DigitalBridge Group Inc (DBRG) 2023 Q2 法說會逐字稿

Greetings, and welcome to the DigitalBridge Group, Inc. Second Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Severin White, Managing Director and Head of Investor Relations.

您好，歡迎參加 DigitalBridge Group, Inc. 2023 年第二季度財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我想將會議交給東道主、董事總經理兼投資者關係主管 Severin White。

Good morning, everyone, and welcome to DigitalBridge's Second 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. 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 the call is as of today, August 4, 2023, and DigitalBridge does not intend and undertakes no duty to update it for future events or circumstances.

大家早上好，歡迎參加 DigitalBridge 2023 年第二季度收益電話會議。今天，我們的首席執行官 Marc Ganzi 在公司電話會議上發言。和我們的首席財務官吳宗基。我會快速覆蓋安全港，然後我們就可以開始了。我們今天做出的有關我們的業務、運營和財務業績的一些聲明可能被視為前瞻性聲明，此類聲明涉及許多風險和不確定性，可能導致實際結果出現重大差異。電話會議中討論的所有信息均截至今天（2023 年 8 月 4 日），DigitalBridge 不打算也不承擔針對未來事件或情況進行更新的義務。

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 for our form 10-Q that will be filed with the SEC for the quarter ending June 30, 2023. Great. Let's start with Marc providing an update on our key objectives for 2023. Jack will outline our financial results and turn it back over to Marc to discuss some of the early impacts we're seeing from generative AI on our ecosystem. With that, I'll turn the call over to Marc Ganzi, our CEO. Marc?

欲了解更多信息，請參閱我們向SEC 提交的截至2022 年12 月31 日的年度的最新10-K 表格中討論的風險因素，以及將向SEC 提交的截至2022 年12 月31 日的季度的10-Q 表格中討論的風險因素。 2023 年 6 月 30 日。太棒了。首先，Marc 會介紹我們 2023 年主要目標的最新情況。Jack 將概述我們的財務業績，然後將其轉交給 Marc，討論我們看到的生成式 AI 對我們生態系統的一些早期影響。接下來，我會將電話轉給我們的首席執行官 Marc Ganzi。馬克？

Thanks, Severin. I want to start by recognizing this as the third anniversary of my first quarterly call as CEO of DigitalBridge. When I took the helm over in the summer of 2020, we were facing the depths of COVID and we had a very different business profile. Today, we're on the 5-yard line of an unprecedented $80-plus billion rotation and transformation. We've been very focused on 3 key priorities that I outlined at the beginning of the year. Today, all that hard work has positioned us to meet the persistent and growing demand for digital infrastructure investment, particularly as we see the early signs of new demand driven by Gen AI. I'll talk more about that in Section 3 today. We're really excited about what we're seeing and how it impacts DigitalBridge and more importantly, how that impacts our portfolio companies and our investments.

謝謝，塞維林。首先，我想紀念我作為 DigitalBridge 首席執行官召開第一次季度電話會議的三週年紀念日。當我在 2020 年夏天接掌公司時，我們正面臨著新冠疫情的最嚴重時期，我們的業務狀況也截然不同。今天，我們正處於史無前例的 80 多億美元輪換和轉型的 5 碼線上。我們一直非常關注我在年初概述的 3 個關鍵優先事項。如今，所有這些努力使我們能夠滿足對數字基礎設施投資持續增長的需求，特別是當我們看到由人工智能驅動的新需求的早期跡象時。我將在今天的第 3 節中詳細討論這一點。我們對所看到的以及它如何影響 DigitalBridge 感到非常興奮，更重要的是，它如何影響我們的投資組合公司和我們的投資。

So let's stay focused and touch on those top 3 priorities. First, starting with fundraising. In the second quarter, we generated strong year-over-year growth in our investment management platform with fee income up 47%, and segment level FRE up 35%. Higher FEEUM, which was driven from core credit and co-investment along with a full quarter of Infra bridge, activated that growth. Most importantly, new capital formation. $2.7 billion in new capital was committed over the past 3 months, with half of that coming to accrue to our latest flagship DigitalBridge Partners Series and the balance between co-investment and incremental core and credit commitments. I'm pleased to report we remain on track to achieve our fundraising objectives for 2023.

因此，讓我們集中精力討論這三個最重要的優先事項。首先，從籌款開始。第二季度，我們的投資管理平台實現了強勁的同比增長，費用收入增長了 47%，細分市場層面的 FRE 增長了 35%。較高的 FEEUM 是由核心信貸和共同投資以及基礎設施橋整個季度推動的，激活了這種增長。最重要的是，新資本的形成。過去 3 個月承諾了 27 億美元的新資本，其中一半將用於我們最新的旗艦產品 DigitalBridge 合作夥伴系列以及共同投資與增量核心和信貸承諾之間的平衡。我很高興地向大家報告，我們仍有望實現 2023 年的籌款目標。

On simplification, the big news here is we expect to receive sufficient final commitments to our data bank recap to deconsolidate that business from our financial statements later this quarter, followed shortly thereafter by a financial close. This is a tremendous milestone on simplification, and it will deliver additional capital back to the balance sheet. On the final priority, portfolio performance. We demonstrated sustained growth across all 4 key verticals. I also want to highlight development CapEx here, our portfolio company's ability to deliver new capacity to our tech and telco customers, whether it's on towers, data centers or across fiber routes really sets DigitalBridge apart. Year-to-date, we've successfully deployed over $4 billion to meet the next leg of demand at very attractive build yields supported by long-term customer contracts with a high concentration on investment-grade counterparty risk. So let's detail fundraising in our simplification progress before we get into the financials.

簡單來說，這裡的重大消息是，我們預計將收到足夠的對數據庫回顧的最終承諾，以便在本季度晚些時候從我們的財務報表中取消該業務，隨後不久將完成財務結算。這是簡化方面的一個巨大里程碑，它將為資產負債錶帶來額外的資本。最後一個優先事項是投資組合表現。我們在所有 4 個關鍵垂直領域都展現了持續增長。我還想在這裡強調開發資本支出，我們的投資組合公司為我們的技術和電信客戶提供新容量的能力，無論是在塔、數據中心還是跨光纖路線，確實使 DigitalBridge 與眾不同。今年迄今為止，我們已成功部署超過 40 億美元，以極具吸引力的構建收益率滿足下一階段的需求，並得到高度關注投資級交易對手風險的長期客戶合同的支持。因此，在我們討論財務狀況之前，讓我們在簡化過程中詳細介紹一下籌款活動。

Next slide, please. New capital formation. As I highlighted earlier in the year, this will be the seminal KPI for 2023, and I'm pleased to report we've raised $2.7 billion since last quarter. This brings us to $3.4 billion year-to-date. About half of that $1.2 billion came from initial commitments to our flagship DigitalBridge Partners series, which will start generating fee income once we finalize an initial close. We've also completed $900 million of co-investment syndications, most notably Switch, which is one of the best positioned data center platforms for next-generation compute.

請下一張幻燈片。新資本形成。正如我在今年早些時候強調的那樣，這將是 2023 年具有影響力的 KPI，我很高興地報告說，自上季度以來我們已籌集了 27 億美元。今年迄今，我們的收入達到 34 億美元。這 12 億美元中約有一半來自我們對旗艦產品 DigitalBridge Partners 系列的最初承諾，一旦我們最終完成初步交割，該系列將開始產生費用收入。我們還完成了 9 億美元的聯合投資，其中最著名的是 Switch，它是下一代計算領域定位最好的數據中心平台之一。

Last quarter, I highlighted the structural growth we expected to see in co-investment as our platforms continue to grow and how more of that would flow into FEEUM this year. That manifests itself inside this quarter. You should expect as demand for digital infrastructure increases with the advent of Gen AI, so does our need for co-investment capital at our digital portfolio companies globally, which in turn helps us scale and drive FEEUM and FRE. The balance of fundraising came from core credit and our liquid strategies, which continue to add AUM at a steady pace. I'm very pleased with the progress on all 3 of those strategies. They continue to be strong contributors to where we're going.

上個季度，我強調了隨著我們的平台繼續增長，我們預計共同投資將出現結構性增長，以及今年將有更多資金流入 FEEUM。這在本季度就得到了體現。您應該預料到，隨著Gen AI 的出現，對數字基礎設施的需求會增加，我們對全球數字投資組合公司的共同投資資本的需求也會增加，這反過來又有助於我們擴展和推動FEEUM和FRE。融資餘額來自核心信貸和我們的流動性策略，這些策略繼續穩步增加資產管理規模。我對所有這 3 個策略的進展感到非常滿意。他們仍然是我們前進道路上的重要貢獻者。

So this puts us right on track to our fundraising targets for this year. Institutional interest in allocating to digital infrastructure remains strong. And just as we're seeing early signs of demand driven by Gen AI and our portfolio companies, we're spending more and more time with our institutional clients, helping them understand the implications of generative AI on the investment needed to satisfy that demand.

因此，這使我們有望實現今年的籌款目標。機構對分配給數字基礎設施的興趣依然濃厚。正如我們看到由Gen AI 和我們的投資組合公司推動的需求的早期跡像一樣，我們花越來越多的時間與我們的機構客戶合作，幫助他們了解生成人工智能對滿足該需求所需的投資的影響。

Next slide, please. So this slide highlights the solid year-over-year growth that we've seen in our FEEUM and AUM. We ended last quarter with $29 billion in FEEUM up $10 billion over the prior year, representing a 53% annual growth rate, driven by an equal combination of organic capital formation and contribution from the InfraBridge acquisition. Similarly, on the right, AUM which tracks the NAV of the assets that we manage, was up to $72 billion last quarter. That's up 51% over the prior year. So as our platforms continue to scale, we look forward to updating you on our progress here as continued as we continue to grow revenues organically and earnings over the course of the year.

請下一張幻燈片。因此，這張幻燈片強調了我們在 FEEUM 和 AUM 方面看到的逐年穩健增長。上季度結束時，我們的 FEEUM 為 290 億美元，比上一年增加了 100 億美元，年增長率為 53%，這得益於有機資本形成和 InfraBridge 收購貢獻的共同推動。同樣，在右側，跟踪我們管理的資產資產淨值的 AUM 上季度高達 720 億美元。比上一年增長 51%。因此，隨著我們的平台不斷擴大，我們期待著向您通報我們在這一年中繼續有機增長收入和收益的進展情況。

Next slide, please. So deconsolidation. This is the #2 topic behind fundraising for 2023. So I'm pleased to report we've received $170 million in commitments to the DataBank recap process. We'll close additional commitments shortly, which will provide us with sufficient capital to deconsolidate that business from our financial statements inside this quarter. We expect us to report final numbers later during Q3. So once completed, this will reduce our pro rata ownership below 10% and generate at least $45 million of incremental proceeds to the DigitalBridge balance sheet, which we can recycle into our capital allocation framework. I can't underscore how big of a milestone this is for us and the kudos to the capital formation team and everyone at DataBank. We placed over $2-plus billion into the permanent capital vehicle that was responsible for recapitalizing Databank.

