DigitalBridge Group Inc (DBRG) 2024 Q4 法說會逐字稿

Greetings and welcome to the Digital Bridge Group fourth quarter and year-end earnings call 2024.

問候並歡迎參加 Digital Bridge Group 2024 年第四季和年終收益電話會議。

(Operator Instructions)

（操作員指令）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Severin White. Please go ahead.

提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人 Severin White。請繼續。

Good morning everyone and welcome to Digital Bridge's fourth quarter 2024 earnings conference call. Speaking on the call today from the company is Marc C. Ganzi; our CEO, and Thomas Mayrhofer, our CFO. I'll quickly cover the safe harbor. 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.

大家早安，歡迎參加 Digital Bridge 2024 年第四季財報電話會議。今天在公司電話會議上發言的是 Marc C. Ganzi；我們的執行長 (CEO) 和我們的財務長 Thomas Mayrhofer。我會迅速到達安全港。我們今天就業務營運和財務表現所做的一些陳述可能被視為前瞻性的，而此類陳述涉及許多風險和不確定性，可能導致實際結果大不相同。

All information discussed on this call is as of today, February 20, 2025, and Digital Bridge does not intend and undertakes no duty to update it for future events or circumstances. For more information, please refer to the risk factors discussed in our most recent Form 10k to be filed with the SEC for the year ending December 31, 2024. With that, let's get started. I'll turn the call over to Mark Ganzi, our CEO; Mark.

本次電話會議中討論的所有資訊均截至今天（2025 年 2 月 20 日），Digital Bridge 不打算也不承擔根據未來事件或情況更新資訊的義務。欲了解更多信息，請參閱我們最新的 10k 表中討論的風險因素，該表將向美國證券交易委員會提交截至 2024 年 12 月 31 日的年度報告。有了它，我們開始吧。我將把電話轉給我們的執行長 Mark Ganzi；標記。

Let's start with our business update and put performance in the fourth quarter and over the course of 2024 into proper perspective. There are three core headlines that I want to talk to you about today. Fundraising How we're investing and how we intend to scale the business. Let's start with fundraising. This is the key first headline. We had record fundraising of $9 billion in 2024.

讓我們從業務更新開始，正確看待第四季和 2024 年全年的表現。今天我想和大家談三個核心主題。籌款我們如何投資以及我們打算如何擴大業務。讓我們從籌款開始。這是關鍵的第一個標題。2024 年，我們的募款金額達到了創紀錄的 90 億美元。

That includes $4.8 billion in the fourth quarter, putting us 28% ahead of our $7 billion dollar annual target and marking a very strong finish to the year. Next, we outlined our objectives for 2024. I highlighted we had $15 billion of CapEx we were scheduled to deploy. Principally into the data center sector. Here we actually ended up putting to work around $16 billion in 2024 at the portfolio level.

其中第四季的 48 億美元，使我們比 70 億美元的年度目標高出 28%，標誌著今年取得了非常強勁的成績。接下來，我們概述了 2024 年的目標。我強調說，我們計劃部署 150 億美元的資本支出。主要進入資料中心領域。實際上，我們最終在 2024 年在投資組合層面投入了約 160 億美元。

Framing that in proper perspective as an asset manager, our assets under management grew from $80 billion to $96 billion in a period of one year. This is over a 20% growth rate in terms of the assets and really showing proof positive that we're scaling the business.

從資產管理者的正確角度來看，我們管理的資產在一年的時間內從 800 億美元成長到了 960 億美元。就資產而言，這是超過 20% 的成長率，真正證明我們正在擴大業務規模。

The last piece I want to highlight, which is central to our investment thesis, and Tom will cover it in greater detail, is our ability to deliver strong financial performance with growing revenues and earnings. And look, I know this was a tough year in terms of our ability to deliver on those numbers in the second and third quarter, but I think in the fourth quarter we put that to bed.

我要強調的最後一點是我們的投資論點的核心，湯姆將更詳細地介紹它，那就是我們有能力透過不斷增長的收入和收益來實現強勁的財務業績。我知道，就我們在第二季和第三季實現這些數字的能力而言，今年是艱難的一年，但我認為，在第四季度，我們會解決這個問題。

Management fees grew over 20% this year and over 35% in the fourth quarter, while fee-related earnings grew over 30% in both the fourth quarter and over the course of 2024, with margins expanding in a trend that we expect to continue as digital rich scales. And this is really the key tenet of what we're planning to deliver this year is scale, and I'll talk a little bit more about it in the third section of my presentation and commentary today. Let's go to the next page.

今年管理費成長超過 20%，第四季成長超過 35%，而費用相關收益在第四季和 2024 年均成長超過 30%，利潤率不斷擴大，隨著數位富豪人數的增加，我們預計這一趨勢將持續下去。這確實是我們今年計劃實現的關鍵原則，即規模，我將在今天的演講和評論的第三部分中進一步討論這一點。我們進入下一頁。

So on fundraising, as I mentioned, we generated record capital formation of $9 billion in 2024, with a strong finish to the year of $4.8 billion in the fourth quarter alone. We've asked public investors in the past not to focus on quarterly fluctuations and trust that we'll get the job done on fundraising. We have long term relationships with LPs and our ability to grow our capital base over a year or longer is a much more relevant measure. And look, in the public environment, not all investors are prepared to be that patient.

因此，在籌款方面，正如我所提到的，我們在 2024 年創造了 90 億美元的創紀錄資本形成，僅在第四季度就強勁籌集了 48 億美元。我們過去曾要求公眾投資者不要關注季度波動，並相信我們能夠完成籌款工作。我們與 LP 保持著長期合作關係，我們在一年或更長時間內增加資本基礎的能力是一個更重要的衡量標準。而且，在公共環境中，並非所有投資人都願意如此有耐心。

But we're gratified to have delivered fundraising 28% ahead of the $7 billion dollar target. At $5.5 billion, [conves] Capital to go out and buy and build new data center capacity to meet persistent cloud and rapidly expanding AI demand was the biggest driver of fundraising over the course of the year.

但我們很高興看到，籌集的資金比 70 億美元的目標高出了 28%。55 億美元的資金用於購買和建立新的資料中心容量以滿足持續的雲端和快速擴展的人工智慧需求，這是今年融資的最大驅動力。

Including significant commitments to fund growth at Databank led by [Oz Super], as well as a fourth quarter commitment to support the acquisition of Yonder, our seventh distinct data center platform. In 2024, we raised $2.7 billion around our third flagship strategy, which now has total commitments over $5.5 billion. This platform gives investors diversified global exposure to the digital infrastructure ecosystem.

包括對由 [Oz Super] 牽頭的 Databank 成長的重大資金承諾，以及對支持收購我們的第七個獨立資料中心平台 Yonder 的第四季度承諾。2024 年，我們圍繞第三個旗艦策略籌集了 27 億美元，目前該戰略的總承諾金額超過 55 億美元。該平台為投資者提供了多樣化的全球數位基礎設施生態系統機會。

This is where investors typically start their journey with us, and we've continued to expand our roster of LPs over the course of the year, and we'll continue to raise capital in this flagship product through the second quarter of this year. Finally, in our core credit and liquid strategies, we added around $800 million of new capital driven by commitments to our second credit strategy, an alpha that's attracting capital to our liquid strategies. I want to give big credit to my partner [Alan Bezoza] and his team for a particularly strong 2024.

投資者通常從這裡開始與我們合作，我們在今年內不斷擴大 LP 名單，並將在今年第二季度繼續為這款旗艦產品籌集資金。最後，在我們的核心信貸和流動性策略中，我們增加了約 8 億美元的新資本，這由對我們的第二個信貸策略的承諾驅動，這是一個吸引資本進入我們流動性策略的阿爾法。我要特別感謝我的合夥人 [Alan Bezoza] 和他的團隊，他們讓我在 2024 年取得了特別出色的成績。

Look, fundraising in essence, is the lifeblood of our platform. To continue scaling and to meet the demands of large; capital intensive and rapidly growing addressable markets, and in 2024, we're pleased to have met the call.

從本質上看，募款是我們平台的命脈。繼續擴大規模並滿足大規模的需求；資本密集且快速成長的目標市場，到 2024 年，我們很高興能夠滿足這項要求。

Next slide please. So, I want to drill down on fundraising and particularly focused on co-investment and how the composition of our fundraising not only impacted our ability to achieve our earnings targets, but also highlights co-investments strategic relevance to our platform.

請看下一張投影片。因此，我想深入研究籌款情況，並特別關注共同投資，以及我們的籌款組成如何不僅影響我們實現盈利目標的能力，而且還突出了共同投資對我們平台的戰略相關性。

As you can see here on this slide, we definitely raised a lot more co-invests than we planned at the beginning of the year. Why did this happen? Well, first and foremost, it was driven by strong bookings growth across our data center companies responding to AI and cloud demand. This in turn impacted our ability to generate our 2024 FRE line with our guidance.

正如您在這張投影片上看到的，我們籌集的共同投資確實比年初計劃的要多得多。為什麼會發生這種情況？首先，這是由我們的資料中心公司響應人工智慧和雲端需求而實現的強勁預訂量成長所推動的。這反過來又影響了我們根據指導產生 2024 年 FRE 線的能力。

That being said, I'm not going to apologize for $9 billion of fundraising. Even though we raised that at a lower blended rate of 70 basis points, it had the same impact of raising $7 billion at 90 basis points, our typical blended fee rate. Further, in 2025, I want to telegraph to you now that we expect to raise less co-investment in 2025. We expect this to be in our typical share of fundraising in the 30% to 35% range.

話雖如此，我不會為 90 億美元的籌款道歉。儘管我們以 70 個基點的較低混合利率提高了這筆金額，但其影響與以 90 個基點（我們的典型混合費率）提高 70 億美元是一樣的。此外，在 2025 年，我現在想告訴你們，我們預計在 2025 年籌集的共同投資將會減少。我們預計這占我們籌款總額的正常份額在 30% 到 35% 之間。

I also want to take the opportunity to highlight why strategically how investment represents a really key component of our differentiated buy and build strategy. One, it gives us an ability to fundraise continuously. That generates persistent capital flows to fuel growth at our portos and develop a steady cadence of off-cycle capital formation at the corporate level. It really keeps the dialogue fresh with our LPs. This is important.

我還想藉此機會強調為什麼從策略上講投資是我們差異化購買和建立策略的一個真正關鍵組成部分。一，它使我們有能力持續籌集資金。這會產生持續的資本流動，推動我們港口的成長，並在企業層級形成穩定的非週期資本形成節奏。它確實讓我們的 LP 對話保持新鮮。這很重要。

Number two, while co-investment doesn't generate low fees, it actually represents high margin incremental revenue since we're already managing the assets with little additional cost. Finally, co-invests expands our carry eligible capital under management, allowing us to build carry value to digibid shareholders off a larger capital base.

第二，雖然共同投資不會產生低費用，但它實際上代表著高利潤的增量收入，因為我們已經在以很少的額外成本管理資產。最後，共同投資擴大了我們管理的合格資本，使我們能夠在更大的資本基礎上為 Digibid 股東創造收益價值。

And look, while [Kry] continues to be episodic in nature, it is a very important part of our long term strategic growth, and it is a huge part of our embedded value of the digital bridge share price. We've got to take that argument to shareholders this year and deliver on carried interest and make sure that that manifests itself in our FRE and our distributed earnings, which we intend to do this year.

而且，雖然 [Kry] 本質上仍然是偶發性的，但它是我們長期策略成長的一個非常重要的部分，也是我們數位橋樑股價內涵價值的重要組成部分。我們今年必須向股東提出這一論點，並實現附帶權益，並確保這體現在我們的定期淨利潤和分配收益中，我們打算今年就做到這一點。

Bottom line, we raised more co-invest than we expected this year, and while that impacted our ability to achieve our FRE targets based on timing, we see it as an incredibly strategic facet of our investment program.

總而言之，我們今年籌集的共同投資比我們預期的要多，雖然這影響了我們根據時間實現 FRE 目標的能力，但我們認為這是我們投資計劃中一個極具戰略意義的方面。

Next slide please. When we look at fundraising, I want to broaden the aperture beyond FEM and put in perspective the total quantum of capital that we successfully raised in 2024. Raising this capital is critical to supporting the growth of our portfolio companies as well as our ability to unlock capital that generates DPI. As you heard throughout 2024, DPI is the critical metric at which LPs judge GPs today. If you're not delivering DPI, it's really difficult to go out and ask for new capital. We delivered on DPI in 2024.

請看下一張投影片。當我們考慮籌款時，我想擴大 FEM 以外的視野，並考慮我們在 2024 年成功籌集的總資本量。籌集這些資金對於支持我們投資組合公司的成長以及我們釋放產生 DPI 的資本的能力至關重要。正如您在 2024 年所聽到的那樣，DPI 是 LP 評判當今 GP 的關鍵指標。如果你不提供 DPI，那麼出去尋求新的資本就會非常困難。我們在 2024 年實現了 DPI。

And look, this is what matters at the end of the day. It's not only about delivering DPI. It's also about supporting our portfolio companies and their ability to meet customer bookings and orders and at the same time achieving a key critical function which is returning capital back to our LPs. In 2024 we raised over $24 billion in capital for a combination of primary equity to fuel new investments. And secondary equity to generate DPI. Then on the other side of the ledger, we continue to be very successful accessing the debt capital markets.

瞧，這才是最終最重要的事。這不僅涉及提供 DPI。這也是為了支持我們的投資組合公司及其滿足客戶預訂和訂單的能力，同時實現一項關鍵的功能，將資本回饋給我們的 LP。2024 年，我們籌集了超過 240 億美元的資金，用於主要股權組合以推動新的投資。並透過二次公平來產生 DPI。另一方面，我們繼續非常成功地進入債務資本市場。

Accessing the debt capital markets, we do through a variety of different techniques and relationships. First and foremost, we were successful in tapping the traditional bank financing market. Second, we were also very successful in accessing the securitized market. Where we've been very successful historically at lowering our portfolio companies's cost of capital through ABS and CMBS issuances. In fact, last week, you saw that on display with the successful issuance of securitized notes at ZEO.

我們透過各種不同的技術和關係進入債務資本市場。首先，我們成功開拓了傳統銀行融資市場。第二，我們進入證券化市場也非常成功。從歷史上看，我們透過發行 ABS 和 CMBS 非常成功地降低了投資組合公司的資本成本。事實上，上週，您已經看到了 ZEO 成功發行證券化票據的跡象。

That transaction alone was initially 28 times oversubscribed. The power of the digital rich portfolio and the power of our ability to get out and talk to institutional investors and raise capital is what differentiates our platform. Next slide, please. In 2024, we invested in a number of new platforms and partnered with key limited partners to continue to build and scale our businesses.

該筆交易最初就獲得了28倍的超額認購。我們的平台的獨特之處在於其豐富的數位投資組合的力量以及我們與機構投資者對話並籌集資金的能力。請看下一張投影片。2024年，我們投資了許多新平台，並與關鍵有限合夥人合作，繼續建立和擴大我們的業務。

In terms of new businesses, we took J Tower, the largest independent tower cone in Japan, private, and announced the acquisition of Yonder, our seventh global data center platform. We also have invested in a number of our established platforms in 2024, including the bolt on acquisition of Verizon cell towers for $3.3 billion. This added over 6,300 towers to Vertical Bridge's portfolio, making it the number three tower portfolio in the United States.

新業務方面，我們將日本最大的獨立塔錐體J Tower私有化，並宣布收購我們的第七個全球資料中心平台Yonder。我們也在 2024 年投資了一些現有的平台，包括以 33 億美元收購 Verizon 手機訊號塔。這為 Vertical Bridge 的投資組合增添了 6,300 多座塔樓，使其成為美國第三大塔樓投資組合。

We talked last quarter about the equity rate at Databan, our Edge data center platform here in the United States. Where Oz Super led a $2 billion dollar equity raise, which was recently upsized and gave us the opportunity to harvest some gains we had built up on our balance sheet.

我們在上個季度討論了 Databan（我們位於美國的邊緣資料中心平台）的股權利率。Oz Super 主導了 20 億美元的股權融資，最近該融資規模進一步擴大，讓我們有機會收穫資產負債表上累積的一些收益。

I think this is critical. The ability to use the balance sheet in a tactical and strategic way while at the same time delivering over two times MOIC for you, our public shareholders off the balance sheet really is proof positive that when we use the balance sheet correctly we generate the right outcomes for you, our shareholders. Databank is exhibit A on how you use the balance sheet and how you create great returns and return capital to you, our public shareholders.

我認為這是關鍵。能夠以戰術和策略的方式使用資產負債表，同時為您（我們的資產負債表外的公眾股東）提供兩倍以上的 MOIC，這確實證明了當我們正確使用資產負債表時，我們會為您（我們的股東）創造正確的結果。資料庫是展示您如何使用資產負債表以及如何創造豐厚回報並向您（我們的公眾股東）返還資本的 A 幅作品。

Finally, we brought in partners at Silver Lake and Audia to join us in supporting the continued growth of advantage and Landmark.

最後，我們引入了 Silver Lake 和 Audia 的合作夥伴來加入我們，以支持 advantage 和 Landmark 的持續發展。

Both of these financings were incredibly strategic and tactical as both of those platforms continue to exceed their underwriting and continue to generate new bookings and new acquisition opportunities. I'm really excited about the growth potential advantage and I'm really excited about what we're doing in Landmark in terms of buying land under critical mission infrastructure assets like towers and data centers and other forms of infrastructure.

這兩筆融資都具有極強的策略性和戰術性，因為這兩個平台的承保額都不斷超過其承保額，並繼續產生新的訂單和新的收購機會。我對成長潛在優勢感到非常興奮，我對我們在 Landmark 所做的事情感到非常興奮，即購買關鍵任務基礎設施資產（如塔樓、資料中心和其他形式的基礎設施）下的土地。

Next slide please. The third component of our roadmap for 2025 is all about scaling digital bridge. In 2024, we generated strong financial performance. Perhaps not exactly the financial performance we wanted from a timing perspective, but again, with double-digit revenue growth and expanding margins aligning with our long-term roadmap. And that's the key. When you're investing in infrastructure, you have to invest for the long term.

