DigitalBridge Group Inc (DBRG) 2024 Q1 法說會逐字稿

Good day and welcome to DigitalBridge Group Inc's first quarter 2024 earnings call.

美好的一天，歡迎參加 DigitalBridge Group Inc 的 2024 年第一季財報電話會議。此時，所有參與者都處於僅聽模式。正式演講後將舉行問答環節。 （操作員說明）請注意，本次會議正在錄製中。我現在想把會議交給 Severin White。您可以開始了，先生。

At this time, all participants are in listen only mode.

A question-and-answer session will follow the formal presentation.

(Operator Instructions) Please note this conference is being recorded.

I would now like to turn the conference over to Severin White.

You may begin, sir.

Good morning, everyone, and welcome to Digital bridges First Quarter 2024 earnings conference call.

大家早安，歡迎參加 Digital Bridges 2024 年第一季財報電話會議。我們的執行長 Marc Ganzi 和財務長 Tom Mayrhofer 在今天的電話會議上發言。

Speaking on the call today from the Company is Marc Ganzi, our CEO, and Tom Mayrhofer, our CFO.

I'll quickly cover the safe harbor.

我會迅速覆蓋安全港。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 4 月 30 日），DigitalBridge 不打算也不承擔針對未來事件或情況進行更新的義務。欲了解更多信息，請參閱我們向SEC 提交的截至2023 年12 月31 日止年度的最新10-K 表格以及即將向SEC 提交的截至3 月31 日的季度的10 Q 表格中討論的風險因素， 2024 年。

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, April 30th, 2024, and DigitalBridge does not intend and undertakes no duty to update for future events or circumstances.

For more information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC for the year ending December 31st, 2023, and our Form 10 Q to be filed with the SEC for the quarter ending March 31st, 2024.

Great.

偉大的。因此，這是我們完成業務轉型的新的一年。我們已經改進並進一步簡化了未來收益報告的格式。我們將從馬克提供業務更新開始，強調本季的關鍵要點，並涵蓋歷史上會納入我們執行數位劇本的第三部分中的主題。湯姆將在第二部分介紹財務要點，然後是問答以及您會注意到的其他進展，因為我們已將收益演示和補充財務報告濃縮為一份文件。這裡的目標是讓投資者更容易獲得一份包含要點以及數字背後的一些重要細節的文檔。我們期待您對此新格式的回饋。

So it's the new year in connection with the completion of our business transformation.

We've advanced and further simplified the format of our earnings presentation going forward.

We'll start with Mark providing a business update, highlighting key takeaways from the quarter and covering thematics that would have historically been incorporated in our third section executing the digital playbook.

Tom will cover the financial highlights in the second section followed by Q&A and other advance that you'll notice as we've condensed our earnings presentation and supplemental financial report into one document.

The goal here is to make it easier for investors to access a single doc that captures the highlights as well as some of the important detail behind the numbers.

We look forward to your feedback on this new format.

I also want to highlight our second Investor Day coming in a couple of weeks on Monday, May 13th at the New York Stock Exchange, some of you will be joining us in person or others on the webcast either way.

我還想強調一下，我們的第二個投資者日將於幾週後於5 月13 日星期一在紐約證券交易所舉行，你們中的一些人將親自參加我們的活動，另一些人將通過網路直播參加我們的活動。我們期待概述我們簡化的業務概況，討論私人市場、數位基礎設施和人工智慧的狀況，以及我們如何繼續擴展我們高度差異化的平台，此外，我們的高階管理層將與我們的一些營運合作夥伴一起加入您可以為數位基礎設施中正在發生的事情著色。

We're looking forward to outlining our simplified business profile, discussing the state of private markets, digital infrastructure and AI and how we continue scaling our highly differentiated platform in addition to our senior management will be joined by some of our operating partners as we give you color on what's happening on the ground in digital infrastructure.

With that, let's get started, and I'll turn the call over to Marc Ganzi, our CEO. mark.

接下來，讓我們開始吧，我會將電話轉給我們的執行長 Marc Ganzi。標記。

Page 7.

第 7 頁。

Let's start this call with our progress on FEEUM, which, as you all know, is our key revenue and earnings driver and the solid growth that we continue to see here.

As you can see on the left, FEEUM grew 17% year over year to $32.5 billion at the end of the first quarter in 2024.

正如您在左側看到的，FEEUM 年增17%，截至2024 年第一季末達到325 億美元。推動。而且我們還在擴大多策略產品，其中包括本季信貸和流動性的貢獻。事實上，如果我們從我們最新的旗艦基金轉移到單獨資本化的 Corcos 優勢 Edco 進行降壓，FEEUM 實際上會同比增長 20% 以上。我們在一月份宣布的這筆交易類似於我們和 Ridge Partners 所做的 Vertical Bridge 交易，這造成了一些短期壓力，但從長遠來看，使我們能夠保持對最佳成長平台的接觸。

Importantly, volume growth was driven not only by our flagship strategy, Digital Partners three and the corresponding co-invest.

But also we are expanding multi strat offerings, which include contributions from credit and liquid this quarter.

In fact, if we had met a step-down in separately capitalized Corcos advantaged Edco, moved from our latest flagship fund FEEUM actually would have been up over 20% year over year.

That transaction which we announced in January is similar to the Vertical Bridge deal we did and did Ridge Partners too, which created some short term pressure, but over the long term allows us to maintain exposure to the best growth platforms.

In this case, Vantage is one of the best global hyperscale data center platforms, building large campuses at scale with what we think is the best management team in the world, led by our CTO, serial chassis and partnership with Silver Lake.

在這種情況下，Vantage 是全球最好的超大規模資料中心平台之一，由我們認為是世界上最好的管理團隊（由我們的CTO、系列機箱以及與Silver Lake 的合作夥伴關係領導）大規模建設大型園區。我們計劃建造超過 3 吉瓦的容量，以滿足對雲端和人工智慧基礎設施不斷增長的需求。同時，隨著我們創造該平台的增量價值，交付的股東現在將獲得收益，而不僅僅是直接的歷史管理費，這是投資者在我們建立的Vantage 底線、費用增長年的原始投資工具中獲得的收益全年保持穩定。下個季度，隨著我們關閉所有策略的增量資本，您將繼續看到該指標更高。

We're planning on building over three gigawatts of capacity to meet the growing demand for cloud and AI infrastructure.

And at the same time, delivered shareholders will now earn carry as we create incremental value of that platform versus just a straight historic management fee, which is what investors were getting in the original investment vehicle that we built that Vantage bottom line, fee growth year over year remained solid.

And next quarter, you'll continue to see this metric much higher as we close incremental capital across all of our strategies.

Next slide, please.

請下一張投影片。接下來是新資本的形成。本季度，我們完成了 11 億美元的新資本承諾。比上一年增長 47%。所以退一步來說，總而言之，第一季很好，坦白說，它甚至可以更好。我們取消了一些客戶的承諾，這些客戶正在與我們合作制定多策略策略，該策略將在未來幾個月內實施。隨著我們基金策略的擴展，我們確實開始與合作夥伴和有限合夥人進行更全面的對話。我們將在投資者日進一步討論這一點，但這很棒。我想說這對公司來說是一個偉大的策略發展。

Next up is new capital formation.

This quarter, we closed on $1.1 billion in new capital commitments.

That's up 47% over the prior year.

So taking a step back, in summation, Q1 was good and frankly, it could have even been better.

We held back some commitments from some of our clients that are working on a multi-strategy play with us that will play out over the next few months.

We're really starting to have these more holistic conversations with our partners and LPs as our fund strategies expand.

We'll talk a bit a little bit more about that on Investor Day, but it's great.

I would say it's a great strategic development for the firm.

We have multiple products in the digital infrastructure space that are meeting our clients' objectives, whether it's credit core liquid securities, late-stage venture growth, our flagship funds, co-investment vehicles and continuation funds.

我們在數位基礎設施領域擁有多種產品，可以滿足客戶的目標，無論是信貸核心流動證券、後期創投、我們的旗艦基金、聯合投資工具和延續基金。我們確實正在建立一個多戰略平台，我們利用數位基礎設施飛輪，在第一季度維護您的數位橋，在我們的23 年第四季度報告之後，我們收到了超過6 億美元的持續承諾，用於將夥伴三人進行去槓桿化。我們也承諾實施第二個信貸策略，以及來自流動資金和共同投資的貢獻。

We're really building out that multi-strategy platform where we take advantage of that digital infrastructure flywheel that we maintain your Digital Bridge in Q1, we received continuing commitments of over $600 million to de-leverage Partners three subsequent to our 4Q 23 report in February.

We also brought in commitments to our second credit strategy and it also contributions from liquid and co-investments as well.

The key here again is multi strategy, which will increasingly even out fundraising over time.

這裡的關鍵還是多重策略，隨著時間的推移，這將越來越平衡籌款。如您所知，我們在一年中定期關閉我們的策略。今天我想說，隨著第一季的結束，以及全年資本形成的良好前景，我們對達到或超過上季度為 2024 年制定的籌款目標的能力感到非常滿意。

As you know, we hold periodic closings for our strategies over the course of the year.

And I'd say today with Q1 closed and good line of sight on capital formation over the course of the year we feel very good about our ability to meet or exceed our fundraising targets we laid out for 2024 last quarter.

Next slide, please.

請下一張投影片。正如凱文之前提到的，我們對演示文稿的格式進行了一些更改，將原來的第三部分放在前面，以解決我們正在執行的一些首要問題和戰略舉措，以推動我們的業務發展向前。如今，資料中心和人工智慧不僅在數位基礎設施領域，而且在日益數位化的全球經濟中都處於前沿和中心。在這個領域，今天的第一主題是權力。這就是為什麼你會看到薩姆·奧爾特曼、馬克·祖克柏、薩蒂亞·納德拉等科技執行長都在公開談論如何獲得權力，以滿足生成人工智慧工作負載的需求。

As Kevin mentioned earlier, we've made some changes to the format of the presentation, bringing what used to be the third section upfront to address some of the top of mind issues and strategic initiatives that we're executing on to build our business going forward.

Today, data centers and AI are front and center, not just in digital infrastructure, but across an increasingly digital global economy.

And in this sector, the number one topic today is power.

This is why you're seeing tech CEOs like Sam Altman, Mark Zuckerberg, Satya Nadella all out there publicly talking about how to access power in order to meet the demand coming down from generative AI workloads.

I'd like to bring some perspective from our end as an owner operator and manager of some of the largest data center platforms globally to understand this challenge and some of the ways that we're trying to address it as a firm, I'll start by highlighting that it's actually power generation.

我想從我們作為全球一些最大的資料中心平台的所有者運營商和管理者的角度提出一些觀點，以了解這一挑戰以及我們作為一家公司試圖解決這一問題的一些方法，我將首先強調它實際上是發電。那不是問題。輸電和配電是輸電網的限製或容量挑戰。想像一下，如果您願意，很難獲得新的手機訊號塔許可，請考慮建造新的傳輸塔或變電站。目前，系統中圍繞此問題存在許多摩擦。事實上，再生能源的貢獻不斷增加，這是一項重要的發展，但也為電網帶來了額外的複雜性，尤其是與資料中心相關的情況。

That's not the issue.

It's power transmission and distribution that are constrained transmission grids or capacity challenge.

And imagine, if you like, it's hard to get a new cell tower permitted, think about building new transmission towers or substations.

There's a lot of friction in the system around this right now.

In fact, growing contribution from renewables, which is an important development, introduces additional complexities to the grid, especially as it relates to data centers.

Next slide, please.

