DigitalBridge Group Inc (DBRG) 2023 Q4 法說會逐字稿

Greetings. Welcome to DigitalBridge Fourth Quarter 2023 earnings call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation if anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded is now my pleasure to introduce severance way. Please begin.

問候。歡迎參加 DigitalBridge 2023 年第四季財報電話會議。此時，所有參與者都處於只聽模式。正式演示之後將進行簡短的問答環節，如果有人在會議期間需要接線員幫助，請按電話鍵盤上的星號零。提醒一下，這次會議正在錄製，現在我很高興地介紹遣散方式。請開始。

Good morning, everyone, and welcome to the Digital Bridge Fourth Quarter 2023 earnings conference call. Speaking on the call today from the Company is Marc Ganzi, our CEO. and Jacky Wu, our CFO. We're also joined by Tom Mair offer will be transitioning into the CFO role during the second quarter of this year. As previously announced I'll quickly cover the Safe Harbor and then we can get started. Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. All information discussed on this call is as of today, February 20th, 2024 and Digital Bridge does not intend and undertakes no duty to update it for future events or circumstances. For more information, please refer to the risk factors discussed in our most recent Form 10 K to be filed with the SEC for the year ending December 31st, 2023.

大家早安，歡迎參加 Digital Bridge 2023 年第四季財報電話會議。我們的執行長 Marc Ganzi 今天在公司電話會議上發言。和我們的財務長吳宗基。湯姆·梅爾 (Tom Mair) 也加入了我們的行列，他將在今年第二季度擔任財務長。正如之前宣布的，我將快速介紹安全港，然後我們就可以開始了。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（2024 年 2 月 20 日），Digital Bridge 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，請參閱我們向 SEC 提交的最新 10 K 表格中討論的截至 2023 年 12 月 31 日的年度的風險因素。

Great.

偉大的。

So we're going to start with Mark summarizing the progress we've made on our key priorities in 2023. Jackie will walk us through our new simplified financial results and turn it back over to Mark to lay out our 2024 business plan.

因此，我們首先由 Mark 總結我們在 2023 年關鍵優先事項上的進展。Jackie 將引導我們了解新的簡化財務結果，並將其轉交給 Mark 制定 2024 年業務計劃。

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

接下來，我會將電話轉給我們的執行長 Marc Ganzi。標記？

Thanks, seven. Before we look ahead to 2024 in our third section, executing the digital playbook.

謝謝，七。在我們展望 2024 年之前，我們將在第三部分中執行數位劇本。

I'd like to recap 2023 and summarize on how we delivered on our key priorities for the following year. Because I'd like to say it's the three things that matter, fundraising simplification and performance down at our portfolio companies. And let's put this report in a broader context because look, at the end of 2023, we have successfully completed a multiyear transformation at DigitalBridge, taking a diversified read across five real estate verticals and refocusing that business exclusively on the digital infrastructure ecosystem, where my team has been successfully investing and operating for over 25 years. Along the way on this $80 billion transformation, we harvested real value for our shareholders from the sale of legacy assets while continuing to grow, what I believe is the leading global asset management platform focused on digital infrastructure.

我想回顧 2023 年，並總結我們如何實現來年的主要優先事項。因為我想說的是，重要的是三件事：融資簡化和我們投資組合公司的表現下降。讓我們把這份報告放在更廣泛的背景下，因為看，到2023 年底，我們已經成功完成了DigitalBridge 的多年轉型，對五個房地產垂直行業進行了多元化的解讀，並將該業務重新集中在數位基礎設施生態系統上，我的團隊已成功投資和營運超過25年。在這 800 億美元的轉型過程中，我們透過出售遺留資產為股東收穫了真正的價值，同時繼續發展，我認為這是專注於數位基礎設施的全球領先資產管理平台。

So let's start with fundraising where we saw terrific growth in Q4. The combination of new capital formation contribution from the Enbridge acquisition and CM activation drove our fee revenues up 59% year over year and fee-related earnings in our Investment Management segment up over 64% year over year. This is really industry-leading growth. Much of that growth was fueled by new capital formation, $7.7 billion in new capital form since January of last year through today, including the closing of over $1 billion in our inaugural credit strategy, which is a key piece of the Multi Strategy asset manager that we are building here today, at DigitalBridge.

因此，讓我們從籌款開始，我們在第四季度看到了驚人的成長。Enbridge 收購和 CM 活化帶來的新資本形成貢獻推動我們的費用收入年增 59%，投資管理部門的費用相關收益年增超過 64%。這確實是行業領先的成長。其中大部分成長是由新資本形成推動的，自去年1 月至今，新資本形式達77 億美元，其中包括我們首個信貸策略中超過10 億美元的資金，這是多策略資產管理公司的關鍵部分，我們今天在這裡，在 DigitalBridge 進行建造。

Next up simplify this really was front and center in 2023, deconsolidating our operating segments successfully with DataBank and Vantage STC., both moving off the books we got this done and as a part of that process monetized a ton of value while simultaneously deleveraging our balance sheet by over $5 billion. That's a huge win-win. We realigned our financial reporting over the course of the year to match our alternative asset manager peer set, including enhancing our returns disclosure. And in fourth quarter, we move the operating segment to discontinued operations. And I think you'll agree the simplified financial profile is much easier to follow and to understand for you the investor.

接下來簡化這確實是2023 年的前沿和中心，成功地與DataBank 和Vantage STC 整合了我們的營運部門。我們完成了這項工作，並作為過程的一部分貨幣化了大量價值，同時去槓桿化了我們的餘額損失超過 50 億美元。這是一個巨大的雙贏。我們在這一年中重新調整了財務報告，以匹配我們的另類資產管理公司同行，包括加強我們的回報揭露。在第四季度，我們將營運部門轉為終止營運。我認為您會同意簡化的財務狀況對您投資者來說更容易遵循和理解。

Lastly, my third priority performance at the portfolio company level. This is always front and center for us in terms of what drives returns, what drives LP interest in partnering with us and what drives the continued growth of our platform in 2023. Digital infrastructure continue to perform across all of our verticals. And interestingly, we're seeing the early impacts of generative AI demand, particularly across the data center ecosystem.

最後，我在投資組合公司層面的第三個重點表現。就推動回報的因素、推動有限合夥人與我們合作的興趣以及推動我們平台在 2023 年持續成長的因素而言，這始終是我們的首要和核心。數位基礎設施繼續在我們所有的垂直領域中發揮作用。有趣的是，我們看到了生成式人工智慧需求的早期影響，特別是在整個資料中心生態系統中。

Let's cover these three topics in a little more detail, and then I'll turn it over to Jackie to cover the financials. Next slide, please.

讓我們更詳細地討論這三個主題，然後我將把它交給 Jackie 來討論財務問題。請下一張投影片。

So it starts right here, CM. and AUM. are two metrics that I now track vigorously. First with AUM, we ended the year up just over $80 billion, which represents a 52% growth rate year over year. And as you can see here from our key revenue and earnings driver, continued its strong growth in Q4 with the activation of our most recent flagship strategy, we're now up over $10 billion or 47% year over year to $33 billion in fees, driven by a combination of organic capital formation and the contribution from the infra Bridge acquisition, which we successfully and fully integrated this year into our platform. In fact, we're confident that the infra Bridge platform will provide a good growth vector for us in 2025, amplifying our ability to take advantage of the middle market opportunities across a broader set of digital infrastructure and adjacent industries.

所以一切就從這裡開始，CM。和資產管理規模。我現在大力追蹤這兩個指標。首先，我們的資產管理規模（AUM）今年結束時剛超過 800 億美元，年成長率為 52%。正如您從我們的主要收入和盈利驅動因素中看到的那樣，隨著我們最新旗艦戰略的激活，我們在第四季度繼續保持強勁增長，我們的費用現在同比增長超過100 億美元或47%，達到330 億美元，由於有機資本形成和收購 infra Bridge 的貢獻，我們今年成功地將其完全整合到我們的平台中。事實上，我們相信 infra Bridge 平台將在 2025 年為我們提供良好的成長載體，增強我們利用更廣泛的數位基礎設施和鄰近行業的中間市場機會的能力。

Next slide, please. So here we are new capital formation. This is the slide I know you all wanted to see the fuel that allows us to meet the growing need for connectivity and compute. I'm pleased to report that despite a historically challenging fundraising environment, DigitalBridge raised close to $8 billion of new CM since January of last year. That's $2.3 billion since last quarter, including $800 million year to date, led by strong initial commitments in our latest flagship product.

請下一張投影片。所以這是新的資本形成。這是這張投影片，我知道你們都想看到使我們能夠滿足日益增長的連接和運算需求的燃料。我很高興地向大家報告，儘管融資環境歷來充滿挑戰，但自去年 1 月以來，DigitalBridge 已籌集了近 80 億美元的新 CM。自上季以來，這一數字已達 23 億美元，其中包括年初至今的 8 億美元，這得益於我們對最新旗艦產品的堅定初始承諾。

As I mentioned earlier, our credit strategy completed the successful closing of its first fund with over $1 billion in cumulative capital commitments.

正如我之前提到的，我們的信貸策略成功完成了第一支基金的募集，累計資本承諾超過 10 億美元。

Before we move onto the next slide, I want to put our fundraising into context because look, our team, Kevin, Leslie, they've done an unbelievable job new theme is up over 60% in a year when global infrastructure fundraising was down over 50%. This is testament to the strength of our team to the power of digital infrastructure as an asset class and to the dedication and focus of our firm to meet the call of our customers, bringing the resources necessary to meet our key commitments. This is really an incredible accomplishment. And I'm really proud of our team, and I'm proud of the firm.

在我們進入下一張投影片之前，我想先介紹一下我們的籌款情況，因為看，我們的團隊、凱文、萊斯利，他們做了一項令人難以置信的工作，新主題在全球基礎設施籌款下降的一年內增加了60% 以上。50%。這證明了我們團隊的實力，證明了數位基礎設施作為一種資產類別的力量，也證明了我們公司滿足客戶需求的奉獻精神和專注力，為實現我們的關鍵承諾帶來了必要的資源。這實在是一項令人難以置信的成就。我真的為我們的團隊感到自豪，我為公司感到自豪。

Next slide, please. So next up, our second priority was quite clear, simplify here. The centerpiece was the successful deconsolidation of our operating segments on the left have highlighted not only the successful deconsolidation of DataBank, but it's really important to note the significant value creation for digital shareholders through this investment starting less than four years ago, we invested $466 million of digital rich balance sheet capital, which doubled in value to over $900 million. By the time we recap the business in the summer of 2022 since we made the strategic decision to rotate our business to an asset-light investment manager and deconsolidate our operating segments, we successfully monetized almost $500 million in value. That's come back to the digital balance sheet. In fact, based on where we're set to raise the next tranche of capital to fuel DataBank to edge computing growth. The fair value has increased another 20% just in the last year. We brought that asset under a 10% threshold in September of last year and deconsolidated while maintaining exposure to DataBank strong future growth profile, which, as all of you know, is focused on edge computing.

請下一張投影片。接下來，我們的第二個優先事項非常明確，就是在這裡簡化。核心是我們左側營運部門的成功拆分，這不僅凸顯了DataBank 的成功拆分，而且非常重要的是要注意透過這項投資為數位股東創造了重大價值，這項投資從不到四年前開始，我們投資了4.66 億美元數字豐富的資產負債表資本，其價值翻了一番，達到超過 9 億美元。自從我們做出將業務轉向輕資產投資管理公司並拆分營運部門的策略決策以來，到 2022 年夏天回顧業務時，我們已成功將近 5 億美元的價值貨幣化。這又回到了數位資產負債表。事實上，根據我們計劃籌集下一筆資金來推動 DataBank 邊緣運算成長的情況。去年公允價值又增加了20%。去年 9 月，我們將資產控制在 10% 的門檻以下，並進行了拆分，同時保持了 DataBank 強勁的未來成長前景，眾所周知，DataBank 的重點是邊緣運算。

The other crucial aspect of the operating segment deconsolidation is that there was substantial deleveraging of our balance sheet. We took consolidated debt last year from $5.5 billion, down to under $400 million with investment level debt moving off of our books, consolidating that investment level. That was really a distortion that I believe made it unnecessarily hard for investors to understand and evaluate and appreciate DigitalBridge bottom line. We've created significant value for Digivance shareholders, and we simplified our business profile.

經營部門拆分的另一個重要面向是我們的資產負債表大幅去槓桿化。去年，我們將合併債務從 55 億美元降至 4 億美元以下，投資等級債務從我們的帳簿中刪除，從而鞏固了投資水準。我認為這確實是一種扭曲，讓投資者難以理解、評估和欣賞 DigitalBridge 的底線。我們為 Digivance 股東創造了巨大的價值，並且簡化了我們的業務概況。

Next slide, please. So just as you can see here to give you a better sense of the impact of the deconsolidation on our balance sheet. Today compared to a year ago, we're talking about call it around $8 billion of assets that were really relevant at the portfolio level, not at the corporate level.

請下一張投影片。正如您在這裡看到的那樣，可以讓您更好地了解分拆對我們資產負債表的影響。與一年前相比，今天我們談論的是大約 80 億美元的資產，這些資產在投資組合層面而不是在公司層面真正相關。

A few key takeaways from the simplification include the movement of the net equity value of Vantage and DataBank assets into investments. Consistent with the treatment you'd see at other asset managers.

簡化的一些關鍵要點包括將 Vantage 和 DataBank 資產的淨股權價值轉移到投資中。與您在其他資產管理公司看到的待遇一致。

On the liability side, I mentioned earlier over $5 billion and investment level debt has moved off the books. Net-net, the complexity of our balance sheet is significantly reduced, facilitating investor analysis in our business.

在負債方面，我之前提到超過 50 億美元的投資等級債務已從帳簿中扣除。Net-net，我們資產負債表的複雜性顯著降低，有利於我們業務中的投資者分析。

We want to make it easy for you. So I really want to thank Jackie and the whole finance team as well as our legal team and our advisers. And of course, our LPs. And you'll see with Jackie talk through the financials, the simplicity and clarity that comes from not having to deconsolidate. And then subsequently separate two different business units is quite stark. On top of that, it's less expensive to account for. So the changes generate real savings. I cannot thank enough of everyone on our team for their hard work on this initiative, and that includes our partners' advantage and DataBank.

我們想讓您輕鬆應付。所以我真的要感謝 Jackie 和整個財務團隊以及我們的法律團隊和顧問。當然，還有我們的 LP。您將在 Jackie 的演講中看到財務狀況，以及無需分割所帶來的簡單性和清晰度。隨後將兩個不同的業務部門分開是非常明顯的。最重要的是，它的成本也更低。因此，這些變化會產生真正的節省。我非常感謝我們團隊中的每個人為這項舉措所做的辛勤工作，其中包括我們合作夥伴的優勢和資料庫。

Next slide, please. Finally, performance performance that our portfolio companies matter. Mrr was up in across all of our four verticals, again, driven by a combination of organic and investment-led growth. Data centers continue to be the standout this quarter with MRR up nearly 25%. And the rest of our verticals also performing extremely well.