請看下一張投影片。我們 2025 年路線圖的第三部分是擴展數位橋樑。2024年，我們取得了強勁的財務表現。從時間角度來看，這可能不完全是我們想要的財務業績，但這兩位數的收入成長和不斷擴大的利潤率再次符合我們的長期路線圖。這就是關鍵。當你投資基礎設施時，你必須進行長期投資。

This is the simple thesis that we're focused on, and we will continue to deliver against in 2025. Capital allocation is increasingly relevant as digital rich begins to generate a steadier cadence of cash flow, which we expect to be supplemented by carried interests over the coming years. This is a component of our business plan that we'll continue to talk about in 2025. Carried interest is a very big part of our business model.

這就是我們所關注的簡單論點，我們將在 2025 年繼續實現這一目標。隨著數位富豪開始產生更穩定的現金流，資本配置變得越來越重要，我們預計未來幾年將透過附帶權益來補充現金流。這是我們商業計劃的一個組成部分，我們將在 2025 年繼續討論。附帶權益是我們商業模式中非常重要的一環。

Just think about where we've grown assets under management from $80 billion to $96 billion. While we've generated $96 billion of AUM, that equity is at work. That is a critical thing for investors to get their minds wrapped around. As the assets under management grow. The profit's interest and the carried interest grows at the same time. That cadence will become more pronounced and more steady, and again, the goal is to remove the episodic nature of that, so you, our shareholders will enjoy the benefit of that hard work.

想想看，我們管理的資產從 800 億美元成長到了 960 億美元。雖然我們已經產生了 960 億美元的資產管理規模，但這種股權正在發揮作用。對於投資者來說，理解這一點至關重要。隨著管理資產的成長。利潤的利息和附帶的利息同時增長。這種節奏將變得更加明顯和穩定，而且我們的目標是消除其偶發性，這樣，你們，我們的股東將享受這種辛勤工作的成果。

In 2024, the bulk of our corporate capital deployment was alongside our LPs in the form of GP co-invest. Principally into our newest flagship strategy. We love eating our own cooking, and the idea of compounding capital on a fee-free, carry-free basis for you, our shareholders, is a great use of capital. As we look forward to 2025, we expect our GP co-invest allocation to be supplemented by complementary and strategic M&A.

2024年，我們大部分的公司資本部署都是與我們的LP一起以GP共同投資的形式進行的。主要涉及我們的最新旗艦策略。我們喜歡吃自己做的飯，而為股東們以免費、免攜帶的方式增加資本的想法是對資本的絕佳利用。展望 2025 年，我們預計我們的 GP 共同投資分配將得到互補和策略性併購的補充。

Next slide please. So what does the Digital bridge roadmap feed into? Why are fundraising, investing, and scaling so critical to you, our shareholders? As you can see, when we are successful in these three arenas, it allows us to really deliver on our mission statement to be the infrastructure partner to the digital economy. Raising and deploying capital successfully. Gives us the global scale that drives efficiency, growth, and market presence.

請看下一張投影片。那麼數位橋樑路線圖有何意義呢？為什麼籌集資金、投資和擴大規模對我們的股東來說如此重要？正如您所看到的，當我們在這三個領域取得成功時，它使我們能夠真正履行我們的使命宣言，成為數位經濟的基礎設施合作夥伴。成功籌集和部署資本。為我們帶來推動效率、成長和市場佔有率的全球規模。

And at the end of the day, this allows us to show up for our customers where they need us. This was on display in 2024. It's a formula that's resulted in building the third largest global data center footprint. Across seven separate platforms and the fourth largest independent global tower portfolio across 10 different companies. With that, I want to turn the call over to my partner Tom to walk you through our financial results.

最終，這使我們能夠在客戶需要我們的地方為他們提供服務。這是 2024 年展出的。這個方案的最終結果是建立了全球第三大資料中心。跨越七個獨立平台和十家不同公司的第四大獨立全球塔組合。說完這些，我想把電話轉給我的合夥人湯姆，讓他向你們介紹我們的財務表現。

Thanks, Mark, and good morning everyone. As a reminder, this earnings presentation is available within the shareholders section of our website. Today I'll start with our financial highlights for the fourth quarter and full year 2024, followed by our non-gap metrics and balance sheet profile, and we'll finish by covering our outlook for 2025.

謝謝，馬克，大家早安。提醒一下，此收益報告可在我們網站的股東部分查看。今天，我將首先介紹我們 2024 年第四季和全年的財務亮點，然後介紹我們的非缺口指標和資產負債表概況，最後介紹我們對 2025 年的展望。

Starting with fee revenues, we recorded $102 million of fee revenue in the fourth quarter, which resulted in full year fees of $330 million. They increased year over year of 37% for the fourth quarter and 23% for the full year.

從費用收入開始，我們在第四季度記錄了 1.02 億美元的費用收入，全年費用達到 3.3 億美元。第四季年增 37%，全年年增 23%。

This was driven by capital raised in our flagship strategy and to a lesser extent, a particularly strong year in our liquid funds. The increased revenue generated fee-related earnings of $35 million in the fourth quarter and $107 million for the full year 2024. Increases of over 30% for both periods. As of December 31st, our fee earning equity under management stood at $35.5 billion, an increase of 8% compared to the prior year.

這是由我們的旗艦策略籌集的資金推動的，在較小程度上，也是由於我們流動資金今年表現特別強勁。增加的收入在第四季度產生了 3500 萬美元的費用相關收益，在 2024 年全年產生了 1.07 億美元的費用相關收益。兩個時期的增幅均超過 30%。截至 12 月 31 日，我們管理的費用收益權益為 355 億美元，比上年增長 8%。

Additionally, we have $4.5 billion of capital that we will begin adding to FIEM in 2025 as the fees on that capital are activated. We ended the year on a particularly strong note as far as capital formation, raising $4.8 billion of new capital in the fourth quarter. Bringing us to $9 billion of capital raised for the year. We continue to maintain substantial liquidity with $140 million of corporate cash and total liquidity of $440 million including our undrawn corporate revolver.

此外，我們擁有 45 億美元的資本，隨著該資本費用的激活，我們將在 2025 年開始將其添加到 FIEM。我們在資本形成方面表現尤為強勁，在第四季度籌集了 48 億美元的新資本。今年我們募集的資金已達 90 億美元。我們繼續保持充足的流動性，擁有 1.4 億美元的公司現金和 4.4 億美元的總流動性（包括未提取的公司循環信貸）。

Over the course of the year, we funded $88 million towards our GP commitments and as discussed in prior quarters, eliminated $78 million senior notes in the first half of the year. Turn to the next page. As mentioned, we had a particularly strong close to the year from a capital raising perspective. With meaningful increases in FIEM in our DBP series and co-investment offerings offset partially by capital return to limited partners and a reduction in FIEM within our infrabridge platform.

今年，我們為 GP 承諾注資 8800 萬美元，並且如前幾季所討論的那樣，我們在上半年取消了 7800 萬美元的優先票據。翻到下一頁。如上所述，從融資角度來看，我們今年的收官表現特別強勁。我們的 DBP 系列和共同投資產品中的 FIEM 顯著增加，但有限合夥人的資本回報和我們 infrabridge 平台內 FIEM 的減少部分抵消了這一增加。

Within the Infrabridge platform, one of the funds hit the end of its investment period in December, and we now earn fees on invested as opposed to committed capital in that fund. Moving to the next page, which summarizes our non-gap financial results. Full year fee related earnings increased to $107 million from $82 million last year, representing a 31% increase.

在 Infrabridge 平台中，其中一隻基金的投資期在 12 月結束，現在我們根據該基金的投資而非承諾資本賺取費用。轉到下一頁，其中總結了我們的無差距財務結果。全年費用相關收益從去年的 8,200 萬美元增至 1.07 億美元，增幅為 31%。

We generated approximately $20 million of distributable earnings in the fourth quarter, resulting in $53 million for the full year, an 8% increase over our distributor earnings from 2023. Turning to the next page, which summarizes our carried interest and principal investment income. We reported a net carriage interest reversal of $18 million in the fourth quarter.

我們在第四季創造了約 2,000 萬美元的可分配收益，全年實現 5,300 萬美元，比 2023 年的經銷商收益成長 8%。翻到下一頁，總結了我們的附帶權益和本金投資收益。我們報告第四季的淨利息支出撥回為 1800 萬美元。

On the right hand side of the page, we present the full year results which reduces the noise associated with quarter to quarter fluctuations and shows positive net carried interest revenue of $46.6 million for 2024. Increasing our share of the net carried interest asset from $120 million at the beginning of the year to $167 million at the end of the year. As a reminder, the company accrues carried interest based on quarterly changes in fair value of the investments held across our portfolio of funds and does not represent a cash realization unless it's classified under realize carry interest.

在頁面的右側，我們展示了全年業績，這減少了與季度波動相關的噪音，並顯示 2024 年的淨附帶權益收入為 4,660 萬美元。我們的淨附帶權益資產份額從年初的 1.2 億美元增加到年末的 1.67 億美元。提醒一下，公司根據我們基金組合中持有的投資的公允價值的季度變動來累計附帶權益，並且除非被歸類為已實現附帶權益，否則並不代表現金實現。

Net principal investment earnings were roughly flat for the fourth quarter and $22.6 million for the full year. This primarily represents income earned on the capital invested alongside our limited partners. Moving to the next page, this chart, as I've talked about in prior quarters, highlights, I think, the stability and consistency and growth both in revenues and margins that we've experienced over the last two years.

第四季淨本金投資收益基本持平，全年淨本金投資收益為 2,260 萬美元。這主要代表我們與有限合夥人共同投資的資本所獲得的收入。轉到下一頁，正如我在前幾個季度所談到的，這張圖表突出顯示了我們在過去兩年中經歷的收入和利潤的穩定性、一致性和增長。

LTM margin has steadily ticked up to 32% as of the fourth quarter. Based on our fundraising outlook, I expect this chart to continue to show growth in LTM revenues, FRE, and margin over the coming quarters as we benefit from catch-up fees on our flagship fundraising. The fourth quarter saw $3.2 billion of FIEM inflows, primarily capital raised in the DBP funds and a few large co-investments. Offset by $1.6 billion of outflows. Principally related to the expiration of the commitment period on one of the infrabridge funds that I mentioned earlier on the call.

截至第四季度，LTM 利潤率穩步上升至 32%。根據我們的籌款前景，我預計該圖表將在未來幾個季度繼續顯示 LTM 收入、FRE 和利潤率的增長，因為我們將受益於旗艦籌款的補繳費用。第四季度，FIEM 流入資金為 32 億美元，主要是 DBP 基金籌集的資金以及一些大型共同投資。抵銷了16億美元的資金流出。主要與我之前在電話會議上提到的其中一隻基礎設施橋基金的承諾期到期有關。

Turn to the next page, you'll see that the company continues to maintain a strong balance sheet with $1.4 billion of investments alongside our limited partners and ample liquidity. We continue to evaluate the appropriate capital structure for the business, including our preferred stock obligations. As mentioned earlier, available corporate cash as of December 31st was $140 million with total current liquidity of $440 million including our $300 million undrawn revolver.

翻到下一頁，您會看到公司繼續保持強勁的資產負債表，我們的有限合夥人擁有 14 億美元的投資以及充足的流動資金。我們繼續評估適合業務的資本結構，包括我們的優先股義務。如前所述，截至 12 月 31 日，公司可用現金為 1.4 億美元，總流動資金為 4.4 億美元，其中包括 3 億美元未提取的循環信貸額度。

Turning to the final page of the financial section, I'd like to provide some guidance on what we expect for 2025 and how that compares to our longer term financial objectives that are laid out at our investor day in May last year. Over the course of 2025, we expect to continue progressing to our longer term goals for FIEM, FRE and FRE margin. We believe that we have the opportunity to grow to $40 billion over the course of 2025 on a net basis when taking into account capital raised offset by distributions to limited partners.

翻到財務部分的最後一頁，我想就我們對 2025 年的預期以及與我們去年 5 月投資者日提出的長期財務目標相比的情況提供一些指導。到 2025 年，我們預計將繼續實現 FIEM、FRE 和 FRE 利潤率的長期目標。我們相信，如果考慮到透過向有限合夥人分配而抵銷的籌集資本，我們有機會在 2025 年淨增長至 400 億美元。

Additionally, we expect to grow FRE between 10% and 20% as compared to 2024 and improve our FRE margins by approximately 200 basis points over the course of 2025. Lastly, I would note that unlike 2024, in which our FRE performance was disproportionately back ended, we would expect our performance for 2025 to be somewhat front loaded from a quarterly perspective this year due to the timing of expected fundraising. With that, I'll wrap up the financial results section of our presentation and turn it back to Mark.

此外，我們預計與 2024 年相比，FRE 將成長 10% 至 20%，並在 2025 年將我們的 FRE 利潤率提高約 200 個基點。最後，我要指出的是，與 2024 年不同，當時我們的 FRE 表現不成比例地落後，而由於預期的融資時間，我們預計今年 2025 年的業績從季度角度來看會有些前傾。至此，我將結束我們演示的財務結果部分並將其交還給馬克。

Thanks, Tom. Let's look ahead to our 2025 road map now and cover what I like to say the key three things that really matter. This may sound a bit like a broken record, but first it's fundraising, where we've set out a net target to grow our fee earning AUM to over $40 billion over the course of the year. Our fee revenue and earnings growth are more closely correlated to our active FIEM over the period, so it's a better proxy for our financial performance.

謝謝，湯姆。現在讓我們展望 2025 年的路線圖，並討論我認為真正重要的三件關鍵事情。這聽起來可能有點像老生常談，但首先是籌款，我們已設定了一個淨目標，即在今年內將我們的收費資產管理規模 (AUM) 增長到 400 億美元以上。我們的費用收入和獲利成長與我們在此期間的活躍 FIEM 更密切相關，因此它可以更好地衡量我們的財務表現。

And look, this year we're going to make sure that that cadence is in line with our fundraising that tracks for our FRE and that it's predictable and it's easy for you our investors to understand and that you can bank on us in terms of being able to predict that earnings potential and that earnings growth throughout the year. Taking FIEM from $35.5 billion to over $40 billion over the course of the year will involve finishing fundraising for a third flagship and second credit strategy.

今年，我們將確保這一節奏與我們的籌款節奏保持一致，跟踪我們的 FRE，並確保它是可預測的，讓我們的投資者能夠輕鬆理解，並且可以信賴我們能夠預測全年的盈利潛力和盈利增長。要在今年內將 FIEM 的規模從 355 億美元提升至 400 多億美元，將需要完成第三個旗艦策略和第二個信貸策略的融資。

At the same time, we'll be launching two new investment products and continuing to build on our initial success in tapping the private wealth channel where Andrew Cox has done a great job for us. When it comes to investing, in addition to building our cloud and AI training data centers, we're starting to see customers look ahead and around the corner and prepare for the next phase of AI. In prints Where location matters and performance across the entire network matters.

同時，我們將推出兩款新的投資產品，並繼續鞏固我們在私人財富管道方面的初步成功，安德魯·考克斯 (Andrew Cox) 在這一方面為我們做出了巨大貢獻。在投資方面，除了建立我們的雲端和人工智慧訓練資料中心之外，我們開始看到客戶展望未來並為人工智慧的下一階段做好準備。在印刷品中，位置很重要，整個網路的效能也很重要。

I'm going to talk a little bit more about this in a few pages. Finally, as I said earlier today, continue to scale our platform Digital Bridge. Tom just walked you through our guidance, and I believe we're in a great position to continue to deliver the double digit earnings growth and expanding margins that are central to our investment thesis.

我將在後面幾頁進一步討論這一點。最後，正如我今天早些時候所說的，繼續擴展我們的 Digital Bridge 平台。湯姆剛剛向您介紹了我們的指導，我相信我們處於有利地位，可以繼續實現兩位數的盈利增長和擴大利潤率，這是我們投資理論的核心。

This really is the year where we scale and most importantly get efficiency in our platform. Next slide please. So when we look at 2025, it's going to be all about continuing to scale our multi-strap platform. As you can see here, we've mapped out our fundraising cadence by product over the course of the year, so there's no mystery to where we're doing our fundraising. The first half of the year, as I said earlier, will be focused on finalizing capital formation around our third flagship jitter bridge partner strategy, as well as our second credit fund.

今年確實是我們擴大規模、最重要的是提高平台效率的一年。請看下一張投影片。因此，當我們展望 2025 年時，我們將繼續擴大多帶平台的規模。正如您在此處看到的，我們已經規劃了全年按產品劃分的籌款節奏，因此我們在哪裡籌款就不是什麼秘密了。正如我之前所說，今年上半年我們將專注於完成圍繞我們的第三個旗艦抖動橋合作夥伴策略以及我們的第二個信貸基金的資本形成。

Then as we get into the second half, you're going to see new strategic capital formation initiatives we've been developing kick into high gear. Including our second private wealth offering and strategies built around digital energy and stabilized data center assets. We think these new product offerings are not only natural but strategic. And really offer the potential to scale and size over time as we've been actively engaged with TLPs to architect these solutions that really fit the client's mandate.

然後，當我們進入下半年時，您將看到我們一直在開發的新的策略資本形成計劃正在全速推進。包括我們的第二次私人財富發行以及圍繞數位能源和穩定的資料中心資產建立的策略。我們認為這些新產品的推出不僅是自然的而且具有戰略意義。由於我們一直積極與 TLP 合作，以設計真正符合客戶要求的解決方案，因此這些解決方案確實提供了隨著時間的推移而擴大規模的潛力。

That's really critical. Bringing products to market that LPs want and that are topical and have the secular tailwinds that investors are really craving today. Throughout the year, our co-investment program will continue to form capital around some of our best new ideas that we've formulated in our third fund, whether it's J Tower, OBM, or yonder. These are the next great platforms that we're scaling at Digital Bridge, and they will require co-invest capital, and we will deliver on forming that capital.

這確實很關鍵。將 LP 想要的、具有時效性且能帶來當今投資者真正渴望的長期順風的產品推向市場。全年，我們的共同投資計劃將繼續圍繞我們在第三隻基金中製定的一些最佳新想法形成資本，無論是 J Tower、OBM 還是其他。這些是我們在 Digital Bridge 擴展的下一個偉大平台，它們將需要共同投資資本，我們將實現形成這些資本的目標。

So when you take a step back between new capital formation and investment realizations, we see this multi-strategy program generating $4 billion or more of net growth, bringing our film to over $40 billion by the end of next year. Next slide, please. So when you flip from fundraising to evaluating the investing landscape in 2025, one of the big questions out there is around how technology advances like DeepSeek are impacting hyperscale CapEx and more broadly, the investment in the AI infrastructure ecosystem.