請下一張幻燈片。所以解散。這是 2023 年籌款背後的第二大主題。因此，我很高興地報告，我們已收到對 DataBank 回顧流程的 1.7 億美元承諾。我們將很快完成額外的承諾，這將為我們提供足夠的資金，以便在本季度內從我們的財務報表中剝離該業務。我們預計將在第三季度晚些時候報告最終數字。因此，一旦完成，這將使我們按比例的所有權減少到 10% 以下，並為 DigitalBridge 資產負債表產生至少 4500 萬美元的增量收益，我們可以將其回收到我們的資本分配框架中。我無法強調這對我們來說是一個多麼重要的里程碑，也對資本形成團隊和 DataBank 的每個人都表示敬意。我們向負責對數據庫進行資本重組的永久資本工具投入了超過 2 億美元。

And what's even better is that our leasing pipeline has grown over 3x year-over-year, and has seen the steepest jump across our portfolio on the back of new AI-driven interest. So at the end of the day, we're thrilled to maintain a significant stake in that business, and we're proud to [back] the team going forward. And at the same time, deconsolidate that stake and continue to press forward with our main corporate objectives. We really feel excited about this. So at the end of the day, 1 down, 1 to go.

更好的是，我們的租賃渠道同比增長了 3 倍多，並且在人工智能驅動的新興趣的支持下，我們的投資組合實現了最大幅度的躍升。因此，歸根結底，我們很高興能夠在該業務中保持大量股份，並且我們很自豪能夠[支持]團隊前進。與此同時，拆分該股權並繼續推進我們的主要企業目標。我們對此感到非常興奮。所以到最後，1 次下跌，1 次下跌。

Vantage SDC is up next, and we're pleased with the progress we're seeing there. Consequently, we remain committed and confident to finalizing the deconsolidation of Vantage SDC before the end of this year. So really good progress on both of those 2 initiatives. DataBank will get done in this quarter, and we'll finish up Vantage SDC by the end of the year.

接下來是 Vantage SDC，我們對所看到的進展感到滿意。因此，我們仍然致力於並有信心在今年年底前完成 Vantage SDC 的拆分。這兩項舉措都取得了很好的進展。 DataBank 將在本季度完成，我們將在今年年底完成 Vantage SDC。

Next slide, please. So portfolio performance. This is the last of the 3 legs of the stool for my key initiatives for 2023. I want to highlight the continued growth we're seeing across our 4 key swim lanes. MRR across the portfolio is up in all of our verticals, driven by organic an investment-led growth. First, data centers, up 22% year-over-year. Towers also driving substantial growth, up 21% year-over-year as carriers proliferate their 5G networks around the world. Fiber has seen a dramatic increase, up 15%, and small cells quite didn't deliver the double-digit growth we'd like. But nonetheless, we are seeing sustained growth in small cells. And we believe densification and 5G networks will drive those numbers higher in the back half of this year and certainly into '24 and '25. I talked last quarter about supporting our portfolio companies as they serve the world's leading tech and telcos with development CapEx. That's how this investment pays off, manifesting itself in growth and the value of our portfolio, you see above.

請下一張幻燈片。所以投資組合的表現。這是我 2023 年關鍵舉措的 3 條腿中的最後一條。我想強調我們在 4 個關鍵泳道上看到的持續增長。在有機和投資主導型增長的推動下，我們所有垂直領域的投資組合的 MRR 均有所上升。首先是數據中心，同比增長22%。隨著運營商在全球範圍內擴展其 5G 網絡，塔樓也推動了大幅增長，同比增長 21%。光纖出現了戲劇性的增長，增長了 15%，而小基站並沒有實現我們想要的兩位數增長。但儘管如此，我們還是看到小細胞的持續增長。我們相信，緻密化和 5G 網絡將在今年下半年推動這些數字更高，當然到 24 世紀和 25 世紀也是如此。上個季度我談到了支持我們的投資組合公司，因為它們通過開發資本支出為世界領先的科技和電信公司提供服務。這就是這項投資的回報方式，體現在增長和我們投資組合的價值上，正如您在上面看到的。

So this year, year-to-date, we've deployed $4 billion supporting the growth of our portfolio companies in a challenging macro environment. I believe this enforces the consistent need for new digital infrastructure by our customers despite some of those headwinds. Even more importantly, we're deploying this capital at very attractive development yields that exceed last year's returns and will drive performance into 2024 and beyond. Demand for compute and connectivity continues to grow steadily and our ability to deliver for customers continues to expand along with our portfolio. So with that, I'd like to turn it over to Jack to cover our financials. Jacky?

因此，今年年初至今，我們已部署 40 億美元，支持我們的投資組合公司在充滿挑戰的宏觀環境中實現增長。我相信，儘管存在一些不利因素，這仍然強化了我們的客戶對新數字基礎設施的持續需求。更重要的是，我們正在以非常有吸引力的開發收益率部署這筆資金，超過去年的回報，並將推動 2024 年及以後的業績。對計算和連接的需求持續穩定增長，我們為客戶提供服務的能力隨著我們的產品組合不斷擴大。因此，我想將其交給傑克來負責我們的財務事宜。傑基？

Thank you, Marc, and good morning, everyone. As a reminder, in addition to the release of our second quarter earnings, we filed a supplemental financial report this morning, which is available within the Shareholders section of our website. On Page 14, you can see our second quarter highlights have trended positively with key performance metrics, all up significantly year-over-year, highlighted by new capital raised, which had a strong quarter and we expect additional momentum for the rest of the year.

謝謝你，馬克，大家早上好。提醒一下，除了發布第二季度收益之外，我們今天早上還提交了一份補充財務報告，該報告可在我們網站的股東部分中找到。在第14 頁上，您可以看到我們第二季度的亮點在關鍵績效指標上呈積極趨勢，全部同比大幅增長，其中新籌集的資金突出，該季度表現強勁，我們預計今年剩餘時間將有更多動力。

Turning to Page 15. Total company distributable earnings was $10 million or $0.06 per share benefiting from the growth in our asset-light investment management platform and continued progress of simplifying our corporate structure. Assets under management increased to $72 billion in the second quarter. which grew by 51% from the same period last year, driven by strong fundraising, continued deployments in the Infra Bridge platform acquisition earlier this year. Fee-earning equity under management increased to $29 billion, a 53% increase from the same period last year. We have a robust fundraising pipeline with momentum building in multiple investment products and we anticipate a very strong second half of the year for capital formation similar to prior years, which has been seasonally stronger in the second half of the year.

翻到第 15 頁。受益於我們輕資產投資管理平台的增長以及簡化公司結構的持續進展，公司可分配收益總額為 1000 萬美元，即每股 0.06 美元。第二季度管理資產增至 720 億美元。受強勁融資推動，今年早些時候繼續部署 Infra Bridge 平台收購，該業務較去年同期增長 51%。管理的收費權益增至 290 億美元，較去年同期增長 53%。我們擁有強大的籌款渠道，多種投資產品勢頭強勁，我們預計今年下半年的資本形成將非常強勁，與往年類似，下半年的資本形成呈季節性強勁。

Moving to Page 16. 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 second quarter, consolidated revenues were $425 million, which represents a 2% increase from the same period last year. As previously noted, our reported revenues now includes contributions from carried interest and principal investment income, which aligns more closely with our peers in the public alternative investment management space. Total company adjusted EBITDA was $43 million, which grew by almost 40% from the same period last year. Primarily as a result of the redemption of [Wafra's] minority ownership in the company's investment management platform in May of 2022 and following the acquisition of Infra Bridge in February of this year.

轉到第 16 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。第二季度綜合收入為 4.25 億美元，比去年同期增長 2%。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，這與公共另類投資管理領域的同行更加一致。公司調整後 EBITDA 總額為 4300 萬美元，較去年同期增長近 40%。主要是由於 2022 年 5 月贖回了 [Wafra] 在該公司投資管理平台的少數股權以及今年 2 月收購 Infra Bridge 後的結果。

Moving to Page 17. The company continues to grow its investment management earnings from additional fee-earning equity under management generated by new digital investment strategies and the acquisition of InfraBridge. Fee income, excluding incentive fees, increased to $66 million and fee-related earnings increased to $34 million, representing 47% and 35% increases from the same period last year, respectively. Investment Management segment distributable earnings increased by 71% to $24 million from the same period last year. As I previously mentioned, we expect the momentum to continue in our Investment Management business as we execute on our strong fundraising pipeline.

翻至第 17 頁。該公司通過新的數字投資策略和收購 InfraBridge 產生的額外管理費用股權繼續增長其投資管理收益。不包括獎勵費用的費用收入增加至 6600 萬美元，與費用相關的收入增加至 3400 萬美元，分別較去年同期增長 47% 和 35%。投資管理部門的可分配收益較去年同期增長 71%，達到 2,400 萬美元。正如我之前提到的，隨著我們執行強大的籌款渠道，我們預計投資管理業務的勢頭將繼續下去。

Turning to Page 18. Beginning this quarter, we have included new disclosures designed to help simplify the analysis of the company's carried interest income, including realized versus unrealized carried interest allocations and associated expenses. For the second quarter, unrealized carried interest income was $79 million. This is due to the fair value of our managed funds increasing at a rate that exceeds the preferred return hurdles in our investment vehicles, which generates carry interest to DigitalBridge as the manager. We have also included additional disclosure surrounding other investment management expenses, other investment management expenses for the quarter were $9 million. compared to over $6 million in the same period last year, mainly due to placement fees from new fundraising. As a reminder, placement fee expenses are recognized upfront at incurrence of new capital raised which in some cases, may not yet earn fee revenues.

轉向第 18 頁。從本季度開始，我們納入了新的披露內容，旨在幫助簡化對公司附帶權益收入的分析，包括已實現與未實現的附帶權益分配和相關費用。第二季度，未實現的附帶利息收入為 7900 萬美元。這是因為我們管理的基金的公允價值的增長速度超過了我們投資工具的首選回報門檻，這給作為管理人的 DigitalBridge 帶來了附帶利息。我們還包括了有關其他投資管理費用的額外披露，該季度的其他投資管理費用為 900 萬美元。相比之下，去年同期超過 600 萬美元，主要是由於新籌款的安置費用。提醒一下，安置費支出是在新籌集的資金發生時預先確認的，在某些情況下，新資金可能尚未賺取費用收入。

Moving to Page 19. The company's share of digital operating revenues and earnings declined due to lower ownership following the previously announced recapitalization of our DataBank investment, which reduced the company's ownership from 22% to 11%. We continue to stay on target to deconsolidate the operating segment from our financial statements in the second half of this year.