請下一張投影片。最後，我們的投資組合公司的表現表現很重要。在有機成長和投資主導型成長相結合的推動下，Mr 在我們所有四個垂直領域的排名再次上升。資料中心本季持續表現出色，MRR 成長近 25%。我們的其他垂直領域也表現得非常好。

Towers up 7%, fiber up 6% and small cells up 3%, really good, consistent performance and most importantly, consistent organic growth. Demand for compute and connectivity ultimately underpins this growth and our ability to deliver for customers continues to expand along with our portfolio.

塔式成長了 7%，光纖成長了 6%，小型基地台成長了 3%，非常好，始終如一的性能，最重要的是，持續的有機成長。對計算和連接的需求最終支撐了這種增長，我們為客戶提供服務的能力隨著我們的產品組合而不斷擴大。

So before I turn it over to Jackie to cover the financials, I want to say a few words about Jackie. As most of you know, this will be the last quarter that Jackie will be operating in his capacity as my partner and as a as our CFO, I first want to highlight is partnership his friendship and the incredible transformation that we've been able to accomplish together, Jackie, over the last four years, it's been one heck of a ride Jackie's tireless work ethic has never quit attitude was a big part and remains a big part of the fabric that makes DigitalBridge so unique as Jackie moves into an operating role, Rhino, he'll flourish who continue to be a part of that fabric. So Jackie, goodbye.

因此，在我將其交給 Jackie 報道財務之前，我想先談談 Jackie。正如你們大多數人所知，這將是傑基以我的合夥人和我們的首席財務官的身份運營的最後一個季度，我首先想強調的是夥伴關係，他的友誼以及我們已經能夠實現的令人難以置信的轉變Jackie，在過去的四年裡，我們一起完成了這一切，這是一段艱難的旅程Jackie 孜孜不倦的職業道德從未放棄，態度是一個重要組成部分，並且在Jackie 擔任運營角色時，它仍然是使DigitalBridge 如此獨特的一個重要組成部分犀牛，如果他繼續成為該結構的一部分，他將會蓬勃發展。那麼，傑基，再見。

Thank you from all of your partners and from all the employees and of course, the shareholders. You've done a tremendous job and we really appreciate you. So with that, I hand the mike over to Jacky Wu.

感謝所有合作夥伴、所有員工，當然還有股東。您做得非常出色，我們非常感謝您。說完，我把麥克風交給吳宗憲了。

Thank you, Mark, and good morning, everyone. As a reminder, in addition to the release of our full year of 2023 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 2023 年全年收益外，我們今天早上還提交了一份補充財務報告，可在我們網站的股東部分查看。

Starting on Page 15, our key operating and financial metrics have increased significantly during 2023, led by our Investment Management segment, which continues to grow at an industry leading rate. This quarter marks the end of our successful corporate transformation with our sector-leading investment management business at scale and our corporate structure, simplified, more importantly, recurring distributable earnings and free cash flows continue to trend positively. We foresee this powerful momentum to continue in 2024 and beyond. As the Company continues to asset managers realize superior returns and fund raise off of this track record, which drives significant yield and flowed through to distribute earnings and free cash flow.

從第 15 頁開始，我們的主要營運和財務指標在 2023 年顯著成長，投資管理部門引領著該部門繼續以業界領先的速度成長。本季標誌著我們成功的企業轉型的結束，我們的投資管理業務規模領先，公司結構得到簡化，更重要的是，經常性可分配收益和自由現金流繼續呈積極趨勢。我們預計這種強勁勢頭將在 2024 年及以後持續下去。隨著公司資產管理公司繼續實現卓越的回報並從此業績記錄中籌集資金，這將帶來可觀的收益並用於分配收益和自由現金流。

Turning to page 16, the Company's distributable earnings was $18 million or $0.1 per share, highlighted by new fee revenues and the launch of our latest flagship fund, DigitalBridge Partners three or DBP. three, which had its first closing on November first. Assets under management increased to $80 billion in the fourth quarter, representing a 52% growth over the same period last year, the earning equity under management increased to $33 billion, which is a 47% increase from the same period last year. Aum and fee AUM growth have primarily been driven by capital raised in our new strategies and fee-paying co-invest as well as the infra Bridge acquisition, which closed at the beginning of 2023. Our fundraising pipeline continues to be very strong, fueled by new commitments to our latest flagship fund DDP. three, and we anticipate making significant progress with our dynamic product offerings in 2024 Moving to page 17, with the substantial growth in our investment management platform, further enhanced by our streamlined corporate structure, the Company achieved significant year-over-year improvements. In December. We completed the deconsolidation of Vantage SDC and results from the DigiScope operating segment are reflected in discontinued operations going forward. The remaining noncontrolling interest AAdvantage SDC. will be held as an equity method investment similar to that treatment of our remaining interest in DataBank, which was deconsolidated in the third quarter of 2023. Financial results have been recast in all prior periods presented to reflect digital operating segment results in discontinued operations. Consolidated revenues were $350 million, which were 29% higher from the same period last year. Total company adjusted EBITDA was $32 million, up 88% from the same period last year. This growth is primarily attributable to higher fee revenues from our new products and co-investments, which we will cover in more detail on the following pages.

翻到第 16 頁，公司的可分配收益為 1800 萬美元，即每股 0.1 美元，其中新的費用收入和我們最新旗艦基金 DigitalBridge Partners 3 或 DBP 的推出凸顯了這一點。 3 號於 11 月 1 日首次關閉。第四季管理的資產增至800億美元，較去年同期成長52%，管理的盈餘權益增至330億美元，較去年同期成長47%。管理規模和費用管理規模的成長主要是由我們的新策略和付費共同投資以及於 2023 年初完成的 infra Bridge 收購籌集的資金所推動的。在我們最新旗艦基金 DDP 的新承諾的推動下，我們的籌款管道繼續非常強勁。三，我們預計 2024 年我們的動態產品供應將取得重大進展 轉到第 17 頁，隨著我們投資管理平台的大幅增長，以及我們精簡的公司結構的進一步增強，公司實現了同比顯著改進。在十二月。我們完成了 Vantage SDC 的拆分，DigiScope 營運部門的業績反映在未來已終止的業務中。剩餘的非控制權益為 AAdvantage SDC。將以權益法投資持有，類似於我們對 DataBank 剩餘權益的處理，DataBank 於 2023 年第三季不再合併。先前所有期間的財務表現已重新調整，以反映已終止經營業務中數位營運部門的績效。綜合營收為 3.5 億美元，比去年同期成長 29%。公司調整後 EBITDA 總額為 3,200 萬美元，比去年同期成長 88%。這一成長主要歸因於我們的新產品和共同投資的費用收入增加，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 as the earning equity under management generated by strong fundraising throughout our product suite, led by DBP. three fee-paying co-investments credit liquid strategies and the addition of the M4 bridge funds. Fee revenues, excluding incentive fees, was $72 million and fee-related earnings was $40 million, representing 59% and 64% increases from the same period last year, respectively. Investment management segment distributed earnings increased by 31% to $39 million from the same period last year, benefiting primarily from new fees associated with DBP. three.

移至第 18 頁。公司的投資管理收益持續成長，因為管理下的獲利權益是由 DBP 主導的整個產品組合的強勁融資所產生的。三個付費共同投資信貸流動策略以及添加 M4 過渡基金。不包括獎勵費用的費用收入為 7,200 萬美元，與費用相關的收入為 4,000 萬美元，分別較去年同期成長 59% 和 64%。投資管理部門的分配收益較去年同期成長 31%，達到 3,900 萬美元，主要受惠於與 DBP 相關的新費用。三。

Turning to page 19, net carried interest income, including incentive fee revenue before non-controlling interest was $58 million in 4Q 2023 compared to $84 million in the prior year period due to the fair value increases of our managed funds at a rate that exceeds the preferred return hurdles, which generate carried interest to DigitalBridge as the manager.

翻到第19 頁，2023 年第四季的淨附帶利息收入（包括非控制權益前的激勵費收入）為5,800 萬美元，而去年同期為8,400 萬美元，原因是我們管理基金的公允價值增長速度超過了首選回報障礙，這會為作為管理者的 DigitalBridge 帶來附帶利益。

Turning to page 20, fee revenues in our high margin investment management segment have continued on an upward trajectory led by our DBP. fund series and new product lines. Since the fourth quarter of 2022, our annualized fee revenues increased from $181 million to $289 million and fee-related earnings increased from $97 million to $159 million. And looking at the right side of the page, run rate annual fee revenues are now up to $311 million.

翻到第 20 頁，我們的高利潤投資管理部門的費用收入在 DBP 的帶動下持續呈上升趨勢。基金系列及新產品線。自 2022 年第四季以來，我們的年化費用收入從 1.81 億美元增加到 2.89 億美元，費用相關收入從 9,700 萬美元增加到 1.59 億美元。查看頁面右側，運行率年費收入現已高達 3.11 億美元。

And turning to Page 21, the company maintained strong liquidity it has significantly delevered its balance sheet with approximately $475 million of liquidity, including the full $300 million available from our securitization revolver. Our balance sheet remains poised for accretive uses and current corporate debt level. With no near-term debt maturities allows the company to be nimble and positioning DigitalBridge for long-term shareholder success. I am pleased to report we have achieved our target corporate debt level of just adjusting for our perpetual preferred equity and now more aligned to our peers in the alternative asset management space.

轉向第 21 頁，該公司保持了強勁的流動性，並大幅去槓桿化了資產負債表，流動性約為 4.75 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。我們的資產負債表仍準備用於增值用途和當前的企業債務水準。由於沒有短期債務到期，該公司可以靈活地定位 DigitalBridge，以實現股東的長期成功。我很高興地報告，我們已經實現了我們的目標公司債務水平，僅根據我們的永久優先股進行調整，現在與另類資產管理領域的同行更加一致。

Moving to Page 22. Our 2024 guidance range shown on the page highlights the significant progress made in the Company's earnings profile. Fee-related earnings are projected to be between $150 million to $165 million dollars at the end of 2024. And our now presented include net corporate overhead expenses in line with our new simplified financial reporting definition going forward, we are expecting a strong fundraising year in 2024, driven by our latest flagship fund DBP. three.

移至第 22 頁。頁面上顯示的 2024 年指引範圍突顯了公司獲利狀況所取得的重大進展。到 2024 年底，費用相關收入預計將在 1.5 億至 1.65 億美元之間。我們現在提出的包括淨企業管理費用，符合我們未來新的簡化財務報告定義，我們預計在我們最新的旗艦基金 DBP 的推動下，2024 年的融資將會強勁。三。

In summary, Mark and I are very pleased with the Company's performance in 2023. We achieved many key milestones throughout the year in our journey of transforming DigitalBridge into a leading asset-light investment manager in the digital infrastructure space company is now much simpler and primed to generate long-term shareholder success by scaling the new products in our dynamic investment management platform, our newest equity fund, DBP. three is off to a great start with some promising traction despite a global slowdown across the industry and fundraising. And we are excited about the progress we are seeing in our products start the year as Today marks my last earnings call deck as Executive Vice President and Chief Financial Officer of DigitalBridge. I would like to express my personal gratitude to Mark and the rest of our leadership team, the Board of Directors, all our employees and all of our shareholders for what a truly remarkable experience. These last four years have been we have seen a tremendous change in at the Company from a business where over 80% of our assets comprised of senior living facilities, medical offices, hospitality, commercial office, industrial, and other legacy real estate assets made even more distressed and dislocated during the COVID-19 pandemic to now a 100% fast growing digital infrastructure asset manager this company and all of our stakeholders should be proud of the significant transformation. Stock was up low single digits. Our leverage was challenged while the top line and bottom line metrics were in rapid decline, but we endured and we persevered and we are now strong and healthy.

總而言之，馬克和我對公司 2023 年的表現感到非常滿意。在將DigitalBridge 轉型為數位基礎設施領域領先的輕資產投資管理公司的過程中，我們在這一年中實現了許多關鍵里程碑，公司現在變得更加簡單，並準備透過在我們的動態投資中擴展新產品來為股東帶來長期成功管理平台，我們最新的股票基金，DBP。儘管全球整個行業和融資放緩，但第三個項目仍取得了良好的開端，並具有一些有希望的吸引力。我們對新年伊始所看到的產品進度感到非常興奮，因為今天是我作為 DigitalBridge 執行副總裁兼財務長的最後一次財報電話會議。我謹向馬克和我們的領導團隊其他成員、董事會、所有員工和所有股東表達我個人的謝意，感謝他們為我帶來了一次真正非凡的經歷。在過去的四年裡，我們看到公司發生了巨大的變化，我們的業務超過 80% 的資產包括高級生活設施、醫療辦公室、酒店、商業辦公室、工業和其他遺留房地產資產，甚至在COVID-19在疫情期間，我們經歷了更多的痛苦和混亂，如今已成為100% 快速成長的數位基礎設施資產管理公司，這家公司和我們所有的利益相關者都應該為這一重大轉型感到自豪。股價上漲了低個位數。當營收和利潤指標迅速下降時，我們的槓桿率受到了挑戰，但我們忍受了，我們堅持了下來，現在我們變得強大和健康。

I would also like to welcome Tom Meyer. Hoefer was joined the executive team as the incoming Chief Financial Officer Tom is an industry veteran with a proven successful track record in the investment management space, and he has already proven to be a great addition to the leadership team here at DigitalBridge. The Company is set to accomplish some incredible achievements this year and in the future, especially with mark at the helm. And with that, I will turn it back to Mark for his final remarks. Thank you.

我還要歡迎湯姆·邁耶。Hoefer 加入了執行團隊，即將上任的財務長 Tom 是一位行業資深人士，在投資管理領域擁有公認的成功記錄，而且他已經被證明是 DigitalBridge 領導團隊的重要補充。公司今年和未來將取得一些令人難以置信的成就，特別是在馬克的領導下。接下來，我將把它轉回馬克，讓他做最後的評論。謝謝。

Thanks, Jackie. Well, look, where we are today and the thing that most excites us about finishing up our transformation is really the bandwidth that frees up for all of us to focus exclusively on scaling the digital platform. That's what our 2024 business plan is all about, taking the strong momentum we've already built up and accelerating the digital flywheel. And look, as I said earlier today, it starts with fundraising, architecting investment solutions that are tailored to our clients' needs. This is what allows us to form capital sufficient to fuel the AI revolution.