因此，當你在新資本形成和投資實現之間回顧時，我們看到這個多策略計劃產生了 40 億美元或更多的淨增長，使我們的電影收入到明年年底達到 400 億美元以上。請看下一張投影片。因此，當你從籌款轉向評估 2025 年的投資前景時，其中一個大問題就是 DeepSeek 等技術進步如何影響超大規模資本支出，以及更廣泛地說，如何影響對 AI 基礎設施生態系統的投資。

Interestingly, when we updated our 2025 CapEx targets for the big five hyper scalers over the past couple of weeks, the total is actually 20% higher than it was just six months ago. Rising from $250 billion to over $300 billion. So the velocity of what's happening in terms of CapEx for our customers is not slowing down. It's actually increasing.

有趣的是，當我們在過去幾週更新五大超大規模企業的 2025 年資本支出目標時，總額實際上比六個月前高出了 20%。從 2500 億美元增長到 3000 多億美元。因此，我們客戶的資本支出速度並沒有減慢。事實上，它還在增加。

Serving cloud and growing generative a workloads is generating very good incremental margins for these companies. So they're motivated to build the capacity to meet demand and avoid hitting bottlenecks in their business cases. And look, everyone thinks it's all about data centers. That is simply just not true. It's about an ecosystem. You need the delivery mechanism to bring generative AI to devices.

提供雲端服務和不斷增長的生成性工作負載正在為這些公司創造非常好的增量利潤。因此，他們積極提高能力以滿足需求並避免在業務中遇到瓶頸。瞧，每個人都認為這一切都與資料中心有關。這根本就不是事實。這是關於生態系統的。您需要交付機制來將生成性 AI 帶入設備。

To IoT networks, to autonomous vehicles, to mobile phones, to wireless utility meter readings, your refrigerator, all of this is about the delivery and the promise of AI, not about building the biggest data center in the middle of North Dakota or Iowa. This is really about an ecosystem. We learn this in public cloud.

對於物聯網網路、自動駕駛汽車、行動電話、無線公用事業儀表讀數、冰箱，所有這些都與人工智慧的交付和承諾有關，而不是在北達科他州或愛荷華州中部建造最大的資料中心。這其實與生態系統有關。我們在公有雲中了解到這一點。

So, look, it's worth noting these numbers don't include some of the emerging players that we're starting to see become more active, particularly OpenAI and some of its partners. Let's turn to the next slide to understand some of the drivers of this incremental demand. Look, in the media, you've seen this active debate over the past month or so around who is right. And when it comes to the direction of travel on AI investment, and I'm not here to tell you who's right.

因此，值得注意的是，這些數字並不包括我們開始看到的一些變得更加活躍的新興參與者，特別是 OpenAI 及其一些合作夥伴。讓我們翻到下一張投影片來了解這種增量需求的一些驅動因素。你看，在媒體上，你已經看到過去一個月左右關於誰是正確的激烈爭論。當談到人工智慧投資的發展方向時，我不是來告訴你誰是對的。

What I am here to tell you is I've been doing this for three decades and I've been building infrastructure since the early 1990s. What I can share with you is, on one hand, investors are talking about the need to accelerate investment to scale compute. The Stargate project got a lot of attention, outlining its goal to invest up to $500 billion over the next five years just to support the needs of one customer, OpenAI.

我在這裡要告訴你們的是，我已經做這個工作三十年了，自 20 世紀 90 年代初以來我一直在建立基礎設施。我可以與大家分享的是，一方面，投資者正在談論加速投資以擴大計算規模的必要性。星際之門計畫引起了廣泛關注，其目標是在未來五年內投資高達 5,000 億美元，僅用於支援一個客戶 OpenAI 的需求。

On the other hand, you contrast that with the concern around the impact of a model like DeepSeek , which appears to materially lower the investment necessary to develop high performance large language models. While we've never been able to validate the cost to build DeepSeek , there are valuable lessons to be learned in its protocol in the language that it uses to perform.

另一方面，你可以將其與對 DeepSeek 等模型的影響的擔憂進行對比，這似乎大大降低了開發高效能大型語言模型所需的投資。雖然我們從未能夠驗證建立 DeepSeek 的成本，但在其執行所使用的語言的協議中仍然可以學到寶貴的經驗教訓。

Our perspective is that actually both sides are right. You don't have to choose. And actually this is really just about how the technology works. And that's captured well by Javon's paradox, which many of you have become familiar with as the debate has evolved and played out in the public forum. Here, we've overlaid the cost of compute which goes down on a per unit basis over time, which is natural, stimulating consumption and demand for more compute resources. None of this is really new news for us.

我們的觀點是，實際上雙方都是正確的。你不必選擇。事實上這只是關於科技如何運作的。賈文悖論很好地體現了這一點，隨著辯論在公開論壇上的發展和展開，你們中的許多人都已經熟悉了賈文悖論。在這裡，我們疊加了計算成本，隨著時間的推移，計算成本逐單位下降，這是自然的，刺激了消費和對更多計算資源的需求。對我們來說，這些都不是新鮮事。

DeepSeek is simply the latest development in a trend towards improving efficiency that was honestly already in place. It's a trend that ultimately is only good for stimulating demand, which we believe is one of the reasons you see Kuiper scale investment that we've outlined on the prior page, and it's only accelerating. They're building to meet the demand driven by the natural and necessary efficiencies of technology and breakthroughs that we're seeing across the entire AI ecosystem.

DeepSeek 只是提高效率趨勢中最新的發展，說實話，這種趨勢已經存在。這種趨勢最終只會刺激需求，我們相信這也是我們在上一頁概述的柯伊伯級投資的原因之一，而且這種趨勢只會加速。他們正在進行的建設是為了滿足我們在整個人工智慧生態系統中看到的技術的自然和必要效率和突破所驅動的需求。

Next slide, please. On this slide you see in practice how lower cost actually drives demand for more, better and faster compute over time. On the left side, there's great detail on the generative AI large language model cost curve, which has been decreasing exponentially. Here you can see DeepSeek on the lower right part of the graph, and that's only part of the story. Well, on the right hand side you see successive waves of technology adaptation that in every case have been catalyzed by cheaper, more ubiquitous compute, bandwidth and connectivity.

請看下一張投影片。在這張投影片上，您可以看到實踐中更低的成本實際上如何隨著時間的推移推動對更多、更好、更快的運算的需求。左側是生成式人工智慧大型語言模型成本曲線的詳細信息，該曲線一直呈指數下降。在這裡您可以在圖表的右下角看到 DeepSeek，這只是故事的一部分。好吧，在右側，您可以看到連續的技術適應浪潮，在每種情況下，這些浪潮都受到更便宜、更普遍的計算、頻寬和連接的催化。

And look again, trust me, I've lived and managed digital infrastructure businesses through all of these cycles. We were there in the early 90s, building the first mobile network towers. We had a business that built the first fiber networks in 1997, post the Telecom Reform Act of 1997. We were also really critical in the early 2000s, building critical 3G and 4G infrastructure that really provided the backbone of mobile data, which fueled exponential growth and investment.

再看看，相信我，我經歷了所有這些週期並管理數位基礎設施業務。我們早在 90 年代初就在那裡建造了第一座行動網路塔。我們的公司在 1997 年電信改革法案頒布後建造了第一個光纖網路。我們在 21 世紀初期也發揮了至關重要的作用，建立了關鍵的 3G 和 4G 基礎設施，真正提供了行動數據的骨幹，推動了指數級的成長和投資。

And now as we look at how we ultimately build public cloud over the last 10 years and now the opportunity to build AI. So look, today I can attest to this next wave. Through experience. Earlier this week at the board meeting of one of our growth stage investments articulate, the CEO went out of his way to highlight the uptick in pipeline, specifically tied to the most recent deployment of DC, with enterprise customers activated by the improving affordability of developing customer AI capabilities.

現在讓我們來看看過去 10 年我們最終如何建立公有雲，以及現在建構 AI 的機會。所以看，今天我可以證明下一波浪潮。透過經驗。本週早些時候，在我們其中一家成長期投資公司的董事會會議上，執行長特意強調了通路的成長，特別是與最近的 DC 部署相關的成長，企業客戶因開發客戶 AI 功能的經濟性不斷提高而活躍起來。

So there it is on display exhibit A. When you have lower cost compute and it becomes more ubiquitous, it's easier for smaller enterprises to make that CapEx decision to go build their own generative AI, and that's exactly what we're doing at Articulate, one of the over 50 investments that we have.

這就是展示 A 中的內容。

So our purview and our view here is we get to see it all. We see it from the infrastructure side, we see it from the customer side, and of course now we're seeing it from the generative AI side. The key to this slide is really simple. Bottom line, the natural innovation you see today across the AI ecosystem is driving some of the most rapid adaptation I've ever seen of the new technology in history.

因此，我們的權限和觀點是，我們可以看到這一切。我們從基礎設施方面看到它，從客戶方面看到它，當然現在我們從生成人工智慧方面看到它。這張投影片的關鍵其實很簡單。最重要的是，今天在整個人工智慧生態系統中看到的自然創新正在推動我所見過的歷史上最快的新技術適應。

Next slide please. Let's take a look at how some of these developments are playing out in our ecosystem. First, one of the noticeable trends that we're starting to see with our own hyperscale customers is the focus on the next phase of AI, which is inference. While data centers remain at the core of the opportunity, the giga scale investment that you're seeing in training clusters is increasingly going to be augmented by compute footprints that serve imprint.

請看下一張投影片。讓我們來看看這些發展在我們的生態系統中是如何發揮作用的。首先，我們在自己的超大規模客戶身上開始看到的一個明顯趨勢是專注於人工智慧的下一階段，即推理。雖然資料中心仍然是機會的核心，但您在訓練叢集中看到的千兆規模投資將越來越多地透過為印記服務的運算足跡來增強。

Which is the actual use or application of those pre-trained generative AI models in our daily lives. So, here, as I said earlier, location and performance and the rest of the network start to matter a lot more. We saw this play out in public cloud from the time period of 2013 to 2024. As you can see on the left hand side of the slide, capacity today is dominated by training. But over the next few years, we expect inference to represent the bulk of workloads and data centers as applications and platforms embedded with AI begin to proliferate.

這就是這些預先訓練的生成式人工智慧模型在我們的日常生活中的實際用途或應用。所以，正如我之前所說的，位置、效能和網路的其餘部分開始變得更加重要。我們在 2013 年至 2024 年期間在公有雲中看到了這種情況。正如您在幻燈片左側看到的，當今的能力主要由培訓決定。但在未來幾年，隨著嵌入人工智慧的應用程式和平台開始激增，我們預計推理將佔據大部分工作負載和資料中心。

That proliferation is really the dissemination of that data and those applications and those models move out to consumers. To devices, to enterprises, and to government agencies alike. But to do that, you have to have the network infrastructure to deliver those workloads. And again, history has a way of repeating itself. Look at the growth and the rapid growth at Databank and companies like Equinix that do edge computing. There's no mystery to why public cloud workloads have moved closer and closer to the actual use cases.

這種擴散其實就是數據、應用程式和模型的傳播，轉向消費者。對於設備、企業和政府機構都是如此。但要做到這一點，您必須擁有網路基礎架構來承擔這些工作負載。歷史總是會重演。看看 Databank 和 Equinix 等從事邊緣運算的公司的成長和快速成長。公有雲工作負載越來越接近實際用例的原因並不難理解。

Generative AI will follow that exact same footprint except it's more pronounced, and there's more consumption which requires more dark fiber. It requires more small cell infrastructure and it requires more mobile edge infrastructure which will come in the form of towers and edge data centers. We're just at the beginning of really building out the generative AI delivery mechanism for infrastructure. This is really exciting to us, and this is the thing that we're talking with LPs about today, not big hyper scale campuses, but actually the associated ecosystem it takes to deliver the promise of generative AI.

生成式人工智慧將遵循完全相同的足跡，只是它更加明顯，並且消耗更多，需要更多的暗光纖。它需要更多的小型基地台基礎設施，也需要更多的行動邊緣基​​礎設施，這些基礎設施將以塔和邊緣資料中心的形式出現。我們才剛開始真正建構基礎架構的生成式人工智慧交付機制。這對我們來說真的令人興奮，這就是我們今天與 LP 談論的事情，不是大型超大規模園區，而是實現生成 AI 承諾所需的相關生態系統。

Next slide please. A good framework for the profile of inference is to think of it as cloud 2.0. Inference workloads are really about infusing traditional cloud-based use cases with new intelligence. Essentially the same activities that we use for public cloud today, but those become faster, more efficient, and ultimately more useful.

請看下一張投影片。推理概況的一個很好的框架是將其視為雲 2.0。推理工作負載實際上是將傳統的基於雲端的用例與新的智慧整合。本質上與我們今天用於公有雲的活動相同，但是它們變得更快、更有效率、最終更有用。

Just like the cloud, these use cases rely on infrastructure that's closer to the enterprise and to the consumer. You can see on the right hand side here AI agents will increasingly execute and orchestrate these common use cases. Whether it's search, enterprise workloads, e-commerce, social media, these are all latency sensitive workloads that will benefit. From the integration generative AI agents and accelerate the age inference.

就像雲端一樣，這些用例依賴更接近企業和消費者的基礎架構。您可以在右側看到 AI 代理程式將越來越多地執行和協調這些常見用例。無論是搜尋、企業工作負載、電子商務或社群媒體，這些都是對延遲敏感的工作負載，都將受益。從整合生成式人工智慧代理並加速年齡推斷。

Next slide, please. So look, before I wrap it up, I want to put these industry-wide trends into perspective and bring them down and distill it at the digital rich older level. To see how they're manifesting across our portfolio. The demand for cloud and AI training and inference workloads is driving rapid growth across our data center platforms globally. Which we've gone from under one gigawatt of cumulative capacity four years ago to today almost four gigawatts of least capacity across our portfolio that was lit at the end of 2024.

請看下一張投影片。所以，在我結束之前，我想先把這些產業範圍的趨勢放在正確的角度，並將它們分解並提煉到數位富人的水平。看看它們在我們的投資組合中是如何體現的。對雲端和人工智慧訓練和推理工作負載的需求正在推動我們全球資料中心平台的快速成長。四年前，我們的累計容量不到 1 千兆瓦，到今天，我們的投資組合中最低容量接近 4 千兆瓦，並於 2024 年底投入使用。

By the end of this year, we expect capacity to have grown at a 68% takeger growth rate over the past five years. That's amazing as it is industry leading. Just as importantly, we've got a secured power bank that's second to none. That's almost four times that size over 16 gigawatts, positioning us to continue to scale in the years ahead.

到今年年底，我們預計過去五年的運力成長率將達到 68%。這令人驚奇，因為它處於行業領先地位。同樣重要的是，我們擁有一款無與倫比的安全行動電源。這幾乎是 16 千兆瓦規模的四倍，使我們能夠在未來幾年繼續擴大規模。

I can't tell you how valuable it is to have a land bank and a power bank that we can lease into over 12 gigawatts over the next two to three years. While many of our GP competitors and other real estate developers are trying to secure the power, we have the power in place today and we have the land and we have the building permits. This is really an advantage that was embedded in the fact that we started down this journey over 10 years ago, not 12 months ago, not 24 months ago. We're not new to the sector. We've been here from the get-go.

我無法告訴您擁有一個土地儲備和一個電力庫有多寶貴，我們可以在未來兩到三年內租賃超過 12 千兆瓦的電力。儘管我們的許多 GP 競爭對手和其他房地產開發商都在努力爭取電力，但如今我們已經擁有了電力、土地和建築許可證。這確實是一個優勢，因為我們 10 年前就開始了這段旅程，而不是 12 個月前或 24 個月前。我們對這個領域並不陌生。我們從一開始就在這裡。

So we've talked about this. That the most important component today is power. It's key to the equation. So we spent a lot of time at the portfolio company level supporting their efforts to bank this future capacity, and here it is on display for you, our investors today. We're excited about having the ability to meet customer demand because our power is already secured.

我們已經討論過這個問題。當今最重要的因素是電力。這是等式的關鍵。因此，我們在投資組合公司層面投入了大量時間來支持他們為銀行未來產能所做的努力，今天我們就向你們，我們的投資者，展示這一點。我們很高興能夠滿足客戶的需求，因為我們的電力已經得到保障。

Next slide, please. So we talked a lot about megawatts, gigawatts, but really what we've never done is we've never explained what that means for you to shareholders, and we need to do that. We need to unpack the value of a megawatt to you our shareholders. So, let me try to do this in a way that's easy and tangible and really ties to the fee streams that we generate, managing an increasingly large pool of capital. The carry participation digital shareholders benefit from is embedded in the value of our data center businesses.

請看下一張投影片。因此，我們討論了很多有關兆瓦、千兆瓦的話題，但實際上我們從未向股東解釋過這對股東意味著什麼，而我們需要這樣做。我們需要向我們的股東解釋兆瓦的價值。因此，讓我嘗試以一種簡單、切實可行的方式來做到這一點，並真正與我們產生的費用流聯繫起來，管理越來越大的資金池。股東從參與數位業務中獲益匪淺，而這已融入我們資料中心業務的價值之中。

So the example you see here looks quite detailed, and we're sorry for the detail, but it's important that you understand it. It's actually a pretty simple analysis using market-based assumptions that highlights the potential for substantial value creation via carried interest. Starting at the top with CapEx around $10 million per megawatts, as you work your way down, it's reasonable to see how we can generate a two times on our equity investment.

因此，您在此處看到的範例看起來非常詳細，我們對此感到抱歉，但讓您理解它很重要。這實際上是一個非常簡單的分析，使用基於市場的假設，強調了透過附帶權益創造大量價值的潛力。從每兆瓦約 1000 萬美元的資本支出開始，一路向下，我們可以合理地看到，我們如何獲得兩倍的股權投資收益。

Which translates in this example to around $290,000 of carry per megawatt for every $5 million of equity deployed. This is actually a pretty simple algorithm. What's particularly compelling is that $290,000 per megawatt turns into $290 million when you're building a gigawatt scale, which I just showed you on the previous slide. We are doing that. So in this scenario, one gigawatt equates to $1.55 of value on a per share basis.

