DigitalBridge Group Inc (DBRG) 2024 Q2 法說會逐字稿

Good day, and welcome to the DigitalBridge Group, Inc. second quarter 2021 earnings call.

美好的一天，歡迎參加 DigitalBridge Group, Inc. 2021 年第二季財報電話會議。

(Operator Instructions) I would now like to turn the conference over to Severin White, Head of IR.

（操作員指示）我現在想將會議轉交給 IR 主管 Severin White。

Please go ahead.

請繼續。

Good afternoon, everyone, and welcome to DigitalBridge's second quarter 2024 earnings conference call.

大家下午好，歡迎參加 DigitalBridge 2024 年第二季財報電話會議。

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

今天，我們的執行長 Marc Ganzi 在公司電話會議上發言。以及我們的財務長 Tom Mayrhofer。

I'll quickly cover the safe harbor.

我會迅速覆蓋安全港。

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.

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認為是前瞻性的，並且此類聲明涉及許多風險和不確定性，可能導致實際結果存在重大差異。

All information discussed on this call is as of today, August 7, 2024, and DigitalBridge is not intend and undertakes no duty to update for future events or circumstances.

本次電話會議中討論的所有資訊均截至今天（2024 年 8 月 7 日），DigitalBridge 不打算也不承擔針對未來事件或情況進行更新的義務。

For more information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC for the year-ending December 31, 2021, and our Form 10-Q to be filed with the SEC for the quarter ending June 30, 2024.

欲了解更多信息，請參閱我們向 SEC 提交的截至 2021 年 12 月 31 日的最新年度的 10-K 表格以及即將向 SEC 提交的截至 6 月的季度的 10-Q 表格中討論的風險因素2024年30 日。

Great.

偉大的。

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

接下來，讓我們開始吧，我會將電話轉給我們的執行長 Marc Ganzi。

Marc?

馬克？

Thanks, Severin, and welcome, everyone, to our second quarter 2024 business update.

謝謝 Severin，歡迎大家閱讀我們的 2024 年第二季業務更新。

I appreciate the opportunity to outline some of the compelling progress we've made year-to-date, building and scaling DigitalBridge.

我很高興有機會概述我們今年迄今在建造和擴展 DigitalBridge 方面取得的一些引人注目的進展。

As you'll see today, we've made tangible progress across many of our key 2024 priorities, particularly around capital formation linked to the AI infrastructure ecosystem.

正如您今天將看到的，我們在 2024 年許多關鍵優先事項方面取得了切實進展，特別是在與人工智慧基礎設施生態系統相關的資本形成方面。

So let's get started.

那麼就讓我們開始吧。

First and foremost, number one, financial performance, delivering peer-leading revenue growth with expanding operating margins is central to the DigitalBridge investment thesis.

首先也是最重要的是，財務表現、實現同業領先的收入成長和不斷擴大的營業利潤是 DigitalBridge 投資主題的核心。

We've delivered that growth this quarter with management fee revenues up 18% over the prior year, along with growing margins.

本季我們實現了這一成長，管理費收入比前一年增長了 18%，利潤率也不斷增長。

Tom will walk you through the financials later in this call.

湯姆稍後將在本次電話會議中向您介紹財務狀況。

Second, as you know, the key driver of these management fees and fee-related earnings over time is new capital formation.

其次，如您所知，隨著時間的推移，這些管理費和與費用相關的收入的主要驅動因素是新資本的形成。

Here, our AI-powered data center vertical is increasingly a key focus for our global limited partners.

在這裡，我們的人工智慧驅動的垂直資料中心日益成為我們全球有限合作夥伴的重點關注點。

It's underpinning strong capital formation across debt and equity markets to support the growth of our portfolio and is catalyzing new investment solutions.

它支撐著債務和股票市場強大的資本形成，以支持我們投資組合的成長，並催生新的投資解決方案。

This is where our position as the largest private manager of data centers globally really matters.

這就是我們作為全球最大的私人資料中心管理公司的地位真正重要的地方。

I'll walk you through why this is important to us today.

我將向您介紹為什麼這對我們今天很重要。

Number 3, we're well positioned to meet our annual fundraising and financial goals for the year with $3.4 billion in new CM raised through today, directly in line with where we were last year on our way to $7 billion in new capital formation.

第三，我們已經做好了充分準備，能夠實現今年的年度籌款和財務目標，截至今天已籌集了 34 億美元的新資本，這與我們去年新資本形成 70 億美元的目標一致。

And we're heading into a seasonally strong final 4 months of the year.

我們即將進入今年最後 4 個月，季節性強勁。

I have high conviction we'll meet and exceed our targets here.

我堅信我們將在這裡實現並超越我們的目標。

So let's begin by highlighting the capital information across our portfolio year-to-date and how that drives value creation at DigitalBridge.

因此，讓我們首先重點介紹今年迄今為止我們投資組合中的資本信息，以及這些信息如何推動 DigitalBridge 的價值創造。

Next slide, please.

請下一張投影片。

This slide highlights how capital formation in 2024 is being driven by strong limited partner demand for AI levered data center platforms.

這張投影片強調了有限合夥人對人工智慧槓桿資料中心平台的強勁需求如何推動 2024 年的資本形成。

When you look across the $14 billion in equity and credit we've raised so far this year, about 80% of that is earmarked for investment across our data center platform.

縱觀今年迄今我們籌集的 140 億美元股權和信貸，您會發現其中約 80% 專門用於整個資料中心平台的投資。

That includes fresh VM to fuel investment in new platforms, anchor co-investments that boost our firepower and generates carried interest and credit financing to support CapEx, both in our -- in the form of long-term debt and ABS securitizations, which we've historically used to drive down our borrowing costs over time.

這包括新的VM來推動對新平台的投資，錨定共同投資以增強我們的火力並產生附帶利息和信貸融資以支持資本支出，無論是在我們的長期債務還是ABS證券化的形式中，我們都在這樣做。

Credit and equity markets want to partner with DigitalBridge to support the growth of our ecosystem.

信貸和股票市場希望與 DigitalBridge 合作，支持我們生態系統的發展。

We've highlighted a few notable financings year-to-date, including Switch, DataBank and Vantage, which plays a $3 billion green loan earlier this year to fuel our North American expansion.

我們重點介紹了今年迄今為止的幾筆著名融資，包括 Switch、DataBank 和 Vantage，後者在今年稍早提供了 30 億美元的綠色貸款，以推動我們在北美的擴張。

We've also been very active in co-investment, supporting the growing equity needs of our platforms with Scala, Vantage and Switch, all bringing in new investors to support their continued growth.

我們也非常積極地進行聯合投資，透過 Scala、Vantage 和 Switch 來支持我們平台不斷增長的股權需求，所有這些都引入了新投資者來支持它們的持續成長。

Bottom line, we've got an incredibly dynamic portfolio that continues to grow and attracts capital.

最重要的是，我們擁有令人難以置信的充滿活力的投資組合，該投資組合不斷增長並吸引資本。

Next slide, please.

請下一張投影片。

To understand why limited partners and more broadly, capital markets are allocating to DigitalBridge, you have to understand our unique data center footprint and our differentiated vision for the evolution of AI infrastructure.

要了解為什麼有限合夥人和更廣泛的資本市場正在向 DigitalBridge 進行配置，您必須了解我們獨特的資料中心足跡以及我們對 AI 基礎設施發展的差異化願景。

First, let's start by profiling the largest global private data center portfolio today, diversified across six platforms with exposure to the fastest-growing segments of the data center market.

首先，我們首先來分析當今全球最大的私人資料中心投資組合，該投資組合跨六個平台實現多元化，涉足資料中心市場成長最快的細分市場。

Today, we have 4 gigawatts of capacity available across 173 data centers.

如今，我們在 173 個資料中心擁有 4 吉瓦的可用容量。

We cover 84 markets globally across 75 campuses.

我們的 75 個園區涵蓋全球 84 個市場。

That's over 20 million square feet of data center capacity.

這相當於超過 2000 萬平方英尺的資料中心容量。

As you can see on the left, we own platforms to serve the largest public cloud hyperscale workloads.

正如您在左側所看到的，我們擁有為最大的公有雲超大規模工作負載提供服務的平台。

The private cloud where you also see significant AI training deployments today is all the way to the edge, which will play an increasingly important role as generative AI applications proliferate to the edge.

如今，您還可以看到重要的人工智慧培訓部署的私有雲一直延伸到邊緣，隨著生成式人工智慧應用程式擴散到邊緣，私有雲將發揮越來越重要的作用。

This is a diverse set of high-quality market-leading platforms.

這是一套多元化的高品質市場領先平台。

And look, we're ready to expand significantly to over 7.5 gigawatts within the next 5 years, nearly double where we stand today.

看，我們已準備好在未來 5 年內大幅擴展至 7.5 吉瓦以上，幾乎是目前的兩倍。

That's another 93 data centers in development, which equates to another $35 billion or so of development CapEx that DigitalBridge is going to deploy across these six powerful platforms.

另外 93 個資料中心正在開發中，相當於 DigitalBridge 將在這六個強大平台上部署的另外 350 億美元左右的開發資本支出。

These are larger, highly densified data centers architected to serve the AI economy and AI workloads.

這些是規模更大、高度密集的資料中心，旨在服務人工智慧經濟和人工智慧工作負載。

This portfolio and development pipeline uniquely positions jitter bridge to serve AI's cloud trained edge delivered future.

