DigitalBridge Group Inc (DBRG) 2025 Q1 法說會逐字稿

Greetings and welcome to the DigitalBridge Group Inc first quarter 2025 earnings call. At this time, all participants earn a listen-only mode.

問候並歡迎參加 DigitalBridge Group Inc 2025 年第一季財報電話會議。此時，所有參與者都獲得只聽模式。

A question and answer session will follow the formal presentation.

正式演講結束後將進行問答環節。

If anyone should require operator assistance during the conference, please press 0 on your telephone keypad.

若會議期間有人需要接線生協助，請按電話鍵盤上的 0。

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

Good morning everyone and welcome to DigitalBridge's first quarter 2025 earnings conference call. Speaking on the call today from the company is Marc 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 DigitalBridge 2025 年第一季財報電話會議。今天參加公司電話會議的有我們的執行長 Marc Ganzi 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, May 1, 2025, and DigitalBridge does not intend and undertakes no duty to update it for future events or circumstances. For more information, please refer to the risk factors discussed in our most recent Form 10-K.

本次電話會議中討論的所有資訊均截至今天（2025 年 5 月 1 日），DigitalBridge 不打算也不承擔針對未來事件或情況進行更新的義務。欲了解更多信息，請參閱我們最新的 10-K 表中討論的風險因素。

Filed with the SEC for the year ending December 31, 2024 and our Form 10-K to be filed with the SEC for the quarter ended March 31, 2025. With that, let's get started. I'll turn the call over to Mark Ganzi, our CEO.

已向美國證券交易委員會 (SEC) 提交截至 2024 年 12 月 31 日的年度報告，並將向美國證券交易委員會 (SEC) 提交截至 2025 年 3 月 31 日的季度報告 10-K。有了它，我們就開始吧。我將把電話轉給我們的執行長馬克甘茲 (Mark Ganzi)。

Thanks, Severin

謝謝，塞弗林

Let's start with our business update and cover the 1st quarter highlights. The two key takeaways for me in Q1 really center around two things.

讓我們從業務更新開始並介紹第一季的亮點。對我來說，第一季的兩個關鍵收穫實際上集中在兩件事上。

Number 1, We delivered financial performance and fundraising in line with our objectives.

第一，我們的財務表現和融資狀況符合我們的目標。

On track to deliver on our 2025 goals.

有望實現我們的 2025 年目標。

Second, which became increasingly relevant in April, is the resilience of the digital infrastructure asset class and the value of owning and operating a diversified Portfolio across the ecosystem

第二點在四月變得越來越重要，那就是數位基礎設施資產類別的彈性，以及在整個生態系統中擁有和經營多元化投資組合的價值

Let's start with scale, here we delivered strong financial performance with solid revenue and earnings growth in the first quarter. Fee revenues of $90 million, and FRE of $35 million up almost 80% year over year.

讓我們從規模開始，我們在第一季實現了強勁的財務業績，營收和獲利穩健成長。費用收入為 9,000 萬美元，FRE 為 3,500 萬美元，較去年同期成長近 80%。

Fundamentally, that's really strong growth. Double digit revenue growth with expanding margins. This is what we talked about last quarter as the key to our business model and to the DBRG investment case.

從根本上來說，這是真正強勁的成長。營收實現兩位數成長，利潤率不斷擴大。這就是我們上個季度所討論的我們的商業模式和 DBRG 投資案例的關鍵。

Next up, fundraising. Look, here we raised $1.2 billion in the quarter, led principally by commitments to our flagship DigitalBridge partner strategy, which represented over 70% of our fundraising last quarter we highlighted that the ratio of fund capital to conves would revert.

接下來是籌款。你看，我們在本季度籌集了 12 億美元，主要來自對我們旗艦 DigitalBridge 合作夥伴戰略的承諾，這占我們上個季度籌款的 70% 以上，我們強調基金資本與轉換的比例將會恢復。

Towards the longer trend, [65, 35] in 2025.

從長期趨勢來看，[65, 35] 到 2025 年將達到這一水準。

Fundraising in Q1 was consistent with that.

第一季的融資情況與此一致。

We're at $6.3 billion in our third flagship fund as of March 31st, and we continue to take in commitments and we continue to fundraise in that flagship product through the end of July.

截至 3 月 31 日，我們的第三隻旗艦基金已擁有 63 億美元，我們將繼續接受承諾，並在 7 月底之前繼續為該旗艦產品籌集資金。

And look, what I can tell you is, despite some of the headwinds out there and some of the noise around many things in our economy.

我可以告訴你們的是，儘管我們的經濟面臨一些阻力，但許多事情也存在一些噪音。

Allocators are still putting capital to work in digital infrastructure, and our pipeline continues to expand with investor interest.

配置者仍在向數位基礎設施投入資金，隨著投資者的興趣不斷增加，我們的管道也不斷擴大。

The 3rd component on our roadmap invest. This centre’s around our support for ZAO's $4.5 billion dollar acquisition of Crown Castle's fiber business that we announced in March.

我們的路線圖上的第三個組成部分是投資。這項舉措的核心是我們對 ZAO 以 45 億美元收購 Crown Castle 光纖業務的支持，我們在 3 月宣布了這一消息。

We'll talk a bit more about that later, but the key from a digital bridge investor standpoint is it's an accretive transaction that lowers our effective entry multiple, allows us to delever the business, and positions us for improved returns down the road. So it is a critical investment in our first fund, and we've got that investment now in the right place.

我們稍後會詳細討論這一點，但從數位橋樑投資者的角度來看，關鍵在於這是一項增值交易，可以降低我們的有效進入倍數，使我們能夠降低業務槓桿，並為我們在未來獲得更好的回報做好準備。因此，這是我們第一支基金的關鍵投資，現在我們已經將這項投資投入了正確的位置。

Next page, please. So we put up a pretty solid first quarter. I think we can all agree on that. That makes two quarters back to back where we've essentially gone out and done exactly what we said we would do. We took care of business.

請翻到下一頁。因此，我們第一季的業績相當穩健。我想我們都同意這一點。我們已經連續兩個季度完全照我們說的去做了。我們處理好了業務。

But I want to take a minute to cover what I think is really top of mind on investors today, which is how the recent financial market volatility and trade tariff policy is impacting your business, specifically our business, the digital infrastructure business.

但我想花一點時間來談談我認為當今投資者最關心的問題，即最近的金融市場波動和貿易關稅政策如何影響您的業務，特別是我們的業務，數位基礎設施業務。

The way I always evaluate these macro factors is by looking at the short and long term implications both at the corporate level and down at the portfolio company level.

我評估這些宏觀因素的方式始終是觀察公司層面和投資組合公司層面的短期和長期影響。

Where we're looking at how to support our portfolio companies through these interesting periods.

我們正在研究如何在這些有趣的時期支持我們的投資組合公司。

In the short term, it's not surprising some final fundraising decisions are being delayed a little bit by LPs that are monitoring on certain market conditions.

短期內，一些最終的融資決定由於 LP 正在監控某些市場狀況而稍微被推遲，這並不奇怪。

That's natural investor behavior.

這是投資者的自然行為。

We've taken stock of all the LP conversations we're having. We've looked at the pipeline. We've looked at the timetable and investor intentions, and we continue to be confident that we are 100% on track to deliver our goals for 2025. Even if a few closings occur later than expected, we built that into our model this year. I'm not interested in repeating what happened last year.

我們已經對所有正在進行的 LP 對話進行了評估。我們已經查看了管道。我們已經研究了時間表和投資者的意向，我們仍然有信心 100% 實現 2025 年的目標。即使一些交易的成交時間比預期的要晚，我們今年也將其納入了我們的模型中。我不想重複去年發生的事。

When you look at the longer term fundraising implications of the environment today for our business, there's actually some real silver linings here.

當你看到當今環境對我們業務的長期籌款影響時，你會發現這裡確實有一些真正的希望。

Notably and most importantly in this quarter, it's an opportunity to highlight the resilience of our portfolio and the defensive characteristics of digital infrastructure.

值得注意的是，本季最重要的是，這是一個強調我們投資組合的彈性和數位基礎設施的防禦特性的機會。

By the way, it's not just digital infrastructure that's resilient. At the corporate level, we have an incredibly durable business model at DigitalBridge that's positioned to grow this year. And as we think about a fully de-risk scenario, we can accelerate growth into the back end of the year and into next year.

順便說一句，並非只有數位基礎設施才具有彈性。在公司層面，DigitalBridge 擁有極其持久的商業模式，預計今年將實現成長。當我們考慮完全去風險情境時，我們可以加速今年年底和明年的成長。

Down at the portfolio company level, the near term implications of our existing businesses are pretty de minimis.

在投資組合公司層面，我們現有業務的短期影響相當小。

With almost all of our company revenues tied to steady long-term contracts and their inflation protected given their real asset profile.

我們公司的幾乎所有收入都與穩定的長期合約掛鉤，並且由於其實際資產狀況，其收入受到通貨膨脹的保護。

When we head into periods of uncertainty like this, our businesses are well positioned again at the asset level and most importantly at the public level, which is our alternative asset manager.

當我們進入這樣的不確定時期時，我們的業務在資產層面，最重要的是在公共層面，也就是我們的另類資產管理者，再次處於有利地位。

So, when you distill this and you think about new business and in incremental cap X at the portfolio company level, this is where you naturally see customers pausing today to assess the impact of markets and trade policy.

因此，當您提煉這一點並考慮新業務和投資組合公司層面的增量資本 X 時，您自然會看到客戶今天停下來評估市場和貿易政策的影響。

Specifically around tariffs and trade policy, the best breakdown we've seen around potential data center construction impacts is in the range of 3% to 7% of total build cost.

具體來說，圍繞關稅和貿易政策，我們看到的有關潛在資料中心建設影響的最佳細分是總建設成本的 3% 至 7%。

Assuming a range of 10% to 20% cumulative tariffs. H1stly, that's pretty manageable. When you look at how tight data center markets continue to be, the challenges around power, we expect to be able to recover most of that in our new contracts and for there to be minimal impacts to our development yields.

假設累計關稅範圍為10%至20%。首先，這是相當容易實現的。當您看到資料中心市場持續緊張以及電力方面的挑戰時，我們預計能夠在新合約中收回大部分成本，並將對我們的開發收益的影響降至最低。

Again, this is, of course, given the fact that we own. 11 different data center businesses around the world. We have over 100 data centre’s in construction, and we've committed over $28 billion of CapEx to new site development over the next 24 months.