在這個例子中，這意味著每部署 500 萬美元的股權，每兆瓦的收益約為 29 萬美元。這實際上是一個非常簡單的演算法。尤其引人注目的是，當你建造千兆瓦規模時，每兆瓦 29 萬美元就變成了 2.9 億美元，我在上一張投影片中剛剛向你們展示過這一點。我們正在這麼做。因此在這種情況下，1千兆瓦相當於每股1.55美元的價值。

This is the kind of value creation we're talking about. We highlight the growing embedded value of Carry for [Digibrid] shareholders. It's why we raise co-investment to fuel growth at our existing portfolio companies and why we continue to apply our buy and build strategy to new platforms. So look, I hope this helps put it all together for you and explains our investment program in a perspective. That is really tied to numbers and tied to the share price.

這就是我們所談論的價值創造。我們強調，Carry 為 [Digibrid] 股東帶來了不斷增長的內在價值。這就是我們增加共同投資以促進現有投資組合公司成長的原因，也是我們繼續將購買和建立策略應用於新平台的原因。所以看，我希望這有助於您將所有內容整合在一起並從某個角度解釋我們的投資計劃。這確實與數字和股價息息相關。

You're certainly welcome to apply your own assumptions. We're always happy to have that debate with all of our shareholders and look, at the end of the day, it's a theoretical framework. What we find it useful to bridge the translation between megawatts and what it means to you, our shareholders at Digital Bridge. Next slide please. So as always, what I try to do here in our fourth quarter earnings at the beginning of each year is I try to lay out what my agenda is for the coming year.

當然，歡迎您運用自己的假設。我們始終很高興與所有股東進行這樣的辯論，歸根結底，這是一個理論框架。我們發現，在兆瓦和它對您（Digital Bridge 的股東）的意義之間架起溝通的橋樑很有用。請看下一張投影片。因此，與往常一樣，每年年初在第四季財報中，我都會嘗試規劃來年的計畫。

So let's cover the 2025 CEO checklist. One, we talked about fundraising. The goal is to hit net PM of over $40 billion by the end of this year. That will involve finalizing capital formation around the third flagship fund and our second credit fund and then successfully launching our two new strategies built around digital energy and stabilized investment grade data centers.

因此，讓我們來介紹一下 2025 年 CEO 清單。第一，我們談論籌款問題。我們的目標是在今年年底前實現淨PM超過400億美元。這將涉及圍繞第三個旗艦基金和我們的第二個信貸基金完成資本形成，然後成功啟動我們圍繞數位能源和穩定的投資級資料中心建立的兩項新策略。

The third piece of that is launching our second private wealth offering, which is already in flight. I'm really excited about this. We had forecasted that we could raise $600 million in our private wealth channel last year. We massively outperformed that, raising over a billion dollars of capital. I'm really excited about what we can do here as we scale that part of our business.

第三部分是推出我們的第二次私人財富發行，目前正在進行中。我對此感到非常興奮。我們曾預測去年我們的私人財富管道可以籌集 6 億美元。我們的表現遠遠超出了預期，籌集了超過 10 億美元的資金。隨著我們擴大這部分業務的規模，我對我們在這裡所能做的事情感到非常興奮。

Two, on the investment side, we expect to deploy another approximately $20 billion into AI infrastructure to support cloud and AI buildouts from training clusters to the early stages of inference focused on deployments at the edge. We plan to be the leading investor this year as we were in the previous year in the AI infrastructure ecosystem. Again, it's not just about big hyperscale data center campuses. It's about bringing that connectivity. And ultimately making sure that those workloads get to the right place and we have the right portfolio companies and we have the right investment strategies to enable that.

二、在投資方面，我們預計將再投入約 200 億美元到人工智慧基礎設施，以支援從訓練集群到專注於邊緣部署的早期推理階段的雲端和人工智慧建設。我們計劃今年繼續成為人工智慧基礎設施生態系統的領先投資者，就像去年一樣。再說一遍，這不僅涉及大型超大規模資料中心園區。其目的在於實現這種連通性。最終確保這些工作量分配到正確的地方，我們擁有正確的投資組合公司，並有正確的投資策略來實現這一點。

The third key objective is around scale. I've been using this word a lot today and it's really important. Continuing to generate double digit earnings growth and expanding our margins is at the core of what the digital bridge investment thesis is go forward. We will make our business more efficient. We will make our business more profitable, and we're going to deliver better earnings growth for you, our shareholders. All of these initiatives position us to support the accelerating growth that we're seeing across the digital infrastructure, ecosystem and AI, cloud, and mobility.

第三個主要目標是規模。我今天多次使用這個詞，它確實很重要。繼續實現兩位數的獲利成長和擴大我們的利潤率是數位橋樑投資理論的核心。我們將使我們的業務更加有效率。我們將使我們的業務更加獲利，並且我們將為你們，我們的股東，帶來更好的獲利成長。所有這些舉措都使我們能夠支援數位基礎設施、生態系統和人工智慧、雲端運算和行動領域的加速成長。

So, I'll wrap it up today. I deeply appreciate your ongoing interest in Digital Bridge, and with that, I'm happy to open up the call to Q&A operator.

那麼，今天我就就此結束吧。我非常感謝您對 Digital Bridge 的持續關注，因此，我很高興與問答接線員通話。

We will now be conducting a question and answer session. (Operator Instructions)

我們現在將進行問答環節。（操作員指令）

First question comes from Michael Elliot with TD Cow and please go ahead.

第一個問題來自 TD Cow 的 Michael Elliot，請繼續。

Great, thanks for taking the question. Two from me. First, the color you guys provided on value creation per megawatt and gigawatt was really helpful and just for what it's worth, I do think it's a bit conservative. But just building on that point. 2024 was a record leasing year for the data center industry.

太好了，謝謝您回答這個問題。我有兩個。首先，你們提供的每兆瓦和千兆瓦價值創造的細節確實很有幫助，就其價值而言，我確實認為它有點保守。但只是在此基礎上進行建構。 2024年是資料中心產業創紀錄的租賃年。

As we look at that qualified demand pipeline across your data center platforms entering 2025. Just want to get a sense for how that compares to the pipeline you had this time last year. And then the second question for you is, Mark, if I ask you to put your prognostication hat on, how do you see hyperscale data center development yields and pricing evolving in 2025? Thanks.

當我們看到進入 2025 年資料中心平台上的合格需求管道。只是想了解一下這與去年此時的管道相比如何。然後第二個問題是，馬克，如果我請您進行預測，您如何看待 2025 年超大規模資料中心開發的收益和定價變化？謝謝。

Yeah, sure. Good morning, Michael, and thank you. Those are two really thoughtful questions. Let's first talk about leasing pipelines.

是的，當然。早上好，邁克爾，謝謝你。這是兩個非常值得深思的問題。我們先來談談管道租賃。

And again, Michael, I want to draw your attention not just to data centers. I think people are missing the joke completely. You have to look at towers, you have to look at small cell infrastructure, you have to look at fiber, and you have to look at data centers. So I'll address your first point, which is just on data center pipelines.

邁克爾，我再次提醒你，不要只專注在資料中心。我覺得人們根本不懂這個笑話的意思。你必須看看塔，你必須看看小型基地台基礎設施，你必須看看光纖，你必須看看資料中心。因此，我將討論您的第一點，即有關資料中心管道的問題。

Our pipeline is up year over year. So if you look back last year in terms of what was in the queue in terms of total megawatts, which now we actually translate to gigawatts. We had a leasing pipeline last year across our seven platforms of just a little over five gigawatts of total interest in our portfolio.

我們的管道逐年增加。因此，如果回顧去年排隊的總兆瓦數，現在我們實際上將其轉換為千兆瓦。去年，我們在七個平台上擁有租賃管道，我們的投資組合總權益略高於五千兆瓦。

We ultimately translate that today to just over 6.2 gigawatts of new leasing proposals. So if you contrast this year versus last year, the pipeline, not the actual leasing results, are up year over year about 22% in terms of pipeline. But what I find actually really interesting is that across the globe in terms of towers, our pipelines are up materially and most importantly, the real surprise is fiber. Taking a look at our enterprise fiber businesses, Michael, those pipelines are up over 50% year over year, largely fueled by dark fiber transport routes, metro rings, and most importantly, data center connectivity.

今天我們最終將其轉化為略高於 6.2 千兆瓦的新租賃提案。因此，如果對比今年和去年，我們會發現通路數量（而非實際租賃結果）年增了約 22%。但我發現真正有趣的是，就全球塔而言，我們的管道數量大幅增加，最重要的是，真正的驚喜是光纖。邁克爾，回顧我們的企業光纖業務，這些管道同比增長超過 50％，主要受到暗光纖傳輸路線、城域環路以及最重要的數據中心連接的推動。

So the entire ecosystem is performing. It's not just about data centers. We're going to keep pounding that into people's heads this year because we are the investor that looks at the entire ecosystem. We're not just following a trend. Again, 30 years of experience, 30 years of delivering returns, we're not that fussed about AI or DeepSeek. It's just another generational tectonic shift that we're there and we're building infrastructure for our customers and our partners.

整個生態系統都在運作。這不僅與資料中心有關。我們今年將繼續向人們灌輸這一點，因為我們是關注整個生態系統的投資者。我們不只是在追隨潮流。再說一遍，我們有 30 年的經驗，有 30 年的回報，我們對 AI 或 DeepSeek 並不太在意。這只是另一個代際轉變，我們正在為我們的客戶和合作夥伴建立基礎設施。

So never get too high on the highs, never get too low on the lows, but our leasing pipeline across the globe is up 22% year over year in terms of activity and new customer applications. Your second question, Michael, again, I think was go ahead.

因此，永遠不要對高點感到太高，也不要對低點感到太低，但就活動量和新客戶申請而言，我們在全球範圍內的租賃渠道同比增長了 22％。邁克爾，我認為你的第二個問題可以繼續。

A long pricing and development yield, what do you expect for the year?

長期定價和開發收益，您對今年的預期是什麼？

Yeah, look, it's really interesting in some locations where we have an advantage which is we have the power and we have the permits and we have the land and we already have an existing campus where we're bolting on and we can deliver for a customer, inside of an 18 month framework, we can kind of set our own price.

是的，你看，這真的很有趣，在某些地方我們有優勢，我們有電力，我們有許可證，我們有土地，我們已經有一個現有的園區，我們可以在那裡進行擴建，我們可以在 18 個月的框架內為客戶提供服務，我們可以自己定價。

If it's a DeNovo greenfield and it's in the middle of, Texas somewhere and there's five different options for the customer to choose to choose from, we're probably not the right partner for you. Let me frame that correctly. There's a lot of tourists playing in data center land now, and just because they have land and power, they believe they're in the data center business. We've been building strategic campuses with incredible reliability, redundancy, power, cooling, and connectivity.

如果它是一塊 DeNovo 綠地，位於德克薩斯州中部某處，並且客戶有五種不同的選擇，那麼我們可能不是您的合適合作夥伴。讓我正確地闡述這一點。現在有許多遊客在資料中心領域投資，僅僅因為他們擁有土地和電力，他們就相信自己從事的是資料中心業務。我們一直在建造具有高可靠性、冗餘性、電力、冷卻和連接性的戰略園區。

These are things that take a long time to develop that muscle memory in-house. And again, having started down that path over 10 years ago, we feel incredibly well prepared to work with our customers. And deliver the right workloads. In addition to that, some of our companies have a real distinct advantage around not only power, but having the right sources of power, having microgrids to control the flow of that power, and also, more importantly, having the right security.

這些事情需要很長時間才能在內部形成肌肉記憶。而且，十多年前我們就開始沿著這條路前進，我們覺得自己已經做好了與客戶合作的充分準備。並提供適當的工作量。除此之外，我們的一些公司不僅在電力方面具有真正的獨特優勢，而且擁有合適的電力來源、微型電網來控制電力的流動，更重要的是，擁有合適的安全保障。

When a customer is looking to develop a private cloud environment where they need 100% reliability, they turn to us and switch.

當客戶想要開發需要 100% 可靠性的私有雲環境時，他們會向我們尋求協助並進行轉換。

So having different distinct platforms like Databank that delivers edge compute in secondary markets where we can be incredibly surgical, our relationship with our customers, Michael, we try to build data centers that create the right investment outcomes, and that's not accidental. It takes time. So for our portfolio, we have not seen development yields retreat. We've seen development yields actually stabilize and we had the chance to take higher prices last year and perhaps take a little bit of advantage of the situation. We strategically chose not to do that.

因此，我們擁有像 Databank 這樣不同的平台，它可以在二級市場提供邊緣運算，我們可以在其中進行非常精準的分析，我們與客戶的關係，Michael，我們試圖建立能夠創造正確投資結果的資料中心，這並非偶然。這需要時間。因此，就我們的投資組合而言，我們並未看到開發收益率下降。我們看到開發收益率其實已經穩定下來，去年我們有機會提高價格，或許還能利用這種情況稍微獲利。我們的策略是選擇不這樣做。

So we've been able to maintain our yields through '24. Look at our pipeline in '25, we'll be able to continue to deliver the right yields on a cash on cash basis and then obviously our ability to tap the ABS and CMBS market, which was on display last week and is on display this week and next week heading to ABS West. We've got four new issuances coming to the market next week. Our ability to tap the credit markets is incredibly efficient, and we have a big team that works on that internally, and it's a real competitive advantage for us.

因此我們能夠在2024年維持我們的收益率。看看我們在'25 年的管道，我們將能夠繼續以現金對現金的方式提供正確的收益，然後顯然我們有能力挖掘 ABS 和 CMBS 市場，這在上週已經展示過，本周和下週將在 ABS West 上展示。下週我們將有四隻新債券上市。我們利用信貸市場的能力非常高效，而且我們內部有一個龐大的團隊致力於此，這對我們來說是一個真正的競爭優勢。

That only takes that cash on cash yield. It turns it into a levered yield, and it turns into a long-term levered yield with very few covenants and no cash traps. So there's a lot of things that we do that are very specific to our tactics that preserves our returns. And our yields again, we're not going to go chase raw land and power banks with no customer lease tethered to it. That's just not a strategy. That's a hope strategy. That's not what we do. Everything we're building has a customer lease tethered to it, and it's usually in a market that we've been in for a while.

這只需要現金收益。它將其轉化為槓桿收益率，並且轉化為幾乎沒有契約、沒有現金陷阱的長期槓桿收益率。因此，我們所做的許多事情都與我們維持回報的策略息息相關。再次談到我們的收益，我們不會去追逐沒有客戶租賃約束的未開發土地和發電廠。這根本不是策略。這是一個希望策略。這不是我們所做的。我們所建造的所有項目都與客戶租約掛鉤，而且通常位於我們已經進入了一段時間的市場中。

There's a lot of thought and intention on what we're doing. We're not going to be the one that chases down the yields down to that 6%-7% range. We're still still still seeing our single tenant yields in the double digit range, and that's where we're going to continue to deploy capital is in the right locations with the right customers with the right set of lease terms attached to it.

我們對所做的事情有很多思考和意圖。我們不會將收益率壓低至 6%-7% 的範圍。我們仍然看到單一租戶收益率達到兩位數，而我們將繼續在正​​確的地點、正確的客戶以及附加正確的租賃條款的情況下部署資本。

That's a helpful call.Thank you very much, Mark.

這是一次很有幫助的電話。

Thanks, Michael.

謝謝，麥可。

Next question. Jade Ramani with KBW please go ahead.

下一個問題。請 KBW 的 Jade Ramani 繼續。

Funds one and two are 2018 and 2020 vintage. Do you expect most exits and monetizations to take place this year and next?

一號基金和二號基金分別為2018年和2020年年份。您是否預計大多數退出和貨幣化將在今年和明年發生？

Hey, good morning, Jade. How are you? So right now, Jade, we're super focused on delivering DPI on InfraBridge one and our first flagship. So InfraBridge one is busy, winding down that portfolio.

嘿，早上好，傑德。你好嗎？所以現在，Jade，我們非常專注於在 InfraBridge one 和我們的第一個旗艦產品上提供 DPI。因此，InfraBridge 很忙，正在逐步完成該投資組合。

We've got exits that are in flight there, so we're excited about returning capital back to our InfraBridge platform. And then of course in fund one. We've also begun the process of creating, DPI there, and we intend to deliver more DPI across the first fund.

我們已經有了一些退出機會，因此我們很高興將資本回饋給我們的 InfraBridge 平台。然後當然是在基金一。我們也已經開始在那裡創建 DPI 的過程，並且我們打算在第一個基金中提供更多的 DPI。

I would say our average ho jade tends to be between five and nine years. I think the vintage on Fund two, even though we exited Vantage Towers quite early because we bought the Deutsche Telekom portfolio, we're still assessing whether we're going to exit anything in Fund two. There are some rumors in the marketplace about two of our assets and Fund two being up for sale. I can't really speak to that, but what I will say, Jade, is we're always an astute seller when we can achieve an outcome that is somewhere at a 20% to 40% premium to our NAV.

我想說，我們的平均鎬玉壽命通常在五至九年之間。我認為，就二號基金而言，儘管我們因為購買了德國電信投資組合而很早就退出了 Vantage Towers，但我們仍在評估是否要退出二號基金中的任何資產。市場上有關於我們的兩項資產和第二支基金即將出售的傳言。我其實不能談論這個，但我要說的是，Jade，當我們能夠實現比我們的資產淨值高出 20％ 到 40％ 的結果時，我們始終是精明的賣家。

That's where we become a very interested seller. I would say the vintage on 2018 is moving into a zone where it would be logical to assume that we'll begin to exit some of those positions. I think you saw a press release around Vantage EMEA, which is our European data centerer platform. We brought in some new partners there in OzSuper and GIC. We continued to put capital into our European Vantage Yieldco, which allows us to sell assets from the Debco to the Yieldco, creating more DPI for our investors.