該產品組合和開發流程獨特地定位了抖動橋，以服務未來人工智慧的雲端訓練邊緣。

Next slide, please.

請下一張投影片。

Let's put that investment and opportunity into context.

讓我們將投資和機會放在具體背景中。

As many of you know, AI infrastructure investment is reaccelerating.

眾所周知，人工智慧基礎設施投資正在重新加速。

After 10 years of cloud investment that took OpEx from $25 billion to over $150 billion and created a market that generates over $300 billion in annual service revenues, generative AI has catalyzed to an inflection point, reaccelerating investment across leading hyperscale technology companies upwards of $250 billion per annum.

經過10 年的雲端投資，營運支出從250 億美元增加到超過1500 億美元，並創造了一個每年產生超過3000 億美元服務收入的市場，生成式AI 已經催生了一個拐點，重新加速了領先超大規模科技公司的投資，規模超過2500 億美元每年。

This is up nearly $100 billion from last year.

這比去年增加了近 1000 億美元。

We believe generative AI will drive the next 10-year plus CapEx cycle.

我們相信生成式人工智慧將推動下一個 10 年以上的資本支出週期。

So as you see, while it's early days, we stick to our core thesis.

正如您所看到的，雖然現在還處於早期階段，但我們堅持我們的核心論點。

You've heard this before, follow the logos.

您以前聽說過這一點，請遵循徽標。

And it's the customers, the ones with the deepest insights into generative value breakthroughs and their implications, the demand trajectories they're seeing for new services and new markets.

是客戶，對產生價值突破及其影響、他們所看到的新服務和新市場的需求軌跡有最深刻洞察的人。

And ultimately, the investment and the return on that investment that they are seeing today across their investments with a principal focus on AI infrastructure.

最終，他們今天在主要關注人工智慧基礎設施的投資中看到了投資和投資回報。

On the left, we pulled a few quotes from some of the companies from their 2Q earnings, talking about their commitment to invest and the early results they're seeing in generative AI.

在左邊，我們從一些公司的第二季度收益中摘取了一些報價，談論了他們對投資的承諾以及他們在生成人工智慧方面看到的早期成果。

We've seen this cycle play out before in public cloud.

我們之前已經在公有雲中看到過這種循環。

So let's rewind the clock.

那麼就讓我們把時鐘倒回去吧。

Was it a good idea for Amazon, Google and Microsoft to invest in public cloud 10 years ago.

10 年前，亞馬遜、谷歌和微軟投資公有雲是個好主意嗎？

Next page, please.

請下一頁。

I highlighted the breadth of our platform earlier when I outlined our global data center footprint.

早些時候，當我概述我們的全球資料中心足跡時，我強調了我們平台的廣度。

This slide captures why that breadth is relevant to an evolving data center ecosystem.

這張投影片闡述了為什麼這種廣度與不斷發展的資料中心生態系統相關。

And this is truly why you need to have a diversified portfolio, a portfolio of assets that meet the critical needs of our customers.

這就是為什麼您需要擁有多元化的投資組合，即滿足客戶關鍵需求的資產組合。

You see single platform businesses don't address many key customer workloads.

您會發現單一平台業務無法解決許多關鍵客戶工作負載。

A diverse set of solutions is required, all the way from public cloud to the private cloud that serves AI training to smaller workloads at the edge where AI inference happens.

需要一套多樣化的解決方案，從公有雲到為人工智慧訓練提供服務的私有雲，再到發生人工智慧推理的邊緣的較小工作負載。

One of the interesting evolutions across our portfolio is we're increasingly seeing some of the same customers that typically operate at a mens scale or on a highly distributed basis, look to add capacity across the ecosystem, whether that's hyper scalers, increasingly building capacity of the edge or enterprises developing large-scale campuses to handle their generative ad workloads. -- understanding how workflows and workloads evolve from the public cloud all the way through to the Connected Edge is another aspect of following logos, where our customers are telling us exactly where they need to be, we have the facilities, we have the capacity, we have the platforms and the management teams to meet those demands on a global basis.

我們的產品組合中有趣的演變之一是，我們越來越多地看到一些通常以男裝規模或高度分散式運營的客戶尋求增加整個生態系統的容量，無論是超大規模企業，還是越來越多地建造邊緣或企業開發大型園區來處理其產生廣告工作負載。 -- 了解工作流程和工作負載如何從公有雲一直發展到互聯邊緣是以下徽標的另一個方面，我們的客戶準確地告訴我們他們需要去哪裡，我們有設施，我們有能力，我們擁有在全球範圍內滿足這些需求的平台和管理團隊。

This makes us extremely unique and very differentiated in terms of our approach to investing in AI infrastructure and data centers.

這使我們在人工智慧基礎設施和資料中心的投資方法方面極為獨特且與眾不同。

Next slide, please.

請下一張投影片。

By the way, when we talk about a vision for AI infrastructure, it's not just about architecting a diverse portfolio of data center businesses.

順便說一句，當我們談論人工智慧基礎設施的願景時，它不僅僅是建立多樣化的資料中心業務組合。

AI infrastructure isn't just data centers.

人工智慧基礎設施不僅僅是資料中心。

It also includes fiber.

它還包括纖維。

It includes mobile infrastructure like cell towers and small cells.

它包括移動基礎設施，如蜂窩塔和小型蜂窩基地台。

And in addition to that, ran hubs like edge infrastructure, you're going to see a lot more attention paid to the middle and last mile of connectivity and compute over the next few years as those generative AI applications and workloads proliferate to the edge.

除此之外，隨著這些生成式人工智慧應用和工作負載擴散到邊緣，在未來幾年中，像邊緣基礎設施這樣的運作中心，您將看到更多的注意力集中在中間和最後一英里的連接和計算上。

When these trained LOMs and applications, which are embedded in AI, are deployed at scale across enterprise and consumer markets, the rest of the network becomes critical.

當這些嵌入人工智慧的訓練有素的 LOM 和應用程式在企業和消費者市場大規模部署時，網路的其餘部分就變得至關重要。

Owning the middle and last mile is going to become increasingly valuable, another area where we are already a market leader.

擁有中間和最後一英里將變得越來越有價值，這是我們已經成為市場領導者的另一個領域。

Operating a top five independent global tower portfolio, including companies like Vertical Bridge, the largest private cell tower operator in the United States, European tower companies like Judy Towers and Belgian Tower Partners, our global network spans to Latin America, we have high line, ATP, MTP and to Southeast Asia, we have EdgePoint.

經營全球排名前五的獨立鐵塔投資組合，包括美國最大的私人蜂巢塔營運商Vertical Bridge 等公司、Judy Towers 和Belgian Tower Partners 等歐洲鐵塔公司，我們的全球網路橫跨拉丁美洲，我們擁有高線路、 ATP、MTP 和東南亞，我們有 EdgePoint。

In fiber, which is AI's connective tissue, companies like Zayo, one of the leading fiber providers here in the US is helping hyperscalers stitch together their campuses, optimizing AI training and positioning them for inference when AI moves to that phase of generative AI.

在光纖（人工智慧的結締組織）領域，Zayo（美國領先的光纖供應商之一）等公司正在幫助超大規模企業將其園區縫合在一起，優化人工智慧訓練，並在人工智慧進入生成人工智慧階段時將其定位用於推理。

These are just a few examples of why understanding how the AI ecosystem fits together, and owning those assets is mission-critical in terms of delivering for our customers.

這些只是幾個例子，說明了為什麼了解人工智慧生態系統如何整合在一起並擁有這些資產對於為我們的客戶提供服務至關重要。

It's what makes the portfolio and our platforms that we are building even more unique and relevant.

這使得我們正在建立的產品組合和平台更加獨特和相關。

This is the benefit of being the digital infrastructure specialists, knowing not just what's happening today, but understanding what's coming around the curve.

這就是作為數位基礎設施專家的好處，他們不僅了解今天正在發生的事情，而且了解未來將發生什麼。

Next page, please.

請下一頁。

Now that I've given you some perspective around our diversified global digital infrastructure portfolio, I'd like to cover how we ultimately fuel that growth, which is led by the formation of new capital, new FEAUM across our multi-strategy asset management platform.

既然我已經向您介紹了我們多元化的全球數位基礎設施投資組合，我想介紹一下我們最終如何推動這種成長，這是透過在我們的多策略資產管理平台上形成新資本、新FEAUM 來引導的。

We laid out an ambitious target this year around new capital formation, and I'm pleased to report we remain firmly on track to deliver, particularly as we head into the seasonally strong last 4 months of the year.

我們今年圍繞新資本形成製定了雄心勃勃的目標，我很高興地報告，我們仍然堅定地實現目標，特別是在我們進入今年季節性強勁的最後 4 個月之際。

Through today, we've raised $3.4 billion year-to-date.

截至今天，我們今年迄今已籌集了 34 億美元。

Interestingly, it's exactly in line with where we were last year, when we went on to deliver $6.9 billion in the calendar year.

有趣的是，這與我們去年的情況完全一致，去年我們繼續交付了 69 億美元。

Capital formation has been balanced across our flagship strategy, co-investment and new emerging strategies, particularly credit.

我們的旗艦策略、共同投資和新興策略（尤其是信貸）的資本形成保持平衡。

We feel very positive about the rest of the year with a pipeline of over 400-plus engaged LPs with increasing granularity around where we expect the balance of our target to come from.