當然，這是因為我們在全球擁有 11 個不同的資料中心業務。我們正在建造 100 多個資料中心，並承諾在未來 24 個月內投入超過 280 億美元的資本支出用於新站點開發。

These are commitments that we made many quarters ago with signed contracts. When you look at the long term, the contract durations that I referenced earlier really protect the businesses. This is why investors love digital infrastructure. It's also important to note that we are responding to secular demand, not cyclical demand, so it's persistent and it's growing steadily.

這些都是我們在許多季度前簽署合約時所做的承諾。從長遠來看，我之前提到的合約期限確實可以保護企業。這就是投資者熱愛數位基礎設施的原因。還需要注意的是，我們應對的是長期需求，而不是周期性需求，因此這種需求是持續的，並且正在穩步增長。

Secondly, while we build hard assets, we're ultimately supporting digital services. So we're not caught up in the crosshairs of trade policy the way many other goods-based businesses are today. When it comes to new business and CapEx spending, this is another area where the long-term implications are pretty interesting.

其次，我們在打造硬資產的同時，最終支援的是數位服務。因此，我們並不像當今許多其他以商品為基礎的企業那樣陷入貿易政策的漩渦。當談到新業務和資本支出時，這是另一個長期影響相當有趣的領域。

You see, look, periods of uncertainty present opportunity for our portfolio companies and they're really able to differentiate themselves because they operate at scale. Their ability to step in as a reliable partner.

你看，不確定時期為我們的投資組合公司提供了機會，而且由於它們的規模化運營，它們確實能夠脫穎而出。他們有能力成為可靠的合作夥伴。

And a trusted set of hands and leverage their scale to deliver on time is what separates leaders from the new kids on the block. Frankly, we've done this before.

而一群值得信賴的人和利用其規模按時交付是領導者與新手的區別。坦白說，我們以前做過這樣的事。

We saw it in the 08 mortgage crisis. We saw it in the beginning of COVID, which created an immense amount of pressure both in financial markets and in global supply chains. This is when digital bridge and digital infrastructures and asset class really shined.

我們在08年次貸危機中就曾見過這種情況。我們在新冠疫情初期就看到了這一點，它給金融市場和全球供應鏈帶來了巨大的壓力。這正是數位橋樑、數位基礎設施和資產類別真正閃耀光芒的時候。

Look, I don't want to downplay the impacts of uncertainty we're seeing in markets today, but it's important to put in perspective the resilience of our asset class and our track record performing through these periods.

聽著，我不想低估我們今天在市場上看到的不確定性的影響，但重要的是要正確看待我們的資產類別的彈性以及我們在這些時期的表現記錄。

I've been doing this for over 30 years. I've seen the up cycles. I've seen the down cycles, and one thing I can tell you is the assets that we build, own and operate perform in moments of uncertainty and volatility. I'm really excited actually about what sits ahead for us.

我做這件事已經三十多年了。我已見證了上升週期。我經歷過經濟下行週期，我可以告訴你們的一件事是，我們建立、擁有和經營的資產在充滿不確定性和波動性的時刻表現出色。事實上，我對於未來充滿期待。

Next page, please.

請翻到下一頁。

Over the next two slides, I want to highlight empirically what I just talked about around the resilience and durability of infrastructures and asset class. It's one thing to have a talk track. It's another thing to really give you the math behind it.

在接下來的兩張投影片中，我想從經驗上強調我剛才談到的有關基礎設施和資產類別的彈性和耐久性的內容。擁有談話軌跡是一回事。真正提供你背後的數學依據是另一回事。

Infrastructure has performed through market cycles, including during periods of macro uncertainty where it's a combination of lower volatility and lack of correlation, making the asset class highly attractive to LPs. The uncorrelated natures of our cash flows tethered to investment grade customers is why investors are allocating with us in this moment of uncertainty.

基礎設施在市場週期中表現出色，包括在宏觀不確定時期，其波動性較低且缺乏相關性，這使得該資產類別對 LP 極具吸引力。我們的現金流與投資等級客戶之間的不相關性是投資者在當前不確定時期選擇與我們一起投資的原因。

The chart on the left hand highlights how private infrastructure has delivered solid high single digit returns. With much better risk adjusted returns relative to real estate, global equities, and bonds. The middle block explains the why, demonstrating infrastructure's built-in protection against periods of low growth. These two charts compare the earnings growth of listed infrastructure stocks to the broader equity the broader equity Market.

左側的圖表突出顯示了私人基礎設施如何實現穩定的高個位數回報。與房地產、全球股票和債券相比，風險調整後的回報率要好得多。中間部分解釋了原因，展示了基礎設施在低成長時期的內在保護作用。這兩張圖表將上市基礎設施股票的獲利成長與更廣泛的股票市場進行了比較。

Over the past 4 years during COVID and the recovery period. This is truly the tail of two cities with the contracted long-term cash flows and infrastructure sector protecting it against periods of volatility. And look, at the end of the day, it's quite obvious if you take a look at the three listed public tower stocks today here in the US, they're all up effectively 15%, 17%, and 20%. Crown, SBA, and American Tower.

在過去 4 年的新冠疫情和恢復期。這實際上是兩個城市的尾巴，長期現金流的收縮和基礎設施部門保護它免受波動的影響。看看吧，如果看一下今天美國上市的三隻塔式公共股票，就會發現它們實際上分別上漲了 15%、17% 和 20%。Crown、SBA 和 American Tower。

Investors know where to go in moments of volatility and uncertainty finally, the chart on the far right highlights another attractive characteristic of infrastructure LPs.

投資者終於知道在波動和不確定的時刻該去哪裡，最右邊的圖表突出了基礎設施 LP 的另一個吸引人的特徵。

It's lack of correlation to other asset classes. If you look at the performance of infrastructure from just before the financial crisis in 2006 through 2024, the correlation To stocks is low, 0.3. and close to 0 relative to bonds.

它與其他資產類別缺乏相關性。如果觀察 2006 年金融危機爆發前至 2024 年基礎設施的表現，你會發現其與股票的相關性較低，為 0.3，與債券的相關性接近 0。

That's really attractive to investors. Integrating infrastructure into a diversified portfolio not only generates good returns, but volatility goes down and you generate better risk adjusted returns. And that's really what LPs are looking at today, risk adjusted returns.

這對投資者來說確實很有吸引力。將基礎設施整合到多元化投資組合中不僅可以產生良好的回報，而且波動性會降低，從而產生更好的風險調整回報。這就是 LP 們今天真正關注的，風險調整後的回報。

Let's cover a bit more about diversification on the next slide, please.

請在下一張投影片中進一步討論多樣化。

On the last side we covered how private infrastructure has proven to be resilient over cycles. But how is infrastructure and more importantly, digital infrastructure performing today in these conditions? Here, even public markets are highlighting the defensive, low volatility performance of diversified digital infrastructure portfolio.

最後，我們討論了私人基礎設施如何證明其在周期中具有彈性。但是，在這樣的條件下，基礎設施，更重要的是數位基礎設施的表現如何？在這裡，甚至公開市場也在強調多元化數位基礎設施投資組合的防禦性和低波動性表現。

With a large cap portfolio comprised of big five digital res of 6% for the year. Widely outperforming the broader market in AI centric indices. A lot of investors have just focused on AI and data centre’s and missed the strong year-to-date performance of the tower sector. It turns out boring is pretty cool during periods of market volatility.

其大盤投資組合由五大數位資產組成，今年的報酬率為 6%。在以人工智慧為中心的指數中表現遠優於大盤。許多投資人只關注人工智慧和資料中心，而錯過了塔式產業今年迄今的強勁表現。事實證明，在市場波動期間，無聊其實很酷。

Again, the truth is limited partners want diversified exposure for exactly these reasons. Yes, they want growth that we're seeing across AI and cloud that will continue to be a strong driver for our business in the near and long term but they also loved the persistence and the stability of the tower sector.

事實是，有限合夥人正是因為這些原因才希望多元化投資。是的，他們希望看到人工智慧和雲端運算領域的成長，這將繼續成為我們近期和長期業務的強勁驅動力，但他們也喜歡塔式產業的持久性和穩定性。

That's how and why we build a balanced and diversified portfolio for investors. Yes, we build hyperscale data centre’s. Yes, we build private cloud data centre’s. Yes, we're building edge infrastructure, but you can't sleep on fiber, small cells, and mobile infrastructure, which is towers.

這就是我們為投資人建立均衡多樣化投資組合的方式和原因。是的，我們建造超大規模資料中心。是的，我們建立私有雲資料中心。是的，我們正在建造邊緣基礎設施，但你不能忽視光纖、小型基地台和行動基礎設施，也就是塔。

It's no accident that we're not only the TOP3 data center provider globally, but we operate a TOP4 independent global tower portfolio with 10 tower companies around the world today, and all of our tower companies are performing quite well right now.

我們不僅是全球 TOP3 資料中心供應商，目前我們也經營 TOP4 獨立全球鐵塔組合，在全球擁有 10 家鐵塔公司，這絕非偶然，而且我們所有的鐵塔公司目前都表現良好。

Today public markets are only reinforcing what we know and our LPs believe diversification matters.

如今，公開市場只是在強化我們所知道的知識，而我們的 LP 也相信多樣化很重要。

Next slide, please.

請看下一張投影片。

Let's finish our business update covering a really interesting transaction we led and supported across our portfolio. as many of last month ZAO, a portfolio company in our first flagship fund, announced the acquisition of Crown Castle's fiber business for $4.5 billion.

讓我們完成我們的業務更新，涵蓋我們在整個投資組合中領導和支持的一項非常有趣的交易。正如上個月的許多人一樣，我們的第一個旗艦基金中的投資組合公司 ZAO 宣布以 45 億美元收購 Crown Castle 的光纖業務。

It's an acquisition that increases ZAO's scale by over 50%, adding 90,000 route miles to ZAO's existing 147,000 route miles. This really creates a market leading fiber footprint that crisscross’s the entire United States.

此次收購將使 ZAO 的規模擴大 50% 以上，在 ZAO 現有的 147,000 英里航線基礎上增加 90,000 英里航線。這確實創造了一個遍布整個美國的市場領先的光纖足跡。

Even more importantly, that footprint is highly complementary, boosting sales capacity in a number of key metros, including Silicon Valley, Los Angeles, Chicago, Atlanta, and the Mid-Atlantic.

