DigitalBridge Group Inc (DBRG) 2023 Q3 法說會逐字稿

Greetings, and welcome to the DigitalBridge Group Third Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 DigitalBridge Group 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Severin White. Please go ahead.

現在我很高興向大家介紹你們的主持人，Severin White。請繼續。

Good morning, everyone, and welcome to DigitalBridge's Third 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.

大家早安，歡迎參加 DigitalBridge 2023 年第三季財報電話會議。我們的執行長 Marc Ganzi 和財務長 Jacky Wu 在今天的電話會議上發言。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, November 1, 2023, and DigitalBridge did not intend and undertakes no duty to update it for future events or circumstances. For more information, please refer to the risk factors discussed in our most recent Form-10K filed with the SEC for the year ending December 31, 2022 and our Form-10Q to be filed with the SEC for the quarter ending September 30, 2023.

我們今天所做的有關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。本次電話會議中討論的所有資訊均截至今天（2023 年 11 月 1 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。如需了解更多信息，請參閱我們最近向SEC 提交的截至2022 年12 月31 日的年度的Form-10K 以及即將向SEC 提交的截至2023 年9 月30 日的季度的Form-10Q 中討論的風險因素。

Great. Let's get started with Marc providing an update on our key objectives for 2023. Jacky will outline our financial results and turn it back over to Marc to talk about the opportunities we're capitalizing on at DigitalBridge Credit.

偉大的。首先讓 Marc 介紹我們 2023 年主要目標的最新情況。Jacky 將概述我們的財務業績，然後將其轉交給 Marc，討論我們在 DigitalBridge Credit 中利用的機會。

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

接下來，我會將電話轉給我們的執行長 Marc Ganzi。馬克？

Thanks, Severin. I'm pleased to share our results for 3Q 2023 as we posted some very strong financial performance that was a function of both the steady progress we've made building a predictable fee income earnings stream and the one time benefits we realize from our simplification initiatives.

謝謝，塞維林。我很高興分享我們2023 年第三季的業績，因為我們發布了一些非常強勁的財務業績，這是我們在建立可預測的費用收入流方面取得的穩步進展以及我們從簡化舉措中實現的一次性收益的結果。

So first, let's start by covering our top 3 priorities for 2023. Beginning with fundraising. In Q3, we generated strong year-over-year growth in our Investment Management platform, with fee income up 57% and segment level FRE up 36%, both slightly higher than last quarter's already strong growth, powered by higher FEEUM from core, credit and co-investment along with our second full quarter of contribution from InfraBridge. New capital formation came in up $2 billion with our flagship DigitalBridge Partner Series leading the way and the balance from new strategies, including credit, which I'll cover in Section 3 today.

首先，讓我們先討論 2023 年的 3 個首要任務。從募款開始。第三季度，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57%，細分市場層面的FRE 增長了36%，兩者均略高於上季度本已強勁的增長，這得益於核心、信貸更高的FEEUM以及共同投資以及我們第二個完整季度來自 InfraBridge 的貢獻。在我們的旗艦產品 DigitalBridge 合作夥伴系列的引領下，新的資本形成達到了 20 億美元，而新策略（包括信貸）的平衡則達到了平衡，我將在今天的第 3 節中介紹這一點。

LP interest in digital infrastructure is robust on the back of AI-driven demand, so I'm pleased to confirm we are on track to achieve our fundraising goals for the year. On the simplification front, we completed the DataBank recap in September, which resulted in another $50 million back to you, to the DigitalBridge shareholders, bringing our total proceeds to $471 million and generating a 32% internal rate of return to DigitalBridge shareholders.

在人工智慧驅動的需求的支持下，有限合夥人對數位基礎設施的興趣濃厚，因此我很高興地確認我們正在實現今年的籌款目標。在簡化方面，我們在 9 月完成了 DataBank 重組，從而向您、DigitalBridge 股東返還了 5000 萬美元，使我們的總收益達到 4.71 億美元，並為 DigitalBridge 股東帶來了 32% 的內部回報率。

Our balance sheet also got a lot simpler, with $2.3 billion of debt deconsolidated in connection with the DataBank closing as we brought our ownership in that asset under 10%. We're also advancing our simplification objective by rolling out additional disclosures on fund performance. Consistent with our alternative asset management peers, investors have consistently asked for this and we're delivering.

我們的資產負債表也變得更加簡單，隨著 DataBank 的關閉，我們將對該資產的所有權控制在 10% 以下，從而取消了 23 億美元的債務合併。我們也透過推出有關基金績效的額外揭露來推進我們的簡化目標。與我們的另類資產管理同行一致，投資者一直要求這一點，而我們正在滿足這項要求。

On that point, portfolio performance, our third key priority. We demonstrated strong results, particularly in the data center vertical, with monthly reoccurring revenue up 20% and the other 3 verticals all delivering mid- to high-single digit growth. Let's detail fundraising and our simplification progress before we get into the financials.

在這一點上，投資組合表現是我們的第三個關鍵優先事項。我們展現了強勁的業績，特別是在資料中心垂直領域，每月經常性收入成長了 20%，其他 3 個垂直領域均實現了中高個位數成長。在我們討論財務狀況之前，讓我們先詳細介紹一下籌款和我們的簡化進度。

Next slide, please. On new capital formation, I'm pleased to report we raised $2 billion since last quarter's earnings, bringing us to a total of $5.4 billion year-to-date. The majority of that, around $1 billion, came from continuing commitments to our flagship DigitalBridge Partner Series, which will start generating fee income today triggered by the strategies first closing. We've also completed additional co-invest indications and brought in more capital in our liquid and credit strategies during Q3.

請下一張投影片。關於新資本形成，我很高興地報告，自上季獲利以來，我們已籌集了 20 億美元，使今年迄今的資本總額達到 54 億美元。其中大部分（約 10 億美元）來自對我們旗艦產品 DigitalBridge 合作夥伴系列的持續承諾，該系列將於今天開始產生費用收入，由策略首次交割引發。我們還完成了額外的共同投資指示，並在第三季度為我們的流動性和信貸策略引入了更多資本。

We believe this progress puts us on track to hit our fundraising targets as we come into the fourth quarter, which has been seasonally very strong for us given our fundraising cadence. Look, it's been a tough year for capital formation. It's been one of the toughest that I can remember. But the key here is perseverance. Perseverance of the team and persistent interest in data center infrastructure, spurred by advances in generative AI has put us in a good position to deliver on our goals. Again, I want to reaffirm our guidance and our belief that we'll hit our fundraising goals for 2023.

我們相信，這一進展使我們有望在進入第四季度時實現我們的籌款目標，考慮到我們的籌款節奏，第四季度對我們來說季節性非常強勁。看，今年對於資本形成來說是艱難的一年。這是我記憶中最艱難的事情之一。但這裡的關鍵是毅力。在生成式人工智慧進步的推動下，團隊的毅力和對資料中心基礎設施的持續興趣使我們處於實現目標的有利位置。我想再次重申我們的指導和信念，即我們將實現 2023 年的籌款目標。

Next page, please. So as you can see here, we continue to generate solid year-over-year growth in both FEEUM and AUM. We ended last quarter with about $30 billion in FEEUM, up almost $10 billion over the prior year. That's 46% annual growth driven by equal measures of organic capital formation and contribution from the InfraBridge acquisition we closed earlier this year. On the right, assets center management, which tracks the NAV of the assets that we manage, was up to $75 billion last quarter, again 48% higher over the prior year.

請下一頁。正如您在這裡所看到的，我們的 FEEUM 和 AUM 繼續實現同比穩健增長。上季末，我們的 FEEUM 約為 300 億美元，比前一年增加了近 100 億美元。有機資本形成和我們今年稍早完成的 InfraBridge 收購貢獻的同等衡量標準推動了 46% 的年增長率。右邊的資產中心管理追蹤我們管理的資產的資產淨值，上個季度高達 750 億美元，再次比上年增長 48%。

Next slide, please. So on the simplification front, it's quite simple. We deconsolidated DataBank. I can't tell you how thrilled I am to use the past tense here for a couple of reasons. One, the recap was a huge success for DigitalBridge. We doubled our money in only a few years, generating a 32% IRR for DigitalBridge shareholders. Just this last quarter, we added another $50 million in proceeds, including $28 million in carried interest, bringing the total monetized value to DigitalBridge to $471 million. This was a smart use of our balance sheet.

請下一張投影片。所以在簡化方面，它非常簡單。我們取消了DataBank 的合併。我無法告訴你我有多興奮在這裡使用過去式有幾個原因。第一，這次回顧對 DigitalBridge 來說是巨大的成功。我們的資金在短短幾年內就翻了一番，為 DigitalBridge 股東帶來了 32% 的 IRR。就在上個季度，我們又增加了 5,000 萬美元的收益，其中包括 2,800 萬美元的附帶權益，使 DigitalBridge 的總貨幣價值達到 4.71 億美元。這是我們資產負債表的明智利用。

And look, we're retaining a stake in the business. The stake is worth $434 million of the price we just transacted. DataBank, as most of you know, is experiencing explosive strong growth led by edge AI leasing. So we're excited to be retaining a meaningful stake in the business. We don't anticipate any additional sell down here in the near term as we're excited about the future prospects and we're delighted to continue to support Raul and the DataBank team. The other reason I'm pleased to finalize the process is the closing resulted in the deconsolidation of DataBank from our financial statements, most notably, the transformation of our balance sheet.

看，我們保留了該業務的股份。以我們剛剛交易的價格計算，這些股票價值 4.34 億美元。正如大多數人所知，DataBank 正在經歷由邊緣人工智慧租賃帶動的爆炸性強勁成長。因此，我們很高興能夠保留該業務的重要股份。我們預計短期內不會出現任何額外拋售，因為我們對未來前景感到興奮，並且很高興繼續支持 Raul 和 DataBank 團隊。我很高興完成流程的另一個原因是，交易結束導致 DatBank 從我們的財務報表中分離出來，最值得注意的是我們的資產負債表的轉變。

As of September 14, 2023, $2.3 billion of consolidated debt comes off the books, a reduction of 42%. While most of this debt at share was not really attributable to DigitalBridge, it did create a lot of unnecessary complexity for investors that were new to evaluating our business. So it's a big milestone in our drive to simplify the DigitalBridge story. One to go. Manage SEC is next, and I remain confident the next time we report earnings there'll be some more good news, if not sooner.

截至 2023 年 9 月 14 日，帳面合併債務為 23 億美元，減少了 42%。雖然大部分共享債務實際上並不是 DigitalBridge 的責任，但它確實為剛開始評估我們業務的投資者帶來了許多不必要的複雜性。因此，這是我們簡化 DigitalBridge 故事過程中的一個重要里程碑。一個去。管理 SEC 是下一個，我仍然相信，下次我們報告收益時，即使不是更早，也會有更多好消息。

Next slide, please. As we complete our transition to a pure-play alternative asset manager, a second facet of our simplification initiative has been to improve and amplify our financial reporting. This quarter, I'm pleased to announce we're introducing fund performance metrics into our quarterly 10-K and Q reporting, further aligning with our peer set. This has probably been the most requested data set in recent quarters. So we're pleased to provide shareholders with insights into the performance of our platforms.

請下一張投影片。當我們完成向純粹的另類資產管理公司的轉型時，我們簡化計劃的第二個方面是改進和擴大我們的財務報告。本季度，我很高興地宣布，我們將在季度 10-K 和 Q 報告中引入基金績效指標，進一步與我們的同行保持一致。這可能是最近幾季最需要的資料集。因此，我們很高興為股東提供有關我們平台績效的見解。

A couple of important notes here. First, these include solely the comingled funds we've managed for over 1 year for our core and credit platforms to be incorporated in 2024 as these are new products on our platform. And because it just includes commingled funds, it does not incorporate returns from the SPVs or continuation funds that were formed in the original DB Holdings investments or from GTP, the tower company that I built and sold to American Tower. These returns will always be out of the perimeter.

這裡有一些重要的注意事項。首先，這些僅包括我們為我們的核心和信貸平台管理了一年多的混合基金，這些基金將於 2024 年合併，因為這些是我們平台上的新產品。而且因為它只包括混合基金，所以它不包括在最初的 DB Holdings 投資中形成的 SPV 或延續基金或我建立並出售給美國鐵塔的塔樓公司 GTP 的回報。這些返回將始終在邊界之外。

Second, as you know, our long-dated funds are early in their life cycle, and in some cases, the multiple on invested capital calculations, or MOICs, include recent investments that have not benefited from the compounding effects of our value-add investment strategy.

其次，如您所知，我們的長期基金處於其生命週期的早期，在某些情況下，投資資本計算的倍數（MOIC）包括未從我們增值投資的複合效應中受益的近期投資策略。

Third, we've incorporated the InfraBridge funds which we acquired earlier this year into our reporting framework. With the investment and asset management teams now fully integrated, we expect this to further strengthen the GIF fund performance over time as we overlay our asset management framework and our value-add cookbook to enhance the performance of those assets. So stepping back, these fund performance metrics highlight how we're delivering for LPs, generating steady, risk-adjusted returns, consistent with their expectations and with the broader infrastructure sector.