我們對今年剩餘時間感到非常樂觀，有超過 400 名參與其中的有限合夥人，我們預期目標平衡的來源越來越細化。

A little over 50% should come from DigitalBridge Partners II, our flagship fund product, where we have a programmatic capital formation process in place that I'm going to describe in a subsequent slide.

略多於 50% 的資金應該來自 DigitalBridge Partners II，我們的旗艦基金產品，我們有一個程式化的資本形成流程，我將在隨後的幻燈片中對此進行描述。

Our emerging strategies, credit, core and liquid should constitute around 20% of the capital.

我們的新興策略、信貸、核心和流動性應佔資本的 20% 左右。

And what we're seeing today is that credit has really strong momentum, and our liquid strategies are generating significant alpha.

我們今天看到的是，信貸勢頭非常強勁，我們的流動性策略正在產生顯著的阿爾法。

Co-investment should represent about 25% of our remaining capital formation driven by strong investor intent around supporting the continued expansion of our data center platforms.

聯合投資應占我們剩餘資本形成的約 25%，這是由投資者支持我們資料中心平台持續擴張的強烈意願所推動的。

Next slide, please.

請下一張投影片。

So when we look at the strategies that are driving that path to meet and beat our capital information targets, I want to highlight a new co-investment via goal that sits at the intersection of two key pillars of our fundraising strategy, expanding our investor base and expanding our investor solutions.

因此，當我們審視推動實現並超越我們的資本資訊目標的策略時，我想強調一項新的共同投資目標，該目標位於我們籌款策略的兩個關鍵支柱的交叉點，擴大我們的投資者基礎並擴展我們的投資者解決方案。

At Investor Day, we outlined how building a multi-strategy asset manager meant creating new pathways to connect LPs that want exposure to digital infrastructure with the growing demand that we're seeing across our ecosystem.

在投資者日，我們概述了建立多策略資產管理公司意味著如何創建新的途徑，將想要接觸數位基礎設施的有限合夥人與我們在整個生態系統中看到的不斷增長的需求聯繫起來。

Also, many of you asked us about our plans for the private wealth channel, given the intuitive appeal of digital infrastructure to that investor base.

此外，鑑於數位基礎設施對投資者群體的直觀吸引力，你們中的許多人詢問了我們對私人財富管道的計劃。

Well, earlier this year, we architected a co-investment vehicle to catalyze the private wealth channel with a new investment solution.

今年早些時候，我們設計了一個聯合投資工具，透過新的投資解決方案來促進私人財富管道。

It's a data center side car that deploys capital across multiple data center platforms managed by DigitalBridge supporting greenfield data center development at our portfolio companies.

它是一種資料中心邊車，可在 DigitalBridge 管理的多個資料中心平台上部署資金，支援我們投資組合公司的綠地資料中心開發。

For the private wealth channel, it's a diversified data center exposure that the clients want.

對於私人財富管道來說，客戶想要的是多元化的資料中心曝光。

And for DigitalBridge, it's a new source of fume growth.

對於 DigitalBridge 來說，這是一個新的煙霧增長源。

And for our portfolio companies, it's a new source of capital to fuel their buildout.

對於我們的投資組合公司來說，這是推動其建設的新資金來源。

We're very pleased with the velocity and traction around this vehicle.

我們對這輛車的速度和牽引力非常滿意。

We think there's a lot more to do here, both in the private wealth channel and within diversified data center investment solutions.

我們認為，無論是在私人財富管道還是在多元化的資料中心投資解決方案方面，還有很多工作要做。

Bottom line, we're architecting new investment solutions that give investors direct investment to AI-driven data center growth, which is what our private clients want and what LPs want today.

最重要的是，我們正在建立新的投資解決方案，為投資者提供對人工智慧驅動的資料中心成長的直接投資，這是我們的私人客戶和有限合夥人今天想要的。

Next slide, please.

請下一張投影片。

Another factor that underpins our conviction around achieving and exceeding our year-end capital formation targets is our structured capital formation process.

支撐我們實現並超越年終資本形成目標的另一個因素是我們的結構化資本形成流程。

This slide looks specifically at DigitalBridge Partners III, where we've closed on capital commitments exceeding $4 billion since its product launch.

這張投影片專門針對 DigitalBridge Partners III，自其產品推出以來，我們已完成超過 40 億美元的資本承諾。

On the left-hand side, you can see we've had strong participation from existing LPs.

在左側，您可以看到現有有限合夥人的大力參與。

These are the re-ups that represent around three-fourth of capital committed to date as well as a little over one-fourth coming from new logos.

這些重新設計代表了迄今為止承諾的大約四分之三的資金，以及四分之一多一點來自新標誌的資金。

It's a ratio that's exactly in line with our initial strategic plan.

這個比例完全符合我們最初的策略規劃。

As we continue forming additional capital, we expect new logo contribution to grow their share over time as we close in on our final target.

隨著我們繼續形成額外的資本，我們預計隨著時間的推移，隨著我們接近最終目標，新徽標的貢獻將增加其份額。

We've also detailed the geographic composition of our LP base, which is anchored to date in North America and Middle Eastern capital.

我們還詳細介紹了我們的有限合夥人基地的地理組成，迄今為止，該基地位於北美和中東首都。

Europe is starting to come back online, and Asia, Asia Pac is a growing part of our capital formation strategy going forward.

歐洲開始恢復活力，亞洲、亞太地區正成為我們未來資本形成策略的重要組成部分。

On the right-hand side, you can see where we've got a very specific group of LPs that we expect to anchor our fundraising as we progress through the end of this year and the beginning of next.

在右側，您可以看到我們有一組非常具體的有限合夥人，我們預計他們將在今年年底和明年初的進展中鞏固我們的籌款活動。

This structured capital information process and the interest we're seeing from LPs and exposure to DigitalBridge and the thematics that we've levered is what ultimately gives us conviction that we'll deliver on these targets.

這種結構化的資本資訊流程以及我們從有限合夥人那裡看到的興趣以及對 DigitalBridge 的接觸以及我們所利用的主題最終讓我們堅信我們將實現這些目標。

Next page, please.

請下一頁。

Success in capital formation ultimately drives financial performance over time.

隨著時間的推移，資本形成的成功最終會推動財務績效。

As we move closer to hitting our fundraising targets, our fee revenues and earnings continue to scale.

隨著我們越來越接近實現籌款目標，我們的費用收入和收入繼續擴大。

Here, we have laid out an illustrative example of how we'll build on our year-to-date earnings into the second half of 2024 with higher fee income in the second half of the year, driven off of a higher capital base and contribution from catch-up fees, which structurally here higher over the course of the year.

在這裡，我們列出了一個說明性示例，說明我們將如何在 2024 年下半年的基礎上，在資本基礎和貢獻增加的推動下，在今年下半年實現更高的費用收入來自追趕費，該費用在今年結構上較高。

I want to outline three factors that create a path for us to hit our 2024 FRE guidance.

我想概述三個因素，為我們實現 2024 年 FRE 指導目標創造道路。

First, year-to-date, we've delivered $46 million of FRE.

首先，今年迄今為止，我們已經交付了 4,600 萬美元的 FRE。

Second, if you strip out the catch-up fees from Q2, about $3 million and annualize it over the next 2 quarters, that's an additional $46 million of FRE.

其次，如果剔除第二季的追趕費用（約 300 萬美元），並在接下來的 2 季將其年化，則 FRE 將額外增加 4,600 萬美元。

Really think of that as the second half base of our earnings.

確實將其視為我們下半年收入的基礎。

Number 3, on top of that, you'll see contribution from a higher fee base that drives higher revenues, which flows into FRE.

第三，最重要的是，您會看到更高的費用基數帶來的貢獻，這會帶來更高的收入，這些收入會流入 FRE。

And in addition, we'll earn catch-up fees on DigitalBridge Partners III, which will increase materially as the year progresses. -- later the commitment, the larger the catch-up fee.

此外，我們還將賺取 DigitalBridge Partners III 的追趕費用，該費用將隨著時間的推移而大幅增加。 ——承諾越晚，追趕費就越大。

It's a simple algorithm, new capital formation drives higher fees and earnings.

這是一個簡單的演算法，新的資本形成會帶來更高的費用和收入。

And for this year in 2024, it is a bit back-end loaded.

而對於 2024 年的今年來說，它有點後端負載。

So for more financial detail on the quarter, let me turn it over to Tom.

因此，有關本季度的更多財務細節，請讓我將其交給湯姆。

Tom?

湯姆？

Thanks, Marc, and good afternoon, everyone.

謝謝，馬克，大家下午好。

As a reminder, this earnings presentation is available within the Shareholders section of our website.

請注意，此收益報告可在我們網站的股東部分查看。

Starting with the second quarter highlights.

從第二季的亮點開始。

Our key operating and financial metrics have seen significant year-over-year growth, fee revenues, fee-related earnings and distributable earnings have all increased meaningfully as compared to the second quarter of 2023.

我們的主要營運和財務指標較去年同期顯著成長，與 2023 年第二季相比，費用收入、費用相關收益和可分配收益均大幅成長。

We generated $26 million of fee-related earnings in the second quarter, which puts us at $46 million of FRE for the first half of the year.

第二季我們產生了 2,600 萬美元的費用相關收入，這使得我們上半年的 FRE 達到 4,600 萬美元。

As Marc just walked through, the $1.2 billion of capital raised in the second quarter and continued fundraising success early in the third quarter provides us with a path to achieve $150 million of FRE for the full year, which would be within our guidance range, albeit at the low end of that range.

