DigitalBridge Group Inc (DBRG) 2023 Q1 法說會逐字稿

Greetings, and welcome to the DigitalBridge Group First Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Severin White, Managing Director, Head of Public Investor Relations. Please, go ahead.

您好，歡迎來到 DigitalBridge Group 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。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。請繼續。

Good morning, everyone, and welcome to DigitalBridge's First Quarter 2023 Earnings Conference Call. Speaking on the call today from the company is Marc Ganzi, our CEO; and Jacky Wu, our CFO. I'll quickly cover the safe harbor and then we can get started.

大家早上好，歡迎來到 DigitalBridge 的 2023 年第一季度收益電話會議。今天在公司電話會議上發言的是我們的首席執行官 Marc Ganzi；和我們的首席財務官 Jacky Wu。我會快速覆蓋安全港，然後我們就可以開始了。

Some of the statements that we make today regarding our business operations and 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, May 3, 2023, and DigitalBridge does not intend and undertakes no duty to update it for future events or circumstances.

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，這些聲明涉及許多風險和不確定性，可能導致實際結果大不相同。本次電話會議上討論的所有信息截至今天，即 2023 年 5 月 3 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。

For more information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC for the year ending December 31, 2022, and our Form 10-Q to be filed with the SEC for the quarter ending March 31, 2023.

有關更多信息，請參閱我們在截至 2022 年 12 月 31 日的年度向美國證券交易委員會提交的最新 10-K 表格和截至 3 月 31 日的季度向美國證券交易委員會提交的 10-Q 表格中討論的風險因素, 2023.

Great, let's get started with Marc providing a 1Q update, Jacky will outline our financial results and turn it back over to Marc to discuss how we're executing the DigitalBridge playbook in today's market.

太好了，讓我們開始 Marc 提供 1Q 更新，Jacky 將概述我們的財務結果並將其轉交給 Marc 討論我們如何在當今市場上執行 DigitalBridge 劇本。

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, Severin. So today, let's start with an update on our key 2023 priorities, the 3 things that matter, which I outlined last quarter, and I'll continue to do that throughout the course of this year. First, I'm pleased to report that DigitalBridge has made tangible progress on fundraising, on simplification and on portfolio level performance.

謝謝，塞弗林。因此，今天，讓我們首先更新我們 2023 年的關鍵優先事項，即我在上個季度概述的 3 件重要事情，我將在今年全年繼續這樣做。首先，我很高興地向大家報告，DigitalBridge 在籌款、簡化和投資組合層面的績效方面取得了切實的進展。

Put simply, we are on track to deliver our 2023 targets. In the first quarter, we are back to generating strong year-over-year growth in our investment management platform with fee income up over 36% and FRE up 40%, driven by higher FEEUM on co-invest, the acquisition of InfraBridge, and FEEUM activating across our new core and credit strategies, which we telegraphed last quarter.

簡而言之，我們有望實現 2023 年的目標。在第一季度，我們的投資管理平台恢復了強勁的同比增長，費用收入增長超過 36%，FRE 增長 40%，這得益於共同投資的 FEEUM 增加、收購 InfraBridge 以及FEEUM 激活了我們上個季度公佈的新核心和信貸戰略。

New capital formation was up substantially year-over-year. And on top of that, we're seeing our first commitments now in our flagship DigitalBridge Partners Series strategy. These developments give us higher confidence we will be able to deliver on our capital formation targets in 2023.

新資本形成同比大幅增長。最重要的是，我們現在在我們的旗艦 DigitalBridge 合作夥伴系列戰略中看到了我們的第一個承諾。這些發展讓我們更有信心在 2023 年實現我們的資本形成目標。

To be clear, we're sticking with our guidance. With respect to simplification, we've made continued progress selling BrightSpire for $200 million, paying off our 2023 converts and advancing our alternative asset manager profile with enhanced reporting as we move closer to deconsolidation.

需要明確的是，我們堅持我們的指導方針。在簡化方面，我們以 2 億美元的價格出售 BrightSpire 取得了持續進展，還清了我們 2023 年的轉換，並在我們接近分拆時通過增強的報告提升了我們的另類資產經理形象。

I'll cover portfolio performance a bit later, but the headline is our portfolios continue to perform with growth across all of the verticals that we serve today in digital infrastructure. So let's detail fundraising and our simplification progress before we get into the financials.

稍後我將介紹投資組合的表現，但標題是我們的投資組合在我們今天在數字基礎設施中服務的所有垂直領域繼續表現良好。因此，在我們進入財務之前，讓我們詳細介紹籌款和我們的簡化進度。

Next slide, please. As you know, scaling FEEUM is our #1 KPI this year. It's the metric that will drive revenue, earnings, cash flows and unlock substantial shareholder value.

請換下一張幻燈片。如您所知，擴展 FEEUM 是我們今年的 #1 KPI。該指標將推動收入、收益、現金流並釋放可觀的股東價值。

In the first quarter of 2023, our fee-earning equity under management increased $8.9 billion, or 47% year-over-year, driven by a combination of organic capital formation and co-invest or/and credit and the full contribution from the InfraBridge acquisition we closed in February.

2023 年第一季度，在有機資本形成和共同投資或/和信貸以及 InfraBridge 的全部貢獻的推動下，我們管理的收費股權增加了 89 億美元，同比增長 47%我們在 2 月份完成了收購。

On the right, you see a commensurate increase in AUM, which tracks the NAV of the assets that we control. That was up 49% year-over-year to $69.3 billion. We're looking forward to continuing to deliver strong growth all year on these metrics, but most importantly, on FEEUM.

在右側，您會看到 AUM 相應增加，它跟踪我們控制的資產的資產淨值。同比增長 49% 至 693 億美元。我們期待全年在這些指標上繼續實現強勁增長，但最重要的是，在 FEEUM 上。

Next slide, please. New capital formation. This is what drives future fee income. In the first quarter, we raised about $700 million, driven principally by new fee pay and co-invest alongside of some of our most critical platforms, including GD Towers, Switch, (inaudible) and Vantage. As you know, many of our anchor investors utilized their fee-free co-invest allocation last year.

請換下一張幻燈片。新的資本形成。這就是推動未來費用收入的因素。第一季度，我們籌集了約 7 億美元，主要是由於新的費用支付以及與我們一些最重要的平台共同投資，包括 GD Towers、Switch、（聽不清）和 Vantage。如您所知，我們的許多錨定投資者去年都使用了他們的免費共同投資分配。

So the proportion of fee paying co-invest is set to rise in 2023. Another interesting feature around co-invest is that as the platforms grow, there's an embedded structural growth in co-investment. This is a simple algorithm. The more companies we have under management in our funds, this leads to more co-invest to support these ongoing investments, like the greenfield development that we're engaged in today, which we'll talk about a little bit later.

因此，付費共同投資的比例將在 2023 年上升。共同投資的另一個有趣特徵是，隨著平台的發展，共同投資會出現內在的結構性增長。這是一個簡單的算法。我們基金管理的公司越多，就會有更多的共同投資來支持這些正在進行的投資，比如我們今天正在進行的綠地開發，我們稍後會談到。

As we execute our buy-and-build playbook across our platforms, the businesses scale and increase in value as well. This is a powerful combination. Next quarter, I look forward to updating you on progress we're making in the DigitalBridge Partner series. In addition to that, also our core and credit funds. As I mentioned, we're seeing good momentum in fundraising, and we remain confident we are set to achieve our 2023 targets.

當我們在我們的平台上執行我們的購買和構建劇本時，業務也會擴展並增加價值。這是一個強大的組合。下個季度，我期待向您通報我們在 DigitalBridge 合作夥伴系列中取得的最新進展。除此之外，還有我們的核心和信貸基金。正如我所提到的，我們在籌款方面看到了良好的勢頭，我們仍然相信我們將實現 2023 年的目標。

Next slide, please. On simplification, we made important progress on 2 of our key objectives this year: one, selling 100% of BrightSpire for a little over $200 million. That's a non-core asset and the last key disposition in our disposal of legacy assets.

請換下一張幻燈片。在簡化方面，我們今年在 2 個主要目標上取得了重要進展：第一，以 2 億美元多一點的價格出售 BrightSpire 100% 的股份。這是一項非核心資產，也是我們處置遺留資產的最後一項關鍵處置。

I think we're down to less than $50 million in legacy assets today. So just to be clear, it's something that really we're not going to be focusing on go forward. We're focused on our single business unit, which is our high-growth digital infrastructure investment manager on a global basis.

我認為我們今天的遺留資產已降至不到 5000 萬美元。所以要明確一點，這真的是我們未來不會關注的事情。我們專注於我們的單一業務部門，這是我們在全球範圍內的高增長數字基礎設施投資經理。

Another key priority for me is deleveraging. I've been very clear about this. In April, we paid off $200 million of our 2023 convertible notes in cash, bringing our corporate debt down 35%. When we call our 2025 converts in July, we'll achieve our goals on corporate debt for the year.

對我來說，另一個關鍵優先事項是去槓桿化。這一點我已經很清楚了。 4 月，我們以現金償還了 2023 年可轉換票據中的 2 億美元，使我們的公司債務下降了 35%。當我們在 7 月召集 2025 年皈依者時，我們將實現今年的公司債務目標。

The next step I've got in my sight is deconsolidation. It is the #1 thing we talk to with investors today. So here we are, the final stage of the DataBank recap. It's in flight and it's on track to wrap up this summer. And I continue to be optimistic that we'll be able to execute a similar sell-down in our ownership of Vantage SDC by the end of this year.

我認為下一步是去整合。這是我們今天與投資者談論的第一件事。所以我們到了 DataBank 回顧的最後階段。它正在飛行中，有望在今年夏天結束。我仍然樂觀地認為，我們將能夠在今年年底之前對我們對 Vantage SDC 的所有權進行類似的拋售。

I'm really looking forward to checking this box, which will make it a lot easier to decipher our financial profile. Clear noncontrolling investment level debt off our books and results in tangible cost savings in managing our business. This, plus paying off the convert, leaves us with $300 million of securitized debt and takes our corporate leverage inside of 2.5x. This is absolutely seminal to our success as we navigate the current financial environment.

我真的很期待選中此框，這將使破譯我們的財務狀況變得容易得多。從我們的賬簿中清除非控制性投資級債務，並在管理我們的業務方面實現切實的成本節約。這一點，加上還清轉換，給我們留下了 3 億美元的證券化債務，並將我們的公司槓桿率提高到 2.5 倍以內。在我們駕馭當前的金融環境時，這對我們的成功絕對具有開創性意義。

With that, I want to turn the call over to Jacky to walk you through our financial section and highlight the progress we're making, aligning our financial reporting with our alternative asset management peers. So Jacky, over to you.

有了這個，我想把電話轉給 Jacky，讓您了解我們的財務部分，並強調我們正在取得的進展，使我們的財務報告與我們的另類資產管理同行保持一致。傑基，交給你了。

Thank you, Marc, and good morning, everyone. As a reminder, in addition to the release of our first 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，除了發布第一季度收益外，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。

Turning to Page 12. Our first quarter highlights have trended positively with fee revenues and fee-related earnings up year-over-year. Total company distributable earnings was negative $3 million. Excluding a noncash write-down of a wellness infrastructure business note, our distributable earnings would have been positive $4 million or $0.02 per share.

翻到第 12 頁。我們第一季度的亮點趨勢是積極的，費用收入和費用相關收益同比增長。公司可分配收益總額為負 300 萬美元。排除健康基礎設施業務票據的非現金減記，我們的可分配收益將為正 400 萬美元或每股 0.02 美元。

Assets under management was $69 billion in the first quarter, which grew by 49% from $47 billion in the same period last year, driven by the acquisition of AMP Capital's infrastructure equity business, recently rebranded as InfraBridge, and significant new co-investment and new digital core and credit product AUM.

第一季度管理的資產為 690 億美元，較去年同期的 470 億美元增長 49%，這主要是由於收購了 AMP Capital 的基礎設施股權業務（最近更名為 InfraBridge），以及重要的新共同投資和新投資。數字核心和信貸產品資產管理規模。

Fee earning equity under management is up 47% year-over-year to $28 billion, with approximately $700 million of fee-paying capital raised year-to-date amidst the very difficult fundraising environment.

管理的收費股權同比增長 47% 至 280 億美元，在非常困難的籌資環境中，今年迄今籌集了約 7 億美元的收費資本。

Moving to Page 13. The company saw strong year-over-year growth driven by the expansion of our investment management business and continued simplification of our corporate structure. For the first quarter, reported total consolidated revenues were $250 million, which represents a 7% increase from the same period last year. As previously noted, our reported revenues now include contributions from carried interest and principal investment income, which aligns our presentation more closely with our peers in the public alternative investment management space.

轉到第 13 頁。在投資管理業務的擴張和公司結構的持續簡化的推動下，公司實現了強勁的同比增長。第一季度，報告的綜合總收入為 2.5 億美元，比去年同期增長 7%。如前所述，我們報告的收入現在包括附帶權益和本金投資收入的貢獻，這使我們的介紹與公共另類投資管理領域的同行更加一致。

GAAP net loss attributable to common stockholders was $212 million. Total company adjusted EBITDA was $26 million, which grew by 25% from $20 million in the same period last year. In March, we harvested our entire BrightSpire interest for total proceeds of $202 million, which eliminated $7 million of dividend income in the quarter, but provided us with additional firepower to invest in high-quality digital infrastructure assets and further simplify our business away from what remains of the non-core legacy business.

歸屬於普通股股東的 GAAP 淨虧損為 2.12 億美元。公司調整後的 EBITDA 總額為 2600 萬美元，比去年同期的 2000 萬美元增長了 25%。 3 月，我們收穫了全部 BrightSpire 權益，總收益為 2.02 億美元，這消除了本季度 700 萬美元的股息收入，但為我們提供了額外的火力來投資高質量的數字基礎設施資產，並進一步簡化我們的業務仍然是非核心遺留業務。

Moving to Page 14. The company continues to expand its investment management earnings from additional fee-earning equity under management generated by new strategies and the acquisition of InfraBridge.

轉到第 14 頁。公司繼續通過新戰略和收購 InfraBridge 產生的額外收費股權擴大其投資管理收益。

Fee income, excluding incentive fees, increased by 36% and our share of fee-related earnings increased 103% from the same period last year, primarily driven by $11 million of fee income from InfraBridge which represents less than 2 months of fees from that recently acquired platform and the benefit from DigitalBridge's acquisition of Wafra's ownership in the company's investment management business.

費用收入（不包括獎勵費用）增長了 36%，我們在費用相關收益中的份額比去年同期增長了 103%，這主要是由於來自 InfraBridge 的 1100 萬美元費用收入所推動，這代表最近不到 2 個月的費用收購平台以及 DigitalBridge 收購 Wafra 在公司投資管理業務中的所有權所帶來的收益。

Digital IM distributable earnings increased significantly to $32 million for the quarter compared to $9 million in the same period last year.

與去年同期的 900 萬美元相比，本季度 Digital IM 可分配收益大幅增長至 3200 萬美元。

Moving to Page 15. The company's share of digital operating revenues was $27 million, down 25% year-over-year, while adjusted EBITDA was $12 million, down 23% from 1Q 2022. The year-over-year decrease was the result of the recapitalization of our DataBank investment, further moving the company towards the ultimate deconsolidation of the operating business segment from our consolidated financial statements.

轉到第 15 頁。公司的數字營業收入份額為 2700 萬美元，同比下降 25%，而調整後的 EBITDA 為 1200 萬美元，比 2022 年第一季度下降 23%。同比下降是由於對我們的 DataBank 投資進行資本重組，進一步推動公司從我們的合併財務報表中最終拆分運營業務部門。

As a reminder, in the fourth quarter of 2022, DigitalBridge received $107 million of proceeds from the recapitalization of DataBank, which reduced our ownership from 13.5% to less than 11%. There were no incremental reductions in our ownership this quarter. However, we anticipate the deconsolidation of the operating segment as the year progresses. Operating distributable earnings decreased to $5 million from $7 million in the same period last year.

提醒一下，在 2022 年第四季度，DigitalBridge 從 DataBank 的資本重組中獲得了 1.07 億美元的收益，這使我們的所有權從 13.5% 減少到不到 11%。本季度我們的所有權沒有增加。然而，我們預計隨著時間的推移，經營部門將被拆分。營業可分配收益從去年同期的 700 萬美元減少到 500 萬美元。

Turning to Page 16. And you can see that now with the addition of InfraBridge, we will see greater scale and growth in our high-margin investment management business. Since the first quarter of 2022, our annualized fee revenues increased from $120 million to $237 million, and fee-related earnings increased from $73 million to $138 million.

翻到第 16 頁。您可以看到，現在隨著 InfraBridge 的加入，我們的高利潤投資管理業務將實現更大的規模和增長。自 2022 年第一季度以來，我們的年化費用收入從 1.2 億美元增加到 2.37 億美元，與費用相關的收入從 7300 萬美元增加到 1.38 億美元。

Looking at the right side of the page, our run rate fee revenues were $252 million. Run rate provides an indication of expected revenues and is calculated by multiplying committed FEEUM at the end of the quarter by the weighted average effective annual fee rate.

查看頁面右側，我們的運行費收入為 2.52 億美元。運行率指示預期收入，計算方法是將季度末承諾的 FEEUM 乘以加權平均有效年費率。

Turning to Page 17. The company has completed key strategic corporate initiatives in the first quarter, such as the InfraBridge acquisition, the BrightSpire share sale generated $202 million in liquidity and the $200 million repayment of convertible notes at maturity in April, which further reduced our company's leverage profile.