轉到第 19 頁。由於之前宣布對我們的 DataBank 投資進行資本重組，導致公司所有權從 22% 降至 11%，所有權減少，導致公司在數字運營收入和收益中所佔的份額有所下降。我們繼續保持在今年下半年將運營部門從財務報表中剝離出來的目標。

Turning to Page 20. We achieved another quarter of strong growth in our high-margin investment management business. Since the second quarter of 2022, our annualized fee revenues increased from $148 million to $266 million, and fee-related earnings increased from $83 million to $138 million. Looking at the right side of the page, our run rate fee revenues were $275 million. We are on track to meet or exceed our previously provided fee revenue and FRE guidance ranges. As we continue to scale and fund raise, we expect the flow through of the company's FRE to (inaudible) earnings to increase.

翻到第 20 頁。我們的高利潤投資管理業務又實現了一個季度的強勁增長。自 2022 年第二季度以來，我們的年化費用收入從 1.48 億美元增加到 2.66 億美元，費用相關收入從 8300 萬美元增加到 1.38 億美元。查看頁面右側，我們的運行費收入為 2.75 億美元。我們有望達到或超過之前提供的費用收入和 FRE 指導範圍。隨著我們繼續擴大規模和籌集資金，我們預計公司 FRE 對（聽不清）收益的流入將會增加。

Turning to Page 21. We completed another milestone in our progress to simplify the company's capital structure in April of this year by fully repaying $200 million of the company's convertible notes coupled with the deconsolidation of the operating segment expected to be completed this year, we will have almost reached our target corporate debt. In addition to our debt reduction our balance sheet continues to maintain strong liquidity levels for accretive uses with over $500 million of liquidity, including the full $300 million available from our securitization revolver.

翻到第 21 頁。今年 4 月，我們通過全額償還公司 2 億美元的可轉換票據以及預計今年完成的運營部門的拆分，完成了簡化公司資本結構的另一個里程碑，我們將幾乎達到了我們的企業債務目標。除了減少債務外，我們的資產負債表繼續保持強勁的流動性水平，用於增值用途，流動性超過 5 億美元，其中包括我們的證券化左輪手槍可用的全部 3 億美元。

In summary, Marc and I are very pleased with the progress we've made during the first half of this year and solidifying the company's operating position as a partner of choice to investors in the digital infrastructure space. DigitalBridge's 3 statement financials continue to improve, highlighted by our positive distributable earnings this quarter and the company remains committed to scaling our asset-light investment management platform led by our powerful fundraising machine to generate long-term shareholder success. We look forward to building on this growth with our strong near-term capital raise pipeline and deconsolidated the operating segment in the second half of this year. And with that, I will turn it back to Marc.

總之，馬克和我對今年上半年取得的進展感到非常滿意，並鞏固了公司作為數字基礎設施領域投資者首選合作夥伴的運營地位。 DigitalBridge 的 3 份報表財務狀況繼續改善，本季度可分配收益為正值，該公司仍致力於擴展由強大籌款機制主導的輕資產投資管理平台，以實現股東的長期成功。我們期待通過強大的近期融資渠道來鞏固這一增長，並在今年下半年拆分運營部門。說到這裡，我會把它轉回給馬克。

Thanks, Jacky. This quarter in executing the digital playbook I want to cover generative AI and some of the implications for digital infrastructure and ultimately, how it impacts DigitalBridge. This is the #1 subject with both public and private investors today, and it's one of the most active areas of engagement at the portfolio level with our customers, particularly in the data center vertical. On the slide here, we've incorporated a number of examples of contrasting traditional AI use cases with the new kind of capabilities that generative AI unlocks. So for media, by example, while traditional AI optimizes your Netflix recommendations with generative AI, we're seeing the actual production of short films from text prompts. These kind of breakthroughs will only accelerate and get better.

謝謝，傑基。本季度在執行數字劇本時，我想介紹生成式人工智能以及對數字基礎設施的一些影響，以及最終它如何影響 DigitalBridge。這是當今公共和私人投資者關注的第一主題，也是我們客戶在投資組合層面最活躍的參與領域之一，特別是在數據中心垂直領域。在此處的幻燈片中，我們結合了許多示例，將傳統人工智能用例與生成式人工智能解鎖的新型功能進行對比。以媒體為例，雖然傳統人工智能通過生成式人工智能優化你的 Netflix 推薦，但我們看到的是根據文本提示實際製作短片。這些突破只會加速並變得更好。

So lots of new exciting new capabilities, but how does this really ultimately translate for DigitalBridge and DigitalBridge shareholders. Well, what we're seeing today is that to unlock those capabilities, every enterprise software platform is being re-architected to incorporate generative AI. And that new layer of creativity translates into a lot more compute. I'll walk you through the arithmetic in a second, but it's pretty compelling.

如此多令人興奮的新功能，但這最終如何真正轉化為 DigitalBridge 和 DigitalBridge 股東。那麼，我們今天看到的是，為了釋放這些功能，每個企業軟件平台都在重新架構以納入生成式人工智能。新的創造力層轉化為更多的計算量。我將在一秒鐘內引導您完成算術，但這非常引人注目。

Just like the time and energy it takes a human to turn an observation into a creative new idea, Gen AI doesn't burn calories, it burns KW. And that's really important as you think about digital infrastructure. Generative AI is compute-hungry. So let's go forward. Next slide, please. Just to give you a sense of the speed adaptation around generative AI, many of you have heard have seen this chart. But what it does is it gives you incredible context for the opportunity set. ChatGPT, OpenAI's large language model or LLM, had the fastest adaptation on record of any consumer technology hitting 100 million active users in 2 months. That happened earlier this year. So to contextualize that, that was 4x faster than TikTok. It was 15x faster than Instagram getting to 100 million users and Uber took over 5.5 years to hit 100 million users. These are really significant global platforms. And ChatGPT blew them away. So we're seeing rapid adaptation.

就像人類將觀察結果轉化為創意新想法所需的時間和精力一樣，Gen AI 不會燃燒卡路里，它會燃燒千瓦。當你考慮數字基礎設施時，這一點非常重要。生成式人工智能需要大量計算。那麼讓我們繼續前進吧。請下一張幻燈片。為了讓您了解生成式人工智能的速度適應，你們中的許多人都聽說過並看過這張圖表。但它的作用是為您提供令人難以置信的機會集背景。 ChatGPT 是 OpenAI 的大型語言模型或 LLM，其適應速度是所有消費技術中最快的，在 2 個月內就達到了 1 億活躍用戶。這發生在今年早些時候。因此，從上下文來看，這比 TikTok 快 4 倍。它比 Instagram 達到 1 億用戶的速度快 15 倍，而 Uber 用了 5.5 年多的時間才達到 1 億用戶。這些都是非常重要的全球平台。 ChatGPT 讓他們大吃一驚。所以我們看到了快速的適應。

But what about scale? How big could this be? It's certainly the #1 question on investors' minds as they try to frame investment opportunities. And while it's way too early to tell, what I've been trying to do is contextualize that relative to something we do know today, and that's really comparing it to where public cloud started. So this is about a $300 billion annual business with large cloud service providers representing about 2/3 of the market. Based on the feedback we're getting from our CEOs and their conversations with customers around ramping capacity requirements, we believe this opportunity is going to be at least as big as the public cloud market was over a decade ago.

但規模呢？這能有多大？當投資者試圖構建投資機會時，這無疑是他們心中的第一個問題。雖然現在下結論還為時過早，但我一直在嘗試將其與我們今天所知道的事情聯繫起來，這實際上是將其與公共雲的起源進行比較。因此，這每年的業務規模約為 3000 億美元，大型雲服務提供商約佔市場的 2/3。根據我們從首席執行官那裡得到的反饋以及他們與客戶圍繞不斷提高的容量需求進行的對話，我們相信這個機會至少會像十多年前的公共雲市場一樣大。

And again, to contextualize that today, public cloud, which really has been building and leasing space to the data center marketplace over the last 10 years, is at about 13 gigawatts. Ultimately, to drive AI and to get networks to where we think they will believe -- where we believe they can go, we believe the opportunity set is close to 38 gigawatts. So we're just literally in the first inning of a potential 9 inning baseball game. And it's always important to frame the time against ultimately, the investment period, the amount of power consumed and the size of the wallet share that DigitalBridge can take.

再說一遍，今天的公共雲在過去 10 年裡一直在為數據中心市場建設和租賃空間，容量約為 13 吉瓦。最終，為了推動人工智能並使網絡到達我們認為他們會相信的地方——我們相信他們能夠到達的地方，我們相信機會集接近 38 吉瓦。所以我們實際上正處於一場潛在的 9 局棒球比賽的第一局。最終根據投資期限、耗電量以及 DigitalBridge 可以佔用的錢包份額大小來確定時間始終很重要。

Next slide, please. So I described Gen AI workloads as compute hungry, but I want to highlight briefly why that is. It's really a combination of 2 factors. On the left, you see chip power is exploding. The new specialized ad chips, GPUs that NVIDIA, AMD and Intel are producing consume 2 to 3x the power of prior generations. So to put that into context, the latest chips literally consume as much power as a toaster. The second driver is the size of the AI models and this is really hard to get your mind wrapped around, but let's give it a shot. Large language models, language models like ChatGPT have billions of parameters with the latest models, GPT4 reaching almost a trillion. So ultimately, consequently, the result is data center power consumption is set to rise dramatically and increasingly be dominated by these AI workloads. It's estimated that 80% of the data center power we'll consume -- be consumed by AI over the next 15 years.

請下一張幻燈片。因此，我將 Gen AI 工作負載描述為計算密集型，但我想簡要強調一下原因。這實際上是兩個因素的結合。在左側，您可以看到芯片功率正在爆炸式增長。 NVIDIA、AMD 和英特爾正在生產的新型專用廣告芯片、GPU 的功耗是前幾代產品的 2 到 3 倍。因此，綜合考慮，最新芯片的功耗實際上與烤麵包機一樣多。第二個驅動因素是人工智能模型的大小，這確實很難讓你全神貫注，但讓我們嘗試一下。大型語言模型，像 ChatGPT 這樣的語言模型有數十億個參數，最新的模型 GPT4 達到了近萬億個。因此，最終的結果是數據中心的功耗將急劇上升，並且越來越多地由這些人工智能工作負載主導。據估計，未來 15 年我們將消耗 80% 的數據中心電力。

So at the end of the day, access to power is a key differentiator. And having available space where those workloads can be realized is also very important. And this is where DigitalBridge believes that we have a key competitive advantage, having great portfolio companies throughout the world with available space, power and cooling that meets the needs of next-generation networks.

因此，歸根結底，獲得電力是一個關鍵的區別因素。擁有可以實現這些工作負載的可用空間也非常重要。 DigitalBridge 認為，這就是我們擁有關鍵競爭優勢的地方，我們在世界各地擁有優秀的投資組合公司，擁有可滿足下一代網絡需求的可用空間、電力和冷卻。

Next slide, please. So we know that Gen AI is power hungry. I think we all get that. But how does that translate into the data center ecosystem. It starts with AI model training, which will happen principally in large public and private clouds. These are principally at data centers owned by Vantage or Switch or Scala, some of the great portfolio companies that are building the next generation of cloud campuses, 100-, 200-megawatt 400-megawatt campuses. The key term here is power density, which manifests itself in 2 ways. On the left, it means higher megawatts per facility, instead of drawing 50 megawatts today, it will be 200 megawatts in the future, but with the same footprint. This is the power of power density, and this is the power of building the next generation of data centers that fit the customer needs of the future, not on the past.