正如馬克剛剛走過的那樣，第二季度籌集的12 億美元資金以及第三季度初持續籌款的成功為我們提供了實現全年1.5 億美元FRE 的途徑，這將在我們的指導範圍內，儘管在該範圍的低端。

We also generated approximately $20 million of distributable earnings in Q2, which largely was a result of recurring asset management operations with a contribution from principal investments as well as the reduction in interest expense from the extinguishment of the 2025 senior notes.

我們在第二季度也產生了約 2000 萬美元的可分配收益，這主要是由於本金投資貢獻的經常性資產管理業務以及 2025 年優先票據註銷導致的利息支出減少的結果。

Turning to the next page.

翻到下一頁。

Our fee-earning equity under management is $32.7 billion as of June 30, a 12% increase from the same period last year.

截至 6 月 30 日，我們管理的收費股權為 327 億美元，比去年同期成長 12%。

This growth is driven by capital formation in the DBP series, co-investments and credit strategies.

這一增長是由 DBP 系列資本形成、聯合投資和信貸策略推動的。

In the first half of 2024, we raised $2.3 billion of fee-paying commitments.

2024 年上半年，我們募集了 23 億美元的付費承諾。

And as Marc mentioned, we've already had a strong start to the third quarter and are confident in our near-term fundraising pipeline as we look forward to the rest of the year.

正如馬克所提到的，我們在第三季度已經有了一個良好的開端，並且對我們的近期籌款管道充滿信心，因為我們期待今年剩餘的時間。

Moving to the next page, which summarizes our non-GAAP financial results.

翻到下一頁，總結了我們的非 GAAP 財務表現。

The company reported $79 million of fee revenue in the second quarter, marking an 18% increase from the same period last year.

該公司公佈第二季手續費收入為 7,900 萬美元，較去年同期成長 18%。

As we look to the second half of 2024, we continue to anticipate additional fee revenue growth, including catch-up fees driven by fundraising for DBP III, which had its initial closing on November 1 of last year.

展望 2024 年下半年，我們繼續預期費用收入將出現額外增長，包括由 DBP III 籌款推動的追趕費用，該項目於去年 11 月 1 日首次交割。

The $26 million of fee-related earnings in the second quarter represented consistent and positive growth any way that you measure it.

無論以何種方式衡量，第二季 2,600 萬美元的費用相關收入都代表著持續的正成長。

It's a significant increase both year-over-year and sequentially over the first quarter of 2024.

與 2024 年第一季相比，年比和季比都有顯著成長。

Additionally, this puts LTM fee-related earnings at $90 million, the highest that we've reported over any 12-month period.

此外，這使得與 LTM 費用相關的收益達到 9,000 萬美元，這是我們報告的任何 12 個月期間的最高收益。

We also continue to see steady and consistent improvement in operating margins as growth in revenue exceeds compensation and administrative expense growth.

隨著收入成長超過薪資和管理費用成長，我們也持續看到營業利潤率穩定持續改善。

Our margins increased from 32% to 33% when compared to the second quarter of 2023 and from 24% to 31% on an LTM basis year-over-year.

與 2023 年第二季相比，我們的利潤率從 32% 增至 33%，以 LTM 計算，年比從 24% 增至 31%。

We expect this trend to continue as we raise additional capital over the next several quarters.

我們預計隨著我們在未來幾季籌集更多資金，這種趨勢將持續下去。

Turning to the next page, which summarizes our carried interest and principal investment income.

翻到下一頁，總結了我們的附帶權益和本金投資收入。

We reported a carried interest allocation of $288 million in the second quarter, which after associated compensation expense and noncontrolling interests resulted in net carried interest revenue to DigitalBridge of $75 million for the quarter.

我們報告第二季的附帶權益分配為 2.88 億美元，扣除相關補償費用和非控股權益後，DigitalBridge 本季的附帶權益淨收入為 7,500 萬美元。

As a reminder, the company accrues carry interest based on quarterly changes in the fair value on a mark-to-market basis of the investments held across our portfolio of funds.

謹此提醒，公司根據我們基金投資組合中持有的投資以市值計價的季度公允價值變化來提列利息。

Principal Investment income, which is primarily income earned on the capital invested alongside our limited partners was $14 million in the second quarter.

第二季本金投資收入（主要是與我們的有限合夥人一起投資的資本所賺取的收入）為 1,400 萬美元。

Moving to the next page.

移至下一頁。

Fee revenue and fee-related earnings continue to grow, driven by new capital formation and deployments of existing fee-paying capital under management.

在新資本形成和管理下的現有付費資本部署的推動下，費用收入和與費用相關的收益持續增長。

The churn, I think, highlights the stability and consistency in growth, both in revenues and margin as we present those here on an LTM basis.

我認為，這種流失凸顯了營收和利潤率成長的穩定性和一致性，因為我們在這裡以 LTM 為基礎呈現這些成長。

While the LTM margin has been flat for a few quarters with the current quarter coming in at 33% and our belief in expanding margins over the remainder of the year, I expect that this chart will show continued growth in LTM revenues and LTM margin over the coming quarters.

雖然 LTM 利潤率幾個季度持平，當前季度為 33%，而且我們相信今年剩餘時間利潤率會擴大，但我預計該圖表將顯示 LTM 收入和 LTM 利潤率在未來幾個季度。

We've also introduced a fee-earning equity under management roll forward this quarter, further aligning our disclosures with our peers.

我們也在本季推出了管理下的收費股權滾動，進一步使我們的揭露與同業保持一致。

The second quarter saw $1.2 billion of inflows, primarily capital raised in DBP funds and co-investments, offset by $1 billion in outflows, principally related to additional closings on our Vantage Data center transaction as we continue to transition ownership of this asset from our legacy separately capitalized vehicle structure into our latest flagship fund, DBP III and associated co-investors, which extends our exposure to Vantage data centers through its next phase of growth.

第二季流入12 億美元，主要是DBP 基金和共同投資籌集的資金，被10 億美元的流出所抵消，主要與我們繼續從我們的遺產中過渡該資產的所有權而導致我們的Vantage 數據中心交易的額外結束有關將單獨資本化的工具結構納入我們最新的旗艦基金 DBP III 和相關聯合投資者中，這將我們在 Vantage 數據中心的下一階段增長中擴大了投資範圍。

Turning to the final page of the financial section.

翻到財務部分的最後一頁。

You'll see that the company continues to maintain a strong balance sheet with $1.3 billion of capital invested alongside our limited partners and ample liquidity while continuing to delever the balance sheet.

您會看到，該公司繼續保持強勁的資產負債表，與我們的有限合夥人一起投資了 13 億美元的資本，並擁有充足的流動性，同時繼續去槓桿化資產負債表。

As discussed on our Q1 call, the company completed the exchange and redemption of 100% of the outstanding 2025 exchangeable notes during the first quarter and early part of the second quarter, leaving the securitized notes at an interest rate of 3.9% as the only outstanding corporate debt.

正如我們在第一季電話會議中所討論的，該公司在第一季和第二季初完成了100% 未償還2025 年可交換票據的兌換和贖回，使利率為3.9% 的證券化票據成為唯一未償還的可交換票據。

We continue to evaluate the appropriate capital structure for the business, including the preferred stock obligations.

我們繼續評估業務的適當資本結構，包括優先股義務。

Corporate cash as of June 30 was $127 million, with total current liquidity at $427 million.

截至 6 月 30 日，公司現金為 1.27 億美元，目前流動性總額為 4.27 億美元。

With that, I'll wrap up the financial results section of our presentation, and we'll turn it back to Marc for his final remarks.

至此，我將結束我們簡報的財務表現部分，然後我們將把它轉回給馬克，讓他發表最後的評論。

Thanks, Tom.

謝謝，湯姆。

One of the items that Tom addressed on the field roll forward was the DPI we generated by the Vantage transaction, which drove realizations up in the first half of this year.

Tom 在現場前滾中提出的問題之一是我們透過 Vantage 交易產生的 DPI，該交易推動了今年上半年的變現。

This is a very important part of our job and to be direct, it's our fiduciary duty to our limited partners globally, returning capital and creating the right outcomes and great returns.

這是我們工作中非常重要的一部分，直接地說，這是我們對全球有限合夥人的信託責任，返還資本並創造正確的結果和豐厚的回報。

In turn, this allows us to raise new capital around our best high conviction ideas, which are now materializing in our DigitalBridge Partners III flagship fund.

反過來，這使我們能夠圍繞我們最堅定的信念籌集新資金，這些想法現在正在我們的 DigitalBridge Partners III 旗艦基金中實現。

The Vantage transaction not only created value for our preexisting LPs in terms of DPI, but it created an opportunity for us to reinvest in Carel and its best-in-class team side-by-side with our global limited partners and a seasoned investor in Silver Lake for the AI opportunity ahead, pertaining the platform and focusing on long-term value creation.

Vantage 交易不僅為我們現有的有限合夥人在 DPI 方面創造了價值，而且為我們與我們的全球有限合夥人和經驗豐富的投資者並肩再投資 Carel 及其一流團隊創造了機會。的人工智慧機遇，與平台相關並專注於長期價值創造。

Starting with some background.

從一些背景開始。

As you can see here, over the past 8 years, DigitalBridge's Health Vantage scale from three campuses on the West Coast of the United States with less than 100 megawatts to today with capacity over 1.5 gigawatts of in-place capacity across 30-plus campuses worldwide.