翻到第 17 頁。公司在第一季度完成了關鍵的企業戰略舉措，例如 InfraBridge 收購、BrightSpire 股票出售產生了 2.02 億美元的流動資金以及 4 月份到期的 2 億美元可轉換票據的償還，這進一步減少了我們公司的槓桿情況。

Our balance sheet remains strong and power for accretive uses with approximately $500 million of liquidity, including the full $300 million available from our securitization revolver. Following the anticipated deconsolidation of our operating segment, we are largely left with our target remaining corporate debt of only $300 million, which isn't expected to be repaid or refinanced until 2025.

我們的資產負債表保持強勁，並有能力增加約 5 億美元的流動性，包括我們的證券化循環中可用的全部 3 億美元。在我們的運營部門預期拆分之後，我們的目標剩餘公司債務基本上只剩 3 億美元，預計到 2025 年才能償還或再融資。

And as we had discussed in the prior quarters, our effective leverage ratios will be in the low single digits, positioning DigitalBridge for long-term shareholder success.

正如我們在前幾個季度所討論的那樣，我們的有效槓桿率將處於較低的個位數，使 DigitalBridge 能夠為股東的長期成功做好準備。

Moving to Page 18. We have highlighted the continued improvements to our financial reporting and disclosures as we simplify the business and finalize our transformation to a single segment alternative asset manager.

轉到第 18 頁。隨著我們簡化業務並完成向單一部門另類資產管理公司的轉型，我們強調了財務報告和披露的持續改進。

Looking at the left side of the page to align more closely with our alternative asset manager peers, we recategorized carried interest allocation and principal investment income into revenues. We have also consolidated interest income with other income on our P&L.

查看頁面左側，為了與我們的另類資產管理同行更緊密地保持一致，我們將附帶權益分配和本金投資收入重新分類為收入。我們還將利息收入與損益表中的其他收入合併。

Turning to the right side of the page, we now present a supplemental balance sheet with assets and liabilities on a segment basis, providing a financial profile with added transparency that's easier to understand as we move towards deconsolidating our offering segment.

轉到頁面的右側，我們現在展示了一份資產負債表的補充，其中包含資產和負債，並以細分市場為基礎，提供了具有更高透明度的財務概況，在我們逐步拆分我們的產品細分市場時更容易理解。

One of the clearest takeaways from this enhanced presentation is that once we complete our deconsolidation of the operating segment, DigitalBridge is a high-growth, asset-light, low-leverage investment management platform focused on digital infrastructure investing and superior asset management.

從這一增強版演示中最明顯的收穫之一是，一旦我們完成對運營部門的拆分，DigitalBridge 將成為一個高增長、輕資產、低杠桿的投資管理平台，專注於數字基礎設施投資和卓越的資產管理。

In summary, we are very pleased with the progress we've made to the start of the year. DigitalBridge's 3 statement financials are now healthier and significantly simplified, certainly relative to the very complicated structure, Marc and I inherited 3 years earlier, and the company remains poised for growth as we scale our asset-light, low-leverage IM business with promising growth prospects led by our fundraising machine.

總而言之，我們對年初所取得的進展感到非常高興。 DigitalBridge 的 3 報表財務現在更健康並且顯著簡化，當然相對於非常複雜的結構，Marc 和我 3 年前繼承，並且隨著我們擴展我們的資產輕型，低杠桿 IM 業務且增長前景看好，公司仍有望增長由我們的籌款機器引領的前景。

We look forward to the quarters to come and achieving critical milestones in fundraising for our future flagship fund and progression towards deconsolidating our offerings asset. And with that, I will turn it back to Marc.

我們期待著未來幾個季度的到來，並在為我們未來的旗艦基金籌款以及在拆分我們的產品資產方面取得進展方面取得重要的里程碑。有了這個，我會把它轉回給馬克。

Thanks, Jacky. Before I get into how we're executing in today's markets, I wanted to highlight what we see as the tale of 2 cities in digital infrastructure today. In both equity and credit markets, there's a significant dispersion in performance between high quality, in favor companies that are trading largely in line with broader markets and out of favor companies that are exhibiting material underperformance.

謝謝，傑基。在我進入我們如何在當今市場執行之前，我想強調一下我們今天看到的 2 個數字基礎設施城市的故事。在股票和信貸市場中，高質量之間的表現存在顯著差異，有利於與更廣泛市場基本一致的公司和表現不佳的公司。

And while that gives both the bulls and bears something to talk about, for DigitalBridge, it both underscores the relevance of the investment decisions we've taken over the past few years and building some of the most high-profile, high-quality platforms in the digital infrastructure space, but it also creates new opportunities for us as we deploy capital going forward.

雖然這讓多頭和空頭都有話可說，但對於 DigitalBridge 來說，它既強調了我們過去幾年做出的投資決策的相關性，也強調了我們在數字基礎設施空間，但它也為我們未來部署資本創造了新的機會。

Next slide, please. So in the face of a dynamic macro environment and the dispersion we are seeing in digital infrastructure markets today, what's the playbook we're executing?

請換下一張幻燈片。因此，面對動態的宏觀環境和我們今天在數字基礎設施市場中看到的分散，我們正在執行的劇本是什麼？

Number one, we're forming fresh capital to fuel the next phase of our growth and support our portfolio companies. That's a sharp focus on raising $8 billion this year in new equity and also capitalizing our strong track record in credit markets, where we've secured over $2.3 billion in new commitments just in the last few months.

第一，我們正在形成新的資本來推動我們下一階段的增長並支持我們的投資組合公司。這是今年籌集 80 億美元新股本的重點，也是利用我們在信貸市場的良好記錄，僅在過去幾個月，我們就在信貸市場獲得了超過 23 億美元的新承諾。

Here's a simple truth in this market today. Great companies continue to attract capital.

這是當今市場上的一個簡單事實。偉大的公司不斷吸引資本。

Number two, we're investing in our customers and our best ideas, deploying capital with discipline into new opportunities, the cycle is creating for us and continuing to invest through our existing platforms in greenfield CapEx to support our existing customers.

第二，我們正在投資於我們的客戶和我們最好的想法，將資本有紀律地部署到新的機會中，這個週期正在為我們創造，並繼續通過我們現有的綠地資本支出平台進行投資，以支持我們現有的客戶。

Finally, driving great outcomes for our stakeholders with portfolio company performance that's underpinned by strong leasing results that catalyzed solid returns and steady growth in discounted cash flows.

最後，通過強勁的租賃業績支撐投資組合公司的業績，推動穩健的回報和貼現現金流的穩步增長，從而為我們的利益相關者帶來巨大的成果。

Next slide, please. So to start, you have to form capital effectively. And to do that, you have to have the right people, the right process and the right relationships. We're in the early innings of our growth phase, so to help us tap into significant pools of capital on a global basis, we're substantially expanding our capital formation team from 13 people a few years ago to 23 people today talking to LPs on a global basis.

請換下一張幻燈片。因此，首先，您必須有效地形成資本。為此，您必須擁有合適的人員、正確的流程和正確的關係。我們正處於增長階段的早期階段，因此為了幫助我們在全球範圍內利用大量資金，我們正在大幅擴大我們的資本形成團隊，從幾年前的 13 人增加到今天的 23 人，與 LP 交談在全球範圍內。

We've also expanded our LP base substantially. Historically, most of our efforts have been focused on the top 100 global infrastructure investors. These are our most significant partnerships, and they will continue to remain vital to our success. But as we expand our product offerings and launch new vintages of our mature strategies, we're increasingly tapping into the top 1,000 institutional LPs.

我們還大幅擴大了我們的 LP 基礎。從歷史上看，我們的大部分努力都集中在全球 100 強基礎設施投資者身上。這些是我們最重要的合作夥伴關係，它們將繼續對我們的成功至關重要。但隨著我們擴大產品範圍並推出成熟戰略的新年份，我們越來越多地接觸前 1,000 家機構 LP。

And there's a lot of room for us to continue to grow even before we eventually target regional LPs and high net worth capital where we've spent very little time. This is the benefit of being in year 5, not '25 of our growing trajectory. There's a lot of room for us to grow here, and there's a lot of room for us to continue to fundraise and make new relationships at DigitalBridge, and this is what we're seeing in this environment today.

即使在我們最終瞄準區域 LP 和高淨值資本之前，我們仍有很大的增長空間，我們在這些地方花費的時間很少。這是進入第 5 年而不是我們成長軌蹟的第 25 年的好處。我們在這裡有很大的發展空間，我們有很大的空間繼續在 DigitalBridge 籌款和建立新的關係，這就是我們今天在這個環境中看到的。

Next page, please. So in addition to having the right people, processes and relationships, it helps a lot to have the right condition. Our business continues to be driven by very strong secular tailwinds, driven by persistent global demand for connectivity and compute. Institutional investors want to fund that growth. Their enthusiasm has been demonstrated in the strong growth we've seen in our assets under management over the past few years. As you can see, we're on track to hit our 2025 AUM target we laid out a couple of years ago, which is $100 billion in assets under management.

請翻下一頁。因此，除了擁有合適的人員、流程和關係之外，擁有合適的條件也大有幫助。我們的業務繼續受到非常強勁的長期順風的推動，受到全球對連接和計算的持續需求的推動。機構投資者希望為這種增長提供資金。他們的熱情在過去幾年我們管理的資產的強勁增長中得到了體現。如您所見，我們有望實現幾年前製定的 2025 年 AUM 目標，即管理的資產達到 1000 億美元。

Even more importantly, investor appetite for digital infrastructure continues to show up in surveys that capture their intent to increase their allocation to infrastructure and most importantly, digital infrastructure in particular. We are growing faster and taking share in a sector that's already experiencing an uplift in investor and LP allocation.

更重要的是，投資者對數字基礎設施的興趣繼續體現在調查中，這些調查反映了他們增加對基礎設施尤其是數字基礎設施的配置的意圖。我們正在更快地增長，並在一個已經經歷了投資者和 LP 分配提升的行業中佔據份額。

At the DigitalBridge level, we're benefiting from the fact that we've got lots of room to continue to expand geographically, building on our success growing European and Asian portfolios, we're growing product offerings as a part of our full stack strategy to give LP's diversified exposure for the sector.

在 DigitalBridge 層面，我們受益於這樣一個事實，即我們有很大的空間可以繼續在地域上擴張，在我們成功增長的歐洲和亞洲投資組合的基礎上，我們正在增加產品供應，作為我們全棧戰略的一部分給予 LP 對該行業的多元化投資。

And as I mentioned, we're growing our investment in capital formation teams to support and catalyze this growth. These are all important tailwinds that exist because we're in a great sector. And we're early in our life cycle, setting us up for continued attractive growth over the coming years.

正如我所提到的，我們正在增加對資本形成團隊的投資，以支持和促進這種增長。這些都是存在的重要順風，因為我們處於一個偉大的領域。我們正處於生命週期的早期，為未來幾年持續有吸引力的增長做好準備。

Next slide, please. So I talked about the tale of 2 cities earlier in this section and what's happening in digital infrastructure markets today and how in-favor platforms continue to attract capital. By design, we've focused our investing on the highest quality platforms over the past few years in anticipation of the more discerning market. It was not an accident in terms of the assets that we acquired and the platforms and management teams we've been backing over the last 3 to 4 years.

請換下一張幻燈片。因此，我在本節前面談到了 2 個城市的故事，以及當今數字基礎設施市場正在發生的事情，以及受歡迎的平台如何繼續吸引資金。通過設計，我們在過去幾年中將投資重點放在最高質量的平台上，以期迎接更挑剔的市場。就我們收購的資產以及我們在過去 3 到 4 年中一直支持的平台和管理團隊而言，這並非偶然。

Knowing what you were buying and then everything trades together market is key and deep domain expertise and experience has served us well. Not surprisingly, we've been successful in this market, attracting significant capital in 2023 to support the continued growth and expansion of our portfolio.

了解您購買的是什麼，然後所有東西一起交易市場是關鍵，深厚的領域專業知識和經驗對我們很有幫助。毫不奇怪，我們在這個市場上取得了成功，在 2023 年吸引了大量資金來支持我們投資組合的持續增長和擴張。

On the equity side, we raised $700 million of fresh co-invest alongside companies like GD Towers and Switch, great businesses, high quality, good logos and then most importantly, in great sectors, towers and private cloud data centers.

在股權方面，我們與 GD Towers 和 Switch 等公司共同籌集了 7 億美元的新共同投資，這些公司是偉大的企業、高質量、良好的標誌，最重要的是，在偉大的行業、塔和私有云數據中心。

At Vantage EMEA, we signed a very successful recap, valuing a collection of stabilized assets of $2.7 billion, an attractive valuation that will generate carried interest to [Ginger bid] shareholders and post solid returns that will facilitate our capital formation efforts. On the credit side, we raised $2.3 billion, including $1 billion at DataBank in securitized financing that reduces our interest cost.

在 Vantage EMEA，我們簽署了一份非常成功的重述報告，對一系列穩定資產的估值為 27 億美元，這一極具吸引力的估值將為 [Ginger bid] 股東帶來附帶利益，並帶來可觀的回報，這將有助於我們的資本形成工作。在信貸方面，我們籌集了 23 億美元，其中包括 DataBank 的 10 億美元證券化融資，降低了我們的利息成本。

Scala, we issued the first green bond in the sector in Brazil and AtlasEdge closed a scalable GBP 525 million credit facility to support its continued growth. Building portfolios that can withstand different market conditions and continue to attract capital has served me well over many market cycles, and our current portfolio is demonstrating this today.

Scala，我們在巴西發行了該行業的第一支綠色債券，AtlasEdge 關閉了可擴展的 5.25 億英鎊信貸安排，以支持其持續增長。建立能夠承受不同市場條件並繼續吸引資金的投資組合在許多市場週期中對我很有幫助，而我們目前的投資組合今天就證明了這一點。

Next page. So second, what's interesting today is market conditions have created opportunities once again to find value in selected sub-verticals that we opted not to invest in during the peak cycle over the last 3 to 4 years. When everything traded together, these investments didn't present the appropriate risk-return profile at DigitalBridge. Now this isn't to suggest that these are bad assets or didn't work for others. We made the decision to opt out of this risk profile in the environment that we just went through over the last 3 to 4 years.

下一頁。其次，今天有趣的是，市場條件再次創造了機會，可以在我們選擇在過去 3 到 4 年的高峰週期中選擇不投資的特定子垂直領域中尋找價值。當一切都放在一起交易時，這些投資並沒有在 DigitalBridge 呈現出適當的風險回報概況。現在這並不是說這些是不良資產或對其他人不起作用。我們決定在過去 3 到 4 年剛剛經歷的環境中選擇退出這種風險預測。

This has allowed us to just off our value playbook and expand the universe of opportunities we're looking at, augmenting the highest quality platforms we're always evaluating. Markets are finally pricing and the difference between a stabilized hyperscale data center assets and a Colo data center with short-term contracts and limited fiber connectivity.

這使我們能夠從我們的價值劇本中脫穎而出，擴大我們正在尋找的機會範圍，增加我們一直在評估的最高質量平台。市場最終定價以及穩定的超大規模數據中心資產與具有短期合同和有限光纖連接的 Colo 數據中心之間的差異。

Wholesale dark fiber isn't the same as fiber-to-the-home. Investing in the U.S. is different than investing in India. This is the discerning markets that we're now in today. As we evaluate value opportunities we're looking at, first, good businesses that may have been financed poorly or maybe having trouble in today's market financing their growth, good businesses that don't have access to capital.

批發暗光纖與光纖到戶不同。在美國投資與在印度投資不同。這就是我們今天所處的挑剔市場。當我們評估我們正在尋找的價值機會時，首先，可能融資不足或在當今市場上可能難以為其增長融資的好企業，無法獲得資本的好企業。

Two, we're also looking at good businesses that serve an out-of-favor subvertical where the company is executing well. And third, buying and lending below replacement costs. That's always been a great value proposition for us. And then lastly, executing consolidation plays. So just as importantly, we're also not interested in bad businesses where they're trading had a good price or a great price. This is something we actively avoid. Ultimately, as a net buyer of digital infrastructure, we couldn't be more pleased with the development. We get to hunt quality and value as risk return dynamics align with our internal models.

第二，我們也在尋找服務於公司執行良好的不受歡迎的垂直領域的優秀企業。第三，以低於重置成本的價格進行買賣。這對我們來說一直是一個很好的價值主張。最後，執行合併操作。因此，同樣重要的是，我們對交易價格高或價格低的不良企業也不感興趣。這是我們積極避免的事情。最終，作為數字基礎設施的淨買家，我們對發展感到非常滿意。隨著風險回報動態與我們的內部模型保持一致，我們開始尋找質量和價值。

Next slide, please. So on the topic of disciplined capital allocation, I want to update everybody on what we're doing in greenfield. The ability in today's market to build and show up for customers on a global basis is a key differentiator for DigitalBridge. Greenfield matters, showing up for customers matters.

請換下一張幻燈片。所以關於有紀律的資本分配這個話題，我想向大家介紹我們在綠地所做的最新情況。在當今市場上，在全球範圍內為客戶建立和展示的能力是 DigitalBridge 的一個關鍵差異化因素。綠地很重要，出現在客戶面前很重要。

In 2023, our portfolio companies have budgeted over $7 billion in growth CapEx to support the growth of our customers. We have shovels in the ground around the world on 5 continents across all the verticals in digital infrastructure.

到 2023 年，我們的投資組合公司預算了超過 70 億美元的增長資本支出，以支持我們客戶的增長。我們在全球 5 大洲的數字基礎設施的所有垂直領域都有鏟子。

We're busiest in North America, where we're deploying $3.2 billion of success-based CapEx. In Latin America, it's $1 billion to support data centers, towers as they aim towards 5G and fiber build outs. In Europe, we have plans to spend $2.7 billion on data centers, fiber and edge infrastructure.