請下一張幻燈片。所以我們知道 Gen AI 非常耗電。我想我們都明白這一點。但這如何轉化為數據中心生態系統呢？它從人工智能模型訓練開始，這將主要發生在大型公共雲和私有云中。這些主要位於 Vantage、Switch 或 Scala 擁有的數據中心，這些公司是一些正在建設下一代云園區、100、200 兆瓦、400 兆瓦園區的優秀投資組合公司。這裡的關鍵術語是功率密度，它有兩種表現形式。在左邊，這意味著每個設施的發電量更高，而不是今天的 50 兆瓦，未來將是 200 兆瓦，但佔地面積相同。這就是功率密度的力量，這就是構建滿足未來而不是過去客戶需求的下一代數據中心的力量。

So why? Well, inside, as you can see in the middle, there's going to be higher power density on a per-rack basis with era filled with power-hungry GPUs and drawing 40 or more kWs compared to traditional data center rack, which draw 10kW or less. This is a fairly substantial shift in the power density that can be delivered on a server. The other key factor that relevant or cloud trained is access to low-cost power.

所以為什麼？嗯，在內部，正如您在中間看到的那樣，在充滿耗電GPU 的時代，每個機架的功率密度將會更高，與傳統數據中心機架相比，功耗為10kW 或更多，功耗為40 千瓦或更多。較少的。這是服務器可提供的功率密度的相當大的轉變。相關或云培訓的另一個關鍵因素是獲得低成本電力。

AI training is not as location or latency sensitive as applications. And you've got to get your mind wrapped around that around ultimately training AI models can happen in one place, but ultimately, the delivery of applications, which is either consumer-based, machine-to-machine based or enterprise-based has to happen closer to the end user, which is a low latency environment. So think about these 2 workloads in 2 different capacities. With cloud training, it's not about uptime and latency. It's about the ability to access and invest in large concentrated megawatt capacity, i.e., for example, a switch in Reno where we've got low-cost power that is 100% green, and we have it in a large amount of capacity in an 11 million square foot footprint. This is a competitive advantage at the end of the day. Your power density and efficiency are becoming increasingly relevant, so access to digital infrastructure in size and scale at the lowest cost is a key success factor. This was one of the reasons why we bought Switch.

人工智能訓練不像應用程序那樣對位置或延遲敏感。你必須全神貫注，最終訓練人工智能模型可以在一個地方進行，但最終，應用程序的交付，無論是基於消費者的、基於機器對機器的還是基於企業的，都必須發生在離最終用戶更近的地方，這是一個低延遲環境。因此，請考慮兩種不同容量的這兩種工作負載。對於雲訓練來說，這與正常運行時間和延遲無關。這是關於獲得和投資大型集中兆瓦容量的能力，例如，在里諾的一個開關，我們在那裡擁有 100% 綠色的低成本電力，並且我們在一個大容量的電力系統中擁有大量容量。佔地面積1100 萬平方英尺。歸根結底，這是一個競爭優勢。您的功率密度和效率變得越來越重要，因此以最低的成本獲得規模和規模的數字基礎設施是成功的關鍵因素。這也是我們購買 Switch 的原因之一。

Next slide, please. I just described how AI training models happen in the cloud, which is where you're seeing a lot of activity today. But once the model is cloud trained, it's ready to be utilized by consumers enterprises and machines, a process called AI inference. As AI models are deployed and AI-powered applications proliferate over the next few years, inference and the growing relevance of the entire network will become clear. Gen AI is edge delivered. This is an important concept for all investors to get their minds wrapped around. For the actual applications, we use our phones. We use our laptops and speed and latency matter. It's not efficient to send data back and forth to Ashburn, Virginia from Boston and Miami.

請下一張幻燈片。我剛剛描述了人工智能訓練模型如何在雲中發生，這就是您今天看到的大量活動的地方。但是，一旦模型經過雲訓練，它就可以被消費者、企業和機器使用，這個過程稱為人工智能推理。隨著未來幾年人工智能模型的部署和人工智能驅動的應用程序的激增，整個網絡的推理和日益增長的相關性將變得清晰。 Gen AI 是邊緣交付的。這是所有投資者都應該牢記的一個重要概念。對於實際應用，我們使用手機。我們使用筆記本電腦，速度和延遲很重要。從波士頓和邁阿密來回發送數據到弗吉尼亞州阿什本的效率不高。

The trained AI models need to live close to the consumer or the device or the enterprise. By the way, they can't live on your phone either. If you want battery life longer than 5 minutes. So it is a combination of using ultimately mobile, but either your laptop or your desktop and ultimately, at the end of the day, you need a robust network. And a robust network that includes edge data centers, fiber, cell towers and small cells is going to become increasingly relevant over the next 3 to 5 years.

經過訓練的人工智能模型需要靠近消費者、設備或企業。順便說一句，他們也不能住在你的手機上。如果您希望電池續航時間超過 5 分鐘。因此，它是使用最終移動設備的組合，但無論是筆記本電腦還是台式機，最終，您都需要一個強大的網絡。包括邊緣數據中心、光纖、蜂窩塔和小型蜂窩的強大網絡將在未來 3 到 5 年內變得越來越重要。

We're seeing it selectively already, to be honest, with inbound interest from things like metro fiber capacity that are in the order of magnitude larger from cloud service providers, which is why you've seen some of our fiber revenues pick up in the growth in fiber and enterprise fiber pick up. That is why the whole network matters, not just the data center. Gen AI is edge delivered. And to do that and to create that orchestration requires all pieces of the digital infrastructure ecosystem, and this is where DigitalBridge delivers.

老實說，我們已經有選擇性地看到了這一點，來自云服務提供商的城域光纖容量等數量級更大的入站興趣，這就是為什麼你看到我們的一些光纖收入在纖維增長和企業纖維回升。這就是為什麼整個網絡很重要，而不僅僅是數據中心。 Gen AI 是邊緣交付的。要做到這一點並創建這種編排需要數字基礎設施生態系統的所有部分，而這正是 DigitalBridge 所提供的。

Next page. Let's take a step back and take a look at how we are positioned for this cloud trained edge delivered future. As you can see, we've been buying and building data center platforms on a global basis. This portfolio represents about 35% to 40% of our AUM. It operates from the core to the edge of the network and serves well-defined workload profiles across an increasingly hybrid compute landscape. We are well positioned to serve cloud trade demand for public and private cloud operators through Vantage, Scala and Switch, as I mentioned earlier. Then going to the next level, our portfolio companies, DataBank, AtlasEdge and AIMS are set to capitalize on edge delivered Gen AI applications.

下一頁。讓我們退後一步，看看我們如何為這個雲訓練邊緣交付的未來做好定位。正如您所看到的，我們一直在全球範圍內購買和構建數據中心平台。該投資組合約占我們資產管理規模的 35% 至 40%。它從網絡核心到邊緣運行，並在日益混合的計算環境中提供明確定義的工作負載配置文件。正如我之前提到的，我們有能力通過 Vantage、Scala 和 Switch 滿足公有云和私有云運營商的雲貿易需求。接下來，我們的投資組合公司 DataBank、AtlasEdge 和 AIMS 將利用邊緣交付的 Gen AI 應用程序。

The next layer, across the board, we've got one of the newest fleets in the industry. as we like to say. So that means we're investing, and we've got the facilities to serve these new workloads. It's really important to understand that our customers want state-of-the-art data centers that have significant access to low latency, large amounts of fiber, incredible cooling and most importantly, the power density that we talked about earlier and hopefully on a renewable basis. It's a high bar. But at the end of the day, what we've been doing for the last 2 to 3 years and setting ourselves up to meet these demands and be successful. That's why you're seeing the leasing numbers that you're seeing today at our portfolio companies. We are taking outsized wallet.

在下一層，我們擁有業內最新的機隊之一。正如我們喜歡說的。因此，這意味著我們正在投資，並且我們已經擁有了服務這些新工作負載的設施。理解我們的客戶想要最先進的數據中心非常重要，這些數據中心能夠顯著地獲得低延遲、大量光纖、令人難以置信的冷卻，最重要的是，我們之前討論過的功率密度，並希望在可再生能源上基礎。這是一個很高的標準。但歸根結底，我們在過去 2 到 3 年裡一直在做的事情，以及為滿足這些需求並取得成功而做好的準備。這就是為什麼您今天在我們的投資組合公司中看到的租賃數字。我們帶了超大的錢包。

Next slide, please. So I'd like to finish by talking about some of the tangible evidence we're seeing already around the impact of Gen AI and our business. It's very early innings. Someone recently described it to me is that we're still in batting practice. I'm not sure I totally buy that, but there is strong anecdotal evidence. This is set to be a very important demand driver for our ecosystem and for DigitalBridge portfolio companies in the coming years. So let's start with what we're seeing on the supply side in our conversations with LPs. As I referenced earlier, this is the #1 topic that we talk to our LPs about today. And while they're just getting up to speed on the implications across their investment portfolios, it's clear that they're looking to DigitalBridge as a key thought leader as it relates to the digital infrastructure piece of AI.

請下一張幻燈片。最後，我想談談我們已經看到的有關 Gen AI 和我們業務影響的一些切實證據。現在是很早的幾局。最近有人向我描述說我們仍在擊球練習中。我不確定我是否完全相信這一點，但有強有力的軼事證據。這將成為未來幾年我們的生態系統和 DigitalBridge 投資組合公司非常重要的需求驅動力。因此，讓我們從我們在與有限合夥人的對話中看到的供應方情況開始。正如我之前提到的，這是我們今天與有限合夥人談論的第一主題。雖然他們剛剛了解其投資組合的影響，但很明顯，他們希望 DigitalBridge 作為關鍵思想領袖，因為它與人工智能的數字基礎設施部分相關。

We've held a number of one-on-one meetings and webinars with our key global LPs covering some of the topics we've talked about today in greater detail. There is a high level of engagement on this topic. And we believe, particularly as the demand materializes, this is going to represent another tailwind for us in fundraising over the next few years and not just in our flagship product, but in credit and core and in other products that we're involved in.

我們與我們的主要全球有限合夥人舉行了多次一對一會議和網絡研討會，涵蓋了我們今天更詳細討論的一些主題。關於這個話題的參與度很高。我們相信，特別是隨著需求的實現，這將成為我們未來幾年融資的又一推動力，不僅是我們的旗艦產品，而且是我們參與的信貸和核心產品以及其他產品。

Secondly, on the demand side. data center lease up is where we're seeing this first. TD Cowen just reported over 2 gigawatts of industry-wide leasing over the last 90 days in the United States. That's within a 10 gigawatt market. So we're talking about really big numbers and our portfolio companies are participating in that 2 gigawatts and taking outsized market share and a bigger portion of the wallet. So when you look across the DigitalBridge ecosystem, that pipeline, where you see the first signs that lead to bookings, which translates into revenues as new capacity comes online, pipelines are up 84% across our data center portfolio year-over-year.