正如您在這裡所看到的，在過去的 8 年裡，DigitalBridge 的 Health Vantage 從美國西海岸的三個園區不足 100 兆瓦發展到今天在全球 30 多個園區的就地容量超過 1.5 吉瓦。

This is an incredible growth story for a market leader in hyperscale data centers.

對於超大規模資料中心的市場領導者來說，這是一個令人難以置信的成長故事。

To achieve this, we've leveraged our operating DNA, our business building heritage to scale a global data center platform, serving the world's largest technology companies.

為了實現這一目標，我們利用我們的營運基因和業務建立傳統來擴展全球資料中心平台，為世界上最大的科技公司提供服務。

Next slide, please.

請下一張投影片。

As you can see here, the reality is we're just getting started.

正如您在這裡所看到的，現實是我們才剛剛開始。

That was just Stage 1.

那隻是第一階段。

There's a $30 billion growth opportunity in AI data center infrastructure.

AI 資料中心基礎設施存在 300 億美元的成長機會。

To support that, DigitalBridge led a $9.2 billion equity investment in partnership with Silver Lake and our global LPs to support the company's next leg of AI-led growth.

為了支持這一目標，DigitalBridge 與 Silver Lake 和我們的全球有限合夥人合作牽頭進行了 92 億美元的股權投資，以支持該公司由人工智慧引領的下一階段成長。

In fact, the transaction was upsized by 40%, driven by strong investor interest and the need for customers to solve a persistent industry-wide supply-demand gap.

事實上，在投資者強烈興趣以及客戶需要解決全行業持續存在的供需缺口的推動下，交易規模擴大了 40%。

In Stage 2, we're going to build and scale another 3 gigawatts of capacity by 2030.

在第二階段，我們將在 2030 年之前再建造並擴大 3 吉瓦的裝置容量。

This represents something on the order of about 5% of the total global capacity expansion over that period.

這約占同期全球產能擴張總量的 5% 左右。

We believe this demand forecast will prove to be conservative based on the conversations that we and Vantage are having with our customers.

我們相信，根據我們和 Vantage 與客戶的對話，這項需求預測將被證明是保守的。

Look, it's an incredible opportunity. catalyzed by the track record that Carel and Novanta team have built, delivering for the world's largest hyperscalers.

看，這是一個難以置信的機會。受到 Carel 和 Novanta 團隊所建立的追蹤記錄的催化，為世界上最大的超大規模企業提供服務。

And the key phrase there is delivering for our customers.

其中的關鍵字是為我們的客戶提供服務。

There is massive growth ahead, and we want DigitalBridge shareholders to continue to participate in the next phase of value creation advantage.

未來將會有巨大的成長，我們希望 DigitalBridge 股東能夠繼續參與下一階段的價值創造優勢。

And that we're going to drive together.

我們要一起開車。

Next page, please.

請下一頁。

So in addition to supporting the next leg of Vantage's growth with fresh capital, the transaction also has a number of strategic creation benefits for the DigitalBridge shareholders, particularly those with a long-term view.

因此，除了以新資本支持 Vantage 的下一步成長之外，此次交易還為 DigitalBridge 股東（尤其是那些有長遠眼光的股東）帶來了許多策略創造利益。

If you take the short-term view, the transaction resulted in a $1.2 billion reduction in our FEAUM in the first half of this year as the asset move from a separately capitalized portfolio company, where we earn management fees into DP3 where we already are accruing management fees, so there was no corresponding increase in committed capital.

如果你從短期角度來看，這筆交易導致我們今年上半年的FEAUM 減少了12 億美元，因為資產從一家單獨資本化的投資組合公司轉移，我們在DP3 中賺取管理費，而我們已經在該公司累積管理費管理費，因此承諾資本沒有相應增加。

For investors with a long-term view, consistent with the DigitalBridge focus on maximizing value, there are three key strategic benefits to this transaction.

對於具有長遠眼光的投資者來說，與 DigitalBridge 對價值最大化的關註一致，此次交易具有三個關鍵的策略優勢。

First, we extended our ownership in fee stream tied to the premier global hyperscale data center platform.

首先，我們擴大了與全球首屈一指的超大規模資料中心平台相關的費用流所有權。

Vantage is the global leader and the partner of choice to the world's largest global technology platforms.

Vantage 是全球領先者，也是全球最大的全球技術平台的首選合作夥伴。

Second, this transaction supports capital formation in two ways.

其次，本次交易從兩個方面支持資本形成。

First, it generated DPI, returning capital to LPs, freeing them to unlock new commitments.

首先，它產生了 DPI，將資本回饋給有限合夥人，使他們能夠釋放新的承諾。

Second, new LPs that participated in the $2.2 billion of co-investment get to see the best AI-levered assets are being populated into our new flagship fund.

其次，參與 22 億美元聯合投資的新有限合夥人將看到最好的人工智慧資產正在納入我們的新旗艦基金。

It's really a double win on this front.

在這方面，這確實是雙贏。

And lastly, carried interest.

最後，附帶利息。

In the previous ownership structure of Vantage, our public shareholders did not participate in the carried interest.

在華帝之前的股權結構中，我們的公眾股東並沒有參與附帶權益。

It was in a legacy DigitalBridge vehicle that predated our public format.

它是在我們公開格式之前的傳統 DigitalBridge 車輛中實現的。

Now DigitalBridge shareholders will participate in the carry as we scale Vantage 3 times from 1.5 gigawatts to over 4.5 gigawatts by 2030.

現在，隨著我們到 2030 年將 Vantage 產能從 1.5 吉瓦擴大到 4.5 吉瓦以上 3 倍，DigitalBridge 股東將參與其中。

If you share that long-term perspective that we take a DigitalBridge, you understand that this transaction results ultimately in executing a unique asset management trifecta, happy legacy LPs, happy new LPs and happy DigitalBridge shareholders as we accrue value from new management fees and carried interest contribution over time.

如果您認同我們採取DigitalBridge 的長遠觀點，您就會明白，此次交易最終會帶來獨特的資產管理三重奏，讓傳統有限合夥人滿意、新有限合夥人滿意、以及DigitalBridge 股東滿意，因為我們從新的管理費中累積了價值，並帶來了價值。

Next slide, please.

請下一張投影片。

I'd like to finish by outlining some of the key priorities that we've delivered year-to-date and look forward to 5 key focus areas for us over the course of the rest of the year.

最後，我想概述我們今年迄今已完成的一些關鍵優先事項，並期待我們在今年剩餘時間內實現 5 個關鍵重點領域。

First, in terms of what we've delivered, management fee revenue and fee-related earnings are both up over 20% year-over-year with expanding margins.

首先，就我們的業績而言，管理費收入和費用相關收益均較去年同期成長超過 20%，利潤率不斷擴大。

Delivering financial performance for shareholders is critical.

為股東提供財務表現至關重要。

Number two, we formed over $14 billion in capital to support AI infrastructure growth across our platforms, including $3.4 billion in new FEAUM.

第二，我們形成了超過 140 億美元的資本來支援我們平台上的人工智慧基礎設施的成長，其中包括 34 億美元的新 FEAUM。

This was a tremendous achievement in the current environment.

在當前環境下，這是一項巨大的成就。

Number 3, we launched a new private wealth product to invest directly in AI data centers.

第三，我們推出了新的私人財富產品，直接投資人工智慧資料中心。

This is what LPs want, and we're delivering for our shareholders with new innovative ideas, new products and FEAUM.

這就是有限合夥人想要的，我們正在為股東提供新的創新理念、新產品和 FEAUM。

Number 4, corporate governance advances with a new Board member in Ian Schapiro, who's got deep power sector and investment management experience that supports our focus on the data center alternative power opportunity.

第四，新董事會成員伊恩·夏皮羅 (Ian Schapiro) 的加入使公司治理取得了進步，他擁有深厚的電力行業和投資管理經驗，支持我們專注於數據中心替代能源機會。

I want to continue to remind shareholders that we remain committed to rotating our governance.

我想繼續提醒股東，我們仍然致力於輪調治理。

Fresh governance and ideas in the boardroom are critical to our plan and commitment to you, our shareholders.

董事會的新治理和想法對於我們的計劃和對您（我們的股東）的承諾至關重要。

Finally, we've reinforced our position as the leading global asset manager in AI and digital infrastructure with portfolio AUM up 17% year-over-year to 84.5 billion.

最後，我們鞏固了作為人工智慧和數位基礎設施領域全球領先資產管理公司的地位，投資組合資產管理規模年增 17%，達到 845 億美元。

So let's look ahead and what I'm committed to delivering for you, our shareholders in the second half of 2024.

因此，讓我們展望未來，看看我承諾在 2024 年下半年為我們的股東提供什麼服務。

First, we want to continue to deliver peer-leading management fee revenue growth and operating margin expansion.

首先，我們希望繼續實現同業領先的管理費收入成長和營業利潤率擴張。

This is what you'll hear from me first and foremost in the back half of this year.

這是今年下半年你們首先會從我這裡聽到的內容。

Next, we want to successfully meet or exceed our $7 billion in new FEAUM target across our multi-strategy asset management platform this year.

接下來，我們希望今年在我們的多元策略資產管理平台上成功實現或超過 70 億美元的新 FEAUM 目標。

We delivered a solid number in the first half.