我們在北美最為繁忙，我們正在部署 32 億美元的基於成功的資本支出。在拉丁美洲，需要 10 億美元來支持數據中心、塔，因為它們旨在實現 5G 和光纖建設。在歐洲，我們計劃在數據中心、光纖和邊緣基礎設施上投入 27 億美元。

And finally, in Asia, our newest geography, we're spending nearly $700 million on greenfield data centers, building out Edgepoint Southeast Asia Tower platform and (inaudible) fiber network. We love to build. It generally powers the best returns, and most importantly, it deepens our relationships with key tech and telco providers on a global basis as we help them deploy next-generation networks.

最後，在亞洲，我們最新的地理區域，我們在綠地數據中心上花費了近 7 億美元，構建了 Edgepoint Southeast Asia Tower 平台和（聽不清）光纖網絡。我們喜歡建造。它通常會帶來最好的回報，最重要的是，它在我們幫助他們部署下一代網絡時加深了我們與全球主要技術和電信提供商的關係。

Next slide, please. And lastly, today, I want to talk about portfolio performance. This is really where we're making a difference today. The investments that we made in our new platforms and the greenfield CapEx that I just described ultimately drives portfolio performance in the form of new leasing and organic cash flow growth. Here, we've continued to deliver. MRR across our portfolio is up in all of our 4 key verticals, driven by organic and investment-led growth.

請換下一張幻燈片。最後，今天，我想談談投資組合的表現。這確實是我們今天有所作為的地方。我們對新平台的投資和我剛才描述的綠地資本支出最終以新租賃和有機現金流增長的形式推動了投資組合的表現。在這裡，我們繼續交付。在有機和投資主導的增長的推動下，我們投資組合的 MRR 在我們所有 4 個關鍵垂直領域都有所上升。

The persistence and resilience of our growth drives returns for our investors over time. On the right-hand side of the page, we've highlighted conservative portfolio debt metrics. You've heard me talk about this for the last few quarters. We want to be able to weather changing market conditions as we build our portfolios to be able to accomplish that with a significant margin and safety. 43% loan-to-value, 78% of our debt is fixed and we have over 7 years of remaining average tenor across these facilities. This is really an impressive scorecard and shows our commitment to managing our balance sheet in a fiscally responsible manner.

隨著時間的推移，我們增長的持久性和彈性推動了我們投資者的回報。在頁面右側，我們突出顯示了保守的投資組合債務指標。在過去的幾個季度裡，你已經聽我談論過這個問題。我們希望在構建投資組合時能夠經受住不斷變化的市場條件，從而能夠以可觀的利潤率和安全性實現這一目標。 43% 的貸款價值比，78% 的債務是固定的，我們在這些設施中的剩餘平均期限超過 7 年。這確實是一個令人印象深刻的記分卡，表明我們致力於以對財務負責的方式管理我們的資產負債表。

Next page, please. So let's wrap up with a review of my checklist for 2023. As you can see, we're on track across the board. I continue to have high conviction, we'll hit our fundraising goals based on our fundraising to date and early indications around our flagship strategies. We've made tangible progress on simplification with improved reporting aligned with our peers.

請翻下一頁。因此，讓我們回顧一下我的 2023 年清單。如您所見，我們全面步入正軌。我仍然堅信，根據我們迄今為止的籌款活動和圍繞我們旗艦戰略的早期跡象，我們將實現我們的籌款目標。通過與同行保持一致的改進報告，我們在簡化方面取得了切實進展。

I'm looking forward to deconsolidating later this year as well as advancing our capital structure optimization to continue to delever and drive higher earnings and cash flows. Finally, down at the portfolio company level, we have already had success funding the growth with success-based CapEx behind the most powerful investment-grade logos in the world, backing some of the most exciting and innovative technologies that are shaping our planet today.

我期待著在今年晚些時候進行分拆並推進我們的資本結構優化，以繼續去槓桿化並推動更高的收益和現金流。最後，在投資組合公司層面，我們已經成功地通過基於成功的資本支出為世界上最強大的投資級標誌背後的增長提供資金，支持一些正在塑造當今地球的最令人興奮和創新的技術。

This is where it gets exciting for me on a personal basis because, look, the work we do at DigitalBridge matters. And our team has been on the front end of every major technology migration path for the last 3 decades, 2G to 3G, 3G to 4G and ultimately now today to 5G, enterprise data, switching to public cloud and now migrating to private cloud and hybrid cloud workloads and now the race for the commercialization of artificial intelligence.

這就是我個人感到興奮的地方，因為看，我們在 DigitalBridge 所做的工作很重要。在過去的 3 年裡，我們的團隊一直處於每條主要技術遷移路徑的前端，從 2G 到 3G，從 3G 到 4G，現在最終到 5G，企業數據，切換到公共雲，現在遷移到私有云和混合雲雲工作負載和現在的人工智能商業化競賽。

We sit in a unique position, and we built some of the most mission-critical infrastructure in the world and it's a privilege. It's a privilege we don't take lightly. This is why, first and foremost, I remain committed and focused to supporting our customer logos on a global basis. The ability to show up for them around the world today across all parts of the ecosystem is what makes DigitalBridge unique.

我們處於一個獨特的位置，我們建立了一些世界上最關鍵的基礎設施，這是一種特權。這是我們不會掉以輕心的特權。這就是為什麼，首先，我仍然致力於並專注於在全球範圍內支持我們的客戶徽標。能夠在當今世界各地生態系統的所有部分為他們展示的能力使 DigitalBridge 獨一無二。

In fact, I would offer to you this is our competitive advantage. So I'll close today with thanking you for your attention, and as always, your support as we continue to execute on the final stages of our transition to a fast-growing alternative asset management, levered on the powerful tailwinds in digital infrastructure. Really looking forward to updating you next quarter on our continued progress, and I want to thank you for your time today.

事實上，我會向您提供這是我們的競爭優勢。因此，今天結束時，我將感謝您的關注，並一如既往地感謝您的支持，因為我們利用數字基礎設施的強大順風，繼續執行向快速增長的另類資產管理過渡的最後階段。真的很期待在下個季度向您介紹我們的持續進展，我要感謝您今天抽出時間。

Now operator, please turn it over to the Q&A session. Thank you.

現在接線員，請轉入問答環節。謝謝。

(Operator Instructions) Your first question comes from Michael Elias with TD Cowen & Company.

（操作員說明）您的第一個問題來自 TD Cowen & Company 的 Michael Elias。

Two, if I may. First, as it relates to the data center space, there's been a lot of noise around tech layoffs and decelerating cloud growth on the hyperscale side and then also belt tightening on the enterprise side. I would love to get a sense for what you're seeing from a demand perspective with both verticals of customers?

兩個，如果可以的話。首先，由於它與數據中心空間有關，圍繞超大規模方面的技術裁員和雲增長減速以及企業方面的緊縮政策存在很多噪音。我很想了解您從兩個垂直客戶的需求角度所看到的情況？

And then second, in the session, you talked about high-quality platforms. Just given the recent deal that you did with Vantage in Europe, I'm curious on how you're thinking about the long-term ambitions for that business to the extent you're willing to share?

其次，在會議中，您談到了高質量的平台。鑑於您最近在歐洲與 Vantage 達成的交易，我很好奇您在願意分享的範圍內如何考慮該業務的長期抱負？

Well, good morning. Thank you. so first and foremost, let's just get right into demand. Coming out of the quarter, the metric that I look at and that we track every week in our monthly -- in our Monday morning meeting is sales pipeline depth. And if you look, for example, here domestically in the U.S. at DataBank and Vantage, both of those domestic pipelines are up year-over-year significantly, not minorly, I want to emphasize the word significantly.

嗯，早上好。謝謝。所以首先，讓我們直接進入需求。從本季度開始，我在周一早上的會議上查看的指標和我們每週跟踪的指標是銷售渠道深度。例如，如果你看看美國國內的 DataBank 和 Vantage，這兩條國內管道都同比顯著增長，而不是小幅增長，我想強調這個詞。

So this notion of demand slowing down on hyperedge, which is what DataBank does and on hyperscale, which is what Vantage does. And then, of course, private Tier 5 cloud environments, which is what Switch does. So all of those companies, Michael, are massively up year-over-year, okay? So this is Q1 we're talking about, Q1 2023. Just to give you an example, when we were in diligence looking at Switch a year ago, back in Q1 of 2022, the entire leasing pipeline was 57 megawatts. Today, that leasing pipeline sits north of 500 megawatts, okay? Just to give you a sense of what's happening at Switch which is very secure and workload environments, 100% renewable energy, in great locations that are candidly perimeter markets that are alternatives to Santa Clara and Northern Virginia.

因此，這種需求在超邊緣上放緩的概念，這是 DataBank 所做的，在超大規模上，這是 Vantage 所做的。然後，當然是私有 Tier 5 雲環境，這就是 Switch 所做的。所以所有這些公司，邁克爾，都同比大幅增長，好嗎？所以這就是我們正在談論的第一季度，即 2023 年第一季度。舉個例子，當我們在一年前盡職調查 Switch 時，回到 2022 年第一季度，整個租賃管道為 57 兆瓦。今天，那條租賃管道位於 500 兆瓦以北，好嗎？只是為了讓您了解 Switch 正在發生的事情，這是非常安全的工作負載環境，100% 可再生能源，位於坦率的周邊市場的絕佳位置，可以替代聖克拉拉和北弗吉尼亞。

So we're seeing that our customers want those highly secure workloads and they want to be in environments that have 100% renewable energy. That is no longer a nice to have, that is a must-have for customers. DataBank, same thing. Leasing pipeline up 2x year-over-year. If you go back a year ago, the leasing pipeline, total contract value was at about $180 million of annualized revenue. Today, that leasing pipeline sits at $380 million in terms of backlog and interest coming from cloud players, mobile operator C-RAN, O-RAN deployments and now the initial deployments of AI.

因此，我們看到我們的客戶需要那些高度安全的工作負載，他們希望處於 100% 可再生能源的環境中。這不再是一件好事，而是客戶必須擁有的。數據庫，同樣的事情。租賃渠道同比增長 2 倍。如果回到一年前，租賃管道的合同總價值約為年化收入的 1.8 億美元。如今，從積壓和來自云玩家、移動運營商 C-RAN、O-RAN 部署以及現在 AI 的初始部署的興趣來看，該租賃渠道價值 3.8 億美元。

And then lastly, Vantage, that leasing pipeline also up year-over-year. So domestic leasing and hyper edge; public cloud and private cloud, which are the 3 spaces that we occupy with 3 of the best platforms are year-over-year up. Revenues are up, EBITDA is up and leasing is up. Those are the 3 metrics that you need to be focused on.

最後，Vantage，租賃渠道也同比增長。所以國內租賃和超優勢；公共雲和私有云，這是我們佔據的 3 個空間，其中 3 個最好的平台都在逐年增長。收入上升，EBITDA 上升，租賃上升。這些是您需要關注的 3 個指標。

Any intelligent investor should be looking at those things. And that's what's happening. Those companies are outperforming their market conditions. They're winning the jump balls between them and other competitors. And candidly, why did we do the deal with Vantage Europe in this quarter to create that continuation fund? One, to create a path ultimately where great assets can be harvested.

任何聰明的投資者都應該關注這些事情。這就是正在發生的事情。這些公司的表現優於市場狀況。他們正在贏得他們和其他競爭對手之間的跳球。坦率地說，為什麼我們在本季度與 Vantage Europe 達成交易以創建該延續基金？第一，創造一條最終可以收穫巨大資產的道路。

But secondly, we're recycling capital. We have over 400 megawatts of new opportunity in Europe, at Vantage Europe. We need capital to keep supporting that business, and that's what we're doing. We're raising incremental capital to support our customers. As I said before, we have over $7 billion of new construction going on right now. And the leasing volumes are building. They're not declining.

但其次，我們正在回收資本。在 Vantage Europe，我們在歐洲擁有超過 400 兆瓦的新機會。我們需要資金來繼續支持這項業務，這就是我們正在做的事情。我們正在籌集增量資金以支持我們的客戶。正如我之前所說，我們現在有超過 70 億美元的新建築在進行。租賃量正在增加。他們沒有下降。

So this is a major, major opportunity for us. Look, I go back to 2002 and 2009, when we were building businesses in the digital infrastructure space. And the playbook is playing out just as I said, it was going to play a year ago, if you recall. I said we're going to have a recession. I told this to all of our LPs a year ago.

所以這對我們來說是一個非常非常重要的機會。看，我回到 2002 年和 2009 年，當時我們在數字基礎設施領域開展業務。就像我說的那樣，劇本正在上演，如果你還記得的話，它在一年前就已經上演了。我說過我們會經歷經濟衰退。一年前我把這件事告訴了我們所有的有限合夥人。

And I said, this is when you find out where the good teams actually step up and get it done and other folks sort of attract and they try to weather the storm or you lean on your front foot and you go play offense. What we're doing right now is we're playing offense. And our customers meet our capabilities; they need our land, our entitlements, our power.

我說，這是當你發現優秀的團隊真正加強並完成它的時候，其他人有點吸引，他們試圖度過難關，或者你靠在你的前腳上，你去進攻。我們現在正在做的是進攻。我們的客戶滿足我們的能力；他們需要我們的土地、我們的權利和我們的權力。

We did a very good job of assembling a lot of really good land with a lot of really good building permits and a lot of really good will-serve letters from utility companies over a year ago because we thought the world was going to continue to migrate to the things that we were doing. And that decision in that call was correct. And so now we're funding that CapEx, and it's all success-based CapEx. And the reward is you get 10-, 15-year contracts with investment-grade logos with great CPI escalators, with inflation protection, cost pass-throughs.

一年多前，我們通過大量非常好的建築許可和公用事業公司發出的許多非常好的服務承諾函收集了很多非常好的土地，因為我們認為世界將繼續遷移到我們正在做的事情。那次電話會議的決定是正確的。所以現在我們正在為資本支出提供資金，這都是基於成功的資本支出。回報是您將獲得 10 年、15 年的合同，這些合同帶有投資級標誌，具有出色的 CPI 自動扶梯、通貨膨脹保護和成本轉嫁。

And so we're seeing incredible single-tenant yields like we've never seen before. Much how it played out in '09 and '10 in the tower space. If you had capital and you have the ability to build, it was your advantage. And so we grew through that cycle in '09 -- 2009 and 2010.

因此，我們看到了前所未有的令人難以置信的單租戶收益。它在 09 年和 10 年在塔式空間中的表現如何。如果你有資金並且有建設的能力，那就是你的優勢。因此，我們在 09 年——2009 年和 2010 年經歷了那個週期。

We grew a lot. And so what you're seeing right now is the conviction call we made a year ago now playing out at the operating companies. And that took a little bit of foresight and it took a little bit of courage.

我們成長了很多。所以你現在看到的是我們一年前發出的信念呼籲，現在正在運營公司中發揮作用。這需要一點遠見，也需要一點勇氣。

And I'm sorry, I lost the second part of your question because I got a little excited.

很抱歉，我遺漏了你問題的第二部分，因為我有點激動。

No worries. The question was about longer-term ambitions for Vantage.

不用擔心。問題是關於 Vantage 的長期目標。

Look, I think Vantage has 3 businesses, Asia, North America and Europe. Asia is producing really well. It's our youngest business. It's less than 2 years old. Vantage North America, I said earlier, a lot of leasing demand right now over 400 megawatts of new opportunities that have come into the funnel in the last 90 days.

看，我認為 Vantage 有 3 個業務，亞洲、北美和歐洲。亞洲的生產非常好。這是我們最年輕的業務。它不到 2 歲。 Vantage North America，我之前說過，在過去 90 天內，現在有超過 400 兆瓦的新機會有很多租賃需求。

Vantage Europe sits at over 400 megawatts a new opportunity. Both of those businesses, Vantage Europe and Vantage USA are growing really fast, and we're raising capital for both of those entities as you saw in the first quarter. I think long term, we've created 2 permanent capital vehicles, Vantage SDC, which a portion that sits on our balance sheet, a great set of stabilized assets.

Vantage Europe 擁有超過 400 兆瓦的新機遇。這兩家公司，Vantage Europe 和 Vantage USA 都在快速增長，正如您在第一季度看到的那樣，我們正在為這兩個實體籌集資金。我認為從長遠來看，我們已經創建了 2 個永久性資本工具，Vantage SDC，這是我們資產負債表上的一部分，是一組很好的穩定資產。

Now we've created our Vantage Europe stabilized platform. And so now we have the vehicles to continue to harvest these assets and put them in the right place, but most importantly, pair it with the right capital. That's really -- that's where I think we are a little bit different. We have this ability in sifting through over 1,000 LPs on a global basis, and we know the insurance companies and the pensions that want yield, they want safety. They want 10- to 15-year contracts with investment-grade logos. And they're looking for a 12 to 13 IRR, but they're looking for a 6% to 7% cash yield. Our stabilized permanent capital vehicles with Vantage North America and Vantage Europe are very misunderstood by the public investor community.

現在我們已經創建了 Vantage Europe 穩定平台。因此，現在我們擁有了繼續收穫這些資產並將其放在正確位置的工具，但最重要的是，將其與正確的資本配對。這真的——我認為我們有點不同的地方。我們有能力在全球範圍內篩選 1,000 多家有限合夥人，我們知道保險公司和養老金機構想要收益，他們想要安全。他們想要 10 到 15 年的帶有投資級標誌的合同。他們正在尋找 12 到 13 的 IRR，但他們正在尋找 6% 到 7% 的現金收益率。我們與 Vantage North America 和 Vantage Europe 的穩定永久資本工具被公眾投資者社區誤解了。

What are they? It's a path to create liquidity for Vantage. It's a path to recycle capital, but most importantly, it's the opportunity for us to bring to some of our LPs what they're looking for, which is the ability to buy on a direct basis, a core product that has incredibly predictable cash flows, embedded escalators, a little bit of growth. Most of these data centers are mid-80s occupied. So we are -- we have incremental leasing, as you've seen at Vantage SDC.