請下一張投影片。對於那些熟悉我們的人來說，我們不會花太多時間抱怨問題。我們的轉變速度非常快，作為管理團隊，我們的目標是找出解決方案。因此，為了解決網格所呈現的瓶頸。我們正在幫助我們的合作夥伴發揮創造力，找到在不同類型的主機託管上執行的方法，使發電和數據中心在一側更緊密地結合在一起，它正在建設更靠近新的或現有發電的數據中心。我們正在許多平台上這樣做，無論是水力、太陽能、天然氣或風能。這實際上非常適合人工智慧訓練模型。由於這些工作負載是對延遲不太敏感的數據，因此在人工智慧模型訓練階段，它們可以遠離企業或消費者。

For those of you that know us well, we don't spend much time complaining about problems.

We pivot pretty quickly and our goal as a management team is to figure out solutions.

So to solve the bottlenecks the grid is presenting.

We're helping our partners get creative and find ways to execute on a different kind of co-lo, bringing power generation and data centers closer together on one side, it's building data centers closer to new or existing power generation.

We're doing that at a number of our platforms, whether it's hydro, solar, natural gas or wind.

This actually fits AI training models quite well.

Since these workloads are less latency sensitive data, they can be located further away from enterprises or consumers during the AI model training phase.

On the flip side, we're also figuring out how to bring power closer to where you need data centers you can see we're doing that at our DataBank and switch platforms today.

另一方面，我們也在研究如何讓電力更接近您需要資料中心的地方，您可以看到我們今天在資料庫和交換器平台上正在這樣做。隨著我們進入人工智慧推理階段，這將變得越來越重要，在該階段，企業和消費者使用的應用程式將大規模部署訓練有素的人工智慧模型。在這裡，您需要更接近最終用戶的運算，不僅在超大規模中，而且在邊緣中。坦白說，這兩種方法對於滿足我們在整個投資組合中看到的新電力容量的需求都是必要的。我們相信，一項技術或策略不會成為解決問題的靈丹妙藥。因此，我們今天越來越關注這一點，隨著時間的推移，您會聽到我們更多地談論這一點。

This will be increasingly important as we move to the AI inference phase where trained AI models are deployed at scale by enterprises and an apps used by consumers.

Here you need compute closer to the end user, not only in hyperscale but also in edge.

Frankly, both of these approaches are going to be necessary to meet the demand that we're seeing across the portfolio for new power capacity.

We believe it's not going to one technology or one strategy that's going to be the silver bullet to solve the problem.

So we're increasingly focused on this today, and you'll hear us talk more about this as the year progresses.

Next slide, please.

請下一張投影片。電力難題的很大一部分集中在再生能源上。這是我們的投資組合公司客戶非常感興趣的領域。同樣，這是一個客戶驅動的機會，事實證明，所有解決方案都對其計算和連接足跡有著積極的淨零目標。我們的機構有限合夥人也希望看到綠色電子越來越多地為他們的資料中心投資提供動力，不僅僅是直接透過購電協議，而是實際上將這種電力直接帶入資料中心。

A big piece of the power puzzle centers around renewables.

This is an area of intense interest from our portfolio company customers.

Again, it's a customer driven opportunity and solution proved all have aggressive net-zero targets for their compute and connectivity footprints.

And from our institutional LPs as well, they want to see green electrons increasingly power their data center investments, not just through directly through PPAs, but actually bringing that power directly behind the meter into the data center.

As you can see here, we're making a lot of progress with two of our six data center portfolios already 100% renewable with Switch power here in the US, principally by wind and solar and scholar, which is powered by hydro in Brazil, DataBank and are making very good progress as well as increasingly building or procuring renewable energy, as you saw on the prior slide.

正如您在這裡所看到的，我們在六個資料中心組合中的兩個已經取得了很大進展，美國的 Switch 電源主要採用風能和太陽能，而在巴西則由水力發電，正如您在上一張幻燈片中看到的那樣，DataBank 正在取得非常好的進展，並且越來越多地建造或採購再生能源。最後一件事，解決電力挑戰的另一個組成部分是建造和運營更高效運行的數據中心，這是透過光伏或電力使用效率來衡量的，這意味著設施的電力相對於運行用電量的比率伺服器直接位於此處，較低的PV 值是可取的，因為它們使用的能源顯著減少。它們更加節能。也在這裡，人工智慧。實際上是解決方案的一部分，我們的許多平台正在試驗由人工智慧驅動的新技術，以更有效地運作資料中心。我們不僅僅為人工智慧建構。我們也為我們的基礎設施和客戶投資人工智慧。

And the last thing here, another component of solving the power challenge is building and operating data centers that operate more efficiently, which is measured by PV or power usage effectiveness, which means the ratio of power into facility relative to the amount of used to run the servers directly here, lower PV values are desirable because they significantly use less energy.

They're more energy efficient.

Also here, AI. is actually part of the solution, a number of our platforms are experimenting with new technology powered by AI that operates data centers more efficiently.

We don't just build in for AI.

We're also investing in AI for our infrastructure and for our customers.

Next page, please.

請下一頁。因此，讓我們退後一步，了解為什麼我們如此關注電力，並看看它如何與數位橋樑路線圖投資的基礎之一相一致。上個季度我強調，根據去年的預訂情況，我們的投資組合公司預計到 2024 年在全球資料中心資本支出上投資超過 110 億美元。同樣在今年，就在昨天，我們的一家投資組合公司簽署了 100 多兆瓦的租賃合同，這將帶來約 10 億美元的增量資本支出。如今，每兆瓦發電量已超過 2 吉瓦，建設金額為 1,000 萬美元，未來幾年的新資本支出承諾將超過 200 億美元。

So let's step back and understand why we're so focused on power and see how that aligns with one of the foundations of the Digital Bridge Road Map invest.

Last quarter I highlighted our portfolio companies are budgeted to invest over $11 billion in data center CapEx globally in 2024, based on the bookings that came in last year.

And also in this year just yesterday, one of our portfolio companies signed 100-plus megawatt lease, and that will be roughly another $1 billion in incremental CapEx.

Today with over two gigawatts under construction at $10 million a megawatt that's over $20 billion over the next few years in new CapEx commitment.

Those are big blocks, and we've already got the power lined up for that 2.2 gigawatts of under-construction capacity.

這些都是大區塊，我們已經為正在建造的 2.2 吉瓦容量做好了準備。但這就是問題所在。展望未來，環顧四周，我們的管道目前已超過 5 吉瓦，並且還在增長，我想說，增長得相當快，可以將該管道轉化為預訂。您必須能夠大規模提供功率密度，這是在可預見的未來的關鍵差異化因素。當您聆聽我們的演講時，您會聽到我們繼續討論這個主題，包括在投資者日上有關數據中心和可再生能源以及這兩個主題融合的更多見解。

But here's the issue.

Looking ahead, looking around corners, our pipeline is over five gigawatts today and growing, and I would say, growing quite fast to turn that pipeline into bookings.

You've got to be able to deliver the power power density at scale this is a key differentiator into the foreseeable future.

And while you hear us, you'll hear from us continuing to cover this topic, including more insights at our Investor Day around data centers and renewable power and the convergence of those two topics together.

So with that, I'll wrap up our business and strategic update and turn it over to Tom to cover the financials.

因此，我將總結我們的業務和策略更新，並將其交給湯姆來處理財務狀況。

Thank you, Mark, and good afternoon, everyone.

謝謝你，馬克，大家下午好。提醒一下，此收益演示可在我們網站的股東部分中找到，本季度，我們將之前單獨的子 和 與收益演示合併在一起進行報告，以方便您使用。

As a reminder, this earnings presentation is available within the Shareholders section of our website and this quarter, we've combined the previously separate sub and to report with the earnings presentation for your convenience.

Starting on Page 15, our key operating and financial metrics has seen significant year-over-year growth fee revenues, fee-related earnings and distributable earnings have continued to demonstrate positive trends year over year, and we expect this growth trajectory to continue as we progress through 2024.

從第15 頁開始，我們的主要營運和財務指標出現了顯著的同比增長，費用收入、費用相關收益和可分配收益繼續呈現出逐年積極的趨勢，我們預計這種增長軌跡將持續下去，因為我們在 2024 年取得進展。

In the first quarter, we also generated year-over-year growth in new capital formation.

第一季度，我們的新資本形成也實現了同比增長。正如馬克所討論的，隨著時間的推移，我們預計勢頭將增強，全年業績將與我們的指導目標保持一致。截至 3 月 31 日，在 DBP 有機資本形成的推動下，我們管理的收費收益股本為 325 億美元，比去年同期成長 17%。系列聯合投資和信貸策略。隨著 Vantage 資料中心從我們先前單獨資本化的工具結構轉變為我們最新的 DVP 旗艦基金 Digital Bridge Partners 3，預期的費用基數減少部分抵消了這一增長。第三，將我們的曝光優勢延伸到下一階段的成長。

As Mark discussed, as the year progresses, we expect momentum to build and full year results to align with our guidance targets.

Our fee earning equity under management is $32.5 billion as of March 31, a 17% increase from the same period last year, driven by organic capital formation in the DBP. series co-investments and credit strategies.

This increase was partially offset by an anticipated fee base reduction as Vantage data centers transitioned from our prior separately capitalized vehicle structure into our latest flagship fund Digital Bridge Partners three for DVP. three, which extends our exposure advantages through its next phase of growth.

Moving to page 16, the Company continues to simplify its financial reporting to align with our alternative asset management peers, specifically our presentation of fee-related earnings and Mr. over earnings, beginning in the first quarter, the Company introduced fee-related earnings on a company-wide basis, which now incorporates corporate expenses and is not equivalent to the metric reported prior to 2024 investment management fee-related earnings.

轉到第16 頁，公司繼續簡化其財務報告，以與我們的另類資產管理同行保持一致，特別是我們對費用相關收益和先生收益的介紹，從第一季度開始，公司介紹了與費用相關的收益全公司範圍內的基礎，現在包含公司費用，並不等同於 2024 年投資管理費相關收益之前報告的指標。本收益報告中討論的前期 FRE 指標已更新，以反映全公司範圍內與費用相關的收益，並且適合進行同期比較。

FRE metrics discussed in this earnings presentation for prior periods have been updated to reflect company-wide fee-related earnings and are suitable for period-over-period comparison.

Starting with fee revenues, the company reported $72.8 million in the first quarter, marking a 21% increase from the same period last year.

從費用收入開始，該公司第一季報告為 7,280 萬美元，比去年同期成長 21%。隨著 2024 年的進展，我們繼續預計費用收入將出現額外增長，包括 DVP3 籌款推動的追趕費用，該項目於去年 11 月 1 日首次結束。

As we progress through 2024, we continue to anticipate additional fee revenue growth, including catch-up fees driven by fundraising for DVP3, which had its initial close on November 1st of last year.

Fee-related earnings were $19.6 million in the first quarter, up 28% year over year.

第一季與費用相關的收入為 1,960 萬美元，年增 28%。雖然由於納入了 info Ridge 的整個季度收購以及對該平台的持續投資，現金薪酬有所增加，但一般和管理成本同比持平，使我們能夠提高營運槓桿並擴大 FRE 利潤率。

While cash compensation was up due to the inclusion of a full quarter of the info Ridge acquisition and continued investments in the platform, general and administrative costs were flat year over year, allowing us to improve operating leverage and expand FRE margins.

We expect this trend to continue over the course of the year with growth in revenue exceeding the growth in compensation and G&A expenses.