第三，我們已將今年稍早收購的 InfraBridge 基金納入我們的報告框架。隨著投資和資產管理團隊現已完全整合，我們預計隨著時間的推移，這將進一步加強 GIF 基金的業績，因為我們將資產管理框架和增值手冊結合起來，以提高這些資產的績效。因此，退一步來說，這些基金績效指標突顯了我們如何為有限合夥人提供服務，產生穩定的、風險調整後的回報，與他們的預期以及更廣泛的基礎設施領域保持一致。

Next slide, please. Finally, I want to highlight the portfolio company performance that ultimately underpins and drives those investment returns over time, specifically our discounted cash flows. Monthly recurring revenue across the portfolio is up again in all 4 of our verticals. This is driven by organic and investment-led growth. I want to highlight data centers inside the quarter. They were really the standout, with monthly recurring revenue up over 20% and the rest of our verticals performing well. Towers, up 6.6%, fueled principally by 5G overlays and 5G amendment traffic.

請下一張投影片。最後，我想強調最終支撐和推動這些投資回報的投資組合公司的業績，特別是我們的折現現金流。在我們所有 4 個垂直領域，整個投資組合的每月經常性收入再次上升。這是由有機成長和投資主導的成長所推動的。我想重點介紹本季內的資料中心。他們確實表現出色，每月經常性收入成長了 20% 以上，而我們的其他垂直產業也表現良好。塔式成長 6.6%，主要受到 5G 覆蓋和 5G 修改流量的推動。

As we then calibrate in the next 3 to 7 years into densification across the 4 geographies we serve, we expect towers to be a consistent performer in organic growth. Fiber is up 10%. This is really driven by the fact that folks are returning back to office and we're seeing steady contributions in enterprise fiber, long-haul fiber and data center connectivity, including recent performance at Zayo. And small cells up 5.5% as we've seen a nice turn in leasing activity driven by mobile carriers moving from 5G overlays and amendments into 5G densification.

當我們在未來 3 到 7 年內對我們服務的 4 個地區進行緻密化調整時，我們預計塔樓將在有機成長方面保持一致的表現。纖維上漲了 10%。這實際上是由於人們返回辦公室這一事實推動的，我們看到企業光纖、長途光纖和資料中心連接方面的穩定貢獻，包括 Zayo 最近的表現。小型基地台成長了 5.5%，因為我們看到行動營運商從 5G 覆蓋和修正轉向 5G 緻密化，推動了租賃活動的良好轉變。

We're really excited about what's happening in small cells because it's not just the mobile carriers that are driving traffic. It's private enterprises, it's IoT networks and even cable companies. So we remain really optimistic about what's going to happen in the small cell segment in the coming years.

我們對小型基地台中發生的事情感到非常興奮，因為推動流量成長的不僅僅是行動營運商。這是私人企業，是物聯網網絡，甚至是有線電視公司。因此，我們對未來幾年小型基地台領域將發生的事情仍然非常樂觀。

Look, take a step back to still the -- at 50,000 feet, it's really simple. The demand for compute and connectivity continues to grow steadily and our ability to deliver for customers continues to expand along with our portfolio. DigitalBridge's unique ability to show up anywhere at any time for a customer across the planet is true differentiation.

看，退後一步，在 50,000 英尺的高度靜止，這真的很簡單。對運算和連接的需求持續穩定成長，我們為客戶提供服務的能力隨著我們的產品組合不斷擴展。 DigitalBridge 能夠隨時隨地為全球客戶提供服務的獨特能力是真正的差異化優勢。

With that, I'd like to turn it over to Jacky to cover the financials. Jacky?

這樣，我想將其交給 Jacky 負責財務事宜。傑基？

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

謝謝你，馬克，大家早安。提醒一下，除了發布第三季收益之外，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。

Starting on Page 15. All of our quarterly key operating and financial metrics increased significantly year-over-year, driven by our robust fundraising efforts and acquisition of InfraBridge platform. We anticipate the strong momentum to continue as we progress in the fourth quarter.

從第 15 頁開始。在我們強勁的籌款活動和收購 InfraBridge 平台的推動下，我們所有的季度關鍵營運和財務指標均較去年同期大幅成長。我們預計隨著第四季度的進展，強勁勢頭將繼續下去。

Turning to Page 16. Total company distributable earnings was $35 million or $0.20 per share, including $28 million of carried interest realized from the final closing of DataBank's recapitalization. Assets under management increased to $75 billion in the third quarter, which grew by 48% from the same period last year, and fee-earning equity under management increased to $30 billion, a 46% increase from the same period last year.

翻到第 16 頁。公司可分配收益總額為 3,500 萬美元，即每股 0.20 美元，其中包括 DataBank 資本重組最終完成時實現的 2,800 萬美元附帶權益。第三季管理資產增至750億美元，較去年同期成長48%，管理的收費權益增至300億美元，較去年同期成長46%。

AUM and FEEUM growth were primarily driven by the InfraBridge acquisition and capital raised in our new strategies and fee-paying co-investments. Our fundraising pipeline remains robust, and we look forward to closing out the year with a strong fourth quarter, principally from commitments to our latest flagship fund, DigitalBridge Partners III or DBP III. I would also like to highlight that effective today, we will begin generating management fees coinciding with the first closing in DBP III.

AUM 和 FEEUM 的成長主要是由 InfraBridge 收購以及我們的新策略和付費共同投資籌集的資金所推動的。我們的籌款管道仍然強勁，我們期待以強勁的第四季度結束今年，這主要來自對我們最新旗艦基金 DigitalBridge Partners III 或 DBP III 的承諾。我還想強調，從今天起，我們將在 DBP III 首次交屋時開始產生管理費。

Moving to Page 17. The company achieved healthy year-over-year growth propelled by the expansion of the Investment Management business and further enhanced by our streamlined corporate structure. For the third quarter, consolidated revenues were $477 million, which represents an 11% increase from the same period last year. As a reminder, consolidated revenues include realized and unrealized carried interest. Total company adjusted EBITDA was $34 million, up 15% from the same period last year. This growth is primarily attributable to an increase in investment management fee revenues, offset partially by the reduced ownership in operating assets, which we will cover in more detail on the following pages.

轉到第 17 頁。在投資管理業務擴張的推動下，公司實現了同比健康成長，並透過精簡的公司結構進一步加強。第三季綜合營收為4.77億美元，比去年同期成長11%。提醒一下，合併收入包括已實現和未實現的附帶權益。公司調整後 EBITDA 總額為 3,400 萬美元，比去年同期成長 15%。這一增長主要歸因於投資管理費收入的增加，部分被營運資產所有權的減少所抵消，我們將在接下來的幾頁中更詳細地介紹這一點。

Moving to Page 18. The company continues to grow its investment management earnings and fee-earning equity under management generated by additional fundraising and deployments in our flagship funds, new strategies, fee-paying co-investments and contribution from InfraBridge funds. Fee income, excluding incentive fees was $66 million and fee-related earnings was $29 million, representing 57% and 36% increases from the same period last year, respectively.

翻至第 18 頁。該公司的投資管理收益和管理下的收費股權不斷增長，這些收益是透過我們旗艦基金的額外籌款和部署、新戰略、付費共同投資以及 InFraBridge 基金的貢獻而產生的。不包括獎勵費用的費用收入為 6,600 萬美元，與費用相關的收入為 2,900 萬美元，分別較去年同期成長 57% 和 36%。

Investment Management segment distributable earnings increased by 51% to $53 million from the same period last year, benefiting primarily from carried interest recognized as part of the recapitalization of DataBank, which closed on September 14th. It is also important to note that as a result of the deconsolidation of DataBank, the company's leverage profile and balance sheet continue to improve and become materially simpler and more asset light, as Marc and I had previewed was our corporate strategy and mission going forward.

投資管理部門的可分配收益比去年同期增長了 51%，達到 5,300 萬美元，主要受益於作為 DataBank 資本重組的一部分而確認的附帶權益，該重組於 9 月 14 日完成。同樣重要的是要注意，由於DataBank 的分拆，該公司的槓桿狀況和資產負債表繼續改善，並變得更加簡單和更輕資產，正如Marc 和我所預見的那樣，這是我們未來的公司戰略和使命。

Turning to Page 19. Last quarter, we began including new disclosures designed to provide additional detail on carried interest allocations and expenses. For the third quarter, net carried interest income before non-controlling interest was $96 million 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 carried interest to DigitalBridge as the manager.

轉向第 19 頁。上個季度，我們開始納入新的揭露內容，旨在提供有關附帶權益分配和費用的更多詳細資訊。第三季度，扣除非控制權益之前的淨附帶利息收入為9,600 萬美元，因為我們管理的基金公允價值的成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。

Moving to Page 20. The company's share of digital operating revenues and earnings have continued to decline due to lower ownership interest. On September 14th, we announced the completion of the recapitalization of our interest in DataBank, reducing our ownership to 9.9%. This transaction generated nearly $50 million in proceeds, inclusive of $28 million in carried interest for DigitalBridge.

轉到第 20 頁。由於所有權權益下降，該公司在數位營運收入和收益中所佔的份額持續下降。 9月14日，我們宣布完成DataBank權益的資本重組，將持股比例降至9.9%。此次交易產生了近 5000 萬美元的收益，其中包括 DigitalBridge 的 2800 萬美元的附帶權益。

Going forward, our remaining interest in the DataBank platform will be treated as an equity method investment, and we expect to sell a portion of our ownership interest in Vantage SDC in the near future, which would complete our planned deconsolidation of the operating segment.

展望未來，我們在 DataBank 平台中的剩餘權益將被視為權益法投資，我們預計在不久的將來出售我們在 Vantage SDC 的部分所有權權益，這將完成我們計劃的營運部門的拆分。

Turning to Page 21. Fee revenues and our high-margin Investment Management segment continued to grow, partially offset by the realization of 2 assets within the InfraBridge platform. Since the third quarter of 2022, our annualized fee revenues increased from $182 million to $264 million and fee-related earnings increased from $100 million to $125 million. We expect fee-related earnings to grow materially as we continue to raise capital for DBP III, and as mentioned earlier, effective today the commencement of DBP III management fee billings. Looking at the right side of the page, run rate annual fee revenues are $276 million. We are on track to meet our previously provided fee revenue and FRE guidance ranges.

轉向第 21 頁。費用收入和我們的高利潤投資管理部門持續成長，但部分被 InfraBridge 平台內 2 項資產的變現所抵銷。自 2022 年第三季以來，我們的年化費用收入從 1.82 億美元增加到 2.64 億美元，費用相關收入從 1 億美元增加到 1.25 億美元。我們預計，隨著我們繼續為 DBP III 籌集資金，並且如前所述，從今天開始開始收取 DBP III 管理費，我們預計與費用相關的收益將大幅增長。查看頁面右側，運行率年費收入為 2.76 億美元。我們預計將達到先前提供的費用收入和 FRE 指導範圍。

Turning to Page 22. Our balance sheet has significantly changed following the deconsolidation of DataBank, highlighted by the substantial reduction in investment level debt. And upon the deconsolidation of Vantage SDC in the near future, our debt profile will be similar to those of our peers in the alternative investment management space, especially as we continue to monitor the capital markets and consider further opportunistic optimization of our leverage profile through both preferred and common equity redemptions and distributions.

翻到第 22 頁。在 DataBank 拆分之後，我們的資產負債表發生了顯著變化，投資水準債務的大幅減少凸顯了這一點。在不久的將來對 Vantage SDC 進行分拆後，我們的債務狀況將與另類投資管理領域的同行相似，特別是當我們繼續監控資本市場並考慮透過以下方式進一步機會主義優化我們的槓桿狀況時：優先股和普通股的贖回和分配。

Turning to Page 23. As we have completed another milestone in our progress to simplify our capital structure, we have almost reached our target corporate debt level with no near-term debt maturities. And with approximately $530 million of liquidity, including the full $300 million available from our securitization revolver, our balance sheet and liquidity remain strong and poised for our creative uses.

翻到第 23 頁。隨著我們在簡化資本結構的進程中完成了另一個里程碑，我們幾乎達到了目標企業債務水平，並且沒有短期債務到期。我們擁有約 5.3 億美元的流動性，其中包括我們的證券化左輪手槍可用的全部 3 億美元，我們的資產負債表和流動性仍然強勁，並為我們的創造性用途做好了準備。

In summary, Marc and I are proud of the substantial strides we've taken this year to simplify the business and solidify DigitalBridge's position as a preferred partner of choice in the digital infrastructure space.

總之，Marc 和我對今年我們在簡化業務和鞏固 DigitalBridge 作為數位基礎設施領域首選合作夥伴的地位方面取得的重大進展感到自豪。

Our financial performance continues to show marked improvement despite a difficult fundraising environment, and we remain committed to generating long-term shareholder success by scaling new products in our dynamic Investment Management platform led by our robust fundraising abilities. We look forward to closing out the year strong, already highlighted by the completion of a first close in our flagship fund DBP III and continued progress in deconsolidating our balance sheet interest in Vantage SDC.

儘管融資環境困難，但我們的財務表現繼續顯著改善，我們仍然致力於透過在我們強大的融資能力主導的動態投資管理平台中擴展新產品，為股東帶來長期成功。我們期待以強勁的表現結束這一年，我們的旗艦基金 DBP III 完成首次交割以及在剝離 Vantage SDC 資產負債表權益方面繼續取得進展就已經凸顯了這一點。

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

說到這裡，我會把它轉回給馬克。謝謝。

Thanks, Jacky. So this quarter, in Section 3, where we always talk about executing the digital playbook, I want to talk about DigitalBridge Credit and how we've extended our platform organically into the private credit asset class. Let's start with some context for the strong growth the asset class is experiencing, before I walk you through a case study that highlights how we're bringing skill capital to the game here.