這些是什麼？這是為 Vantage 創造流動性的途徑。這是一條回收資本的途徑，但最重要的是，這是我們為一些 LP 帶來他們正在尋找的東西的機會，即直接購買具有令人難以置信的可預測現金流的核心產品的能力，嵌入式自動扶梯，一點點成長。大多數這些數據中心都在 80 年代中期被佔用。所以我們 - 我們有增量租賃，正如您在 Vantage SDC 看到的那樣。

And so we believe Vantage is the premier hyperscale data center owner and developer in the world today. What Sarel and his team have built in 5 years is incredible. If you go back 5 years ago, we bought that business for $1 billion -- a little over $1 billion from Silver Lake. And now today, on a global basis, it's hard to put a value on it. But on a consolidated basis, if you roll up all the EBITDA from Vantage Asia, Vantage U.S.A. and Vantage Europe, it would be well, well north of somewhere in the order of magnitude of close to $500 million, $600 million of run rate EBITDA.

因此，我們相信 Vantage 是當今世界首屈一指的超大規模數據中心所有者和開發商。 Sarel 和他的團隊在 5 年內建造的東西令人難以置信。如果你回到 5 年前，我們以 10 億美元的價格從 Silver Lake 手中收購了這家公司——略高於 10 億美元。現在，在全球範圍內，很難對其進行估價。但在合併的基礎上，如果你把 Vantage Asia、Vantage U.S.A. 和 Vantage Europe 的所有 EBITDA 匯總起來，它會很好，遠遠超過接近 5 億美元的數量級，6 億美元的運行率 EBITDA。

So it's a business that's probably worth about $15 billion on today's valuations, which have come down. So creating that $14 billion of value in a period of 5 years was not easy. But we did it through our playbook, which is buy and build. We did some small acquisitions, but mostly we've been building. and building with the right customers with the right return profile and creating the right returns. So we're very happy with what Sarel has done. It's a great business, it's a great company, and it's one of 41 assets, 41 companies we own here at DigitalBridge and we're doing that at every portfolio company. The playbook that we're executing with Sarel is not that different from what we're doing at Brazil. It's not that different from what we're going to be doing with AMS and Kuala Lumpur. We've got great businesses, great CEOs, but most importantly, we have great customer relationships. When we take over a platform, we could go deep and execute with customers on a global scale.

因此，根據今天已經下降的估值，這家企業的價值可能約為 150 億美元。因此，在 5 年內創造 140 億美元的價值並不容易。但我們通過購買和構建的劇本來做到這一點。我們進行了一些小型收購，但大部分時間我們一直在建設。與具有正確回報情況的正確客戶建立聯繫並創造正確的回報。所以我們對 Sarel 所做的一切感到非常高興。這是一項偉大的業務，這是一家偉大的公司，它是我們在 DigitalBridge 擁有的 41 家資產和 41 家公司之一，我們在每個投資組合公司都這樣做。我們與 Sarel 一起執行的劇本與我們在巴西所做的沒什麼不同。這與我們將要在 AMS 和吉隆坡所做的事情沒有什麼不同。我們擁有出色的企業、出色的 CEO，但最重要的是，我們擁有良好的客戶關係。當我們接管一個平台時，我們可以深入並在全球範圍內與客戶一起執行。

Next question, Dan Day with B. Riley Securities.

下一個問題，B. Riley Securities 的 Dan Day。

So first one, just I think we all understand the recap process, the time line for DataBank fairly well at this point. But looking at Vantage SDC maybe just talk through what you think your best options are to monetize that asset? Would you consider a full sale of the stake rather than kind of leaving yourself with the stub like it seems like you plan to do with DataBank. And then if you could just remind us what the total cost basis is on Vantage SDC and obviously, given the moves in cap rates over the last year or 2, just whether you think you could recoup that or not into sale.

所以首先，我認為我們都理解回顧過程，此時 DataBank 的時間線相當好。但是看看 Vantage SDC，也許只是談談你認為你最好的選擇是什麼來使該資產貨幣化？您是否會考慮全部出售股份，而不是像您計劃對 DataBank 那樣把存根留給自己。然後，如果你能提醒我們 Vantage SDC 的總成本基礎是什麼，顯然，考慮到過去一年或兩年的資本化率變動，你是否認為你可以收回或不出售。

So great question. Look, DataBank has been a fantastic investment for us. We've got $218 million into that deal today. We've created a tremendous amount of value in that business. And obviously, the $6.2 billion headline valuation created an incredible uplift for our public shareholders. Today, we're holding that at about $480 million today. So it's a tremendous amount of value that's been created at DataBank, Vantage SDC $218 million is where we're holding that today. And I think the 2 assets have different flight pass. So let's just talk about them for a second.

這麼好的問題。看，DataBank 對我們來說是一項了不起的投資。我們今天已經為這筆交易籌集了 2.18 億美元。我們在該業務中創造了巨大的價值。顯然，62 億美元的總體估值為我們的公眾股東創造了令人難以置信的提升。今天，我們持有的價格約為 4.8 億美元。因此，這是 DataBank 創造的巨大價值，Vantage SDC 2.18 億美元是我們今天持有的價值。而且我認為這 2 項資產具有不同的航班通行證。因此，讓我們暫時談談它們。

One, on Vantage SDC, we are in the process of taking in new capital. We've been out looking to raise new capital for Vantage SDC. I would say Jacky in the last 45 days, we started that process. A lot of investor appetite for stabilized U.S. data centers that are producing effectively a high 6, low 7 yield. And even with treasuries where they are today, that's still pretty attractive on a risk-adjusted basis.

第一，在 Vantage SDC 上，我們正在接受新資本。我們一直在尋求為 Vantage SDC 籌集新資金。我會說 Jacky 在過去的 45 天裡，我們開始了這個過程。許多投資者對穩定的美國數據中心感興趣，這些數據中心有效地產生了高 6、低 7 的收益率。即使美國國債目前處於這種狀態，在風險調整的基礎上仍然非常有吸引力。

So some insurance companies and some pension funds and some fund managers want exposure to that because they don't have it and we have it. So that process is going well. Jacky is actually running the Vantage SDC process, and we expect to have a good result very soon in terms of what we're doing from a deconsolidation perspective.

因此，一些保險公司、一些養老基金和一些基金經理希望接觸到這一點，因為他們沒有，而我們有。所以這個過程進展順利。 Jacky 實際上正在運行 Vantage SDC 流程，我們希望從分拆的角度來看我們正在做的事情很快就會有好的結果。

DataBank, as I mentioned on the last call, we reopened our fundraising on April 1. We shut that fundraising down for a period of 6 months. We had a great first closing with Swiss Life EDF and a few others. And now we are moving into the last phase of capital formation there, and we're forming capital right now as we speak. And so to be clear, that is a continuation fund that had an open fundraising period until the end of the summer.

DataBank，正如我在上次電話會議中提到的，我們在 4 月 1 日重新開始了籌款活動。我們關閉了籌款活動 6 個月。我們與 Swiss Life EDF 和其他幾家公司的首次合作取得了圓滿成功。現在我們正在進入那裡資本形成的最後階段，我們現在正在形成資本。需要明確的是，這是一個延續基金，其開放籌款期一直持續到夏季結束。

And the way we structured that was it allows us to take in investor capital over time. Where Vantage SDC, we took the capital in many years ago and that's now been closed, and so what we're doing is we had to reinitiate a new capital formation plan. So very -- 2 very, very different processes.

我們構建的方式是，它允許我們隨著時間的推移吸收投資者資本。在 Vantage SDC 的地方，我們在多年前獲得了資本，現在已經關閉，所以我們正在做的是我們不得不重新啟動一個新的資本形成計劃。非常 - 2 個非常非常不同的過程。

On the DataBank process, we continue to take subscriptions in, that's what I can tell you today. We're having great success. Investors are signing up into that vehicle and the business has absolutely performed. When we were out over a year ago, as most of you know from your public disclosures, we're at about $220 million of run rate EBITDA a year ago in the second quarter of 2022.

在 DataBank 流程中，我們繼續接受訂閱，這就是我今天可以告訴你的。我們取得了巨大的成功。投資者正在註冊該工具，並且該業務絕對錶現出色。當我們一年多前退出時，正如你們大多數人從公開披露中了解到的那樣，我們在一年前的 2022 年第二季度的運行率 EBITDA 約為 2.2 億美元。

As we aim our guidance for the end of this year, DataBank is on a path to get to about $290 million to $300 million of EBITDA by the end of this year. So the growth has just been absolutely meteoric at DataBank. The team have done an amazing job. Being in these Tier 2 and Tier 3 markets where we have hyperedge workloads. We talked about their leasing backlog being up over $380 million in annual rent is the leasing backlog today, that's double what it was last year.

由於我們的目標是今年年底的指導，DataBank 有望在今年年底前實現約 2.9 億至 3 億美元的 EBITDA。因此，DataBank 的增長絕對是迅猛的。該團隊做得非常出色。在我們擁有超邊緣工作負載的這些 2 級和 3 級市場中。我們談到他們的租賃積壓年租金超過 3.8 億美元是今天的租賃積壓，這是去年的兩倍。

So we think we're doing the right thing on DataBank. I mean, look, if I could own 100% of DataBank and we were still a REIT, I would keep DataBank, and DataBank would be a fantastic success story.

所以我們認為我們在 DataBank 上做的是正確的事情。我的意思是，看，如果我能擁有 DataBank 的 100%，而我們仍然是房地產投資信託基金，我會保留 DataBank，而 DataBank 將是一個了不起的成功故事。

But we're not a REIT. We're an alternative investment manager. We continue to use other people's capital to grow our best assets, and DataBank absolutely fits that profile. So we have the ability to raise another $600 million of capital into the continuation fund. We're going to do our best to raise that. And ultimately, we will have a position that will be left. If we raise the full $600 million that will probably get us down to a position, I would say, probably about $200 million will be the position if we raise the full $200 million -- so no, $300 million gets us to the -- so if we raise 600, we'll have about 300 left, we've got to raise $200 million to deconsolidate, that's the key metric for public shareholders.

但我們不是房地產投資信託基金。我們是另類投資經理。我們繼續使用其他人的資本來發展我們最好的資產，而 DataBank 絕對符合這種情況。因此，我們有能力為延續基金再籌集 6 億美元的資金。我們將盡最大努力提高這一點。最終，我們將留下一個職位。如果我們籌集到全部 6 億美元，這可能會使我們處於一個位置，我想說，如果我們籌集到全部 2 億美元，可能會達到大約 2 億美元——所以不，3 億美元讓我們達到——所以如果我們籌集 600 人，我們將剩下大約 300 人，我們必須籌集 2 億美元來拆分，這是公眾股東的關鍵指標。

And again, I'll say it again, we continue to take subscriptions in. We continue to be very, very convicted around our ability to deconsolidate DataBank very shortly. That is all I can tell you inside of today. We're in the middle of the second quarter and we feel very good about where we are in DataBank. I'll leave it there for today.

再說一次，我再說一遍，我們繼續接受訂閱。我們繼續非常、非常確信我們有能力在短時間內拆分 DataBank。這就是我今天能告訴你的全部內容。我們正處於第二季度中期，我們對我們在 DataBank 中的位置感覺非常好。今天我會把它留在那裡。

Marc, I'll just ask one more, that hopefully we'll have a pretty quick answer. Any update on the timing to Investor Day in 2023?

馬克，我再問一個，希望我們能很快得到答复。關於 2023 年投資者日的時間安排有任何更新嗎？

Yes. So as soon as we have both of these assets deconsolidated, we will host the Investor Day. So if I was just looking -- I can't give you a specific time. Severin is looking at me with a big smile right now. But it will be on the back half of this year, second half of this year, we'll have an Investor Day. And we're looking forward to sharing with everyone the final results of the deconsolidation and of course, an update on fundraising, which we're happy to talk about today. And then, of course, just our leverage profile, which we're very delighted about where we are and our Jacky and I progress on taking $10 million of cost out of the business this year. I mean we've got a very simple few things we got to do this year. And inside this quarter, we're making great, great progress on all those initiatives.

是的。因此，一旦我們將這兩項資產分拆，我們將舉辦投資者日。所以，如果我只是在看——我不能給你一個具體的時間。 Severin 現在正帶著燦爛的笑容看著我。但它將在今年下半年，今年下半年，我們將有一個投資者日。我們期待與大家分享分拆的最終結果，當然還有籌款的最新情況，我們今天很高興談論這一點。然後，當然，只是我們的槓桿情況，我們對我們所處的位置以及我們的 Jacky 和我在今年從業務中削減 1000 萬美元的成本方面取得的進展感到非常高興。我的意思是，今年我們要做的事情非常簡單。在本季度內，我們在所有這些舉措上都取得了巨大的進步。

Next question, Ric Prentiss with Raymond James.

下一個問題，Ric Prentiss 和 Raymond James。

A couple of things. Obviously, I think we're all looking forward to moving pieces starting to slow down a little bit. But Jacky, I think in the quarter, you called out a couple of things to make sure distributable earnings took a hit because of the wellness, but you've had a couple of quarters in a row with some oddities there. Are we thinking that we're able to see positive distributable earnings as we look through the rest of year or are there more of these moving pieces onetime or is that happen?

幾件事。顯然，我認為我們都期待移動的部分開始放慢一點。但是傑基，我認為在這個季度，你提出了一些事情來確保可分配收益因健康而受到打擊，但你已經連續幾個季度出現了一些奇怪的情況。我們是否認為在今年餘下的時間裡我們能夠看到積極的可分配收益，或者一次有更多這樣的變動因素，或者是否會發生這種情況？

Yes, sure. This is the last quarter in which we have some cleanups. And certainly, with respect to the wellness note, what we've done is taken a $7 million impairment on our distributable earnings. And that's just the interest income that we would have recognized from last year. So absent that, on a go-forward basis, you'll see that even just normalizing for that, we're already at positive distributable earnings.

是的，當然。這是我們進行一些清理工作的最後一個季度。當然，關於健康票據，我們所做的是對我們的可分配收益進行 700 萬美元的減值。這只是我們從去年開始確認的利息收入。因此，如果沒有，在前進的基礎上，你會發現即使只是正常化，我們也已經處於正的可分配收益。

And on carried interest was a little bit odd there. Was there anything with the BrightSpire sale that was affecting that? Or how should we think about what's the path on carried interest because obviously an important area for valuation?

那裡的附帶利益有點奇怪。 BrightSpire 的銷售有什麼影響嗎？或者我們應該如何考慮附帶利益的路徑是什麼，因為這顯然是一個重要的估值領域？

Yes, sure. So on the carried interest side, that is simply associated with the fact that we marked up our funds about 1%, but then relative to the prep of 8% that we book a noncash income impact associated with that differential. In terms of BrightSpire, we basically did a cleanup trade at a value that was close to where we already had it marked. So there was a little bit of an impairment above $10 million worth for BrightSpire itself, but that didn't impact our carried interest going through operating.

是的，當然。因此，在附帶權益方面，這僅與我們將資金標記為 1% 左右這一事實有關，但相對於 8% 的準備，我們預訂了與該差異相關的非現金收入影響。就 BrightSpire 而言，我們基本上以接近我們已經標記的價格進行了清理交易。因此，BrightSpire 本身的價值略高於 1000 萬美元，但這並沒有影響我們在運營過程中的附帶權益。

But what we did do was it does impact distributable earnings relative to the prior quarter since we would have recognized the BrightSpire's dividends about $7 million a quarter in prior quarters.

但我們所做的是，它確實影響了相對於上一季度的可分配收益，因為我們會在前幾個季度確認 BrightSpire 每季度約 700 萬美元的股息。

I think the key here is, -- Ric, the key is here, if you come up to 50,000 feet for a second, this is really the last cleanup quarter. I hope that, that's really clear to everybody. We had the last sales of some, what I'd call one-off real estate assets are now done. There was a hotel asset we sold in Paris. We did the BrightSpire cleanup trade, and then we took the full mark on the wellness note. Now look, on the wellness note, we can't be more clear. We have strong rights. We have an inter credit agreement. We believe we'll be paid back. We don't know the amount of recovery on that note, but we felt like this was the right quarter to put an end to the legacy assets. This was it.

我認為這裡的關鍵是，-- Ric，關鍵就在這裡，如果你上升到 50,000 英尺一秒鐘，這真的是最後一個清理季度。我希望每個人都清楚這一點。我們進行了最後一次銷售，我稱之為一次性房地產資產，現在已經完成。我們在巴黎出售了一項酒店資產。我們進行了 BrightSpire 清理交易，然後我們在健康記錄上取得了滿分。現在看，在健康說明上，我們再清楚不過了。我們擁有強大的權利。我們有一個信用間協議。我們相信我們會得到回報。我們不知道該票據的回收量，但我們認為這是結束遺留資產的正確季度。就是這樣。

So we made the decision that this was the right time to do it. It's been already a fairly turbulent year in broader markets. So why not take this now, get the cleanup trade done with BrightSpire with the wellness note and the remaining assets so that the rest of this year is a very easy and clean print for investors to understand.

所以我們決定現在是時候這樣做了。在更廣泛的市場上，今年已經是相當動蕩的一年。那麼，為什麼不現在就採取這個行動，用健康票據和剩餘資產與 BrightSpire 完成清理交易，這樣今年剩下的時間就可以非常容易和清晰地打印出來供投資者理解。

Now look, that's not popular. We could have said, okay, let's just wait and we'll not mark the wellness note, let's kick the can down the road, maybe we get full recovery, maybe we don't. But I think the reality is our investors are going to appreciate the next 3 quarters being clean, us having strong EPS and distributable earnings and then obviously, as the fundraising cadence kicks in to the back half of this year, EPS in turn responds, and we've got a very easy, simple algorithm for investors to understand.