謝謝，傑基。好吧，看看我們今天所處的位置，完成轉型最讓我們興奮的事情實際上是釋放頻寬，讓我們所有人專注於擴展數位平台。這就是我們 2024 年業務計劃的全部內容，利用我們已經建立的強勁勢頭並加速數位飛輪的發展。正如我今天早些時候所說，它從籌款開始，設計適合客戶需求的投資解決方案。這使我們能夠形成足夠的資本來推動人工智慧革命。

The second priority for 2024 centers on our portfolio companies, where our budgets today call for over $15 billion of success-based mission critical greenfield construction. This is CapEx is being deployed at increasingly attractive development yields as rents have risen and our growth rates have risen across our data center businesses and the other three verticals. I'm also excited about a significant pipeline of new opportunities to back great management teams and the launch of the next generation of investment platforms at DigitalBridge.

2024 年的第二個優先事項是我們的投資組合公司，我們今天的預算要求在這些公司進行超過 150 億美元的基於成功的關鍵任務綠地建設。隨著租金的上漲以及我們資料中心業務和其他三個垂直行業的成長率的上升，資本支出正在以越來越有吸引力的開發收益率進行部署。我也對支持優秀管理團隊的大量新機會以及 DigitalBridge 推出下一代投資平台感到興奮。

The third Cogane. Our flywheel is all about scaling deleverage at the corporate level that starts driving corporate operating leverage, improving our earnings and cash flows and ultimately redeploying that capital into the highest return opportunities for Digirad shareholders. I haven't been shy about this, whether it's developing new investment management products or going out and buying great investment management platforms.

第三個科甘。我們的飛輪旨在擴大公司層面的去槓桿化，從而開始推動公司營運槓桿，改善我們的收益和現金流，並最終將這些資本重新部署到為 Digirad 股東帶來最高回報的機會中。我對此並不害羞，無論是開發新的投資管理產品或是出去購買優秀的投資管理平台。

We know how to buy and build, and we will execute that strategy in 2024. So look, I'm incredibly excited about what lies ahead for this year. It's a real opportunity for us to finally go on offense. So let's cover some of those priorities in a little more detail.

我們知道如何購買和建造，並將在 2024 年執行該策略。所以看，我對今年的前景感到非常興奮。這對我們來說是一次真正的進攻機會。因此，讓我們更詳細地介紹其中一些優先事項。

Next slide, please. Let's start with fund raising new capital formation remains a key driver for our business to meet the growing demand that we're seeing for a high-powered investment in digital infrastructure, we're targeting over $7 billion in fresh capital across our multi-strategy platform. We expect at least 50% of that to come from our flagship strategy alongside a significant co-invest raise to support the growth of our existing portfolio companies, which we have demonstrated for the last three years. Our newer strategies, credit in particular, we'll drive the balance of our capital formation in 2024. We believe these targets are both achievable and attractive, representing over 20% year over year growth, again in a difficult fundraising environment. One of the ways we're achieving this is through expanding our LP base, as you can see on the right in just a couple of years. We've grown our primary LP base from 100 LPs to over 250 LPs across digital, which we think there's a lot of room to grow here, particularly as our flagship enters its third vintage and investors are increasingly familiar with both the resilience of digital infrastructure as an asset class, strong secular tailwinds that underpin this growth and the track record of the DigitalBridge investment management team over the last decade. In fact, we're spending a lot more time now to our existing LPs and new LPs walking them through the opportunities that we're seeing that are emerging from the demand that's being created by generative AI. And that's a long, long tail education process and one that we think is going to drive strong growth over the next couple of years in fundraising, particularly as the demand manifests itself in new leasing. And that's the key the conversion into organic growth and new leases and ultimately new construction where we're showing up for our customers. I'm excited to work with the capital formation team this year as we expand our partnerships with new LPs, some of whom I've highlighted here. These are really thoughtful investors with long-term investment horizons, and we're excited to call them our partners.

請下一張投影片。讓我們從籌集資金開始，新的資本形成仍然是我們業務的關鍵驅動力，以滿足我們對數位基礎設施的高強度投資日益增長的需求，我們的目標是在我們的多策略中籌集超過70 億美元的新資本平台。我們預計其中至少 50% 將來自我們的旗艦策略以及重大的聯合投資融資，以支持我們現有投資組合公司的成長，這一點我們在過去三年中已經得到了證明。我們的新策略，特別是信貸策略，將在 2024 年推動資本形成的平衡。我們相信，這些目標既可以實現，又具有吸引力，在融資困難的環境下，年增超過 20%。我們實現這一目標的方法之一是擴大我們的有限合夥人基礎，正如您在短短幾年內所看到的那樣。我們的主要LP 基礎已從100 個LP 發展到超過250 個數位LP，我們認為這裡還有很大的成長空間，特別是隨著我們的旗艦產品進入第三個階段，投資者越來越熟悉數字基礎設施的彈性作為一種資產類別，強大的長期推動力支撐了這一成長以及 DigitalBridge 投資管理團隊在過去十年的業績記錄。事實上，我們現在花了更多的時間給現有的有限合夥人和新的有限合夥人，引導他們了解我們所看到的機會，這些機會是由生成式人工智慧創造的需求而出現的。這是一個漫長的長尾教育過程，我們認為它將在未來幾年推動籌資的強勁增長，特別是當需求在新的租賃中體現出來時。這是轉變為有機成長和新租賃以及最終為客戶展示的新建築的關鍵。我很高興今年能與資本形成團隊合作，因為我們擴大了與新有限合夥人的合作夥伴關係，我在這裡重點介紹了其中一些有限合夥人。這些都是真正深思熟慮、具有長期投資視野的投資者，我們很高興能稱他們為我們的合作夥伴。

Next slide, please. So let's cover the AI power demand for digital infrastructure that backs our underwriting on new investments, particularly across the data center ecosystem. We believe AI is going to take a decade or more to build and with 50 gigawatts of global data center capacity today, over the next six to 10 years, we'll double that capacity to 100 gigawatts as we see it. Data centers are becoming a factories with data as the input and intelligence and insights as the output just look at some of the leading logos in the space, Microsoft in video, Amazon, Meta, all of these companies are substantially increasing their investments in capacity to meet the current and projected demands for AI. These customers of our portfolio companies were already trying to stay ahead of cloud demand in cloud to the edge, and now AI. has pushed that into a whole new gear. I'll just take one example that I find pretty incredible for Navidea reported their most recent quarter chip sales to their data center segment were $14 billion, up 3.8 times over the prior year. That's just simply amazing. And it's important to note those chips ultimately need a home in a datacenter. It will be interesting to see what numbers they post tomorrow. So bring that back to Digital Bridge today. We've got a pipeline of over five gigawatts looking out over the next five years that's building on top of what's already one of the leading global data center footprints with over 190 data centers across 80 markets on a global basis. This is a big opportunity and it's going to take investors who understand power infrastructure, land acquisition, permitting, renewables, proximity and connectivity to terrestrial and sub oceanic fiber routes, the latest advances in cooling technology, data sovereignty and increasingly software-defined networks to meet this demand.

請下一張投影片。因此，讓我們來討論一下數位基礎設施的人工智慧電力需求，這些基礎設施支援我們承保新投資，特別是整個資料中心生態系統。我們相信人工智慧將需要十年或更長時間才能建成，目前全球資料中心容量為 50 吉瓦，在未來六到十年內，我們將把這一容量翻倍至 100 吉瓦。數據中滿足當前和預計的人工智慧需求。我們投資組合公司的這些客戶已經在努力保持領先於雲端到邊緣的雲端需求，現在是人工智慧。已將其推向全新的階段。我只舉一個我認為非常令人難以置信的例子，Navidea 報告稱，他們最近一個季度資料中心部門的晶片銷售額為 140 億美元，比上一年增長了 3.8 倍。這真是太神奇了。值得注意的是，這些晶片最終需要在資料中心安家。看看他們明天發布的數字將會很有趣。因此，今天將其帶回數位橋。我們在未來五年內擁有超過 5 吉瓦的管道，該管道建立在全球領先的資料中心足跡之一之上，在全球 80 個市場擁有 190 多個資料中心。這是一個巨大的機會，它將吸引那些了解電力基礎設施、土地徵用、許可、可再生能源、陸地和海底光纖線路的鄰近性和連接性、冷卻技術的最新進展、數據主權和日益軟體定義的網路的投資者滿足這個需求。

We've got that expertise. We've got that experience studio, which is ready for the cloud trained edge delivered future of AI.

我們擁有這種專業知識。我們擁有體驗工作室，它已為雲端訓練的邊緣交付人工智慧的未來做好了準備。

Next slide. So what does building the AI revolution look like? Well, today, data centers are dominating CapEx with $11 billion of the $15 billion that's budgeted at the portfolio companies in 2024. And we're really focused on these data center investments. This is where we're leading in mission critical greenfield CapEx and make no mistake, that's not a typo, $11 billion of committed CapEx just to data centers alone, North American Europe, our most active markets today. But the rest of the world is accelerating. And I've said AI is cloud trained and ultimately edge delivered. This is really a global opportunity at scale. What you see here, images from active construction happening today across our portfolio.

下一張投影片。那麼，建構人工智慧革命是什麼樣子的呢？如今，資料中心在投資組合公司 2024 年預算 150 億美元中佔據了 110 億美元的主導地位。我們確實專注於這些數據中心投資。這就是我們在關鍵任務綠地資本支出方面處於領先地位的地方，毫無疑問，這不是一個拼寫錯誤，僅數據中心、北美歐洲、我們當今最活躍的市場就投入了 110 億美元的承諾資本支出。但世界其他地區正在加速發展。我說過人工智慧是在雲端中訓練的，最終是在邊緣交付的。這確實是一個大規模的全球機會。您在這裡看到的是今天在我們的產品組合中進行的積極施工的圖像。

This is not science fiction. We're building new data centers. We're putting up new towers, laying new fiber optic networks. These are all critical aspects of next generation digital infrastructure network. This is actually just a small sampling. There's so many other places. We've got shovels in the ground, but we wanted to least give you a sense for what the AI revolution looks like in the real world today.

這不是科幻小說。我們正在建造新的資料中心。我們正在建造新的塔樓，鋪設新的光纖網路。這些都是下一代數位基礎設施網路的關鍵面向。這實際上只是一個小樣本。還有很多其他地方。我們已經把鏟子埋在地下，但我們至少想讓您了解人工智慧革命在當今現實世界中的樣子。

Next page. So the final priority for me in 2024, it's scaling digital, Rich, focusing, particularly on profitability and operating leverage. One of the side benefits of deconsolidating is the ability to look at a clear picture of the progress we've already made growing our turn our alternative asset management platform over the past couple of years. As you can see here, we've generated not only attractive revenue growth but increasing earnings and substantially expanding our margins from the low 30s to the mid 40s in 2024. This happened literally in the last 24 months. I'm really proud of that progress. We've made scaling a high-margin asset-light investment platform. And so I'm really excited about 2024 and beyond as we continue that momentum with solid revenue and earnings growth.

下一頁。因此，我在 2024 年的最後一個優先事項是擴大數位化、豐富化、重點關注，特別是獲利能力和營運槓桿。分拆的附帶好處之一是能夠清楚地了解我們在過去幾年中發展另類資產管理平台所取得的進展。正如您在此處所看到的，我們不僅實現了有吸引力的收入成長，而且還增加了利潤，並在 2024 年將利潤率從 30 多歲大幅擴大到 40 多歲。這實際上是在過去 24 個月內發生的。我對這項進步感到非常自豪。我們已經將規模化打造為高利潤的輕資產投資平台。因此，我對 2024 年及以後感到非常興奮，因為我們將繼續保持這一勢頭，實現穩健的收入和盈利增長。

Next page, please. So finally, before I wrap it up, I wanted to highlight our corporate capital allocation priorities, giving you a sense of where we ultimately plan to deploy those earnings from scale in the future.

請下一頁。最後，在結束之前，我想強調我們的企業資本配置優先事項，讓您了解我們最終計劃在未來如何部署這些規模收益。

In the past few years, the biggest investments we've made alongside of our LPs compounding value like we showed you earlier with the DataBank example. We think that's a great use of capital and allows Digivance shareholders to get direct exposure to the value creation we drive at the portfolio company level capital structure optimization. It has been another big priority for us.

在過去幾年中，我們與有限合夥人一起進行的最大投資實現了複合價值，就像我們之前透過 DataBank 範例向您展示的那樣。我們認為這是對資本的充分利用，並使 Digivance 股東能夠直接參與我們在投資組合公司層級的資本結構優化中所推動的價值創造。這是我們的另一個重要優先事項。

We've highlighted this in previous earnings calls. I'm not just talking about deconsolidation. We've made significant investments in delevering our corporate balance sheet over the past few years. This will continue to be a priority even as we scale the business next up accretive digital M&A is another significant focus, particularly today. We think there are attractive, high return opportunities to expand our platform, and we have an active pipeline of opportunities. We were pleased with the water transaction. We executed a couple of years ago, buying back 100% of our investment management business and of course, the AMP. in for Bridge acquisition has now been successfully integrated with better than expected cost synergies and evaluate expansion in our investment mandate into middle market, Digital Plus investing.

我們在先前的財報電話會議中強調了這一點。我不是只在談論分拆。過去幾年，我們在企業資產負債表去槓桿化方面進行了大量投資。即使我們接下來擴大業務規模，這仍將是優先事項，增值數位併購是另一個重要焦點，尤其是在今天。我們認為有有吸引力的高回報機會來擴展我們的平台，我們有大量的機會。我們對水交易感到滿意。幾年前，我們回購了 100% 的投資管理業務，當然還有 AMP。 Bridge 收購現已成功整合，具有優於預期的成本協同效應，並評估了我們向中間市場的投資任務擴展，即數位+投資。

Finally, on share repurchases and dividends, we've committed to a low but grow dividend policy and expect opportunistic share repurchases to become more prominent as we finalize the capital structure over the next few years.

最後，在股票回購和股利方面，我們致力於實行較低但不斷增長的股利政策，並預計隨著我們在未來幾年最終確定資本結構，機會主義股票回購將變得更加突出。

Next slide, please. So that covers my top three priorities for 2024. As you can see here on the CEOs checklist, let's have a quick recap. One fundraising get out there secured the $7 billion in fresh capital to meet the early stages of a high-powered demand we're seeing across the Digital Bridge infrastructure ecosystem number to continue to keep investing in our portfolio. This year alone, we'll deploy around $15 billion in success-based greenfield CapEx, building out all those megawatts and well gigawatts to meet customer demand. This also means capitalizing on a growing pipeline of new opportunities fueled by our latest flagship strategy.