謝謝，傑基。因此，本季度，在第 3 節中，我們總是談論執行數位劇本，我想談談 DigitalBridge Credit 以及我們如何將我們的平台有機地擴展到私人信貸資產類別。讓我們先從資產類別正在經歷的強勁增長的一些背景開始，然後我將向您介紹一個案例研究，該案例研究強調了我們如何將技能資本引入遊戲中。

It's clear to most of you that private credit is a growing force in global capital markets. Since 2010, over $1.8 trillion in capital has been formed by alternative asset managers to fill a growing demand for credit that traditional lenders hampered by tightening restrictions and regulations have not been able to keep up with.

你們大多數人都清楚，私人信貸是全球資本市場中一股日益增長的力量。自 2010 年以來，另類資產管理公司已形成超過 1.8 兆美元的資本，以滿足不斷增長的信貸需求，而傳統貸款機構因限制和監管收緊而無法跟上。

On the right, you can see in just the last 5 years that private credit is taking share, filling the gap left by traditional lenders to meet growing demand from borrowers that need liquidity and growth capital. At the same time, institutional LPs are increasingly being drawn to the sector, attracted by better risk-adjusted returns on the back of higher interest rates and the reliability of credit products in an uncertain macro.

在右側，您可以看到在過去 5 年中，私人信貸正在佔據份額，填補了傳統貸方留下的空白，以滿足需要流動性和成長資本的借款人不斷增長的需求。同時，機構有限合夥人越來越多地被吸引到該行業，因為在不確定的宏觀環境中，較高的利率和信貸產品的可靠性帶來了更好的風險調整回報。

Next slide, please. As you can see here, credit's attractive risk-adjusted profile is driving increasing institutional interest in private credit. On the right side, over $1 trillion has been raised in private credit in the past 5 years alone. This is doubling AUM over that time period. The average fund size continues to increase and it's expected that 2023 will generate another $200 billion plus of capital formation, the fourth year in a row exceeding that level. As you can see, this is not just a fact, it's sustainable.

請下一張投影片。正如您在這裡所看到的，信貸具有吸引力的風險調整特徵正在推動機構對私人信貸的興趣不斷增加。右側，僅過去 5 年就透過私人信貸籌集了超過 1 兆美元。在此期間，資產管理規模翻了一番。平均基金規模持續增加，預計到 2023 年資本形成將再增加 2,000 億美元以上，連續第四年超過此水準。正如您所看到的，這不僅是事實，而且是可持續的。

The best part is, as you can see on the left, DigitalBridge is at the intersection of the 2 asset classes, with the highest intent to increase allocation among institutional investors. Private credit, one, infrastructure, 2, are the only 2 asset classes where that intent is greater than 50%. The intention here is everything. We're talking to LPs on a global basis and they want to be exposed to digital infrastructure and they want great exposure to private credit. So why not give them both in the same product set, and this is where we've landed. This puts us in a real sweet spot in an already fast-growing market.

最好的部分是，正如您在左側看到的那樣，DigitalBridge 處於兩個資產類別的交叉點，最有意願增加機構投資者的配置。私人信貸（一）、基礎建設（二）是僅有的 2 個意向超過 50% 的資產類別。這裡的意圖就是一切。我們正在與全球範圍內的有限合夥人進行交談，他們希望接觸到數位基礎設施，並且希望接觸到私人信貸。那麼為什麼不將它們放在同一個產品集中，這就是我們的目標。這使我們在已經快速成長的市場中處於真正的最佳位置。

Next slide, please. So what have we built so far? Over the past couple of years, we have organically grown a private credit business led by Dean Criares, dedicated to supporting the growth of companies across the digital infrastructure sector and ecosystem. We finished Q3 2023 with $1 billion in fee-paying capital, delivering private credit investment solutions to other financial sponsors. And in essence, we're providing the key skill capital that leverages our ecosystem. Those investment solutions span the whole spectrum from first lien senior secured debt all the way to preferred equity.

請下一張投影片。那麼到目前為止我們已經建構了什麼呢？在過去的幾年裡，我們有機地發展了由 Dean Criares 領導的私人信貸業務，致力於支持數位基礎設施領域和生態系統中公司的發展。截至 2023 年第三季度，我們擁有 10 億美元的付費資本，為其他金融贊助商提供私人信貸投資解決方案。從本質上講，我們正在提供利用我們的生態系統的關鍵技能資本。這些投資解決方案涵蓋從第一留置權優先擔保債務一直到優先股的整個範圍。

Most of the lending is floating rate securities with check sizes in the $20 million to $300 million range across all of the verticals inside of digital infrastructure, fiber, towers, data centers and emerging infrastructure such as small cells and other parts of the ecosystem. It's important to note digital infrastructure is an incredibly capital-intensive sector. So we're just getting started and servicing a really big and growing TAM. As I mentioned in previous years on our earnings calls, that TAM grows approximately about $500 billion per year in terms of the total wallet size. So on a reasonable loan-to-value equation, one could assume about $250 billion of new credit could be written every year.

大多數貸款都是浮動利率證券，支票規模在2,000 萬至3 億美元之間，涉及數位基礎設施、光纖、塔、資料中心和新興基礎設施（如小型基地台和生態系統其他部分）的所有垂直領域。值得注意的是，數位基礎設施是一個資本密集型產業。因此，我們剛開始為一個規模龐大且不斷發展的 TAM 提供服務。正如我在前幾年的財報電話會議上提到的，就錢包總規模而言，TAM 每年增長約 5000 億美元。因此，根據合理的貸款價值方程式，我們可以假設每年可以發放約 2500 億美元的新信貸。

This is a sleeve that can become an evergreen source of growth for DigitalBridge. We are really excited about the future prospects of this business. Let's cover a case study on the next couple of slides to give you a sense for how DigitBridge Credit is financing the growth of the digital economy.

這是一個可以成為 DigitalBridge 常青增長源的套筒。我們對這項業務的未來前景感到非常興奮。讓我們在接下來的幾張投影片中介紹一個案例研究，讓您了解 DigitBridge Credit 如何為數位經濟的成長提供融資。

Next slide, please. This summer, DigitalBridge Credit participated in the financing for CoreWeave, a company many of you are familiar with. CoreWeave is a leading next-generation specialized cloud provider focused on servicing AI workloads at scale with the latest technology. They fit alongside the large cloud service providers within the infrastructure layer of the AI tech stack you see on the left, but with a business purpose built for artificial intelligence. That means access to thousands of the latest-generation GPUs, a specialized networking fabric built to reduce latency and boost chip utilization and value-add software and technical resources. To distill it, simply put this is GPU-as-a-service serving rapidly growing AI workloads.

請下一張投影片。今年夏天，DigitalBridge Credit 參與了 CoreWeave 的融資，這是你們許多人熟悉的公司。 CoreWeave 是一家領先的下一代專業雲端供應商，專注於利用最新技術大規模服務人工智慧工作負載。它們與您在左側看到的人工智慧技術堆疊的基礎設施層中的大型雲端服務供應商並駕齊驅，但具有專為人工智慧而建置的商業目的。這意味著可以存取數千個最新一代 GPU，這是一種專門的網路結構，旨在減少延遲並提高晶片利用率以及增值軟體和技術資源。簡而言之，這是 GPU 即服務，為快速成長的人工智慧工作負載提供服務。

CoreWeave represents an incredibly compelling customer value prop, focused on delivering, first, the best pound-for-pound AI compute; second, a very fast and flexible and cost-effective service; 3, it's incredibly scalable; and then 4, they're targeting a large and growing market estimated to reach $160 billion by 2027. Just recently, CoreWeave unveiled the world's fastest AI supercomputer built in partnership with one of their equity investors, Nvidia. This is a terrific company with a terrific CEO that was seeking capital to finance the incredible growth they're experiencing.

CoreWeave 代表了一個令人難以置信的引人注目的客戶價值支柱，首先專注於提供最佳的人工智慧運算；第二，非常快速、靈活且具成本效益的服務；第三，它具有令人難以置信的可擴展性；第四，他們的目標是一個龐大且不斷成長的市場，預計到2027 年將達到1,600 億美元。就在最近，CoreWeave 推出了與其股權投資者之一Nvidia 合作建造的世界上最快的人工智慧超級電腦.這是一家了不起的公司，擁有一位出色的首席執行官，正在尋求資金來為他們正在經歷的令人難以置信的增長提供資金。

So let's turn to the next slide to cover the financing and how we leverage our DigitalBridge ecosystem. As you can see on the left, in July of 2023, DigitalBridge Credit participated in a $2.3 billion financing for CoreWeave alongside Blackstone, Magnetar and Coatue. CoreWeave was looking to fund a significant amount of growth CapEx ramp to be contracted AI compute demand, including the purchase of thousands of the latest-generation GPUs, securing significant new data center capacity as well as continued working capital investment in their platform. Its financing backed ultimately by CoreWeave's high-quality investment-grade counterparties and supported by a durable asset-backed collateral.

因此，讓我們轉向下一張投影片，介紹融資以及我們如何利用 DigitalBridge 生態系統。如左圖所示，2023 年 7 月，DigitalBridge Credit 與 Blackstone、Magnetar 和 Coatue 一起參與了 CoreWeave 的 23 億美元融資。 CoreWeave 希望為大量成長的資本支出提供資金，以滿足合約人工智慧運算需求，包括購買數千個最新一代 GPU、確保大量的新資料中心容量以及對其平台的持續營運資本投資。其融資最終由 CoreWeave 的高品質投資等級交易對手提供支持，並得到耐用的資產支持抵押品的支持。

This, at the end of the day, really is in parallel with how we underwrite our investments at DigitalBridge. We're always focused on long-term contracts, investment-grade counterparties and asset-backed collateral. This is seminal to our investment thesis in DigitalBridge Credit. Over the course of the financing, DigitalBridge levered its ecosystem in unique ways to source debt and accelerate the transaction, highlighting the strategic value of our platform.

歸根結底，這確實與我們在 DigitalBridge 承保投資的方式是並行的。我們始終關注長期合約、投資級交易對手和資產支持抵押品。這對我們在 DigitalBridge Credit 的投資論文具有重要意義。在融資過程中，DigitalBridge 以獨特的方式利用其生態系統來尋找債務並加速交易，凸顯了我們平台的戰略價值。

So let's start with the source. Here, our significant market intelligence and tangible value prop attracted CoreWeave to working with DigitalBridge. Given the breadth of our data center assets and industry expertise, CoreWeave actively sought to work with DigitalBridge.

那麼就讓我們從源頭開始吧。在這裡，我們重要的市場情報和有形價值支持吸引了 CoreWeave 與 DigitalBridge 合作。鑑於我們資料中心資產的廣度和行業專業知識，CoreWeave 積極尋求與 DigitalBridge 合作。

Next, vet. In terms of vetting, the ability to derisk transactions is always really important to us in the underwriting process. In this case, our credit underwriting process was enhanced by access to DigitalBridge's data center portfolio of companies and the long-term relationships we maintain with leading global technology companies. Basically, in a nutshell, we talk to the logos.

接下來，獸醫。在審查方面，在核保過程中降低交易風險的能力對我們來說始終非常重要。在這種情況下，我們的信用核保流程透過使用 DigitalBridge 的資料中心公司組合以及我們與全球領先技術公司保持的長期關係得到了增強。基本上，簡而言之，我們與徽標交談。

Finally, accelerate. Here, we already actively were supporting CoreWeave's time to market advantage, leveraging DigitalBridge's global data center footprint, including Switch, Vantage, DataBank, Scala, Aims and AtlasEdge.

最後，加速。在這裡，我們已經利用 DigitalBridge 的全球資料中心足跡（包括 Switch、Vantage、DataBank、Scala、Aims 和 AtlasEdge）積極支持 CoreWeave 的上市時間優勢。

The CoreWeave transaction is a great example of the next-gen digital infrastructure we're financing at DigitalBridge Credit, and our team and portfolio of companies can both benefit from what we call the power of the platform.

CoreWeave 交易是我們在 DigitalBridge Credit 融資的下一代數位基礎設施的一個很好的例子，我們的團隊和公司投資組合都可以從我們所說的平台的力量中受益。

With that, I'll turn now to the CEO checklist for the quarter before we wrap it up and open it up the line for Q&A.

說到這裡，我現在將轉向本季的執行長清單，然後我們將其總結並打開問答環節。

Next slide, please. Great. As always, let's wrap it up with a review from the CEO's checklist. First, on fundraising, our #1 KPI, $5.4 billion year-to-date, and we remain, again, on target to hit our fundraising targets for the year. The last quarter will be busy I can promise you that, and I'm confident we're going to get the job done. Also, the DigitalBridge Partners Series FEEUM kicks in this quarter. So we'll start to see the flow through from our fundraising efforts, which is really important.

請下一張投影片。偉大的。像往常一樣，讓我們回顧一下執行長的清單來結束本次會議。首先，在募款方面，我們的第一大關鍵績效​​指標（KPI）為今年迄今的 54 億美元，我們仍然致力於實現今年的募款目標。我可以向你保證，最後一個季度將會很忙，我相信我們會完成工作。此外，DigitalBridge 合作夥伴系列 FEEUM 將於本季啟動。因此，我們將開始看到募款工作的成效，這非常重要。

Next up, on simplification, we closed DataBank, generating a great return for our shareholders while reducing complexity in our financial statements and delevering our balance sheet. Vantage SDC is up next, and we'll get it done. We've also introduced fund performance metrics, further aligning our profile with other alternative asset management peers. This is an important step. It's delivering on something that you, our investors, have been asking for, and now we're presenting it to you. We're pleased with our performance, and we're excited about the future of our funds in our flagship series.