現在看，那不流行。我們本可以說，好吧，讓我們等一下，我們不會標記健康記錄，讓我們把罐頭踢到路上，也許我們會完全康復，也許我們不會。但我認為現實情況是，我們的投資者將欣賞未來 3 個季度的干淨，我們擁有強勁的每股收益和可分配收益，然後顯然，隨著今年下半年籌資節奏的開始，每股收益反過來做出回應，並且我們有一個非常容易、簡單的算法供投資者理解。

This is the setup quarter going into the back half of this year. And we feel, again, if you're not hearing the conviction in my voice, we feel very good about what we're doing on fundraising, we feel very good about how our portfolio companies are performing, Jacky and I have done a very good job on cost, we like our leverage profile and we like exactly where we are in deconsolidation.

這是進入今年下半年的準備季度。我們覺得，再一次，如果你沒有聽到我聲音中的信念，我們對我們在籌款方面所做的事情感覺非常好，我們對我們的投資組合公司的表現感覺非常好，Jacky 和我做了一個非常在成本方面做得很好，我們喜歡我們的槓桿情況，我們也很喜歡我們在去整合中的位置。

Everything that I've mapped for this year is coming to fruition. And so this really for us was the last of the -- what I'd like to call, colony cleanup on L3. That's now done and it's behind us. And so we feel convicted around that.

今年我為之規劃的一切都將實現。所以這對我們來說真的是最後一次——我想稱之為 L3 上的殖民地清理。現在已經完成了，它已經在我們身後了。因此，我們對此感到有罪。

Good to have the cleanups done. Two more for me. One, I think we saw Form D get filed last week about DPP3 and some placement fees and agency fees. Any update you can do, knowing that we're mid-quarter there's not maybe a lot you can say, but the Form M seems to suggest to your point on fundraising that the DPP3 is closer and closer.

很高興完成清理工作。還有兩個給我。第一，我想我們上週看到了關於 DPP3 以及一些安置費和代理費的表格 D。你可以做的任何更新，知道我們在季度中期，你可以說的可能不多，但表格 M 似乎表明你在籌款方面的觀點，即 DPP3 越來越近了。

So look, it's always fun when these filings come out, and we're not allowed to be incredibly transparent with you guys. So let me try to walk a very fine line with you, Ric. What I would tell you is we obviously have received our first commitments in the new strategy. It's going very well. I wish I could give you a lot more detail. But given compliance rules, I've got to have my hands kind of tied until next quarter.

所以看，當這些文件出來時總是很有趣，而且我們不允許對你們非常透明。因此，讓我嘗試與您保持良好的關係，Ric。我要告訴你的是，我們顯然已經收到了新戰略中的第一批承諾。進展順利。我希望我能給你更多的細節。但考慮到合規規則，我必須在下個季度之前束手無策。

But what we can tell you is the first commitments are in. You are correct, there were some commitments, that filing was related to some investors in Korea. And so I think the good news is, is we're attracting not only re-ups, but most importantly, we're attracting new capital, Ric. This is really the highlight of what you're going to see in our second quarter is the fundraising team that Kevin Smith and Leslie Golden run have done an amazing job.

但我們可以告訴你的是，第一個承諾已經存在。你是對的，有一些承諾，該申請與韓國的一些投資者有關。所以我認為好消息是，我們不僅吸引了重新投資，而且最重要的是，我們正在吸引新的資本，Ric。這真的是你將在我們第二季度看到的亮點，凱文史密斯和萊斯利戈登經營的籌款團隊做得非常出色。

We've got 27 people around the world raising money. I think you saw that slide in our deck today around just the top 1,000 accounts. And it's really incredible how much more depth our fundraising team has, particularly in a market in a theater like Asia, Ric, where we literally had no fundraising capabilities in Fund II.

我們有 27 個人在世界各地籌集資金。我想您今天在我們的平台上看到了圍繞前 1,000 個帳戶的幻燈片。我們的籌款團隊擁有的深度真是令人難以置信，特別是在亞洲，Ric 這樣的劇院市場，我們在 Fund II 中幾乎沒有籌款能力。

And now you go to this new strategy, and we've got a sales team in place there in Asia now 5 people, fundraising, and they're having tremendous success with new logos and as we think about some of the first commitments that are rolling in, getting new logos in the first phase of a fundraising process, usually, you just get re-ups.

現在你開始這個新戰略，我們在亞洲有一個銷售團隊，現在有 5 個人，正在籌款，他們在新標誌方面取得了巨大的成功，當我們考慮一些最初的承諾時滾滾而來，在籌款過程的第一階段獲得新徽標，通常，您只會重新獲得。

So the fact that we're getting re-ups and we're getting new commitments, to me, is very exciting because for us to achieve our objectives of what we want to do this year, the re-ups are important. And as we said, we think we're going to get 90% to 92%, 93% re-ups in this new strategy, but it's really the $30 billion of new capital, Ric, that we're talking to, the over 200 LPs that were not in Fund I and Fund II that are working with us on the new strategy, that's where we think we have the momentum.

因此，對我來說，我們正在重新開始並且我們正在獲得新的承諾這一事實非常令人興奮，因為對於我們實現今年我們想要做的事情的目標來說，重新開始很重要。正如我們所說，我們認為我們將在這個新戰略中獲得 90% 到 92%，93% 的回報，但我們正在談論的實際上是 300 億美元的新資本，Ric，結束200 名不在 Fund I 和 Fund II 中的 LP 正在與我們合作制定新戰略，這就是我們認為我們有動力的地方。

Over $30 billion of new logos in the data room doing the work, that's what's moving the needle for us in this quarter here in Q2 and it's what's going to move the needle, obviously, in Q3 and Q4 this year. Again, I want to say it with total conviction. We believe we will hit our $8 billion fundraising goal for this year. My goal is to beat that, and I haven't changed my tune on that, and that's because we're sitting in this quarter and we're looking at the back half of this year, and it looks very good from our perspective.

數據室中超過 300 億美元的新標識正在做這項工作，這就是本季度第二季度為我們帶來的變化，顯然，這將在今年第三季度和第四季度推動變化。再說一遍，我想滿懷信心地說出來。我們相信今年我們將實現 80 億美元的籌款目標。我的目標是打敗那個，我沒有改變我的看法，那是因為我們坐在這個季度，我們正在看今年下半年，從我們的角度來看，它看起來非常好。

Last one for me because I wanted to make sure we got the clean quarter fundraising the DPP3. Slide 20 is an interesting slide. That's where it was a lot of pain, right? Investors on this call are feeling that pain, the out of favor versus the in-favor. What is causing that systemic difference in, in-favor digital infrastructure versus out of favor, what will close the gap? And add there, if you were to do a similar chart with all asset managers, how do all asset managers compare that slide is there in-favor and out of favor all asset managers, but just trying to think of what closes that gap? Why is the gap there? What closes the gap and how is all the assets kind of look in that chart?

最後一個給我，因為我想確保我們在乾淨的季度為 DPP3 籌款。幻燈片 20 是一張有趣的幻燈片。那就是很痛苦的地方，對吧？參加這次電話會議的投資者正感受到痛苦，失寵與受寵。是什麼導致了數字基礎設施的受歡迎與不受歡迎的系統性差異，什麼將縮小差距？並在那裡添加，如果你要對所有資產經理做一個類似的圖表，所有資產經理如何比較這張幻燈片是否支持和不支持所有資產經理，但只是想想想是什麼縮小了這個差距？為什麼那裡有差距？是什麼縮小了差距，所有資產在該圖表中的表現如何？

As always, Ric, you're asking the right question. So let's start out with digital infrastructure. The out-of-favor stuff is stuff that's just aging in its legacy assets. And I don't like to pick on certain companies, and it's not my job to do that. But what I would tell you is in enterprise data centers and in legacy older fiber and resi fiber, it's all about the duration of the contracted cash flows and the quality of the assets.

一如既往，里克，你問的是正確的問題。因此，讓我們從數字基礎設施開始。失寵的東西是其遺留資產中剛剛老化的東西。而且我不喜歡挑剔某些公司，這不是我的工作。但我要告訴你的是，在企業數據中心和傳統的舊光纖和 resi 光纖中，一切都與合同現金流的持續時間和資產質量有關。

So for folks that own legacy colocation enterprise data centers that are now 20 years old, those assets, as you know, Ric, they lack functionality, they lack power density, they lack connectivity, they lack the ability to scale. And so when you have a 40-megawatt opportunity with someone like a public cloud player that starts with an A, and you've got a data center that only has 6 megawatts of power, you're not going to be able to force 40 megawatts into a 6-megawatt data center.

因此，對於擁有已有 20 年曆史的遺留託管企業數據中心的人們來說，如你所知，Ric，這些資產缺乏功能，缺乏功率密度，缺乏連接性，缺乏擴展能力。因此，當你有一個 40 兆瓦的機會，比如以 A 開頭的公共雲播放器，而你有一個只有 6 兆瓦功率的數據中心時，你將無法強制 40兆瓦到一個 6 兆瓦的數據中心。

Now if it's a beautiful brand-new data center sitting in Blufdale, Utah, and there's 60 megawatts of power, and it happens to be DataBank, and we're doing a jump all against the legacy Colo data center that had 6 megawatts, we're winning that jump all, Ric, 100% of the time because we have the land, we have the power and we have the ability to deliver for the customer.

現在，如果它是位於猶他州布盧夫代爾的一個美麗的全新數據中心，並且有 60 兆瓦的功率，而且它恰好是 DataBank，我們正在與擁有 6 兆瓦的舊 Colo 數據中心進行全面升級，我們贏得所有的跳躍，Ric，100% 的時間是因為我們有土地，我們有力量，我們有能力為客戶提供服務。

So owning new data centers that were built literally in the last 3 to 5 years, like what was done at DataBank, like what Sarel has done at Vantage and what Rob is doing at Switch having new state-of-the-art inventory with power density that can ultimately fulfill what the customer is looking for and our ability to deliver that space in the next 9 months, that's competitive advantage.

因此，擁有在過去 3 到 5 年內真正建造的新數據中心，就像在 DataBank 所做的那樣，就像 Sarel 在 Vantage 所做的以及 Rob 在 Switch 所做的那樣擁有新的最先進的庫存和電力最終可以滿足客戶需求的密度以及我們在未來 9 個月內交付該空間的能力，這就是競爭優勢。

And so that's in-favor, right? Tier 5 private cloud, public cloud Advantage and hyperedge with DataBank, those are the assets you want to own in this environment. We own them, they're performing and the leasing results are now showing and manifesting themselves.

所以這是有利的，對吧？ Tier 5 私有云、公共雲 Advantage 和帶有 DataBank 的 hyperedge，這些是您希望在此環境中擁有的資產。我們擁有它們，它們正在運行，租賃結果正在顯現。

So that's really the tale of 2 cities in the data center space. You can't take a 20-year old data center and make it a 2023 perfect cloud data center, unless you're going to level the entire data center, go buy a bunch more land, rezone it, get a new will-serve letter. And so these businesses that own these aging assets are having this sort of come-to-Jesus moment in terms of their ability to reconcile themselves with what their profile is.

所以這真的是數據中心領域 2 個城市的故事。你不能把一個有 20 年曆史的數據中心變成 2023 年完美的雲數據中心，除非你要平整整個數據中心，去買更多的土地，重新分區，得到一個新的 will-serve信。因此，這些擁有這些老化資產的企業在調整自身與自身形象的能力方面正在經歷這種來到耶穌面前的時刻。

We don't own those types of assets. To be clear, we've steered clear of those types of assets. And the same thing in the fiber space. I think you -- Ric, you and I have talked about it for 3 years at your conference in Park City. I stood up in front of the room 3 years ago at your conference. I said, "Look, we're not investing in resi fiber, we're not going to spend 20x EBITDA to buy a business that has month-to-month 30-day cash flows." We just didn't think that was the right use of capital.

我們不擁有這些類型的資產。需要明確的是，我們已經避開了這些類型的資產。在纖維領域也是如此。我想你——里克，你和我在帕克城的會議上已經討論了 3 年。 3 年前，在你們的會議上，我站在會議室前面。我說，“看，我們不會投資 resi 纖維，我們不會花費 20 倍的 EBITDA 來購買一家每月有 30 天現金流的企業。”我們只是不認為這是對資本的正確使用。

Now as we move into this cycle, and these assets are priced from the high teens down into the low-teens, some of these pricing in the single-digit multiple range, we now see a value opportunity. And that's what we're highlighting today in our presentation is that as we look to this new strategy and the new fundraising that we're deploying, we're seeing this repricing a risk that is really attractive.

現在，隨著我們進入這個週期，這些資產的價格從高位降到低位，其中一些定價在個位數倍數範圍內，我們現在看到了一個價值機會。這就是我們今天在我們的演講中強調的是，當我們著眼於我們正在部署的這一新戰略和新的籌款活動時，我們看到這種重新定價的風險非常有吸引力。

Much like Ric, when you and I were around in '02 and '03 when the CLEC space repriced, when the Sprint affiliate and the AT&T affiliates repriced and the Tower sector in '09 and '10 when towers repriced. This is that window. That window is opening up. And so some of these out-of-favor assets, we think actually, now we're going to come back and tell you, "Hey, look, resi fiber is kind of interesting now." But a bunch of bankruptcies in Europe, there's going to be some restructurings in the U.S., and we want to plan that. I don't have a fundamental problem with cable or residential fiber.

就像 Ric 一樣，當你和我在 02 年和 03 年左右時，CLEC 空間重新定價，Sprint 附屬公司和 AT&T 附屬公司重新定價，以及 09 年和 10 年塔樓重新定價時的 Tower 部門。這是那個窗口。那個窗口正在打開。因此，我們實際上認為，其中一些不受歡迎的資產，現在我們要回來告訴你，“嘿，看，resi 纖維現在有點有趣。”但是歐洲出現了一系列破產，美國將進行一些重組，我們希望對此進行計劃。我對電纜或住宅光纖沒有根本問題。

I just didn't like the valuations they were trading at in '21 and '22. Now that those valuations have come into the right range, you can put the right capital structure on those businesses, and you can be really successful. So we're excited. We're open for business. We have new capital. We've got a big pipeline of new deals we're looking at.

我只是不喜歡他們在 21 年和 22 年的交易估值。既然這些估值已經進入了正確的範圍，你就可以為這些企業設置正確的資本結構，你就能真正取得成功。所以我們很興奮。我們開門營業。我們有新的資本。我們正在尋找大量新交易。

I think we have $17 billion of new opportunities sitting in our flagship funds. And so we're busy right now, Ric. There's a lot to do in this environment. If you know where to go and you know what you're doing.

我認為我們的旗艦基金中有 170 億美元的新機會。所以我們現在很忙，Ric。在這種環境下有很多事情要做。如果你知道去哪裡，你知道你在做什麼。

Ric, I didn't answer your second question, sorry. Now tale of 2 cities in the alternative asset manager space. Look, I'll hit it straight on. There's no doubt we're trading at a discount to our peers. I'll just own that narrative straight up and right now. Why? We've been a confusing story. We've been a transition from a REIT into an alternative asset manager. We've had these legacy cleanup issues. We had high leverage and now we fixed all that. So -- once we get through deconsolidation, we're going to be levered at about 2.3x to 2.2x. We'll have $300 million of securitized debt. That's the only debt we'll have. And so it makes it really easy for investors to look at our leverage profile and say, "Well, DigitalBridge has $300 million of securitized debt, it's a fixed cost, it's not floating." And by the way, we have this incredible alternative asset management business that's growing north of 30%.

里克，我沒有回答你的第二個問題，抱歉。現在是另類資產管理領域中 2 個城市的故事。看，我會直接打它。毫無疑問，我們的交易價格低於同行。我現在就直接擁有那個敘述。為什麼？我們一直是一個令人困惑的故事。我們已經從房地產投資信託基金過渡到另類資產管理公司。我們遇到了這些遺留清理問題。我們有很高的槓桿作用，現在我們解決了所有問題。所以——一旦我們完成拆分，我們的槓桿率將達到 2.3 到 2.2 倍左右。我們將有 3 億美元的證券化債務。那是我們唯一的債務。因此，這讓投資者很容易看到我們的槓桿情況並說，“好吧，DigitalBridge 有 3 億美元的證券化債務，這是固定成本，不是浮動成本。”順便說一句，我們擁有令人難以置信的另類資產管理業務，其增長率超過 30%。

So we think the rhythm for us and the cadence gets a lot easier as we deconsolidate, as we continue to fund raise, we continue to take cost out of the business. All of these things are working for us. And ultimately, what that means is cash flows. Free cash flows, EPS and we become an EPS-driven story. That's what investors want to see from us, and that's what we're doing.

因此，我們認為隨著我們的分散，我們的節奏和節奏變得容易得多，因為我們繼續籌集資金，我們繼續從業務中降低成本。所有這些都在為我們工作。最終，這意味著現金流。自由現金流、每股收益和我們成為一個由每股收益驅動的故事。這就是投資者希望從我們這裡看到的，這就是我們正在做的。

So we'll close that gap. We trade at a discount to some of our peers, whether it's -- I won't pick names, but there are a couple of alternative asset managers that trade at 18, 19 times, and we think we can move up into that level on an FRE multiple. And if you look at where our guidance is for the end of this year and soon we'll have guidance going into next year, we do believe we trade at a discount, but that's the opportunity for investors to jump in now and join DigitalBridge.

所以我們將縮小差距。我們的交易價格低於我們的一些同行，無論是——我不會選擇名字，但有幾個另類資產管理公司的交易價格為 18、19 倍，我們認為我們可以在一個 FRE 倍數。如果你看看我們今年年底的指導在哪裡，很快我們就會有明年的指導，我們相信我們的交易價格是折扣的，但這是投資者現在加入並加入 DigitalBridge 的機會。

Next question, Eric Luebchow with Wells Fargo.