請下一張投影片。這就是我 2024 年的三大優先事項。正如您在執行長清單上看到的那樣，讓我們快速回顧一下。其中一項籌款活動獲得了 70 億美元的新資本，以滿足我們在數位橋基礎設施生態系統數字中看到的高需求的早期階段，以繼續投資於我們的投資組合。光是今年，我們就將部署約 150 億美元的基於成功的綠地資本支出，建造所有兆瓦和千兆瓦以滿足客戶需求。這也意味著利用我們最新旗艦策略推動的不斷增長的新機會。

Finally, what we just talked about, scaling digital Ridge, delivering operating leverage with higher margins and reinvesting those earnings effectively into the best high return investments at the corporate level. I look forward to updating you throughout the year, including an Investor Day that we're scheduling for May after the Q1 earnings. So stay tuned and look, thank you again for your continued support and interest and did rich. With that, I'll hand it over the operator and we can begin the Q&A section. Thank you.

最後，我們剛才談到的是，擴大數位 Ridge 規模，以更高的利潤率提供營運槓桿，並將這些收益有效地再投資於企業層面最佳的高回報投資。我期待全年向您通報最新情況，包括我們計劃在第一季財報公佈後 5 月舉行的投資者日。所以請繼續關注，再次感謝您的持續支持和關注，並致富。這樣，我將把它交給操作員，我們就可以開始問答部分了。謝謝。

Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two. If you would like to move your question from the queue and For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start our first question comes from Michael Elias with TD. Cowan. Please proceed.

謝謝。如果您想提問，請按電話鍵盤上的星號一。確認音將表示您的線路已在問題佇列中。您可以按星二號。如果您想將您的問題從隊列中移出，對於使用揚聲器設備的參與者，可能需要在按下開始鍵之前拿起聽筒，我們的第一個問題來自 TD 的 Michael Elias。考恩.請繼續。

Great. Thanks for taking the questions. Two, if I may. First, Mark, you talked about a historically challenging fundraising year in 2024. Just curious as we enter the year, how you feel the fundraising environment evolve? Are you seeing LPs come back to the table with more appetite for digital infrastructure. Curious your thoughts there.

偉大的。感謝您提出問題。如果可以的話，兩個。首先，馬克，您談到 2024 年是歷史上充滿挑戰的籌款年。只是好奇，隨著我們進入這一年，您認為募款環境發生了怎樣的變化？您是否看到有限合夥人重新回到談判桌前，對數位基礎設施更加感興趣？好奇你的想法。

And then second, on the datacenter side, we see the CapEx that you're deploying into into the sector, but one of the headwinds that we see is availability of power. I'm just curious, as you think about the state of play of the grid globally, what are you seeing from the ability to access incremental power at the data center level and as part of that, how you're thinking about ensuring the long-term access to power at your portfolio company level.

其次，在資料中心方面，我們看到您正在部署到該行業的資本支出，但我們看到的阻力之一是電力的可用性。我只是好奇，當您思考全球電網的運行狀況時，您從數據中心級別獲取增量電力的能力中看到了什麼，作為其中的一部分，您如何考慮確保長期- 在您的投資組合公司層面上長期獲得權力。

But first of all, good morning and thank you let's start with fundraising. Look, the fundraising environment is tough. I've been out on the road the first six weeks of the year, and I would say investor interest is high investor interest is strong. Engagement is there. The calendar is plenty deep with meetings, and we've got a lot of investors that are working through various products with us, whether they're doing on-site due diligence here in South Florida, whether they're in the data room or whether we're in negotiating final terms. We've got a deep pipeline. As I mentioned last time, we have over 200 investors engaged on our current flagship strategy. So we feel very good about the trajectory of the fundraising for our flagship product and nothing has really changed there.

但首先，早上好，謝謝，讓我們從籌款開始。看來，融資環境很艱辛。今年的前六週我一直在路上，我想說投資者的興趣很高，投資者的興趣很強烈。參與度就在那裡。日曆上的會議很豐富，我們有很多投資者正在與我們一起研究各種產品，無論他們是在南佛羅裡達州進行現場盡職調查，無論他們是在數據室還是在我們是否正在談判最終條款。我們有很深的管道。正如我上次提到的，我們有 200 多名投資者參與我們當前的旗艦策略。因此，我們對我們的旗艦產品的籌款軌跡感到非常滿意，並且沒有任何真正的改變。

And then I would say interest in new products is up as well, particularly credit from some of the things that we're doing in our Digital Ventures Group is going quite well, particularly around co-investments. We had a fantastic partnership with Intel. We went out to raise some co-invest capital and we were oversubscribed to the tune of two to three times. So good ideas, good products, good execution. And certainly I'll finish with one thing, which is DPI. and we've had a great track record of returning capital to investors. We've returned over $4 billion of capital to investors in the last 18 months. We're returning more capital to investors. This year. We have a series of closings and a series of assets that are in strategic review. So we've done a really good job of listening.

然後我想說的是，人們對新產品的興趣也在增加，特別是我們在數位創投集團所做的一些事情進展順利，特別是在聯合投資方面。我們與英特爾建立了良好的合作關係。我們出去籌集了一些共同投資資金，我們獲得了兩到三倍的超額認購。所以好的想法，好的產品，好的執行。最後我當然會講一件事，那就是 DPI。我們在向投資者返還資本方面有著良好的記錄。過去 18 個月內，我們已向投資者返還超過 40 億美元的資金。我們正在向投資者返還更多資本。今年。我們有一系列的交割和一系列資產正在進行策略審查。所以我們在傾聽方面做得非常好。

I think you have to be in this environment towards matter, listen and patients. And I think we've been very patient and in due course, we've been rewarded. And I think if you deliver DPI., you deliver good returns and you're patient and you're not particularly pushy the results come. So that second piece is patients and it just requires a different level of patience and cadence. And you just have to be prepared to maybe take a commitment 30 days later or 60 days later 90 days later, you should be prepared to take a smaller check. Check sizes are down anywhere between 10% and 30%. We did have a few surprises where some check sizes came in a little higher and then, of course, new logos, one of the great things about having a 28 person team that goes out and prosecute our various strategies on a global basis is we're getting access to more logos and having a multi-strategy approach where right now we have three different products in market. It really shows the depth of what we're doing.

我認為你必須處於這種對待物質、傾聽和病人的環境。我認為我們一直非常有耐心，並且在適當的時候我們得到了回報。我認為，如果你提供 DPI，你就會獲得良好的回報，而且你有耐心，你不會特別急於求成。所以第二部分是病人，它只需要不同程度的耐心和節奏。你只需要準備好可能在 30 天後或 60 天後或 90 天後接受承諾，你應該準備好接受較小的支票。支票尺寸減少了 10% 到 30% 之間。我們確實有一些驚喜，一些支票尺寸稍高一些，當然還有新徽標，擁有一支 28 人團隊在全球範圍內執行我們的各種策略的好處之一就是我們「我們正在獲得更多徽標並採取多策略方法，目前我們在市場上有三種不同的產品。它確實展示了我們正在做的事情的深度。

And it really shows, as I mentioned earlier, the ecosystem and flywheel. So things are working well for us. We're pretty happy. Seven dot seven is the new eight. So you round that up, we feel like we we hit our goals of trying to get to $8 billion in a tough in a tough tape. And as I said, we remain positive and constructive around this year and we've closed some capital. We're going to close more capital inside this quarter. And so things are things from our perspective are in a pretty good shape. I don't want to overstate probably what you haven't heard from our peers like Blackstone or Carlyle or KKR or Brookfield, which is that fundraising is trickier today. And so we just have a different playbook. We have a different cadence. And so far, it's it's working out pretty well for us.

正如我之前提到的，它確實展示了生態系統和飛輪。所以我們一切進展順利。我們很高興。七點七是新的八。所以你把它四捨五入，我們覺得我們已經實現了我們的目標，即在艱難的磁帶中努力達到 80 億美元。正如我所說，我們今年仍然保持積極和建設性的態度，並且我們已經關閉了一些資本。我們將在本季內完成更多資本。所以從我們的角度來看，事情的狀況非常好。我不想誇大你可能沒有從 Blackstone、Carlyle、KKR 或 Brookfield 等同行那裡聽到的信息，那就是如今的籌款變得更加棘手。所以我們只是有一個不同的劇本。我們有不同的節奏。到目前為止，它對我們來說效果很好。

On the power issue, Michael, we you and I've been talking about this for two years. I don't think there's anything new I highlighted two years ago that the grid was insufficient to meet the demands of data center growth. So we started down a slightly different road two years ago going out and getting will serve letters when others weren't focused on that. We were designing data center capacity in markets that perhaps other people weren't focused on, whether you take a look at what we've done in Reno, by example, you take a look at what we've done in Québec and Québec City, by example, or you look at what we did in Berlin or you look at what we've done in Cardiff Wales or Milan or Warsaw, I mean, you got to skate sometimes to where the puck is going, not where everyone's up against the boards and a scrum.

關於權力問題，邁克爾，我們你我已經討論這個問題兩年了。我不認為兩年前我強調過網格不足以滿足資料中心成長的需求的任何新內容。因此，兩年前我們開始走一條略有不同的道路，當其他人不注意這一點時，我們就出去接收信件。我們在其他人可能不關注的市場中設計資料中心容量，無論您看看我們在裡諾所做的事情，例如，您看看我們在魁北克所做的事情，以魁北克城為例，或者你看看我們在柏林所做的事情，或者你看看我們在威爾士卡迪夫、米蘭或華沙所做的事情，我的意思是，你有時必須滑向冰球要去的地方，而不是每個人都在對抗董事會和爭吵。

And so we've tried to always be as the leader in this infrastructure business and digital infrastructure, we've always tried to be a step ahead. So our five gigawatts that is currently being contemplated, we do have power sources for that. And in addition to that, we've been working very hard on renewable sources of energy. The switch investment was it was a big case study in that and the fact that we know how to source and develop renewable energy adjacent to our data centers. We're working really hard on energy independence across all of our data center platforms that remains front and center for us. But again, that's a mission that started two years ago. Some people are just now waking up to the fact that we have a grid transmission issue.

因此，我們一直努力成為基礎設施業務和數位基礎設施領域的領導者，我們一直努力領先一步。因此，我們目前正在考慮建造 5 吉瓦，我們確實有足夠的電源。除此之外，我們一直在再生能源方面努力工作。轉換投資是一個大型案例研究，事實上我們知道如何在資料中心附近採購和開發再生能源。我們正在努力實現所有資料中心平台的能源獨立性，這仍然是我們的首要任務和中心。但同樣，這是兩年前開始的任務。有些人現在才意識到我們有電網傳輸問題。

You probably weren't paying attention to years ago or you just weren't in the business. A lot of people have jumped into the business in the last 12 months and the difference between being a native and a tourist. So we tell investors look, you know, we're really, really, really focused on making sure that we're preparing for the future. And to do that, you've got to have great management teams. You've got capital formation. You have to have good ideas and you have to have executives that have been there done that we just brought on board Alex Hernandez, who was formerly the CEO of talent to work in our investment management team. Alex is a multi-decade veteran in the energy transition space. He knows how to bring renewable sources of energy and alternative sources of energy to data centers. And so we're excited to have him here working with our internal team on that and working with the Enbridge team that's working on energy transition and um, we said it when we bought AMP. and converted to Enbridge, that energy transition was going to be a big issue. And further to that, we also brought in industry expert Christian related. So Christian, as most everyone knows in the industry comes from Microsoft has an amazing track record in building data centers, but most importantly, understands how to source renewable energy and understands the customer perspective on why renewable energy is so important. And as I've said before, again, this is not a new narrative for us. We said it two years ago, having renewable energy isn't just something that looks good on a T-shirt that you're ESG compliant?

幾年前你可能沒有註意到，或者你只是沒有參與這個行業。在過去的 12 個月裡，很多人都加入了這個行業，並了解了本地人和遊客之間的差異。所以我們告訴投資者，你知道，我們真的、真的、真的專注於確保我們為未來做好準備。要做到這一點，你必須擁有優秀的管理團隊。你已經有了資本形成。你必須有好的想法，你必須有已經做過的高階主管，我們剛剛聘請了亞歷克斯·埃爾南德斯（Alex Hernandez），他是我們投資管理團隊的前人才執行長。亞歷克斯是能源轉型領域數十年的資深人士。他知道如何將再生能源和替代能源引入資料中心。因此，我們很高興他能在這裡與我們的內部團隊合作，並與致力於能源轉型的 Enbridge 團隊合作，嗯，我們在購買 AMP 時就說過了。並轉換為安橋公司後，能源轉型將成為一個大問題。除此之外，我們也引進了克里斯蒂安相關的產業專家。因此，業內大多數人都知道，來自微軟的 Christian 在建立資料中心方面有著驚人的記錄，但最重要的是，他了解如何獲取再生能源，並了解客戶對再生能源為何如此重要的看法。正如我之前所說，這對我們來說並不是一個新的故事。我們兩年前就說過，擁有再生能源不僅僅是一件 T 恤上好看的東西，表明您符合 ESG 要求？

It's to be honest, Michael, it's table stakes. And if we're going to be ultimately the consistently the provider of the next generation of digital infrastructure. We have to do that in concert with our customers, and that's understanding their needs from an energy efficiency perspective, renewable energy, different sources of cooling. And just thinking differently, we have to continue to evolve as a firm. And that's something I've always been open to. And I think you see with the the ideas that we're prosecuting and the people that have joined our team, we're very focused on this and have been so for a while. And this is again, not a new narrative.

說實話，邁克爾，這是賭注。如果我們最終要始終如一地成為下一代數位基礎設施的提供者。我們必須與客戶合作，從能源效率、再生能源、不同冷卻來源的角度了解他們的需求。只是以不同的方式思考，我們必須作為一家公司繼續發展。這也是我一直以來持開放態度的事。我想你會看到我們正在推行的想法以及加入我們團隊的人員，我們非常關注這一點，並且已經這樣做了一段時間了。這又不是一個新的敘述。

Thanks for all the color. Much appreciated.

感謝所有的顏色。非常感激。

Thanks, Mike.

謝謝，麥克。

Our next question is from Jade Rahmani with KBW. Please proceed.

我們的下一個問題來自 KBW 的 Jade Rahmani。請繼續。

And thank you very much. In terms of the fundraising outlook, would you say that there's also alongside a slowdown in fundraising, increased competition in the verticals that Digital Bridge target to? What To what extent is that a factor in your outlook?

非常感謝你。就籌款前景而言，您是否認為在籌款放緩的同時，Digital Bridge 所瞄準的垂直行業的競爭也加劇了？這在多大程度上是您觀點中的一個因素？

Well, I think if it's remember, there's two dimensions to this alternative asset management business. One is we go out, we compete for capital across our product set. So we've got to go out every day and compete. And I think inside this quarter, we demonstrated our ability to compete. And I think to be honest, we sort of punched above our weight class. If you look at some of the performance of the other alternative asset managers in terms of their their fundraising, second down at the portfolio company level, we've been competing for 30 years. So that's a that's a that's a a playing field that I feel very comfortable on.