其次，在需求方面。數據中心租賃是我們首先看到這一點的地方。 TD Cowen 剛剛報告稱，過去 90 天內美國全行業的租賃量超過 2 吉瓦。這在 10 吉瓦的市場範圍內。因此，我們談論的是非常大的數字，我們的投資組合公司正在參與這 2 吉瓦的項目，並佔據了巨大的市場份額和更大的錢包份額。因此，當你縱觀 DigitalBridge 生態系統時，你會看到導致預訂的最初跡象，隨著新容量的上線，預訂會轉化為收入，我們的數據中心投資組合的管道同比增長了 84%。

So just to contextualize that, 2022 was one of the best years we've ever seen in data center leasing. So we're on pace to eclipse 2022, and we think this year is only accelerating in terms of the demand. On the right-hand side of the page, we've highlighted interesting feedback from our portfolio companies and investors alike. The 2 that jump out at me are the first one from one of our data center CEOs. He was describing how a 24-megawatt requirement was a large opportunity just a few years ago. And now we're seeing inbounds for 10x that size. So 100 to 250-megawatt type deals, in a campus setting. I mean these are just amazing numbers and really difficult to comprehend, but this is what's happening down at the portfolio company level.

因此，就具體情況而言，2022 年是我們在數據中心租賃領域見過的最好的年份之一。因此，我們即將在 2022 年超越，而且我們認為今年的需求只會加速增長。在頁面的右側，我們突出顯示了來自我們的投資組合公司和投資者的有趣反饋。我突然想到的兩個問題是我們的一位數據中心首席執行官提出的第一個問題。他描述了幾年前 24 兆瓦的需求是一個巨大的機會。現在我們看到的入界球尺寸是這個尺寸的 10 倍。因此，在校園環境中進行 100 至 250 兆瓦的交易。我的意思是，這些數字令人驚嘆，而且確實難以理解，但這就是投資組合公司層面正在發生的事情。

The next quote that I'm particularly proud of is the CEO of DigitalBridge is the response to a DigitalBridge investor diligence call with one of the new specialized cloud providers that's serving AI workloads. In response to the question of who are the easiest companies to work with on securing new capacity, Well, the first response was DigitalBridge companies. That's why we win. It's really that simple. Building great customer-focused companies is what wins in this market.

我特別引以為豪的下一句話是 DigitalBridge 首席執行官對 DigitalBridge 投資者盡職調查電話的回應，該電話會議是為人工智能工作負載提供服務的新專業雲提供商之一。在回答誰是最容易與誰合作以確保新產能的問題時，第一個回答是 DigitalBridge 公司。這就是我們獲勝的原因。真的就是這麼簡單。建立以客戶為中心的偉大公司是在這個市場中獲勝的關鍵。

Next slide, please. So as always, let's wrap it up with a review of the CEO checklist. One, on fundraising, our #1 KPI. We've raised $3.4 billion to date, and we're on track to hit our fundraising targets for the year. I remain fully convicted in hitting those goals. We've made tangible progress on simplification with our DataBank recap and the Vantage SEC process is up next, and we will get this done inside this year as I promised. Finally, at the portfolio company level, we continue to support the growing compute and connectivity needs of the most powerful investment-grade logos in the world.

請下一張幻燈片。與往常一樣，讓我們​​回顧一下 CEO 清單來結束本次會議。第一，關於籌款，我們的第一 KPI。迄今為止，我們已籌集了 34 億美元，並且有望實現今年的籌款目標。我仍然堅信要實現這些目標。通過 DataBank 回顧，我們在簡化方面取得了切實進展，接下來將進行 Vantage SEC 流程，我們將按照我的承諾在今年內完成這項工作。最後，在投資組合公司層面，我們繼續支持世界上最強大的投資級徽標不斷增長的計算和連接需求。

Look, whether it's Gen AI or any other secular demand driver underpinning our business, we're supplying the picks and the shovels to the next-generation leaders that are building tomorrow's technology. We expect Gen AI to be the next growth driver of demand for digital infrastructure just like digital PCS was 20 years ago. and just like public cloud was 10 years ago. We're in one of those great generational opportunities. And in many respects, it's just the latest opportunity for us to show up for customers. That's really the key is the ability to show up and support our key logos.

看，無論是 Gen AI 還是任何其他支撐我們業務的長期需求驅動因素，我們都在為構建未來技術的下一代領導者提供鎬和鏟子。我們預計 Gen AI 將成為數字基礎設施需求的下一個增長驅動力，就像 20 年前的數字 PCS 一樣。就像 10 年前的公共雲一樣。我們正處於這一代人的偉大機遇之中。從很多方面來說，這只是我們向客戶展示的最新機會。這確實是關鍵，那就是能夠展示和支持我們的關鍵徽標。

So thank you for your support as we continue to execute on the final stage of our transition to a fast-growing alternative asset manager, levered to the powerful tailwinds in digital infrastructure. I look forward to updating you next quarter on our continued progress. And with that, I'll hand it over to the operator to begin the Q&A section. Thank you.

因此，感謝您的支持，我們將繼續執行向快速增長的另類資產管理公司轉型的最後階段，並利用數字基礎設施的強大推動力。我期待在下個季度向您通報我們的持續進展情況。就這樣，我將把它交給操作員以開始問答部分。謝謝。

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

（操作員說明）我們的第一個問題來自 Michael Elias 和 TB Cowen 的線路。

Great. So if I may. So given the magnitude of data center demand that we're seeing, could you give us a sense for the directionality of CapEx for data centers at the portfolio company level? As part of that, have you seen a shift in the appetite of LPs for exposure to data centers in recent months, particularly given what the yields on these data center projects? And then the second piece I would ask is, Marc, at Connect (X), you were talking about the rerating in power consumption associated with AI. At the same time, we've seen power arise as a constraint in multiple markets globally. Can you talk about your strategy to ensure that you have appropriate power and the long runway for growth as you look to foresee that AI opportunity.

偉大的。所以如果可以的話。因此，考慮到我們所看到的數據中心需求的規模，您能否讓我們了解投資組合公司層面數據中心資本支出的方向性？作為其中的一部分，您是否看到近幾個月來有限合夥人對數據中心的興趣發生了轉變，特別是考慮到這些數據中心項目的收益率是多少？我要問的第二個問題是，Marc，在 Connect (X) 上，您談到了與人工智能相關的功耗重新評估。與此同時，我們看到電力成為全球多個市場的製約因素。您能否談談您的戰略，以確保您在預見人工智能機會時擁有適當的權力和長期的增長跑道。

Thanks, Michael. Appreciate it. Look, let's start with the first one. I think that's probably the easier question. As you saw in the quarter, we had significant co-investment intake on our data center companies, whether it's DataBank, whether, obviously, it was a Switch and Vantage with respect to our project in Europe. We've had 3 co-investment opportunities happening at the same time, and all of them receive commitments. So as you can imagine, good ideas behind modern data centers that are facing AI and facing those workloads and are signing those leases. Those are the ideas that are winning. And I've been saying that for the last 3 or 4 quarters that when you have clean data centers in good locations with clean power those are the ideas that LPs want to be behind. And so it shouldn't surprise you that Switch and Vantage and DataBank all received significant co-investment in the quarter and LPs will continue to support those ideas.

謝謝，邁克爾。欣賞它。聽著，我們從第一個開始。我認為這可能是更簡單的問題。正如您在本季度所看到的，我們對我們的數據中心公司進行了大量的聯合投資，無論是 DataBank，還是我們歐洲項目的 Switch 和 Vantage。我們同時發生了 3 個共同投資機會，並且全部都收到了承諾。正如您可以想像的那樣，現代數據中心背後有一些好主意，這些數據中心面臨著人工智能、面臨著這些工作負載並簽署了這些租約。這些都是獲勝的想法。我一直在說，在過去的三四個季度裡，當你在良好的位置擁有清潔的數據中心並提供清潔能源時，這些就是有限合夥人希望支持的想法。因此，Switch、Vantage 和 DataBank 在本季度都獲得了大量聯合投資，並且有限合夥人將繼續支持這些想法，這並不會讓您感到驚訝。

Second, on Power, this obviously, Michael, is going to be the real trick, and I'm sure we'll talk about it next week in Boulder at your conference. But this is interesting because certain jurisdictions are leaning in and are being proactive and are trying to solve the problem. And certain jurisdictions are having significant constraint issues. In some jurisdictions are saying, we just don't want data centers much like towers in the '90s when we had the big nimby syndrome when we were adopting digital PCS. So what's the play. The play is you've got to be nimble. And look for us, having 6 great data center businesses, AtlasEdge, DataBank, AIMS, Scala, Vantage and Switch allows us to think globally but act locally.

其次，關於權力，邁克爾，這顯然將是真正的技巧，我相信我們將在下週在博爾德舉行的會議上討論它。但這很有趣，因為某些司法管轄區正在積極主動地嘗試解決問題。某些司法管轄區存在嚴重的限制問題。在一些司法管轄區，我們只是不想要像 90 年代那樣的塔式數據中心，當時我們在採用數字 PCS 時遇到了大鄰避綜合症。那麼還有什麼戲呢。玩法是你必須靈活。看看我們吧，我們擁有 6 家出色的數據中心業務：AtlasEdge、DataBank、AIMS、Scala、Vantage 和 Switch，這讓我們能夠全球化思考、本地化行動。

This is a really important concept, having 6 management teams instead of one going out and solving the problems in each specific jurisdiction, working with the governor, working with Mark Warner, data center rally with some of our peers trying to solve the conundrum of dominion. Looking at the next upgrades to Silicon Valley power's grid and looking what is happening in Texas with the overhaul of their grid as well. A lot of the big markets for data centers or Virginia, Texas, California, certainly, Atlanta is becoming a big market, Goodyear, Arizona is a big market. We have to work with jurisdictions. This is not new to me, Michael. This is what we've been doing for 30 years.

這是一個非常重要的概念，擁有6 個管理團隊，而不是一個，出去解決每個特定管轄區的問題，與州長合作，與Mark Warner 合作，與我們的一些同行一起在數據中心集會，試圖解決統治難題。看看矽谷電力電網的下一步升級，看看德克薩斯州電網檢修的情況。很多數據中心的大市場還是弗吉尼亞州、德克薩斯州、加利福尼亞州，當然，亞特蘭大正在成為一個大市場，亞利桑那州的固特異也是一個大市場。我們必須與司法管轄區合作。這對我來說並不新鮮，邁克爾。這就是我們30年來一直在做的事情。

You got to work with the local municipalities, you got to work with the utility companies. Sometimes that means we got to be in front of the public and explaining the public good, but also explaining how we're going to create resources to not be a drain on the grid and also how to put back into those local economies and how to put back into the environment, what we're taking away, which is what we're doing at Switch and now those applied learnings at Switch are matriculating out to Vantage in DataBank. So you got to have green solutions, you got to act locally. It can't just be all in on Herndon. You can't be all in on Loudon County. You can't be all in on Silicon Valley. You can't be totally laser-focused on Goodyear. You've got to have multiple markets. I've been saying this for a long time. And it's the same thing is happening in Europe. I mean there are some markets in Europe that are now shut down, but we went to, for example, went to Cardiff. We went to Berlin when Offenbach was overloaded. As Zurich began to shut down, we started moving some of those workloads to Milan.