更重要的是，這種覆蓋範圍具有高度互補性，從而提升了矽谷、洛杉磯、芝加哥、亞特蘭大和大西洋中部等多個主要城市的銷售能力。

Many of these markets are critical to serving growing AI and cloud workloads, both for training and positioning the ZA network to serve growing imprint workloads with high speed, low latency, which is absolutely critical to our customers.

這些市場中的許多市場對於滿足不斷增長的人工智慧和雲端工作負載至關重要，既可以訓練，也可以定位 ZA 網路以高速、低延遲滿足不斷增長的印記工作負載，這對我們的客戶來說絕對至關重要。

It's a compelling transaction that we've been working on for many years supporting Za's analysis and financing strategy, leveraging our experience and relationships throughout the industry to help close a highly complex transaction.

這是一項引人注目的交易，我們多年來一直致力於支持 Za 的分析和融資策略，利用我們在整個行業的經驗和關係來幫助完成一項高度複雜的交易。

What's most interesting to me and to DigitalBridge shareholders is this is an accretive transaction with this acquisition which effectively lowers our entry multiple on the transaction without requiring any additional new equity in fact, as I told you earlier, it's a deleveraging event for ZAO.

對我和 DigitalBridge 股東來說最有趣的是，這次收購是一項增值交易，它有效地降低了我們的交易進入倍數，而不需要任何額外的新股權，事實上，正如我之前告訴你的，這對 ZAO 來說是一次去槓桿事件。

A lot of conversation around the ZAO capital structure, the bonds, the long term viability of the capital structure. We not only put that to bed with our securitization structure, we're now actually effectively deleveraging the balance sheet, de-risking the asset, and allowing it to continue to grow and perform.

圍繞著 ZAO 資本結構、債券、資本結構的長期可行性進行了大量討論。我們不僅透過證券化結構解決了這個問題，現在我們實際上還在有效地降低資產負債表的槓桿率，降低資產風險，並使其繼續成長和運作。

We believe this will drive better returns and more carry for our investors as this asset matures. So with that, I'd like to wrap up the business update, hand the call over to Tom to cover our financial performance in Q1.

我們相信，隨著該資產的成熟，這將為我們的投資者帶來更好的回報和更多的收益。因此，我想結束業務更新，將電話交給湯姆來介紹我們第一季的財務表現。

Thank you, Tom.

謝謝你，湯姆。

Thanks, Mark, and good morning everyone.

謝謝，馬克，大家早安。

As a reminder, this earnings presentation is available within the shareholders section of our website. As usual, I'll start with our financial highlights, which Mark touched on briefly. In the first quarter, we recorded $90 million of fee revenue, an increase of 24% over the first quarter of 2024.

提醒一下，此收益報告可在我們網站的股東部分查看。像往常一樣，我將首先介紹我們的財務亮點，馬克對此進行了簡要介紹。第一季度，我們的費用收入為 9,000 萬美元，比 2024 年第一季成長了 24%。

Our fee revenue in the quarter benefited from strong organic platform expansion and $12 million of catch up fees. This growth in fee revenue helped us generate $35 million of FRE in the quarter, an increase of almost 80% over Q1 of last year.

本季我們的費用收入受惠於強勁的有機平台擴張和 1,200 萬美元的補繳費用。費用收入的成長幫助我們在本季創造了 3,500 萬美元的 FRE，比去年第一季成長了近 80%。

We also delivered $55 million of distributable earnings this quarter, which includes a $34 million dollar gain from the partial realization of our investment in Databank and benefited from growth in recurring management fees.

本季我們也實現了 5,500 萬美元的可分配收益，其中包括 Databank 的部分投資實現的 3,400 萬美元收益，並受益於經常性管理費的成長。

As a quarter end, our available corporate cash is $201 million, providing material liquidity and flexibility for us as we continue to evaluate both our capital structure and opportunities to invest in and grow our business.

截至本季末，我們可用的公司現金為 2.01 億美元，為我們提供了實質的流動性和靈活性，因為我們將繼續評估我們的資本結構以及投資和發展業務的機會。

Moving to the next page, Fee earning equity under management increased to $37.3 billion as of March 31st, a 15% increase from last year and consistent with our guidance for 2025.

翻到下一頁，截至 3 月 31 日，管理的費用收益權益增加至 373 億美元，比去年增長 15%，與我們對 2025 年的指導一致。

This growth was anchored by a strong start to the year from a fundraising perspective, with $1.2 billion of new pay paying commitments raised during the first quarter, along with the activation of fees on certain previously raised capital from co-invests and our credit strategy, which typically begin earning fees once capital has been invested.

從籌資角度來看，這一增長得益於今年強勁的開局，第一季籌集了 12 億美元的新薪酬承諾，同時還激活了某些先前通過共同投資和我們的信貸策略籌集的資本的費用，這些費用通常在資本投入後開始賺取費用。

This more than offset the step down in fees that resulted from the transition of our second InfraBridge fund from charging fees on committed capital to invested capital, which occurred in late December of last year and we discussed on the 4th quarter earnings call.

這大大抵消了我們第二隻 InfraBridge 基金從對承諾資本收費轉為對投資資本收費所導致的費用下降，這一轉變發生在去年 12 月下旬，我們在第四季度收益電話會議上進行了討論。

Turn to the next page, which summarizes our non-gap financial results. Fee revenues for the quarter exceeded $90 million, Annual growth of 24%, Our FRE margin was 39% in the first quarter, benefiting from a 100% flow through on catching fees.

翻到下一頁，其中總結了我們的無差距財務結果。本季的費用收入超過 9,000 萬美元，年增率為 24%，第一季我們的 FRE 利潤率為 39%，受益於 100% 的捕獲費用流轉。

We expect FRE margin to remain higher in the first part of this year through the expected final close of our flagship fund in early Q3 due to the contribution of catch up fees.

我們預計，由於補繳費用的貢獻，到第三季初我們的旗艦基金預計最終關閉時，今年上半年的 FRE 利潤率將保持在較高水準。

As I mentioned earlier, the partial realization of our data bank investment contributed to strong distributable earnings in addition to the continued growth in fee-related earnings.

正如我之前提到的，除了費用相關收益的持續成長之外，我們資料庫投資的部分實現也帶來了強勁的可分配收益。

Stepping back We're really pleased with the start of the year and the realization of principal investment income and carried interest, which we expect to become more consistent over time alongside the growth and management fees.

退一步來說，我們對今年的開始以及本金投資收益和附帶權益的實現感到非常高興，我們預計隨著時間的推移，這些收益將與增長和管理費用一起變得更加穩定。

Moving to the next page, which summarizes our carried interest and principal investment income, we reported a $5 million dollar reversal of carried income during the quarter.

下一頁總結了我們的附帶權益和本金投資收入，我們報告本季附帶收益逆轉了 500 萬美元。

As a reminder, the company accrues carried interest based on quarterly changes in the fair value of our funds investments.

提醒一下，公司根據我們基金投資的公允價值的季度變化來累積附帶權益。

The reversal in our first quarter stemmed mainly from net increases in the fair value of our portfolio assets, which came in slightly below the preferred return hurdle on certain funds, resulting in a mark to market reduction in accrued carried interest.

我們第一季的逆轉主要源自於我們投資組合資產的公允價值淨增加，略低於某些基金的優先回報門檻，導致應計附帶權益以市價計算減少。

As we've discussed in prior quarters, carried interest compensation expense tracks these changes and therefore there was a commensurate reversal of a small amount of unrealized carried interest compensation this quarter.

正如我們在前幾季所討論的那樣，附帶權益補償費用追蹤這些變化，因此本季相應逆轉了少量未實現的附帶權益補償。

Principal investment income, which is accrued income and realized income earned on the company's GP investments in our various funds was $5 million.

本金投資收益，即公司對我們各個基金的 GP 投資所獲得的應計收入和已實現收入為 500 萬美元。

Turn to the next page, this chart continues to highlight the stability and consistency and growth, both in revenues and margins that we've experienced over the last two years.

翻到下一頁，這張圖表繼續強調了我們在過去兩年中經歷的收入和利潤的穩定性、一致性和成長。

LTM FRE margin has grown to 35% as of the first quarter, which is consistent with our target of increasing our FRE margin by 200 basis points this year.

截至第一季度，LTM FRE 利潤率已成長至 35%，這與我們今年將 FRE 利潤率提高 200 個基點的目標一致。

This quarter we saw $2 billion of FIEM inflows, primarily from fundraising in our DBP funds and the activation of fees on co-investments and in our credit business upon the deployment of capital that I discussed earlier.

本季度，我們看到 20 億美元的 FIEM 流入，主要來自我們 DBP 基金的融資以及我之前討論過的資本部署後共同投資和信貸業務的費用激活。

These inflows were partially offset by $300 million of outflows largely associated with the databank transaction in which we and certain of our limited partners sold down a portion of our investment.

這些流入資金被 3 億美元的流出資金部分抵消，這筆流出資金主要與資料庫交易有關，在該交易中，我們和我們的某些有限合夥人出售了部分投資。

Finally, the company continues to maintain a strong balance sheet with approximately $1.5 billion of corporate assets, largely reflecting our material investments alongside our limited partners and available corporate cash. Additionally, we have a fully underdrawn corporate revolver and no debt maturities within the next 12 months.

最後，公司繼續保持強勁的資產負債表，公司資產約為 15 億美元，這主要反映了我們以及有限合夥人的重大投資和可用的公司現金。此外，我們擁有完全未提取的企業循環信貸額度，且未來 12 個月內沒有債務到期。

With positive free cash flow generation and strong liquidity, we're well positioned to deploy capital strategically to support growth in our business, and we continue to evaluate the appropriate capital structure for the company, including our preferred stock obligations.

憑藉著積極的自由現金流產生和強大的流動性，我們完全有能力策略性地部署資本來支持業務成長，並且我們將繼續評估適合公司的資本結構，包括我們的優先股義務。

We're off to a strong start for the year and we're very excited about the opportunities that that we see ahead of us. With that, I'll turn the call back over to Mark.

今年我們有一個好的開端，我們對未來的機會感到非常興奮。說完這些，我就把電話轉回給馬克。

Thanks, Tom.

謝謝，湯姆。

I want to finish today touching on the progress we continue to make building our private credit platform.