好吧，我想如果還記得的話，這種另類資產管理業務有兩個維度。一是我們走出去，我們在整個產品系列中爭奪資本。所以我們必須每天出去比賽。我認為在本季度內，我們展示了我們的競爭能力。老實說，我認為我們的表現有點超出了我們的體重級別。如果你看看其他另類資產管理公司在融資方面的表現（在投資組合公司層級排名第二），我們已經競爭了 30 年。所以這是一個我感覺非常舒服的競爭環境。

Am I like competing for new BTS orders? I like competing for new small cell orders. I like competing for new data center capacity. And I think in that regard, as you heard today down at the portfolio company level, we experienced organic cash flow growth year over year, up across all four verticals. And our portfolio companies are going out and winning switch had an incredible 1st year under our stewardship in terms of new bookings Zayo had a tremendous year and a great turnaround. EBITDA up {67%} in a in a tough macro, demonstrating our capability to get out there and go compete and ultimately deliver our business plan.

我喜歡爭奪新的 BTS 訂單嗎？我喜歡爭奪新的小型基地台訂單。我喜歡爭奪新的資料中心容量。我認為在這方面，正如您今天在投資組合公司層面所聽到的那樣，我們經歷了有機現金流逐年增長，在所有四個垂直領域都有所增長。我們的投資組合公司正在走出去，並贏得了勝利，在我們管理下的第一年，就新訂單而言，Zayo 度過了令人難以置信的一年，並實現了巨大的轉變。在嚴峻的宏觀形勢下，息稅折舊攤銷前利潤 (EBITDA) 增長了 {67%}，這證明了我們有能力走出去、參與競爭並最終實現我們的業務計劃。

So look, we're going to compete every day. We compete at the portfolio company level. We have to compete for customers. I think what always gives me a fair bit amount of optimism is that the wallet that we go out and compete for that piece that we take of the wallet is growing. And when you see the tailwinds that we have had the last decade and you look at the tailwinds we have in front of us for the next 10 years. I mean, we're not even done building public cloud. We're not even done building edge workloads for cloud. And here comes AI that requires a robust set of connectivity solutions to the data center requires massive compute, power, power efficiency new data center design. And then beyond that, as we look over the next two to seven, eight, nine years out, there's a whole ecosystem that comes with a eye that follows a similar blueprint to what we went through in public cloud, which is as it's sort of cloud trained in big data centers.

所以看，我們每天都會競爭。我們在投資組合公司層面進行競爭。我們必須爭奪客戶。我認為總是讓我相當樂觀的是，我們走出去並爭奪我們從錢包中拿走的那部分的錢包正在增長。當你看到我們過去十年所經歷的順風和未來十年我們面前的順風。我的意思是，我們甚至還沒有完成公有雲的建置。我們甚至還沒有完成為雲端建立邊緣工作負載的工作。人工智慧需要一套強大的資料中心連接解決方案，需要大量計算、電力、能源效率的新資料中心設計。除此之外，當我們展望未來兩到七年、八年、九年時，將會出現一個完整的生態系統，它的眼睛遵循與我們在公有雲中經歷的類似的藍圖，這就像它一樣在大數據中心接受過雲端訓練。

As we've said, it's edge delivered an edge delivery concept. I'm going to keep pounding home all year because I want you guys to understand it, which is that edge delivery requires an ability to bring that across the ecosystem. So very few can do that, right, which is do you have the fiber? Do you have the tower infrastructure? Do you have the edge compute infrastructure? Do you have the small cell infrastructure. Do you have the ability to offload into a controlled environment like a train station or an airport or a stadium where you have WiFi six and you have the capability to deliver big bandwidth solutions and deliver those types of generative AI applications. We're going to keep talking about this similar to how we were talking about power two years ago for data centers.

正如我們所說，它的邊緣交付了邊緣交付概念。我將全年繼續努力，因為我希望你們能夠理解這一點，即邊緣交付需要有能力將其帶入整個生態系統。所以很少人能做到這一點，對吧，你有哪一種光纖？你們有塔式基礎設施嗎？您有邊緣運算基礎設施嗎？你們有小型蜂巢基礎設施嗎？您是否有能力卸載到火車站、機場或體育場等擁有 WiFi 6 的受控環境，並且有能力提供大頻寬解決方案並提供這些類型的生成式 AI 應用程式。我們將繼續討論這個問題，就像我們兩年前討論資料中心的電力一樣。

When we give you themes to think about it's not accidental. It's because we have real world experience and what's happening. And so maybe we're a couple of quarters ahead of the crowd or the tourist, as I like to say. But what we're doing today, it is delivering for customers, and we're delivering an ecosystem, an ecosystem set of solutions that is a bit differentiated from our competitors, and we have to keep doing that. We have to keep evolving and we have to keep taking outsize wallet. It's really important.

當我們給你一些主題來思考時，這並不是偶然的。這是因為我們有現實世界的經驗和正在發生的事情。因此，正如我想說的，也許我們比人群或遊客領先幾個季度。但我們今天所做的，是為客戶提供服務，我們正在提供一個生態系統，一套與我們的競爭對手不同的生態系統解決方案，我們必須繼續這樣做。我們必須不斷發展，我們必須不斷掏出超大的錢包。這真的很重要。

Thank you in terms of the guidance range, looking beyond what you provided to 2024, I believe the last CUM. target was $49 billion for 2025 So $7 billion is now the rate of organic growth and fundraising should revisit and thinking more along the lines of $44 billion to $45 billion as a reasonable target for 2025?

謝謝您提供的指導範圍，超越您提供的到 2024 年的範圍，我相信最後的 CUM。 2025 年的目標是 490 億美元 那麼現在的有機成長率是 70 億美元，融資是否應該重新審視並更多地考慮將 440 億至 450 億美元作為 2025 年的合理目標？

Look, we haven't put out those targets on. What we have done is given a specific set of parameters around what we feel we will deliver this year. I think that was pretty clear from the earnings presentation. We've as we've made this final transition from diversified re into alternative asset manager. Part of that transition this year is now reporting like our peer group. And so you have to maybe out a little bit of the old way we reported, which was more in a re cadence and more based on run rate to now actually going to what our peer set does in the alternative asset management space, which is reporting on actuals. And so ultimately, you know, we plan to give that level of comfort to investors on our Investor Day, which we're planning for May. We'll have that data for you shortly in March. We hope you'll come down here and shop in person or you can shop virtually either way. I think it will be very instructive a day for us and with our investors. And of course, with all of you in the analyst community. So we look forward to that.

看，我們還沒有訂定這些目標。我們所做的事情是圍繞著我們認為今年將交付的內容給出了一組特定的參數。我認為從收益報告中可以清楚看出這一點。我們已經完成了從多元化再投資到另類資產管理公司的最終轉型。今年這一轉變的一部分現在正在像我們的同行小組一樣進行報告。因此，您可能必須擺脫我們報告的一些舊方式，這種方式更多的是重新節奏，更多地基於運行率，現在實際上是我們的同行在另類資產管理領域所做的事情，即報告就實際情況而言。因此，最終，您知道，我們計劃在五月的投資者日為投資者提供這種程度的安慰。我們很快就會在三月為您提供這些數據。我們希望您親自來到這裡購物，或者您也可以透過虛擬方式進行購物。我認為這對我們和我們的投資者來說都是非常有啟發性的一天。當然，還有分析師社群的所有人。所以我們對此充滿期待。

What would you say? Is there any reason for a reacceleration in growth in 2025, let's say, rates moderate and that that part of the headwind subsides that could add to LP investor confidence in deploying capital? Is there the potential for a real acceleration?

你打算說什麼？是否有任何理由會在 2025 年重新加速成長，比如說，利率溫和，並且部分逆風消退，這可能會增加有限合夥人投資者對資本配置的信心？是否有真正加速的潛力？

Well, look, an acceleration for us would be amplified fundraising, right, because that ultimately leads to VM and FRE and distributable earnings. So we've given you a $7 billion guide for fundraising this year. It flows through very evenly to the rest of the key metrics that you know about our business. And I don't think there's any magic to 25 versus 24 versus 26. I think we're in a very steady cadence in terms of how we're from delivering on existing products for investors, which is that key metric, DPI. returning capital back to investors, I think everyone needs to understand that if you return capital back to investors, you then can ask for more new capital. But I think investors are becoming a lot more hawkish around DPI. and in terms of giving new commitments that is heavily linked to your ability to perform for them. So right now and this year, we're focused obviously on the three products that we're fundraising for that $7 billion that we talked about. We're very focused on portfolio company performance.

好吧，看，我們的加速將是放大籌款，對吧，因為這最終會帶來 VM 和 FRE 以及可分配收益。因此，我們為您提供了今年 70 億美元的籌款指南。它非常均勻地流向您了解的有關我們業務的其他關鍵指標。我不認為 25 對 24 對 26 有什麼魔力。我認為我們在如何為投資者提供現有產品方面處於非常穩定的節奏，這就是關鍵指標 DPI。將資本回饋給投資者，我認為每個人都需要明白，如果你將資本回饋給投資者，那麼你就可以要求更多的新資本。但我認為投資人對 DPI 的態度變得更加強硬。在給予新的承諾方面，這與你履行職責的能力密切相關。因此，現在和今年，我們顯然專注於我們正在籌集的 70 億美元資金中的三種產品。我們非常關注投資組合公司的表現。

We're very focused on the exits that we have planned for this year. And delivering great outcomes for investors. And then that gives us the ability to go out and fund raise in 25 and 26. And as you can tell from the cadence of credit and Enbridge and our flagship strategy, there is a pretty as you can start to notice in pattern recognition. There's a logical progression from when you launch new products also, I want to be clear, we have not left M&A off the table for this year. We do think there's adjacencies in digital alternative asset management that we do not have in our quiver today. So we're going to go out and think thoughtfully about how to grow that, whether it's standing up new teams organically or whether it's buying an existing platform like we did with within TruBridge, we're going to grow our asset base and we're not afraid to use M&A as an ability to do that.

我們非常關註今年計劃的退出。並為投資者帶來巨大的成果。這樣我們就有能力在 25 和 26 年間出去募款。正如您從信貸和安橋的節奏以及我們的旗艦策略中可以看出的那樣，您可以開始注意到模式識別中的美麗之處。從推出新產品開始，也會有一個合乎邏輯的進展，我想明確的是，我們今年並沒有放棄併購。我們確實認為數位另類資產管理中存在我們今天所沒有的鄰接關係。因此，我們將出去深思熟慮如何發展這一點，無論是有機地組建新團隊，還是像我們在 TruBridge 中那樣購買現有平台，我們都將擴大我們的資產基礎，我們不害怕利用併購作為實現這一目標的能力。

And then we have lots of different ideas and targets there. So there is the opportunity for outperformance and acceleration 25, 26. I want to be clear with you. It's not interest rate driven. Everyone seems to think that interest rates are the magic elixir. It's not the Elixir in the alternative asset management space. If you're a serious, you run into serious companies, returning capital to investors DPI. matters because at the end of the day, the organizations that deliver and bring capital back to LPs are the organizations that have the ability to ask for new capital commitments that to me is really the focal point of what we're trying to get done this year.

然後我們有很多不同的想法和目標。因此，有機會表現出色並加速 25、26。我想跟你說清楚。它不是由利率驅動的。每個人似乎都認為利率是靈丹妙藥。它不是另類資產管理領域的靈丹妙藥。如果你是認真的，你會遇到認真的公司，將資本回饋給投資人 DPI。重要的是，因為最終，向有限合夥人交付和帶回資本的組織是有能力要求新的資本承諾的組織，對我來說，這確實是我們正在努力完成的工作的重點年。

That's a great point about it's not only interest rate driven. I wanted to ask a follow-up. I don't know if you'd be comfortable answering it, but looking at the FRE and translating it to a per share distributable EPS basis, what range do you think might be reasonable?

這是一個很好的觀點，它不僅僅是利率驅動的。我想問一下後續情況。我不知道您是否願意回答這個問題，但是看看 FRE 並將其轉換為每股可分配 EPS 基礎，您認為什麼範圍可能是合理的？

Yes, we're not guiding to EPS. I mean, obviously, the other factors that drive it from a from FRE down to EPS or just grow earnings will be our interest expense as well as preferred equity. But at this at this point and juncture, given the realizations and other things that matter to just real earnings and EPS, we're at this point not guiding to that right now.

是的，我們不會指導 EPS。我的意思是，顯然，推動其從 FRE 降至每股收益或只是增加收益的其他因素將是我們的利息支出以及優先股。但在此時此地，考慮到實際收益和每股盈餘的實現和其他因素，我們目前不會對此進行指導。

Thank you.

謝謝。

Thank you.

謝謝。

And our next question is from Rick Prentiss with Raymond James. Please proceed.

我們的下一個問題來自瑞克·普倫蒂斯和雷蒙德·詹姆斯。請繼續。

It's Warner Bros. A recovery, a presence of first phase of resilience to the simpler story. We knew it took a lot of work and it was busy Asaf. Jacky has been great working with you and welcome to beginning to know Tom, better.

這是華納兄弟。恢復，是對更簡單的故事的第一階段的恢復力的存在。我們知道這需要大量工作，而且阿薩夫很忙。傑基（Jacky）與您合作非常愉快，歡迎開始更了解湯姆（Tom）。

Thanks, Rakuten's.

謝謝，樂天的。

Even questions are Mark waterfall and obviously fundraising is key topic. So and first, also, thank you for getting the calendar year guidance. We appreciate that 24 is a calendar year guidance and check box on that one, too. On when we think about the $7 billion in fresh capital in 24, how should we think about the pacing through the year on that one.

甚至問題都是馬克瀑布，顯然募款是關鍵議題。首先，也感謝您獲得日曆年指導。我們很高興 24 是一個日曆年指導，也勾選了該日曆年。當我們考慮 24 年的 70 億美元新資本時，我們應該如何考慮這一年的節奏。

And then on the realization for DPT. one DDP. two, like you said, TPI. is important, how should we think about what that pace of those returning capital to investors should look like an extra piece of the question twos, how should that return to capital affect kind of our thoughts longer term 25, 26, 27.