我們在上半場交付了可靠的數據。

We're poised for success in the back half of 2024 with a deep pipeline of active accounts pursuing our investment management products from flagship to credit to new ideas to co-investments.

我們準備在 2024 年下半年取得成功，擁有大量活躍帳戶，追求我們的投資管理產品，從旗艦產品到信貸，從新想法到聯合投資。

The key here is the multi-strat approach to fundraising is working at DigitalBridge.

這裡的關鍵是 DigitalBridge 正在採用多策略的籌款方法。

Third, we want to accelerate FRE growth into the back half of 2024 as new equity commitments and investment solutions take effect.

第三，隨著新的股權承諾和投資解決方案的生效，我們希望在 2024 年下半年加速 FRE 的成長。

And number 4, as always, we want to continue to maintain a strong balance sheet and liquidity position.

第四，一如既往，我們希望繼續維持強勁的資產負債表和流動性狀況。

This has always been a core focus of mine.

這一直是我的核心關注。

And finally, we're continuing to evaluate strategic M&A opportunities centered around adjacent asset managers that would show immediate per-share accretion to our platform.

最後，我們將繼續評估以鄰近資產管理公司為中心的策略併購機會，這些機會將立即為我們的平台帶來每股增值。

So that's what I'm focused on as we head into the back half of this year.

這就是我們進入今年下半年時我關注的重點。

We've accomplished a lot in 2024, but we have a lot in front of us, and it's all there for us to execute successfully.

2024 年我們已經取得了許多成就，但我們面前還有很多事情要做，而這一切都需要我們成功執行。

We remain confident as a team in executing these goals and targets for you, our shareholders.

作為一個團隊，我們仍然有信心為您（我們的股東）實現這些目標。

I look forward to sharing our progress next quarter as we maintain our market position as the global leader in this dynamic sector.

我期待在下個季度分享我們的進展，因為我們將保持作為這個充滿活力的行業的全球領導者的市場地位。

With that, I'll turn over the call to the operator for Q&A.

這樣，我會將電話轉給接線生進行問答。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Rick Prentiss with Raymond James.

瑞克普倫蒂斯和雷蒙德詹姆斯。

Two quick ones on a very busy earnings day.

在非常繁忙的盈利日，有兩個快速的。

On Slide 22, it shows obviously the inflows, the outflows and end of period balance.

在投影片 22 上，它清楚地顯示了流入、流出和期末餘額。

As we think about DPI, I appreciate Vantage, obviously has been a good opportunity to fulfill your commitment to the LPs on important job of returning capital to them.

當我們考慮 DPI 時，我很欣賞 Vantage，這顯然是一個很好的機會來履行您對有限合夥人的承諾，即向他們返還資本。

But how do we think of where that the inflows, it sounds like we're headed towards $7 billion, if we think of a 24 column on that slide.

但我們如何看待資金流入的方向，如果我們考慮投影片上的 24 欄，聽起來我們將走向 70 億美元。

Where are DPIs headed?

DPI 將何去何從？

And where is the ending balance at year-end 24, do we think, for that slide as we think about year-end?

當我們考慮年底時，我們是否認為該投影片的 24 年底期末餘額在哪裡？

So you had two questions.

所以你有兩個問題。

I'll answer that one, and I don't know if there's a one behind it, Rick, but

我會回答這個問題，我不知道後面是否有一個，瑞克，但是

--

--

Of course

當然

--

--

Good, good.

好，好。

So we were delighted to get the Vantage transaction done.

因此，我們很高興完成 Vantage 交易。

It was a real seminal transaction for us.

這對我們來說是一次真正具有開創性的交易。

We're not at liberty to describe exactly which portfolio companies might be involved in a strategic transaction.

我們無法準確描述哪些投資組合公司可能參與策略交易。

But what I would say is we feel reasonably good about our fundraising.

但我想說的是，我們對籌款活動感覺相當良好。

In fact, we feel very good about it.

事實上，我們對此感覺非常好。

And we do feel good about perhaps returning a little more capital back to investors this year, but DPI has been exactly where we'd like it to be.

我們確實對今年可能向投資者返還更多資本感到滿意，但 DPI 正是我們希望的那樣。

But I think if you look at the beginning-period balance and end-of-period balance, I think where we're sort of guiding you to based on the $150 million target is somewhere between $34 billion to $35 billion in that range in terms of an ending balance on CM rolling forward.

但我認為，如果你看一下期初餘額和期末餘額，我認為我們根據 1.5 億美元的目標來指導你的目標是在這個範圍內的 340 億美元到 350 億美元之間CM 結轉的期末餘額。

So perhaps a little bit more outflows, but certainly, Rick, in the back end a lot more inflows would be my sort of conservative prediction to you.

因此，也許會有更多的資金流出，但當然，瑞克，在後端，更多的資金流入將是我對你的保守預測。

Okay.

好的。

Cool.

涼爽的。

And then, of course, there was a follow-up on Slide 12, where you hit home the kind of where the AI infrastructure is going, and it's not just data centers, fiber is on there as well.

當然，投影片 12 上還有後續內容，您可以從中切中要害，了解人工智慧基礎設施的發展方向，不僅是資料中心，光纖也在那裡。

First data center, second fiber, third tower small cells.

第一個資料中心，第二個光纖，第三個塔式小型基地台。

There's been a lot of discussion in this earnings season about convergence.

本財報季有很多關於融合的討論。

Wireless with fiber, there's been a lot of private equity involvement between mobile carriers and fiber operators, a lot of discussion on fiber-to-the-home.

在無線光纖方面，行動營運商和光纖營運商之間有很多私募股權的參與，也有很多關於光纖到府的討論。

Update us, Marc, on your insightful wisdom on how is fiber going to play out here.

馬克，請告訴我們您關於光纖在這裡如何發揮作用的深刻見解。

Is fiber-to-the-home important?

光纖到府重要嗎？

Is it really enterprise fiber?

真的是企業光纖嗎？

And what is private equities kind of role in this space?

私募股權在這個領域扮演什麼角色？

Well, look, I would just say that our conviction call as a firm is that we believe all fiber is an important part of the ecosystem and is the connective tissue that finds it all.

好吧，我只想說，作為一家公司，我們的信念是，我們相信所有纖維都是生態系統的重要組成部分，並且是發現這一切的結締組織。

And if you believe that a tower or a small cell or an in-house WiFi six node is the ultimate delivery mechanism for generative eye to the edge. -- on the other end of every antenna Rick, you know is a fiber connection.

如果您相信塔、小型基地台或內部 WiFi 6 節點是產生邊緣的最終交付機制。 -- 在每個天線的另一端瑞克，你知道是光纖連接。

So whether it's home, whether it's enterprise, whether it's what I would call metro or what I call long-haul suboceanic cables transport.

因此，無論是家庭、企業、或我所說的地鐵或長途海底電纜傳輸。

What we're seeing is we're seeing strong growth across all of the aspects of fiber.

我們看到纖維的各個方面都出現了強勁增長。

And we own all of those kinds of businesses.

我們擁有所有這些類型的企業。

We own businesses that deliver fiber-to-the-home.

我們擁有提供光纖到府的企業。

We have wholesale businesses that stand-up cable operators and provide transport for them for their fiber-to-the-home services.

我們有批發業務，為有線電視營運商提供支持，並為他們的光纖到戶服務提供傳輸。

Certainly, we're quite strong in enterprise.

當然，我們在企業方面是相當強大的。

We're really strong in transport and long-haul and data center connectivity is really important.

我們在運輸和長途運輸方面非常強大，資料中心連接非常重要。

As we highlighted earlier in the call today, we're really busy in terms of building data centers, Rick.

正如我們今天早些時候在電話會議中強調的那樣，我們真的很忙於建造數據中心，Rick。

I think you understand how many data centers we have in flight today.

我想您已經了解我們今天有多少個正在運行的資料中心。

All of those data centers need multiple redundant paths of fiber and dark fiber.

所有這些資料中心都需要多個光纖和暗光纖冗餘路徑。

So as you could imagine, we are seeing that convergence, of course, because when you own six data center companies, multiple fiber companies, it really provides you with the opportunity to have multiple conversations with your customers.

正如您可以想像的那樣，我們當然看到了這種融合，因為當您擁有六家資料中心公司、多家光纖公司時，它確實為您提供了與客戶進行多次對話的機會。

So this is really where Switch and DataBank and Vantage really have a competitive advantage because they're building so fast and it's such a huge scale, we have enormous control over what fiber goes in and out of our data centers.

因此，這確實是 Switch、DataBank 和 Vantage 真正具有競爭優勢的地方，因為它們的建造速度如此之快，規模如此之大，我們對進出資料中心的光纖擁有巨大的控制權。

So I mean, I think I can't be a little more surgical than that.

所以我的意思是，我認為我不能比這更手術了。

I mean certainly, we can continue the conversation as the year goes on.

我的意思是，隨著時間的推移，我們當然可以繼續對話。

But as much as AI data centers are growing, the connective tissue that binds all of that is also growing.

但隨著人工智慧資料中心的不斷成長，連接所有資料中心的結締組織也不斷成長。

So we're seeing an uptick in fiber demand.

因此，我們看到纖維需求增加。

And I think that's pretty consistent with what you're hearing in this earnings season.

我認為這與您在本財報季聽到的情況非常一致。

(Operator Instructions)

（操作員說明）

Richard Choe with JPMorgan.