我們預計這一趨勢將在今年持續下去，收入成長將超過薪資和一般管理費用的成長。第一季的可分配收益為 220 萬美元，隨著利息支出的持續減少，我們在企業層面去槓桿化方面取得了進展，右側的 LTM 數據我認為可以讓您很好地了解運營槓桿我們的FRE 利潤率開始實現，以LTM 計算，該利潤率已從不到20% 擴大到略高於30%。

Distributable earnings were $2.2 million in the first quarter with the progress we're making at the corporate level delevering on display with continued reduction of interest expense, the LTM figures on the right, I think give you a good sense of the operating leverage that is starting to materialize in our FRE margin, which has expanded from under 20% to just over 30% on an LTM basis.

Turning to page 17, we reported a reversal of $2.7 million in carried interest income for the first quarter, the Company accrued carried interest based on quarterly changes in the fair value of our fund investments.

翻到第 17 頁，我們報告第一季附帶利息收入逆轉了 270 萬美元，公司根據我們基金投資公允價值的季度變化應計附帶利息。第一季的逆轉主要源於該季度公允價值的淨增長，該淨增長低於某些基金的首選回報門檻，導致按市值計價的應計利息減少值得注意的是，附帶利息補償費用跟踪了這些變化，並且少量未實現的附帶利息補償也相應逆轉，本金投資收入（主要透過公司普通合夥人對我們各種基金的投資賺取的應計收入和/或已實現收入）為280 萬美元本季度我們的基金實現了230 萬美元的分配。

The reversal in the first quarter stems mainly from net increases in fair value during the quarter, which came in below the preferred return hurdle on certain funds, resulting in a reduction on a mark-to-market basis at a small amount of accrued carry interest, notably carried interest compensation expense tracks these changes and there was a commensurate reversal of a small amount of unrealized carried interest compensation, principal investment income, which is accrued and or realized income primarily earned on the Company's GP investments in our various funds was $2.8 million in the quarter with $2.3 million in realized distributions from our funds.

Turning to page 18, you'll see that the Company continues to maintain ample liquidity and has continued to delever its balance sheet, including the completion of the full exchange and redemption of $78 million of 2025 exchangeable notes in April, reducing corporate level debt that will result in approximately $4.5 million of annual interest savings.

翻到第18頁，你會發現公司繼續保持充裕的流動性，並繼續去槓桿化其資產負債表，包括在4月份完成了7800萬美元的2025年可交換票據的全面交換和贖回，減少了公司層面的債務，每年將節省約 450 萬美元的利息。

With that, I'll wrap up the financial results section of our presentation.

至此，我將結束我們簡報的財務表現部分。它更短，而且鑑於我們簡化的業務簡介，我希望更容易理解。

It's shorter, and I hope easier to follow given our simplified business profile.

Before handing it over to Mark, I want to express my gratitude to everyone in the finance team and across the firm, especially Jacky Wu for wealth and welcoming me to DigitalBridge and helping my transition over the last few months.

在將其交給 Mark 之前，我想向財務團隊和整個公司的每個人表示感謝，特別是 Jacky Wu，感謝他的財富，歡迎我加入 DigitalBridge，並在過去幾個月裡幫助我完成過渡。我很高興來到這裡，並期待在投資者日以及今年剩餘的時間裡與我們的股東保持聯繫。

I'm really excited to be here and look forward to connecting with our shareholders at investor day and over the course of the rest of the year.

With that, I'll turn it back to Mark for his final remarks.

說到這裡，我將把它轉回給馬克，讓他做最後的評論。

Thank you, Tom.

謝謝你，湯姆。再次感謝 Jacky Wu 和我們整個財務團隊讓您的過渡如此順利。

And again, thank you to Jacky Wu and our entire finance team for making your transition so seamless.

Well, look, we're going to wrap it up.

好吧，聽著，我們要結束它了。我要感謝大家今天的時間和關注。我認為我們繼續為我們的建設奠定基礎。我們相信，最強大的另類資產管理公司之一與當今地球上一些最令人興奮的長期主題息息相關。我們期待歡迎大家參加我們的投資者日。

I want to thank everyone for their time and attention today.

I think we've continued to lay out the foundations for how we're building.

We believe one of the most powerful alternative asset managers tied to some of the most exciting secular themes on the planet today.

We're looking forward to welcoming all of you to our Investor Day.

And with that I'm going to turn it over to the operator for Q&A.

然後我將把它交給操作員進行問答。謝謝。

Thank you.

Thank you, sir.

謝謝你，先生。女士們、先生們，我們現在將進行問答環節。 （操作員說明）Michael Elias，Cowen & Company。請繼續。

Ladies and gentlemen, we will now be conducting the question-and-answer session.

(Operator Instructions) Michael Elias, Cowen & Company.

Please go ahead.

Great.

偉大的。感謝您提出問題。馬克，我只想雙擊您與電力相關的評論，我很欣賞您制定的框架，您知道，您談到的一件事是資料中心對於遷移到電力所在的地方很重要。

Thanks for taking the questions.

Mark, I just want to double click on your comments related to power, which I appreciate the framework you laid out, you know, one of the things that you talked about is that data centers important to move to where the power is.

To that point.

到那時。我看到美國中西部有很多活動。很好奇您是如何思考的，或者您對市場的看法是如何演變的，特別是現在。您是否正在尋找歷史上沒有資料中心機會的地方？這是我的第一個問題。

I'm seeing a lot of activity in the Midwest of the United States.

Curious how you're thinking about or how your view of markets has evolved particularly now.

Are you looking at places where historically there haven't been data center opportunities?

That's my first question.

And then second question, as part of that is, as I think of the locations where there is power, but they aren't data centers currently, one of the things that I think is missing is network.

第二個問題是，當我想到有電力的地方，但目前它們不是資料中心時，我認為缺少的東西之一就是網路。您過去談過融合。我很好奇的是，您如何看待 Vantage 和交換機等資料中心平台之間的相互作用，當我們希望將資料中心引入新市場時，他們將向超大規模供應商提供整體解決方案。我知道這很多，但我希望這是有道理的。

You've talked about convergence in the past.

What I'm curious about is how you think about the interplay between data center platform like Vantage and switch, and they'll fiber company in terms of delivering a holistic solution to the hyperscaler as we look to bring data centers to new markets where there is power.

I know that's a lot, but I hope that makes sense.

I know you always make sense, and I think you're skating to where the puck is going not to where the puck is.

我知道你總是有道理的，而且我認為你是滑向冰球要去的地方，而不是冰球所在的地方。我想把你的問題分成兩個部分。麥可第一個只是談論電力的發展方向，然後第二個，我確實想談論連接性，因為你已經把它釘牢了。連接性確實至關重要。連接到資料中心的毛細血管顯然是互連的，然後這與眼睛有何關聯，以及那些基於大型語言的模型正在構建的位置，以及從訓練到推理的全部過程，這些位置變得對延遲更加敏感。

And I want to sort of break your question down into two pieces.

Michael one is just to talk about the direction of travel on power and then the second, I do want to talk about connectivity because you've nailed it right.

Connectivity is really critical.

The capillaries that connect obviously interconnection to data centers and then how this correlates to a eye and where those big language based models being built and all through when removed from your from training into inference, those locations become more latency-sensitive.

So we can we can explore that for a second now to be mindful.

所以我們現在可以探索這一點，以保持警惕。隊列中還有其他人有疑問。這是一個你和我可以談論很多的話題，記住，資料中心有兩個螢幕。首先是我們的客戶是否相信我們能夠在其基礎上建立他們的資料中心，從而繼續向我們租賃容量，以及他們從本季度開始向我們租賃什麼樣的工作負載。

It's a there's other people in the queue that have questions.

This is a topic you and I could talk a lot about remember, data centers have sort of there's kind of two screens to this.

The first is do our customers trust us to build their data centers on to continue to lease capacity from us and what kind of workloads are they leasing from us coming out of this quarter.

We had contributions from all six of our major data center platforms globally.

我們的全球六個主要資料中心平台都做出了貢獻。因此，我們上週花了很多時間來匯總這些數據並了解我們的客戶在做什麼。因此，對我來說真正有趣的是，雲端和人工智慧之間現在存在這樣的細分，以及從ADC 角度來看，這些工作負載以及最終對延遲敏感的工作負載和實際上對位置非常敏感的工作負載。

So we spent a lot of time this last week aggregating that data and understanding what our customers are doing.

And so what's really interesting to me is that there's such segmentation now between cloud and AI and those workloads and ultimately workloads that are latency sensitive and workloads that actually are very location sensitive from an ADC perspective.

And so private cloud, public cloud, edge workloads, enterprise workloads, all of those workloads, Michael, are evolving in real time and data centers are evolving to.

因此，私有雲、公有雲、邊緣工作負載、企業工作負載，所有這些工作負載，邁克爾，都在即時發展，資料中心也不斷發展。因此，我認為其中一些位置對延遲不太敏感，其中一些位置的功率可能為 200、400、800 兆瓦。這些是人工智慧中的訓練模型，前提是您擁有良好的光纖連接。這些位置可能會少一些，我們可以說對延遲敏感，然後當你進入生成階段時，我和你進入活躍的工作負載和活躍的應用程序，並開始遵循雲所遵循的相同模型，即你和我都知道我們處於雲的11 到12 區。

And so I think that some of these locations that are less latency-sensitive Are some of these locations that can be 200, 400, 800 megawatts.

And those are those training models in AI and provided you have good fiber connectivity.

Those locations can be a little less, shall we say latency-sensitive, then there are as you move into generative, I and you get into active workloads and active applications and starts to follow the same model that the cloud followed, which is you and I both know we're in the 11 to 12 here of the cloud.

And so we're seeing a lot of those locations.

所以我們看到了很多這樣的地點。這些A.現在在亞利桑那州的固特異、喬治亞州的亞特蘭大和俄亥俄州的哥倫布等地非常重要，當然還有內華達州的里諾，作為聖克拉拉的替代品。因此，整個下一代雲端工作負載正在大規模出現，但它們傳統上並不在弗吉尼亞州，傳統上也不在聖克拉拉，您會看到客戶正在導航到不同的地方，然後顯然您看看DataBank 在邊緣方面發生了什麼，DataBank 度過了一個美好的季度。

And those A., these are now really important in places like Goodyear, Arizona and Atlanta, Georgia and Columbus, Ohio on and certainly like Reno, Nevada as an alternative to Santa Clara.

And so there's this whole next generation of cloud workloads that are showing up big in scale, but they're not traditionally in Virginia, they're not traditionally in Santa Clara and you see that the customers are navigating to different places and then obviously you see what's happening at DataBank on the edge side, DataBank has had a fantastic quarter.

One of the best quarters in history.

歷史上最好的季度之一。該公司繼續提供我們所謂的混合工作負載，即半兆瓦到10 兆瓦的工作負載，其中雲端顯然正在向二級和三級市場轉移，我們看到我遵循類似的足跡，但如何建立人工智能的挑戰與擔憂。當然，我們的客戶將自行執行自己的工作，最終也是我們將執行的工作。這是一個非常複雜的矩陣，因為它歸根結底是一個決策樹，邁克爾，我從第一個決定開始思考的方式是我們的客戶會信任我們來建立工作負載。他們是否要自行檢查第二個螢幕，這真的是他們的雲端產品還是人工智慧產品？

And that company continues to deliver what we call hybrid workloads that half megawatt 10 megawatt workloads where the cloud is obviously moving to secondary and tertiary markets we see a I following a similar footprint, but the challenge against how you build AI is very much correlated to worrying about.

And then, of course, there's the self-perform our customers are going to perform their own work and ultimately the work that we're going to perform.

And this is a very complex matrix because it's a decision tree at the end of the day, Michael, the way I think about it from the first decision is our customer is going to trust us to build the workload.