然後是DPT的實作。一個 DDP。兩個，就像你說的，TPI。重要的是，我們應該如何思考向投資者返還資本的速度應該是問題二的額外部分，資本返還應該如何影響我們的長期想法 25、26、27。

So I don't think there's a specific algorithm between DPI. and what investors bring back to us. I want to make sure you guys don't feel like there's a direct correlation there. I think that and you know, we've delivered about a little over $4 billion of DP. I think it's $4.6 billion of DPI. in the last 18 months, we have scheduled to deliver another $5 billion DPI. this year could go a little bit higher. We'll see it's really focused on and a couple of our continuation funds, some of the legacy de-leverage funds that we had are returning capital right now. There's some exits in Fund one. There's some in for bridge exits. So we've got a bunch of stuff teed up and done. We'll continue to update you each quarter as we deliver that DPI. I think on the $7 billion this year, we've been pretty clear that the bulk of that will be flagship on. So we've got closings that are scheduled for the end of this month. We've got a big closing scheduled for March. We've got we have rolling closings, Rick pretty much every 30 days. And remember, we're no longer a one-product shop, right? So between co-investments, continuation vehicles, the flagship product and our credit strategy, our late-stage venture growth strategy. We've got an ample amount of products in the market that there's always a closing happening at some point in time. So the key to that is just updating you guys on a quarterly basis about how much we raise inside the quarter. And then ultimately how that offsets against our annual objectives. So so far, good start to the year.

所以我認為DPI之間沒有特定的演算法。以及投資者為我們帶來了什麼。我想確保你們不會覺得這之間有直接的相關性。我認為，我們已經交付了大約 40 億美元多一點的 DP。我認為 DPI 為 46 億美元。在過去 18 個月中，我們計劃再交付 50 億美元的 DPI。今年可能會更高一些。我們會看到它真正關注的是我們的一些延續基金，我們擁有的一些遺留去槓桿基金現在正在返還資本。基金一號有一些退出。有一些是橋出口。所以我們已經準備好並完成了很多事情。我們將在每個季度交付該 DPI 時繼續向您提供最新資訊。我認為，就今年 70 億美元而言，我們已經非常明確，其中大部分將用於旗艦產品。因此，我們計劃在本月底關閉。我們計劃在三月舉行一場大型閉幕式。我們有輪流關閉，Rick 幾乎每 30 天一次。請記住，我們不再是單一產品商店，對吧？因此，在聯合投資、延續工具、旗艦產品和我們的信貸策略、我們的後期風險成長策略之間。我們市場上有大量的產品，總會在某個時間點關閉。因此，關鍵是每季向大家更新我們在本季籌集了多少資金。最終，這將如何抵消我們的年度目標。到目前為止，這是今年的良好開端。

Good January, right? February's lining up pretty good. March is lining up very strong and done everything seems to be as we have planned it, as I mentioned earlier, Rick, this there's one key word all of this, which is just patients, right, where you've got to wait two weeks for a signature. You got to wait 30 days for a fee letter. You got to wait 45 days for an investment committee to reconstitute itself. Every place has a story an issue and we just need to be good listeners, which we are we need to be patient, which we are and the results will come out. We have a very, very good feel for what we're doing and which is why we sit here today with the results that we just delivered to you and the conviction level that we have for the story this year and out into 25 and 26, where we've already got new products lined up for launch later this year. That will be our 25 products. And then if we continue to deliver on Fund one and Fund two, we can continue to grow our flagship strategy in 26. So everything is pretty well thought out right. I mean, we have a very specific set of goals and objectives and the good news about having the multi-strat set up that we have today between Enbridge, right, the flagship product, late stage venture growth, credit SaaS, which is our core fund and our two liquid securities in our continuation Funds Group. We have enough products out there that can keep growing and don't forget, Rick, as our portfolio companies grow in the middle of the year, we may announce a big co-investment, right? So we may go out to all of our LPs let's say not going to pick on one company, but let's say scholar switcher Vantage Europe ends up outperforming. It's not uncommon for us in the middle of the year to do an equity raise very quietly and then also that pops up in the next quarter.

一月很好，對吧？二月的陣容還不錯。三月的陣容非常強大，一切似乎都按照我們的計劃進行，正如我之前提到的，瑞克，這一切都有一個關鍵字，那就是病人，對吧，你必須等待兩週簽名。您必須等待 30 天才能收到費用信。你必須等待 45 天，投資委員會才能重組。每個地方都有一個故事和問題，我們只需要成為好的傾聽者，我們就是這樣，我們需要耐心，我們就是這樣，結果就會出來。我們對我們正在做的事情有非常非常好的感覺，這就是為什麼我們今天坐在這裡，公佈我們剛剛向你們提供的結果，以及我們對今年以及 25 和 26 年的故事的信心水平，我們已經準備好將於今年稍後推出的新產品。這將是我們的 25 種產品。然後，如果我們繼續兌現基金一號和基金二號的承諾，我們可以在 26 年繼續發展我們的旗艦策略。所以一切都是經過深思熟慮的。我的意思是，我們有一套非常具體的目標和目標，還有一個好消息，就是我們今天在安橋（Enbridge）之間建立了多策略，對，旗艦產品，後期風險投資增長，信貸SaaS，這是我們的核心基金和我們延續基金集團中的兩種流動證券。我們有足夠的產品可以持續成長，不要忘記，瑞克，隨著我們的投資組合公司在年中成長，我們可能會宣布一項大規模的聯合投資，對嗎？因此，我們可能會去找所有的有限合夥人，假設不會挑選一家公司，但假設學者轉換者 Vantage Europe 最終表現出色。對我們來說，在年中悄悄進行股權融資並在下個季度突然出現的情況並不罕見。

And you're like, oh, wow, where did that come from? Well, it came from success-based CapEx and so we've got a rich history of doing that. And again, whether it's a scholar or whether it's a high line or whether it's advantage Europe or whether it's a Vertical Bridge all of these companies require capital. And when they're succeeding and they're taking outsize wallet share, it's easy to go to LPs and pass the hat and ask for a top-up on co-invest equity. So you'll see that each quarter you'll see a co-investment strategy bring in some new capital. Perhaps you guys don't expect it. We don't model it right, but as our portfolio companies grow. So does the equity table and so does the ability to form capital around our best management teams?

你會想，哦，哇，那是從哪裡來的？嗯，它來自基於成功的資本支出，因此我們在這方面擁有豐富的歷史。再說一次，無論是學者或高線、優勢歐洲或垂直橋樑，所有這些公司都需要資本。當他們取得成功並獲得大量資金份額時，他們很容易去找有限合夥人並遞上帽子並要求補充共同投資股權。因此，您會發現每季共同投資策略都會帶來一些新資本。或許大家都沒有想到。我們沒有正確建模，但隨著我們的投資組合公司的成長。股權表以及圍繞我們最好的管理團隊形成資本的能力也是如此嗎？

It seems a little premature, but Tom, you're in the background there on the call, it sounds like you've got extensive experience in the real world. What are you seeing so far as kind of the pros and cons of digital brands versus others in the all asset managers sales and what do you think the market's missing as far as as people look at DigitalBridge?

這似乎有點為時過早，但是湯姆，你在電話會議的後台，聽起來你在現實世界中擁有豐富的經驗。在所有資產管理公司的銷售中，您認為數位品牌相對於其他品牌的優缺點是什麼？就人們對 DigitalBridge 的看法而言，您認為市場缺少什麼？

It is probably a little premature for me to comment on that specifically. But what attracted me to DigitalBridge is that we have a focus and an area of expertise that differentiates us. And so that's what attracted me here. And I think that's fundamentally what's important when you think about investing capital.

我現在具體評論這一點可能還為時過早。但 DigitalBridge 吸引我的是我們有一個讓我們與眾不同的重點和專業領域。這就是這裡吸引我的地方。我認為，當你考慮投資資本時，這從根本上來說是最重要的。

At Murphy, you've obviously been around a lot longer with millions of cash 2025 years. What do you think are the pros and cons on what you guys now are the simpler story and what is the market I'm not giving you credit for yet maybe?

在 Murphy，你顯然已經在 2025 年擁有數百萬現金了。你們認為你們現在這個更簡單的故事的利弊是什麼？我可能還沒有給你們信任的市場是什麼？

Well, Rick, I think we've been pounding the table now for three years, and I have been at your conference is quite a bit from being an evangelist of the asset-light digital infrastructure player and even though we've taken an alternative asset management, skin deep at our core, our Capula is our heart. Our brain is that of an operator? And when your asset light, Rick, you can go faster, right? And when your asset light, you can form capital quicker and you can take wallet and I love doing that. I love competing, and I'd like to go out and I love it when our portfolio companies go go win the key jump balls because we can move a little quicker than we can form a little capital and make no mistake in AI infrastructure, you've got to have a big wallet if you're going to go compete for some of this business. So we're out there doing that. And as you can tell from the likes of Equinix and DLR, they're out there trying to form capital away from their public balance sheets because they have to it's the only way they can survive which is why DLR did the business did the deal with Blackstone and why Equinix did their deal with GIC.?

好吧，里克，我想我們已經討論了三年了，我參加你們的會議已經遠遠不是作為輕資產數字基礎設施參與者的佈道者了，儘管我們已經採取了替代方案資產管理是我們的核心，我們的Capula 是我們的心臟。我們的大腦是操作員的大腦？當你的資產較輕時，Rick，你可以走得更快，對吧？當你的資產較輕時，你可以更快地形成資本，你可以拿走錢包，我喜歡這樣做。我喜歡競爭，我想出去，我喜歡當我們的投資組合公司去贏得關鍵的跳球時，因為我們可以比我們形成一點資本更快一點，並且在人工智能基礎設施方面不會犯錯，你如果你想參與一些這項業務的競爭，就必須有一個大錢包。所以我們就在那裡做這件事。正如您從 Equinix 和 DLR 等公司中可以看出的那樣，他們試圖從公共資產負債表中形成資本，因為他們必須這樣做，這是他們生存的唯一途徑，這就是 DLR 與該公司進行交易的原因Blackstone 以及Equinix 為何與GIC 達成交易？

I think it's sort of proof positive that what we're doing is the new, the new thinking and infrastructure, a more evolved way to invest in digital infrastructure, which is why our investor base has some crossover. You see traditional infrastructure, TMT investors in our share price. And then you see obviously and folks that hold other alternative asset managers moving in to our stock in the last 90 days because they understand what we're doing and the fact that we are the next gen alternative asset manager, lean focused flywheel, product centric customer centric. And these are things that are unique and even unique.

我認為這證明了我們正在做的是新的、新的思維和基礎設施，是一種更先進的數位基礎設施投資方式，這就是為什麼我們的投資者基礎有一些交叉。你在我們的股價中看到了傳統的基礎建設、TMT投資者。然後你顯然會看到，持有其他另類資產管理公司的人在過去90 天內買入我們的股票，因為他們了解我們正在做什麼，也了解我們是下一代另類資產管理公司、專注於精益飛輪、以產品為中心的事實以顧客為中心。而這些都是獨一無二的，甚至是獨一無二的。

Rick in the alternative asset management space. We're at our First Financial's conference today, which will be interesting, but we'll still attend your conference, right, because we have a big say in what happens in your world, but we now have a voice in the world of, again the Blackstone's and Carlyle's and KKR's because from our fees, our revenue, our earnings and most importantly, the scarcity of what we do is so unique. And I think as time goes on, you're beginning to see us grow into what I think is an appropriate multiple for this business. We're not industry-leading yet. I think my goal is to have the highest multiple in the industry because I think what we do is more unique.

里克（Rick）在另類資產管理領域。我們今天參加第一財經的會議，這會很有趣，但我們仍然會參加你們的會議，對吧，因為我們對你們世界發生的事情有很大的發言權，但我們現在在世界上有發言權，再次是黑石、凱雷和 KKR，因為從我們的費用、我們的收入、我們的收益來看，最重要的是，我們所做的事情的稀缺性是如此獨特。我認為隨著時間的推移，你會開始看到我們成長為我認為適合這項業務的本益比。我們還沒有處於行業領先地位。我認為我的目標是擁有業內最高的本益比，因為我認為我們所做的事情更加獨特。

I think what we do is a little bit more sticky. I think our fee streams are a little bit longer. And as we get out on the circuit and we talk to investors in the financial services space like we're going to do today at one of your competitors' conferences, we're going to make that case. But the durability of our management fees, the uniqueness of what we do the scalability of what we do. Our ability to grow UMCM. and FRE. is very unique because it's fueled by a secular tailwind that hits credit that hits core that hits flagship that hits in for bridge that hits our liquid securities funds. All of these ideas and concepts are unique, curated, tailored different products and perhaps what our peers are selling. And so as Tom said, being focused matters, investors want focus. They want to be with somebody that's an industry specialist and that understands how to invest in these secular opportunities, you're seeing the same thing Rick and renewables investors pile into folks that are focused that have that industrial background. And that's why I think you're seeing some of the success now, I think the big the big elephant in the room about our valuation, Rick, has just carried interest, right? I remember, you know, talking to some friends of mine at Blackstone who now are the senior leadership there in over a decade ago and when they went public, there wasn't a great appreciation for their carried interest.

我認為我們所做的有點黏性。我認為我們的費用流要長一些。當我們走出圈子，與金融服務領域的投資者交談時，就像我們今天在競爭對手的會議上所做的那樣，我們將闡述這一點。但我們管理費的持久性、我們所做工作的獨特性以及我們所做工作的可擴展性。我們發展 UMCM 的能力。和FRE。它非常獨特，因為它受到長期順風的推動，這種順風會衝擊信貸，衝擊核心，衝擊旗艦，衝擊橋樑，衝擊我們的流動證券基金。所有這些想法和概念都是獨特的、精心策劃的、量身定制的不同產品，也許也是我們的同行正在銷售的產品。正如湯姆所說，專注很重要，投資者希望專注。他們希望與行業專家、了解如何投資這些長期機會的人在一起，你會看到里克和再生能源投資者向那些專注於具有行業背景的人投入相同的東西。這就是為什麼我認為你現在看到了一些成功，我認為關於我們估值的房間裡的大大象，里克，剛剛帶來了興趣，對嗎？我記得，你知道，與我在 Blackstone 的一些朋友交談，他們現在是十多年前的高級領導層，當他們上市時，他們的附帶權益並沒有得到很大的讚賞。

And now today, I think investors expect on a quarterly basis, Blackstone to deliver carried interest and they do it and they do it really well. They're best in class. And so we need to get into that same cadence, right, where investors can trust the carried interest delivery. And we've got a big chunk of our carry is for the public company. And right now, we don't get we don't get valued for that at all. So that's a big opportunity. But we that's something that's earned, Rick. We got to go earn that and I plan to do that just like we spent the last four years earning your trust and earning investor trust, we will spend the next four to five years earning the trust side on the carried interest delivery for our shareholders since.

現在，我認為投資者預計黑石將按季度交付附帶權益，他們做到了，而且做得非常好。他們是班上最好的。因此，我們需要進入同樣的節奏，讓投資人可以相信附帶權益的交付。我們的很大一部分收益是為上市公司提供的。現在，我們不明白我們根本沒有因此而受到重視。所以這是一個很大的機會。但這是我們應得的，瑞克。我們必須去贏得這一點，我計劃這樣做，就像我們過去四年贏得你們的信任和投資者的信任一樣，我們將在接下來的四到五年裡為我們的股東贏得附帶權益交付的信任。 。

Thanks, everybody. Jackie again, that's what's next right.