摩根大通的理查德·崔（Richard Choe）。

Just wanted to ask, I mean, there's a lot of demand for data centers and you're building a lot.

我只是想問，我的意思是，對資料中心的需求很大，而且你正在建立很多資料中心。

I think there are some concerns that maybe the demand won't last as long as some people think.

我認為有人擔心需求可能不會像某些人想像的那樣持續那麼久。

How far or how long do you see the demand cycle kind of going on?

您認為需求週期會持續多久？

And are you worried that there might be a level of overbuilding going on in the next few years?

您是否擔心未來幾年可能會出現一定程度的過度建設？

So I think -- Richard, it's Marc.

所以我想──理查德，是馬克。

I think what we did see inside of this particular quarter, Richard, and what we've seen through 6 months of activity is -- and I think we highlighted this on Page 10.

理查德，我認為我們在這個特定季度內看到的情況以及我們在 6 個月的活動中看到的情況是 - 我認為我們在第 10 頁上強調了這一點。

CapEx is up.

資本支出上升。

It's not down.

並沒有下降。

So a leading indicator when -- whether it's a data center development, tower development, fiber development is when CapEx starts trending down at our core customers.

因此，無論是資料中心開發、塔式開發或光纖開發，一個領先指標是我們核心客戶的資本支出何時開始下降。

Instead, we've seen actually the converse of that.

相反，我們實際上看到了相反的情況。

We've seen CapEx accelerate.

我們已經看到資本支出加速。

I think what's different about this data center cycle versus the last time the industry was overbuilt is, I know for just -- I can only speak for the six platforms that we own and the 93 data centers that I have in construction.

我認為這個資料中心週期與上次產業過度建設的不同之處在於，我只能代表我們擁有的六個平台和我正在建造的 93 個資料中心。

I've got leases on the end of every one of those data centers.

我對每個資料中心都有租約。

That was not the case when we had the last data center recession, Richard, if you recall, back in 2009 and 2011 when people were speculatively building data centers and they got caught with inventory that wasn't leased.

理查德，如果你還記得的話，在 2009 年和 2011 年，當人們投機性地建造資料中心時，他們發現了未租用的庫存。

Everything we're building, Richard, has a customer.

理查德，我們正在建造的一切都有客戶。

That's for DigitalBridge.

這是針對 DigitalBridge 的。

That's the 90-plus data centers that we're building, and that's the $35 billion of AUM that we're adding and the incremental 3.5 gigawatts of power were lighting.

這就是我們正在建造的 90 多個資料中心，這是我們正在增加的 350 億美元的資產管理規模，以及增量的 3.5 吉瓦照明電力。

I would say one other factor, Richard, you got to keep your eye on is do you actually have the power attached to those data centers.

我想說的另一個因素是，理查德，你必須留意的是你是否真的擁有這些資料中心的電源。

That, to me, is actually a more interesting top of the discussion that you and I can explore when we spend some time together next is every one of the 90-plus data centers on building has a well-served letter and has power attached to it.

對我來說，這實際上是一個更有趣的討論，當我們接下來花一些時間在一起時，你和我可以探討一下，正在建設的90 多個數據中心中的每一個都有一封服務良好的信件，並且有權力附加到它。

Whether it's direct power into the grid, whether it's renewable power through the various partnerships we have, everything that we're lighting has a lease and has power and has a building permit.

無論是直接連接電網的電力，還是透過我們擁有的各種合作夥伴提供的可再生電力，我們照明的所有東西都有租賃、有電力和建築許可證。

And if you've got those three things going for you, a will-serve letter, a customer lease and a building permit, you're in pretty good shape.

如果您已經具備了這三樣東西：一封意願信函、一份客戶租約和一份建築許可證，那麼您的情況就相當不錯了。

So that's what we're doing.

這就是我們正在做的事情。

Again, I can't speak to what QTS is doing and Blackstone is doing.

再說一次，我無法談論 QTS 和 Blackstone 正在做什麼。

I can't speak to what CyrusOne is doing with KKR and GIP.

我無法透露 CyrusOne 與 KKR 和 GIP 正在做什麼。

All I can worry about or DLR and Equitix is what we're doing.

我唯一擔心的是 DLR 和 Equitix 正在做的事情。

And we're doing it at a very tremendous amount of scale.

我們正在以非常巨大的規模來做這件事。

I think we've demonstrated that on this call today in terms of our market-leading position as the leader in global AI data centers.

我認為，在今天的電話會議上，我們已經證明了我們作為全球人工智慧資料中心領導者的市場領先地位。

And I think the important thing is just learning from the lessons of the past and having been in the sector for over 30 years, I think you see this company has taken a very disciplined approach to capital allocation, and most importantly, who we transact with and who we have counterparties with and then the power companies that we've partnered with.

我認為重要的是吸取過去的教訓，並且在這個行業已經有30 多年的經驗了，我想你會看到這家公司在資本配置方面採取了非常嚴格的方法，最重要的是，我們與誰進行交易以及我們的交易對手以及與我們合作的電力公司。

No, that's great.

不，那太好了。

And I'd love to follow up with you later on, on the power side because it seems like that's a real potential strategic advantage that other players may not have.

我很樂意稍後在權力方面跟進您，因為這似乎是其他玩家可能不具備的真正潛在戰略優勢。

Just a final quick one for me.

對我來說只是最後一個快速的。

It seems like the M&A environment might be getting more conducive with rates kind of stabilizing falling down and maybe asking prices kind of coming down.

看來併購環境可能會變得更有利，利率會穩定下來，而且要價可能會下降。

I know most of your investment has been on the greenfield kind of organic side.

我知道你們的投資大多是有機方面的綠地投資。

Are you seeing, I guess, a better potential inorganic environment?

我想，您是否看到了更好的潛在無機環境？

It's interesting.

這很有趣。

There are air pockets of situations where we've seen multiples retreat a little bit.

在某些情況下，我們看到倍數略有回落。

But if you look at recent transaction comps, certainly, for example, if you look at the Cable ONE deal that was done with T-Mobile and KKR, that was done in a mid- to low 20s multiple for fiber.

但如果你看看最近的交易比較，例如，如果你看看與 T-Mobile 和 KKR 完成的 Cable ONE 交易，光纖交易的倍數為 20 倍以上。

That sort of raised some eyebrows around here.

這讓周圍的一些人感到驚訝。

So that was a pretty good marker.

所以這是一個非常好的標記。

Towers are continuing to hang in.

塔樓仍在繼續矗立。

We're still seeing domestic private M&A multiples between 28 times and 40 times for towers.

我們仍然看到國內私人併購鐵塔的倍數在 28 倍到 40 倍之間。

We've certainly seen some data centers trade recently, and those are still trading at effectively it's a development platform, trading in the mid- to high-five cap rates if it's more stabilized, trading in the sort of 6 to 7 cap rate or if it's an enterprise data center trading at an 8% to 9% cap -- but really, we haven't seen a demonstrative degradation in multiples.

我們最近確實看到了一些資料中心的交易，這些資料中心實際上仍然在交易，它是一個開發平台，如果它更加穩定的話，交易在中到高的上限利率，交易在 6 到 7 的上限利率或如果它是企業資料中心，交易價格上限為8% 到9%，但實際上，我們還沒有看到倍數出現明顯下降。

In fact, I would offer to you that multiples have kind of hung up and held up provided if it's a quality asset.

事實上，我想向您提供的是，如果它是優質資產，那麼倍數就會被掛起並保留。

Interest rates are still high.

利率仍然很高。

We haven't seen the cuts that we're looking for.

我們還沒有看到我們正在尋找的削減。

As we mentioned in the quarter, we did raise a lot of debt, Richard, in the quarter, and we did raise them at pretty attractive prices.

正如我們在本季提到的，理查德，我們確實在本季籌集了大量債務，而且我們確實以相當有吸引力的價格籌集了這些債務。

But those were securitizations where we built the book to 8 times to 12 times oversubscribed.

但這些都是證券化，我們將這本書的超額認購額提高到了 8 倍到 12 倍。

So whether it was ExteNet or Vertical Bridge.

所以無論是 ExteNet 還是 Vertical Bridge。

We had some really successful securitizations at Switch.

我們在 Switch 進行了一些非常成功的證券化。

We had another successful securitization at DataBank -- and we had a really successful green securitization for Vantage and an ABS transaction in Europe for Vantage EMEA.

我們在 DataBank 進行了另一次成功的證券化——我們為 Vantage 進行了一次非常成功的綠色證券化，並在歐洲為 Vantage EMEA 進行了 ABS 交易。

So we've been able to access the debt markets, I would say those coupons have hung in pretty steady.

因此，我們已經能夠進入債務市場，我想說這些優惠券一直保持相當穩定。

But certainly, as you know, being a veteran in the sector, it'd be great if we'd have a couple of rate cuts.

但當然，正如你所知，作為該行業的資深人士，如果我們能進行幾次降息那就太好了。

That certainly does help our ability to buy things, and it certainly helps our ability to finance new construction as well.

這肯定有助於我們購買東西的能力，也肯定有助於我們為新建築融資的能力。

Jade Rahmani with KBW.

傑德·拉赫馬尼 (Jade Rahmani) 與 KBW

The cumulative catch-up fee dynamic, I think we're beginning to understand that.

我認為我們已經開始理解累積追趕費的動態。

Hopefully, the market does as well.

希望市場也是如此。

But does that become a headwind next year?