這就是我們成為非常感興趣的賣家的原因。我想說，2018 年份的葡萄酒正在進入一個區域，在這個區域，我們可以合理地假設我們將開始退出其中一些頭寸。我想您看到了有關 Vantage EMEA（這是我們的歐洲資料中心平台）的新聞稿。我們在 OzSuper 和 GIC 引入了一些新的合作夥伴。我們繼續向歐洲 Vantage Yieldco 注入資金，這使我們能夠將 Debco 的資產出售給 Yieldco，為我們的投資者創造更多的 DPI。

So that was one example, Jade, where we did deliver a really great outcome for Fund One Investors. And we have a couple of other assets in fund one that are currently in what I would call strategic review, which means it could be held for disposition, it could be sold to a strategic, it could move into a continuation fund. There's a variety of levers that we can pull to create, liquidity for our investors. I think one thing I would tell you, Jade, is in '23 and '24 we had eight different DPI outcomes for our investors.

這就是一個例子，Jade，我們確實為 Fund One Investors 帶來了非常好的成果。我們在第一支基金中還有其他幾項資產，目前正在進行所謂的策略審查，這意味著這些資產可能會被持有待處置，可能會被出售給策略投資者，也可能轉入延續基金。我們可以利用各種手段為投資者創造流動性。我想告訴你的一件事是，Jade，在'23年和'24年，我們為投資者提供了八種不同的 DPI 結果。

We returned over $9 billion of liquidity back to our LPs. I know sometimes in the asset management space, Jade, that's not super popular as we have to give up management fees, but I've always made it incredibly clear, for us to go out and continue to raise the kind of capital we raised last year, $9 billion and $0.02 billion dollars ahead of what we told you we were going to do, you've got to deliver DPI. And so this year there'll be more of that. We'll deliver DPI.

我們向我們的 LP 返還了超過 90 億美元的流動資金。我知道，Jade，有時在資產管理領域，這並不是很受歡迎，因為我們必須放棄管理費，但我一直非常清楚地表明，為了讓我們繼續籌集去年籌集的那種資金，90 億美元，比我們告訴你的要多 0.02 億美元，你必須提供 DPI。因此今年這樣的情況還會更多。我們將提供 DPI。

We absolutely anticipate delivering some carried interest for our shareholders, and we do think the environment is quite ripe for Digital Bridge to return capital, create the right returns, and most importantly, return carried interest to our public shareholders.

我們絕對期待為我們的股東帶來一些附帶權益，我們確實認為，Digital Bridge 的環境已經非常成熟，可以返還資本，創造正確的回報，最重要的是，向我們的公眾股東返還附帶權益。

Looking at Digital Bridge's own capital allocation, can you talk to how much preferred has been repurchased so far this year, and what do you expect? Because, although the cost of the preferred isn't too bad in terms of the cost of capital, it has a big outsized impact on EPS around $0.30 a share. Therefore, buying back preferred is in the creative use, and you expect to do much of that this year.

從 Digital Bridge 本身的資本配置來看，您能否談談今年迄今已回購了多少優先股，以及您有何預期？因為，儘管優先股的成本從資本成本的角度來看並不算太糟糕，但它對每股盈餘的影響卻非常大，約為每股 0.30 美元。因此，回購優先股是一種創意的用法，你預計今年會做很多這樣的事。

Yeah, thanks Jade. No, we did not purchase any of the preferred last year as they traded back up into par. We didn't really see a total return or an absolute return that was comparable to some of the things that we were doing on the balance sheet.

是啊，謝謝 Jade。不，去年我們沒有購買任何優先股，因為它們的交易價格已回升至面額。我們實際上並沒有看到與我們在資產負債表上所做的某些事情相當的總回報或絕對回報。

I mean, from my perspective, if you take a look at our third fund and we look at where the returns are on the third fund, there are about 300 to 400 basis points wide of fund one and fund two, and when you're getting sort of high 10s types returns in your funds and you look at the buybacks on the preps being kind of a 7%-8% trade. I view that as actually not the highest and best use of our balance sheet today.

我的意思是，從我的角度來看，如果你看一下我們的第三隻基金，我們看看第三隻基金的回報率，你會發現第一支基金和第二支基金的回報率相差約 300 到 400 個基點，當你的基金獲得 10% 以上的回報率時，你會發現預付款的回購率大約是 7%-8% 的交易。我認為這實際上並不是我們今天資產負債表的最高和最佳用途。

We have been very opportunistic in the past, buying back our preferred, as you know Jade, interest rates moved away from us in the last two years where the press do seem like a reasonably low cost of capital. But as interest rates are now coming down and we're seeing the securitization marketplace return again using the ZAO fiber transaction as a proxy jade which went all the way down to single B. You could really see that total instrument price, just around 6%. So we're looking at that very carefully. Tom and I are spending a lot of time looking at our existing securitization stack.

我們過去一直非常投機，回購我們的優先股，正如你所知，Jade，過去兩年利率遠離了我們，媒體看起來確實像一個相當低的資本成本。但隨著利率下降，我們看到證券化市場再次回歸，使用 ZAO 光纖交易作為代理玉石，一直下降到單一 B。因此我們正在非常仔細地研究這個問題。湯姆和我花了很多時間研究我們現有的證券化堆疊。

I would say we'll be active in that marketplace this year. We've gone on to raise a lot more capital. We have a much bigger FIEM base for the agencies to take a look at. And so if there's the opportunity to go raise debt capital, sub 7%, which we think we can do.

我想說我們今年將會活躍於該市場。我們繼續籌集更多資金。我們擁有更大的 FIEM 基礎供機構參考。因此，如果有機會提高債務資本，低於 7%，我們認為我們可以做到。

There's a great opportunity to continue to take down the press over time. I agree with your proposition that you know $0.30 is a significant leakage, but if interest rates can rein in and we can see a path to raising capital back in that 5% zone, I think you're going to see us be very opportunistic. I don't know, Tom, if you want to add anything to that, but I think you and I are talking a lot about it.

隨著時間的推移，有很大機會繼續打壓媒體。我同意你的觀點，你知道 0.30 美元是一個很大的漏洞，但如果利率能夠得到控制，我們能夠找到在 5% 區域重新籌集資金的途徑，我想你會看到我們非常有機會。湯姆，我不知道你是否想對此進行補充，但我認為你和我已經就此進行了很多討論。

Yeah, no, I agree with everything Mark said. I think the preferred on their face are, relatively attractive securities for us. They, have.

是的，不，我同意馬克說的一切。我認為從表面上看，優先股對我們來說是相對有吸引力的證券。他們有。

A little in the way of covenants or no covenants, no maturity, we are sensitive to the absolute magnitude of them, so you know that's the only thing I'd add is, we are sensitive to the absolute magnitude of the preferred outstanding, but on an individual basis, I think the structure is relatively favorable for us.

無論是有一點契約還是沒有契約，沒有到期日，我們對它們的絕對量很敏感，所以你知道我唯一要補充的是，我們對優先股的絕對量很敏感，但就個人而言，我認為這種結構對我們來說相對有利。

Thanks, Jade. Any other questions, Jade?

謝謝，傑德。還有其他問題嗎，Jade？

Yeah, if I could ask one more because I get a lot of questions on this, which is the fund performance slide, are those returns in line with your targets, or do you expect any improvement with realizations?

是的，如果我可以再問一個問題，因為我對此有很多疑問，即基金績效幻燈片，這些回報是否符合您的目標，或者您是否預計實現會有所改善？

Yeah, so we, we've had two quarters where the absolute IRR jade has gone down a little bit. We actually, since Tom has taken over, we've we've put in a new framework for how we do our quarterly evaluations, which I'm really proud of, a lot of transparency, a lot of independence in those marks, and a new framework that's consistent with what the SEC expects of us. So that did drag our returns back a little bit over the summer, which impacted the Q3. We had a little more of that come through in Q4.

是的，我們已經有兩個季度絕對 IRR 玉石有所下降。事實上，自從湯姆接任以來，我們已經為我們的季度評估建立了一個新的框架，我對此感到非常自豪，這些評估具有很高的透明度和獨立性，並且這個新框架與美國證券交易委員會對我們的期望一致。所以這確實在夏季拖累了我們的回報，從而影響了第三季。我們在第四季取得了更多這樣的成績。

But I think what I would tell you is, we get paid on MOIC, Jade, it's really important to understand that we don't get paid on IRR and actually in this quarter our MOIC multiple went up across the funds and so that means carried interest is increasing over time. And I think you're going to see that impact this year more pronounced as many of our portfolio companies had a great year. We now are getting to see the full impact of those financials and as I said before, the performance at the portfolio company level in 204 was outstanding.

但我想我會告訴你的是，我們是根據 MOIC 獲得報酬的，Jade，真正重要的是要明白我們不是根據 IRR 獲得報酬，實際上在本季度我們的 MOIC 倍數在各個基金中都有所上升，這意味著附帶權益隨著時間的推移而增加。而且我認為，今年這種影響將會更加明顯，因為我們投資組合中的許多公司今年都表現優異。我們現在開始看到這些財務狀況的全部影響，正如我之前所說，204 年投資組合公司層面的表現非常出色。

So we had record leasing in towers. We had record leasing and fiber. I think I said that to Michael earlier. The fiber business has really come back. You're going to see, I think, a real uptick in some of those businesses in our marks in Q1. And then of course the data center businesses are all performing at a really high level. Businesses like Scala and Switch and Databank were real standouts for us in in 2024. So I do anticipate that. The portfolio will continue to perform really well.

因此，我們的塔樓租賃量創下了歷史新高。我們有唱片租賃和光纖。我想我之前對麥可說過這句話。纖維業務確實復甦了。我認為，您會看到我們第一季的一些業務出現真正的上升。當然，資料中心業務的表現都達到了非常高的水準。2024 年，Scala、Switch 和 Databank 等企業對我們來說真正脫穎而出。所以我確實預料到了這一點。該投資組合將繼續表現良好。

It is in line with where the fund models predicted they would be, and as we generate liquidity and we generate DPI, generally we sell assets on average Jade, if you look back at the last eight exits, there were approximately about a 20% to 30% premium to Nav. I'm sort of telegraphing to you that the portfolio is, I don't want to say under marked, but when we sell stuff we generally sell at a premium to Nav. That's been the historic performance of our funds the last two years.

這與基金模型的預測一致，隨著我們產生流動性和 DPI，我們通常會以平均價格出售 Ja​​de 資產，如果回顧過去的八次退出，大約有 20％ 到 30％ 的溢價。我想告訴你的是，我不想說投資組合被低估了，但是當我們出售東西時，我們通常會以高於資產淨值的價格出售。這就是我們基金過去兩年的歷史表現。

If you look at exits like Wildstone or Vantage, EIA, or you look at Wildstone, which was our billboard business, all three of those exits were at a significant premium to Nav. And so as we begin to return capital on fund one, return capital on InfraBridge one, you're going to see that obviously the portfolio should logically tick up here in Q1 and moving into the balance of 2025. I think we feel really good about fund performance. I feel really confident in Tom's team and the independence at which we mark the assets.

如果你看看 Wildstone 或 Vantage、EIA 的退出情況，或者看看 Wildstone（我們的廣告看板業務），你會發現這三個退出價格都遠高於 Nav。因此，當我們開始返還第一支基金的資本、返還第一隻 InfraBridge 的資本時，您會看到，顯然投資組合在第一季會合理地上升，並進入 2025 年的平衡期。我認為我們對基金的表現感到非常滿意。我對湯姆的團隊以及我們標記資產的獨立性非常有信心。

I'm a big believer in independence and so setting up a team that does that that's independent from our investment team is really critical because it really gives RLPs a lot of confidence in our nav. This isn't like a synthetic Nav game for us. We're very accurate in terms of where we mark the assets.

我非常相信獨立性，因此組建一個獨立於我們的投資團隊的團隊非常關鍵，因為它確實讓 RLP 對我們的導航價值充滿信心。對我們來說這不像是一個合成的導航遊戲。我們對資產的標記位置非常準確。

Thank you very much.

非常感謝。

Thanks, Jane.

謝謝，簡。

Next question. Rick Prentice with Raymond James. Please go ahead.

下一個問題。瑞克普倫蒂斯和雷蒙德詹姆斯。請繼續。

Nice morning, everybody.

大家早安。

Good morning, Rick. (multiple speakers)

早上好，里克。（多位發言者）

Couple of questions. Hey, couple of questions for you. I want to start on fundraising, Mark. That was of your three bullets fundraising, invest and scale is the number one there. When we think about the DPI, you've talked about it a couple times how important it is. You mentioned just the previous question, nine billion returned over '23, '24 combined.

幾個問題。嘿，我想問你幾個問題。我想開始籌集資金，馬克。這是你的三大要點：募款、投資、規模是第一位的。當我們考慮 DPI 時，您已經談論過幾次它的重要性。您剛才提到了上一個問題，23 和 24 年合計回報為 90 億美元。

How much is baked into the '25 ending theme. As far as DPI, is it a similar level to the $4.5 billion that we saw in '24? Is it an acceleration, given what you said on flagship one and InfraBridge two or InfraBridge one? How much DPI are we thinking is is baked into the '25 ballpark?

'25 結尾主題融入了多少元素？就 DPI 而言，它是否與我們 24 年看到的 45 億美元的水平相似？考慮到您所說的旗艦一號和 InfraBridge 二號或 InfraBridge 一號，這是否是一種加速？我們認為 '25 範圍內的 DPI 是多少？

So thanks, Rick. It's it's a really good question and you're you're very astute. So the way we think about it is just in terms of total FIEM. You know what we did in 2024 was about $36 billion. We're guiding the street to $40 billion plus for 2025, and that assumes a little bit of what I call chutes and ladders, right? Everyone's everyone's played that game before. So the ladder up is fundraising and the shoot is DPI and so. We are telegraphing to the street that obviously we want to grow our revenue base, and I think we're going to do a good job of doing that.

所以謝謝你，里克。這是一個非常好的問題，而且您非常敏銳。因此，我們只是從整體 FIEM 的角度來思考這個問題。你知道我們在 2024 年的支出約為 360 億美元。我們預計到 2025 年街道的資金將達到 400 億美元以上，這需要一點我所說的滑道和梯子，對嗎？每個人都玩過這個遊戲。因此，階梯向上是籌款，拍攝是 DPI 等等。我們正在向公眾表明，我們顯然希望擴大我們的收入基礎，我認為我們會很好地做到這一點。

But we're also telegraphing to you, as Jay pointed out very carefully, there's a couple of assets that are in play, and we are anticipating Rick returning, more DPI through the course of 2025. It's the natural progression of what we do. And also what that does is it frees up capital for investors to bring that capital back into our new products, and we're super focused on that. So ultimately we think we can form, low side of the guide kind of $5 billion to $6 billion of new capital, $1billion to $2 billion in DPI, and that gets you sort of to a $4 billion net FIEM number.

但正如傑伊非常謹慎地指出的那樣，我們也在向您傳達訊息，有幾項資產正在發揮作用，我們預計里克將回歸，並在 2025 年期間提供更多的 DPI。這是我們工作自然的進展。這樣做還可以釋放資本，讓投資者將資本重新投入到我們的新產品中，我們對此非常重視。因此，我們認為，最終我們可以形成低於預期的 50 億到 60 億美元的新資本、10 億到 20 億美元的 DPI，這樣就可以達到 40 億美元的淨 FIEM 數字。

That's our guidance. That's what we're putting out there. And obviously given the lessons of last year, we're going to be pretty thoughtful I guess is the word I want to use around guidance and we want to make sure that we can deliver a quarter like this quarter where we beat your estimates, Rick, and that's kind of the cadence that Tom's trying to instill in this company and the discipline around the numbers and and the discipline around the guidance. I don't know Tom, if you want to add anything to that, but I think that's that's pretty straightforward.

這是我們的指導。這就是我們所要表達的。顯然，考慮到去年的教訓，我們會非常深思熟慮，我想這是我在製定指導時想要使用的詞，我們希望確保我們能夠像本季度一樣，超過你的預期，里克，這就是湯姆試圖在這家公司灌輸的節奏，以及圍繞數字的紀律和圍繞指導的紀律。我不知道湯姆，如果你想補充什麼，但我認為這很簡單。

Yeah, no, that's exactly it under promise over delivers something we want to be able to count on. When you think of the longer term guidance on that slide 21, the investor day target for 2028 of $60 billion to $70 billion, that implies an acceleration. Is that a thought that gross fundraising gets higher, DPI is less? How how's the mix and what leads to that kind of acceleration that if we do end at $40 billion in '25. We could add another $20 billion to $30 billion over three years.

是的，不，這正是我們想要依賴的承諾。當您想到第 21 張投影片上的長期指引時，投資者每日目標為 2028 年 600 億美元至 700 億美元，這意味著加速。是不是認為募款總額越高，DPI 就越低？那麼，這種組合是怎樣的，什麼導致了這種加速，如果我們在 25 年真的達到 400 億美元的話。我們可以在三年內再增加 200 億到 300 億美元。

Yeah, again, you're thinking about it the right way. We haven't spent a ton of time talking about new product launches, Rick, but look, this is something that our investors need to start really getting their minds wrapped around. We are a multi-strategy firm now. We are not a one trick pony.

是的，你再次以正確的方式思考了這個問題。里克，我們還沒有花太多時間談論新產品的發布，但你看，這是我們的投資者真正需要開始關注的事情。我們現在是一家多策略公司。我們並不是只有一招的小馬。

Our credit business is performing exceptionally well. It took me four to five years with Dean and Mike and Josh Paris and Chris Moon and Horace and the entire team. To get that mechanism going, you're going to see a massive acceleration in our in our credit platform this year. We're seeing opportunities that are fantastic. Our returns and credit are actually better than our flagship funds, which is kind of a bit perverse in my mind.

我們的信貸業務表現異常出色。我和 Dean、Mike、Josh Paris、Chris Moon、Horace 以及整個團隊一起花了四到五年的時間。為了啟動這個機制，今年你將會看到我們的信用平台將大幅加速。我們看到了絕佳的機會。我們的回報和信譽實際上比我們的旗艦基金好，在我看來這有點不正常。

I never thought our credit business would outperform our flagship funds, but our credit product, Rick is one of the best performing credit products in the world, and our team is scaling, writing significant loans, generating massive SMAs and co-investments. You're going to be hearing a lot about credit in Q1 and Q2. We're in the right place. So that took us a little while to get there. Our liquid portfolio led by one strategy by Bill Hughes and Alan [Bezoza], that business is now incredibly profitable. They're raising money. Alan's creating great returns.