你必須與當地市政當局合作，你必須與公用事業公司合作。有時，這意味著我們必須在公眾面前解釋公共利益，同時也解釋我們將如何創造資源，以免成為電網的消耗，以及如何重新投入當地經濟以及如何將我們拿走的東西放回到環境中，這就是我們在Switch 所做的事情，現在Switch 上的那些應用知識正在被錄取到DataBank 中的Vantage。所以你必須有綠色解決方案，你必須在當地採取行動。不能只把全部精力都放在赫恩登身上。你不能全力投入勞登縣​​。你不可能全身心投入矽谷。你不可能完全專注於固特異。你必須擁有多個市場。這句話我已經說了很長時間了。同樣的事情也發生在歐洲。我的意思是，歐洲有一些市場現在已經關閉，但我們去了，例如，去了卡迪夫。我們去柏林的時候奧芬巴赫超載了。隨著蘇黎世開始關閉，我們開始將其中一些工作負載轉移到米蘭。

The ability to be nimble, the ability to think ahead and look around corners is the power of the portfolio, having 6 CEOs, having 6 companies and being able to deploy capital more efficiently across those platforms is really working for us right now. I mean I think you saw our leasing numbers data band kind of blowout quarter, we're winning on the field because we've been a little ahead of the curve, and we've been building inventory steadily for the last 2 to 3 years. This wasn't like we woke up this quarter and said, "Oh my god, we got to go deliver 2 gigawatts of power to our cloud customers." This was something we've been working on for 2 years. So I think a lot of the hard work that we put in place in 2021 and '22 is now manifesting itself in 23 for our data center businesses. And we'll talk about -- certainly, Michael, looking forward to talking about this next week in Boulder with you.

靈活的能力、前瞻性思考和環顧四周的能力是投資組合的力量，擁有 6 位首席執行官、6 家公司以及能夠在這些平台上更有效地部署資本，現在對我們來說確實很有效。我的意思是，我認為您看到了我們的租賃數據數據帶井噴式的季度，我們在這個領域取得了勝利，因為我們已經領先了一點，而且我們在過去的2 到3 年裡一直在穩定地建立庫存。這不像我們這個季度醒來後說：“天哪，我們必須為我們的雲客戶提供 2 吉瓦的電力。”這是我們兩年來一直在努力的事情。因此，我認為我們在 2021 年和 22 年所做的很多艱苦工作現在都在 23 年為我們的數據中心業務體現出來。我們會討論——當然，邁克爾，期待下週在博爾德與您討論這個問題。

The next question comes from the line of Jade Rahmani from with KBW.

下一個問題來自 KBW 的 Jade Rahmani。

This is Jason (inaudible) on for Jade. My first question -- can you speak to the competitive opportunity that DigitalBridge has as one of the only pure-play digital asset managers compared to digital REITs that generally aren't looking to raise third-party capital and larger asset managers that are more broadly focused on infrastructure.

我是傑德（Jade）的傑森（聽不清）。我的第一個問題——與通常不尋求籌集第三方資本的數字房地產投資信託基金和更廣泛的大型資產管理公司相比，DigitalBridge 作為唯一的純粹數字資產管理公司之一，您能否談談其所擁有的競爭機會？專注於基礎設施。

Yes. Thanks, Jade (sic) [Jason], and thanks for tuning in. I think the advantage for us being in an asset-light model, like we've been talking about for the last 2 years, that's really starting to play out in the narrative right now. I think you've seen some of the challenges other data center REITs have gone through in terms of funding future CapEx. We've continued to keep pace. The fact that we've deployed $4 billion of CapEx already this year, which was 75% data center-driven and most of that being public cloud and private cloud driven shows that we can still form capital and we can deploy capital and we can show up for customers. This asset-light model is, in our opinion, really the most intelligent way to play digital infrastructure.

是的。謝謝 Jade（原文如此）[Jason]，也感謝您的收聽。我認為我們採用輕資產模式的優勢，就像我們過去兩年一直在談論的那樣，這確實開始在現在的敘述。我認為您已經看到其他數據中心房地產投資信託基金在為未來資本支出提供資金方面所經歷的一些挑戰。我們繼續跟上步伐。事實上，我們今年已經部署了40 億美元的資本支出，其中75% 是數據中心驅動的，其中大部分是公共雲和私有云驅動的，這表明我們仍然可以形成資本，我們可以部署資本，我們可以展示為客戶服務。我們認為，這種輕資產模式確實是發揮數字基礎設施最智能的方式。

It's nothing against my friends at DLR and Equinix, who I both believe are great companies. But the key is deployment of CapEx, meeting deadlines, showing up for customers doing it in Southeast Asia, doing it in Europe, doing it in Sao Paulo, Brazil, doing it in the U.S. This is really what's playing out from DigitalBridge now is the ability to, again, go global, act local, scale, have capital, we raised the capital in the quarter, we've deployed it. We've showed up for customers. The playbook that we laid out 2 years ago, Jade (sic) Jason , is now manifesting itself. And we think we're in a really, really good place. I think with other alternative asset managers, they're having success, too. I wouldn't just limit it just to us.

這並不是針對我在 DLR 和 Equinix 的朋友，我相信他們都是偉大的公司。但關鍵是資本支出的部署、按時完成、在東南亞、在歐洲、在巴西聖保羅、在美國為客戶提供服務。這確實是 DigitalBridge 現在正在發揮的作用再次，我們有能力走向全球、本地化、規模化、擁有資本，我們在本季度籌集了資本，我們已經部署了它。我們已經出現在顧客面前了。我們兩年前製定的策略，Jade（原文如此）Jason，現在正在顯現出來。我們認為我們處於一個非常非常好的位置。我認為其他另類資產管理公司也取得了成功。我不會只將其限制於我們。

I think, certainly, they have a smaller allocation strategy to digital but you saw this week, Jonathan Gray was very vocal about Blackstone's future and deploying $8 billion of capital into data centers. And that's a big ambition for Blackstone. We recognize that there's plenty of room in a $300 billion marketplace. It's ultimately a $5 trillion to $6 trillion spend in AI, there's going to be room for Blackstone. There's going to be room for DigitalBridge. There's going to be room for Equinix and DLR. This is a big, big moment in time. and we can't do it all. We don't expect to do it all. And in fact, we'll partner with other people. We could partner with other public companies. We could partner with other GPs and other alternative asset managers.

我認為，當然，他們對數字化的分配策略較小，但你看到本週，喬納森·格雷 (Jonathan Gray) 對 Blackstone 的未來非常直言不諱，並將 80 億美元的資本部署到數據中心。這對黑石來說是一個巨大的抱負。我們認識到 3000 億美元的市場中有足夠的空間。最終，人工智能領域的支出將達到 5 萬億至 6 萬億美元，黑石將有空間。 DigitalBridge 將會有空間。 Equinix 和 DLR 將會有空間。這是一個非常非常重要的時刻。我們無法做到這一切。我們並不指望能完成這一切。事實上，我們將與其他人合作。我們可以與其他上市公司合作。我們可以與其他普通合夥人和其他另類資產管理公司合作。

But right now, we're having a lot of success, Jade (sic) Jason partnering with our LPs. They like going direct with us. They know that we've got the 30-year track record. They also know, as I said earlier with Michael, we've got the inventory, and we've got the right location. So I think this model that we laid out for you guys a couple of years ago around asset-light in this environment, it's working. And I think the results this quarter proved that out.

但現在，我們在 Jade（原文如此）Jason 與我們的有限合夥人的合作下取得了很大的成功。他們喜歡直接與我們聯繫。他們知道我們擁有 30 年的業績記錄。他們也知道，正如我之前對邁克爾所說，我們有庫存，而且我們有正確的位置。所以我認為我們幾年前為大家提出的這個圍繞輕資產的模型在這種環境下是有效的。我認為本季度的結果證明了這一點。

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

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

Just on the $1 billion plus you've raised for the third DBP fund at this point, just any detail around existing DBP investors versus new ones. -- for the existing investors that have indicated interest any detail at all around increasing or decreasing check size relative to the prior funds.

就目前您為第三個 DBP 基金籌集的 10 億美元以上而言，只是有關現有 DBP 投資者與新投資者的任何細節。 ——對於那些對相對於之前的基金增加或減少支票規模的任何細節表示感興趣的現有投資者。

I'll take this. It's fundraising. One, we're not totally in a position yet to give you the final details on the first close of the new strategy. But rest assured on the next call, we'll have a lot of detail for you. I would tell you, broadly speaking, though, around fundraising, our existing investors continue to lean in and they continue to re-up with us, and that's working really well. We also have a number of new logos coming into our products. whether it's credit, whether it's core, whether it's our flagship fund. So we're having a lot of success. This was a great quarter because it wasn't just all flagship. It was co-invest it was credit, it was core. Even our liquid strategies group, brought in some new capital. So all of our fund products are hitting. They're resonating with investors, and that's really the big headline coming out of this quarter.

我要這個。這是籌款。第一，我們還不能完全向您提供新策略首次結束時的最終細節。但請放心，在下次通話時，我們將為您提供很多詳細信息。不過，我想告訴你，從廣義上講，在融資方面，我們現有的投資者繼續向我們傾斜，他們繼續與我們合作，這非常有效。我們的產品中還加入了許多新徽標。是不是信用，是不是核心，是不是我們的旗艦基金。所以我們取得了很大的成功。這是一個很棒的季度，因為它不僅僅是旗艦產品。這是共同投資，是信用，是核心。甚至我們的流動性策略團隊也引入了一些新資本。所以我們所有的基金產品都在衝擊。他們與投資者產生了共鳴，這確實是本季度的頭條新聞。

I anticipate check sizes are either staying at par or they're typically down anywhere from 10% to 30%. It just depends on that tension. It depends on that sovereign. It depends on that asset allocator. But the good news is, again, all of our investors that were in our previous products continue to do the work. Having said no to us, and we're seeing a really strong acceptance in renewals, and we're seeing a strong acceptance in our new products. I'm really happy with where we are in fundraising. And we're obviously reinforcing our guidance for the rest of the year. So we feel very good about where we are. That's a good question though. Thank you.