接下來，在簡化方面，我們關閉了DataBank，為股東帶來了豐厚的回報，同時降低了財務報表的複雜性並降低了資產負債表的槓桿率。接下來是 Vantage SDC，我們會完成它。我們也引入了基金績效指標，進一步使我們的形象與其他另類資產管理同業保持一致。這是重要的一步。它正在滿足您（我們的投資者）一直要求的東西，現在我們將其呈現給您。我們對我們的表現感到滿意，並對旗艦系列基金的未來感到興奮。

Finally, and most importantly, down in the trenches at the portfolio level. We have continued to support the growing compute and connectivity needs for the most powerful investment-grade logos in the world, including through our growing credit franchise that benefits from the power of the DigitalBridge platform.

最後，也是最重要的，在投資組合層面。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，包括透過受益於 DigitalBridge 平台力量的不斷增長的信貸特許經營權。

Thank you for your support as we continue to execute on the final stage of our transition to a fast-growing alternative asset management, levered towards the powerful tailwinds in digital infrastructure. I look forward to updating you next quarter on our continued progress.

感謝您的支持，我們將繼續執行向快速成長的另類資產管理轉型的最後階段，並利用數位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。

With that, I'll hand it over to the operator to begin the Q&A section. Thank you.

這樣，我會將其交給操作員以開始問答部分。謝謝。

(Operator Instructions) And our first question comes from Michael Elias with Cowen & Company.

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

Great. To start with the booming data center leasing that we've seen, it also appears that there's been a boom in demand for data -- for debt capital to build new data centers. Marc, I'm just curious if you could share any observations related to the depth of the debt capital markets for data centers relative to the demand for debt. And as part of that, any observations around where spreads are going for data center debt. And then I have a follow-up.

偉大的。首先，我們看到資料中心租賃的蓬勃發展，對資料的需求似乎也在激增——用於建立新資料中心的債務資本。馬克，我只是好奇您是否可以分享有關資料中心債務資本市場相對於債務需求的深度的任何觀察。作為其中的一部分，任何關於資料中心債務利差走向的觀察。然後我有一個後續行動。

Yes. Thanks, Mike. Appreciate it. So we think the data center marketplace over the next, call it, next 7 years is somewhere around 35 gigawatts of new leasing capacity that needs to be delivered. As you know, Michael, most of that will be greenfield. So when we contextualize that, it's literally hundreds of billions of dollars of new construction activity into the data center industry. It depends on what your metric is on the price per megawatt. And then obviously, you can compute that to a price per gigawatt. So we think that the market is literally shaping up from a CapEx perspective, somewhere in the $1.5 billion range just for us just this year in terms of the stuff that we're financing.

是的。謝謝，麥克。欣賞它。因此，我們認為未來 7 年的資料中心市場需要交付約 35 吉瓦的新租賃容量。正如你所知，邁克爾，其中大部分將是綠地。因此，當我們考慮這一點時，資料中心產業實際上有數千億美元的新建活動。這取決於您對每兆瓦價格的衡量標準。顯然，您可以將其計算為每吉瓦的價格。因此，我們認為，從資本支出的角度來看，市場實際上正在形成，就我們融資的產品而言，今年我們的市場規模在 15 億美元左右。

So if you contextualize that and there's probably $1 trillion of data center spend and you assume a reasonable capital structure of a 50% loan-to-value, you can assume that there's $500 billion of data center financings coming up here in the next 7 years. We think that most of that as new construction loans will go will be financed by private credit. Banks, obviously, given bank regulations are somewhat hand tied in terms of financing greenfield construction, as you know. And traditional real estate lenders are going through a significant amount of digestion and what to do with office space and other forms of commercial real estate that are distress.

因此，如果您將這種情況考慮在內，並且可能有1 兆美元的資料中心支出，並且假設貸款價值比為50% 的合理資本結構，那麼您可以假設未來7 年內將有5000 億美元的數據中心融資。我們認為，大部分新建設貸款將由私人信貸融資。顯然，正如你所知，銀行監管在綠地建設融資方面受到一定程度的束縛。傳統的房地產貸款機構正在經歷大量的消化工作，以及如何處理陷入困境的辦公空間和其他形式的商業房地產。

So we are seeing a surge in interest, particularly in our credit side in financing new data center builds. And keep in mind, our credit team finances for portfolio companies that don't belong to us. So there's a huge universe of potential folks that we're working with in terms of developers that we know well, that we don't have the equity in, but certainly have the debt in. So contextually $500 billion TAM and pretty expensive.

因此，我們看到人們的興趣激增，特別是在為新資料中心建設融資的信貸方面。請記住，我們的信貸團隊為不屬於我們的投資組合公司提供融資。因此，我們正在與大量潛在的開發人員合作，我們非常了解這些開發人員，我們沒有股權，但肯定有債務。因此，從上下文來看，TAM 為 5000 億美元，相當昂貴。

On the pricing side, it really depends, Michael, on structure, whether it's a Holdco note to help finance a data center operator, whether it's actually a construction loan. But what we're seeing is, obviously, with base rates in the near 5% and new construction loans certainly being riskier, which is where we're playing in Holdco notes, which are above the senior, as you take the capital structure north of a 50% loan to value, you can obviously begin to see spreads with credit enhancements in those loans entry fees, exit fees, you could see total yields on those loans in the 12% to 14% range.

在定價方面，邁克爾，這實際上取決於結構，是否是幫助資料中心營運商融資的控股公司票據，是否實際上是建設貸款。但顯然，我們看到的是，基本利率接近5%，新的建築貸款肯定風險更大，這就是我們在Holdco 票據中所扮演的角色，當你將資本結構向北推進時，這些票據高於優先票據。如果貸款價值比為50%，您顯然可以開始看到這些貸款的進入費和退出費中信用增強帶來的利差，您可以看到這些貸款的總收益率在12% 至14%範圍內。

With coupons somewhere on the low side for the high-quality assets in the 7s and the mediocre to perhaps less quality assets in the 8.5% to 9.5% range. So we're seeing all kinds of opportunities in the data center space. And obviously, it is driven by public cloud and private cloud and those AI workloads that you and I have talked about over the summer. So it's a big marketplace. We're very active. We've got a pipeline of over 60 loans that we're working on right now. We can't stress enough how big the private credit opportunity is in data centers, but also in fiber and towers as well, Michael.

對於 7 美元左右的優質資產，其息票偏低；對於 8.5% 至 9.5% 範圍內的平庸甚至質量較差的資產，息票可能偏低。因此，我們在資料中心領域看到了各種各樣的機會。顯然，它是由公有雲和私有雲以及你和我在夏天討論過的人工智慧工作負載所驅動的。所以這是一個很大的市場。我們非常活躍。我們目前正在處理 60 多筆貸款。邁克爾，我們無法充分強調資料中心以及光纖和鐵塔領域的私人信貸機會有多大。

I appreciate the color there. And then just as a follow-up. You're talking about the 35 gigawatt incremental opportunity here. 2-part of question. First is, can you talk about how DigitalBridge is positioning itself to win more than its fair share of that opportunity? And then as part of that, perhaps at the portfolio company level, if you could just talk about the unlevered return targets across the data center platforms as you think about these large-scale AI workloads.

我很欣賞那裡的顏色。然後作為後續行動。您在這裡談論的是 35 吉瓦的增量機會。問題分為兩部分。首先，您能否談談 DigitalBridge 如何定位自己以贏得更多的機會？然後，作為其中的一部分，也許在投資組合公司層面，當您考慮這些大規模人工智慧工作負載時，是否可以談論跨資料中心平台的無槓桿回報目標。

Yes. Thanks. So we do think we're taking within our market share. I mean we've had a tremendous year of leasing and not quite sure where it all lands, but it's measured in the hundreds of across Switch, Vantage, DataBank and Scala and Aims and AtlasEdge. So as you know, we play the sector in multiple different ways. We play it from a private cloud perspective, but Switch, we play it from a public cloud perspective at Vantage, Europe and Vantage North America, Vantage Asia and Scala. And then we're playing the edge compute business at Aims and DataBank and AtlasEdge.

是的。謝謝。所以我們確實認為我們正在佔據我們的市場份額。我的意思是，我們經歷了巨大的一年的租賃，但不太確定它的落地情況，但在 Switch、Vantage、DataBank、Scala、Aims 和 AtlasEdge 上有數百個。如您所知，我們以多種不同的方式參與該行業。我們從私有雲的角度來玩它，但Switch，我們在Vantage、歐洲和Vantage北美、Vantage亞洲和Scala從公有雲的角度來玩它。然後我們在 Aims、DataBank 和 AtlastEdge 開展邊緣運算業務。

So we've got multiple platforms to go attack the different verticals and the different workloads. And I think you have to understand that AZ's availability zones, which are essentially the search rings of the data center sector, having localized teams from Sao Paulo to Europe to North America to Asia is really helpful. And it allows us to obviously think globally with our big customers, but indeed act locally in terms of securing power and the ability to execute and deliver for customers.

因此，我們有多個平台可以攻擊不同的垂直領域和不同的工作負載。我認為您必須了解 AZ 的可用性區域，本質上是資料中心領域的搜尋環，擁有從聖保羅到歐洲、北美到亞洲的在地化團隊確實很有幫助。它使我們能夠與大客戶一起進行全球思考，但實際上在確保權力以及為客戶執行和交付的能力方面採取本地行動。

So I think that we don't love to give out yields. It's somewhat of a competitive advantage. But here's what I can share with you, Michael. I can tell you that cash-on-cash yields are up year-over-year significantly, somewhere between 20% and 30% on average in terms of the CAGR growth of the yields. What I can also share with you is that rents are up. Rents are up 21% year-over-year on a global basis when you distill the 6 portfolio companies that we own and operate and you look at their results year-over-year, we've seen rental rates come up significantly. This is really a function of supply and demand, and there's more demand in their supply and to our existing locations where we have land, where we have power, where we have entitlements, those are renting at a premium.

所以我認為我們不喜歡給收益率。這在某種程度上是一種競爭優勢。但這是我可以與你分享的，麥可。我可以告訴你，現金現金收益率年增率顯著上升，就收益率的複合年增長率而言，平均在 20% 至 30% 之間。我還可以跟大家分享的是，租金上漲了。全球範圍內的租金同比上漲了 21%。當你提取我們擁有和經營的 6 家投資組合公司並查看它們逐年業績時，我們發現租金率顯著上升。這實際上是供需的函數，對它們的供應以及我們現有的擁有土地、電力、權利的地點的需求更大，這些地點的租金都很高。

So I think, look, the punch line is, rents are up, development yields are up. We've got the biggest platform in the world to go attack this. Today, we have just a little under 300 data centers and we have over 1.7 gigawatts of some few power to offer to our customers. So we do think on a global basis, we are one of the largest, if not the largest operators of edge, cloud, public cloud and private cloud data centers in the world. And just looking at absorption, if we end up leasing somewhere between 700 and 70 megawatts and 1.2 gigawatts this year, I think that's going to lead the league in leasing, certainly far bigger than DLR and far bigger than Equinix. So we think we're definitely taking more than our fair share of the market.

所以我認為，重點是，租金上漲，開發收益率上漲。我們擁有世界上最大的平台來解決這個問題。如今，我們擁有近 300 個資料中心，並且有超過 1.7 吉瓦的電力可供客戶提供。因此，我們確實認為，從全球範圍來看，我們即使不是世界上最大的邊緣、雲端、公有雲和私有雲資料中心營運商，也是最大的營運商之一。僅考慮吸收量，如果我們今年最終租賃 700 至 70 兆瓦和 1.2 吉瓦之間的電力，我認為這將在租賃方面處於領先地位，肯定遠遠大於 DLR，也遠大於 Equinix。因此，我們認為我們所獲得的市場份額絕對超出了我們應有的份額。

Our next question comes from Jade Rahmani with KBW.

我們的下一個問題來自 KBW 的 Jade Rahmani。

From your Vantage point today, and I understand the lumpiness of fundraising and that these things have long cycle times given the complexity. Is there anything today that would give you a read through to 2024 as to whether fundraising is on pace or even could potentially accelerate? The second question would be, if we get past some of the macro uncertainties that are weighing on so many sectors, will that accelerate and provide more tailwinds to your fundraising efforts?

從您今天的角度來看，我了解籌款活動的複雜性，鑑於其複雜性，這些事情的周期時間很長。今天有什麼事情可以讓您了解 2024 年籌款是否按進度進行，甚至有可能加速嗎？第二個問題是，如果我們克服了影響許多行業的一些宏觀不確定性，這是否會加速並為您的籌款工作提供更多推動力？

Thanks, Jay. Appreciate it. Well, look, let's first start with the quarter, right? I mean we raised -- we formed $2 billion of new capital in the quarter. Really delighted with the $2.3 billion first close for our third fund. I think as you peer-set that against other alternative asset managers, we definitely believe we've outkicked our coverage. We're having a very strong fourth quarter in fundraising. Historically, we've always performed well in the fourth quarter. I think one of the dynamics that's happened here, Jade, is that a lot of LPs have sat on their hands in Q2 and Q3. We got investors motivated and into our new flagship series. And that's why we're pretty happy to have the first closing yesterday.