今天最後，我想談談我們在建立私人信貸平台方面的進展。

It's one of the key strategies that's going to help drive 2025 performance, particularly in the first half of the year, and be an engine for growth over the coming years.

這是推動 2025 年業績（尤其是上半年）的關鍵策略之一，並將成為未來幾年成長的引擎。

Let's cover some of our goals, what our pipeline looks like, highlighting an interesting transaction we just led, and profile our team that has executed this great opportunity that we see in front of us.

讓我們介紹一下我們的一些目標、我們的管道是什麼樣的、重點介紹一下我們剛剛領導的一項有趣的交易，並介紹一下我們面前這個絕佳機會的執行團隊。

Let me start with fundraising. Here, we've got a tremendous pipeline. We have over 100 accounts working right now, evaluating our private credit strategies.

讓我先從籌款開始。在這裡，我們擁有龐大的管道。我們目前有超過 100 個帳戶正在運行，評估我們的私人信貸策略。

We're looking to build on the $650 million we've already raised in our second credit strategy.

我們希望在第二個信貸策略的基礎上再接再厲，籌集到 6.5 億美元。

As I referenced earlier, in periods of market volatility, private credit's appeal naturally elevates.

正如我之前提到的，在市場波動時期，私人信貸的吸引力自然會提升。

This year, in addition to capital formation, we're originating and closing new loans, and 4 have already closed here to date.

今年，除了資本形成之外，我們還在發放和完成新貸款，迄今為止已經完成了 4 筆貸款。

And we're targeting to deploy up to $2 billion over the course of 2025, which in turn lights revenue, which is really important for our business plan this year.

我們的目標是在 2025 年投入高達 20 億美元，從而增加收入，這對我們今年的業務計劃非常重要。

Another way we're scaling and leveraging our presence in the sector is through SMAs. You've heard this, of course, with many of our competitors who have long had the SMA strategy to grow and leverage their credit platform. TLPs want to invest additional capital alongside of our loan book.

我們擴大和利用我們在該領域影響力的另一種方式是透過 SMA。當然，您已經聽說過，我們的許多競爭對手長期以來都採用 SMA 策略來發展和利用他們的信用平台。TLP 希望在我們的貸款帳簿之外投資額外的資本。

This allows us to syndicate down large loans very easily, and we generate incremental FM while at the same time strengthening our LP relationships and bringing them back around to our core products. It's a really virtuous cycle in terms of how LPs think about deploying capital and private credit, but also how they think about deploying capital and our other strategies.

這使我們能夠非常輕鬆地聯合發放大貸款，並產生增量 FM，同時加強我們的 LP 關係並將它們帶回我們的核心產品。就 LP 如何考慮部署資本和私人信貸，以及他們如何考慮部署資本和我們的其他策略而言，這是一個真正的良性循環。

Finally, we're focused on top of funnel.

最後，我們關注的是漏斗的頂部。

Building a pipeline of new loans where today we have over 90 discrete opportunities representing $13 billion in new loan origination. I'm not going to tell you we're going to close every loan and that we're going to ultimately activate $13 billion of new loan activity, but what I can tell you is we have a deep pipeline. We have a great team, and we're now really executing its scale in private credit. This is a really exciting development at DigitalBridge.

建立新的貸款管道，目前我們擁有超過 90 個獨立貸款機會，代表著 130 億美元的新貸款發放。我不會告訴你們我們將結清每筆貸款，也不會告訴你們我們最終將啟動 130 億美元的新貸款活動，但我可以告訴你們的是，我們擁有豐富的貸款管道。我們擁有一支優秀的團隊，現在我們正在私人信貸領域真正發揮其規模。這對於 DigitalBridge 來說是一個非常令人興奮的發展。

So that's a high level of our plan for 2025. Let's go to the next slide, please.

這是我們 2025 年計畫的高層。請看下一張投影片。

Let's talk about the state of play in digital private credit today and the opportunity that we're addressing.

讓我們來談談當今數位私人信貸的現狀以及我們正在應對的機會。

Here our strategy is focused on the skill capital segment of the roughly $200 billion annual digital private credit opportunity.

我們的策略重點是每年約 2000 億美元的數位私人信貸機會中的技能資本部分。

That's a TAM of over $65 billion for digital focus credit that fits our mandate. As the scaled specialist in our ecosystem today, we've got a robust pipeline of $13 billion that we believe is actionable over the next 12 to 18 months.

對於符合我們要求的數位焦點信貸而言，TAM 超過 650 億美元。作為當今生態系統中的規模專家，我們擁有 130 億美元的強大資金管道，我們相信這些資金在未來 12 到 18 個月內是可行的。

These are largely proprietary deals where we are engaged one on one with the company and the senior leadership team. Again, as the leader in digital infrastructure, CEOs count on us. They call us. They trust us. We've been doing it for 30 years. That operational capability, that know-how, and being able to sit in that chair and look another CEO across the table and say, I've sat in your chair. I understand your capital structure issues.

這些主要是專有交易，我們與公司和高階領導團隊進行一對一的接觸。再次，作為數位基礎設施的領導者，執行長們對我們充滿信心。他們打電話給我們。他們信任我們。我們已經這樣做了30年。那種營運能力、那種專業知識，以及能夠坐在那張椅子上，看著桌子對面的另一位執行長說，我也坐過你的椅子。我了解您的資本結構問題。

I understand your customer issues, and I understand how to support your business. Is a conversation that no other private lender in the world can have. Again, it's about 30 years of operational experience and having experienced what those CEOs are going through today.

我了解您的客戶問題，也知道如何支援您的業務。這是世界上任何其他私人貸款機構都無法進行的對話。再說一遍，這是關於 30 年的營運經驗，並且經歷過那些 CEO 今天所經歷的事情。

Turning to the right, about two weeks ago we led a really interesting transaction, a $500 million debt facility at Aloe fiber.

轉向右邊，大約兩週前，我們領導了一項非常有趣的交易，為蘆薈纖維提供 5 億美元的債務融資。

One of the largest pure play fiber providers serving 45 communities across the mid and southwest United States.

最大的純光纖供應商之一，服務於美國中部和西南部的 45 個社區。

It's a fantastic business. It's a business with a very strong reoccurring revenue base, low churn, favorable competitive dynamics, and we're backing a sponsor that we've known for a long time that has a distinguished track record in execution.

這是一項非常棒的事業。這是一項擁有非常強大的經常性收入基礎、低客戶流失率、良好競爭態勢的業務，而且我們支持的贊助商是我們長期認識的，其在執行方面有著卓越的記錄。

What's really impressed us the most is the management team. Their CEO Brad Mullin has built an impressive, high quality business with high market penetration and excellent execution. It's the perfect example of how we deploy skill capital in the credit space to support top management teams as they execute.

讓我們印象最深刻的是管理團隊。他們的執行長布拉德·穆林 (Brad Mullin) 建立了令人印象深刻的高品質業務，具有很高的市場滲透率和出色的執行力。這是我們如何在信貸領域部署技能資本來支援高階管理團隊執行任務的完美範例。

And by the way, that's pattern recognition. It's the same thing we do in our flagship equity product. We look for the best CEOs. When we find them, we get to know them, and then we back up the truck and we support them. We're really excited to support Brad and his business.

順便說一下，這就是模式識別。這與我們在旗艦股票產品中所做的是一樣的。我們尋找最好的執行長。當我們找到他們時，我們會了解他們，然後我們會倒車並支持他們。我們非常高興能夠支持布拉德和他的事業。

We're refinancing some of the existing debt here and providing growth CapEx towards new success-based fiber bills with strong asset coverage and a unique insight into the trajectory of the business at the same time. Our ability to lead significant transactions like the Allow transaction activates new fi.

我們正在對部分現有債務進行再融資，並為新的基於成功的光纖帳單提供成長資本支出，同時具有強大的資產覆蓋率和對業務發展軌蹟的獨特見解。我們領導允許交易等重大交易的能力激活了新的金融。

Which in turn drives the growth of our credit platform and our corporate performance.

這反過來又推動了我們的信用平台和公司業績的成長。

Next slide, please.

請看下一張投影片。

And again, I'm going to come right back to people. It all starts with the team.

再次，我將回到大家的話題。一切都從團隊開始。

Our people are the alpha, as I always like to say, and we're building the leading team in digital credit, starting with veterans Dean Carreras and Mike Zupon, who I recruited a few years ago along with my partner Ben Jenkins to lead the credit platform.

正如我一直喜歡說的那樣，我們的員工是領頭羊，我們正在打造數位信貸領域的領先團隊，首先是資深員工 Dean Carreras 和 Mike Zupon，幾年前我和我的合夥人 Ben Jenkins 招募了他們來領導信貸平台。

It's a team with deep experience with over 20 years of originating digital infrastructure loans and the strategic execution capabilities to continue to scale our business and our private credit platform.

這是一支擁有超過 20 年發放數位基礎設施貸款的豐富經驗的團隊，具有策略執行能力，可以繼續擴大我們的業務和私人信貸平台。

As with other successful investment programs, we're supporting a dedicated team with deep expertise across our sector and across our organization. The ability to tap into the insights of our firm and the digital infrastructure ecosystem is second to none. And our team as well as their existing portfolio companies benefit from this combined expertise and experiences.

與其他成功的投資計劃一樣，我們支持一支在我們的行業和組織內擁有深厚專業知識的專業團隊。利用我們公司和數位基礎設施生態系統的洞察力的能力是首屈一指的。我們的團隊以及他們現有的投資組合公司都受益於這種綜合的專業知識和經驗。

So we've got an experienced team that's executing, raising, originating, and closing loans in an attractive market, generating attractive returns for LPs with a lot of growth ahead. Bottom line, I'm really excited about the momentum that our private credit business is seeing. I believe it can scale into a 3 times to 4 times its current size over the next few years. We'll continue to monitor this opportunity and we'll continue to talk about private credit as 2025 evolves.

因此，我們擁有一支經驗豐富的團隊，他們在一個有吸引力的市場中執行、籌集、發起和完成貸款，為 LP 創造有吸引力的回報，並且未來有很大的成長空間。總而言之，我對我們的私人信貸業務的發展勢頭感到非常興奮。我相信在未來幾年內它的規模可以擴大到目前的3倍到4倍。我們將繼續關注這一機會，並將繼續討論 2025 年私人信貸的發展。

Next slide, please.