下一個問題，富國銀行的 Eric Luebchow。

I wanted to ask about just your current liquidity situation. Obviously, you'll bring in some additional cash once you complete the deconsolidation events with Vantage SDC and DataBank. Maybe you could talk about how you're thinking today about deploying that capital, whether it's M&A or other IM platforms, paying down preferreds, repurchasing stock, anything else that's high up on your list?

我想問的只是你目前的流動性情況。顯然，一旦您完成了與 Vantage SDC 和 DataBank 的拆分活動，您將獲得一些額外的現金。也許您可以談談您今天如何考慮部署該資本，無論是併購還是其他 IM 平台、支付優先股、回購股票，以及您列在首位的任何其他事項？

Yes. Thank you. Nice to hear from you. So look, this may sound a little boring, but we'll continue to opportunistically buy the preferreds when it makes sense. Jacky has been leading that program with Severin and they're doing a good job. And we bought some in the last quarter and hopefully, we'll get a chance to buy more in this quarter. And so we're being incredibly selective. We do have an internal rate of return that we're looking for on those preferreds.

是的。謝謝。很高興聽到你的消息。所以看，這聽起來可能有點無聊，但我們會在有意義的時候繼續機會主義地購買優先股。 Jacky 一直與 Severin 一起領導該項目，他們做得很好。我們在上個季度購買了一些，希望我們有機會在本季度購買更多。所以我們非常有選擇性。我們確實有我們正在尋找的那些首選的內部回報率。

And there's an IRR where we're a buyer and there's an IRR where, candidly, we're going to hold them. And so I can't be more prescriptive than that, but that's what we're doing. I think in terms of other uses of the cash, we have continued to do diligence on a number of other alternative asset managers/GPs. We think there is a really good opportunity to buy adjacent GPs, whether it's in credit, whether it's in private equity, whether it's other forms of infrastructure like renewable energy, we're out there talking to numerous folks.

並且有一個內部收益率，我們是買家，坦率地說，我們將持有它們。所以我不能比這更規範，但這就是我們正在做的。我認為就現金的其他用途而言，我們繼續對許多其他另類資產管理公司/普通合夥人進行盡職調查。我們認為購買相鄰 GP 的機會非常好，無論是信貸、私募股權還是其他形式的基礎設施，如可再生能源，我們都在那裡與許多人交談。

And there are some folks that we like that fit our culture. And for us, look, at the end of the day, it is a culture fit, right? We are in the people business. So finding people that sort of have our drive and our motivation for building great companies and our passion, that's not easy, but there are some folks that we think are a lot like us that don't have that scale, and scale matters today. I think you hear that whether it's in digital infrastructure or whether it's in the alternative asset management world, whether you're talking to Jonathan Gray or you're talking to Mike from Ares or you're talking to Marc Rowan at Apollo, they'll all say the same thing.

我們喜歡一些符合我們文化的人。對我們來說，看，歸根結底，這是一種文化契合，對吧？我們從事的是人事工作。因此，找到具有我們建立偉大公司的動力和動力以及我們的熱情的人，這並不容易，但我們認為有些人很像我們，但沒有那種規模，而規模在今天很重要。我想你聽說過，無論是在數字基礎設施領域，還是在另類資產管理領域，無論你是在和 Jonathan Gray 交談，還是在和 Ares 的 Mike 交談，或者你是在和 Apollo 的 Marc Rowan 交談，他們都會說同樣的話。

In this environment, the scaled alternative asset managers are having success because they have the right products that match up with the investor base. Here's what's happening at DigitalBridge. We actually have the right products that match up with what investors are looking for. So this is why we're having success in fundraising where we're having success in raising debt capital and why we're having success in selling assets as well and buying assets.

在這種環境下，規模化的另類資產管理公司取得了成功，因為他們擁有與投資者群體相匹配的正確產品。以下是 DigitalBridge 正在發生的事情。實際上，我們擁有符合投資者需求的合適產品。所以這就是為什麼我們在籌集債務資本方面取得成功的地方以及我們在出售資產和購買資產方面取得成功的原因。

So in our little corner -- our little street corner of digital infrastructure, we have that scale, and we have that size. And so I think the benefits of scale will manifest itself this year. You're going to see it in our financial results and you're going to see it in the performance of the company. And it's, again, back to creating cash flow. This is a free cash flow story, this is an EPS story, this is the hard work that Jacky and I have been on for the last 2 years, is to turn this into a very simple business that creates earnings for investors. That's it.

所以在我們的小角落——我們數字基礎設施的小街角，我們有這樣的規模，我們有這樣的規模。所以我認為規模的好處將在今年體現出來。你會在我們的財務業績中看到它，你會在公司的業績中看到它。而且，它又回到了創造現金流上。這是一個自由現金流的故事，這是一個 EPS 的故事，這是 Jacky 和我過去 2 年一直在努力的工作，就是把它變成一個非常簡單的業務，為投資者創造收益。就是這樣。

So in terms of capital allocation, certainly, we'll buy back reps. Certainly, if there's an opportunity to buy back common at the right price, we'll do that. We've demonstrated that time and time again. And of course, we want to put that cash to work in intelligent ways where we can buy stuff at accretive multiples. I mean we did the AMP deal at effectively at 6.5x multiple. We've managed to get the cost synergies out of that business. We've got it stabilized. We've got it in the right place. It's fully integrated, on schedule. So now you're seeing that show up in the numbers in this quarter. So good question. Thank you.

因此，就資本配置而言，我們當然會回購代表。當然，如果有機會以合適的價格回購普通股，我們會這樣做。我們已經一次又一次地證明了這一點。當然，我們希望以明智的方式使用這些現金，我們可以以增值倍數購買東西。我的意思是我們以 6.5 倍的倍數有效地完成了 AMP 交易。我們已經設法從該業務中獲得成本協同效應。我們已經穩定下來了。我們把它放在了正確的地方。它完全集成，按計劃進行。所以現在你看到這一點出現在本季度的數字中。好問題。謝謝。

Yes. And just one more, Marc, for me. Just wanted to check in on your Towers business, it looks like leasing was up 26%, which obviously seems pretty impressive, especially given a lot of tower businesses, at least in the U.S. are slightly more mature. So maybe you could kind of disaggregate how those are performing across the globe, are you seeing that strength? And it certainly seems like in the U.S., at least people are a little worried about we might start to see a downturn in leasing in the next 6 to 12 months, in particular, with one carrier who's showing some signs of distress. So any kind of commentary on that would be great.

是的。還有一個，馬克，給我。只是想檢查一下你的塔樓業務，看起來租賃增長了 26%，這顯然令人印象深刻，尤其是考慮到很多塔樓業務，至少在美國稍微成熟一些。所以也許你可以分解一下它們在全球的表現，你看到那種力量了嗎？在美國看來，至少人們有點擔心我們可能會在未來 6 到 12 個月內開始看到租賃業務低迷，尤其是一家承運人表現出一些困境的跡象。所以任何類型的評論都會很棒。

Yes. So look, I mean, this is, again, another benefit of being a global operator of Towers. So having what we think is the premier tower platform in Europe in GD Towers, having a really good recovery up in the Nordics with [Digitas] and having our Freshway business in the U.K. All those European businesses have performed actually quite well as 5G gets rolled out.

是的。所以看，我的意思是，這又是成為全球塔樓運營商的另一個好處。因此，我們認為 GD Towers 是歐洲首屈一指的塔式平台，通過 [Digitas] 在北歐實現了非常好的複蘇，並在英國擁有我們的 Freshway 業務。隨著 5G 的推出，所有這些歐洲業務實際上都表現良好出去。

The real surprise winners here were Edgepoint and Highline and ATP. So these are really for most Main Street investors, they would say that's a little in emerging markets, Southeast Asia, Colombia, Chile, Peru and Brazil. We've had really meteoric growth in those tower assets. Those tower assets are performing exceptionally well right now. So a lot of that growth is driven by 5G, it's driven by coverage and in those markets, we have the best platform.

真正出人意料的贏家是 Edgepoint、Highline 和 ATP。所以這些真的是為大多數普通投資者準備的，他們會說在新興市場、東南亞、哥倫比亞、智利、秘魯和巴西有一點。我們在這些塔式資產方面確實取得了飛速增長。這些塔式資產目前表現異常出色。所以很多增長是由 5G 驅動的，它是由覆蓋範圍驅動的，在這些市場中，我們擁有最好的平台。

So those platforms being ATP and Edgepoint are really market leaders, and they're taking outsized market share. Back here in the U.S., our biggest asset is Vertical Bridge. We actually just had a Board meeting yesterday. Business continues to perform. Leasing is on plan.

因此，ATP 和 Edgepoint 等平台是真正的市場領導者，它們佔據了巨大的市場份額。回到美國這裡，我們最大的資產是 Vertical Bridge。事實上，我們昨天剛剛召開了一次董事會會議。業務繼續執行。租賃正在計劃中。

Is there a weakness in the -- off in the future? Look, I think CapEx is certainly going to be lower than it was last year. I don't think that's like a big state secret at this point. What I would say is the opportunities for Vertical Bridge have gotten stronger, interestingly enough. Once again, it's back to that narrative of like going -- turning the clock back to 2009 and 2010, when you have capital, which Vertical Bridge does have, it's free cash flow positive.

未來是否存在弱點？看，我認為資本支出肯定會低於去年。在這一點上，我不認為這是一個重大的國家機密。我要說的是，垂直橋的機會越來越大，有趣的是。再一次，這又回到了那種類似的敘述——將時鐘撥回到 2009 年和 2010 年，當你擁有 Vertical Bridge 確實擁有的資本時，它的自由現金流為正。

It takes all of its free cash flow as a private REIT, it reinvest into new builds and reinvest into other projects that the carriers want in terms of RAN hubs and other associated 5G deployments. And so Alex is taking outsized market share. It's a combination of amendments, new builds and de novo colocation, and adjacent types of leasing that support the 5G ecosystem.

它將其所有自由現金流作為私人房地產投資信託基金，再投資於新建築，並再投資於運營商在 RAN 集線器和其他相關 5G 部署方面想要的其他項目。因此，亞歷克斯佔據了巨大的市場份額。它是修正案、新建和從頭託管以及支持 5G 生態系統的相鄰租賃類型的組合。

So I give that team a lot of credit. They're very creative, they've managed to find new customer opportunities, leasing space to cable companies, doing some interesting things with -- certainly with some of the LEO satellite providers. So there's some ground-based infrastructure that has some tower-related components.

所以我給了那個團隊很多榮譽。他們非常有創意，他們已經設法找到新的客戶機會，向有線電視公司出租空間，與一些 LEO 衛星提供商一起做一些有趣的事情。所以有一些地面基礎設施有一些與塔相關的組件。

So the opportunity to work with some of the LEO providers has been really interesting. And that's what you've got to do. You've got to go out and you got to find the edges of the leasing. And sometimes that's not just T-Mobile, Verizon and AT&T, but you've got to go a step further and you've got a lease space from the likes of a Comcast or a OneWeb or Gogo.

因此，與一些 LEO 供應商合作的機會真的很有趣。這就是你必須做的。你必須走出去，你必須找到租賃的邊緣。有時，不僅僅是 T-Mobile、Verizon 和 AT&T，你必須更進一步，你已經從 Comcast、OneWeb 或 Gogo 等公司那裡獲得了租賃空間。

And certainly, what our relationship with Elon's group, that's been good as well. He's now leasing some ground-based infrastructure. So there's other ways to play the space, and there's other ways to lease tower infrastructure here in the United States. And Alex and I have been doing it since 1994. So we know how to go find those smaller incremental tuck-in lease-up opportunities, and that's why he is going to deliver very strong growth this year. We think Alex will deliver, I don't know Jacky, somewhere between 8%, 9% growth this year in the domestic U.S. tower business.

當然，我們與 Elon 團隊的關係也很好。他現在正在租賃一些地面基礎設施。所以還有其他方式來發揮空間，還有其他方式在美國這裡租賃塔式基礎設施。亞歷克斯和我從 1994 年就開始這樣做了。所以我們知道如何去尋找那些較小的增量折疊式租賃機會，這就是為什麼他今年將實現非常強勁的增長。我們認為亞歷克斯將交付，我不知道傑基，今年美國國內塔業務的增長介於 8% 和 9% 之間。

That's right.

這是正確的。

So towers is still our #1 asset class, although data centers has become a big part of what we do. Our heritage and our lineage tracks back to the tower business. And we were really happy with the organic cash flow growth in this quarter, really strong trend.

所以塔仍然是我們的第一大資產類別，儘管數據中心已經成為我們工作的重要組成部分。我們的傳統和血統可以追溯到塔式業務。我們對本季度的有機現金流增長感到非常滿意，這是非常強勁的趨勢。

Next question, Jonathan Atkin with RBC Capital Markets.

下一個問題，RBC Capital Markets 的 Jonathan Atkin。

So Slide 27 talks a little bit about growth rates by kind of asset category and small cells and edge, maybe drilling down on small cells and tagging on to the last question. What are you seeing there that might lead to maybe a change in the way of growth going forward? Or are we going to kind of see these single-digit sort of percentage growth rates for the foreseeable future for small cells?

因此，幻燈片 27 按資產類別和小型蜂窩和邊緣討論了一些增長率，可能會深入研究小型蜂窩並標記到最後一個問題。您在那裡看到什麼可能會導致未來增長方式發生變化？或者我們是否會在可預見的未來看到這些個位數的百分比增長率？

So look, I think on the small cell side, Jonathan, good to hear from you, by the way. On the small cell side, we've continued to see what I would say, sort of green shoots here in the quarter, in the second quarter. Good bookings from all 3 customers. We've seen a return of bookings from AT&T and Verizon, which has been good. I mean it's not -- these aren't thousands and thousands of nodes, but we are seeing an increase in the backlog. And certainly in our indoor business, when you've got projects like MGM and some of the big football stadiums and airports we have, we're seeing incremental leasing that's being driven out of that.

所以看，我認為在小型蜂窩方面，喬納森，順便說一句，很高興收到你的來信。在小蜂窩方面，我們繼續看到我會說的，在第二季度的這個季度出現了一些綠芽。所有 3 位客戶的訂單都很好。我們已經看到來自 AT&T 和 Verizon 的預訂回歸，這很好。我的意思是它不是 - 這些不是成千上萬的節點，但我們看到積壓的情況有所增加。當然，在我們的室內業務中，當你有像米高梅這樣的項目以及我們擁有的一些大型足球場和機場時，我們就會看到增量租賃正在被淘汰。

So we're pretty excited about that. On the indoor side, at ExteNet, in particular, all the carriers are going to have to invest in WiFi 6 and 5G upgrades. And so we're seeing that upgrade cycle now happen. And I think one of the biggest projects, of course, is the MGM opportunity, which is the largest casino operator in the world, and we've got that long-term exclusive with them. And so we're building out an infrastructure. And so we took in new commitments from all 3 of the carriers and inside those properties.

所以我們對此感到非常興奮。在室內，尤其是在 ExteNet，所有運營商都將不得不投資 WiFi 6 和 5G 升級。因此，我們現在看到升級週期正在發生。我認為最大的項目之一當然是米高梅機會，它是世界上最大的賭場運營商，我們與他們有長期的獨家經營權。所以我們正在建設一個基礎設施。因此，我們從所有 3 家運營商和這些物業內部獲得了新的承諾。

And then obviously, in the big venues, we're seeing an increase in lease up there. So having a really strong captive indoor business is very helpful. And also, I think the other area that we're seeing some silver linings here is just private 5G networks. This is an area where both Boingo and ExteNet and FreshWave have about a lot of success. Remember, we own 3 small cell companies, FreshWave in the U.K., Boingo here in the U.S. and ExteNet here in the U.S. And so all 3 companies posted positive growth in the private 5G network space.

然後很明顯，在大型場館中，我們看到那裡的租金有所增加。因此，擁有真正強大的專屬室內業務非常有幫助。而且，我認為我們在這裡看到一些一線希望的另一個領域就是私有 5G 網絡。這是 Boingo 和 ExteNet 以及 FreshWave 都取得了很大成功的領域。請記住，我們擁有 3 家小型基站公司，英國的 FreshWave、美國的 Boingo 和美國的 ExteNet，因此這 3 家公司都在私有 5G 網絡領域實現了正增長。

And I think if we're sort of playing a 9-inning baseball game, Jonathan, you'd say we're probably in the first inning of that, maybe second inning. And so some of those private 5G networks at enterprises, it's hitting airports, we've got a private 5G network, we're lighting up for the L.A. Dodgers at Boingo that's really exciting, that's an interesting project.

我想如果我們打一場 9 局的棒球比賽，喬納森，你會說我們可能在第一局，也許是第二局。因此，企業中的一些私有 5G 網絡正在進入機場，我們擁有一個私有 5G 網絡，我們正在為 Boingo 的洛杉磯道奇隊點亮，這真的很令人興奮，這是一個有趣的項目。

And so there's a lot happening in that space. And I think the lease-up is going to continue to be moderate to strong as the year progresses. But once again, in an environment, Jonathan, where CapEx is somewhat muted with our customer partners, we're seeing that we're taking outsized market share. And it's our ability to have a strong balance sheet at those companies and have discretionary CapEx to put to work.

所以在那個領域發生了很多事情。而且我認為隨著時間的推移，租賃將繼續從溫和到強勁。但再一次，在一個環境中，喬納森，我們的客戶合作夥伴的資本支出有點低迷，我們看到我們正在佔據超大的市場份額。我們有能力在這些公司擁有強大的資產負債表，並讓可自由支配的資本支出發揮作用。

And if we could do that, and we can pull some of AT&T and Verizon and T-Mobile's CapEx up earlier, they make those commitments provided that we're using our balance sheet to help finance their growth. And that's our job, right? Our job at the end of the day is to show up for customers, as I said on our quarterly call today, and to help them to phase some of that CapEx and push some of those commitments up earlier in the year as opposed to waiting until the fourth quarter.