謝謝，傑伊。欣賞它。好吧，我們首先從季度開始，對吧？我的意思是，我們在本季籌集了 20 億美元的新資本。我們對我們的第三隻基金的首次募資額達到 23 億美元感到非常高興。我認為，當您與其他另類資產管理公司進行同儕比較時，我們絕對相信我們已經超越了我們的覆蓋範圍。我們第四季的籌款情況非常強勁。從歷史上看，我們在第四季總是表現出色。 Jade，我認為這裡發生的動態之一是，許多有限合夥人在第二季和第三季都按兵不動。我們激發了投資者的積極性並進入了我們的新旗艦系列。這就是為什麼我們很高興昨天第一次成交。

And we do have optimism around the fourth quarter, and we have even further optimism for next year. Asset allocators have already given us a sense of where they're allocating capital for next year. I just finished a 3-week tour, where I saw 80 of our LPs. Someone told me they thought I went on the world twice. I don't think that was exactly true, but definitely it was in Asia and the Gulf and North America and pulsing all of our key accounts.

我們確實對第四季持樂觀態度，對明年更加樂觀。資產配置者已經讓我們了解他們明年的資本配置方向。我剛結束了為期 3 週的巡演，在那裡我看到了 80 張我們的唱片。有人告訴我，他們以為我已經來到這個世界兩次了。我認為這並不完全正確，但肯定是在亞洲、海灣和北美，並且刺激著我們所有的重要客戶。

And look, I think there's 3 takeaways from that trip Jade over the last 3 weeks. One, investors want to be with the best of the best. They're generally shrinking their GP list. They want to be with less GPs and they want to be with the best GP in credit. They want to be the best GPs in private equity and infrastructure. And then most importantly, they want to be allocated to the best manager in digital and renewables. So we think we sit in a pretty protected place there as we are the largest alternative asset manager and digital infrastructure. And that's why we had a good print in Q3, and while we'll have a very strong print in Q4, and I reaffirmed our guidance for 2023 this year.

看，我認為過去 3 週的 Jade 之旅有 3 個收穫。第一，投資者希望與最優秀的人在一起。他們通常會縮減全科醫生名單。他們希望與更少的全科醫生一起工作，並希望與信用最好的全科醫生一起工作。他們希望成為私募股權和基礎設施領域最好的普通合夥人。最重要的是，他們希望分配給數位和再生能​​源領域最好的經理。因此，我們認為我們處於一個非常受保護的位置，因為我們是最大的另類資產管理公司和數位基礎設施。這就是為什麼我們在第三季取得了良好的業績，同時我們在第四季也將取得非常強勁的業績，我重申了我們今年對 20​​23 年的指導。

I think next year will be very constructive. We have over 200 investors still working in our flagship fund. We've had -- today, we've had 23 investors come into the first close. We believe this fund will attract anywhere from the low side of 80 investors to the high side of over 120 investors given our market intelligence. And we've had so far 100% re-up from Fund II to Fund III. There hasn't been a Fund II investor that's told us they're not committing to Fund III and many of those investors haven't closed with us yet.

我認為明年將是非常有建設性的。目前仍有 200 多名投資者仍在我們的旗艦基金中工作。今天，我們已經有 23 位投資者進行了首次收盤。鑑於我們的市場情報，我們相信這檔基金將吸引從 80 名低端投資者到 120 多名投資者的高端投資者。到目前為止，我們已經從基金 II 到基金 III 進行了 100% 的重組。目前還沒有基金 II 投資者告訴我們他們不會投資基金 III，而且其中許多投資者尚未與我們完成交易。

So our calculus may be a little different than other folks. We have a lot of precision. I study the data every week coming out of Salesforce. And I'm -- as most of you know I'm somebody who really like data and I study the data and we're hitting our points. And that's the key. But I am optimistic, Jade, about next year. And I think our guidance for next year will demonstrate that but we're very pleased with the performance inside this quarter. And look, the key here is we just activated $25 million in fees. We literally started building those fees as of yesterday.

所以我們的計算可能與其他人有點不同。我們有很多精確度。我每週都會研究來自 Salesforce 的數據。正如你們大多數人所知，我是一個真正喜歡數據的人，我研究了這些數據，我們正在達到我們的目的。這就是關鍵。但傑德，我對明年持樂觀態度。我認為我們明年的指導將證明這一點，但我們對本季的表現非常滿意。看，這裡的關鍵是我們剛剛啟動了 2500 萬美元的費用。從昨天起，我們確實開始收取這些費用。

And all of those fees will get caught up in the fourth quarter and there'll be more catch-up in Q1 and Q2 next year. And so there'll be a profound impact to our earnings in fourth quarter as now that they're closing this occurred, we finally get to start building on Fund III. That is absolutely important as investors think about what to look at these numbers and how to think about DigitalBridge. The expenses always come in front of the revenues, unfortunately, when you're fundraising. So that's a little bit about what's happening today.

所有這些費用將在第四季度追上，明年第一季和第二季將有更多追上。因此，這將對我們第四季的收益產生深遠的影響，因為現在他們正在關閉這一事件，我們終於開始在第三基金的基礎上進行建設。當投資者考慮如何看待這些數字以及如何看待 DigitalBridge 時，這一點絕對重要。不幸的是，當你籌款時，支出總是先於收入。這就是今天發生的一些事情。

And the follow-up would just be as it relates to macro, do you believe that, that is one of the reasons why fundraising cycle times are a little extended.

後續就跟宏觀​​有關了，你相信嗎，這就是募資週期時間稍微延長的原因之一。

Yes, no doubt. I think the macro has forced investors to move with a little more what I would call patients. And I think investors are being incredibly thoughtful about how to deploy capital. And certainly, certain pension systems want to cover their liabilities. So it's easier for them not to commit to funds and to make sure that they can cover their liabilities as pensioners take money out of the pension. So these are called outflows and inflows. And so in a market like this, where investors get nervous, pensioners get nervous, they may elect to take money out of their pension shade.

是的，毫無疑問。我認為宏觀經濟迫使投資者採取更多的行動，我稱之為病人。我認為投資者對於如何配置資本非常深思熟慮。當然，某些退休金制度希望承擔其負債。因此，他們更容易不投入資金，並確保當退休金領取者從退休金中取出資金時，他們能夠償還債務。所以這些被稱為流出和流入。因此，在這樣的市場中，投資者會感到緊張，退休金領取者也會感到緊張，他們可能會選擇從退休金帳戶中取出資金。

And so on that, you get more outflows than you get inflows, which is taxes and the percentage that gets taken from someone's paycheck that gets put into a pension system like in places like Canada or places like Europe and even here in the U.S., where certain US state pensions are definitely watching very carefully and taking a risk of fatality. That being said, there's pockets of great optimism. We've done incredibly well in Asia. That's been a really good market for us. We had a brand-new fundraising team we put in place last year. We're seeing terrific results out of that region. We've seen very good results out of the GCC region.

依此類推，你得到的流出比流入更多，這是稅收和從某人工資中提取的百分比，這些百分比被納入養老金系統，例如在加拿大或歐洲等地，甚至在美國，美國某些國家的退休金肯定會非常仔細地觀察並冒著死亡的風險。話雖這麼說，但還是有一些非常樂觀的情緒。我們在亞洲做得非常好。這對我們來說是一個非常好的市場。我們去年組建了一個全新的募款團隊。我們看到該地區取得了出色的成果。我們已經看到海灣合作委員會地區取得了非常好的成果。

And Europe has been a little slow. The U.S. is coming on right now, Canada is coming back on. So as I said, the macro certainly makes people slow down a little bit and have some pause. But one thing we are seeing is the pension systems are being very cautious, Jade, just given that outflow inflow dynamic, and that should stabilize next year is what our belief is. That's what we see, and that's what fundraising consultants are telling us as well.

歐洲的發展有點緩慢。美國現在開始了，加拿大也回來了。正如我所說，宏觀經濟肯定會讓人們放慢腳步並停頓一下。但我們看到的一件事是，鑑於資金流出流入的動態，退休金系統非常謹慎，我們的信念是明年應該會穩定下來。這就是我們所看到的，也是募款顧問告訴我們的。

Our next question comes from Ric Prentiss with Raymond James.

我們的下一個問題來自里克·普倫蒂斯和雷蒙德·詹姆斯。

A couple of questions. First, timing in life is everything. Obviously, you're working on the Vantage deconsolidation. Help us understand what are you trying to achieve? How much are you trying to sell down to? How many people are involved in the discussions? What's kind of the process as you think about either by next time you report earnings, if not sooner, I think you said that we could get this one done. So just help us understand the process to get to this next final deconsolidation simplification story?

有幾個問題。首先，人生的時機就是一切。顯然，您正在致力於 Vantage 拆分。幫助我們了解您想要實現什麼目標？你想賣多少？有多少人參與討論？當你下次報告收益時，如果不是更早的話，你會想到什麼樣的過程，我想你說過我們可以完成這個任務。那麼，請幫助我們了解實現下一個最終拆分簡化故事的過程？

Yes. Thanks, Ric. So look, we're having good conversations with some of our biggest investors. I can't give you the exact color of who it is for confidentiality reasons. But rest assured, they're long-term core type investors. They are pension systems generally that value these U.S. assets that are 97% investment grade, close to 6% yield and offers investors incredible safety even in light of today's interest rate conditions. These are some of the best data centers in the world.

是的。謝謝，里克。所以看，我們正在與一些最大的投資者進行良好的對話。出於保密原因，我不能告訴你他是誰的確切顏色。但請放心，他們是長期核心型投資者。它們通常是對這些美國資產進行估值的退休金制度，這些資產的投資等級為97%，收益率接近6%，即使在當今的利率條件下，也為投資者提供了令人難以置信的安全性。這些是世界上最好的資料中心之一。

I think our process is, obviously, we want to sell down $60 million of our position. We've made that perfectly clear to the investors we're talking to. We do have interest, and we do have ongoing negotiations with a couple of investors. And the key is also not just to sell down the 60, but also to continue, Ric, to introduce new capital into Vantage SDC, new third-party capital as Vantage North America now has other data centers that they want to push into this long-term REIT that we own. We like the REIT. We want to own literally 9.9% of it. It's a good -- it's the best of the best. And I think you cannot find a better set of U.S. data center assets in the world. And just the credit quality and the duration of the lease has been greater than 11 years, it's a really unique set of assets.

我認為我們的流程顯然是，我們想要出售 6000 萬美元的頭寸。我們已經向正在交談的投資者明確表達了這一點。我們確實有興趣，並且我們確實正在與一些投資者進行談判。關鍵還不只是出售 60 個資料中心，Ric 還要繼續向 Vantage SDC 引入新資本，新的第三方資本，因為 Vantage North America 現在擁有其他他們想要投入這麼長時間的資料中心我們擁有的期限房地產投資信託基金。我們喜歡房地產投資信託基金。我們想擁有其中 9.9% 的股份。這很好——這是最好的。我認為世界上找不到比這更好的美國資料中心資產了。僅信用品質和租賃期限就超過11年，這是一套真正獨特的資產。

So as you can imagine, it's not been for lack of interest. We have multiple parties looking at the position. We're looking at ultimately who can provide us with the most capital. Who can join us in fundraising of some primary capital as we're going to grow that sleeve of assets, Ric. I want to be clear about that. Vantage SDC is a growth vehicle. As we continue to develop some of the best public cloud campuses in the U.S. We want Vantage SDC to keep growing. It's attracting capital. Obviously, interest rate narrative has been a bit of a headwind. But the counter to that is we've got great customers, great leases, and we've got a great yield on this portfolio.

正如你可以想像的那樣，這並不是因為缺乏興趣。我們有多方正在考慮這個職位。我們最終會考慮誰能為我們提供最多的資金。誰可以加入我們籌集一些主要資本，因為我們將增加資產規模，Ric。我想澄清這一點。 Vantage SDC 是一種成長工具。隨著我們繼續開發美國一些最好的公共雲園區，我們希望 Vantage SDC 不斷發展。它正在吸引資本。顯然，利率敘事有點不利。但與此相反的是，我們擁有優質的客戶、優質的租賃，我們在該投資組合中獲得了巨大的收益。

So it pays a nice dividend, and there's a lot of interest from various pension fund clients of ours, and we will make a decision this quarter on what to do with it. So that's about as much granular detail as I can give you. And, by the way, Vantage SDC had great results this quarter. Revenue, NOI and EBITDA and same-store sales growth, all 4 metrics beat our budget. So we're really happy with what's going on at Vantage SDC and we do anticipate that, that sleep of assets Ric, will grow next year as we look to go acquire more assets in that vehicle.

因此，它支付了不錯的股息，我們的各種退休基金客戶對此很感興趣，我們將在本季度就如何處理它做出決定。這就是我能為您提供的盡可能詳細的資訊。順便說一句，Vantage SDC 本季取得了出色的業績。營收、NOI 和 EBITDA 以及同店銷售成長，所有 4 個指標都超出了我們的預算。因此，我們對 Vantage SDC 所發生的事情感到非常滿意，我們確實預計，隨著我們尋求收購該車輛中的更多資產，Ric 的資產明年將會成長。

Okay. Second question, I think your stock buyback program maybe expired as far as the authorization program. Jacky, you alluded to looking at preferred stock, some other items out there. Stocks been under some the public stock, common stock has been under pressure. Help us understand how you think about as you are monetizing some of these interests? How do you look at taking a look at the preferred, the common stock, et cetera?