請看下一張投影片。

So let's wrap up the call today, summarizing our progress across the CEO checklist I laid out at the beginning of the year. First, it starts with fundraising. With respect to our $40 billion FIEM target, I'm confident we're on track to deliver here.

那麼，讓我們結束今天的電話會議，總結一下我們在年初我列出的 CEO 清單上所取得的進展。首先，從籌款開始。關於我們 400 億美元的 FIEM 目標，我相信我們能夠順利實現。

As you saw this quarter, we had a solid fundraise on our flagship strategy, and the allo deal I just highlighted activated NEM to support continuing growth in the 2nd quarter.

正如您在本季度看到的，我們在旗艦策略上獲得了穩健的融資，而我剛才強調的 allo 交易激活了 NEM，以支持第二季度的持續增長。

We also feel really good about the progress we're making on our new strategies around digital energy, stabilized data centre’s, and the launch of a very distinct private wealth offering that centre’s on ecosystem investing in AI, which we believe is very unique and very differentiated for private wealth clients.

我們對圍繞數位能源、穩定資料中心的新策略所取得的進展感到非常高興，並推出了一項非常獨特的私人財富產品，該產品以人工智慧生態系統投資為中心，我們相信這對於私人財富客戶來說是非常獨特和差異化的。

More to follow here in the second half of the year. That was the teaser. From an investment standpoint, we're continuing to support the growth of our portfolio companies across the entire ecosystem.

今年下半年還會有更多消息。那是預告片。從投資角度來看，我們將繼續支持整個生態系統中投資組合公司的成長。

And ideally we'll be able to capitalize on some of this market disruption to acquire assets and businesses at better prices. This was on display in the quarter as we announced the ZAO Crown Castle transaction. By being patient and not overpaying and ultimately working hard for over a 2 to 3 year period.

理想情況下，我們將能夠利用這種市場混亂以更優惠的價格收購資產和企業。當我們宣布 ZAO Crown Castle 交易時，這一點在本季得到了體現。透過保持耐心、不支付過高的費用並最終在 2 到 3 年的時間內努力工作。

We eventually were able to land that asset at the right price that was accretive and most importantly really builds our investment case and most importantly grows carried interest for you, our investors.

我們最終能夠以合適的價格獲得該資產，該資產具有增值性，最重要的是真正建立了我們的投資案例，最重要的是為你們（我們的投資者）增加了附帶權益。

Finally, I'm focused on continuing to scale digital bridge, driving double digit revenue growth and expanding margins.

最後，我專注於持續擴大數位橋樑規模，推動兩位數的營收成長和擴大利潤率。

This quarter was a great example of that. Revenue was up over 20% and earnings almost 80% year over year. This is phenomenal performance.

本季就是一個很好的例子。營收年增超過20%，收益較去年同期成長近80%。這是非凡的表現。

These are the benefits of being exposed to a rapidly scaling business with lots of growth potential in a sector benefiting from secular tailwinds.

這些都是接觸快速擴張且在受益於長期順風的行業中具有巨大成長潛力的業務的好處。

And at the same time, we remain committed to improving our margins, something that both Tom and I laid out for you in the last quarterly call that we're going to make our business more profitable and we're going to make it more efficient and we're going to outperform the markers that we put out on the road for you, our investors.

同時，我們仍然致力於提高利潤率，正如湯姆和我在上次季度電話會議上向你們提出的，我們將使我們的業務更加盈利，更加高效，我們將超越我們為你們，我們的投資者設定的目標。

We'll look forward to connecting with you again next quarter and updating you on our progress towards our 2025 objectives.

我們期待下個季度再次與您聯繫，並向您通報我們實現 2025 年目標的進展。

I really think this is another solid quarter where we delivered strong performance and most importantly continue to grow our asset base and continue to deliver on what we think is the most interesting value proposition in digital infrastructure today on the globe.

我真的認為這又是一個穩健的季度，我們取得了強勁的業績，最重要的是繼續擴大我們的資產基礎，繼續實現我們認為當今全球數位基礎設施領域最有趣的價值主張。

I deeply appreciate your ongoing interest in DigitalBridge, and with that I'm happy to open up the call to Q&A operator.

我非常感謝您對 DigitalBridge 的持續關注，因此我很高興與問答接線員通話。

(Operator Instructions)

（操作員指示）

Rick Prentice, Raymond James

普倫蒂斯、雷蒙詹姆斯

Nice good morning everybody.

大家早安。

Good morning, Godfather. How are you?

早安，教父。你好嗎？

Great. Hey, a couple of questions.

偉大的。嘿，有幾個問題。

One, I know you said you're on track, but just wanted to get at, so we're saying, basically reiterating the guidance that total company FRE grow 10 %to 20%, 40 billion FUM 34.5% FRE margins, is that Fair to say that those three key guidance items that are maintained and reaffirmed today.

首先，我知道您說過您已經走在正確的軌道上，但我只是想說，我們基本上重申指導方針，即公司整體 FRE 增長 10% 至 20%，400 億 FUM 34.5% 的 FRE 利潤率，公平地說，這三個關鍵的指導項目在今天得到維持和重申。

Yeah. I think I said in the 4th quarter that we expected, kind of the performance to be a little bit, front loaded, but we are, very comfortable with the guidance for the year.

是的。我想我在第四季就說過，我們預期業績會有點前期投入，但我們對今年的業績指引非常滿意。

Yeah, in the front line to catch up fees. Yeah, okay, just always like to get that out because if we don't see it explicitly, people always get nervous. One question I've got for you, obviously appreciate that chart mark on the market volatility, tariffs and trade policy, short term, long term impacts.

是啊，在前線補繳費用。是的，好的，只是總是想把它說出來，因為如果我們沒有明確地看到它，人們總是會緊張。我想問您一個問題，顯然，您要欣賞圖表對市場波動、關稅和貿易政策的短期和長期影響的標記。

What does it do? To potential carried interest events. I know you guys have talked about wanting to make that more consistent, hoping you might have a couple this year, but how is the market volatility impacting your thoughts on the timing and likelihood of carried interest events this year?

它起什麼作用？對於潛在的附帶利益事件。我知道你們已經談到想要使這種情況更加一致，希望今年能有幾個這樣的事件發生，但是市場波動如何影響你們對今年附帶權益事件的時間和可能性的想法？

Well, I think you know we see deal making has slowed down a little bit in the US, but interestingly enough, in the rest of the world, as you saw yesterday from David Solomon's at Goldman Sachs, deal making is up.

嗯，我想你知道我們看到美國的交易速度有所放緩，但有趣的是，在世界其他地區，正如你昨天從高盛的戴維·所羅門那裡看到的那樣，交易速度有所上升。

Globally over.50%. So it's very interesting that deal making is down in the US risk, by 30%.

全球範圍內超過0.50%。非常有趣的是，美國的交易風險下降了 30%。

And that global M&A is up, 50% the rest of the world. So you know this has happened in times before. You go back a couple of years and you saw deal making in the US slump a little bit and the rest of the world came up and I think the key to us, Rick, is that we're a global firm today we are not a US only firm and so when you look at our assets and you look at our portfolio and we look at places where we think we can get liquidity.

全球併購活動增加，其中世界其他地區增加了 50%。所以你知道這種事以前也發生過。回顧幾年前，你會發現美國的交易量略有下降，而世界其他地區的交易量則有所上升，我認為對我們來說，關鍵在於我們今天是一家全球性公司，我們不再只是一家美國公司，所以當你查看我們的資產和投資組合時，我們會查看我們認為可以獲得流動性的地方。

We don't have to look just here to the US. We've.got great businesses in Latin America, Europe, and Asia. We get inbound inquiries every day for the 50 plus portfolio companies that we own and when we do search for, carried interest in liquidity this year, we are still looking in the US. There are some interesting things that we see in our portfolio that others value.

我們不必只關注美國。我們在拉丁美洲、歐洲和亞洲都有著出色的業務。我們每天都會收到針對我們所擁有的 50 多家投資組合公司的來電諮詢，當我們今年尋找流動性附帶權益時，我們仍然在美國尋找。我們的投資組合中有一些有趣的東西，其他人也重視它們。

So, We have a series of ongoing strategic reviews across a number of companies that could produce some really good results, as we've always said, Rick carried interest right now is episodic but the goal is Moving into this year and into next year is to move it from episodic and consistent So we do expect Some carried interest to be delivered.

因此，我們對多家公司進行了一系列持續的策略評估，這些評估可能會產生一些非常好的結果，正如我們一直所說的那樣，Rick 目前的附帶權益是偶發性的，但目標是進入今年和明年，將其從偶發性和一致性轉變為一致，因此我們確實期望能夠實現一些附帶權益。

This year. I can't give you with any precision given NDAs and processes that are ongoing, which portfolio companies are going to monetize but we do have confidence and conviction that we can create those outcomes. Now the guidance that Tom has given you does not include, any significant carried interest this year we were very clear about that when we set the guidance last Year.

今年。鑑於保密協議和正在進行的流程，我無法向您提供任何精確的信息，哪些投資組合公司將透過這些協議獲利，但我們確實有信心和信念可以創造這些成果。現在，湯姆給您的指導並不包括今年的任何重大附帶權益，我們在去年制定指導時就非常清楚這一點。

That that range of FRE was not going to have any material carried interest distributions for 2025. We do have some things that are happening.

該範圍的 FRE 在 2025 年不會產生任何實質的附帶權益分配。我們確實有一些事情正在發生。

In one of our portfolio companies in Europe that will trigger some carried interest, but by and large I would say Tom, we're not expecting with the guidance we've given the street there's nothing here that it would be a beat to the guidance essentially.

我們在歐洲的一家投資組合公司中，這將引發一些附帶權益，但總的來說，我想說，湯姆，我們並不指望根據我們給華爾街的指導，這裡沒有什麼基本上超出指導範圍。

Yeah, and you know I wouldn't necessarily interchange principal investment returns and carry, but from our perspective there are some similarities, and we did have the databank exit in Q1.

是的，你知道我不一定會交換本金投資回報和收益，但從我們的角度來看，它們有一些相似之處，而且我們確實在第一季退出了資料庫。

That you know kind of doesn't flow through FRE but it's distributable earnings and you know sort of we were really pleased with that.