Are they going to self-perform check second screen is, is this really for their for their for their cloud products versus for their AI product?

And then, of course, the engineering standards and ultimately the GPU standards in the design centers and the cooling standards change and deviate a little bit and then ultimately do people really value sort of having a Tier five experience for that, those workloads need to be highly secure and perhaps even in private cloud, a K with switches doing switch has had a phenomenal first quarter and the second quarters even lining up to be better.

當然，設計中心的工程標準和最終的 GPU 標準以及冷卻標準會發生一些變化和偏差，最終人們是否真正重視擁有第五級體驗，這些工作負載需要高度安全，甚至在私有雲中，帶有交換機的K 進行切換的第一季表現非常出色，第二季甚至有望變得更好。好消息就在我們的世界。當我們擁有像 Vantage、Atlas edge DataBank、巴西的 Skol 這樣的強大平台時，我們不必做出選擇，這些平台的季度表現都很棒。我們看到所有這些工作負載在全球範圍內顯現出來。

The good news is in our world.

We don't have to choose when we own powerful platforms like Vantage, Atlas edge DataBank, Skol in Brazil, which had a great quarter.

And we're seeing all of these workloads manifest itself all across the globe.

As you saw in our slide, you see photographs of data centers small around the world.

正如您在我們的幻燈片中看到的，您將看到世界各地小型資料中心的照片。我不認為客戶是限制因素，邁克爾，我認為權力確實是限制因素，在接下來的兩年裡，這對你和其他投資者社群來說會變得更加明顯？

I don't see that the customer is the constraining factor, Michael, I see that power is really the constraining factor, and that's going to become more evident to you and to the rest of the investor community over the next two years?

It's not obviously from my perspective, Michael, it's not new news.

從我的角度來看，這並不明顯，邁克爾，這不是什麼新消息。兩年多前，我們在柏林基礎建設會議上開始討論這個問題。當我告訴投資者世界五年內就會耗盡電力？

We started talking about this over two years ago at the Berlin Infrastructure Conference.

When I told the investor world were running out of power in five years?

Well, I was wrong about that.

嗯，我錯了。未來 18 到 24 個月內我們將耗盡電力。所以我們兩年前就開始研究這個 Powercom，所以這對我們來說並不是什麼新資訊。正如我在今天的電話會議上所說，我們今天正在建造的兩點加十億瓦的電力正在鏟土。所有這些與我們客戶的承諾有動力有動力到位就會信服。這些不是 HOPE 資料中心。這些實際上是正在建造中的資料中心，客戶正在搬入其中。我確實環顧四周，我看到了接下來的五吉瓦以上的機會，我們必須以我們作為一個整體變得更有創造力的方式變得更有創造力，我們試圖找到某些大型數據中心，並且可能對延遲不太敏感的位置。我們試著將這些機會集中在更靠近再生能源的地方。我們試圖創造能源獨立或電網和防禦，這些都是我們正在考慮的事情。

We're kind of running out of power in the next 18 to 24 months.

So we started two years ago working on this Powercom, so it's not new information to us.

And as I said on our call today, the two point plus gigawatts that we're building today, shovels in the ground.

All of those commitments with our customers have power power in place will serve letters.

Those aren't HOPE data centers.

Those are actually data centers that are committed being constructed and customers are moving into it.

I do look around the corner and I look at that next five plus gigawatts of opportunity, and we're going to have to get more creative in the way we get more creative as one, we tried to locate certain of those big data centers and locations that maybe are less latency sensitive.

We tried to co-locate those opportunities closer to renewable energy.

And we tried to create energy independents or grid and defense, and those are the things that we're thinking about.

So the next generation of data centers are perhaps going to be in different locations.

因此，下一代資料中心可能會位於不同的位置。現在，我們如何創造客戶體驗？我們透過為這些資料中心提供的暗光纖來創造低延遲、大、大、大管道的客戶體驗。我說的不是 4 對、12 對。我們正在討論數百對具有冗餘路由的光纖。正如您所強調的，Zayo 正是在這一點上加入進來的，這讓我們充滿信心地與我們的一些主要客戶坐在一起，說，我們將為您提供資料中心，我們可以為您提供光纖。接下來的關鍵是，如果我能一次完成所有工作，我們現在可以提供電力嗎？

Now, how do we create that customer experience?

We create those customer experiences with low latency, big, big, big pipes in terms of the dark fiber that we're bringing to those data centers.

And I'm not talking about 4 pairs, 12 pairs.

We're talking about hundreds of pairs of fiber with redundant routes.

And this is where, as you've highlighted, Zayo comes into the mix and what gives us a lot of confidence to sit with some of our key customers and say, look we'll deliver you the data center, we can deliver the fiber.

And then the next sort of key is can we deliver the power now if I can wrap that all up in one go.

We actually have been for Bridge, which, as you know, is an infrastructure provider.

事實上，我們一直支持 Bridge，正如你所知，它是一家基礎設施提供者。作為一家公司，我們實際上已經涉足再生能源領域。因此，我們的機會集融合了我們在 Enbridge 所做的辛勤工作，以及我們在所有超大規模和私有雲資料中心營運商中所做的辛勤工作，以帶來全面的為客戶提供解決方案。現在這終於顯現出來了。

We actually engage in renewable energy already as a firm.

And so our opportunity set is fusing the hard work that we did at Enbridge, some of the hard work that we've done to do the hard work we've done across all of our hyperscale and private cloud data center operators to bring a holistic solution to customers.

And now that's finally manifesting itself.

Now the real key is that the asset manager level we got to make that manifests itself in the capital.

現在真正的關鍵是我們要讓資產管理者的水準體現在資本上。我們產生的費用和附帶權益是與創造這些偉大的想法並將其整合在一起而產生的。我對 Zayo 所發生的事情感到非常滿意。我們看到那裡的預訂量顯著增加，特別是超大規模和一些網路規模的路線。那裡有巨大的機會，他們將需要我們，這不僅僅是整個光纖行業總體上將需要更多新路線、低延遲路線，當然還有大量的線束數量，這就是彌合差距的方式為人工智能工作負載創建低延遲環境。所以這是很多事情的結合。邁克爾，情況就是這樣，我很抱歉，這是一個冗長而囉嗦的答案，但你問了一個複雜的問題，那麼我們將在投資者日深入探討這個問題。如今建置資料中心比兩三年前更加複雜，而且還會變得越來越複雜。過去幾年我一直這麼說。

We form the fees that we generate and the carried interest that comes commiserate with creating these great ideas and bringing it all together.

I am very happy with what's going on at Zayo.

We've seen a significant uptick in the bookings there, particularly with the hyperscalers and some of the web-scale routes.

There's great opportunity there, and they're going to need us and it's not just presented the whole fiber industry in general is going to need more new routes, low latency routes and of course, heavy strand counts and that's the way you bridge the gap in terms of creating low latency environments for AI workloads.

So it's a combination of a lot of things.

This is the situation, Michael, and I'm sorry, this is a long and winded answer, but you asked a complicated question, then we're going to dig into this in our Investor Day.

It's more complicated to build a data center today than it was two, three years ago, and it's going to get increasingly more complicated.

And I've been saying that for the last couple of years.

But now finally, everyone's paying attention on and it won't get easier.

但現在終於，每個人都開始關注，事情不會變得更容易。我可以我可以我可以與你分享這會變得更加困難，但我喜歡事情變得更加困難，當建造塔樓變得更加困難時。 20年前。當建造小型基地台變得更加困難時，我們就準備好應對這項挑戰。你知道，15 年前我們就迎接了這個挑戰。因此，我們擁有一支懂得如何應對挑戰的管理團隊。關鍵是兩年前就確定了這些挑戰，我們就是這麼做的。

I can I can I can share with you that it will get harder, but I like it when things get harder when it was harder to build towers. 20 years ago.

We were up for that challenge when it was harder to build small cells.

You know, 15 years ago we were up to that challenge.

So we got a management team that understands how to work through challenges.

And the key was identifying those challenges over two years ago, which we did.

So stay tuned and I think we've got a great a great story on how we how we solve problems for our customers.

因此，請繼續關注，我認為我們有一個關於如何為客戶解決問題的精彩故事。

Jade Rahmani, KBW.

傑德·拉赫馬尼，KBW。

Thank you very much.

非常感謝。我很欣賞有關附帶權益逆轉的評論。您是否對排除該項目後的可分配收益有任何估計？

I appreciate the comment around the carried interest reversal.

Do you have any estimate of what distributable earnings would have been excluding that item?

We see reversals and mark to mark-to-market so that doesn't impact adjusted learnings.

我們看到逆轉並按市值計價，這樣就不會影響調整後的學習。

Okay.

好的。您對實現全年 PUM 的前景有何看法？在您先前的展望中，2023 年底，這一數字從 330 億美元增加到 360 億美元至 380 億美元。

And how do you feel about the outlook to achieve full year PUM.

In your prior outlook, it's $36 billion to $38 billion from $33 billion at year end '23.

Yes, I think Tom and I remain completely convicted in the numbers.

是的，我認為湯姆和我對這些數字仍然完全有罪。我們的指導方針沒有任何變化。我們確切地看到，我們感覺第一季我們已經達到了我們想要的目標。再次重申，我和湯姆在上一次季度電話會議中重申的指導方針沒有改變。

We have no changes to our guidance at all.

And we're seeing exactly we feel like we are where we want to be through the first quarter.

And again, want to reiterate no change to our guidance that, Tom and I reiterated in the previous quarterly call.

Rick Prentiss, Raymond James.

瑞克普倫蒂斯，雷蒙德詹姆斯。

Thanks again, everybody.

再次感謝大家。傑伊的問題也有幾個問題。顯然，年底資本形成額為 360 億至 380 億美元的前景得到確認。幫助我們理解節奏。顯然，那裡的情況仍然相當艱難。這些回報的總融資與淨融資有何不同？首先，我有一個後續問題。

Couple of questions on follow on Jay's question there, too.

So obviously, the outlook confirmed on the capital formation $36 billion to $38 billion for year end.

Help us understand the pacing.

Obviously, it's still pretty tough out there.

And what's kind of like the gross funding versus net funding from the pacing for for those returns as well?

First, then I have a follow-up question.

Let me take the first one on capital formation.

讓我談談第一個關於資本形成的問題。嗨，瑞克，你好嗎？所以看，人當然可以推斷。外面很難。但老實說，我們工作的第一季總是很艱難。 Rick、Tom 有限合夥人正在製定今年的分配策略。從歷史上看，第一季的分配並不多。這與數位橋沒有密切關係。你看看另一種選擇，即另類空間，你會發現從歷史上看，第一季的籌款活動相當不溫不火，但我們去年的表現超出了預期。我們的表現優於 2022 年。我們正在透過多種策略關閉多個客戶。我認為，我在本季度的電話會議中試圖推斷的是，我們正在做的事情的多策略方法正在發揮作用，也就是說，人們理解我們的主張，不僅在我們的旗艦基金中，不僅在我們的旗艦基金中，也不僅僅在我們的旗艦基金中。

Hi, Rick, how are you?

So look, it certainly one could extrapolate.

It's tough out there.

But honestly, Q1 in our line of work is always tough.

Rick, Tom LPs are defining their allocation strategy for the year.

Not a lot of allocations are historically made in the first quarter.

This is not germane to Digital Bridge.

You look across the alternative, the alt space, and you'll see that fundraising historically is pretty tepid in the first quarter, but we outperformed last year.

We outperformed 2022.

And then our outlook actually remains optimistic.

We are in the middle of closing multiple clients across multiple strategies.