如果我們能做到這一點，並且我們可以更早地提高 AT&T、Verizon 和 T-Mobile 的資本支出，他們就會做出這些承諾，前提是我們正在使用我們的資產負債表來幫助他們的增長融資。那是我們的工作，對吧？正如我在今天的季度電話會議上所說，我們最終的工作是為客戶服務，幫助他們分階段實施部分資本支出，並在今年早些時候提前做出一些承諾，而不是等到第四季。

Jacky ran treasury, it was part of the treasury team in Verizon and the strongest CapEx quarter is always the fourth quarter, because customers sort of sit on their CapEx and they wait until the end of the year. But to the extent that we can front-end some of that CapEx, particularly in small cells, Jonathan, which are really expensive, that helps them push some of those commitments up earlier in the year. So that's kind of what we're seeing in the small cell space. It's been a relatively good year so far.

Jacky 負責財務，它是 Verizon 財務團隊的一員，最強勁的資本支出季度總是第四季度，因為客戶有點坐在他們的資本支出上，他們等到年底。但就我們可以前端部分資本支出而言，特別是在小型蜂窩中，Jonathan，這真的很昂貴，這有助於他們在今年早些時候推動其中的一些承諾。這就是我們在小型蜂窩空間中看到的情況。到目前為止，這是相對不錯的一年。

And then lastly, just any update on CFO transition and replacement?

最後，關於 CFO 過渡和更換的任何更新？

Well, he's still here. I'm getting, Jacky is working with Ben Jenkins and one of our Board members, they formed a committee, had a bunch of really strong candidates. We're into that process. The timeline remains unchanged. Jacky is slated to leave at the end of the year. And what I would tell you is, I think the final candidates that we're looking at are all very strong. Strong emphasis on alternative asset manager. So Jacky's background was digital REITs and now that we've made the transition to alternative asset manager, what you're going to see as a CFO that aligns with that future go forward.

好吧，他還在這裡。我明白了，Jacky 正在與 Ben Jenkins 和我們的一名董事會成員合作，他們成立了一個委員會，有一群非常強大的候選人。我們正在進入那個過程。時間線保持不變。 Jacky 計劃在年底離開。我要告訴你的是，我認為我們正在尋找的最終候選人都非常強大。高度重視另類資產管理公司。所以傑基的背景是數字房地產投資信託基金，現在我們已經過渡到另類資產經理，你將看到作為與未來保持一致的首席財務官。

We'll miss Jacky. We've asked him to stick around on some Boards. We've asked him to stick around to do [Karaoke] with us. Whatever he wants to do, he's always welcome to hang out with us. We're going to miss him. But right now, he's squarely in the chair, very focused. And we know we've got a job to do between now and the end of the year. And part of that job is obviously finding an adequate replacement for Jacky, which will be hard, but we do have some really good candidates.

我們會想念傑基的。我們已經要求他留在某些董事會。我們請他留下來和我們一起唱 [卡拉 OK]。無論他想做什麼，他總是歡迎和我們一起出去玩。我們會想念他的。但現在，他坐在椅子上，非常專注。我們知道從現在到年底我們有工作要做。這項工作的一部分顯然是為 Jacky 找到合適的替代者，這將很難，但我們確實有一些非常好的候選人。

And that process, I would say, is 50% complete. I'd say we're sort of playing the backlight now in terms of who we're vetting and who we've got our focus on. And just stay tuned, but we're on target. Like everything else we're doing, this is another situation where we're on target.

我想說，這個過程已經完成了 50%。我想說的是，就我們正在審查的人以及我們關注的人而言，我們現在有點像是在玩背光。敬請期待，但我們正朝著目標前進。就像我們正在做的其他事情一樣，這是我們達到目標的另一種情況。

Next question, Richard Choe with JPMorgan.

下一個問題，摩根大通的 Richard Choe。

I wanted to follow up on the $8 billion in capital raise. How much of that is not going to be, I guess, the digital partner series? How much of that should we expect to be in kind of from core and co-invest and others?

我想跟進 80 億美元的融資。我猜，其中有多少不是數字合作夥伴系列？我們應該期望核心投資和共同投資以及其他投資有多少？

I think I said this in the last quarterly call how the $8 billion sort of plays out. I'm on record publicly saying this, so I don't feel uncomfortable saying it. We believe that there's $2 billion related to core and credit. We believe there's $2 billion related to co-invest and then we believe there's $4 billion related to flagship.

我想我在上個季度的電話會議上說過這 80 億美元是如何發揮作用的。我公開說過這個，所以我不會覺得說出來不舒服。我們認為有 20 億美元與核心和信貸相關。我們認為有 20 億美元與共同投資相關，然後我們認為有 40 億美元與旗艦相關。

Now Richard, there's no perfect science to that, right? So what I would tell you is in all 3 of those swim lanes, we're taking commitments in today. So for example, we were very clear with you, we're taking in commitments to DataBank that will be co-invest. We're continuing to take commitments in credit and core in this quarter, that's credit and core. And then as we said, now that it's sort of stepped out through this filing, to be clear with everybody, we have taken in our first commitments on our new flagship product.

理查德，這沒有完美的科學，對吧？所以我要告訴你的是，在所有 3 條泳道中，我們今天都在做出承諾。因此，例如，我們對您非常清楚，我們正在接受將共同投資的 DataBank 的承諾。我們將在本季度繼續做出信貸和核心承諾，即信貸和核心。然後正如我們所說，既然它已經通過這份文件走出去，為了讓大家清楚，我們已經對我們的新旗艦產品做出了第一個承諾。

And what we can tell you about that product is, we were always very clear that the first close would be in the second quarter and we've also been very clear about the cadence at which big LPs are allocating right now. We mentioned a couple of big U.S. pension systems that usually clear their allocations in March, have now set their release of their allocations to June just to make sure their liquidity was there.

關於該產品，我們可以告訴你的是，我們一直非常清楚，第一次收盤將在第二季度進行，而且我們也非常清楚大型有限合夥人目前分配的節奏。我們提到了一些通常在 3 月份清算配額的美國大型養老金系統，現在已將配額的發佈時間定在 6 月份，以確保其流動性充足。

And all of those big U.S. pensions have been very clear with us that June, July is kind of their time frame for releasing allocation. So this isn't something dissimilar that you've probably heard on the Ares call or that you heard on the Blackstone call or that you've heard it with other alternative asset managers.

美國所有這些大型養老金都非常清楚，6 月、7 月是他們釋放分配的時間框架。因此，這與您可能在 Ares 電話會議上或在 Blackstone 電話會議上聽到的或您在其他另類資產管理公司中聽到的沒有什麼不同。

Fundraising, generally speaking, has kind of been a little bit slow rolled. Some would tell you 60 days, some will tell you 90 days. The good news is we raised money in the first quarter, we're raising a lot of money here in the second quarter. We're going to continue to raise capital in the third and fourth quarter.

一般來說，籌款有點慢。有些人會告訴你 60 天，有些人會告訴你 90 天。好消息是我們在第一季度籌集了資金，第二季度我們在這裡籌集了很多資金。我們將在第三和第四季度繼續籌集資金。

And again, I want to be clear with everyone, we are very convicted in that $8 billion number. And our goal remains the same, Richard, which is we have conviction that we're going to beat it. So that's what I'm focused on. And from the information we have sitting in this quarter, we feel really good about fundraising.

再一次，我想對大家說清楚，我們對這個 80 億美元的數字深信不疑。理查德，我們的目標保持不變，那就是我們堅信我們會戰勝它。所以這就是我所關注的。從我們在本季度掌握的信息來看，我們對籌款感到非常滿意。

Got it. And then on the resi fiber side, would it be something that you would need a lot of scale? Would this just be more kind of one-offs that are trading at a potentially attractive prices? Just any kind of color there because it's something you didn't seem very interested in just -- especially at high valuation?

知道了。然後在 resi 纖維方面，它會是你需要大量規模的東西嗎？這是否只是一種以具有潛在吸引力的價格交易的一次性產品？那裡有任何一種顏色，因為它是你似乎不太感興趣的東西——尤其是在高估值的情況下？

Yes. So look, I think, again, this has been a fairly long-standing debate between me and the resi fiber space. But my issue with the sector has been largely this notion of overbuilding, Richard. And I think what has plagued the sector in previous cycles, you got to go back to 2001 and take a look at the unraveling of the CLEC space and what went wrong there.

是的。所以，我想，再一次，這是我和 resi 纖維空間之間相當長期的爭論。但我對該行業的問題主要是過度建設的概念，理查德。而且我認為在之前的周期中困擾該行業的是什麼，你必須回到 2001 年，看看 CLEC 空間的瓦解以及那裡出了什麼問題。

What went wrong there is there was a lot of capital chasing the idea of putting fiber into the MPO of office buildings all across the U.S. Folks like Kleiner Perkins, folks like Sam Zell and many other folks that were extremely well funded, raced to run fiber down the same street, penetrate the same buildings and next thing you knew you had 4, 5, 6 different carriers all letting up the same building saying they were going to get 35% penetration.

哪裡出了問題，有很多資本追逐將光纖放入美國各地辦公樓的 MPO 的想法。像 Kleiner Perkins 這樣的人，像 Sam Zell 這樣的人以及許多其他資金非常充足的人，競相運行光纖在同一條街上，滲透相同的建築物，接下來你知道你有 4、5、6 家不同的運營商都放棄了同一棟建築，說他們將獲得 35% 的滲透率。

Well, if you take 5 carriers and everybody has 30% penetration, that's 150% penetration that math doesn't work in an environment where we were 80% to 90% penetrated. The same thing is happening in residential fiber today, which is on some street, not all, you have 2, 3 and 4 providers. And if everyone is underwriting to a 30% penetration and you're fighting into an environment where you have a strong ARBOC that now is getting CAF funding and is getting funding from NTIA through the Build Back Better America Bill, The ARBOCs have never been positioned better to play defense. I get to overbuilders and against cable companies. And so for example, Richard, your firm, JPM does great research on this, I really enjoy reading it, looking at the percentages of who's occupying and winning.

好吧，如果你有 5 個運營商並且每個人都有 30% 的滲透率，那麼 150% 的滲透率在我們滲透率為 80% 到 90% 的環境中是行不通的。今天，同樣的事情發生在住宅光纖中，它在某些街道上，而不是所有街道上，您有 2、3 和 4 個供應商。如果每個人都承保 30% 的滲透率，而你正在努力進入一個擁有強大 ARBOC 的環境，ARBOC 現在正在獲得 CAF 資助，並通過“重建更美好的美國法案”從 NTIA 獲得資助，ARBOC 從未被定位更好地防守。我得到過度建設者和反對有線電視公司。因此，例如，理查德，你的公司，JPM 對此進行了很好的研究，我真的很喜歡閱讀它，看看誰佔據和獲勝的百分比。

Over builders are not succeeding, Richard, you know this. They have less than 3% of the market. Who's winning? The -- basically the incumbents and the cable coast and they have such a large strategic moat that when you bring these overbuilders that are coming in, and you see these infrastructure funds paying 20x to 25x, we know how this movie ends. It ends a lot like how the CLEC space ended in 2002 and 2003.

過度建設者不會成功，理查德，你知道這一點。他們的市場份額不到 3%。誰贏了？ - 基本上是現任者和有線電視海岸，他們擁有如此龐大的戰略護城河，以至於當你帶來這些即將到來的過度建設者時，你會看到這些基礎設施基金支付了 20 到 25 倍的費用，我們知道這部電影是如何結束的。它的結局很像 CLEC 領域在 2002 年和 2003 年的結局。

So there's pain coming. Some of that pain has already manifested itself in Europe. We've been very patient. We stayed on the sidelines, we waited. We focused on enterprise fiber and most importantly, wholesale and transport businesses that are infrastructure in nature like Zayo that's performing quite well right now, and that's the bet that we made. And look, I don't -- I'm not sitting here saying that I'm right or that I'm wrong. All I can do, Richard, is investors give me money, it's my responsibility to invest for pensions, sovereign wealth funds, insurance companies and invest their capital wisely.

所以疼痛來了。其中一些痛苦已經在歐洲顯現出來。我們一直很有耐心。我們站在場邊，我們等待。我們專注於企業光纖，最重要的是，像 Zayo 這樣本質上是基礎設施的批發和運輸業務，現在表現相當不錯，這就是我們的賭注。看，我沒有——我不是坐在這裡說我是對的還是錯的。理查德，我所能做的就是投資者給我錢，我有責任投資養老金、主權財富基金、保險公司並明智地投資他們的資本。

That prism at which I look through it is largely predicated on my experiences of going through '01 and going through '08, and studying cycles and looking at what I call pattern recognition. A lot of what we do at DigitalBridge and our private investing team is, I remind the team to go back and study the past so we don't make those mistakes go forward. And that was our conviction call in '01, when we stayed out of the residential fiber wars that were happening, and it was the right call.

我看透它的棱鏡很大程度上取決於我經歷 01 年和 08 年的經歷，以及研究週期和觀察我所謂的模式識別的經歷。我們在 DigitalBridge 和我們的私人投資團隊所做的很多事情是，我提醒團隊回頭研究過去，這樣我們就不會在前進時犯這些錯誤。這是我們在 01 年的信念，當時我們置身於正在發生的住宅光纖戰爭之外，這是正確的決定。

It was the right call based on having a perspective on what went wrong in '01 in the enterprise fiber space, in the CLEC space. So that's where we are today. Now that being said, there's going to be restructuring. And so our credit team, by example, our credit fund, which is led by Dean and Mike and Chris Moon and Josh Parish, they've done a great job investing in residential fiber. Why? We're part of the rescue capital. We're part of the second lien structure. We're taking secondary stakes, and we're getting rewarded. We're getting returns in the low- to mid-teens on a risk-adjusted basis, and maybe that's the right way to play residential fibers, playing it through the capital structure.

基於對 01 年企業光纖領域、CLEC 領域出了什麼問題的看法，這是正確的決定。這就是我們今天的處境。話雖這麼說，但還是要進行重組。因此，我們的信貸團隊，例如，我們的信貸基金，由 Dean 和 Mike、Chris Moon 和 Josh Parish 領導，他們在住宅光纖投資方面做得很好。為什麼？我們是救助之都的一部分。我們是第二留置權結構的一部分。我們正在持有二級股份，我們正在獲得回報。我們在風險調整的基礎上獲得了十幾歲到十幾歲的回報，也許這是玩住宅光纖的正確方式，通過資本結構來玩它。

So there's different ways to play digital infrastructure. Here's the key. If you're a common shareholder in DigitalBridge, you don't have to make that decision. You're with the deepest and most experienced management team in the world in digital infrastructure. 278 professionals that wake up every day and we see every opportunity, whether it's core, whether it's credit, whether it's our flagship fund, whether it's our venture growth fund, we see every opportunity.

因此，有不同的方式來發揮數字基礎設施的作用。這是關鍵。如果您是 DigitalBridge 的普通股東，則不必做出該決定。您擁有世界上數字基礎設施領域最深厚、最有經驗的管理團隊。每天醒來的 278 名專業人士，我們看到了每一個機會，無論是核心的，還是信用的，無論是我們的旗艦基金，還是我們的風險增長基金，我們看到了每一個機會。

And what we do really well is we triage those opportunities quickly and we put it with the right capital. That's the key. The ability to own that street corner and the ability to pair capital with opportunity is what DigitalBridge is about now. And that story, as I said, will manifest itself more clearly through the back half of this year. But like I said, we feel really good about the calls that we've made over the last 2 to 3 years. The portfolio, Richard, is performing, and it's performing really well.

我們真正擅長的是我們迅速對這些機會進行分類，並用合適的資金投入。這就是關鍵。擁有那個街角的能力以及將資本與機會配對的能力是 DigitalBridge 現在的目標。正如我所說，這個故事將在今年下半年更加清晰地體現出來。但就像我說的那樣，我們對過去 2 到 3 年的電話會議感覺非常好。理查德的投資組合表現良好，而且表現非常好。

Next question, Matt Niknam with Deutsche Bank.

下一個問題，德意志銀行的 Matt Niknam。

I'm just wondering, Marc, maybe if you can talk about the latest you're seeing across the key swim lanes in digital infrastructure, just around valuations and whether you're seeing that gap between public and private market multiples tighten at all? So that's question one.

我只是想知道，Marc，也許你能談談你在數字基礎設施的關鍵泳道上看到的最新情況，只是圍繞估值，以及你是否看到公開市場和私人市場倍數之間的差距在縮小？這是第一個問題。

And then second question. You talked about expanding the team and footprint to target a broader set of institutional LPs. I'm just wondering if you can talk about some of the early progress here and whether this is embedded in the plan, the trim corporate overhead from -- I guess, it was about $50 million this year to $40 million by 2025?

然後是第二個問題。你談到了擴大團隊和足跡以瞄準更廣泛的機構有限合夥人。我只是想知道你是否可以在這裡談談一些早期進展，以及這是否包含在計劃中，削減公司管理費用——我猜，到 2025 年，今年大約是 5000 萬美元到 4000 萬美元？

Jacky, are you gonna take that?

傑基，你要接受嗎？

Yes. Sure. So in terms of private versus public multiples, look, we're still seeing that private multiples and private valuations have held up, especially as what Marc talked about, good assets and great assets continue to trade very well and continue to have -- be marked very well across the board, certainly bad assets is a different story.