您知道，這並非流經 FRE，而是可分配收益，您知道，我們對此感到非常高興。

Makes sense. Last one for me, you guys still trade a pretty significant discount to your peer group. Obviously, still important to get scale. You touched on that a little bit, but help us understand what steps you can do to TRY and close that disconnect. I think there's a disconnect, but maybe disperse. Do you see the disconnect? How can you close that disconnect?

有道理。對我來說最後一個是，你們仍然為同行提供相當大的折扣。顯然，取得規模仍然很重要。您稍微提到了這一點，但請幫助我們了解您可以採取哪些步驟來嘗試消除這種隔閡。我認為存在脫節，但也許會分散。您看到斷開了嗎？如何才能消除這種隔閡呢？

Well, I think the disconnect last year was, we set a guidance target that didn't carefully plan for impact of timing around fundraising, and I think this year we've done the opposite of that. We've put out a guidance that carefully does think through the timing and ultimately the delivery of the FRE as it plays out in Q1 and Q2, and you know we we've delivered a strong Q1.

嗯，我認為去年的脫節是，我們設定了一個指導目標，但沒有仔細規劃籌款時間的影響，我認為今年我們所做的與此相反。我們發布了一份指南，仔細考慮了 FRE 在第一季和第二季的實施時間以及最終的交付情況，而且您知道，我們在第一季度取得了強勁的成績。

We anticipate delivering a strong Q2. And I think from our perspective it's about execution. Rick. Investors want to, know that DigitalBridge can be trusted to execute against its fundraising targets, its FRE goals, and ultimately we want to be a consistent, distributor of earnings at some point.

我們預計第二季業績將表現強勁。我認為從我們的角度來看，這關乎執行。瑞克。投資者希望知道，DigitalBridge 值得信賴，能夠實現其籌款目標和 FRE 目標，並且最終我們希望成為某個時候的穩定收益分配者。

That's a real key for us. I think Tom's done a great job creating strong liquidity. You see the distributable earnings are up significantly year over year this quarter against last year first quarter. And so that consistency and that execution is going to be what will really carry the day. Certainly if we can scale.

這對我們來說是真正的關鍵。我認為湯姆在創造強大流動性方面做得很好。您會看到，本季的可分配收益與去年第一季相比較去年同期大幅成長。因此，一致性和執行力才是真正取得勝利的關鍵。當然，如果我們能夠擴大規模的話。

We talked about private credit in our presentation today, Rick, we're really.

里克，我們在今天的演講中談到了私人信貸，我們真的。

Bullish on private credit. We've got a massive, big loan pipeline of over 90 loans, $13 billion in the backlog, we've got an easy target to hit a $2 billion of loan origination this year which we think we can exceed. And we've got a great team and most importantly, management teams trust DigitalBridge.

看好私人信貸。我們擁有龐大的貸款管道，包括 90 多筆貸款，積壓貸款達 130 億美元，我們今年的貸款發放目標很容易達到 20 億美元，我們認為我們可以超越這個目標。我們擁有一支優秀的團隊，最重要的是，管理團隊信任 DigitalBridge。

When we're sitting across the table from a CEO and they're borrowing money from us, they're not just getting money, they're also getting our mind space, our 30 years of experience, and we think that's a swim lane as you've heard from other asset managers, whether it's, Aries or Apollo. Private credit is here to stay Rick.

當我們坐在 CEO 對面，他們向我們借錢時，他們得到的不僅僅是錢，他們還得到了我們的思維空間、我們 30 年的經驗，我們認為這是一個泳道，正如你從其他資產管理公司（無論是 Aries 還是 Apollo）那裡聽到的那樣。私人信貸將繼續存在，里克。

And having a team that is the expert in private credit. Similar to what we've done in equities for the last decade, we think that's a big place for us to scale. That's a huge area of white space. We've obviously talked about power. We've talked about stabilized real estate and data centre’s.

並擁有一支私人信貸專家團隊。與過去十年我們在股票市場所做的類似，我們認為這是我們擴大規模的一個巨大空間。那是一大片空白區域。我們顯然已經談論了權力。我們討論了穩定的房地產和數據中心。

These are big areas of growth and as we scale this year and prove out that those funds and those not funds but strategies can work for us, that's going to really be a proof point for investors. Scaling the business into power that's adjacent to data centre’s. And being a clearing house for Stabilized data centre’s, these are big ideas that we're currently executing.

這些都是巨大的成長領域，隨著我們今年擴大規模並證明這些基金以及非基金但策略可以為我們服務，這將真正成為投資者的證明點。將業務擴展到毗鄰資料中心的電力。作為穩定資料中心的清算所，這些都是我們目前正在執行的偉大想法。

And I think as we execute those Ideas and we execute against, the earnings and FRE growth, investors are going to come back to us and look Investors are voting with their wallets today, Rick you've seen that in cell towers here in the last 30 days in the moments of the storm, in the moments of volatility, what we find is that it's, digital infrastructure is the place investors want to be. It's uncorrelated, long term contracts, escalators, and us running a global firm.

我認為，當我們執行這些想法並實現收益和 FRE 成長時，投資者就會回到我們身邊，看看投資者今天用錢包投票，里克，你已經在過去 30 天的風暴時刻、動盪時刻的手機信號塔中看到了這一點，我們發現，數位基礎設施是投資者想要的地方。它是不相關的、長期合約、自動扶梯，而且我們經營一家全球性公司。

Where we have somewhat immunity to tariffs as we build out in different parts of the world and we're regional It really gives DigitalBridge, a huge advantage to scale in this year. So we're very excited about what we're doing and I think, investors will come back to us this year and we'll close that GAAP pretty quickly because the stuff that we're doing is differentiated via VR peers and So this is a great opportunity for us to close that GAAP.

由於我們在世界各地開展業務並且屬於區域性業務，因此在一定程度上可以免受關稅影響，這確實為 DigitalBridge 在今年的擴展帶來了巨大的優勢。因此，我們對所做的事情感到非常興奮，我認為，投資者今年會回到我們身邊，我們很快就會完成 GAAP，因為我們所做的事情是透過 VR 同行進行區分的，所以這對我們來說是一個完成 GAAP 的好機會。

That makes sense. I appreciate it. The focus on communication we like and the focus on what industry you're focused on is really good too. I appreciate it. Thanks, guys.

這很有道理。我很感激。我們喜歡關注溝通，並且關注您所關注的行業，這也非常好。我很感激。謝謝大家。

Yeah, thanks, Rick.

是的，謝謝，里克。

Richard Cho, JP Morgan

Richard Cho，摩根大通

Great, two quick questions. One, you talked about the delays in LP decision making, but kind of what are you hearing more recently? I know it, it's only been a month of real volatility, but any more insight you can give, on what you're hearing more recently from potential investors and then two, are you seeing some shift to investor interest in towers.

很好，有兩個簡單的問題。首先，您談到了 LP 決策的延遲，但您最近聽到了什麼消息？我知道，這只是一個月的真正波動，但您能否提供更多見解，根據您最近從潛在投資者那裡聽到的消息，您是否看到投資者對塔的興趣有所轉變。

And a little bit away from data centers overall.

整體來說距離資料中心有點遠。

Yeah, good morning, Richard. How are you?

是的，早上好，理查。你好嗎？

Thank you for your.

謝謝您的。

questions. Let me start with the first one, which is just around.

問題。讓我先從第一個開始，它就在附近。

Fundraising. So you know we've been on the road for the last 30 days, the top partners in the firm sort of in Asia middle east Europe, here in North America I was in Canada last week seeing all of our LPs in Canada, and look Investors are still allocating.

籌款。所以你知道，我們已經在路上走了 30 天了，公司最頂尖的合夥人都在亞洲、中東、歐洲，在北美，我上週在加拿大見了我們在加拿大的所有 LP，看投資者仍在分配。

I mean that's the key. We closed fund commitments, in the last couple of weeks during this, moment of volatility. In talking to investors directly, they really haven't changed their allocation strategy for 2025. I would say there's been, in the 280 plus investors that are currently in diligence across our various fund products. We've only had two investors come to us in the last 30 days and say they're on pause.

我的意思是這就是關鍵。在過去幾週的動盪時期，我們結束了基金承諾。在與投資者直接交談時，他們實際上並沒有改變 2025 年的配置策略。我想說的是，目前有超過 280 位投資者正在對我們的各種基金產品進行盡職調查。過去 30 天裡，只有兩位投資者來找我們，說他們暫停了投資。

That feels pretty good actually. I was expecting more, to be H1st with you. And it just hasn't manifested itself

事實上，這種感覺非常好。我期待更多，和你一起成為 H1st。但還沒有顯現出來

I think at the end of the day, the people that we deal with, Richard, are large institutions. These are Sovereign Wealth funds.

理查德，我認為最終我們打交道的人都是大型機構。這些是主權財富基金。

These are pension funds. They set their commitment schedules, well in advance. You probably saw a press release from the state of New York last week around their allocation policy for this year. Their board met last week and they're proceeding with private markets and DigitalBridge is one of their choices. So we're really excited to have.

這些是退休基金。他們提前製定了承諾時間表。您可能看到了上週紐約州發布的有關今年分配政策的新聞稿。他們的董事會上週召開了會議，他們正在推進私人市場，而 DigitalBridge 是他們的選擇之一。所以我們真的很高興。

New York State Teachers retirement system in our flagship fund, and this is what's happening. People are still committing. Why are they committing? What is the intention? The intention is people want to be exposed to digital infrastructure and particularly our current strategy, our third fund strategy is about ecosystem.

紐約州教師退休制度是我們旗艦基金，目前的情況如下。人們仍在堅持。他們為什麼要這麼做？目的是什麼？我們的目的是讓人們了解數位基礎設施，特別是我們目前的策略，我們的第三個基金策略是關於生態系統的。

Investing, which is, of course you said it right, Richard, towers. People are coming back to towers We're investing in fiber. You've seen some of the activity that we've done in fiber in this quarter whether there's the Al alone, the ZA transaction, or one of the investments we made them fund 3 and Fiber.

投資，當然，你說得對，理查德，塔。人們正在回到塔樓，我們正在投資光纖。您已經看到了我們本季在光纖領域開展的一些活動，無論是單獨的 Al、ZA 交易，還是我們為他們的基金 3 和光纖進行的某項投資。

And so it just doesn't have to be a data center narrative. AI is more about than just building data centers. Now at the same token, we've actually not seen a material retreat from data centers in our business In fact we took commitments into co-investment vehicles in this quarter in our data center, in some of our data center Platforms, so our data center businesses are growing. We had a fantastic quarter In terms of Performance.