我預計支票金額要么保持不變，要么通常下降 10% 到 30%。這僅取決於那種張力。這取決於那個主權者。這取決於資產分配者。但好消息是，我們之前產品的所有投資者都在繼續做這項工作。在對我們說“不”之後，我們看到了人們對續訂的強烈接受，並且我們看到人們對我們的新產品的強烈接受。我對我們的籌款工作感到非常滿意。我們顯然正在加強今年剩餘時間的指導。所以我們對自己所處的位置感覺非常好。不過，這是個好問題。謝謝。

Yes. One other quick one. Just the $79 million in unrealized carried interest. Just if you can provide any detail on what's driving that. There's people out there talking about the move in treasury rates and cap rates pressure in private valuations. But obviously, you guys are marking things up in excess of the hurdle rate. So just any more detail on where that occurred would be great.

是的。另一個快點。只有 7900 萬美元的未實現附帶權益。只要您能提供有關驅動因素的任何詳細信息。有人在談論國債利率的變動和私人估值的上限利率壓力。但顯然，你們的標價超出了最低門檻。因此，如果能提供有關發生地點的更多詳細信息，那就太好了。

It's kind of cashless. I mean it's the easiest answer, right, which is the direct answer. I'll let Jacky backfill me. But the reason why our portfolio companies are working is because the leasing is working, the DCFs are up and the valuations are up. Yes, private market multiples are slightly down. Public multiples are slightly down as well. But the DCFs are way up. So -- the fact that we're growing these businesses at CAGRs north of 20% is allowing us to reassess the marks on those assets. Sorry to front run you, Jacky. Go ahead. I apologize.

這有點無現金。我的意思是這是最簡單的答案，對吧，這是直接的答案。我會讓傑基來填補我的空缺。但我們的投資組合公司之所以能運作，是因為租賃運作良好，貼現現金流上升，估值上升。是的，私人市場倍數略有下降。公開市盈率也略有下降。但 DCF 卻大幅上升。因此，我們這些業務的複合年增長率超過 20%，這一事實使我們能夠重新評估這些資產的指標。抱歉讓你搶先了，Jacky。前進。我道歉。

No, exactly. And then some of the details behind it, right? I mean, Marc, a bit at length about Gen AI and some of the workload increases across our data center businesses globally, we're seeing some of our pipelines in excess of 400% to 500% of our original plan. So bookings and pipeline are tremendous across our sectors. And we always have talked about the fact that digital infrastructure is a ridiculously sector -- resilient sector to bad times, and it's an amazing sector in good times. And we're just seeing all that come together. So the combination of all those factors is driving up our valuations in excess of 5%, 6% this quarter in some of our funds.

不，確切地說。然後是它背後的一些細節，對嗎？我的意思是，Marc，詳細介紹了 Gen AI 以及我們全球數據中心業務的一些工作負載增加，我們看到我們的一些管道超過了原始計劃的 400% 到 500%。因此，我們整個行業的預訂量和渠道量都非常巨大。我們一直在談論這樣一個事實，即數字基礎設施是一個可笑的部門——在困難時期具有彈性的部門，在繁榮時期也是一個令人驚嘆的部門。我們剛剛看到所有這些都聚集在一起。因此，所有這些因素的結合正在推動我們一些基金的估值在本季度上漲超過 5%、6%。

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

下一個問題來自 Rick Prentiss 和 Raymond James 的對話。

Brent on for Rick this morning. First question, capital allocation. You're bringing in some funds from the recaps and got a lot I saw you bought a little bit of preferred back this quarter. So how should we think about preferred versus common versus other opportunities out there like M&A?

今天早上布倫特代替里克。第一個問題，資本配置。您從回顧中獲得了一些資金，並獲得了很多資金，我看到您本季度購買了一些優先股。那麼，我們應該如何考慮優先機會、普通機會以及併購等其他機會呢？

Yes, sure. We continue to look at our -- we have a ton of liquidity as we just discussed, our debt levels are low and significantly lower every single year. So we've got a kind of a fair bit of firepower to deploy towards M&A. We continue to look at other GPs. We've talked about this. and we would like to get -- continue to look at new products and get bigger.

是的，當然。我們繼續關注我們的——正如我們剛才討論的那樣，我們擁有大量的流動性，我們的債務水平很低，而且每年都顯著降低。因此，我們有足夠的火力來部署併購。我們繼續關注其他全科醫生。我們已經討論過這個了。我們希望——繼續研究新產品並變得更大。

So doing that analysis in terms of buy versus build is important for us. And we continue to look at those opportunities to the degree that there is excess cash that we are not going to deploy towards M&A. We will continue to look at redeeming some of those preps because the benefit of that is certainly -- it's a 10% return guaranteed risk-free, but then that unlocks additional firepower for potential upsizing of common dividend because of the recurring cash flows that we're just generating from the business and the scale. So first order of business if we can find good GPs and investment managers that we can buy, and that's going to give us a return that's well in exit of 20%, 30%. Of course, we'll do that. certainly, if not, then we'll take that liquidity and waterfall that down to other uses, which is a prep redemption.

因此，從購買與構建方面進行分析對我們來說很重要。我們將繼續關注這些機會，因為我們不會將多餘的現金用於併購。我們將繼續考慮贖回其中一些準備金，因為這樣做的好處肯定是——它是無風險的10% 回報保證，但由於我們的經常性現金流，這會為潛在擴大普通股股息釋放額外的火力。只是從業務和規模中產生的。因此，首要任務是如果我們能找到可以購買的優秀 GP 和投資經理，這將為我們帶來 20%、30% 的回報。當然，我們會這麼做。當然，如果沒有，那麼我們將把流動性和瀑布流用於其他用途，這是一種準備贖回。

Great. And then the other question would be on the deconsolidation. I appreciate all the color on DataBank. Can you give us an info on where you are in the process on Vantage SDC and then once you get below 10%, could there be additional sales there as well. You, I think, originally talked about 8% ownership and possibly even lower.

偉大的。另一個問題是關於拆分。我欣賞數據庫上的所有顏色。您能否向我們提供有關您在 Vantage SDC 上的進展情況的信息，然後一旦您的銷售額低於 10%，是否還會有額外的銷售。我想，你最初談到的是 8% 的所有權，甚至可能更低。

Yes, let me sort of take highlight then Jacky can give you the numbers. But I think first and foremost, we're really happy with the performance of DataBank. And Jacky and I were talking about it yesterday. These are guys that are beating their leasing plan by almost 400% this year. It's staggering the growth that they produced in EBITDA. It's like 50% EBITDA growth year-over-year. So once we get down to our minimums and Jacky will walk you through that math, we're not really an active seller of DataBank at the moment at these levels. We'd want to see a significant premium to selling more of our shares. So once we deconsolidate, that's going to be it on DataBank. Vantage SDC, same thing performing really well. cash EBITDA ahead of plan, dividends were on target this quarter.

是的，讓我重點介紹一下，然後 Jacky 可以給你數字。但我認為首先也是最重要的是，我們對 DataBank 的性能非常滿意。昨天我和傑基正在談論這件事。這些公司今年的租賃計劃完成率幾乎達到了 400%。他們的 EBITDA 增長令人震驚。 EBITDA 同比增長 50%。因此，一旦我們達到最低限度，Jacky 將引導您完成數學計算，目前在這些水平上，我們並不是真正的 DataBank 積極賣家。我們希望看到出售更多股票的顯著溢價。因此，一旦我們解除合併，這將是數據庫上的事情。 Vantage SDC，同樣的東西表現得非常好。現金 EBITDA 提前於計劃，本季度股息達到目標。

So we're very happy with those 2 assets. Our goal is to, again, get them deconsolidated this year, which we're doing, and then as time dictates, we'll figure out what we're going to do with those 2 assets, but we're pretty satisfied. Jacky can give you the math on the deconsolidation piece at Vantage SDC but I think once we get to those levels, both Jacky and agree, we should stop. I don't know, Jacky, if you want to give more color or not.

所以我們對這兩項資產非常滿意。我們的目標是今年讓它們不再合併，我們正在這樣做，然後隨著時間的推移，我們將弄清楚我們將如何處理這兩項資產，但我們非常滿意。 Jacky 可以為您提供有關 Vantage SDC 拆分部分的數學計算，但我認為一旦達到這些水平（Jacky 和我都同意），我們就應該停止。我不知道，Jacky，你是否想提供更多的色彩。

That's correct. Yes, Marc. I mean, one -- our perspective and what we've said to you guys is that the 10% or what we deem as a material economic ownership alongside the control that we continue to have in these businesses, no different than all the other businesses we have in our funds. So once we get below that percentage, that economic ownership, we will work through and deconsolidate that from a public accounting perspective. But that's just the public accounting. The work that we required to consolidate these businesses on a public accounting perspective. We will continue to receive dividends from these businesses, and they're doing fantastically well, as Marc talked about AI, huge tailwinds here. So we love our own cooking. We love these businesses. We'll continue to have material ownership in these businesses, but we just now won't have the headache of basically having these businesses be publicly traded alongside our public vehicle.

這是正確的。是的，馬克。我的意思是，我們的觀點以及我們對你們所說的是，10% 或我們認為是物質經濟所有權以及我們繼續在這些業務中擁有的控制權，與所有其他業務沒有什麼不同我們的資金中有。因此，一旦我們的經濟所有權低於這個百分比，我們就會從公共會計的角度解決並分解它。但這只是公共會計。我們需要從公共會計的角度整合這些業務。我們將繼續從這些企業獲得股息，正如馬克談到人工智能，它們的表現非常好，這是這裡的巨大推動力。所以我們喜歡自己做飯。我們喜歡這些企業。我們將繼續擁有這些企業的實質性所有權，但我們現在不會因為基本上讓這些企業與我們的公共工具一起公開交易而感到頭疼。

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

下一個問題來自摩根大通的 Richard Choe。

I wanted to follow up a little bit on the AI potential investments. I assume near term, most of it is coming from your existing strategies and to existing companies. But do you see a need potentially for an AI dedicated fund for maybe different investments outside of your kind of normal portfolio companies?

我想跟進一下人工智能的潛在投資。我認為短期內，大部分來自您現有的戰略和現有的公司。但是，您是否認為有可能需要一隻人工智能專用基金來進行普通投資組合公司之外的不同投資？

I think right now, Richard, we're pretty happy with what we're doing in the current strategies. I think the ability to show up for customers backing their AI ideas, whether it's ventures or credit core, flagship fund or to investments, we have the ability to go anywhere. And our funds don't prohibit us from investing in these ideas. I think right now, we see the biggest ideas are in infrastructure. And that's obviously going to be in public cloud and private cloud data centers and then the bandwidth connectivity to support that. 2 to 3 years down the road as we edge out and it starts to impact mobile infrastructure, I think there'll be other ideas, much like you saw in cloud, 2 to 3 years in a public cloud, you begin to see an ecosystem that developed off of that. But again, our funds can go attack any of those ideas in their current construct.