I think that was something I was trying to infer in our call this quarter is that the multi-strat approach to what we're doing is working rig, which is that people understand our proposition, not just in our flagship funds, not only in co-investments, but they understand what we're doing in core and credit and liquid and continuation vehicles.

And so we're seeing more repeat activity with LPs than we've ever seen from I think as it relates to our flagship fund, we're certainly where we want to be.

因此，我們看到有限合夥人的重複活動比我們以前看到的要多，我認為這與我們的旗艦基金有關，我們肯定已經達到了我們想要的目標。我們對第三隻旗艦基金的指導保持不變。我認為令人興奮的是我們比想像的更早推出了產品。因此，該戰略現在的實施比預期要早一些。當然，一些聯合投資工具的季度表現非常強勁，並且圍繞著偉大的公司進行了改革資本，例如 switch my Advantage 和我們的其他一些公司，隨著我們繼續建立人工智慧，這些公司目前正在形成資本。戰略。

We remain unchanged in our guidance around the third flagship fund.

I think it's exciting that we've got credit to launch earlier than we thought.

So that strategy is now in flight a little earlier than expected.

And then certainly some of the co-investment vehicles are having a very strong quarter as well as reform capital around great companies like switch my advantage and some of our other companies that were out forming capital for right now as we continue to build into the AI. strategy.

So we're lagging in our LPs are lagging in certainly on some of the commitments related to flagship, as I inferred on the call, are tied to some other investment vehicles.

因此，我們的有限合夥人在與旗艦產品相關的一些承諾方面肯定落後了，正如我在電話會議中推斷的那樣，這些承諾與其他一些投資工具相關。所以我們稍微放慢了他們的速度，然後我們就讓他們越過了球門線。但我想再次重申，我們的指南不會發生任何變化，我們對我們籌集資金的能力感到非常滿意，而且客戶對我們所做的事情感到滿意。然後我們預計今年將是強勁的一年。

So we slowed them down a little bit and our we're getting them over the goal line.

But again, I want to reiterate no change to our guide, and we feel really good about our ability to raise the capital and the clients are happy with what we're doing.

And then we anticipate a strong year.

Your second question, Rick, I don't I don't think that's fully appreciated it.

你的第二個問題，里克，我不認為這是完全值得讚賞的。你能為我重新設計一下嗎？

Can you reframe it for me?

Was just some return of capital involved to, right?

只是涉及一些資本返還，對嗎？你有優勢。

You have the advantage.

Yeah.

是的。絕對，你是對的。所以在第一季度，我們確實也回饋了一些資本。我們有一些出口並創建了一些 DPI。為投資者帶來良好的結果，同時我們形成了資本。因此，神奇之處在於我們會時不時地返還資本。我的意思是，關於 Vantage 的好消息是我們返還了資本，然後我們將資本投入與銀湖的朋友合作。正如我所暗示的，我們有一個大型聯合投資工具正準備在那裡關閉，這是令人興奮和愚蠢的。我們喜歡保留這個管理團隊。我們保留該資產，並部署具有經濟效益的新資本。因此，在網路基礎上，我們的想法實際上很像垂直橋。

Absolutely, you are correct.

So in the first quarter, we did return some capital.

We had some some exits and we created some DPI. good outcomes for investors and same time we formed capital.

So part of the magic is we do return capital from time to time.

And I mean, the great news about Vantage is we return capital but we then put capital to work with our friends at Silver Lake.

And as I intimated, we have a big co-investment vehicle that's getting ready to close there, which is exciting and dumb.

We love the fact that we retain that management team.

We retain that asset and we're deploying new capital that bears economics.

So on a on a net basis, we actually think much like Vertical Bridge.

Our exposure in terms of fees will rise over time, but here's the best part and we're getting US public investors get carry now advantage it now sits in our fund product.

我們在費用方面的風險將隨著時間的推移而增加，但這是最好的部分，我們正在讓美國公眾投資者立即獲得它現在位於我們的基金產品中的優勢。因此，投資者現在可以參與真實和團隊正在發生的事情的成功中。對於公共投資者來說，這應該是非常非常好的一天。我知道，瑞克，你喜歡麥片。我知道華爾街的每一位分析師都非常喜歡優勢的作用。因此，現在我們的公眾股東可以與我們一起乘坐邊車，享受辛勤工作的利潤。這是真的，絕對為我們做了很棒的工作。

And so investors now get to participate in the success of what's happening advantage with the real and the team.

And that should be a really good, a really good day for public investors.

I know, Rick, you like cereal.

I know every analyst on the Street likes really likes what advantage does.

So now our public shareholders get to ride sidecar with us and get to enjoy the profits of that hard work.

It's real is absolutely doing a great job for us.

For a final question for me is obviously reaffirming the capital formation targets.

對我來說，最後一個問題顯然是重申資本形成目標。湯姆，您對財務數據的呈現方式做了一些改變，並在報告中提到了公司範圍內的費用。我們應該如何考慮您將如何幫助華爾街了解財務指導以及您特別希望與同行進行比較的基準是什麼？因為顯然這個改變，我覺得聽起來你像是在試圖點亮它。那麼它與同齡人相比更具可比性嗎？

Tom, you made some changes in the way you present the financials and report you mentioned a company-wide fee.

How should we think about where you're headed on helping the Street understand financial guidance and what are you looking specifically to benchmark against the peer group?

Because obviously this change, I think it sounds like you're trying to light it up.

So it's much more comparable to the peer group?

Yes, I think we've tried to make it quite simple to follow.

是的，我認為我們已經盡力讓它變得非常簡單易懂。我認為我們的財務狀況是相當的，幾乎是不言自明的。你知道，他們在推動，正如馬克談到的費用提高直接轉化為費用收入。等式的費用方面也相對簡單明了。因此，我們希望能夠提供真正清晰、乾淨的結果，讓您遵循、建模和預測。

I think our financials are it's fairly it's almost self-explanatory.

They drive, you know, as Mark talked about the fee raising that converts directly into fee revenue.

And the expense side of the equation is relatively simple and straightforward as well.

So we hope we'll be able to deliver really clear, clean and kind of results that you can follow and model and predict.

And I think you called out the margin improvement was aside -- is there a target of where you want to get the FRE margins?

我認為您提到了利潤率的提高，但您是否有一個目標來確定 FRE 利潤率的目標？您正在努力實現氣喘的最後一個規模，這是我們的重要規模嗎？

And there is our important size of scale that you are trying to achieve also last one from asthma?

Yeah.

是的。我認為看，我認為尺度不是一種二進制。我認為這是漸進的。隨著我們的不斷發展，我們將繼續實現規模化。我認為隨著我們的不斷發展，我認為功能不會發生階躍變化，特別是當您在一個系列中擁有多種產品時。所以你得到了 CVT 3d。兩個 D.成為給你很大規模的人。因此，我認為我們還沒有準備好設定 FRE 利潤率目標。但我們每增加一美元收入，我們都會感覺利潤率增加。

I think look, I think the scale is not a kind of binary.

I think it is kind of gradual.

And as we continue to grow, we'll continue to achieve scale.

I don't think there's a step function change in I think as we continue to grow, which particularly when you have multiple products in a family.

So you get CVT three d. two d. be the one that gives you a lot of scale.

And so we I don't think we're at ready to set a target on FRE margins.

But for every new dollar of revenue that we bring in, we feel like improves the margin.

Yes.

是的。湯姆，我會支持你的。我認為我們看到，旗艦三號的增量資本和信貸增量資金使我們確實看到了利潤率擴張的機會。我認為在第一季度，我們推出了一些新 iPhone。當我們擴展到其他一些策略時，我們做了一些招聘，我們肯定會在投資者日談論這些策略，但我們真的很擅長，能夠回家，圍繞我們自己最好的想法發展產品。

And I'll just come behind you on that, Tom.

I think we are seeing from that incremental capital dollar comes in on flagship three and incremental dollars coming on credit to we do see the opportunity for margin expansion.

I think in the first quarter, we had some new iPhones that came on.

We did some hiring as we are expanding into some other strategies, which will we'll talk certainly talked at Investor Day, but we've been really good at it, sort of being able to home, grow our own our own best ideas around products.

And as those products scale, we ultimately they turn the corner and they create efficiencies and we get we get margin expansion, not margin compression.

隨著這些產品的規模擴大，我們最終會扭轉局面，提高效率，我們會得到利潤擴張，而不是利潤壓縮。所以我認為隨著時間的推移，瑞克，在第二、第三和第四季度，我們將關閉資本。再說一次，這有點像婚禮蛋糕，資本的到來幾乎沒有增加的一般管理費用。因此，我認為您將看到的不僅是全年收入貢獻按運行率成長。這就是我們業務的運作方式。

So I think as the year goes on, Rick, in the second, third and fourth quarter, as we close capital.

And again, it's kind of like a wedding cake that capital comes on with very little to no incremental G&A.

And so I think what you'll see is not only the revenue contribution expands on a run-rate basis throughout the year.

That's the way our business works.

But also you'll see a revenue contribution expansion as well because there's not a lot of incremental heads, Tom, associated with our second credit strategy, nor our Fund three and the co-investment vehicles that we're raising right now.

但你也會看到收入貢獻擴大，因為沒有太多增量負責人，湯姆，與我們的第二個信貸策略相關，也沒有我們的第三個基金和我們現在正在籌集的聯合投資工具。當然還有我們今年將推出的其他一些產品。所以我認為總的來說，我們仍然對這份指南非常有信心。更重要的是，隨著時間的推移，我們仍然相信我們有能力提高收入和利潤，但與去年發生的情況類似。

And certainly some of the other products we'll be unveiling this year.

So I think in large, we remain very convicted about the guide.

And more importantly, we remain convicted about the ability for us to improve revenues and margin as the year goes on rec much, but similar to what happened last year.

Richard Choe, JP Morgan.

理查崔，摩根大通。請繼續。

Please go ahead.

Hi, thank you.

嗨，謝謝你。我只是想稍微跟進一下里克的問題，重申主題指導，指導中的費用收入是否也得到重申，其中有多少來自追趕費用？接下來，作為 FRE 的指導，我想，現在這是一個綜合數字，而不是數字，我與之相關的是，[1.5 億至 1.65 億美元]，再次，數字。

I just wanted to follow up on Rick's questions a little bit on with the theme guidance being reiterated, is the fee revenue on guidance also being reiterated and how much of that is coming from catch-up fees?

And then following on with that, as the FRE guidance, I guess, now that is a consolidated number, not digital, I am related -- is that [$150 million to $165 million], again, number for the.

Hey, Richard, how are you?

嘿，理查德，你好嗎？一。我想我就走吧。是啊是啊。是的，如果我們只是想快速回答您的問題，請讓我為您提供更多資訊。我想在募款這塊，難免會有追繳費吧？在第二季度、第三季和第四季度，這種情況總是會發生。而且時機總是有點棘手。因此，某些季度可能會比其他季度收取更多的追補費。我認為我們不會限制目前這四個季度內的追趕費用。

One. I think I would just go.

Yeah, yeah.

Yeah, if we just want to be quick to take your questions, let me give you a little more color behind it on.

I think on the fundraising piece, there will be inevitably be catch-up fees, right?

That always happens will be catch-up fees in Q2, Q3 and Q4.

And the timing of that always is a little bit tricky.

So some quarters may have a little more catch-up fees than others.

I don't think we're exactly going to handicap how much catch-up fees we're going to have over the three quarters at this point in time.

But suffice to say your assumption is correct and the assumption remains accurate as we bring on that $7 billion to $8 billion of incremental capital this year, you can anticipate that all three quarters coming, we'll have we'll have catch-up fees in flagship and certainly, to a lesser extent, credit obviously, continuation funds and co-investments, we get the fees immediately.