謝謝大家。傑基又來了，這就是接下來的事情。

Our next question is from Richard Choe with JPMorgan. Please proceed.

我們的下一個問題來自摩根大通的 Richard Choe。請繼續。

Great. I just wanted to follow up on the $11 billion in data center CapEx, what kind of return rate should we be expecting from those investments? And I think there's some worry that we're kind of entering this peak data center demand environment. Can you talk a little bit about kind of the sustainability that you see? I know you went over a little bit on your pipeline, but in the past pipelines aren't always So don't always turn out to what they should be.

偉大的。我只是想跟進 110 億美元的資料中心資本支出，我們應該從這些投資中獲得什麼樣的回報率？我認為有人擔心我們正在進入資料中心需求高峰環境。您能談談您所看到的可持續性嗎？我知道您對管道進行了一些修改，但在過去，管道並不總是如此，因此並不總是達到應有的效果。

You know, Richard is always you're asking the right question, right. I think we should always be concerned at the peak, not the trough. And so having like you having been around this sector for three decades, I mean, I've watched the peaks and valleys and cell towers of watch and small cells of watch and fiber. I've now watched two leasing cycles and data centers. And I think, Richard, you'd probably agree if they weren't a third cycle now since the inception of the industry where we're at a peak, I actually will take the view that I think rental rates, Richard will continue to go up. I do think it is very market specific, given that we are a global operator, we do operate in five different continents. Just to be clear, we've got operations in Africa, good operations in Asia, Latin America the US and Europe. And so we have a pretty good purview of what's happening out there. And certain markets lease rates are up 10%, 11%. Certain markets lease rates are up 25%, 30% 40%.

你知道，理查德總是在問正確的問題，對吧。我認為我們應該始終關注高峰，而不是低谷。因此，像您一樣，我已經在這個領域工作了三十年，我的意思是，我已經觀察了手錶的高峰和低谷以及蜂窩塔以及手錶和光纖的小型蜂窩。我現在已經觀察了兩個租賃週期和資料中心。我認為，理查德，如果他們不是自該行業誕生以來我們處於頂峰的第三個週期，你可能會同意，我實際上會認為我認為租金率，理查德將繼續上手。我確實認為這是非常特定於市場的，因為我們是一家全球營運商，我們確實在五個不同的大陸開展業務。需要明確的是，我們在非洲有業務，在亞洲、拉丁美洲、美國和歐洲也有良好的業務。所以我們對那裡正在發生的事情有很好的了解。某些市場的租賃率上漲了10%、11%。某些市場的租賃率上漲了 25%、30% 40%。

And Richard is heavily correlated to power and power availability. And so has certain markets like, for example, the flat markets or Northern Virginia or Santa Clara does or even our Hillsboro, these are these are capacity constrained markets where the landlord has the advantage and how you use that advantage is really important. And I won't get into the strategy of pricing and what we do, it's not appropriate. But our 5 gigawatt pipeline is super qualified in the respect that we have land and we have permits we have will serve letters, and we're prepared to deliver that capacity that five gigawatt number last year.

理查德與電力和電力可用性密切相關。某些市場也是如此，例如，平坦的市場或北維吉尼亞或聖克拉拉，甚至我們的希爾斯伯勒，這些都是容量有限的市場，房東具有優勢，而如何利用這種優勢非常重要。我不會談論定價策略以及我們所做的事情，這是不合適的。但我們的 5 吉瓦管道在我們擁有土地和許可證方面是非常合格的，我們擁有將送達信件的許可證，並且我們準備去年提供 5 吉瓦的容量。

Just to put in proper context, our pipeline this time last year, Richard was 2.3 gigawatts.

準確地說，去年這個時候我們的管道容量為 2.3 吉瓦。

So our pipeline is up over two times, right? And so we'll lead through that pipeline as the year as the year goes on. And again, what is also unique to our story is that we have six different data center platforms. So we're not just myopically focused on big cloud hyperscale campuses, right? Atlas edge is building edge edge hyper edge compute in Europe. Databank is building HyperEdge here in the US. Airlines is building HyperEdge in Southeast Asia. So we have three edge compute companies that are very focused on a specific product, a certain vertical and a certain set of customers take a step back and look what advantages doing and the COVID scholars doing in Brazil and in Santiago and Colombia, there were delivering at scale, big hyperscale campuses focused on cloud customers and cloud logos and some may I logos Then last but not least, private cloud, 100% renewable switch very differentiated, very unique, highly secure. These are things that resonate with the customers, particularly Fortune 100 customers and big government agencies that really are focused on data sovereignty and data protection. We've had a fantastic 1st year results that switch and switch is poised to deliver another big year of results.

所以我們的管道增加了兩倍多，對嗎？因此，隨著時間的推移，我們將引導這條管道。再說一次，我們的故事的獨特之處在於我們有六個不同的資料中心平台。因此，我們不僅僅短視地關注大型雲端超大規模園區，對吧？Atlas Edge 正在歐洲建立邊緣超邊緣運算。Databank 正在美國建置 HyperEdge。航空公司正在東南亞建造 HyperEdge。因此，我們擁有三家邊緣運算公司，它們非常專注於特定產品、特定垂直領域和特定客戶群，退後一步，看看在巴西、聖地亞哥和哥倫比亞所做的優勢以及新冠肺炎學者所做的事情，他們提供了在規模上，大型超大規模園區專注於雲端客戶和雲端徽標以及一些可能的徽標最後但並非最不重要的一點是，私有雲、100% 可再生交換機非常差異化、非常獨特、高度安全。這些都是引起客戶共鳴的事情，特別是財富 100 強客戶和真正關注資料主權和資料保護的大型政府機構。我們第一年取得了出色的業績，而且轉換後的一年將帶來另一個重要的業績。

But again, that is Tier five. It's a very differentiated product. So again, having the six different companies where we can show up and be incredibly surgical and act local with the customer and already have the power lined up already heavily on lined up and already have the building permits lined up.

但同樣，那是第五層。這是一款非常差異化的產品。再說一次，我們可以在六家不同的公司出現，並在當地與客戶進行令人難以置信的手術，並且已經準備好了電源，已經準備好了建築許可證。

That's advantage DigitalBridge at the end of the day. And so when we present to you an $11.7 billion CapEx number for this year on new data center spend that's committed that's signed. So those releases that were signed 12 months ago, 18 months ago. And what we'll do this year is we'll work through that five gigawatt pipeline and hopefully we convert somewhere between one and 1.5 gigawatts of new leasing. Maybe more of our sales teams are pretty confident that this could be the 1st year. We could surpass two gigawatts of leasing across all of our portfolio companies.

歸根結底，這就是 DigitalBridge 的優勢。因此，當我們向您展示今年已承諾的新資料中心支出 117 億美元的資本支出時。這些版本是 12 個月前、18 個月前簽署的。今年我們要做的是，我們將完成 5 吉瓦的管道工作，並希望我們能夠轉換 1 到 1.5 吉瓦的新租賃。也許我們更多的銷售團隊非常有信心這可能是第一年。我們所有投資組合公司的租賃量可能超過 2 吉瓦。

We'll wait and see. We'll keep you updated on it. But I think the punch line is the markets that we're operating in. We see price elasticity, but we see defensibility around what we're doing from the power position. We have the permits we have and the customer relationships we have. That's That to me is that is the strategic moat at the end of the day as being a year, 18 months ahead of our competition in terms of the land, the permits and the power.

我們拭目以待。我們會及時向您通報最新情況。但我認為最重要的是我們正在經營的市場。我們看到了價格彈性，但我們看到了我們在權力地位上所做的事情的防禦性。我們擁有我們擁有的許可證和我們擁有的客戶關係。對我來說，這就是最終的戰略護城河，因為我們在土地、許可證和電力方面領先競爭對手一年 18 個月。

Thank you for the color.

謝謝你的顏色。

Thanks, Richard.

謝謝，理查。

Our next question is from Eric Luebchow with Wells Fargo. Please proceed.

我們的下一個問題來自富國銀行的 Eric Luebchow。請繼續。

Thanks, good morning, Mark. So maybe you could touch on kind of the buy versus build equation across your key industry verticals. It seems like you're more focused on building via CapEx and greenfields in 2024, but wanted to confirm if you've seen any kind of changes transaction multiples across your key verticals.

謝謝，早上好，馬克。因此，也許您可以談論關鍵行業垂直領域的購買與構建等式。您似乎更專注於 2024 年透過資本支出和綠地進行建設，但想確認您是否看到了關鍵垂直領域的交易倍數發生了任何類型的變化。

Yes. Thanks. Look, we're not bullish or bearish on on M&A versus versus building?

是的。謝謝。看，我們對併購與建設不看好或看跌？

I think inevitably we skate to where we think we can achieve the best IRR should so for right now in data centers, it's built on buying existing data center platforms are incredibly expensive and the returns are incredibly tight because fiber started five or six infrastructure firms show up who who claim to be in digital infrastructure and need to buy something. And so that's not a race. We plan that's not a place where we perform particularly well. So this is why we've been for years building the six platforms and building our construction pipeline and most importantly, building our partner, our partnerships with power source providers. That's really been kind of the magic for us. So in that swim lane, we're focused on greenfield. I think if you look at Towers, we've seen tower multiples retreat a little bit, not much, but there's been some value opportunities. We've dipped our toe in and we found an opportunity to do some tuck-in M&A, and we do that discretely and quietly, and we don't do with a lot of fanfare.

我認為我們不可避免地會滑向我們認為可以實現最佳IRR的地方，因此目前在數據中心，它建立在購買現有數據中心平台的基礎上，成本非常昂貴，而且回報非常緊張，因為五六個基礎設施公司顯示光纖啟動那些聲稱自己在數位基礎設施中並且需要購買東西的人。所以這不是一場比賽。我們計劃這不是我們表現特別好的地方。因此，這就是為什麼我們多年來一直在建造六個平台並建造我們的建設管道，最重要的是，建立我們的合作夥伴，我們與電源供應商的合作夥伴關係。這對我們來說確實是一種魔力。因此，在那條泳道中，我們專注於綠地。我認為如果你看看塔樓，我們會發現塔樓倍數略有下降，雖然幅度不大，但還是有一些有價值的機會。我們已經嘗試了，我們找到了進行一些併購的機會，我們謹慎而安靜地這樣做，而且我們不會大張旗鼓地這樣做。

So we are buying towers, but we're also building towers. We've got a big pipeline of towers in Europe with GD Towers with our friends at IDT. and Vertical Bridge has a monster pipeline of new BTS ours, but they're also engaging in M&A. Edge point has a big BTS pipeline of over a couple of thousand towers for customers in three different countries in Southeast Asia and a TP. and MTP. and Highline are all executing down in Latin America. So we're very busy.

所以我們正在購買塔樓，但我們也在建造塔樓。我們與 IDT 的朋友一起在歐洲擁有大量塔樓，包括 GD Towers。 Vertical Bridge 擁有大量新的 BTS 管道，但他們也在進行併購。Edge Point 擁有一個由數千座塔組成的大型 BTS 管道，為東南亞三個不同國家和一個 TP 的客戶提供服務。和MTP。和 Highline 都在拉丁美洲執行。所以我們很忙。

I would say our global build to suit pipeline is somewhere between 5,000 and 7,000 towers today across all the different tower companies around that actually might be light truth be told. And then I think the M&A pipeline is somewhere between 15,000 to 20,000 towers when you amalgamate all the M&A acquisition work we're doing around the globe in Asia, Latin America, Europe and the US. Again, in the tower business, we operate in four different theaters. So we're pretty busy.

我想說的是，我們今天在全球各地建造了 5,000 到 7,000 座塔，分佈在周圍所有不同的塔公司中，以適應管道，這實際上可能是輕而易舉的事實。然後，當你合併我們在全球亞洲、拉丁美洲、歐洲和美國進行的所有併購收購工作時，我認為併購管道大約在 15,000 到 20,000 座塔樓之間。同樣，在塔樓業務中，我們在四個不同的劇院運營。所以我們很忙。

Moving on to fiber. I think this is where you've seen the biggest degradation and multiples fiber to the home. There were some deals that kind of kind of got done in the crazy days of COVID in the mid 20s. And I think you're seeing those multiples retreat down and kind of a 10 to 14 times range.

轉向光纖。我認為這是您看到最大退化和多光纖到府的地方。有一些交易是在 20 世紀 20 年代中期新冠疫情瘋狂的日子裡完成的。我認為您會看到這些本益比回落，範圍在 10 到 14 倍之間。

Enterprise fiber, again, good enterprise fiber. It was trading in the go-go days in the mid 20s retreated to the high 10s. And I would say today is retreated even further down in the low 10s and again, kind of in that 12 to 14 times band. But it just depends on the business model depends on the market. The management team. We saw fiber to the home business in Florida trade for over 30 times to a sponsor last week, and that just kind of blew our minds. So there are outliers and certain fiber models are pricing well and certain fiber situations argument pricing, it's just a no bid. And we've seen a couple of different auctions where the auctions have failed because there wasn't a bid sufficient to proceed or the sponsors like look, I'm holding out. I got this mark to my book at 18 and all the bids were at 12. So I think fiber still has a shakeout in pricing and in the M&A landscape, and we'll continue to track that space pretty carefully. I think the small cell space is very interesting because we haven't quite hit 5G densification. So as that growth kicks in and we move into the next phase of leasing, I think you're going to see multiples move up in the small cell space because particularly in generative AI, where you really need to have low latency edge delivery of those applications to mobile devices. I think you do see a pickup in small cell infrastructure in 26 through 2030. I think that's kind of the for your pocket.

企業纖維，再說一遍，好的企業纖維。它在 20 多歲中期的交易日中回落至 10 多歲。我想說的是，今天的價格進一步回落至 10 倍以下，並再次回落至 12 至 14 倍區間。但這只是取決於商業模式取決於市場。管理團隊。上週，我們看到佛羅裡達州的光纖到戶業務與贊助商的交易超過 30 倍，這讓我們大吃一驚。因此，存在異常值，某些纖維型號的定價很好，而某些纖維情況則爭論定價，這只是一個沒有出價的情況。我們已經看到了一些不同的拍賣，其中拍賣失敗了，因為沒有足夠的出價來進行，或者贊助商喜歡看，我堅持不懈。我在 18 歲的時候在我的書上得到了這個分數，所有的出價都是在 12 點。因此，我認為光纖在定價和併購領域仍然存在震盪，我們將繼續非常仔細地追蹤該領域。我認為小蜂巢空間非常有趣，因為我們還沒有完全實現 5G 緻密化。因此，隨著這種增長的開始，我們進入下一階段的租賃，我認為您將看到小型蜂窩空間中的倍數上升，因為特別是在生成式人工智慧中，您確實需要低延遲邊緣交付這些應用程式到行動裝置。我認為，從 26 年到 2030 年，小型基地台基礎設施確實會回升。我認為這很適合你的口袋。

We see a lot of demand in small cells. So there haven't been any material trades in the small cell sector in the last 12 months have been a couple of businesses that have been up for sale that didn't get the prices until wanted so they pulled it back.