好的。第二個問題，我認為你們的股票回購計畫可能已經到期了，就授權計畫而言。傑基，你提到了優先股和其他一些項目。股票受到一些公眾股、普通股的壓力。請幫助我們了解您在將其中一些興趣貨幣化時有何想法？您如何看待優先股、普通股等？

Well, look, we're always looking to buy back our preferred. I think we've made that no secret. We have a formula for how we use our cash. As you know, we've got close to $590 million of cash and cash equivalents coming out of this quarter. We're well capitalized. We're putting some money into our third fund that capital won't be called until reasonably as we do new investments in the third fund until third or fourth quarter next year. But we do see an opportunity. When we do see an opportunity, Ric, we make those purchases.

好吧，看，我們總是想買回我們的首選。我想我們已經把這一點公開化了。我們有一個如何使用現金的公式。如您所知，本季我們獲得了近 5.9 億美元的現金和現金等價物。我們資本充足。我們正在向第三隻基金投入一些資金，直到明年第三或第四季我們對第三隻基金進行新投資時，資金才會被合理地調用。但我們確實看到了機會。里克，當我們確實看到機會時，我們就會進行購買。

On the stock buybacks, we've been in a blackout period. We're hopeful to in that blackout period soon so that we can go back to buying some of our stock back when it makes sense. And then certainly, we, as a leadership of the team want to buy back our stock, too. So we love our stock. We think it's a good value once that blackout period ends, and we're unrestricted, we can go back to having that conversation. So that's really it, I think.

在股票回購方面，我們一直處於封鎖期。我們希望很快就能在禁售期結束，這樣我們就可以在有意義的時候重新購買我們的部分股票。當然，作為團隊的領導階層，我們也想回購我們的股票。所以我們喜歡我們的股票。我們認為，一旦封鎖期結束，我們就可以不受限制地繼續進行對話，這是一個很好的價值。我認為確實如此。

In addition to that, Ric, we've always cited that there's 4 sources of cash, right? Share buybacks, debt pay down and then certainly, GP commitments into our new fund products. We really like where credit is going. We're really looking to build that credit strategy. I think that was really clear. From my commentary earlier today, we like credit. We're growing our credit team. We want to grow credit assets under management, and we're in flight in doing that. So we think that's a huge opportunity for us in terms of the TAM and our market positioning.

除此之外，Ric，我們總是提到現金有 4 個來源，對吧？股票回購、債務償還，當然還有普通合夥人對我們新基金產品的承諾。我們真的很喜歡信貸的發展方向。我們確實希望建立這種信貸策略。我認為這非常清楚。從我今天早些時候的評論來看，我們喜歡信用。我們正在擴大信貸團隊。我們希望增加管理下的信貸資產，並且我們正在努力做到這一點。因此，我們認為，就 TAM 和我們的市場定位而言，這對我們來說是一個巨大的機會。

The last thing I would say, Ric, is we do see other GPs from time to time that are adjacent to what we do, whether it's adjacencies in digital infrastructure, whether it's adjacencies and other verticals like infrastructure or private equity or renewable energy, we're constantly evaluating like we did with AMP over a year ago, whether or not we put our balance sheet to work to acquire other folks of our ilk that are subscale, that when you integrate them with us, like we do with AMP, you can see incredible margin enhancement, and you can see obviously, revenue growth, FEEUM growth and FRE growth. So we're measuring all of that it, Ric, right? It's a box, right? There's 4 quadrants to that box. And we're carefully evaluating that literally every day as a management team.

我要說的最後一件事，里克，我們確實時不時地看到其他與我們所做的工作相鄰的普通合夥人，無論是數位基礎設施的鄰接，還是基礎設施、私募股權或可再生能源等其他垂直領域的鄰接，我們就像一年多前我們對AMP 所做的那樣，我們不斷評估我們是否利用資產負債表來收購其他規模較小的同類公司，當您將他們與我們整合時，就像我們對AMP 所做的那樣，您可以看到令人難以置信的利潤成長，而且您可以明顯看到收入成長、FEEUM 成長和 FRE 成長。所以我們正在測量所有這些，Ric，對吧？這是一個盒子，對吧？此盒子有 4 個像限。作為管理團隊，我們每天都在仔細評估這一點。

And then the update, I know, I think originally, Jacky might have been leaving at the end of the calendar year. Any update on all that hard work he's been putting in. Is there a replacement coming? Or what's the process of CFO?

然後更新，我知道，我認為最初，傑基可能會在日曆年年底離開。他所付出的努力有任何更新嗎？有替代者到來嗎？或者CFO的流程是怎麼樣的？

Yes. That process is ongoing. We've had really good success and some great conversations. I mean I'd first tell you that Jacky is in place, and he's extended with us through -- I think, through the second quarter of next year, we'd like him to say. He's happy here. He's -- I won't put words in his mouth. I'll let him tell you if he's happy or not. We're having a good time. He's worked really hard to get this company to where it is. So a lot of the effort and a lot of the success we're having is a function of Jacky's hard work.

是的。這個過程正在進行中。我們取得了巨大的成功，並進行了一些精彩的對話。我的意思是，我首先要告訴你，傑基已經就位，他將與我們一起工作到明年第二季度，我們希望他說。他在這裡很開心。他──我不會把話放到他嘴裡。我會讓他告訴你他是否快樂。我們玩得很開心。他非常努力地將這家公司帶到了現在的位置。因此，我們所取得的大量努力和成功都是 Jacky 辛勤工作的成果。

So I for one would like to see him stick around a little longer. He's got personal goals that he wants to achieve that I support fully as does the board. And I'm not in a rush to hire the wrong CFO. I've got the right CFO in the chair right now. And so we do feel confident we're going to announce the right candidate here inside this quarter, hopefully. But in the meantime, I'm very happy with my partnership with Jacky as is Severin. We work well together. We're getting the results we're delivering for shareholders, and I think he's pretty happy to be extended through and needed if we need them to the end of June next year.

所以我希望看到他再撐一會兒。他有他想要實現的個人目標，我和董事會都完全支持。我並不急於聘用錯誤的財務長。我現在有合適的財務長擔任主席。因此，我們確實有信心在本季度內宣布合適的候選人。但同時，我對與 Jacky 的合作感到非常滿意，Severin 也是如此。我們合作得很好。我們正在為股東提供結果，我認為如果我們需要這些結果到明年六月底，他很高興能夠延長任期並需要這些結果。

Our next question comes from Richard Choe with JPMorgan.

我們的下一個問題來自摩根大通的 Richard Choe。

Great. I just wanted to follow up on the capital formation that's been strong through the year, but the flow-through to FEEUM has been a little bit volatile. How much of the $5.4 billion or target $8 billion should we expect to hit FEEUM in this year?

偉大的。我只是想跟進這一年來強勁的資本形成情況，但 FEEUM 的資金流入有點不穩定。我們預計今年 FEEUM 會達到 54 億美元或目標 80 億美元中的多少？

Well, as I said, we're activating $25 million of FEEUM of fees officially yesterday. So that's going to flow through into the fourth quarter.

嗯，正如我所說，我們昨天正式啟動了 2500 萬美元的 FEEUM 費用。因此，這將持續到第四季度。

All of that 5.4 will now flow through because before, we did not turn on the DBP III fee is Closing.

所有這些 5.4 現在都將通過，因為之前我們沒有打開 DBP III 費用正在關閉。

Yes. And so the other key to that, Richard, is there's no expenses associated with that $5.4 billion of fees that we're turning on. So that is 100% pure profit. And the challenge in our business, Richard, as you know, is you spend 6 months raising the capital, you spend a lot of money, a lot of T&E, you've got a lot of people, got sales, you got a sales team and you have no revenue to show for that. And now we're through that period and the fundraising has now got good escape velocity. And as I said, we're having a strong fourth quarter, and we anticipate having a very strong first and second quarter next year.

是的。因此，理查德，另一個關鍵是我們正在收取的 54 億美元費用中沒有任何相關費用。所以這是100%的純利潤。如你所知，理查德，我們業務中的挑戰是你花了 6 個月的時間籌集資金，你花了很多錢，很多 T&E，你有很多人，有銷售，你有銷售團隊，而您沒有任何收入可以證明這一點。現在我們已經度過了那個時期，現在籌款已經有了很好的逃逸速度。正如我所說，我們的第四季表現強勁，我們預計明年第一季和第二季也將表現強勁。

So as we go forward, this now starts to move into pure profit. And as we've told you our strategy for a third fund is an $8 billion strategy. We have every clear belief in conviction, we'll hit that $8 billion, and we actually have some conviction that we're going to push through that and exceed the $8 billion target for this fund. So that's what the data suggests, but we're excited to turn on the $25 million of fees. As I said, 100% profit associated with that and the fourth quarter, you'll see a pure flow-through on that revenue and we should anticipate the financial results in the fourth quarter to be incredibly strong. Big on revenue lower on expenses.

因此，隨著我們的前進，這現在開始轉變為純利潤。正如我們已經告訴過你的，我們的第三個基金的策略是 80 億美元的策略。我們有明確的信念，我們將達到 80 億美元的目標，而且我們實際上有一些信念，我們將推動這一目標並超過該基金 80 億美元的目標。這就是數據所顯示的內容，但我們很高興能夠收取 2500 萬美元的費用。正如我所說，與第四季度相關的 100% 利潤，您將看到該收入的純粹流動，我們應該預計第四季度的財務業績將非常強勁。收入大，支出少。

And candidly, some of that volatility is associated with just a geography flip between corporate expenses being now allocated to IM. So you'll see almost dollar for dollar flip between those 2 segments. But obviously, our additional earnings is way off because that obviously gets neutralized that geography.

坦白說，這種波動的一部分與現在分配給 IM 的企業支出之間的地理變化有關。因此，您會看到這兩個部分之間幾乎發生了美元對美元的翻轉。但顯然，我們的額外收入還很遙遠，因為這顯然在地理位置上被抵銷了。

Great. And then thank you for the fund performance reporting slide that is very helpful. The performance has been good so far. But can you give us a sense of how they're tracking granted there's still a lot of time in the second one, but just overall, how your current projections are standing out?

偉大的。然後感謝您提供的基金業績報告幻燈片非常有幫助。到目前為止，表現一直很好。但是，您能否讓我們了解他們的追蹤情況，因為第二個項目還有很多時間，但總體而言，您目前的預測如何突出？

I'm not sure I -- repeat the first part of that question, Richard, sorry.

我不確定我——重複這個問題的第一部分，理查德，抱歉。

Sorry. Just how the gross MOIC is tracking for DBP I and DBP II, DBP I and II?

對不起。 DBP I 和 DBP II、DBP I 和 II 的總 MOIC 追蹤情況如何？

Yes. So this is our first quarter of reporting fund level performance, I think, is what you're indicating to Richard. But what I would tell you is gross MOIC have been up quarter-over-quarter on Fund I and Fund II. Fund II, as you can tell from the Vantage is going through the J-curve phase. And so those MOIC will catch up, and we actually think Fund II, where since today vis-a-vis Fund I is performing better than Fund 1. So we're pretty optimistic. I know other firms and not that we stand around watching other firms, but we know from Q1 to Q2 and Q2 to 3 and 3 to 4 other financial sponsors, other GPs have had some challenges, and there's been markdowns. So, we've not suffered from that at all, actually, our marks have moved up through Q1 through Q2 and Q3.

是的。我認為，這是我們報告基金水平業績的第一季度，這就是您向理查德表示的。但我要告訴您的是，基金 I 和基金 II 的 MOIC 總額環比增長。從 Vantage 可以看出，基金 II 正在經歷 J 曲線階段。因此，這些 MOIC 將迎頭趕上，我們實際上認為基金 II，從今天開始，基金 I 的表現優於基金 1。所以我們非常樂觀。我了解其他公司，並不是說我們站在旁邊觀察其他公司，但我們知道從第一季度到第二季度，從第二季度到第三季度、第三季度到第四季度，其他財務贊助商、其他普通合夥人都遇到了一些挑戰，並且出現了降價。所以，我們根本沒有受到這個影響，實際上，我們的分數已經從 Q1 上升到 Q2 和 Q3。

We anticipate both Fund I and Fund II at DigitalBridge to continue to perform as the discounted cash flows across all of our portfolios are up quarter-over-quarter and year-over-year. And then I think also with respect to GIF I and GIF II, we've had very good solid performance in the InfraBridge 1 fund, as you can see from the table. That's performing at our expectations, and we're continuing to deliver DPI. We made it very clear that we are in the process of unwinding and exiting out of GIF I, some of those assets. We've also had tremendous DPI across our first fund and some of the continuation vehicles.

我們預計 DigitalBridge 的基金 I 和基金 II 將繼續表現良好，因為我們所有投資組合的折現現金流量都比去年同期成長。然後我認為，就 GIF I 和 GIF II 而言，我們在 InfraBridge 1 基金中也取得了非常好的穩健表現，正如您從表中看到的那樣。這符合我們的預期，我們將繼續提供 DPI。我們非常明確地表示，我們正在解除和退出 GIF I 的其中一些資產。我們的第一支基金和一些延續基金也擁有龐大的 DPI。

So returning capital right now is super important to LPs, Richard. If you want to go out and raise money right now, you've got to produce DPI. And we've done a very good job there. We've produced over cumulatively about $4.2 billion in DPI this year in the last 14 months for our LPs. So returning capital and raising capital. That's the cycle.