但足以說明你的假設是正確的，並且隨著我們今年帶來 70 億至 80 億美元的增量資本，你的假設仍然準確，你可以預期所有三個季度即將到來，我們將有追趕費用在在旗艦產品中，當然，在較小程度上，顯然是信貸、持續基金和共同投資，我們立即收到費用。因此，我們確實預計，隨著我們全年的發展，我們的皮卡將會有一定的速度。我認為你的問題的其他兩個答案是肯定的。是的，我們不會改變指導方針，顯然現在一切都已匯總到一個綜合數字中。希望大家都能輕鬆消化。如果不是，我們隨時可以討論它，然後為您提供所需的更詳細的資訊。該指南是在全公司範圍內製定的。所以這不是一個改變。它不是。我反對經營。現在都只是一家公司了。

So we do anticipate there being some velocity in that in our pickup as we go throughout the year.

I think the other two answers to your questions were Yes.

And yes, we're not changing the guidance and obviously now that everything's all rolled up into one consolidated number.

Hopefully, it's easy for you guys all digest.

And if it isn't, we're always available to talk about it and then give you any more granular information you need.

The guidance was created on a company-wide basis.

So that's not a change.

It's not.

And I am versus operating.

It's all just one company now.

I just wanted to clarify that.

我只是想澄清這一點。然後回到先前的策略性演示，您是否期望從資料中心的成長中受益，或者我猜，您提出的過渡和電源解決方案是否會產生增量回報和？那有多大呢？我認為您過去曾討論過，這是否需要不同的團隊或資金，或者這一切都可以在現有基礎設施中捕獲嗎？

And then going back to the strategy presentation earlier, do you expect to just benefit from kind of data center growth or can there be, I guess, incremental returns being generated from, I guess, the transition and power solutions that you've come up with?

And how big could that be?

And would that require I think you've talked about in the past kind of different maybe teams or funds or can this all be captured in the existing infrastructure?

Yes, it's a great question.

是的，這是一個很好的問題。我將把答案分為三個部分。第一，過去 36 個月以來，應用學習一直在我們的投資組合公司中真正發生。因此，關於擁有全球足跡和擁有六個強大平台的好消息是，我們實際上與地球上的每個電力提供商都有業務往來，因此我們對正在發生的事情有深刻的洞察力，從吉隆坡發生的事情、在發生的事情中獲得持續的強烈厭煩。

I'm going to break the answer down into three components.

One, applied learnings over the last 36 months have been really happening at our portfolio companies since.

So the good news about having a global footprint and having six powerful platforms is we do business literally with every power provider on the planet, some so we have great insights into what's happening, continuous intense bore from what's happening in Kuala Lumpur, what's happening in Tokyo, what happens in places like certainly like for land or Cardiff for London and then, of course, here in the US and Canada.

So it's been great to have these great management teams that have been out executing some of these renewable solutions like switch and scholar, which are 100% renewable already.

因此，很高興擁有這些優秀的管理團隊，他們已經執行了一些可再生解決方案，例如 Switch 和 Scholar，它們已經是 100% 可再生的。我們在 Scholar 所做的事情確實令人興奮。這就是所有的水力釋放、傳輸基礎設施。我們周圍有變電站。我們創建了自己的網格和便利設施。我們出售電力，顯然是賣給我們自己的。我們當然可以向其他資料中心營運商出售電力，但我們沒有，但這對我們來說是一次很好的學習經驗。

That's really exciting what we've done at Scholar.

That's all hydro release, transmission infrastructure.

We have around substation.

We've created our own grid and convenience.

We sell power, obviously to ourselves.

We certainly could sell power to other data center operators, we don't, but that was a great learning experience for us.

Richard, over the last three years, some really exciting.

理查德，在過去的三年裡，有些確實令人興奮。我們能夠做的是轉變，當然，裡諾園區作為未來的典範，考慮到那裡的太陽能和水力發電量，我們與嵌入式電力和照明以及其他一些公用事業公司的合作關係教會了我們很少有什麼是真正驅動這些東西的最佳方式。理查德將在投資組合公司層面推動這項舉措，並推動客戶體驗。這就是我們一直在做的事情。因此，接觸優秀的管理團隊、優秀的客戶、創造優秀的解決方案就是它所做的，這些東西會滲透到我們資產經理層面。

What we've been able to do is switch, certainly the Reno campus as a model for the future, given the amount of exposure to solar there and hydro, our partnership with embedded power and light and a few other utility companies has taught us a few things in the best way to really drive this stuff.

Richard is to drive it at the portfolio company level and drive those experiences with customers.

And that's what we've been doing.

And so having exposure to great management teams, great customers, creating great solutions has been what it does and that stuff percolates back up to us here at the asset manager level.

Now no accident that we bought AMP Capital, no accident that we renamed it Enbridge and that we decided to put a team focused on renewable energy.

現在我們收購了 AMP Capital，我們將其更名為 Enbridge，並且我們決定組建一個專注於再生能源的團隊，這並非偶然。我們已經做到了。我們有一群專門的人員正在致力於此，我們相信這是一個非常非常大的機會，不僅可以為我們的資料中心大規模提供電力，甚至可以為我們的一些業內朋友提供電力。因此，我們正在研究一系列想法和解決方案。這些想法和解決方案很快就會顯現出來。據我所知，我們從不迴避制定新的策略來降低風險。我們已經出去招募了。我們認為最好的團隊能夠實現這些想法，我們已經為此努力了兩年，付出了很多努力。

We've done that.

We have a dedicated group of folks that are working on that, and we believe there is a really big, big opportunity, not only to deliver power at scale for our data centers, but even to some of our friends that are in the business.

And so we're working on a bunch of ideas and solutions.

Those ideas and solutions will manifest themselves quite soon.

From what I can tell you is we've never shied away from developing new strategies to derisk.

We've gone out and hired.

We think the best team to go prosecute these ideas we've been working on it for two years has been a lot of hard work.

And I think what you're seeing is, again, at the portfolio company level, we're creating these ideas and creating these solutions because there's something to do that's bigger.

我認為你再次看到的是，在投資組合公司層面，我們正在創造這些想法並創建這些解決方案，因為有一些更大的事情要做。當然，也有對的。如果您考慮美國電網和歐洲電網上剩餘的電量，美國電網可能會減少到不到 7 吉瓦，而歐洲電網可能會減少不到 2.8 至 3 吉瓦。正如我今天早些時候在電話會議中所說，我們認為資料中心專用電力的傳輸基礎設施將在 24 個月內耗盡。因此，為了前往接下來的地方，我們必須積極主動。

Of course, there is right.

If you think about how much power remains on the US grid and on the European grid were down to less than seven gigawatts on the US grid for probably down less than 2.8 to 3 gigawatts in Europe.

And as I said earlier in the call today, we think we run out of transmission infrastructure for power dedicated to data centers in 24 months.

And so to go to the next places, we've got to be proactive.

We've got to work hard down to portfolio company.

我們必須努力工作直至投資組合公司。我們必須與其他公用事業提供者合作，他們是我們過去合作過的朋友，我們必須創造這些良好的成果。所以這有點預示，但這就是我們正在做的事情，考慮到我們在 2 吉瓦上執行任務的積壓，我們確實認為這是一個巨大的機會。

We've got to work with other utility providers that are friends that we've worked with in the past, and we have to create those good outcomes.

So it's a little bit of foreshadowing, but that's what we're doing and we do think it's a huge opportunity given our backlog for executing on two gigawatts.

And our backlog is over five gigawatts.

我們的積壓訂單超過 5 吉瓦。如果我們要執行5 吉瓦的租賃，就資料中心支出而言，AUM 為500 億美元，1 美元的AUM 約為0.50 美元，並創造新的可再生能源，如果我們選擇的話，我們可以在可再生能源中產生另外250 億美元的AUM走那條路。所以我們有很多選擇。我們有大量積壓。我們有優秀的客戶和優秀的執行長。我們在電力產業擁有優秀的合作夥伴。所以我只想告訴你，還有很多工作要做，我們絕對希望成為故事的一部分。

If we were to execute five gigawatts of leasing, that's $50 billion in AUM in terms of data center spend, talk about $0.50 on the $1 and creating new renewable power, that's another $25 billion of AUM that we could produce in renewable energy if we chose to go that path.

So we have a lot of alternatives.

We have a big backlog.

We've got great customers great CEOs from.

We've got great partners in the power industry.

So I would just tell you there's there's a lot to be done there and we absolutely anticipate being a part of the narrative.

Great.

偉大的。期待投資者日的到來，屆時我們可以更詳細地討論問題。謝謝。

Look forward to the Investor Day where we can go over stuff in more detail.

Thank you.

Looking forward as well.

也很期待。謝謝，理查。紐約見。

Thanks, Richard.

See you up in New York.

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬 (Eric Luebchow)，富國銀行。

Great.

偉大的。感謝您提出問題。那麼，馬克，也許我只是想了解併購市場的最新動態，您今天可能發現了一些相對價值？資料中心和已開發市場塔樓的定價似乎仍然相當激進。那麼，您是否找到了更好的價值和纖維天氣，您知道，住宅還是企業？

Thanks for taking the questions.

So Mark, maybe I just wanted to get the latest pulse on the M&A market where you're finding maybe some relative value today?

It seems like data centers and kind of developed market towers are still priced pretty aggressively.

So are you finding any better value and fiber weathers, you know, residential or enterprise?

So yes, I would say, look, the value proposition on fiber is you are correct as initially starting in residential, I'm ready.

所以，是的，我想說，看，光纖的價值主張是正確的，因為最初是在住宅領域開始的，我已經準備好了。 Fiber 有一些非常有趣的平台，我們認為一些贊助商可能支付了太多費用，對它們施加了太多影響力。因此，有機會透過我們的信貸基金或我們的第三旗艦基金發揮作用，我認為我們已經獲得了大量新的想法。我們正在推行 20 多個新想法和我們的第三隻旗艦基金。

Fiber has got some really interesting platforms that we think some sponsors perhaps paid too much put too much leverage on them.

And so there's an opportunity to play either through our credit fund or play through our third flagship fund from I think we have got a significant amount of new pipeline of ideas.

We're prosecuting over 20 new ideas and our third flagship fund.

A couple of those ideas are in the fiber space where we are seeing significant value.

其中一些想法在光纖領域，我們看到了巨大的價值。我想你知道，曾經定價在 18 倍到 25 倍 EBITDA 範圍內的交易現在定價在 10 倍到 14 倍範圍內。我們甚至看到了一些有趣的機會。在住宅光纖的其他垂直領域，我們認為這些價格可能會降至個位數。所以我認為這是有價值的，但你必須小心，對吧？這其中存在著陷阱。入門價格只是提議的一部分。當你是投資委員會時，就會有後續的資本支出。你必須繼續對這些網路進行投資，而住宅光纖領域的一些企業投資不足，因為它們的競爭資本充足。有線電視公司是R-box。

I think you know, the deals that were once priced in the 18 times to 25 times EBITDA range are now pricing in the, call it, 10 times to 14 times range.

And we're even seeing some some interesting opportunities.

And in other verticals of residential fiber where we think those could price down into the single digits.

So I think there's value to be found, but you have to be careful, right?

There's pitfalls with that.

The entry price is just one part of the proposition.

When you're an investment committee, there's follow-on CapEx.

You've got to continue to invest in these in these networks and some of these businesses in the residential fiber space are underinvested because they're competing as well-capitalized.

Cable companies are R-box.

So we've looked at a lot of stuff.