我們看到小型基地台的需求量很大。因此，在過去 12 個月裡，小型基地台領域沒有發生任何重大交易，一些已掛牌出售的企業在需要時沒有得到價格，因此將其撤回。

And those are those are valuable assets. And so I think time will tell there's a bid-ask spread between what a sponsor wants to sell a small cell infrastructure business for in versus what the market wants to pay. So I think over time, growth and interest rates will sort of reconcile that. But for the time being, we don't have enough data to suggest that small cells are trading up or trading down. We just know that there's a material bid-ask spread. So that's kind of the my picture on greenfield versus brownfield.

這些都是寶貴的資產。因此，我認為時間會告訴我們，贊助商想要出售小型蜂窩基礎設施業務的價格與市場想要支付的價格之間存在著買賣價差。所以我認為隨著時間的推移，成長和利率將在某種程度上協調這一點。但目前，我們沒有足夠的數據表明小型基地台正在上漲或下跌。我們只知道有重大的買賣價差。這就是我對綠地與棕地的看法。

In the meantime, fiber greenfield is good. Small Cell greenfield is okay. You saw our growth numbers from last year. Both those verticals are still delivering positive year-over-year growth but clearly not delivering the kind of demand that we've seen across. It's certainly data centers and towers.

同時，纖維綠地狀況良好。Small Cell 綠地還可以。您看到了我們去年的成長數據。這兩個垂直行業仍然實現了同比積極增長，但顯然沒有滿足我們所看到的那種需求。當然是資料中心和塔。

Great. Thanks. And maybe you could touch on any kind of M&A opportunities within the alternative asset manager space. I mean, we saw a large transaction announced earlier this year between BlackRock and GIP. And just wondering if you think there's more consolidation opportunity to come and what your M&A pipeline may look like in terms of tucking in other other asset management platforms.

偉大的。謝謝。也許您可以觸及另類資產管理領域內的任何類型的併購機會。我的意思是，我們看到貝萊德和 GIP 今年早些時候宣布了一項大型交易。只是想知道您是否認為還會有更多整合機會，以及您的併購管道在其他資產管理平台中的表現如何。

I've got two questions. I was wondering when that and those were going to come on. So on the first one, I mean, if you take a look at the two trades, the General Atlantic trade and the BlackRock trade, and then you look at KKR's acquisition.

我有兩個問題。我想知道那些事情什麼時候會發生。因此，對於第一個交易，我的意思是，如果你看一下這兩項交易，即 General Atlantic 交易和 BlackRock 交易，然後再看看 KKR 的收購。

Angelo, Gordon, I think you do see a pattern sorry, TPG's acquisition of Angelo, Gordon. You do see a pattern of M&A activity in the sector. I don't think that slows down. I think that will continue. I think that what people are recognizing is when you have a good platform, you have one accounting system, one SEC reporting one asset management platform, one fundraising team, you do get economies. What we've learned as you do get economies of scale as you get bigger and having a multi-strategy approach, whether areas, whether your Apollo with your Blackstone, that is the playbook and different of our competitors choose to do different ways. Blackstone, by examples, very comfortable standing up a new product and growing through their own team, they're really good at it. And you see what areas has done it both ways they've done M&A and they've done it through greenfield. And then obviously, you see what BlackRock is doing as they move into alternatives. And I think this this will continue. And I do think there's a number of middle market infrastructure GPs that are subscale that have looked at going to an IPO route. They realize they can't get there. It's tough to get public, but we learned the hard way in four years of building this business where it is. And so I think you will see some more M&A activity in the space.

Angelo、Gordon，我想你們確實看到了一種模式，抱歉，TPG 收購了 Angelo、Gordon。您確實看到了該行業的併購活動模式。我不認為這會減慢速度。我認為這種情況將會持續下去。我認為人們意識到的是，當你擁有一個好的平台、一個會計系統、一個 SEC 報告、一個資產管理平台、一個籌款團隊時，你確實會獲得經濟效益。我們了解到，當你變得更大並採用多戰略方法時，你確實會獲得規模經濟，無論是領域，無論是阿波羅還是黑石，這都是劇本，我們的不同競爭對手選擇採取不同的方式。以黑石為例，他們非常擅長推出新產品並透過自己的團隊不斷成長，他們真的很擅長。你會看到哪些領域已經透過併購和綠地兩種方式做到了這一點。顯然，你會看到貝萊德在轉向替代方案時正在做什麼。我認為這將繼續下去。我確實認為有許多規模較小的中間市場基礎設施​​普通合夥人已經考慮走IPO路線。他們意識到他們無法到達那裡。上市很困難，但我們在四年的發展過程中經歷了慘痛的教訓。因此，我認為您會在該領域看到更多的併​​購活動。

Multiples are pretty hot right now. The GIP. multiple was pretty was pretty rich we think it was somewhere in the low 20s, Go Go figure for this year's sort of full impact of the FRE and CM that GIP. will deliver from BlackRock so we think that Larry and the team did a smart acquisition and it gives BlackRock a whole new suite of products to sell to their clients. And same thing with General Atlantic in terms of what Bill Ford's trying to do in energy transition. And so everyone has good industrial logic to what we're doing our pipeline.

現在倍數很火。GIP。倍數相當相當豐富，我們認為它在 20 多歲左右，Go Go 數字顯示了今年 FRE 和 CM GIP 的全面影響。將從貝萊德交付，因此我們認為拉里和團隊做了一次明智的收購，它為貝萊德提供了一套全新的產品來銷售給他們的客戶。比爾福特在能源轉型方面的嘗試也與通用大西洋公司的做法相同。因此，每個人都對我們正在做的事情有良好的工業邏輯。

We won't comment on it. We have a number of ideas that we're executing right now, and we feel we feel comfortable that we will in due course, execute some of those ideas.

我們不會對此發表評論。我們現在正在執行一些想法，我們感到很放心，我們將在適當的時候執行其中一些想法。

Great. Thank you, Mark.

偉大的。謝謝你，馬克。

Thanks

謝謝

Our next question is from Matt Nick Nam with Deutsche Bank. Please proceed.

我們的下一個問題來自德意志銀行的 Matt Nick Nam。請繼續。

Thanks so much for taking the question. One question, one housekeeping on just the main question. You talked about obviously seeing early impact of JNI demand. Can you talk maybe about how much data center leasing of late is tied directly to AI.? And when you may see this demand translating to more activity for your fiber and edge assets?

非常感謝您提出問題。一個問題，一個主要問題的內務處理。您談到明顯看到 JNI 需求的早期影響。您能否談談最近有多少資料中心租賃與人工智慧直接相關？您什麼時候會看到這種需求轉化為您的光纖和邊緣資產的更多活動？

And then on the housekeeping two, I think there was reference in one of the footnotes around $40 million in catch-up fees. This year, it appears that's pure margin. I'm just wondering if that's included in the guide for three $335 million to $360 million in fee revenue for the year? Thanks.

然後，關於客房服務二，我認為其中一個腳註提到了大約 4000 萬美元的追趕費用。今年，這似乎是純利潤。我只是想知道這是否包含在今年 3.35 億至 3.6 億美元的費用收入指南中？謝謝。

So first, on catch-up fees. It's normal nomenclature for our business that when a LP joins a fund late, we have the ability because it's on it's uncommitted capital. We have the ability to build those fees. And we do so. And Jackie and Tom and the team do a good job of doing that.

首先是追趕費。對於我們的業務來說，這是一個正常的術語，當有限合夥人較晚加入基金時，我們有能力，因為它有未承諾的資本。我們有能力收取這些費用。我們也這樣做了。傑基和湯姆以及團隊在這方面做得很好。

On the second question, can you repeat the second question?

關於第二個問題，你能重複第二個問題嗎？

For Jack in times benefit. Thanks.

對傑克來說，倍有裨益。謝謝。

Yes, just two other things. Yes, it's included in the $335 million to $360 million of write-downs IWK yet are included?

是的，只是另外兩件事。是的，它已包含在 IWK 3.35 億至 3.6 億美元的減記中嗎？

Yes.

是的。

Yes.

是的。

Thank you.

謝謝。

And that's consistent with our benchmark peers.

這與我們的基準同業一致。

And the first part of the question, sorry, for a 100 Zone AI.

問題的第一部分，抱歉，是針對 100 個區域的人工智慧。

So obviously, you're seeing it in data center leasing.

很明顯，您在資料中心租賃中看到了它。

Just wondering. Yes, yes. No, you can maybe parse out I would say is if you look across a five gigawatt pipeline today, Lasher AI. was about 20% of our pipeline. I would say today, AI workloads probably constitute and AI ecosystem, right? So whether it's a core lever and a video or an ARM or somebody like that, I'd say today, it's probably about 40% of our pipeline. And then as it relates to when it will impact fiber and Edge, it's already impacting fiber could tell you that. So we already are seeing data center connectivity demand that's being driven by those AI workloads. And some of that is existing fiber conduit that we're selling into. Some of that is new route architecture going into existing digital data centers. And some of that is brand new denovo fiber that's going to a data center that's been self-performed by a customer, so never before has it been more important to be close to our cloud and AI customers on the fiber side, and we're pretty busy there.

就是想。是的是的。不，如果你今天看到一條 5 吉瓦的管道，你也許可以解析出我想說的是，Lasher AI。大約占我們管道的 20%。我今天想說，人工智慧工作負載可能構成了人工智慧生態系統，對嗎？因此，無論是核心槓桿和視訊還是 ARM 或類似的東西，我今天想說，它可能占我們管道的 40% 左右。然後，當它涉及何時影響光纖和邊緣時，它已經影響光纖可以告訴你這一點。因此，我們已經看到這些人工智慧工作負載推動了資料中心連接需求。其中一些是我們正在銷售的現有光纖導管。其中一些是進入現有數位資料中心的新路由架構。其中一些是全新的 dev 光纖，將連接到由客戶自行執行的資料中心，因此在光纖方面貼近我們的雲端和 AI 客戶從未如此重要，而且我們在那裡很忙。

On the Edge concept, we've actually been pretty clear, yes, edge leasing is probably three to four years out. Truth be told, I mean, right now, we're leasing into big language based models that are pretty a little less latency sensitive is what I would say, but they're more focused on power density and the delivery of big big workloads. So thinking 400 megawatts, 800 megawatts of Giga power, I mean, these initial language based models need to be they don't need to be in data center, Ali, they don't need to be in the flat markets in Europe. They can be in other places. So with that less sensitivity, it does represent a good opportunity for us to build more fiber. But we're also we're also building some of those workloads for our customers. So I think in on the edge AI side or generative AI edge, that will be something that's probably more of like a starting in 25, but really at 26, 27 and 28 kind of delivery story.

關於邊緣概念，我們實際上已經非常清楚，是的，邊緣租賃可能需要三到四年的時間。說實話，我的意思是，現在我們正在租賃基於大型語言的模型，這些模型對延遲的敏感度要低一些，但我想說的是，它們更關注功率密度和大型工作負載的交付。因此，考慮到 400 兆瓦、800 兆瓦的千兆電力，我的意思是，這些最初的基於語言的模型不需要位於資料中心，阿里，它們不需要位於歐洲的平坦市場。他們可以在其他地方。因此，由於敏感度較低，這確實為我們製造更多光纖提供了良好的機會。但我們也在為客戶建立其中一些工作負載。因此，我認為在邊緣人工智慧或生成人工智慧邊緣，這可能更像是從 25 開始，但實際上是在 26、27 和 28 種交付故事。

Great. Thanks so much and congrats again on the quarter.

偉大的。非常感謝並再次恭喜本季。

Thank you. And thanks, Matt. Appreciate it.

謝謝。謝謝，馬特。欣賞它。

We have reached the end of our question and answer session. I would like to turn the floor over to Marc Ganzi for closing.

我們的問答環節已經結束。我想請馬克·甘齊 (Marc Ganzi) 負責結束演講。

Well, first of all, thank you to all of you, our investors for your continued patience and support what we're doing. We appreciate those of you in the last quarter that have joined our shareholder roster, and we always appreciate new shareholders. And as we've made this transition and move into a new and speaking circuit, which starts today for us. We look forward to meeting with all of you and telling the story, and I'm giving you more visibility into what we're doing. Really excited about our upcoming investor day and we're looking forward. I hope all of you will take advantage of that. And again, the most important part of this call besides the results and the delivery is Jackie. And to my left here, I want to thank you, Jacky, for your partnership and friendship. I'm excited about what you're doing for us going forward. Jackie is involved in a bunch of our portfolio companies and is vital to the performance of those assets. And I know Jackie is excited to get back to his roots a little bit and be down in the in the weeds with the deal teams, which he likes. That's a something he's quite passionate about. And so aligning his passion with where he can be really useful to digital shareholders.

首先，感謝大家，我們的投資者，感謝你們一直以來的耐心和支持我們正在做的事情。我們感謝上個季度加入我們股東名冊的人，我們始終感謝新股東。當我們完成這一轉變並進入一個新的演講巡迴賽時，這對我們來說是今天開始的。我們期待與你們所有人會面並講述這個故事，我會讓你們更多地了解我們正在做的事情。對即將到來的投資者日感到非常興奮，我們充滿期待。我希望大家都能利用這一點。再說一次，除了結果和交付之外，這次電話會議最重要的部分是傑基。在我左邊，我要感謝你，Jacky，感謝你的合作和友誼。我對您為我們未來所做的事情感到興奮。Jackie 參與了我們的許多投資組合公司，對這些資產的表現至關重要。我知道傑基很高興能夠回到自己的本源，並與他喜歡的交易團隊一起參與其中。這是他非常熱衷的事。因此，將他的熱情與對數位股東真正有用的地方結合在一起。

Exciting. And Tom, welcome to the room. Welcome to the conversation. Looking forward to partnering with you and in telling our new our new transformed story. So thank you. That concludes our comments, and I'll look forward to seeing all of you out on the conference circuit ticker. Have a great day.

令人興奮。湯姆，歡迎來到這個房間。歡迎大家來交流。期待與您合作，講述我們新的轉型故事。所以謝謝。我們的評論到此結束，我期待在會議巡迴報道中見到你們所有人。祝你有美好的一天。

Thank you. This will conclude our conference. You may disconnect your lines at this time, and thank you for your part, Pete.

謝謝。我們的會議到此結束。此時您可以斷開線路，謝謝您的參與，皮特。