantage of our shareholders. We've laid out guidance for next year. It is the guidance level that Jacky and I are very confident that we're going to hit next year. But most importantly, it's a guidance level that we believe we can exceed. We prioritize taking down leverage. We do not want to risk the company's balance sheet. There's an easy temptation in these markets to take on more leverage, do more M&A, and for the sake of growth. That's not what this management team is about.

好吧，謝謝，也謝謝大家今天的時間。我認為這是公司歷史上的一個關鍵時刻，我們正處於一個轉折點。我認為拐點是我們股東的優勢。我們已經制定了明年的指導方針。這是 Jacky 和我非常有信心我們明年將達到的指導水平。但最重要的是，這是我們認為可以超越的指導水平。我們優先考慮降低杠桿。我們不想拿公司的資產負債表冒險。在這些市場中，很容易就會產生採取更多槓桿作用、進行更多併購以及為了增長的誘惑。這不是這個管理團隊的目的。

We have the building blocks in place to go out and execute the way you want us to execute, which is organic growth, which is where we achieved the highest returns. Our $8-plus billion of capital formation this year for a company of our size and the CAGR growth that we're going to deliver is industry-leading. We believe that $8 billion plus of capital will come on at incredibly high margins. And in addition to that, we believe we will also continue to realize great investments, which we have not underwritten in our guidance, as Jacky told you earlier.

我們已經準備好構建模塊，可以按照您希望我們執行的方式執行，這就是有機增長，這是我們獲得最高回報的地方。我們今年為我們這樣規模的公司籌集了 8 多億美元的資本，我們將實現的複合年增長率處於行業領先地位。我們相信 80 億美元以上的資本將以令人難以置信的高利潤率出現。除此之外，我們相信我們還將繼續實現巨大的投資，正如傑基早些時候告訴你的那樣，我們沒有在我們的指導中承保。

The 70-plus percent growth in FEEUM will be industry-leading, and we have supreme conviction around our ability to hit on those numbers. $22.2 billion to $38 billion is a realistic target for us. And my goal is to exceed and beat that as we've done with every metric we've put out in front of the street. So look, at the end of the day, it's about execution. I think you've heard from us today in a very granular fashion what we're doing out there in terms of capital formation, how we're running our portfolio of companies with prudence and at the same time, growing from strength and playing offense with key customers.

FEEUM 70% 以上的增長將處於行業領先地位，我們對實現這些數字的能力充滿信心。 222 億至 380 億美元對我們來說是一個現實的目標。我的目標是超越並超越它，就像我們在街前公佈的每一項指標所做的那樣。所以看，歸根結底，這是關於執行的。我想你今天已經從我們那裡聽到了非常詳細的消息，我們在資本形成方面正在做些什麼，我們如何審慎地經營我們的公司組合，同時從實力中成長並進攻與主要客戶。

And then last but not least, preserving liquidity and deleveraging the company. These are the things that matter. You want to be with a wartime CEO that's been there and done that before, and with a trusted CFO that's been there and done it before. Jacky and I are very confident in what we're doing. Stay with us, we won't disappoint, we're going to have a good year, we're going to go out and execute. We appreciate your time, and we appreciate your patience and your support in DigitalBridge. Have a great weekend. And as always, Severin, myself and Jacky are available to all of you at any time if you want to have a conversation with us. Take care, and we'll be in touch soon. Bye-bye.

最後但並非最不重要的一點是，保持流動性和去槓桿化公司。這些才是最重要的。你想和一位戰時的 CEO 在一起，他以前在那裡做過這樣的事情，還有一位值得信賴的 CFO，他以前在那裡做過這樣的事情。 Jacky 和我對我們正在做的事情非常有信心。和我們在一起，我們不會讓人失望，我們會度過美好的一年，我們會出去執行。感謝您抽出時間，感謝您的耐心等待和對 DigitalBridge 的支持。週末愉快。和往常一樣，如果您想與我們交談，Severin、我和 Jacky 可以隨時為您服務。保重，我們會盡快聯繫的。再見。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。