所以我們看了很多東西。我們已經對很多事情說不。我們已經在光纖領域批准了一項交易。我們正在考慮我們的第三隻旗艦基金中的另一隻。但話又說回來，外面還有很多事情要做。它不僅存在於纖維空間、非樹脂纖維空間中。但我們也確實在企業光纖領域看到了機會。最重要的是，我們真的很喜歡資料中心連結空間。這實際上是長途城域環網和資料中心連接或人工智慧。連接性，我們將其與資料中心解決方案集成，而不是為客戶提供電源解決方案。現在發生了很多事情，並且存在著許多聯繫。

We've said no to a lot of stuff.

We greenlit one deal already in the fiber space.

We're looking at another one in our third flagship fund.

But again, it's there's a lot to do out there.

It's not just in the fiber space, nonresi fiber space.

But we also see opportunities certainly in the enterprise fiber space.

And then most importantly, we really like the data center connectivity space.

So that's really long-haul metro rings and data center connectivity or AI. connectivity, where we're integrating that with a data center solution than a power solution to a customer.

There's a lot happening and connectivity right now.

But one thing is for certain, as we said on the call today, fiber is critical.

但有一件事是肯定的，正如我們今天在電話會議上所說，光纖至關重要。光纖對於高光纖至關重要，光纖對於最終連接邊緣至關重要，光纖對於帶來最終低延遲高速解決方案、物聯網網路、小型蜂窩、我們正在做的一切和我們正在接觸的一切都至關重要，它確實涉及光纖中的連接性，因此我們不會看到垂直消失。我們確實看到了價值，但我實際上認為明年其中一些價值將更加明顯。未來 36 個月內將有近 800 億美元的槓桿收購債務滾動。其中一些是在光纖領域。因此，我們期待著關注其中的一些機會，並成為需要資金的公司的有用合作夥伴。

Fiber is critical to a high fiber is critical to ultimately connecting the edge and fiber is critical to bringing ultimately low-latency high-speed solutions, IoT network, small cells, everything we're doing and everything we're touching, it does involve that connectivity in the fiber so we don't see the vertical going away.

We do see value, but I actually think some of that value will be more pronounced next year.

There's close to $80 billion of LBO debt that's rolling in the next 36 months.

Some of that is in the fiber space.

And so we're looking forward to taking a look at some of those opportunities and being a helpful partner to companies that need capital.

Appreciate that, Marc.

很欣賞這一點，馬克。我只有一個後續行動。我知道我們已經多次涉及資料中心，但也許您可以向我們介紹您所看到的資料中心市場租金的最新情況。我們談了很多關於供需失衡的問題，以及今年供需失衡如何繼續走高，以及考慮到建築成本和交貨時間，今天的無槓桿回報會在哪裡？我想你知道，是否存在一個轉折點，在這個轉折點上，我們會看到價格增長開始放緩，或者如果行業繼續提高價格，超大規模企業可能會試圖帶來更多內部產品？

And I just have just a follow-up.

I know we've touched on data centers a lot, but maybe you could just give us an update on what you're seeing in terms of where kind of market rents have gone in data centers.

We talked a lot about the supply demand imbalance and how they continue to move higher this year and kind of where does that take unlevered returns today, just given where cost of construction and lead times are?

And I guess you know, is there a breaking point at which we're going to see pricing growth start to slow down or a point at which the hyperscalers might tried to bring bring more in-house if the industry keeps raising pricing?

That's a dangerous question, right.

這是一個危險的問題，對吧。當然，我不喜歡談論我們的電話定價，但我要告訴你的是，從廣義上講，我們仍然相信，有一個非常好的機會繼續與我們的合作夥伴合作並為風險獲得報酬我們承擔的。我的意思是，顯然這是一個巨大的機會，我們的客戶可以自行完成這項工作。我們從不告訴客戶他們不能銷售表演。我是世界上最後一個告訴任何超大規模企業他們無法建立自己的資料中心並且無法超越的人。

Certainly, I don't love to talk about pricing on our calls, but what what I would tell you is broadly speaking, we continue to believe that there is a really good opportunity to continue to work with our partners and get paid for the risks that we take on.

And what I mean by that is that obviously there is a big opportunity and look at our customers could self-perform that work.

And we never tell a customer that they can't sell perform.

I'd be the last person in the world to tell any of the hyperscalers that they cannot build their own data centers and can't outperform.

I think the challenge today, if you're looking and taking a step back, is there is that constrained power and there is that constrained resources of land and building permits and just it's a question of focus at the end of the day, what is the best use of Microsoft's time or Amazon time or metals time or Google's time, we think they will self-perform some of their workloads 30% to 40%.

我認為今天的挑戰，如果你退後一步看的話，會發現權力受到限制，土地和建築許可資源也受到限制，這只是最終的焦點問題，什麼是最好利用微軟的時間或亞馬遜的時間或金屬的時間或谷歌的時間，我們認為他們將自行執行其部分工作量的30%至40%。我們仍然相信，70% 到 60% 的情況下，他們會與像我們這樣的人合作，這些人擁有庫存、土地、許可證和意願書，我們之前說過，我們正在點燃兩個現在是千兆瓦。因此，除了我們今天已經在線上的 1.8 至 1.9 吉瓦之外，我們還非常忙碌。

And we continue to believe 70% to 60% of the time they're going to work with folks like us that have the inventory that had the land that have the permits and have the will serve letters said before, we're lighting up two gigawatts right now.

So we're pretty busy on that's on top of the 1.8 to 1.9 gigawatts we already have online today.

So we think on an aggregate basis across all of our platforms, we're one of the largest we think the largest data center operator in the world in terms of certainly power online square footage, number of data centers and certainly have the ability to service private cloud public cloud and edge, which is something quite unique to the digital platform.

因此，我們認為，在我們所有平台的總體基礎上，我們是我們認為世界上最大的資料中心營運商之一，就線上面積、資料中心數量以及服務能力而言私有雲、公有雲和邊緣，這是數位平台非常獨特的東西。我想說，你知道，在沒有具體或宣布定價的情況​​下，我們已經度過了非常美好的兩年，對吧？從 21 年到 22 年的成長勢頭強勁。租金上漲超過 21%，從 2022 年到 23 年，上漲幅度為 13% 到 16%，取決於您所在的市場。到目前為止，第一季度，我們看到定價權仍然掌握在房東手中。我從不相信我們有定價權。

I would say that, you know, without being specific or announced on pricing, we've had two really good years, right?

The uptick from '21 to '22 is strong.

Rents were up over 21%, the uptick from 2022 to '23, depending on which market you're in sort of 13% to 16%.

And so far through the first quarter, we are seeing that pricing power remains with the with the landlord.

I never believe we have pricing power.

And by the way, our CEO's that run our data center companies, they subscribe to my my view and my logic, which is we need to work with customers.

順便說一句，我們的資料中心公司的首席執行官，他們同意我的觀點和邏輯，即我們需要與客戶合作。我們不想成為價格製定者，我們希望建立合作關係。這來自我 31 年的工作經驗，包括建造塔樓、光纖、小型基地台和資料中心，如果你從客戶身上榨乾每一點肉，他們就不會再回來。所以我認為我們對定價非常謹慎。我們非常關注客戶關係的退貨性質和重複性質。因此，我們非常注重確保為客戶創造正確的價值。

We don't want to be the price setter, we want to have partnerships.

And that comes from my 31 years of doing this and building towers and building fiber and small cells and datacenters is if you take every bit of flesh out of a customer, they don't come back.

And so I think we've been very careful about how we price.

We're very focused on the return nature and the repeat nature of our customer relationships.

And so we're very sensitive to making sure that we create the right value for our customers.

What I can tell you is our leasing backlog has never been bigger across all of our data center companies.

我可以告訴您的是，我們所有資料中心公司的租賃積壓從未如此之大。這是我們見過的最大的機會管道。因此，我們必須在正確定價之間取得平衡，並確保正如您所說，我們在昂貴的建設中獲得正確的回報。我們必須確保在現金現金基礎上獲得正確的錨定投資資本回報。請記住，我們正在建造校園的大部分內容。

It's the largest pipeline of opportunity we've ever seen.

And so we got to balance that with pricing it correctly and also making sure, as you said, we get the right returns on construction is expensive.

We got to make sure we get the right anchor build return on invested capital on a cash-on-cash basis.

And remember, most of the things that we are building our campuses.

So we are looking to bring that second third or fourth customer into a campus setting from when we build a new facility.

因此，當我們建造新設施時，我們希望將第二個、第三個或第四個客戶帶入園區環境。有很多事情正在發生。我想我認為七個人之前就說過了。我們期待著新的投資者日的到來。我認為我們會對此進行更深入的研究，當然也會更深入地研究邊緣、私有雲和公有雲，以及這三個客戶群正在發生的事情，以及我們看到的工作負載的走向和我們看到的殖利率的走向，以及最終的結果。

There is a lot going on.

I think I think seven said it earlier.

We look forward to welcoming our new Investor Day.

I think we'll do a little bit of a deeper dive on this and certainly dive deeper into edge and private cloud and public cloud and what's happening across as those three customer sets and where we see workloads going and where we see yields going and ultimately how we see our TAM and AUM growing over the next 5 to 10 years.

Jon Atkin, RBC Capital Markets.

喬恩‧阿特金，加拿大皇家銀行資本市場。

Thanks.

謝謝。我有興趣深入研究美國和拉丁美洲的塔樓，以及您可能會看到的整合機會，以增加您在該領域的影響力？然後我有一個後續行動。

I was interested in maybe drilling down on towers on thinking about US and maybe Lat-Am and opportunities that you might see for consolidation to increase your presence in that in that sector?

And then I've got a follow-up.

So your first question is just around tower M&A.

所以你的第一個問題是關於塔式併購。我認為，我們繼續在塔樓方面進行非常積極的收購，喬納森，從併購的角度來看，我們在亞洲、歐洲、北美和拉丁美洲運營的四個劇院肯定都很活躍。我們一直在關注本季所有四家影院的塔樓交易。有趣的是，我認為本季最能引起共鳴的地區是美國。也許你可以從今天股票的交易方式看出，也許公眾投資者不能，但我不會做空鐵塔產業。所以我們收購了 Vertical Bridge。我們做了 Chantelle 的被子。

I think look, we continue to be very acquisitive on the tower front, Jonathan, the four theaters that we operate in Asia, Europe, North America and Latin America are all certainly active from an M&A perspective.

And we've been looking at tower transactions of all four theaters inside this quarter.

Interestingly enough, the one theater that I think did resonate the most in this quarter was the U.S. We continue to be really bullish about the U.S. tower market.

Maybe perhaps you can tell from the way the stock's traded today, maybe public investors weren't, but I wouldn't bet against the tower industry.

So we did an acquisition at Vertical Bridge.

We did a tuck-in Chantelle.

We like that tower put footprint.

我們喜歡那座塔留下的足跡。我們喜歡中央資產確實難以分區的塔樓和營運商擁有的投資組合，現在我們已經轉向這些資產，並將遷移到我們的平台上，這創造了很多好的機會和很多好的租賃。我們繼續透過三個不同的歐洲平台關注歐洲的銷售情況。我們有新一波的比利時鐵塔合作夥伴，我們還有廣東鐵塔與德國電信合作。再說一遍，我們非常貪婪。我們一直在關註一切。但最終在本季度，我們在本季看到的交易對於我們來自愛爾蘭的優秀公司來說太昂貴了。對於愛爾蘭相當成熟的塔樓，我們無法達到 20 多歲左右的倍數。

We like where the central assets are really difficult to zone towers and carrier owned portfolio that now we've turned and we're going to migrate onto our platform, which creates a lot of good opportunity and a lot of good lease-up.