是的。當然。因此，就私人與公共倍數而言，看，我們仍然看到私人倍數和私人估值一直保持不變，特別是正如馬克所說的那樣，優質資產和優質資產繼續交易得很好並且繼續 - 是整體表現非常好，當然不良資產是另一回事。

But I would say that what we're seeing in the public space, we are seeing the recovery in valuations across our sector. And I think it's because people are realizing that it is a very resilient sector. It has a ton of tailwinds and there continues to be strong demand across bookings and pipeline with the end customers and end users.

但我要說的是，我們在公共領域看到的是，我們看到整個行業的估值都在回升。我認為這是因為人們意識到這是一個非常有彈性的行業。它有大量的順風，並且對最終客戶和最終用戶的預訂和管道的需求持續強勁。

Yes, I think that's right. I think that the -- again, back to that question we got a little bit earlier about the tale of 2 cities, too. I think what we're seeing is high-quality digital assets are going to trade at a premium. I mean we saw, for example, EU network deal get done, we saw Mubadala, put some capital in fiber deal. Both those valuations, Jacky, were really high.

是的，我認為這是對的。我認為 - 再次回到那個問題，我們也更早地了解了 2 個城市的故事。我認為我們所看到的是高質量的數字資產將以溢價交易。我的意思是，例如，我們看到歐盟網絡交易完成，我們看到穆巴達拉在光纖交易中投入了一些資金。 Jacky，這兩個估值都非常高。

We don't have perfect color on the valuations, but we've been told that those values were for high-quality assets held in. And so I think, look, Vantage Europe is a great example of that, right? We effectively got that done at a low 5 cap rate. And when we say that number, investors look at us and go, wow, that's an impressive outcome in light of the fact that the world is in a turbulent place, but there's an appreciation, I think, for high-quality assets.

我們的估值沒有完美的顏色，但我們被告知這些價值是針對所持有的高質量資產。所以我認為，看，Vantage Europe 就是一個很好的例子，對吧？我們以低 5 的上限率有效地完成了這項工作。當我們說出這個數字時，投資者看著我們然後說，哇，鑑於世界處於動蕩之中，這是一個令人印象深刻的結果，但我認為，對高質量資產的升值。

I think that's what you're seeing today, Matt, is that if you have an asset, it's 98% investment grade, 15-year contracts, CPI escalators, utility pass-throughs and you've got great inflation protection, some investors will say, "Hey, a 5% to 6% cash-on-cash yield is exactly what I want right now." But that actually has more certainty than treasuries in some respects. So -- and I think the other part of that deal was those data centers are roughly mid-80s occupied.

我想這就是你今天看到的，馬特，如果你有一項資產，它是 98% 的投資等級，15 年期合同，CPI 自動扶梯，公用事業傳遞，並且你有很好的通脹保護，一些投資者會說，“嘿，5% 到 6% 的現金現金收益率正是我現在想要的。”但在某些方面，這實際上比國債更有確定性。所以 - 我認為該交易的另一部分是那些數據中心大約在 80 年代中期被佔用。

There's incremental leasing that's coming in, so that drives returns as well. And so you've got the opportunity to generate a 12% to 14% IRR on an asset that literally has no risk. And I would offer that investing in cloud infrastructure is about a safe bet as you're going to make today in this environment.

增量租賃即將到來，因此也推動了回報。因此，您有機會在實際上沒有風險的資產上產生 12% 到 14% 的內部收益率。我認為投資雲基礎設施是一個安全的賭注，正如您今天要在這種環境中所做的那樣。

So value will continue -- I think this is a question, Matt, that you and I will go through the rest of this year. You'll continue to ask us how our public multiples holding up, how are private -- you're tracking public, I'm tracking private. But so far through the first quarter of this year, the assets that the businesses we're selling are getting good value. And we've also been very clear that there are some assets we have strategic reviews going on right now where we're going to sell some things and there's some assets we're buying.

所以價值將繼續——我認為這是一個問題，馬特，你和我將在今年餘下的時間裡解決這個問題。你會繼續問我們我們的公共倍數如何，私人的 - 你在跟踪公共，我在跟踪私人。但到今年第一季度為止，我們出售的業務的資產都獲得了很好的價值。而且我們也非常清楚，我們正在對一些資產進行戰略審查，我們將出售一些資產，併購買一些資產。

But I think the buy market is getting better, and the sell market is holding up if you have high-quality assets to sell. And so the good news is in a portfolio like ours, it's high quality. Values are holding in. You saw that in our quarterly remarks. We didn't have a write-down in any of our valuations. It was a slight mark-up, not a lot, but it really shows in one of the toughest quarters in a long time, our portfolio actually got marked up.

但我認為買入市場正在好轉，如果你有優質資產可以出售，則賣出市場會保持堅挺。所以好消息是像我們這樣的投資組合，它是高質量的。價值觀是堅守的。你在我們的季度評論中看到了這一點。我們的任何估值都沒有減記。這是一個輕微的加價，不是很多，但它確實表明在很長一段時間內最艱難的季度之一，我們的投資組合實際上得到了加價。

Again, it wasn't a lot, but it was key to say we defended our valuations because -- mostly because of leasing, Matt, when we're valuing our portfolio, it's public comps, private comps and discounted cash flows, DCF, and our DCFs are way up year-over-year because of the organic leasing and the escalators.

同樣，這不是很多，但關鍵是說我們捍衛了我們的估值，因為 - 主要是因為租賃，馬特，當我們評估我們的投資組合時，它是公共補償，私人補償和貼現現金流，DCF，由於有機租賃和自動扶梯，我們的 DCF 同比增長。

And so what kept our portfolio cranking in Q1 of this year was core organic growth, not having a lot of leverage, but delivering strong results in leasing, taking advantage of our escalators that are CPI based. And so we had a very strong quarter in terms of performance at the operating company level.

因此，讓我們的投資組合在今年第一季度保持增長的是核心有機增長，沒有太多的槓桿作用，但在租賃方面取得了強勁的業績，利用了我們基於 CPI 的自動扶梯。因此，就運營公司層面的業績而言，我們有一個非常強勁的季度。

Got it. And just on the -- we talked about the broader set of institutional LPs you were targeting. Just curious if that's embedded within the corporate and other overhead targets you had referenced on the last call? Okay. Okay. We can maybe take that off-line, but I appreciate that.

知道了。就在 - 我們談到了你所針對的更廣泛的機構 LPs。只是好奇這是否包含在您在上次電話會議中提到的公司和其他間接費用目標中？好的。好的。我們也許可以取消它，但我很感激。

Next question, Jason (inaudible) with KBW.

下一個問題，Jason（聽不清）和 KBW。

So a couple of questions. First...

所以有幾個問題。第一的...

Sorry, Matt, just one -- Matt, one thing. I misunderstood the question. So the fundraising team, just so you know that, that G&A is in IM, to be clear. So where we allocate those costs is related to our investment management because they're the ones raising on the capital. Sorry, if we weren't clear about that. Apologies. Go ahead. Next question.

抱歉，馬特，只有一個——馬特，一件事。我誤解了這個問題。所以籌款團隊，你知道，G&A 在 IM 中，要清楚。因此，我們分配這些成本的地方與我們的投資管理有關，因為它們是通過資本籌集的。抱歉，如果我們不清楚的話。道歉。前進。下一個問題。

So are you guys seeing a broader audience for digital infrastructure given the correction that's playing out in the traditional commercial real estate sectors? CRE service companies like CBRE and JLL, they've made infrastructure and technology focus area. So just wanted to hear your perspective on that.

那麼，鑑於傳統商業房地產領域正在發生的調整，你們是否看到了更廣泛的數字基礎設施受眾？世邦魏理仕和仲量聯行等 CRE 服務公司，他們已經將基礎設施和技術作為重點領域。所以只想听聽您對此的看法。

Sure. Look, we do a lot of work with JLL and CBRE and Bob Selene is a partner of ours. We use them on our fund management services side. Their Seabury Caledon division put capital into our funds and as a co-investor and Vantage SDC and some other things. So I give CBRE a lot of credit, I give JLL with the same credit, but both of them have been very focused on digital transformation and how it impacts commercial real estate. I think CBRE push into investing with us side by side is a great example of that.

當然。看，我們與 JLL 和 CBRE 做了很多工作，Bob Selene 是我們的合作夥伴。我們在基金管理服務方面使用它們。他們的 Seabury Caledon 部門將資金投入我們的基金，並作為共同投資者和 Vantage SDC 以及其他一些東西。所以我對世邦魏理仕給予了很大的信任，我對仲量聯行也給予了同樣的信任，但他們都非常關注數字化轉型及其對商業房地產的影響。我認為世邦魏理仕與我們並肩投資就是一個很好的例子。

They recognize that digital is a big part of what they are going forward. Both CBRE and JLL have data center advisory services, and they do a lot of really good work around the data center space. And so it's a recognition to be honest, that commercial real estate is changing. And a big part of commercial real estate is the data center space. Why? Because those are commercial tenants, they are signing long-term leases and ultimately, data centers, particularly in the hyperscale and the Tier 5 private cloud environment, those are real estate businesses.

他們認識到數字化是他們前進的重要組成部分。世邦魏理仕和仲量聯行都提供數據中心諮詢服務，他們在數據中心領域做了很多非常好的工作。因此，老實說，商業地產正在發生變化，這是一種認可。商業地產的很大一部分是數據中心空間。為什麼？因為那些是商業租戶，他們簽署了長期租約，最終，數據中心，特別是在超大規模和第 5 層私有云環境中，這些都是房地產企業。

We own the land, we own the building, we manage it, tenant sign leases, and at the end of the day, yes, it is mission-critical infrastructure to the cloud and to the private cloud. But fundamentally, the tenants of that business model are real estate, land, permitting, entitlements, buildings, PP&E, leases, all the accounting related to data centers is real estate-based, as Jacky knows. And so I think with commercial real estate changing, you're going to see these advisory firms change and adapt. They have to. They have to continue to stay alive. So it's a thoughtful question. Appreciate it.

我們擁有土地，我們擁有建築物，我們管理它，租戶簽署租約，最終，是的，它是雲和私有云的關鍵任務基礎設施。但從根本上說，該商業模式的租戶是房地產、土地、許可、權利、建築物、PP&E、租賃，所有與數據中心相關的會計都是基於房地產的，正如傑基所知。所以我認為隨著商業房地產的變化，你會看到這些諮詢公司發生變化和適應。他們必須。他們必須繼續活著。所以這是一個深思熟慮的問題。欣賞它。

Yes. And then secondly, what are your current thoughts about complementary opportunities in traditional infrastructure and clean energy?

是的。其次，您目前對傳統基礎設施和清潔能源的互補機會有何看法？

Well, look, thank you. That's actually a big part of what we're doing in InfraBridge. I think one of the great things that we saw in the AMP acquisition was the ability to go attack the renewable energy space. I think I've outlined for investors over the last year how important it is, Switch, a lot of why we did Switch is -- we really like Rob's forward-thinking approach to having 100% renewable data centers. That is really important to our customers. And so we're spending time around the renewable space because we know that the future of the business is going to be embedded on the notion that we can create power that doesn't take out of the carbon footprint out of this planet.

嗯，看看，謝謝。這實際上是我們在 InfraBridge 中所做工作的重要組成部分。我認為我們在 AMP 收購中看到的一件好事是能夠攻擊可再生能源領域。我想我在去年向投資者概述了它的重要性，Switch，我們做 Switch 的很多原因是——我們真的很喜歡 Rob 擁有 100% 可再生數據中心的前瞻性思維方法。這對我們的客戶來說非常重要。因此，我們將時間花在可再生空間上，因為我們知道企業的未來將植根於這樣一種觀念，即我們可以創造不會消除地球碳足蹟的電力。

And this is really serious. I mean this is something that ultimately is going to drive performance for us long term. We talked a little bit about AI at the beginning of this call today. And we think about the last 10 years in the data center space was building public cloud, probably $4 trillion to $5 trillion of infrastructure embedded in building the public cloud.

這真的很嚴重。我的意思是，這最終將長期推動我們的業績。在今天的電話會議開始時，我們談到了一些關於 AI 的問題。我們認為過去 10 年數據中心領域正在構建公共雲，可能有 4 萬億到 5 萬億美元的基礎設施嵌入到構建公共雲中。

What we know about AI going forward is that it takes up 3x more compute. And so imagine, we've spent the last 10 years building public cloud and we're still building it today. We're not finished building the public cloud. We've just started really building private cloud in the last 3 to 4 years, the work that Switch is doing.

我們對未來 AI 的了解是它佔用的計算量增加了 3 倍。想像一下，過去 10 年我們一直在構建公共雲，而我們今天仍在構建它。我們還沒有完成公共雲的構建。在過去的 3 到 4 年裡，我們才剛剛開始真正構建私有云，這是 Switch 所做的工作。

And now we have this opportunity to go build out AI infrastructure. And you've got 4 incredibly well capitalized companies all running at this heart, whether it's Microsoft through chat, whether it's Amazon, whether it's OpenAI with Google and of course, the work that Meta is doing.

現在我們有機會去構建 AI 基礎設施。你有 4 家資本雄厚的公司都在這個核心運作，無論是通過聊天的微軟，無論是亞馬遜，無論是與穀歌的 OpenAI，當然還有 Meta 正在做的工作。

So they're all racing to go build this infrastructure in an environment where interest rates are high and capital is more constrained. And then you put on top of that, that we need 3x more of the compute, the lift is big. And so we'll continue to update investors on this over the next couple of quarters. But what we also know is that the power that is needed to drive AI and these new initiatives, there's not enough power sufficient in the United States as grid to accommodate it.

因此，他們都爭先恐後地在利率高、資金更受限制的環境中建設這種基礎設施。然後你最重要的是，我們需要 3 倍以上的計算，提升很大。因此，我們將在接下來的幾個季度繼續向投資者通報最新情況。但我們也知道，驅動 AI 和這些新舉措所需的電力，在美國沒有足夠的電力作為電網來容納它。

So we have to come up with alternative sources of energy. Same problem in Europe. So whether it's wind, whether it's solar, whether it's other alternative forms of energy creation, we're looking at everything right now. We have to. This is an absolute necessity for DigitalBridge going forward is having access to renewable energy to power the next generation of technology.

所以我們必須想出替代能源。歐洲也有同樣的問題。因此，無論是風能，太陽能，還是其他替代能源創造形式，我們現在都在關註一切。我們必須。這對於 DigitalBridge 的發展來說是絕對必要的，因為它可以獲得可再生能源來為下一代技術提供動力。

There are no further questions. I would like to turn the floor over to Marc Ganzi for closing remarks.

沒有其他問題了。我想請 Marc Ganzi 發表閉幕詞。

Well, look, thank you, everyone. We really appreciate everyone's time and diligence on DigitalBridge. We recognized this quarter was an important quarter for us. As I said at the onset of this conversation, there are really 3 things that matter at this point in time.

嗯，看看，謝謝大家。我們非常感謝大家為 DigitalBridge 付出的時間和努力。我們認識到本季度對我們來說是一個重要的季度。正如我在本次談話開始時所說的那樣，目前確實有 3 件事很重要。

First and foremost, we've got to continue to raise capital. We're doing that, both in debt and equity, and we've made tremendous progress there. Two, I've made it a key priority to maintain our liquidity and delever our balance sheet. We did that in this quarter, paying off the converts. We have a strong liquid position, and we're going to continue to preserve liquidity to be opportunistic go forward.

首先，我們必須繼續籌集資金。我們正在這樣做，無論是在債務還是股權方面，我們在這方面取得了巨大進展。第二，我已將維持我們的流動性和去槓桿化我們的資產負債表作為一個關鍵優先事項。我們在本季度做到了這一點，還清了皈依者。我們擁有強大的流動性頭寸，我們將繼續保持流動性以保持機會主義。

And then three, we've got to perform and performing is performing for customers, performing for LPs and performing for you, our public shareholders. And to do that, we've got to obviously continue to grow our portfolio of companies, we've got to continue to show up for customers and we've got to continue to be responsible and prudent with the money that you give us, and we're making that happen.

然後是第三，我們必須執行，執行是為客戶執行，為 LP 執行和為您執行，我們的公眾股東。為此，我們顯然必須繼續擴大我們的公司組合，我們必須繼續為客戶展示，我們必須繼續對您給我們的錢負責和謹慎，我們正在實現這一目標。

We took cost out of the business in terms of our run rate G&A over $9 million of costs out of the business in the first quarter, and we're going to continue to be thoughtful about how we spend your money and ultimately, drive this business towards an earnings-based model. That's the key. Cash flows are what drives great businesses in these environments, and that's what we're doing at DigitalBridge. This was an important quarter.

我們在第一季度從我們的運行率 G&A 中扣除了超過 900 萬美元的業務成本，我們將繼續考慮如何花錢並最終推動這項業務轉向基於收益的模型。這就是關鍵。現金流是在這些環境中推動偉大企業發展的動力，而這正是我們在 DigitalBridge 所做的事情。這是一個重要的季度。

It was a foundational quarter. We're really excited to play the next 3 quarters out with a very clean narrative and a clean story, and we're looking forward to having conversations with all of our shareholders over the coming weeks to talk about the things that we're doing.

這是一個基本的季度。我們真的很高興能以非常清晰的敘述和清晰的故事結束接下來的 3 個季度，我們期待在未來幾週內與我們所有的股東進行對話，討論我們正在做的事情.

So it's an open invitation, please reach out to Severin and our team if you wish to have further conversations with us. I welcome every conversation with our public shareholders. And I want to thank you for your patience, I want to thank you for your support. And with that, we'll end the call today. Everyone, have a great day. Thank you.

所以這是一個公開邀請，如果您希望與我們進行進一步對話，請聯繫 Severin 和我們的團隊。我歡迎與我們的公眾股東的每一次談話。我要感謝您的耐心等待，感謝您的支持。就這樣，我們今天將結束通話。大家，祝你有美好的一天。謝謝。

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

今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與。