因此，理查德，現在返還資本對有限合夥人來說非常重要。如果你現在想出去籌集資金，你必須製作 DPI。我們在那裡做得非常好。今年過去 14 個月裡，我們為我們的 LP 累積創造了約 42 億美元的 DPI。因此，返還資金並籌集資金。這就是循環。

Our next question comes from Eric Luebchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Eric Luebchow。

Great. Appreciate the question. Just wanted to touch on kind of the M&A landscape across the different digital infrastructure verticals you operate in. Are you seeing any traction on higher interest rates recently moving down multiples for private infrastructure? Or are they kind of still remaining in pretty elevated ranges? And does that shift at all your desire to just accelerate greenfield development versus M&A as you look at ways to deploy capital going forward?

偉大的。感謝這個問題。只是想談談您所經營的不同數位基礎設施垂直領域的併購格局。您是否看到最近利率上升對私人基礎設施的倍數下降有任何吸引力？或者它們仍然保持在相當高的範圍內？當您考慮未來部署資本的方法時，這種情況是否會改變您加速綠地開發而不是併購的願望？

Yes. It's super interesting you should ask that question because I'm actually giving a speech later today where I'm going to talk exactly about this. It's -- so fiber has come down significantly, Eric, we've seen private market multiples move from the mid-20s into the low teens. We even think there's further compression in fiber multiples, particularly in residential fiber where the investor is exposed exactly to the household, where the cash flows are month-to-month, 30 days. And then certain aspects of fiber, enterprise fiber, wholesale transport fiber down a little bit, but not quite as heavily hit as fiber-to-the-home. Data centers actually, you could make the argument, Eric, that multiples have gone up and the good assets. And you know what the good assets are. Those are the hyperscale public cloud focused campuses where there's a lot of growth and there's a lot of opportunity and we've got a wallet that's growing.

是的。你應該問這個問題，這非常有趣，因為我實際上今天晚些時候將發表演講，我將詳細討論這個問題。艾瑞克，光纖價格已經大幅下降，我們已經看到私人市場的倍數從 20 多歲變成了十幾歲。我們甚至認為光纖倍數會進一步壓縮，特別是在住宅光纖領域，投資者的風險完全暴露在家庭中，現金流是按月、30 天計算的。然後，光纖、企業光纖、批發傳輸光纖的某些方面有所下降，但沒有光纖到戶那麼嚴重。實際上，數據中心，你可以說，埃里克，市盈率已經上升，而且是優質資產。你知道什麼是好的資產。這些都是以超大規模公有雲為重點的園區，那裡有很大的成長，有很多機會，而且我們的錢包也在不斷增長。

On the enterprise side, you've seen the flip of that coin, which is older legacy data centers that are 20-plus years old like Fixer have suffered and really don't have a growth story, so there's really not even a bid for those kinds of data centers. They're just so impaired. So whether it's enterprise, and then you've got DataBank, which is doing edge and they're performing really well, and there's been no degradation in the valuation of that equity. So data centers are tricky. I always tell investors that.

在企業方面，你已經看到了硬幣的翻轉，即像 Fixer 這樣已有 20 多年曆史的舊數據中心已經遭受損失，而且確實沒有增長故事，所以實際上甚至沒有競標那些類型的數據中心。他們只是如此受損。因此，無論是企業，還是 DataBank，它都在做優勢，而且表現非常好，而且該股權的估值沒有下降。所以數據中心很棘手。我總是這樣告訴投資人。

There's 6 different ways that you can in data centers. There's 6 different sub industries in the data center sector. Where are valuations holding? They're holding in hyperscale and they're holding an edge. Where are they going down, managed services, hybrid cloud, enterprise, those are the areas that are suffering. And then I would say private cloud, which is what Switch does is performing quite well. So 3 good verticals, 3 probably less good verticals. And so there's a wide range of valuation there. You could see as high as 30x EBITDA, and you can see all the way down to enterprise and managed services like 6 to 7x EBITDA because in some instances, there's just no bid because of the debt.

在資料中心中有 6 種不同的方式。資料中心領域有 6 個不同的子產業。估值保持在哪裡？他們在超大規模方面保持優勢，並保持優勢。它們將走向何方，託管服務、混合雲、企業，這些都是正在遭受苦難的領域。然後我會說 Switch 所做的私有雲表現非常好。所以 3 個好的垂直方向，3 個可能不太好的垂直方向。因此，估值範圍很廣。您可以看到高達 30 倍的 EBITDA，並且可以一直看到企業和託管服務（例如 6 到 7 倍的 EBITDA），因為在某些情況下，由於債務而沒有出價。

Towers have actually held in pretty well. On the private side, we've seen private transactions in Europe recently trade in the mid-20s, 24 to 25x. There hasn't been a material degradation in tower valuations. Maybe they've lost 3 to 4 turns in Europe. In the U.S., there just hasn't been any material M&A. And while the public multiples are down 20% to 30%, private multiples actually hung in and the smaller transactions that Vertical Bridge is chasing, they're still losing deals at 25 to 26x. Now those were the deals that were losing at 32 to 36x a year ago. So there's probably been a 6 to 8 turn compression in what I would call small ball M&A.

塔實際上保持得很好。在私人方面，我們最近看到歐洲的私人交易在 20 多歲左右，即 24 至 25 倍。鐵塔估值並未出現實質下降。也許他們在歐洲已經輸了三到四回合了。在美國，還沒有任何實質的併購。雖然公開市盈率下降了 20% 至 30%，但私募市盈率實際上仍保持不變，而且 Vertical Bridge 正在追逐規模較小的交易，但他們仍然以 25 至 26 倍的價格虧損交易。這些是一年前虧損 32 至 36 倍的交易。因此，在我所說的小球併購中可能存在 6 到 8 回合的壓縮。

But there hasn't been a material big M&A trade in the space to really see where those multiples are. And I think you could basically push private market small cell multiples into the same bucket as U.S. towers. And then in Southeast Asia and Latin America, we've seen terms trade in the high teens. And in some parts of Asia, Jacky, we've seen towers hang in at 20 to 21x. The market is still one that's really attractive from a tower multiple perspective. But again, digital infrastructure sort of painting it with one pain fresh isn't fair. I think you've got to sort of lay out the canvas and bring 12 paint brushes to the canvas because you're going to have to paint it a lot of different ways right now, Eric.

但該領域還沒有發生實質的大型併購交易，無法真正了解這些倍數在哪裡。我認為你基本上可以將私人市場的小基地台倍數歸入與美國鐵塔相同的桶中。然後在東南亞和拉丁美洲，我們看到了術語交易的高點。在亞洲的一些地區，Jacky，我們已經看到塔在 20 到 21 倍時掛起。從塔式多重角度來看，這個市場仍然是一個真正具有吸引力的市場。但同樣，數位基礎設施給它帶來一種新鮮的痛苦是不公平的。我認為你必須佈置畫布並將 12 個畫筆帶到畫布上，因為你現在必須用很多不同的方式來繪製它，艾瑞克。

Yes. Yes, that makes sense. And just to follow up, your comments on residential fiber, fiber-to-the-home. There's obviously been some speculation about a big consolidation wave coming in that market. You kind of touched on this a little bit. But I guess, given where cost of capital have gone for a lot of those over builders, is that an area that traditionally, I know you've shied away from, but if we see an appropriate discount in evaluations here, is that an area we could see you potentially play in further going forward?

是的。是的，這是有道理的。跟進您對住宅光纖、光纖到戶的評論。顯然有人猜測該市場即將出現大規模整合浪潮。你稍微觸及了這一點。但我想，考慮到許多建築商的資本成本，我知道你傳統上會迴避這個領域，但如果我們在這裡的評估中看到適當的折扣，那就是一個領域我們可以看到你有可能在未來繼續發揮作用嗎？

I think, look, right now, we're very focused from a credit perspective, and we're providing credit to some of those companies. So certainly up at the investment committee level, we're very supportive of residential fiber. And there are certain management teams we really like, and we're backing them and we're giving them capital in the form of credit. And the equity investment committees, we're not constructive on residential fiber right now. We haven't been, and I think we've been pretty vocal about that. We've had our reasons.

我認為，現在，我們從信貸角度非常關注，我們正在向其中一些公司提供信貸。因此，在投資委員會層面上，我們當然非常支持住宅光纖。我們非常喜歡某些管理團隊，我們支持他們，並以信貸的形式向他們提供資本。股權投資委員會，我們目前對住宅光纖沒有建設性的看法。我們還沒有去過，而且我認為我們對此直言不諱。我們有我們的理由。

Now that the valuations are moving in line, if we do find the right geography, the right management team and the right set of competitive dynamics, we're happy to write an equity check behind a great management team in the residential fiber space. I mean we're doing that now in Europe with Netomnia. We're rolling out the Tier 2, Tier 3 markets in the U.K. with a lot of success. We've got great -- we've got a great management team. He's building at 20% to 30% cheaper than its competitors, and his penetration is 20% to 30% higher his ARPU is about the same. So that's the situation where we saw a very specific set of skills and a management team that had comparative advantage and they weren't just chasing homes in London. They were focused on the Tier 2 and Tier 3 markets where there's less competition. So the investment thesis stood up.

既然估值正在趨於一致，如果我們確實找到了合適的地理位置、合適的管理團隊和合適的競爭動力，我們很樂意在住宅光纖領域的優秀管理團隊背後進行股權檢查。我的意思是，我們現在正在歐洲透過 Netomnia 這樣做。我們正在英國推出二級、三級市場，並且取得了巨大成功。我們很棒——我們有一個很棒的管理團隊。他的建造成本比競爭對手低 20% 到 30%，滲透率高出 20% 到 30%，但 ARPU 卻大致相同。因此，在這種情況下，我們看到了一套非常具體的技能和一個具有比較優勢的管理團隊，他們不僅僅是在倫敦尋找家園。他們專注於競爭較少的二級和三級市場。因此，投資論點站得住腳。

Same thing in Chile. We have a wholesale residential fiber business, but we also have a business -- that same business also sells directly to home, where we've seen underpenetrated homes, a lot of streets where we're going down the street and we're the only fiber carrier. And so we will play in residential fiber, Eric. We're just doing it through Mundo and through Netomnia, and doing it very carefully and very surgically. I think there's probably a little more pain left in residential fiber in Europe and the U.S., and we're going to watch it carefully and we'll play. I mean Beanfield is our Canadian residential and enterprise fiber plays. It's mostly focused on Toronto, Montreal, and it's done really well.

智利也有同樣的情況。我們有批發住宅光纖業務，但我們也有一項業務——同一業務也直接銷售給家庭，我們看到了滲透不足的房屋，我們沿著街道走的很多街道，我們是唯一的光纖載體。因此，我們將在住宅光纖領域發揮作用，埃里克。我們只是透過 Mundo 和 Netomnia 來做這件事，並且做得非常仔細、非常嚴格。我認為歐洲和美國的住宅光纖可能還存在一些問題，我們將仔細觀察並採取行動。我的意思是 Beanfield 是我們加拿大的住宅和企業光纖公司。主要集中在多倫多、蒙特利爾，而且做得非常好。

We sold 1/3 of that to OMERS for an incredible multiple. They've been a great partner. They're providing a ton of primary capital. And we're going into Toronto and Montreal, and we're facing Rogers and Bell are very formidable and we're taking market share. But it's hard. It's a tougher business, Eric. It's not like signing a 15-year lease on Microsoft or a 25 or 30-year lease with Deutsche Telekom. You got to wake up every day getting the trenches, you got to fight. And that's a fight for, but it's got to be priced correctly. The equity has to be priced correctly.

我們以令人難以置信的倍數將其中的 1/3 賣給了 OMERS。他們一直是很棒的合作夥伴。他們提供了大量的主要資本。我們將進入多倫多和蒙特利爾，我們面臨著非常強大的羅傑斯和貝爾，我們正在奪取市場份額。但這很難。這是一件更艱難的事，艾瑞克。這與與微軟簽訂 15 年租約或與德國電信簽訂 25 年或 30 年租約不同。你每天醒來都必須去戰壕，你必須戰鬥。這是一場鬥爭，但必須正確定價。股權必須正確定價。

Our next question comes from John Atkin with RBC.

我們的下一個問題來自加拿大皇家銀行的約翰·阿特金。

I wanted to ask you about the comments you made about small cells and the scripts and maybe focusing on outdoor small cells. You sound a little bit more positive than you have in the past. What's driving that in terms of U.S. demand and how capital intensive is that for ExteNet and maybe any of your other platforms? In other words, are you seeing sort of same-store lease-up on existing plants? Or are you having to kind of build to meet the demand?

我想問您對小型基地台和腳本的評論，也許也關注室外小型基地台。你聽起來比過去更積極一些。是什麼推動了美國的需求？ExteNet 以及你們的任何其他平台的資本密集程度如何？換句話說，您是否看到現有工廠的同店租賃？或者您必須進行某種構建才能滿足需求？

Well, look, I think the reason we see optimism is because we're watching our pipelines at Boingo and ExteNet and FreshWave. And also our Latin tower business is like high Line and ATP, EdgePoint in Asia, all these businesses have small cell divisions, and we're not only seeing green shoots, we're seeing bookings. And we've seen a turn in the bookings at ExteNet. We've seen a really big turn in bookings in Boingo. Look, there as close to as you know, Jonathan, there's a little under 0.5 million small cells stay in the U.S. depends on whose numbers you believe. And Jonathan, what do you count as a note or what's not a note, right?