因此它不一定是一個資料中心的敘述。人工智慧不僅僅是建立資料中心。同樣，我們實際上並沒有看到資料中心業務出現實質的倒退。事實上，本季我們對我們的資料中心、一些資料中心平台的共同投資工具做出了承諾，因此我們的資料中心業務正在成長。就業績而言，我們度過了一個非常出色的季度。

We can get into that a little bit at some point if you wish but, What I like the most is what I heard from my customers in the last 48 hours. Particularly, I love the print from Microsoft. I loved what Zuck had to say.

如果您願意的話，我們可以在某個時候稍微討論一下這個問題，但我最喜歡的是我在過去 48 小時內從客戶那裡聽到的消息。我特別喜歡微軟的印刷品。我很喜歡祖克柏所說的話。

About their doing in terms of their intention for CapEx, moving their CapEx guidance up our customers are not retreating. Whatever narrative that the press wants to put out there, that data centers are in a retreat, the arithmetic completely does not support that view. You saw it In full bloom with Digital Realty and Equinix.

關於他們在資本支出方面的意圖，提高他們的資本支出指導，我們的客戶並沒有退縮。無論媒體想要散播什麼樣的說法，資料中心正在衰退，但計算結果完全不支持這種觀點。您將看到它在 Digital Realty 和 Equinix 的帶領下蓬勃發展。

You're seeing it here today with DigitalBridge and our results.

今天您可以透過 DigitalBridge 和我們的成果看到這一點。

People are allocating. Investors are putting money to work and our customers are putting money to work So,

人們正在分配。投資者正在把錢投入工作，我們的客戶也在把錢投入工作，所以，

the data center thesis is 100% intact I know it was really easy to take a punch at it last quarter In terms of what was happening between Microsoft and Open AI and some of the commentary around what Alibaba.

資料中心論文 100% 完好無損，我知道上個季度它很容易受到打擊，就微軟和 Open AI 之間發生的事情以及圍繞阿里巴巴的一些評論而言。

Had to say, but the math just doesn't lie, and investors are, continuing to deploy capital in digital infrastructure. Most importantly, Richard, they're putting capital to work with us, and that was on display in this quarter.

不得不這麼說，但數學不會說謊，投資者正在繼續向數位基礎設施部署資本。最重要的是，理查德，他們正在投入資金與我們合作，這在本季度得到了體現。

Yeah, it makes sense that maybe there's some move away from US equities but could easily go to, global private equity platforms and digital infrastructure so yeah thank.

是的，這很有道理，也許有人會從美國股市轉移，但可以輕鬆轉向全球私募股權平台和數位基礎設施，所以是的，謝謝。

You.

你。

Randy Binner, B. Riley

蘭迪·賓納、B·萊利

Hey, thank you. I was wondering, Tom, if you could review on carried interest, the mark to market impact. I missed that in the, in the opening commentary, and I think that'll be a question we'll get from some investors, but just a little bit more color and detail on how that mark impacted where carried interest came through the income statement.

嘿，謝謝你。湯姆，我想知道你是否可以回顧一下附帶權益和以市價計價的影響。我在開場評論中遺漏了這一點，我認為這也是一些投資者會提出的問題，但只是稍微詳細地說明一下該標記如何影響損益表中的附帶權益。

Yeah, sure. Our marks were, sort of broadly flat, a little bit up in the quarter.

是的，當然。我們的成績整體持平，本季略有上升。

But kind of right around a little bit less than what the preferred return hurdle was for the quarter. So the value of the assets were up a little bit, but a little bit below the preferred return, so we gave back a little bit of accrued carried interest.

但比本季的優先回報門檻略低一點。因此，資產價值略有上漲，但略低於優先收益，所以我們返還了少量應計附帶權益。

If that makes sense.

如果這有道理的話。

Yeah, and then how do you expect, kind of pulling everything together from the call here in a good outlook, and, kind of a stabilization after this pause and kind of the your markets, how would you expect that that line item to progress as it as we go through the year and as you all perform on these goals you've laid out.

是的，那麼您如何期望，從這次電話會議中可以看出，前景良好，並且在這次暫停之後，市場會趨於穩定，您如何期望這個項目會隨著我們度過這一年以及您都在實現所製定的目標而取得進展。

Yeah, look, I don't really expect any meaningful disruption from the sort of short term volatility that we've seen. Our assets are long term assets. They have long term business plans, long term cash flows, so you know I would not expect, sort of any unusual trends in terms of the asset values over the course of the year.

是的，看，我真的不認為我們所看到的短期波動會帶來任何有意義的破壞。我們的資產是長期資產。他們有長期的商業計劃和長期的現金流，所以你知道我不會期望在一年的時間內資產價值會出現任何異常趨勢。

Yeah, I guess I'm getting to is when would we be able to expect that to turn more positive.

是的，我想我要問的是什麼時候我們才能期待情況變得更加積極。

Yeah, like, I mean, we go through the, we go through the process, sort of on a quarterly basis. We feel good about our assets. We believe they'll continue to appreciate, but I, I'm not going to project, sort of future values of assets or, kind of carry, but we sit down every quarter and do a rigorous process and we'll do that again towards the end of this quarter and you know we feel good about the assets that we have.

是的，我的意思是，我們按季度進行這個過程。我們對我們的資產感到滿意。我們相信它們會繼續升值，但我不會預測資產的未來價值或持有量，但我們每個季度都會坐下來進行嚴格的流程，我們將在本季度末再次這樣做，你知道我們對擁有的資產感到滿意。

Yeah, I think also it's a philosophy around here in particular, which is we tend to be very conservative on how we mark our assets. Our framework really relies on three methodologies that we're not going to change.

是的，我認為這也是這裡的一種哲學，即我們在如何標記資產方面傾向於非常保守。我們的框架實際上依賴三種我們不會改變的方法。

Since I started the firm 11 years ago, I've never changed our asset management framework. I've never changed our evaluation framework. We have an independent committee that does that work. I'm not on that committee. We don't put our investment management team on that committee specifically. And we allow at the end of the year we allow ENY to audit our results.

自從11年前創立公司以來，我從未改變過我們的資產管理框架。我從未改變過我們的評估框架。我們有一個獨立委員會負責這項工作。我不是該委員會的成員。我們並沒有專門將我們的投資管理團隊安排到該委員會。我們允許 ENY 在年底審計我們的結果。

We take our marks very seriously and I think, the genesis of that is having numbers that are credible. And so when we do go to sell assets like if you look in the past that, whether it's Vantage Towers or whether it was Wildstone, we sold those assets anywhere from 27% to 40% premium to Nav and everything we've ever sold since the inception of the firm, we've had an average of 25% to 40% premium to Nav. And I think that's important. It's important to mark your assets realistically.

我們非常重視我們的評分，我認為，其根源在於擁有可信的數字。因此，當我們出售資產時，例如，如果你回顧過去，無論是 Vantage Towers 還是 Wildstone，我們出售這些資產的價格都比資產淨值高出 27% 到 40%，而自公司成立以來，我們出售的所有資產的平均價格都比資產淨值高出 25% 到 40%。我認為這很重要。現實地標記你的資產非常重要。

We're not paid on paper marks. It's really important. I know some funds actually get paid. They pay themselves quarterly on their paper marks. We don't do that. And I think having that transparency and having that independence and how we mark the assets really gives our LPs a lot of confidence that when we do publish our Nav, it sticks. And it's defensible.

我們的薪水不是根據紙本成績發放的。這真的很重要。我知道有些基金確實得到了支付。他們根據紙質成績按季度支付工資。我們不這麼做。我認為，這種透明度和獨立性以及我們如何標記資產確實讓我們的 LP 充滿信心，當我們發布我們的資產淨值時，它會堅持下去。這是可以辯護的。

And so that's been our track record. I think obviously like what Tom said, we have a lot of confidence in what we're doing. Some of our portfolio companies really are performing well right now and we'll revisit that in the 2nd quarter, but we also don't want to get too exuberant at the same time. I think, there's a lot of really positive things happening at ZAO.

這就是我們的業績記錄。我認為顯然就像湯姆所說的那樣，我們對自己所做的事情非常有信心。我們投資組合中的一些公司目前確實表現良好，我們將在第二季度重新審視這一點，但同時我們也不想過於興奮。我認為，ZAO 發生了很多非常積極的事情。

There's some incredible things happening at Switch. There's amazing things going on a vertical bridge right now in US towers but again, it's about consistency, it's about being conservative, and it's about creating a framework that when we do go to monetize those assets, we have that premium to nab and we like that architecture better. We think it's a bit more authentic, I guess is the word I would use.

Switch 上發生了一些令人難以置信的事情。目前，美國塔樓的垂直橋樑上發生了令人驚嘆的事情，但同樣，這與一致性有關，與保守有關，與創建一個框架有關，當我們確實要將這些資產貨幣化時，我們就可以獲得溢價，我們更喜歡這種架構。我們認為它更真實一些，我想這是我會使用的詞。

Yeah, and you know what we say they're worth today matters, but what's more important is what we actually sell them for.

是的，你知道我們今天所說的它們的價值很重要，但更重要的是我們實際上以什麼價格出售它們。

Got it. Okay, that's.

知道了。好的，就這樣。

Great. I appreciate it.

偉大的。我很感激。

Thank you.

謝謝。

Thanks, Randy.

謝謝，蘭迪。

Jade Ramani, KPW

傑德·拉瑪尼（Jade Ramani），KPW

Hi, good morning.

嗨，早安。

This is actually [Jason Sa on Purge.] So just one question on the fundraising outlook, perhaps have you seen any interest in any shift in LP interest more towards credit strategies versus, the flagship funds in the current macro.

這其實是 [Jason Sa 關於 Purge 的問題。 ] 所以關於籌資前景的一個問題，也許您是否看到 LP 的興趣轉向信貸策略而不是當前宏觀中的旗艦基金。

Environment? Thanks, that's a really thoughtful question, Jason.

環境？謝謝，傑森，這是一個非常深思熟慮的問題。

Thank you for asking. I was hoping somebody was going to ask that today.

謝謝你的詢問。我希望今天有人會問這個問題。

We've actually seen an uptick in terms of the pipeline in credit. We have over 100 LPs now working, on the credit fund, which is fantastic. That's up over 50% from where we were, same time period 90 days ago. So I think the performance of our first credit fund was really spectacular.