我從未想過我們的信貸業務會勝過我們的旗艦基金，但我們的信貸產品 Rick 是世界上表現最好的信貸產品之一，我們的團隊正在擴大規模、發放大量貸款、產生大量 SMA 和共同投資。您將會在第一季和第二季聽到很多有關信貸的消息。我們來對地方了。因此我們花了一點時間才到達那裡。我們的流動性投資組合由比爾·休斯和艾倫·貝佐薩的一項策略主導，這項業務現在利潤豐厚。他們正在籌集資金。艾倫創造了巨大的回報。

And that's going to generate more capital. Every quarter that team keeps bringing in more capital. Number three, our private wealth channel, led by Andrew Cox. We were really honored and privileged to get Andrew on our team. He was a top player, kind of fell into our lap, and moved to South Florida, was at KTR for many years where he built the private wealth platform. I told you Andrew in his first year outperformed almost two X's budget. He's got a new product in the market. We're really excited about that product. I'm on the road with Andrew a lot talking to some of the biggest private wealth channels in the world.

這將產生更多的資本。每個季度該團隊都會不斷帶來更多的資本。第三個是我們的私人財富管道，由安德魯考克斯 (Andrew Cox) 領導。我們非常榮幸能夠讓安德魯加入我們的團隊。他是一名頂尖球員，後來落入我們的圈套，搬到了南佛羅裡達州，在 KTR 工作多年，建立了私人財富平台。我告訴過你，安德魯在第一年就超出了預算的近兩倍。他在市場上推出了一種新產品。我們對該產品感到非常興奮。我經常和安德魯一起外出，與世界上一些最大的私人財富管道進行交流。

We have a lot of conviction, Rick, around private wealth capital formation and keep in mind what we're raising is just a fraction of what people like Aries and Blackstone and Apollo are raising. So we think we can go take the argument to investors, private wealth investors, that the digital product, digital bridge product is a better product than our peer set, and we're winning that battle, and I'm really excited about that. Then the last thing I would say is, Rick.

里克，我們對私人財富資本形成非常有信心，請記住，我們所籌集的資金只是 Aries、Blackstone 和 Apollo 等人籌集資金的一小部分。因此，我們認為我們可以向投資者、私人財富投資者提出這樣的論點：數位產品、數位橋樑產品比我們的同行產品更好，而且我們正在贏得這場戰鬥，我對此感到非常興奮。那麼我要說的最後一件事是，瑞克。

The things that we're doing around power and the things we're doing around stabilized data centers are really interesting, unique, groundbreaking in fact. Those two teams are now seated, those strategies are now launching, and that's going to provide yet another channel for us to grow. I've said it publicly many times, Rick, for every trillion dollar you spend on data centers, you're going to spend $500 billion on power. Power is a massive opportunity and no one has gotten it right. Nobody understands the issues. No one understands the bottlenecks.

我們在電力方面所做的事情以及我們在穩定資料中心方面所做的事情確實非常有趣、獨特且具有開創性。這兩個團隊現在已入駐，這些策略也正在啟動，這將為我們提供另一個發展管道。瑞克，我已經公開說過很多次了，你在資料中心上每花費一兆美元，就會在電力上花費 5,000 億美元。權力是一個巨大的機遇，但沒有人能夠正確地利用它。沒有人理解這些問題。沒有人了解其中的瓶頸。

We do, and we're building that power infrastructure adjacent to our global leading data center portfolio. 16 gigawatts of on power demand is a bigger power bank than DLR, and it's a bigger power bank than Equinix. We have the biggest power bank in the world by far. It's not even close, and so our ability to lease into that and to build power, sometimes renewable, sometimes not. But providing those power solutions and building those adjacencies to our data centers, Rick, is a huge opportunity. I can't even put a number on the TAM in terms of what we can do in power, so. This firm has evolved, Rick. We were at one point.

我們確實如此，而且我們正在我們全球領先的資料中心組合附近建設電力基礎設施。 16 千兆瓦的電力需求比 DLR 的行動電源還要大，也比 Equinix 的行動電源還要大。我們擁有迄今為止世界上最大的行動電源。這甚至還沒有接近，所以我們有能力租賃並建立電力，有時是可再生能源，有時不是。但是，里克，提供這些電力解決方案並建立與我們的資料中心的相鄰關係是一個巨大的機會。我什至無法就我們能夠發揮的功率給出一個 TAM 數字，所以。這家公司已經發展了，里克。我們曾經處於這樣的境地。

We became a C corp. We became an alternative asset manager. We did all of that in 24 months. It was pretty frenetic. Now we've settled into what we are. We're a global alternative asset manager. We have great teams. We have great products. We have an incredible fundraising mechanism led by Kevin Smith and Leslie Golden. What they did last year in the fourth quarter was heroic. A very few firms on the planet almost raised $5 billion in the fourth quarter like we did. Even the bigger firms that we that we [compat] against didn't raise $5 billion in the fourth quarter. So we think we're punching above our weight class.

我們成為了一家 C 公司。我們成為了一家另類資產管理公司。我們用 24 個月的時間完成了所有這些工作。真是太瘋狂了。現在我們已經適應了現在的狀況。我們是一家全球另類資產管理公司。我們擁有優秀的團隊。我們有優質的產品。我們有一個由 Kevin Smith 和 Leslie Golden 領導的令人難以置信的籌款機制。去年他們在第四節的表現堪稱英勇。地球上很少有公司像我們一樣在第四季籌集了近 50 億美元資金。即使是我們所競爭的那些大公司在第四季也沒有籌集到 50 億美元。因此我們認為我們的實力超出了我們的水平。

We think we have the right products. We know we have the right people and investors are really keying into these new thematics that we're focused on, Rick. So I have this long term conviction around what we're doing in the next three years. I think we finally have our fundraising cadence in line and in order. And most importantly, as we keep returning capital, Rick, it gives us the opportunity to ask LPs to bring it back. And that's what you saw in the fourth quarter.

我們認為我們有合適的產品。我們知道我們擁有合適的人才，而且投資者也真正關注我們關注的這些新主題，里克。所以我對我們未來三年的工作有著長遠的信念。我認為我們最終已經讓籌款節奏步調一致、井然有序。最重要的是，里克，當我們不斷返還資本時，這給了我們要求 LP 將資本帶回來的機會。這就是你在第四季看到的。

Capital came back and it didn't come back just in our flagship strategy, Rick. People need to again accept that we're a multi-strat firm. It's not just about the [digitrige] flagship series. It's about all the other products that we offer and the solutions, because at the end of the day, Rick, what I've learned in the last year of being an alternative asset manager, you really have to formulate strategies for clients. LPs just don't want your simple flagship fund. They want solutions and some want yield, some want protection on on downside, some want to play in value add.

資本回來了，而且不僅僅是透過我們的旗艦策略回來了，里克。人們需要再次接受我們是一家多策略公司的事實。這不僅與[digitrige]旗艦系列有關。它與我們提供的所有其他產品和解決方案有關，因為歸根結底，里克，我在過去一年作為另類資產經理所學到的是，你真的必須為客戶制定策略。LP 只是不想要你的簡單的旗艦基金。他們想要解決方案，有的人想要收益，有的人想要在下行時獲得保護，有的人想要增加價值。

Some want to play in our, on our value add long fund led by Bezoza. And so now having this sort of multi-asset multi-product approach really allows Kevin and Leslie to sit with the client and say how can we help you? And so the dialogue has evolved from selling one product three or four years ago to now being in the client solution set, which again is a lot like what Blackstone does, Aries, Apollo, KKR. We provide those set of solutions but totally focused at the digital economy and at AI. And that's resonating with investors today, Rick. That's the big change in this firm in the last 12 months.

有些人想參與我們由貝佐斯 (Bezoza) 領導的增值長期基金。所以現在有了這種多元資產多產品方法，Kevin 和 Leslie 就可以與客戶坐在一起，討論我們能為您做些什麼？因此，對話從三、四年前銷售一種產品發展到現在的客戶解決方案集，這與 Blackstone、Aries、Apollo 和 KKR 所做的非常相似。我們提供這些解決方案，但完全專注於數位經濟和人工智慧。里克，這引起了當今投資者的共鳴。這是該公司在過去 12 個月中發生的巨大變化。

That's very helpful. And I think you're right. I think the industry needs to kind of focus on your power bank, which your megawatt, what your gigawatts, so maybe we can move that ball forward and trying to get people understanding exactly what's the valuable asset, what turns into monetization. The second question I've got, and I appreciate the time here, is you've mentioned obviously several times while we go do the count and the transcript, carried interest. We're going to see some of that in '25.

這非常有幫助。我認為你是對的。我認為這個行業需要關注你的行動電源，你的兆瓦數，你的千兆瓦數，所以也許我們可以推動這一進程，並試圖讓人們準確地理解什麼是有價值的資產，什麼可以貨幣化。我的第二個問題是，我很感謝你抽出時間，在我們進行計數和記錄時，你顯然已經多次提到附帶利益。我們將在25年看到其中的一些。

Talk about moving from episodic to more steady. How do you do that? Is it just the longevity of the funds? Is it the interest, but I don't think any of the carried interest benefit is really in the stock price today. How do you move it from episodic to steady and then get it into the stock price?

談論從偶發性轉變為更穩定。你是怎麼做到的？僅僅是資金的長壽嗎？這是利息嗎？如何讓它從偶發性轉變為穩定，然後將其納入股價？

Well, look, you said it correctly. We don't get credit for it. I mean, if you look at some of the parts of what Digital bridge is today just based on our run rate FRE for this quarter at 140, the implied multiple on our business is actually trading at a discount to our peer set. We actually think Digital Ridge is a better platform than other GPs because we don't have funds that have a two, three or five year duration, Rick. We have long term perpetual capital vehicles.

嗯，看，你說的對。我們並沒有因此而獲得讚譽。我的意思是，如果您僅基於本季度 140 的 FRE 運行率來看一下 Digital Bridge 目前的一些部分，我們業務的隱含倍數實際上比我們的同行有折扣。我們實際上認為 Digital Ridge 是一個比其他 GP 更好的平台，因為我們沒有期限為兩年、三年或五年的基金，Rick。我們擁有長期永久資本工具。

We have continuation funds, and our average infrastructure fund, Rick, as is 11 to 13 years. So the steadiness of our FRE and our cash flows is certainly a lot more durable than somebody that's just exposed to credit or private equity, which are shorter term products. We've got to do a better job, Severn, myself and Tom explaining to investors this year the durability of our cash flows and the duration of it. And so that's really important, casting our firm as a steadier long term set of cash flows. The balance sheet is really powerful. We're going to take that case to investors as well.

我們有延續基金，我們的平均基礎設施基金，瑞克，是11到13年。因此，我們的 FRE 和現金流的穩定性肯定比那些只接觸信貸或私募股權（短期產品）的人要強得多。我們必須做得更好，塞文、我和湯姆今年要向投資者解釋我們的現金流的持久性及其持續時間。所以這真的很重要，讓我們的公司有更穩定的長期現金流。資產負債表確實很強。我們也會向投資者反映這個案例。

What we did at Databank this year was incredible. What we've been able to do at Vantage is incredible. The performance of our funds is strong, and so we've used the balance sheet in an intelligent way. We don't get credit for our balance sheet, which is between a billion two a billion four minimum, based on last year's marks. So as Databank and Vantage and other assets begin to scale, the balance sheet grows. The last component of the sort of one, two, three on digital ridge is carried interest. And again, we don't get credit for it until we start taking the episodic nature out of it.

我們今年在數據銀行所做的事情令人難以置信。我們在 Vantage 所做的事情令人難以置信。我們的基金表現強勁，因此我們以明智的方式使用了資產負債表。我們的資產負債表並沒有為我們帶來任何好處，根據去年的業績，我們的資產負債表至少在 120 億至 40 億美元之間。因此，隨著 Databank、Vantage 和其他資產開始擴大規模，資產負債表也會成長。數字脊上的一、二、三排序的最後一個組成部分是附帶利益。再說一次，只有當我們開始去除其中的情節性時，我們才會得到讚揚。

We understand how that works. I mentioned we have over 50 companies, Rick, today, and just in this year alone we're going to make somewhere between credit and our flagship strategy and ventures and other things that we're doing and power. We're going to probably make about 12 to 20 distinct investments this year. As you saw, we grow AUM from $80 billion to $96 billion. That was an incredible step up in just a one year period, $16 billion. We told you today we're going to deploy $20 billion of capital and we're going to exit $2 billion of assets or $2 billion of fiM, which would probably be about $4 billion of AUM.

我們了解其工作原理。里克，我今天提到過，我們有超過 50 家公司，光是今年，我們就將在信貸、旗艦策略、企業和我們正在做的其他事情以及權力之間取得一定進展。我們今年可能會進行大約 12 到 20 項不同的投資。正如您所看到的，我們的 AUM 從 800 億美元成長到 960 億美元。在短短一年的時間裡，這一數字成長令人難以置信，達到 160 億美元。我們今天告訴你們，我們將部署 200 億美元的資本，並將退出 20 億美元的資產或 20 億美元的 fiM，這可能相當於約 40 億美元的 AUM。

So if you look at that, we should add another $16 billion of AUM this year. That takes us well into the, kind of 112 region by my math, 110 to 112. And at the same time our MOIC multiple continues to grow and compound. And so this is also important because as we exit, we're not exiting the legacy investments, Rick, anymore, the original Digital Bridge 6. We're now exiting fund one and we're exiting fund two, some investments over the next two to three years, and that's where that carried interest kicks in.

所以如果你看一下，我們今年應該會再增加 160 億美元的 AUM。根據我的計算，這將使我們進入 112 區域，即 110 到 112。同時，我們的 MOIC 倍數持續成長和複合。所以這也很重要，因為當我們退出時，我們不會再退出遺留投資，里克，原來的 Digital Bridge 6。我們現在正在退出第一期基金和第二期基金，未來兩到三年內將進行一些投資，而這些投資就是附帶權益開始發揮作用的地方。

That's where public shareholders begin to see the benefit of that. So I think that we absolutely will have a more consistent delivery and carried interest this year. And I think if Tom and I can do that and we can demonstrate two or three exits where public shareholders win, it's not episodic. It's then something you can begin to underwrite and we're not promising it in our guidance this year, but we are telegraphing to you that one, the portfolio is moving up in value on a MOIC multiple basis, which is we're paid off of MOIC, we're not paid off of IRR and then two that we absolutely, given the vintage of fun one and the vintage of InfraBridge one.

這就是公眾股東開始看到其好處的地方。因此我認為今年我們絕對會有更穩定的交付和附帶利益。我認為，如果湯姆和我能做到這一點，而且我們能展示出兩三種讓公眾股東獲益的退出方式，那麼這並不是偶然的。然後你就可以開始承保了，我們在今年的指導中並沒有對此做出承諾，但我們要告訴你的是，第一，投資組合的價值將根據 MOIC 倍數上升，也就是說，我們是通過 MOIC 獲得回報的，而不是通過 IRR 獲得回報的，第二，考慮到 fun 的年份和 InfraBridge 的年份，我們絕對會這樣做。

We anticipate returning capital back to shareholders. I don't tell if you've got. (multiple speakers)

我們期望將資本返還給股東。我不知道你是否得到了。（多位發言者）

I think it's all a matter of the vintage and the kind of seasoning, we're, I think as Mark mentioned a few minutes ago, fund one is really now entering kind of prime.

我認為這完全取決於年份和調味方式，我認為正如馬克幾分鐘前提到的那樣，一號基金現在確實正進入黃金時期。

Vintage period for you know starting to exit. Fund two sort of have some early kind of getting there, but in general it's a matter of time and seasoning as we get over the next year or two to a point where, we're regularly selling, maybe not as many new companies as we're buying, but we're regularly selling a couple of assets a year.

你知道的復古時期開始退出歷史舞台了。二號基金在某種程度上已經達到了早期階段的目標，但總的來說，這只是一個時間和經驗的問題，在未來一兩年內，我們會達到一個階段，即定期出售新公司，也許沒有購買那麼多新公司，但我們每年都會定期出售一些資產。

That'd be great, and I'll let echo of Michael's comments. Slide 31 is great, so thanks guys. I appreciate all the color.

那太好了，我會回應麥可的評論。第 31 張幻燈片很棒，謝謝大家。我欣賞這一切的色彩。

Thanks, Rick.

謝謝，里克。

Next question, Richard Cho with JP Morgan, please go ahead.

下一個問題，請摩根大通的 Richard Cho 提問。

Hi, I wanted to follow up on the sales and fundraising infrastructure. Can we get an update there?

你好，我想跟進銷售和籌款基礎設施的情況。我們能從那裡得到最新消息嗎？

I'm sorry, Richard, the what? Sorry?

對不起，理查德，什麼？對不起？

The fundraising and sales infrastructure that you outlined at Analyst Day.

您在分析師日概述的籌款和銷售基礎設施。

Yeah, no, thank you. So, the global sales team today, Richard, is 38 in total.

是的，不，謝謝你。所以，Richard，今天的全球銷售團隊總共有 38 人。

We've continued to invest in our Salesforce led by Kevin Smithen and his number two, Leslie Golden, both really great professionals with a lot of track record.

我們繼續對由 Kevin Smithen 和他的副手 Leslie Golden 領導的 Salesforce 進行投資，他們都是優秀的專業人士，擁有豐富的業績記錄。

We did add Andrew Cox and the private wealth channel. We anticipate adding at least two, if not four full-time employees to support Andrew as we scale our private wealth fundraising mechanism. But you know we run that platform, just, Richard, on a global basis. We've got a team based in London. We've got a team that is based here in the US in Boca and in New York, and then we have a team of course, in Asia headquartered out of Singapore. So we highlighted on analyst Day. It was 28 full-time employees in 2024. Today we're at 35 full-time employees in our fundraising team. We've continued to scale. We've added specialists in credit.

我們確實添加了安德魯考克斯 (Andrew Cox) 和私人財富頻道。我們預計在擴大私人財富籌款機制的過程中至少增加兩名、甚至四名全職員工來支持安德魯。但是理查德，您知道，我們在全球範圍內運營該平台。我們在倫敦有一個團隊。我們在美國博卡和紐約設有團隊，當然，我們在亞洲還有一支團隊，總部位於新加坡。因此我們在分析師日進行了重點強調。2024年全職員工人數為28人。如今，我們的募款團隊有 35 名全職員工。我們不斷擴大規模。我們增加了信貸專家。

Chris Falzone has been amazing in terms of raising capital for our credit team. Andrew Cox on private wealth, and I think what you see is we look at it, Richard, in sort of two axises one, geography, two, product set. But really having salespeople in market in geographies where we can really go out and bring those products to the market. I would highlight our Asia team just by example.