但這會成為明年的逆風嗎？

Or will this phenomenon persist through DBRG's earnings so long as PUM growth picking picks up?

或者只要 PUM 成長加快，這種現象就會在 DBRG 的收益中持續存在嗎？

Look, I mean catch-up fees are always going to be a part of the fundraising process.

看，我的意思是追趕費始終是籌款過程的一部分。

They're a little bit larger this year, given we have a large fund in the market.

鑑於我們在市場上有大量基金，今年的規模會更大一些。

But there will always be typically catch-up fees when you're doing kind of fundraising.

但當你進行籌款活動時，通常總是會產生追繳費用。

And I would also say to that, Jade, one of the things that we've really been emphasizing is that this firm is not a one-trick pony anymore.

我還要說的是，傑德，我們真正強調的一件事是，這家公司不再是只會一招的小馬。

We have multiple teams, multiple products.

我們有多個團隊，多種產品。

And as evidenced this year, between our data center sidecar vehicle, our expansion of our credit strategy, DigitalBridge Partners III and co-investments, we actually have multiple products in the market at the same time.

正如今年所證明的那樣，在我們的資料中心邊車、信貸策略的擴展、DigitalBridge Partners III 和共同投資之間，我們實際上在市場上同時擁有多種產品。

And as we look around the corner to next year, to give you the spoiler alert, we're going to have more products in the market, focused on AI infrastructure, focused on power and focused on the things that really matter for what we're doing to power the digital economy.

當我們展望明年的時候，為了給大家一個劇透警告，我們將在市場上推出更多產品，專注於人工智慧基礎設施，專注於電力，專注於對我們真正重要的事情。提供動力。

We see no slowing down.

我們看不到放緩的跡象。

We see no abatement, Jade -- in the opportunity set at DigitalBridge.

Jade，我們認為 DigitalBridge 提供的機會並沒有減少。

In fact, we're just coming out of our strategic summit with our senior leadership team, and we have more ideas to execute more products to launch.

事實上，我們剛結束與高階領導團隊的策略高峰會，我們有更多想法來執行更多要推出的產品。

And when you look at the amount of CapEx that's going into AI, AI-related infrastructure, AI-related, adjacent power, our swim lane Jat has never been bigger.

當你看到投入人工智慧、人工智慧相關基礎設施、人工智慧相關、鄰近電力的資本支出數量時，我們的泳道 Jat 從未如此大過。

In fact, I'd be really clear with you, our swim lane is growing and growing really fast.

事實上，我很清楚地告訴你，我們的泳道正在快速成長。

So this is a good quarter because it's kind of a launch point for us.

所以這是一個很好的季度，因為它對我們來說是一個啟動點。

It's the first time we've had more than four products in the market at the same time from a fundraising perspective.

從募款的角度來看，這是我們第一次在市場上同時推出四種以上的產品。

And this is really the new cadence that Tom and myself and Liam and Ben and the entire team are on now.

這確實是湯姆和我、利亞姆和班以及整個團隊現在所採用的新節奏。

So this is a big inflection point for DigitalBridge this quarter.

因此，這是 DigitalBridge 本季的一個重大轉折點。

And just one -- Go ahead.

只有一個——繼續。

The longer fund stays in the market, the sort of the bigger the catch-ups accumulate.

基金在市場停留的時間越長，追趕的規模就越大。

So we've got a little bit of that going on in the second half of this year.

因此，我們在今年下半年發生了一些事情。

On the July fundraising that looked to accelerate, -- was that a seasonal factor that you had expected all along?

關於 7 月似乎會加速的募款活動，這是您一直預期的季節性因素嗎？

Or is there something changing in the market in terms of gaining steam, gaining more traction, LPs being more willing to commit capital?

或者市場在獲得動力、獲得更多吸引力、有限合夥人更願意投入資本方面是否發生了變化？

It's a really insightful question.

這是一個非常有洞察力的問題。

Thank you, Jade, for asking it.

謝謝你，傑德，提出這個問題。

It's actually all three of those things, and let me sort of unpack that for you.

實際上就是這三件事，讓我為您解開。

One, the second half of the year is always stronger for us, Q3 and Q4.

第一，下半年對我們來說總是更強勁，第三季和第四季。

And the reason for that is people set their investment calendar usually, as I told you before, in April and May and allocation start moving in June, July, August and September.

原因是，正如我之前告訴過你的，人們通常在四月和五月設定投資日曆，並在六月、七月、八月和九月開始分配。

So we're really beginning to see -- particularly our LPs are returning and they're allocating.

所以我們真的開始看到——特別是我們的有限合夥人正在回歸並且他們正在分配。

And the back half of the year is always stronger than the front half of the year, and that's what you're beginning to see.

下半年總是比上半年更強，這就是你開始看到的。

And hence, while you hear the very strong conviction in my voice and Tom's voice around our fundraising for the rest of the year.

因此，當你聽到我和湯姆的聲音對我們今年剩餘時間的籌款活動充滿堅定的信念時。

The second thing I would say is that LPs are very excited to be allocating to AI and AI data centers where you've got incredible platforms, long-term leases with investment-grade counterparties and you're building the data centers of the future.

我要說的第二件事是，有限合夥人非常高興能夠分配給人工智慧和人工智慧資料中心，在那裡你擁有令人難以置信的平台，與投資級交易對手的長期租賃，並且你正在構建未來的資料中心。

And so when we highlighted our data center sidecar vehicle, that's been -- that's a product that really has gone incredibly well.

因此，當我們強調我們的資料中心邊車時，這確實是一款進展順利的產品。

It's what investors want, Jade.

這就是投資人想要的，傑德。

They want exposure to investment-grade digital AI infrastructure, and DigitalBridge has that in space.

他們希望接觸投資等級數位人工智慧基礎設施，而 DigitalBridge 在太空中擁有這樣的基礎設施。

In fact, again, I'll say it again, we are the largest owner and private operator of AI infrastructure in the world.

事實上，我再說一遍，我們是世界上最大的人工智慧基礎設施所有者和私人營運商。

And that's really important.

這真的很重要。

When you're the market leader and you have those opportunities, it's really exciting.

當您是市場領導者並且擁有這些機會時，這真的很令人興奮。

The third thing I would say, Jade, that's really manifesting itself in the back half of this year is, again, our diverse set of products.

Jade，我要說的第三件事，在今年下半年真正體現的是我們多樣化的產品。

We're more than just one platform now. and you're going to keep seeing this.

我們現在不僅僅是一個平台。你會繼續看到這種情況。

You're going to see it in the numbers.

你會在數字中看到它。

You're going to see it whether it's in our credit strategy, our private wealth channel that we've now launched, our flagship product, our co-investment products and other investment management products that we've been telegraphing to you that are coming, everything revolving around the AI infrastructure economy, including power.

無論是我們的信貸策略、我們現在推出的私人財富管道、我們的旗艦產品、我們的共同投資產品以及我們已經向您通報的即將推出的其他投資管理產品，您都會看到這一點。基礎設施經濟的一切，包括電力。

So this is a really exciting moment for the company, and we're starting to really hit our stride.

因此，這對公司來說是一個非常令人興奮的時刻，我們開始真正邁出步伐。

And so hence, why I think you hear a lot of enthusiasm in our voices.

因此，我認為您會從我們的聲音中聽到很多熱情。

That concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Marc Ganzi for any closing remarks.

我想將會議轉回給馬克甘齊 (Marc Ganzi) 發表閉幕詞。

Well, thank you.

嗯，謝謝。

It's been a terrific quarter.

這是一個很棒的季度。

I first and foremost, I want to thank my team.

首先，我要感謝我的團隊。

We've been working really hard to deliver these results, and we're going to continue to work even harder through the back half of this year.

為了取得這些成果，我們一直在努力工作，今年下半年我們將繼續更加努力。

As I told the team recently, we have a huge opportunity in front of us.

正如我最近告訴團隊的那樣，我們面前有一個巨大的機會。

And no one is better positioned to take advantage of the AI economy and AI infrastructure than DigitalBridge.

沒有人比 DigitalBridge 更有能力利用人工智慧經濟和人工智慧基礎設施。

We got the biggest team, got the best platforms.

我們擁有最大的團隊，擁有最好的平台。

We've got the most assets under management over $84 billion today and growing.

如今，我們管理的資產數量最多，超過 840 億美元，而且還在持續成長。

And that opportunity sits at our feet, and it's on us to execute it.

這個機會就在我們腳下，我們有責任去執行它。

What we promise to you, our shareholders is we will do that.

我們向你們、我們的股東承諾的是，我們會做到這一點。

We will go forward through the back half of this year and into next year, executing against what we think is the most exciting secular opportunity that we've seen in our lives, which is the opportunity to build and be a trusted set of hands to the best logos, the best hyper scalers and delivering AI infrastructure for the future.

我們將在今年下半年和明年繼續前進，抓住我們一生中見過的最令人興奮的長期機會，這是一個建立並成為值得信賴的團隊的機會。器以及為未來提供人工智慧基礎設施。

I want to thank you for your interest.

我想感謝您的關注。

I want to thank everyone for tuning in, and we look forward to spending more time with you this year.

我要感謝大家的收聽，我們期待今年與你們共度更多時光。

And as always, we remain open to our investors and engaging with them.

一如既往，我們對投資者保持開放態度並與他們互動。

So thank you again and wishing everyone a great evening.

再次感謝大家，祝大家有個愉快的夜晚。

Take care.

小心。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。