And we've continued to look at tuck-ins in Europe across our three different European platforms.

We have fresh wave of Belgian Tower Partners, and we have GD Towers in our partnership with Deutsche Telekom.

Again, there we've been very acquisitive.

We've been looking at everything.

But ultimately in this quarter, the stuff that we saw trade in the quarter was too expensive for us from Ireland being a great comp.

We just couldn't get to a mid [20s] multiple for towers that were fairly mature in Ireland.

And also whenever a sophisticated seller like Cellnex sells, we we obviously and our antennas up, we have we really respect Marco is a good friend of mine and Cellnex is a great company.

而且每當像 Cellnex 這樣成熟的賣家出售產品時，我們顯然都會豎起天線，我們真的很尊重 Marco，他是我的好朋友，Cellnex 是一家偉大的公司。因此，當他們出售資產時，我們往往會非常小心這些資產在哪裡出售以及在該價格點以什麼價格出售，我們不是買家，但這並不妨礙我們繼續尋找。我們在世界各地擁有許多不同的塔式平台。我們對我們在東南亞所做的事情感到興奮，邊緣點有很多非常好的機會。我們正在亞洲地區尋找其他機會。有些事情現在正在透過投資委員會進行。因此，塔樓仍然是首要考慮因素。為什麼我們認為塔最終是產生邊緣和人工智慧的交付機制。

So when they're selling assets, we tend to be pretty careful about where those assets are selling and at what price at that price point, we were not a buyer, but that doesn't prohibit us from keep looking.

We own a lot of different tower platforms around the world.

We remain excited about what we're doing in Southeast Asia edge point has a lot of really good opportunity.

We're looking at other opportunities in the Asia theater.

Some things are coming through investment committee right now.

So towers remain top of mind.

Why we think towers ultimately are the delivery mechanism for generative edge and AI.

And so ultimately, as those applications, Jonathan move to mobile edge and they move to the device, you're going to see absolutely more data consumed at the cell site level, you're going to see more pressure on the handset and you're going to see these applications migrate from the enterprise from the office to the edge to IoT networks to mobility to cars and all things related to logistics and transport.

因此，最終，隨著這些應用程式遷移到移動邊緣並遷移到設備，您將看到在蜂窩站點級別消耗的數據絕對更多，您將看到手機上的壓力更大，並且您將看到這些應用程式從企業、辦公室遷移到邊緣，再到物聯網網路、移動性、汽車以及所有與物流和運輸相關的事物。讓生成式人工智慧在行動框架中運作的唯一方法是透過塔。

The only way that you can make generative AI work in a mobile framework is through towers.

And so whilst that's maybe two, three years down the road, we're very optimistic about the long-term implications for what that means for not only towers here in the US, but inevitably, Lat-Am, Europe and Asia are the theaters that we're focused on.

因此，雖然這可能是兩三年後的事情，但我們對這不僅對美國的塔樓，而且不可避免地對拉丁美洲、歐洲和亞洲的長期影響非常樂觀。所以我想，這可能是塔樓行業稍後巡迴演出的一部分，但 31 年的這樣做，喬納森，塔樓行業將不得不發生一個完整的另一個投資週期。事實上，你無法避免數據引力數據最終出現在手機上，最終，這些應用程式駐留在手機上，而將企業拉向消費者邊緣的能力依賴於我們已經看到的從 2G 到 3G 的手機3G到4G，4G到5G。

So I'm maybe this is the part of the call around the tour later for the tower industry, but 31 years of doing this, there's a whole nother investment cycle that's going to have to happen, Jonathan, in towers.

And you just literally cannot avoid data gravity data ends up on the handset and ultimately, those applications reside on the handset and the ability to pull the enterprise to the edge into consumer relies on the handsets we've seen this play out from 2G to 3G 3G to 4G, 4G to 5G.

Jonathan, you not known each other for 20 years at every technology migration path.

喬納森，你們在每條技術遷移道路上都認識了 20 年。你知道，這種事發生了。我們知道會發生這種情況。所以我不會做空塔樓業。再說一次，我們非常看好圍繞塔樓的第三隻基金，你會看到我們投資在塔樓上。這是我們戰略的一部分。

You know, this happens.

We know this happens.

So I would not be shorting the tower sector.

And again, we're very bullish in this third fund around towers, and you'll see us invest in towers.

And that's part of our strategy.

Well, I appreciate those comments.

嗯，我很欣賞這些評論。然後也許只是轉向光纖和小蜂窩。我知道您早些時候在電話會議上談到過這一點，但您可以看到的任何方式都可能會增加國內的額外網路活動。您的任何類型的資本機會，無論是併購還是只是增加您的發展資本，您如何看待這些機會？

And then maybe just turning to fiber and small cells.

I know you talked about it earlier on the call, but any ways in which you could see maybe augmenting the extra net activities in and day out domestically.

Any kind of your capital opportunities, whether it's M&A or just increasing your development capital, how do you view those opportunities?

Well, look, we have three small cell operators.

好吧，看，我們有三個小型蜂窩運營商。英國的 Fresh Wave 繼續為我們的客戶提供工作負載。室內和室外指定在 WiFi 端和室內網路方面表現出色，ExteNet 是最大的室外小型蜂窩基礎設施私人供應商。看，我們很忙，我們正在建設，我們正在接受預訂，我們顯然看到了勢頭，5G 的覆蓋開始轉向緻密化。我們認為 5G 的緻密化確實存在於 25 年、26 年、27 年和 28 年。這遵循類似的最終向 3G 的遷移路徑。我們在 LTE 和 LTE 領域所做的工作以及我們的客戶告訴我們，他們仍然需要小型蜂窩基礎設施，他們仍然需要外包解決方案。

Fresh wave in the UK continues to deliver workloads for our customers.

Indoors and outdoors appointed does a great job on the WiFi side and indoor networks, ExteNet, largest private provider of outdoor small cell infrastructure.

And And look, we're busy right, we're building we're taking on bookings and we are seeing momentum as obviously, the overlay in 5G starts to move to densification.

And we think that densification for 5G really exist kind of in '25, '26, '27 and '28.

That follows a similar migration path to ultimately to 3G.

And what we did in LTE and LTE plus our customers are telling us they still need small cell infrastructure they still need an outsourced solution.

And so we again, we remain long-term bullish about the fact that ultimately a lot of this infrastructure needs to support generative AI, it needs to support those workloads.

因此，我們再次長期看好這樣一個事實，即最終許多基礎設施需要支援生成式人工智慧，需要支援這些工作負載。巨集可以完成很多工作，但最終，真正的生成式邊緣人工智慧的擴散適合手機。因此，喬納森，我們確實經常談論資料引力，以及這些工作負載如何在那些學習模型中啟動，它們正在進入訓練，它們正在進入推理，然後它們進入真正的公共居民雲，然後他們轉移到邊緣，然後我們轉移到移動邊緣，然後我們轉移到近邊緣，即手機。這就是資料的傳播方向，這就是雲端的建構方式。最終，人工智慧將遵循類似的架構，在未來，我們稱之為未來 3 到 10 年。所以我們對此感到興奮，投資人必須要有一點耐心。但我們確實相信小型蜂窩基礎設施、WiFi、六個專用 5G 網路以及卸載這些網路的機會的長期性質。

Macros get a lot of it done, but ultimately, the proliferation to true generative Edge AI fits down at the handset.

And so we really talk about data gravity a lot, Jonathan, and how those workloads starting those in those in those learning models, they're moving into training, they're moving into inference, then they move into into really resident in the public cloud, then they move to edge, then we move to mobile edge and then we move to near Edge, which is the handset.

This is the direction of travel of data this is how the cloud was built.

Ultimately, AI will follow a similar architecture and over the next, let's call it the next 3 to 10 years.

So we're excited about it and investors have to be a little patient.

But we do believe in the long-term nature of small cell infrastructure, WiFi, six private 5G networks and the opportunity to offload those networks.

Thank you.

謝謝。女士們先生們，我們的問答環節已經結束了。現在我將請馬克‧甘齊 (Marc Ganzi) 致閉幕詞。

Ladies and gentlemen, we have reached the end of our question-and-answer session.

I will now hand back over to Marc Ganzi for closing remarks.

Well, look, thank you, everyone, for tuning into our on our Q1 call.

好吧，謝謝大家收聽我們的第一季電話會議。我們已經為簡單的租戶制定了方案，供您考慮作為辯論的所有者或潛在的分配所有者。今年我們重點關註四件事。第一，我們正在為我們最好的想法籌集資金。我認為我們今天已經闡明了我們最好的想法是什麼，我們仍然堅信我們有能力形成該資本，然後部署該資本。

We've laid out for simple tenants for you to think about as an owner of debate or prospective owner of distribution.

There are four things that we're focused on this year.

One, we're forming capital behind our best ideas.

I think we've laid that case out today what our best ideas are and that we remain convicted in our ability to form that capital and then to deploy that capital.

Second, we're investing we're investing in the best secular ideas today that exist on the planet generative, AI, mobile infrastructure and ultimately ecosystem.

其次，我們投資的是當今地球上存在的最好的世俗想法，即生成、人工智慧、行動基礎設施以及最終的生態系統。支持這些的力量是我們當今經濟的所有關鍵租戶和基礎。

And the power that supports that are all the key tenants and the foundation of our economy today.

So investing in needs tailwinds and investing in these secular thematics, our critical and necessary number three, we're focused on scaling our platform scaling means either acquiring existing platforms like we did with AMP Capital or building out new products like we did with core, our late-stage venture growth fund, our liquid strategies and other alternative asset management strategies that we've been very good and skilled in terms of building those capabilities in-house.

因此，投資於需求順風車並投資於這些世俗主題，我們關鍵且必要的第三點，我們專注於擴展我們的平台擴展意味著要么像我們對AMP Capital 所做的那樣收購現有平台，要么像我們對核心所做的那樣建立新產品，我們的後期風險成長基金、我們的流動性策略和其他另類資產管理策略，我們在內部建立這些能力方面非常出色且熟練。

And then ultimately, we've got to asset manage.

最終，我們必須進行資產管理。我們必須繼續在投資組合公司層面上表現出色。我們列出了一些軼事案例，說明我們的一些投資組合公司如何為客戶提供服務，以及他們如何為這些客戶提供網路的未來。

We've got to continue to perform at the portfolio company level.

We've laid out some anecdotal cases for that how some of our portfolio companies are delivering for customers and they're delivering the future of networks for those customers.

We appreciate your support.

我們感謝您的支持。我們期待 5 月 13 日在紐約舉辦投資者日招待大家。我們將更詳細地討論這些策略，以及我們計劃如何透過一些策略，當然還有我們為打造未來新的數位道路和新的數位基礎設施而進行的一些投資來改變數位經濟。是一個重要的時刻。我們希望您能加入我們。再次感謝您對 DigitalBridge 的支持與興趣。我們期待著你的到來。祝你有美好的一天。

We're looking forward to hosting all of you May 13th in New York at our Investor Day.

We're going to talk about these strategies in greater detail and how we plan to change the digital economy through some of the strategies and certainly through some of the investments that we're making to forge a new digital path and new digital infrastructure the future, it's an important moment for us.

We hope you'll join us.

Again, thank you for your support and interest in DigitalBridge.

We look forward to seeing you soon.

Have a great day.

Thank you, sir.

謝謝你，先生。女士們、先生們，今天的活動到此結束。感謝您的出席，您現在可以斷開線路了。

Ladies and gentlemen, that concludes today's event.

Thank you for attending, and you may now disconnect your lines.