克里斯法爾佐內 (Chris Falzone) 在為我們的信貸團隊籌集資金方面表現出色。安德魯考克斯 (Andrew Cox) 談論私人財富，理查德，我想你所看到的是我們以兩個軸來看待這個問題，一是地理，二是產品集。但實際上，我們需要在特定的地區擁有銷售人員，才能真正將這些產品推向市場。我想以我們的亞洲團隊為例。

We've got a great team in Asia. We saw pronounced, really pronounced performance in Asia this year in fundraising.

我們在亞洲擁有一支優秀的團隊。我們看到今年亞洲的融資表現非常出色。

We've got also a fantastic team in in the Gulf and the GCC led by Silvio Taitt. He's been fantastic. He's supported by two full-time people that do fundraising there in the Gulf out of Abu Dhabi, and really the Gulf and Asia were really standouts for us in terms of fundraising. But then again, North America is our home market. We've gotten fantastic commitments that are our flagship fund from US pensions.

我們在海灣地區和海灣合作委員會還有一支由 Silvio Taitt 領導的優秀團隊。他表現太棒了。他得到了兩位全職人員的支持，他們在阿布達比以外的海灣地區進行籌款，而海灣和亞洲確實是我們在籌款方面表現突出的地區。但話說回來，北美是我們的本土市場。我們獲得了來自美國退休金的極大承諾，這些是我們的旗艦基金。

We've partnered up with CDPQ on yonder, a huge co-investment from them, and these are great situations, great client relationships that are paying us fee and carry. And by having a bigger team with more geographic reach, Richard, we can really bring our multi-strat approach to the market, sit with LPs, really treat them as clients, and bring them those very tailored approaches that we talked about in our earnings call today.

我們已經與 CDPQ 建立了合作夥伴關係，他們給了我們巨大的共同投資，這為我們帶來了極好的條件和良好的客戶關係，為我們帶來了佣金和收益。理查德，透過擁有一支規模更大、地理覆蓋範圍更廣的團隊，我們可以真正將我們的多策略方法帶入市場，與 LP 坐在一起，真正將他們視為客戶，並為他們提供我們在今天的財報電話會議上談到的那些非常定制的方法。

So the team has gotten bigger, the performance has increased, our product set has increased, and our ability to have product specialists in the geographies that we think are the hot opportunities for fundraising. Has really proven out this year and you're going to see that Richard on display in '25. We're expecting even, better results from our team.

因此，團隊變得更大，業績提升，產品組合增加，我們能夠在我們認為是融資熱門機會的地區擁有產品專家。今年確實證明了這一點，你會在 25 年看到理查德的表現。我們期待我們的團隊能取得更好的成績。

No, that makes a lot of sense. I guess going back to an earlier comment you're saying that you know a lot of the data center growth from AI is actually captured mostly in data centers, but you're starting to see that a lot in fiber now. Can you talk a little bit, we're obviously seeing it in fiber, but how that.

不，這很有道理。我想回到之前的評論，您說您知道人工智慧帶來的資料中心成長實際上大部分是在資料中心中實現的，但現在您開始在光纖中看到很多這樣的成長。你能稍微講一下嗎，我們顯然在光纖中看到了它，但那是如何實現的。

Plays out over this year maybe next year for small cells and towers and other edge infrastructure, just because I think a lot of people are waiting for it and they just haven't seen it.

今年或許明年，小型基地台、塔架和其他邊緣基礎設施將會陸續推出，因為我認為很多人都在等待它，但我還沒看到它。

Yeah, well, I think, look across fibers, small cells and towers, as I said, we saw pronounced pickups in the fourth quarter and just looking at the data from January, Richard, particularly on towers, we actually had our best January of leasing in the domestic US market in the history of Alex Gellman and I been together for 31 years in Towers.

是的，嗯，我認為，縱觀光纖、小型基地台和塔樓，正如我所說，我們看到了第四季度明顯的回升，僅從 1 月份的數據來看，理查德，特別是在塔樓方面，我們實際上在美國國內市場 1 月份的租賃情況創下了歷史新高，亞歷克斯·格爾曼和我一起在 Towers 工作了 31 年。

This was the best January he and I have ever seen, and I can't put my finger on it, but what I would say is as generative AI moves to the mobile device, you're going to see a massive pickup in mobile data traffic. Some people, Richard, as estimate a 10 times pickup in mobile data traffic. I don't entirely subscribe to that view. I think sort of three to five times feels more directionally correct, but as with a finite amount of spectrum, Richard, you've got to engage in what's called frequency reuse.

這是他和我所見過的最好的一月，我說不出具體是什麼，但我想說的是，隨著生成人工智慧轉移到行動裝置上，你將會看到行動數據流量的大幅增長。理查德等一些人估計行動數據流量將增加10倍。我並不完全贊同這個觀點。我認為三到五倍在方向上更正確，但是理查德，就像有限量的頻譜一樣，你必須參與所謂的頻率重用。

And the only way to do that is self splitting and putting more macros online and eventually densifying between the gaps of that splitting with small cell infrastructure. So we've seen a big pickup in macro leasing. We think that continues and that investment by the carriers was announced last week in the in the earnings of T-Mobile, AT&T and Verizon, but it's not just there. We've seen pronounced, CapEx expenditures in Europe at GD towers and some of our European tower platforms. Edge Point had a great year of leasing in Southeast Asia. ATP down in the Andean region had a record year, 18% organic growth there.

而實現這一目標的唯一方法是自我分裂並在線放置更多宏，並最終透過小型蜂窩基礎設施在分裂的間隙之間進行密集化。因此，我們看到宏觀租賃的大幅成長。我們認為這種情況還會持續下去，而且營運商的投資已於上週在 T-Mobile、AT&T 和 Verizon 的收益報告中公佈，但投資範圍不僅限於此。我們發現歐洲的 GD 塔台和一些歐洲塔台平台的資本支出明顯增加。Edge Point 在東南亞的租賃業務取得了豐碩的成果。安第斯地區的 ATP 今年取得了創紀錄的成績，實現了 18% 的有機成長。

And in Brazil and High Line, we also had double digit organic growth. So we run a global tower business. Obviously vertical bridge is our flagship property. GD towers in Europe is our flagship property. Both of those businesses exceeded their guidance in '24. They're both off to great starts in leasing, and I think, the fiber business has been an incredible surprise to me. You look at businesses like ZenithIG and Zao and Zao Europe now, which is now a separate entity.

在巴西和高線公園，我們也實現了兩位數的有機成長。因此，我們經營全球塔業務。顯然垂直橋是我們的旗艦財產。歐洲的 GD 大廈是我們的旗艦物業。這兩家公司的 24 年業績都超乎預期。他們在租賃領域都有了很好的起步，我認為，光纖業務對我來說是一個令人難以置信的驚喜。現在，我們看到 ZenithIG、Zao 和 Zao Europe 等企業，現在它們已經成為獨立實體。

We've seen amazing performance in hyperscale bookings, and what's interesting about that is really strand count. That's sort of what stands out to me is that customers aren't taking, two pairs. They're not taking four pairs. They're taking 12 or they're taking 28. I mean, the amount of bandwidth that's required, Richard, to deliver these AI workloads is fantastic and so. Hey, Advantage Digital Bridge, we've got some of the best dark fiber businesses out there. We do data center connectivity. It's kind of our lifeblood here.

我們在超大規模預訂中看到了驚人的表現，而真正有趣的是股數。讓我印象深刻的是，顧客不願意拿兩雙。他們沒有拿走四雙。他們要拿 12 個，或要拿 28 個。我的意思是，理查德，交付這些 AI 工作負載所需的頻寬量是驚人的。嘿，Advantage Digital Bridge，我們擁有一些最好的暗光纖業務。我們從事資料中心連接業務。這可以說是我們的命脈。

I just got back yesterday from Denver. I was at the ZAO board meetings, fantastic performance. Steve Smith and Andres Solander are doing a great job. And we're really excited about what's happening at Zao. It was a business that I think in the debt markets people thought it was distressed.

我昨天剛從丹佛回來。我參加了 ZAO 董事會會議，表現非常出色。史蒂夫史密斯和安德烈斯索蘭德表現出色。我們對 Zao 所發生的事情感到非常興奮。我認為債務市場上的人們認為這家企業陷入了困境。

We kind of were pretty clear with people. It was not distressed and the bonds sort of indicated otherwise, but I was pretty clear with folks that the capital structure of [Zao] was really safe. The securitization last week was the most oversubscribed securitization I've done since 2003 when I created the cell tower CMBS structure.

我們對人的態度相當明確。它並沒有陷入困境，而且債券的表現也顯示了這一點，但我向大家明確表示，[Zao] 的資本結構確實很安全。上週的證券化是我自2003年創建手機訊號塔CMBS結構以來，認購量最超額的證券化。

It's amazing how investors are now starting to understand the infrastructure side of dark fiber and data center connectivity, and ZAO is delivering the results. So we're excited about what's happening there. And again, Richard, it's ecosystem, right? It's not just about data centers and the small cell business is doing fine.

令人驚訝的是，投資者現在開始了解暗光纖和資料中心連接的基礎設施方面，而 ZAO 正在取得成果。所以我們對那裡發生的事情感到非常興奮。理查德，這是一個生態系統，對嗎？不僅僅是資料中心，小型基地台業務也表現良好。

You look across [Freshwave or Boingo or Xinne], all those businesses are performing, Boingo obviously really interesting and exciting given their relationship with the US military bases. And some of the interesting venues they have, Freshwave, some of the stuff they're doing in transports and commercial buildings in London, also delivering double digit organic growth, and I think, that recognition that densification for 5G is coming. I've been always clear with investors, Richard. I thought it was a 2026.

看看 [Freshwave 或 Boingo 或 Xinne]，所有這些企業都表現不俗，考慮到與美國軍事基地的關係，Boingo 顯然真的非常有趣和令人興奮。他們的一些有趣的場館，Freshwave，以及他們在倫敦的交通和商業建築中所做的一些事情，也實現了兩位數的有機增長，我認為，人們認識到 5G 的密集化即將到來。理查德，我對投資人一直都很清楚。我以為是 2026 年。

To sort of 2029 event for small cells, and we're starting to have really unique conversations with the US carriers about a new economic model for small cells where perhaps we put up a little less CapEx, we take a little less monthly recurring revenue, but a little more shared infrastructure with our with our carrier partners.

對於 2029 年小型基地台的活動，我們開始與美國營運商進行非常獨特的對話，討論小型基地台的新經濟模式，我們可能會減少一點資本支出，減少一點每月經常性收入，但與我們的營運商合作夥伴共享更多的基礎設施。

I do think again '26 to '29 is going to be a huge boom for small cells, we kind of think today the small cell market, Richard, is about just a little under, a million nodes today. I think post 5G and generative AI in a world where we go from, 22 billion connected devices to 59 billion connected devices, we believe small cells double in the next five years. You get to 2 million nodes, here in the US, distinct locations. So it's coming. It may not be coming at the velocity that everybody would like, but again, I've been really clear. 2026 to 2029 is when we densify for 5G and we bring generative AI to the mobile edge.

我確實認為，26 年到 29 年將是小型基地台蓬勃發展的時期，我們認為，今天的小型基地台市場，理查德，目前大約略低於一百萬個節點。我認為，在 5G 和生成性人工智慧出現之後，我們的世界連網裝置數量將從 220 億台增加到 590 億台，我們相信小型基地台的數量將在未來五年內翻一番。在美國，你可以獲得 200 萬個節點，位於不同的位置。所以它就來了。它可能不會以每個人都希望的速度到來，但是我已經說得很清楚了。 2026 年至 2029 年，我們將實現 5G 密集化，並將生成性 AI 引入移動邊緣。

Great thank you.

非常感謝。

Next question, Randy Binner with B. Riley, please go ahead.

下一個問題，請 B. Riley 的 Randy Binner 提問。

Hey, good morning. I'm mostly covered. It's been a great call so far. Just a couple.

嘿，早安。我基本上都覆蓋了。到目前為止，這是一個非常棒的通話。只有一對。

Mark, on the fundraising for 2025, are you laying out a dollar billion expectation as you did in '24, or is it just the [AUM] at this point?

馬克，關於 2025 年的籌款，您是否像 1924 年一樣，制定了 10 億美元的預期，還是目前僅僅是 [AUM]？

Yeah, I think we're just going to stick to [FM]. I think it's the metric that, you judge Blackstone, [K] and Apollo on, so we think that that's the right metric is [PEM and FRE]. And then obviously if we do our job, it leads to DE, right, and we want to grow DE this year.

是的，我認為我們還是堅持[調頻]。我認為這是評判 Blackstone、[K] 和 Apollo 的標準，所以我們認為這是正確的標準[PEM 和 FRE]。那麼顯然，如果我們做好自己的工作，就會帶來 DE，對的，我們希望今年能發展 DE。

I think that the [eM metric and the FRE] metrics are important to Tom and I because it's just sort of the adult nature of our business. We don't need to sit around and point to an artificial fundraising number. What we need to do is deliver steady FM and FRE. Growth for you guys and for our public investors. So that's kind of when I talked about the sort of maturation of our financials and the maturation of the finance team that Tom has built.

我認為 [eM 指標和 FRE] 指標對湯姆和我來說很重要，因為這代表著我們業務的成熟性質。我們不需要坐在那裡指出一個人為的募款數字。我們需要做的是提供穩定的 FM 和 FRE。為你們和我們的公共投資者帶來成長。這就是我談到我們的財務成熟度以及湯姆建立的財務團隊的成熟度的時候。

That's what we're doing is is really bringing adult financials to the to the street. And I think the other thing that we don't talk about is just margin. We had a 200 basis point increase in margin. Tom and I are very focused on cost again. We're digging deep into where we can deliver more cost synergies across the business. We think we can continue to grow at that double digit organic growth rate, but at the same time, Tom and I are very focused on picking up another 200 basis points of margin.

我們真正在做的就是將成人金融引入街頭。我認為我們沒有談論的另一件事就是利潤。我們的利潤率增加了200個基點。湯姆和我再次高度關注成本問題。我們正在深入研究如何在整個業務中實現更多的成本協同效應。我們認為我們可以繼續以兩位數的有機成長率成長，但同時，湯姆和我非常專注於獲得另外 200 個基點的利潤率。

We're doing that through what I would call, simple business decisions that are just common sense, elimination of GNA, elimination of redundant positions, and just trying to be more efficient, and Tom brings that discipline, from his, two decades of doing that at Carlisle, and I think both he and I have a lot of conviction around, cost savings and And building margins.

我們透過我所說的簡單的商業決策來實現這一點，這些決策只是常識，消除 GNA，消除冗餘職位，並努力提高效率，而湯姆在卡萊爾從事這項工作已有二十年，他從中吸取了這種紀律，我認為他和我都對節約成本和提高利潤率抱有很強的信心。

And actually to that, the admin expense line in the model like circa $37 million was was higher than than we modeled for the quarter and I apologize if I missed it, but was there a call out of anything kind of unusual in that in the fourth quarter?

實際上，模型中的管理費用約為 3700 萬美元，高於我們為本季建模的費用，如果我錯過了，我深感抱歉，但在第四季度是否出現了任何異常情況？

There was a little bit of noise in the fourth quarter. We had a little bit more expense related to some of our fundraising initiatives, given the amount of capital that we raised, and a few other, sort of, small things. I think that, kind of where we've been quarterly in the past, somewhere between there and the fourth quarter is probably a good number, but the fourth quarter was a bit anomalously high.

第四節出現了一些小噪音。考慮到我們籌集的資金數量和其他一些小項目，我們在一些籌款活動方面的支出稍微多一些。我認為，就像我們過去的季度情況一樣，介於那個季度和第四季度之間的某個數字可能是一個不錯的數字，但第四季度的數字有點異常高。

Like on an absolute basis though, going forward with the growth in the franchise would that would like for the full year, that's going to be over 100 million going forward. Is that fair?

不過，從絕對值來看，隨著特許經營權的成長，全年收入將超過 1 億美元。這樣公平嗎？

Are you you're looking at the gap numbers or the FRE numbers?

您看的是差距數字還是 FRE 數字？

Just for administrative

僅用於行政

Yeah, I think, I sort of tend to focus more on the cash flow part and the numbers that go into FRE, and so, we were running around 17 million,18 million, maybe 19 million, and we were at like $21 million for the fourth quarter, so that was kind of a bit a couple million dollars dollar overage. I think that, we'll sort of be within that range on a quarterly basis next year.

是的，我認為我更傾向於關注現金流部分和 FRE 的數字，因此，我們的營運收入約為 1700 萬美元、1800 萬美元，也許還有 1900 萬美元，而第四季度我們的營運收入約為 2100 萬美元，所以這有點超支了幾百萬美元。我認為，明年我們每季的業績都會在這個範圍內。

Okay, that that's helpful. Thank you.

好的，這很有幫助。謝謝。

Go ahead.

前進。

Anthony, your line is live.

安東尼，您的線路正在通電。

Sorry, guys. Good morning, guys. Thanks for taking my question. Hey, Mark, just curious, right? I'm talking to your LPs, do you think there's a preference for a co-investment over the flagship fund given that the current investment focus is on, data center development over acquisition and other digital infrastructure?

抱歉，各位。大家早安。感謝您回答我的問題。嘿，馬克，只是好奇，對吧？我正在與您的 LP 交談，鑑於目前的投資重點是資料中心開發而不是收購和其他數位基礎設施，您是否認為與旗艦基金相比，共同投資更受青睞？

You know. It's a great question. I think just judging by our third fund, people were really excited actually about J Tower. That was the one investment product that people got really excited about from a co-investment perspective. First tower company in Japan, flagship investment. We kind of timed the exchange dollar against JPY in a really good spot, so it's turned out to be a really great platform for us and so.