好吧，我認為我們之所以感到樂觀，是因為我們正在關注 Boingo、ExteNet 和 FreshWave 的管道。我們的拉丁塔業務就像亞洲的 High Line 和 ATP、EdgePoint，所有這些業務都有小型基地台部門，我們不僅看到了萌芽，還看到了預訂。我們看到 ExteNet 的預訂量出現了好轉。我們看到博因戈的預訂量出現了巨大的轉變。你看，喬納森，據你所知，美國有不到 50 萬個小型基地台，這取決於你相信誰的數字。喬納森，你認為什麼是筆記，什麼不是筆記，對吧？

What I can tell you is we believe the reforecast on small cell growth between now and 2030 is about 1.1 million to 1.2 million notes. So we think there's about another 600,000 to 700,000 notes that will be built, and we're talking to our customers and, look, yes, some of it will be self-perform. But even now in this market where the cost of capital has gone up, our conversations with all 4 of the U.S. carriers have picked up significantly. I know at ExteNet, for example, they just signed a new M&A with DISH and DISH now has capital and they're going to put some work -- put some money to work in small cells. But all 3 of the major carriers are also putting money into small cells.

我可以告訴你的是，我們認為從現在到 2030 年，小蜂窩增長的重新預測約為 110 萬至 120 萬張紙幣。因此，我們認為還會製作大約 60 萬到 70 萬個音符，我們正在與客戶交談，看，是的，其中一些將是自行執行的。但即使現在在這個資本成本上升的市場中，我們與所有 4 家美國營運商的對話也顯著加快。例如，我知道在 ExteNet，他們剛剛與 DISH 簽署了一項新的併購協議，DISH 現在擁有資金，他們將投入一些工作——投入一些資金在小型基地台中發揮作用。但三大業者都在向小型基地台投入資金。

Now while CapEx has been curtailed, if we can come in and provide a good solution, the carriers are willing to listen and provide they don't fund the CapEx. So we're seeing more opportunity. We've seen our pipelines grow. I think you saw a little bit of that color from Crown. I think there was a competitor research paper out today. I think one of your competitors had a non-deal road show with Crown and they were talking about the same thing. They've seen an increase in pipeline. So I see a market that's growing. This is exactly what happened with 4G. We spent the first 3 years in LTE, basically doing macro overlays one for one. And then when LTE moved into --- 2015, 2016 and moved into densification, it was all small cells, and it was a little tougher on towers.

現在，雖然資本支出已被削減，但如果我們能夠介入並提供良好的解決方案，營運商願意傾聽並提供他們不為資本支出提供資金的條件。所以我們看到了更多的機會。我們已經看到我們的管道正在增長。我想你在皇冠上看到了一點這種顏色。我想今天有一篇競爭對手的研究論文發表了。我認為您的一位競爭對手與皇冠進行了一次非交易路演，他們正在談論同樣的事情。他們看到管道數量增加。所以我看到了一個正在成長的市場。這正是 4G 所發生的情況。我們在 LTE 領域度過了前 3 年，基本上是一對一地進行宏覆蓋。然後，當 LTE 進入 2015 年、2016 年並進入緻密化階段時，所有的基地台都是小型基地台，而且在塔上的難度更高。

We're probably another 6 to 9 months away from hard core densification ramping on 5G, but we're starting to see it. It's starting to happen. So I'm very optimistic around small cell growth, and we're looking forward to putting more capital work, raising more capital at these platforms and investors understand it. We've been out there and talking to them about it, and it's not just small cells for the carriers, but you have to think in other dimensions. You have to think about IoT networks, private 5G networks and then, of course, as generative AI starts to penetrate towards the edge and moves towards mobile edge. We've always talked about how generative AI ultimately is going to be dispersed in low latency environments that are less than 1/10 of a millisecond.

我們可能還需要 6 到 9 個月的時間才能實現 5G 的硬核緻密化，但我們已經開始看到這一點。它開始發生了。因此，我對小基地台的成長非常樂觀，我們期待投入更多的資本工作，在這些平台上籌集更多的資金，投資人也理解這一點。我們一直在外面與他們討論這個問題，這不僅僅是運營商的小型基地台，而且你必須從其他維度思考。你必須考慮物聯網網路、私人 5G 網絡，當然，隨著生成式人工智慧開始滲透到邊緣並轉向移動邊緣。我們一直在談論生成式人工智慧最終將如何分散在小於 1/10 毫秒的低延遲環境中。

The only way you get there is through small cells. That's the only way that you're going to have through autonomous vehicles, through machine-to-machine learning and through public safety that has true early responders getting in front of the threats is by having essentially a no-latency environment and small cells take you there. We're very constructive on how AI is going to change the small cell space in the next 5 to 6 years.

到達那裡的唯一方法是通過小蜂窩。這是透過自動駕駛汽車、機器對機器學習和公共安全讓真正的早期響應者應對威脅的唯一方法，就是擁有一個本質上無延遲的環境和小基地台你在那裡。我們對於人工智慧將如何在未來 5 到 6 年內改變小蜂巢空間非常有建設性。

Great. And then maybe just pivoting briefly, but anything you could elaborate on in terms of updating us on your venture strategy and things you're looking at?

偉大的。然後也許只是簡單地轉向一下，但是您可以詳細說明一下，向我們介紹您的創投策略和您正在關注的事情的最新情況嗎？

Well, look, I mean, now that we've announced the closing of the third fund, the first closing, it's -- we can start to pull back the curtain on, on what we're doing. What I would tell you is we built a really good diversified Fund I and diversified Fund II. We did 10 investments, 13 investments. in this fund, same thing, we're targeting 12 to 16 investments. Probably check size is a little smaller is what I would tell you. We're very constructive on Asia. We're a little less constructive on Europe. We're certainly constructive on the U.S. and Canada and Latin America.

嗯，聽著，我的意思是，現在我們已經宣布關閉第三隻基金，第一次關閉，我們可以開始揭開我們正在做的事情的帷幕。我要告訴你的是，我們建立了非常好的多元化基金 I 和多元化基金 II。我們做了10個投資，13個投資。在這個基金中，同樣的事情，我們的目標是 12 到 16 項投資。我會告訴你，支票尺寸可能會小一點。我們對亞洲非常有建設性。我們對歐洲的建設性稍差一些。我們對美國、加拿大和拉丁美洲當然持建設性態度。

So what I would tell you is our strategy is much of the same. But if we're thinking about that strategy, we're seeing a lot of positive things in Asia. We're seeing a lot of positive things here in our home market in North America. And there's a couple of interesting things in Latin America and Europe is just going to be a tough road out. Those guys have a much tougher road. So as we're thinking strategically about where to deploy capital, Europe is probably third or fourth online list right now. The U.S. and Asia stand to be 1 and 2. And then in terms of sectors, we like -- of course, we like data centers that face AI. We do like wholesale fiber that again faces AI. We do like private 5G networking. We do like small cells that's systematic that we like in our new strategy.

所以我要告訴你的是，我們的策略大致相同。但如果我們考慮這個策略，我們就會在亞洲看到很多正面的事情。我們在北美本土市場看到了很多正面的事情。拉丁美洲有一些有趣的事情，而歐洲將是一條艱難的道路。這些人的路要艱難得多。因此，當我們策略性地考慮在哪裡部署資本時，歐洲目前可能是線上名單上的第三或第四位。美國和亞洲分別是第一和第二。然後就行業而言，我們喜歡——當然，我們喜歡面向人工智慧的資料中心。我們確實喜歡再次面對人工智慧的批發光纖。我們確實喜歡專用 5G 網路。我們確實喜歡新戰略中系統化的小細胞。

And then if there's a right tower opportunity, if it's EM or if it's in the primary world, we'll look at towers. We think we've got some great companies, but there's always room to further invest. And then the last thing I would say is we have spent some time thinking about how to grow the private cloud. We've got so much success at Switch. The question is, can we translate that success to Europe and Asia. So we're working on that really hard right now.

然後，如果有合適的塔機會，如果是在新興市場或在初級世界，我們會考慮塔。我們認為我們擁有一些偉大的公司，但總是有進一步投資的空間。我要說的最後一件事是我們花了一些時間思考如何發展私有雲。我們在 Switch 取得了巨大的成功。問題是，我們能否將這種成功推廣到歐洲和亞洲。所以我們現在正在努力解決這個問題。

Private cloud networking and owning private cloud infrastructure that's highly secure, there's a huge market for that, and no one is doing it. No one is doing it the way Switch does it. So we've -- now that we've owned that company for almost a year, we feel like we have the DNA to take that strategy forward. There's some other things we're working on that are proprietary. But now that we've got the third fund -- the next strategy close, we can deploy capital from that strategy. So you'll start to see some new deals announced here in this quarter.

私有雲網路和擁有高度安全的私有雲基礎設施，有一個巨大的市場，但沒有人在做。沒有人像 Switch 那樣做。所以，我們已經擁有這家公司將近一年了，我們覺得我們有能力推進這項策略。我們正在研究的其他一些東西是專有的。但現在我們已經有了第三隻基金——下一個策略結束了，我們可以從這個策略部署資本。因此，您將開始看到本季宣布的一些新交易。

As I said, we've got a big pipeline. We're tracking over $30 billion of new ideas in our pipeline. Our pipeline has never been bigger in terms of new platform formation. So we're excited. This is a big call today. It was important for us to get the first close done. It was important for us to turn on the billing and activate those fees. Everyone loves those fees and then, of course, go execute. And so what you'll see from us going forward is now new deals, new execution and continued thinking around DPI and how we return capital back to our investors. So it will be a busy fourth quarter for us Jonathan, and we look forward to hosting you hopefully soon down in Florida.

正如我所說，我們有一個很大的管道。我們正在追蹤正在醞釀中的價值超過 300 億美元的新創意。在新平台的形成方面，我們的管道從未如此龐大。所以我們很興奮。今天這是一個重大呼籲。完成第一次關閉對我們來說很重要。對我們來說，打開計費並啟動這些費用非常重要。每個人都喜歡這些費用，然後當然就去執行。因此，您將從我們身上看到現在新的交易、新的執行以及圍繞 DPI 的持續思考以及我們如何將資本返還給投資者。因此，對於我們喬納森來說，這將是一個繁忙的第四季度，我們期待很快在佛羅裡達州接待您。

There are no further questions. At this time, I would like to turn the floor back over to Marc Ganzi for closing comments. Please go ahead.

沒有其他問題了。現在，我想將發言權交還給 Marc Ganzi，以徵求結束意見。請繼續。

Yes. Thank you, operator. Well, first, I want to thank everyone for showing up on the call today. As I think you're hearing my tone and my tenure, we're very optimistic. This was exciting to get to the first close of our new strategy. And we're again reaffirming our guide for fundraising this year. It's been a tough market out there, but we seem to be defying gravity in terms of fundraising. We've done a great job returning capital to LPs. We've done a very good job managing our assets and our portfolio companies and the state of DigitalBridge is quite strong as we sit here today.

是的。謝謝你，接線生。首先，我要感謝大家今天出席電話會議。我想你已經聽到了我的語氣和我的任期，我​​們非常樂觀。我們新策略的首次結束令人興奮。我們再次重申今年的募款指南。這是一個艱難的市場，但我們在融資方面似乎正在克服重力。我們在向有限合夥人返還資本方面做得非常出色。我們在管理我們的資產和投資組合公司方面做得非常出色，當我們今天坐在這裡時，DigitalBridge 的狀況相當強勁。

As we move into the fourth quarter, and you can expect more of the same. As I said before, we're pretty excited about the fact that now we convert into fees on our new strategy. You'll see a strong financial performance here in the fourth quarter, and that will persist into next year. We remain incredibly optimistic around the fundraising environment and exactly where we are in terms of our key accounts and where our fundraising is. And then in terms of capital deployment, as I said just a few moments ago, we're sitting on a $33 billion pipeline of new opportunity in terms of where to invest capital, and we will start deploying that capital in short order.

隨著我們進入第四季度，您可以期待更多相同的情況。正如我之前所說，我們對現在我們將新策略轉換為費用這一事實感到非常興奮。您將在第四季度看到強勁的財務業績，並將持續到明年。我們對籌款環境以及我們在關鍵客戶和籌款方面的具體情況仍然非常樂觀。然後就資本部署而言，正如我剛才所說，在資本投資方面，我們正面臨著價值 330 億美元的新機會，我們將在短期內開始部署這些資本。

So to sum it up, it's really about hitting the marks on capital formation, maintaining our portfolio, maintaining our competitive advantage and of course, raising more capital and deploying that capital in what we think are some of the best strategies in the world in digital infrastructure. It's a privilege to represent your capital. We appreciate your support, and we look forward to talking to most of you soon. Thank you. Have a great weekend, and have a great rest of your week. Take care.

總而言之，這實際上是為了在資本形成方面達到目標，維持我們的投資組合，保持我們的競爭優勢，當然，籌集更多資本並將這些資本部署到我們認為是世界上最好的數位化策略中基礎設施。能夠代表您的首都是我的榮幸。我們感謝您的支持，並期待很快與您中的大多數人交談。謝謝。祝你周末愉快，一週休息愉快。小心。

This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。