我認為，理查德，我們現在對當前戰略中所做的事情非常滿意。我認為，有能力為客戶提供支持他們的人工智能想法，無論是風險投資還是核心信貸、旗艦基金還是投資，我們都有能力去任何地方。我們的資金並不阻止我們投資這些想法。我認為現在我們看到最大的想法是在基礎設施方面。顯然，這將出現在公共雲和私有云數據中心中，然後是支持它的帶寬連接。 2到3年後，當我們逐漸退出並開始影響移動基礎設施時，我認為還會有其他想法，就像你在雲中看到的那樣，2到3年後，在公共雲中，你開始看到一個生態系統以此為基礎發展起來的。但同樣，我們的基金可以攻擊當前結構中的任何這些想法。

We don't need to go out and raise dedicated capital specifically for AI ideas because our purview and our mandate is already encompassed in these funds. So again, the depth of the products and the breadth of the products, the amount of capital that we're forming makes us really comfortable and confident that we're going to be able to deploy capital and the best ideas that support AI infrastructure, which is really our focus.

我們不需要專門為人工智能想法專門籌集資金，因為我們的職權範圍和任務已經包含在這些資金中。再說一遍，產品的深度和廣度，以及我們正在形成的資本量，讓我們感到非常放心和有信心，我們將能夠部署支持人工智能基礎設施的資本和最佳想法，這確實是我們的重點。

And then one on, I guess, the FRE margin. It bounces around a lot volatile. Just and there's a lot going on in terms of capital raising. Kind of where should we end up at maybe by the end of the year or into next year in terms of a margin there? And what level of corporate, I guess, expenses or costs are you aiming for kind of on a run rate basis over the next few quarters?

我想，然後是 FRE 利潤。它的波動很大。就融資而言，還有很多事情要做。就利潤率而言，到今年年底或明年我們最終應該達到什麼水平？我想，在接下來的幾個季度中，您的目標是在運行率的基礎上實現什麼水平的公司費用或成本？

Yes. So Richard, I'll just kind of point you to really looking at our IM business in conjunction with our corporate and other segments. So if you add those 2 together, our margin profit has increased double quarter-over-quarter, so from 20% to about 40% from an EBITDA margin basis. The reason why there's a little bit more volatility this quarter is really because the outcall expenses associated with corporate to IM, so that's just geography and accounting. As we're fundraising, as Marc talked about DBP III, we have not turned on those fees yet. So there's no revenues coming in there, but there's certainly activity, which means that folks are working hard and they're allocating their time sheets to the IM sector.

是的。理查德，我只是想提醒您結合我們的公司和其他部門來真正審視我們的即時通訊業務。因此，如果將這兩者加在一起，我們的利潤率環比增長了一倍，即從 EBITDA 利潤率基礎上的 20% 增至 40% 左右。本季度波動性較大的原因實際上是因為與企業即時通訊相關的上門費用，所以這只是地理和會計方面的問題。當我們籌款時，正如 Marc 談到 DBP III 時，我們還沒有啟用這些費用。因此，那裡沒有收入，但肯定有活動，這意味著人們正在努力工作，並將他們的時間表分配給 IM 部門。

So really looking at in combination with those 2 segments, is the right approach. And if you look at that 40%, that's pretty in line with some of the other publicly traded investment managers out there. from a total margin profile perspective, which includes corporate expenses. So that's kind of how I'd guide you to it. And we believe that, that margin is much -- is sustainable and where we expect to be certainly on a run rate basis ending this year.

因此，真正將這兩個部分結合起來才是正確的方法。如果你看一下這 40%，就會發現這與其他一些公開交易的投資管理公司的比例相當一致。從總利潤率角度來看，其中包括公司費用。這就是我引導你的方式。我們相信，這一利潤率是可持續的，並且我們預計在今年年底的運行率基礎上肯定會保持這一水平。

The next question comes from the line of Eric Luebchow with Wells Fargo.

下一個問題來自富國銀行的 Eric Luebchow。

Great. Thanks for the question. I wanted to touch on the Vantage SDC process you talked about later this year. So we've seen a few larger stabilized data center asset sales or JVs recently kind of in the 6% to 6.5% cap rate range. So maybe you could talk about today what you think the market looks like and what makes Vantage SDC may be somewhat different from some of the other comps that we've seen in the market?

偉大的。謝謝你的提問。我想談談您今年晚些時候談到的 Vantage SDC 流程。因此，我們最近看到一些規模較大、穩定的數據中心資產銷售或合資企業的資本化率在 6% 至 6.5% 範圍內。那麼，也許您今天可以談談您認為市場是什麼樣子，以及是什麼讓 Vantage SDC 可能與我們在市場上看到的其他一些產品有所不同？

Yes, sure. One is it pays a dividend and yields, two is that it's got fantastic customer sets, and it's over 90-plus percentage occupancy rates already. So it's truly stabilized and cash generative. And thirdly, you've got some of the best logos out there in terms of good customer set. So they're all not only investment-grade but probably some of the best logos in the world. So the combination of those 3 certainly attractive both from a debt capital markets perspective as well as equity, and we believe that's a differentiator well in excess of some of the cap rates that you just mentioned, which we believe is not as attractive as what we've got.

是的，當然。一是它支付股息和收益率，二是它擁有出色的客戶群，而且入住率已經超過 90% 以上。所以它是真正穩定且能產生現金的。第三，就良好的客戶群而言，您擁有一些最好的徽標。因此，它們不僅是投資級的，而且可能是世界上最好的標誌之一。因此，從債務資本市場和股票的角度來看，這三個因素的結合無疑都具有吸引力，而且我們認為，這是一個遠遠超過您剛才提到的一些資本化率的差異化因素，我們認為這不如我們所提到的資本化率那麼有吸引力。已經有了。

Okay. Great. And then I just wanted to touch on your tower portfolio as well. It looks like your MRRs were up over 20%, but there's been some concern around pretty material pullback in the U.S. carrier activity levels during the second quarter. So I wonder if you're seeing that and whether you think it's just kind of timing related headwind or any kind of structural longer-term concerns you have on the tower business.

好的。偉大的。然後我也想談談你們的塔式產品組合。看起來你們的 MRR 增長了 20% 以上，但人們對第二季度美國運營商活動水平大幅回落感到擔憂。所以我想知道您是否看到了這一點，以及您是否認為這只是一種與時間相關的逆風，或者您對塔樓業務的任何結構性長期擔憂。

Yes, Jacky go ahead, you are my tower guy.

是的，Jacky 繼續吧，你是我的塔人。

Sure. Look, our Vertical Bridge platform continues to outperform -- we -- and the good part about it is that it's younger towers and certainly continues to our core organic growth rates well in excess of some of the public out there. But keep in mind, that's not our only tower portfolio company. We're global for a reason, and we're seeing double-digit in excess of 20% growth rate across Asia, South America -- within those regions. So that's why we are global. That's why we look at it on a global basis. And the combination of all those portfolio companies is driving our fantastic growth rates and returns in the tower sector.

當然。看，我們的垂直橋平台繼續表現出色——我們——而它的好處是，它是更年輕的塔樓，而且我們的核心有機增長率肯定會繼續遠遠超過一些公眾。但請記住，這並不是我們唯一的塔式投資組合公司。我們的全球化是有原因的，我們看到亞洲、南美洲這些地區的增長率超過了 20%。這就是我們全球化的原因。這就是為什麼我們在全球範圍內看待它。所有這些投資組合公司的結合正在推動我們在鐵塔行業的驚人增長率和回報。

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

下一個問題來自加拿大皇家銀行資本市場的喬恩·阿特金 (Jon Atkin)。

On the Gen AI demand, I wonder how much you're seeing from traditional hyperscalers versus some of the more emerging AI-focused start-ups?

關於新一代人工智能的需求，我想知道與一些新興的專注於人工智能的初創企業相比，您對傳統超大規模企業的看法有多少？

Right now, Jonathan, it's about 90% traditional hyperscalers and about 10% chip guys, app guys and new players in the marketplace, but it's heavily hyperscalers at the moment, Jonathan.

喬納森，現在市場上大約有 90% 的傳統超大規模企業和大約 10% 的芯片人員、應用程序人員和新玩家，但目前主要是超大規模企業，喬納森。

So when it's hyperscale focused. How do you know it's AI versus cloud versus social networking versus other applications. Is that color you have based on rack density or what are some of the -- was it the locations they're choosing? How do you figure that out?

所以當它專注於超大規模時。你怎麼知道這是人工智能、雲、社交網絡還是其他應用程序。這種顏色是基於機架密度還是他們選擇的位置？你怎麼知道這一點？

We're not in liberty to give those details, unfortunately. But suffice to say, we do know the difference between the work loads and the teams that are working on them. that's all I can really tell you, sorry.

不幸的是，我們無權透露這些細節。但可以說的是，我們確實知道工作負載和處理這些工作的團隊之間的差異。我只能告訴你這麼多，抱歉。

And then lastly, on the -- just kind of keeping on data centers. Maybe give us a sense of the targeted development yields and any change you've seen since last quarter? And then pricing trends, renewal spreads. Anything to call out and any regional differences?

最後，關於——只是保留數據中心。也許能讓我們了解一下目標開發收益率以及自上季度以來您看到的任何變化？然後是定價趨勢、續訂價差。有什麼需要注意的地方以及地區差異嗎？

What I would tell you is that development yields are up. I'm not at liberty to get those to because we those are private investments and private companies. I don't want to give away the store secrets. But what I would tell you is rents continue to rise, as inventory is limited, and pricing does differ from Europe to Asia to the U.S., of course, as do to yields. But by and large, it's in a pretty tight band. And I would tell you it's more attractive than ever.

我要告訴你的是，開發收益率上升了。我無權這樣做，因為我們是私人投資和私營公司。我不想洩露商店的秘密。但我要告訴你的是，由於庫存有限，租金繼續上漲，而且歐洲、亞洲和美國的定價確實有所不同，當然，收益率也是如此。但總的來說，它處於一個非常緊張的範圍內。我會告訴你它比以往任何時候都更有吸引力。

Ladies and gentlemen, this concludes the question-and-answer session. I'd like to turn the call back to Marc Ganzi for any closing remarks.

女士們、先生們，問答環節到此結束。我想將電話轉回給馬克·甘齊 (Marc Ganzi)，讓其作結束語。

Well, I want to thank everyone for participating today. It's been an incredibly busy quarter for us. And I'll leave you with similar [refrain] that I've told you before, which is promises made, promises kept. We've continued to deliver on our fundraising goals, we've continued to deliver on deconsolidation and our portfolio companies continue to perform. I appreciate everyone's interest in the firm. We'll continue to keep working hard for you. We got an exciting back half of the year. And we look forward to having a dialogue with all of our investors in the coming weeks at various investor conferences. So thank you all. Have a great weekend. Take care.

嗯，我要感謝大家今天的參與。對我們來說，這是一個非常繁忙的季度。我會給你們留下與我之前告訴過你們的類似的[克制]，即做出承諾，遵守承諾。我們繼續實現我們的籌款目標，我們繼續實現分拆，我們的投資組合公司繼續表現出色。我感謝大家對公司的興趣。我們將繼續為您繼續努力。我們度過了令人興奮的下半年。我們期待在未來幾週的各種投資者會議上與所有投資者進行對話。謝謝大家。週末愉快。小心。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。