你知道。這是一個很好的問題。我認為，僅從我們的第三隻基金來看，人們實際上對 J Tower 感到非常興奮。從共同投資的角度來看，這是讓人們真正感到興奮的投資產品。日本第一家塔公司，旗艦投資。我們將美元兌日圓的匯率安排在一個非常好的時間點，所以這對我們來說是一個非常好的平台。

People gravitated to that. Yonder turned out to be great because we have this great relationship with CDPQ. They're our partner in Vertical Bridge, but take for example a client like CDPQ is not in our flagship fund but continues to be an incredible partner across all of our platforms, and that's just how that client likes to work.

人們被此吸引。由於我們與 CDPQ 保持著良好的關係，Yonder 的發展非常出色。他們是我們在 Vertical Bridge 的合作夥伴，但舉例來說，像 CDPQ 這樣的客戶不在我們的旗艦基金中，但卻繼續是我們所有平台上不可或缺的合作夥伴，而這正是客戶喜歡的工作方式。

There were more subscriptions to the flagship fund than there was to co-investment. So if there's any sort of notion that investors prefer co-invest over the flagship, that's just not true. We took more subscriptions into the fund than we did in the co-invest vehicles. That being said, the quantum of co-invest sometimes episodic and quite large, can can sort of stick out a little bit like a sore thumb, like in yonder we'll end up having probably eight to 12 co-investors in that deal.

旗艦基金的認購額比共同投資的額度還多。因此，如果有任何觀點認為投資者更喜歡共同投資而不是旗艦投資，這是不正確的。我們對基金的認購量比對共同投資工具的認購量要多。話雖如此，共同投資的量有時是偶發性的並且相當大，可能會有點顯得突兀，比如在那筆交易中我們最終可能會有 8 到 12 位共同投資者。

Same thing with J Tower, we probably have dozen to 14 co-investors. But the flagship product works harmoniously with co-investment, so a lot of our clients will say, hey, I'm putting X amount of dollars into flagship fund three. I'm allocating X amount of dollars for co-investment. You, Mark, you and your team go figure out where you're going to put my co-investment dollars to work.

J Tower 也是一樣，我們可能有十幾個到十四個共同投資者。但是旗艦產品與共同投資配合得很好，所以我們的許多客戶會說，嘿，我要向旗艦基金三投入 X 美元。我分配X美元用於共同投資。你，馬克，你和你的團隊去想辦法把我的共同投資資金用在哪裡。

So I really like that. That for me is our favorite product where we take a commitment from the fund and then we have a bespoke SMA that's at our discretion where Tom and myself and the management team and our investment committee. Have the discretion to make that co-investment and that's becoming actually a lot more popular where we have a stapled co-invest vehicle attached to a flagship fund product.

我真的很喜歡這個。對我來說，這是我們最喜歡的產品，我們從基金中獲得承諾，然後我們有一個客製化的 SMA，由湯姆和我以及管理團隊和我們的投資委員會自行決定。有權進行共同投資，這實際上變得越來越受歡迎，我們有一個附加在旗艦基金產品上的固定共同投資工具。

It's the same thing in credit, we'll get a commitment to the to the to the fund and our credit fund too, and then stapled to that will be an SMA and that SMA is very similar to what A and Apollo do all the time. In fact, most of the commitments to A and Apollo credit funds are in the form of SMAs today. So this is the state of the art, right? Again, it comes back to the client. Shaping the strategy for the client, making sure they're getting what they want, and then from our perspective, making sure that we get paid for that. That's actually really important is that we've been a lot more stern on fees.

在信貸方面也是一樣，我們會對基金和信貸基金做出承諾，然後與之掛鉤的將是一份 SMA，而該 SMA 與 A 和 Apollo 一直所做的非常相似。事實上，目前對 A 和阿波羅信貸基金的大部分承諾都是以 SMA 的形式進行的。這就是最先進的技術，對嗎？它再次回到客戶身邊。為客戶制定策略，確保他們得到他們想要的東西，然後從我們的角度來看，確保我們得到報酬。這實際上非常重要，因為我們對費用的要求更加嚴格。

We don't work for free. That's the new mantra around here. And when we do co-investments, we're getting paid for those opportunities and those ideas, whether it's a management fee, a work fee, administrative expense fee. We just don't work for free anymore.

我們不免費工作。這就是這裡的新口頭禪。當我們進行共同投資時，我們會因這些機會和想法而獲得報酬，無論是管理費、工作費或行政費用。我們不再免費工作了。

Makes sense. And can you remind me what's the carry infrastructure for the co-investment fund again?

有道理。您能否再次提醒我共同投資基金的攜帶基礎設施是什麼？

So every co-investment vehicle is different. So it's not like the fund where it's a you know a 1.6% and 20%. Every vehicle is a little bit different, I would say across all of the co-investment vehicles if you were sort of to to aggregate it and sort of land on a spot of where you know you think it might be, I would say by and large we're getting, kind of blended basis, the management fees on cominvest or anywhere from as low as 30 basis points to as high as 60 basis points depending if it's a continuation vehicle, and then on carried interest it's kind of I'd say somewhere between 10% and 15% is kind of the norm.

所以每個共同投資工具都是不同的。所以它不像那些利率為 1.6% 和 20% 的基金。每種投資工具都有點不同，我想說，在所有的共同投資工具中，如果你要把它匯總起來，並把它放到一個你知道可能的位置，我想說，總的來說，我們得到的是混合基礎，cominvest 的管理費從低到 30 個基點到高到 60 個基點不等，這取決於它是否想延續 10% 10% 10% 10% 10% 15% 之間是 10%。

So not quite the same carried interest we get on flagship, but very competitive and I would say if I had to prefer something I would take i would take carried interest in co-investment vehicles over management fees just because our coves vehicles historically over the last 11 years have performed really well. I don't know if that helps you, but I can't give more precision because we do have a lot of co-investment vehicles.

因此，與我們在旗艦產品上獲得的附帶權益並不完全相同，但競爭非常激烈，我想說，如果我必須選擇一些東西，我會選擇共同投資工具的附帶權益而不是管理費，因為從過去 11 年的歷史來看，我們的 coves 工具表現非常好。我不知道這是否對您有幫助，但我無法提供更準確的信息，因為我們確實有很多共同投資工具。

No, that that's really helpful, really appreciate it. And one last question for me, can you tell us a little bit more about the digital energy and stabilized data center strategy product?

不，這真的很有幫助，非常感謝。最後一個問題，您能否向我們詳細介紹數位能源和穩定資料中心策略產品？

Yeah, be delighted to. The first is really focused on energy and it's not an energy transition fund per se. It's really about, building power and dealing with the bottlenecks that exist in Europe and the United States around transmission and distribution.

是的，很高興。第一個真正專注於能源，它本身並不是能源轉型基金。這實際上是為了建造電力並解決歐洲和美國在輸電和配電方面存在的瓶頸問題。

We think that continues to be the problem, so we're super focused on building infrastructure adjacent to our data centers that enables all forms of energy to flow through our data centers and with also a sharp focus on battery storage, microgrids, and you know it can be renewable power, it certainly can be LNG, but the key to this is making sure that our data centers have consistent power flow to them and that we're providing value to our customers.

我們認為這仍然是一個問題，因此我們非常注重在資料中心附近建造基礎設施，使所有形式的能源能夠流過我們的資料中心，同時也高度關注電池儲存、微電網，你知道它可以是可再生能源，當然也可以是液化天然氣，但關鍵是確保我們的資料中心有穩定的電力流，並確保我們為客戶提供價值。

Those are kind of the two key tenets of what we're doing. So we have a backlog of about a dozen projects that we're working on today. We've got an operating partner working with us on it, and you know we've got a big team here here at Digit Bridge working on it.

這些是我們所做工作的兩個關鍵原則。因此，我們今天正在處理大約十幾個積壓項目。我們有一個營運合作夥伴與我們一起致力於此，而且你知道，我們在 Digit Bridge 這裡有一個龐大的團隊致力於此。

It's been working on it for two years. We've already had some episodic, forays into some of these ideas at Scala and at Switch where we've demonstrated we can be 100% renewable power and continue to grow at double digit CAGR growth. And so that's really the the applied learnings of what we've had in our portfolio companies and then taking those applied learnings and putting them into a fund structure.

我們已經致力於此兩年了。我們已經在 Scala 和 Switch 嘗試過一些此類想法，並證明我們可以實現 100％ 可再生能源，並且繼續以兩位數的複合年增長率增長。所以這其實就是我們在投資組合公司中累積的應用經驗，然後將這些應用經驗融入基金結構中。

So more to come when we launch, but we've got a deep pipeline. We've got a great team. Investors are really excited about this. We've kind of had a no names whisper tour on this where we've talked about it to investors, and we think there's billions of dollars of capital parked on the sidelines for this idea. Again, it's an idea that nobody else has. We've seen other GPs talk about doing renewable power to data centers, headlines, lots of press releases.

因此，當我們推出時還會有更多內容，但我們已經擁有了深厚的管道。我們擁有一支出色的團隊。投資者對此感到非常興奮。我們就此進行了一次匿名的私下交流，與投資者討論過這個問題，我們認為已經有數十億美元的資本被投入到這個想法中。再說一遍，這是別人沒有的想法。我們看到其他 GP 談論將再生能源應用於資料中心、頭條新聞和大量新聞稿。

We're not into that. We're into the execution phase of this now. And about deploying power and making sure that we can grow our power bank from 16 gigawatts and that we can add effectively four gigawatts per year to our power bank. So this enables that. It helps it. It doesn't necessarily need to be tied to a digit ridge data center. We're actually working with some of our competitors in terms of bringing power and so stay tuned. We're pretty excited about that.

我們對此不感興趣。我們現在已進入執行階段。關於部署電力，確保我們的行動電源可以從 16 千兆瓦增加到每年可以有效地為我們的行動電源增加 4 千兆瓦。這使得這一點成為可能。它有幫助。它不一定需要與數位嶺資料中心綁定。事實上，我們正​​在與一些競爭對手合作，以提供電力，敬請關注。我們對此感到非常興奮。

On the stabilized side, look, there's about 90 billion of stranded assets out there. We already have two yield codes. We've got Vantage Yield Code in the US. We've got Vantage Yield Co and MA. We've already figured out how to crack the code and create that structure and raise the capital.

從穩定的情況來看，大約有 900 億美元的擱淺資產。我們已經有兩個收益代碼。我們在美國有 Vantage Yield Code。我們有 Vantage Yield Co 和 MA。我們已經想出瞭如何破解密碼、創建結構並籌集資金。

Now what we've decided is we want to create a fund to go out and buy stabilized data centers, investment grade data centers, and a real estate fund, not a traditional digital rich fund per se, and also not to buy our own product but really go out and work with the other GPs that we've partnered with successfully in the past. We've got a great relationship with Brookfield. We've got a great relationship with Blackstone sharing loans with them.

現在我們決定創建一檔基金，用於購買穩定的資料中心、投資等級資料中心和房地產基金，而不是傳統的數位富翁基金，也不用於購買我們自己的產品，而是真正地出去與過去成功合作過的其他 GP 合作。我們與 Brookfield 的關係很好。我們與黑石集團保持著良好的關係，並與他們分享貸款。

We've worked with, GIP and BlackRock. BlackRock is one of our great partners. EQT has been a great partner in ZAO. Stone Peak's been a great partner in Vertical Bridge and in and in [exet]. And so I believe all of our, all of the GPs out there are our friends.

我們曾與 GIP 和貝萊德合作。貝萊德是我們的重要夥伴之一。EQT 一直是 ZAO 的重要合作夥伴。Stone Peak 是 Vertical Bridge 和[執行]。因此我相信，所有的全科醫生都是我們的朋友。

We're putting a product together to go out and deal with this sort of $90 billion of stranded capital that exists in these big hyperscale campuses. We've got a great team that's doing this. We're raising the capital and we're going to deploy it and we're excited. It's really a real estate product at the end of the day, so our fundraising team is not going after the same capital that we go after in flagship and credit. It's actually really swimming in a new lane that we haven't swimmed in previously. And remember, real estate is a multi-trillion dollar allocation.

我們正在開發一款產品，以解決這些超大規模園區中存在的 900 億美元擱淺資本。我們有一個出色的團隊在做這件事。我們正在籌集資金並將部署它，我們很興奮。從根本上來說，它實際上是一種房地產產品，因此我們的籌款團隊所追求的資本與我們在旗艦產品和信貸中所追求的資本不同。這其實就是在一條我們以前沒有遊過的新泳道裡游泳。請記住，房地產是一項價值數萬億美元的分配。

LPs around the planet today put about $2 trillion to work in real estate. We think some of those real estate asset classes are broken and so providing a new avenue of digital real estate we think is what LPs want is what real estate LP, real estate allocators want. So this is really addressing two things one, the congestion of stranded capital for our friends that are other big GPs that have these big data center platforms, and then two, I really tapping into a pool of capital that we haven't accessed before, which is the real estate pool capital.

如今，全球的 LP 已在房地產領域投入約 2 兆美元。我們認為其中一些房地產資產類別已經崩潰，因此，我們認為提供一條數位房地產的新途徑正是 LP 想要的，也是房地產 LP 和房地產分配者想要的。因此，這實際上解決了兩個問題：第一，我們的朋友（即擁有這些大數據中心平台的其他大型 GP）的擱淺資本擁堵問題；第二，我真正利用了我們以前從未接觸過的資本池，即房地產資本池。

So really excited about both both products. Again, don't want these numbers won't manifest themselves in the first or second quarter. These are products that you'll see come online in the third quarter and hopefully if the products take shape, we'll have a strong 4th quarter in fundraising. Well, we use the first quarter and second quarter this year to finish up fundraising on our flagship fund and on credit too.

所以我對這兩款產品都非常興奮。再說一遍，不希望這些數字不會在第一季或第二季顯現出來。這些產品將在第三季上線，如果這些產品能夠成型，那麼我們在第四季的融資將會很強勁。嗯，我們將利用今年第一季和第二季完成我們的旗艦基金和信貸的籌集。

Thank you.

謝謝。

Thank you. I would like to turn the floor over to Mark Ainy for closing remarks.

謝謝。我想把發言權交給馬克艾尼，請他作最後發言。

Well, look, thank you, everyone. We really appreciate everyone's time and attention. This was really from our perspective, a good quarter, disappointing second and third quarter, but really in the fourth quarter we promised you that we would go out and work hard and deliver the results, and I think we did that.

好吧，看，謝謝大家。我們非常感謝大家的時間和關注。從我們的角度來看，這確實是一個好的季度，第二季度和第三季度令人失望，但實際上在第四季度，我們向您承諾過，我們將努力工作並取得成果，我認為我們做到了。

We delivered record fundraising for the year $9 billion, FRE delivery in the upper end of the revised guidance, double digit earnings growth, so the business is performing well. And most importantly, our portfolio companies are performing not just in data centers, towers, fiber, associated small cell infrastructure and Wi Fi and IoT networks, all of these things are lighting up at the same time, and I think it's important to understand that our story is about the ecosystem.

我們今年籌集的資金達到了創紀錄的 90 億美元，FRE 交付達到了修訂後的指引的上限，盈利實現了兩位數的增長，因此業務表現良好。最重要的是，我們的投資組合公司不僅在資料中心、塔樓、光纖、相關小型基地台基礎設施以及 Wi-Fi 和物聯網網路領域表現出色，所有這些東西都同時亮眼，我認為重要的是要明白我們的故事是關於生態系統的。

It's not a data center story. It's not an AI trade. What Digital Bridge is is the leading alternative asset manager focused on products for the digital economy. And investing in the digital economy for the long term, not the short term.

這不是一個數據中心的故事。這不是人工智慧交易。Digital Bridge 是一家領先的另類資產管理公司，專注於數位經濟產品。對數位經濟的投資是長期的，而不是短期的。

Our multi-strat approach has now been on display. You saw it manifest itself in the fourth quarter with strong performance from all of our products, not just the flagship product. And as we introduce new products in scale and deliver margin improvement, we think this is the stock you want to watch and own in 2025. We're really excited about what we're doing.

我們的多策略方法現已展示。您可以在第四季度看到這一點，我們所有產品（而不僅僅是旗艦產品）都表現強勁。隨著我們大規模推出新產品並提高利潤率，我們認為這是您在 2025 年想要關注和擁有的股票。我們對於所做的事情感到非常興奮。

We were certainly disappointed in our results last year, particularly in the third quarter. We think we got a lot of that cleaned up. That's on me. I take ownership of that. And going forward, Tom and I are working together to, as Rick Prentices says, we want to go out and be the group that underpromises and overdelivers. We have a very sensible business plan for 2025.

我們對去年的業績確實感到失望，尤其是第三季的業績。我們認為我們已經清理了很多問題。那是我的錯。我對此負責。展望未來，湯姆和我將共同努力，正如里克·普倫蒂斯所說，我們希望成為一個少承諾、多兌現的團隊。我們針對 2025 年制定了非常合理的商業計劃。

We believe we have all the ingredients to go out and beat those expectations. We're going to work hard for you and we're going to work hard for our customers. Again, we want to thank you for your support, your interest, and your faith in our stock and our story.

我們相信，我們擁有超越這些期望的所有條件。我們將為您努力工作，我們也將為我們的客戶努力工作。再次，我們要感謝您對我們的股票和我們的故事的支持、關注和信任。

We're going to go out there and work hard for you. And we look forward to engaging with all of you. Should you want to have access to us and the team, as we always say, you're always welcome to come down to Boca Raton. Tom and I will be delighted to host you. We should have a series of investor days with different analysts coming through here in the next six months. I encourage all of you to come down, visit Digital Bridge, spend time with us, and I think you'll be pleased with what we're going to do in 2025. Again, thank you. Have a great day.

我們將竭盡全力為您服務。我們期待與大家合作。如果您想與我們和團隊聯繫，正如我們常說的，歡迎您隨時前往博卡拉頓。湯姆和我很高興接待您。在接下來的六個月裡，我們應該舉辦一系列投資者日，並邀請不同的分析師來這裡。我鼓勵大家來參觀 Digital Bridge，與我們共度時光，我想你們會對我們在 2025 年要做的事情感到滿意。再次感謝您。祝你有美好的一天。

Thank you. This does conclude today's teleconference. Thank you for your participation.

謝謝。今天的電話會議到此結束。感謝您的參與。

(Operator Instructions)

（操作員指令）