我們實際上已經看到信貸管道增加。目前，我們有超過 100 名 LP 在信貸基金上工作，這真是太棒了。與 90 天前的同一時期相比，這一數字增長了 50% 以上。所以我認為我們的第一支信貸基金的表現確實非常出色。

The performance of the second fund is working really well, and investors see that. But I think also Jason, the magnet is the opportunity to come invest, as I said on the call today.

第二檔基金的表現確實很好，投資人也看到了這一點。但我也認為傑森，磁鐵就是來投資的機會，正如我今天在電話中所說的那樣。

The chance to work with new investors on an SMA structure is something that's super under valued.I think, in our business today and Yellow transaction is only one of many transactions that we've closed this year and we're closing other transactions. So I think what gets lost a little bit in the print is obviously We are excited about the deep pipeline of interest in the credit fund.

在 SMA 結構上與新投資者合作的機會是被嚴重低估的。我認為，在我們今天的業務中，Yellow 交易只是我們今年完成的眾多交易之一，我們還在完成其他交易。因此，我認為印刷品中稍微遺漏的是，我們對信貸基金的深刻興趣感到興奮。

We highlighted that that there's, over 100 accounts working, in the data room. We've closed 650 million of commitments. We feel like we've got really strong line of sight to hitting the fund target and exceeding the fund target, but what's not in that print is the SMAs and what I really liked about the AO transaction is at the end of the day we put $70 million from the fund. We did $430 million in SMAs.

我們強調，資料室中有超過 100 個正在運作的帳戶。我們已經完成了 6.5 億的承諾。我們覺得我們確實有很強的實現基金目標和超越基金目標的潛力，但印刷品中沒有提到的是 SMA，而我真正喜歡 AO 交易的地方在於，最終我們從基金中投入了 7000 萬美元。我們在 SMA 上投入了 4.3 億美元。

And those are new investors that are not in the fund. Some are in the fund, but there are a lot of new logos there and now they're looking at the fund and so interest has gained in private credit, Jason, but remember private credit investors are not the same investors always that look at flagship.

這些都是不屬於該基金的新投資者。有些人投資了基金，但那裡有很多新標誌，現在他們正在關注基金，因此對私人信貸的興趣有所增加，傑森，但請記住，私人信貸投資者並不是總是關注旗艦的投資者。

So for example, you have insurance companies really looking at private credit and a lot of those insurance companies don't go into our flagship product where you see pension funds, sovereign wealth funds, fund of funds, and family offices.

舉例來說，保險公司確實關注私人信貸，但許多保險公司並未涉足我們的旗艦產品，例如退休基金、主權財富基金、基金中的基金和家族理財室。

So, both strategies are working quite well and as we wrap up the flagship fund, we'll put all of our energy to the end of the year in credit and then at the same time as we launch digital energy and we launch the, data center.com fund strategy, data center income strategy.

因此，這兩種策略都運作良好，隨著我們完成旗艦基金，我們將把所有精力投入到年底的信貸中，然後在推出數位能源的同時推出資料中心基金策略和資料中心收入策略。

We're there, we're fishing in different pockets as well. I think this is the key to our fundraising program today, Jason, is the diversity at which we're fundraising. Much bigger team today, 38 people.

我們在那裡，我們也在不同的地區捕魚。傑森，我認為這是我們今天籌款計劃的關鍵，即我們籌款的多樣性。如今團隊規模更大，有 38 個人。

We're still adding people to that team, and the importance is in flagship there's a certain set of investors that are infrastructure investors and digital power we're looking at people that are allocating to new forms of energy and energy transition, which is actually a different sleeve than infrastructure. At most major pensions and sovereign wealth funds, then in the, data center income.

我們仍在為該團隊招募人員，重要的是在旗艦項目中，有一群特定的投資者，他們是基礎設施投資者和數位力量，我們正在尋找分配給新形式能源和能源轉型的人才，這實際上與基礎設施不同。大多數主要的退休金和主權財富基金，然後在資料中心的收入。

Strategy we're solely focused on real estate investors, which again is another pool of capital. And then we get to private credit. Every major LP in the world has a different team that works on private credit. So, this very surgical approach to fundraising is working. We took in allocations in this quarter in credit and in flagship and in co-investments and SMAs. And that's really important. The fact that we're hitting on all 4 of those cylinders.

我們的策略只關注房地產投資者，這又是另一個資金池。然後我們討論私人信貸。世界上每個主要的 LP 都有不同的團隊負責私人信貸。所以，這種非常精準的籌款方法是有效的。本季度，我們在信貸、旗艦、共同投資和 SMA 方面進行了分配。這確實很重要。事實上，我們正在全力打擊這 4 個氣缸。

At the same time gives us a lot of optimism as we work into the back half of this year, finish out our flagship fund finish out credit to out credit to launch the new strategies.

同時，這給了我們很大的樂觀，因為我們將在今年下半年完成我們的旗艦基金，完成我們的信貸，推出新的策略。

We've never been more organized from a fundraising perspective our team leaders know where they're going. They know how to approach accounts and that's what's giving us all this conviction around our performance for 2025.

從籌款的角度來看，我們從來沒有像現在這樣有組織，我們的團隊領導者知道他們要去哪裡。他們知道如何處理帳戶，這讓我們對 2025 年的表現充滿信心。

Great thank you.

非常感謝。

Thanks, Jason.

謝謝，傑森。

(Operator Instructions)

（操作員指示）

Anthony Howe, Truest Securities

安東尼豪（Anthony Howe），Truest Securities

Good morning. Thanks for taking my question. Mark, bridged the GAAP between total capital that's signed and committed and the portion that's currently fee earning. So in other words, how much of the committed capital has not yet commenced and therefore sits outside, and what timing should we expect for those dollars to start generating management fees?

早安.感謝您回答我的問題。馬克，將已簽署和承諾的總資本與當前收費部分之間的 GAAP 聯繫起來。換句話說，有多少承諾資本尚未開始使用，因此處於外部，我們應該預期這些資金什麼時候開始產生管理費？

So today that number is at $4 billion And as we deploy that capital into, specific, co-investments which are portfolio companies that are lighting CapEx every quarter, we build into the fees and then of course creditor's the big one, and you saw that on display this quarter, we had a great quarter almost lighting a billion dollars of new loans.

所以今天這個數字是 40 億美元，當我們將這些資本部署到特定的共同投資中時，這些共同投資是每個季度都會點亮資本支出的投資組合公司，我們會將這些費用計入其中，當然債權人是最大的一筆，你可以看到本季度我們表現得非常好，幾乎點亮了 10 億美元的新貸款。

We've got a strategy to do $2 billion. We think we're going to exceed that obviously, but credit is really the big driver. Of lighting up new in Q2 and Q3. And so as we originate loans at the same time we're also lighting in parallel path SMAs like I talked about the allo loan.

我們有一個達到 20 億美元的策略。我們認為我們顯然會超越這個數字，但信貸才是真正的主要動力。Q2 和 Q3 中的新品亮燈。因此，當我們發放貸款的同時，我們也在點亮並行路徑 SMA，就像我談到的 allo 貸款一樣。

And so you're going to see more of that. I think what we're telegraphing to you is that you know one of the areas where we could be, a slight beat or a surprise would be in, lighting. New loans and lighting fee and credit and then of course as you look at, big coin investments like Switch, Yonder, Vantage, Databank, we have a significant amount of commitments lined up there and as we light those commitments and we light up new construction.

所以你會看到更多這樣的情況。我想，我們要向你們傳達的訊息是，你們知道我們可能在燈光方面取得一些進展，或是帶來一些驚喜。新的貸款和照明費用和信貸，當然，正如你所看到的，像 Switch、Yonder、Vantage、Databank 這樣的大型硬幣投資，我們在那裡有大量的承諾，當我們履行這些承諾時，我們就會點亮新的建築。

we're going to light up fees and that's important because in data centers, as it requires a lot of CapEx. And today we've got, we're in the process of building out over 2.3.

我們將提高費用，這很重要，因為資料中心需要大量的資本支出。今天，我們正在建立 2.3 版本。

Gigawatts of data centers. And so that's a lot of cap X that's going to be lit in the next, 12 to 18 months, and you know that that 2.3 gigawatts for the leases that are currently signed but not yet commenced and so that requires a lot of CapEx.

千兆瓦的資料中心。因此，在未來 12 到 18 個月內，將會有大量的資本 X 被點亮，而且您知道，目前已簽署但尚未開始的租約中有 2.3 千兆瓦需要，因此這需要大量的資本支出。

And we're going to light AUM and we're going to light CM at the same time So this backlog of leases that sit in data centers is huge the backlog of loans is significant and so there's a lot of, that's going to be activated here between now and the end of the year. That's already capital that's committed. We don't have to raise. I don't know Tom, if you want to give any color.

我們將同時點亮 AUM 和 CM，因此資料中心的租賃積壓量巨大，貸款積壓量也很大，因此從現在到年底，這裡將有很多活動被啟動。這已經是承諾的資本了。我們不需要加薪。我不知道湯姆，如果你想給任何解釋的話。

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No, it is, disproportionately co-investment and credit, in terms of the kind of fee rates, but, nothing else to add.

不，從費率來看，共同投資和信貸的比例確實不成比例，但是，沒有什麼可補充的。

Thank you.

謝謝。

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

謝謝，我想把發言權交給馬克最後發言。

Well, look I want to thank everyone for their interest today in DigitalBridge and your continued.

好吧，我想感謝大家今天對 DigitalBridge 的關注以及你們的繼續。

Interest in digital infrastructure. I think it was a really solid quarter We came out, we executed, we delivered exactly against what we told you we would deliver probably a little bit of a beat to what the expectation was. I'm really proud of our team. The team is working harder than ever across fundraising, asset management, new deal execution and most Importantly delivering for our shareholders.

對數位基礎設施的興趣。我認為這是一個非常穩健的季度，我們推出了產品，執行了計劃，實現了我們所說的目標，甚至可能略高於預期。我為我們的團隊感到非常自豪。團隊在籌款、資產管理、新交易執行以及最重要的為股東提供服務方面比以往任何時候都更加努力。

At the end of the day. You've seen the performance year over year up versus last Q1fundraising was up distributor earnings was up, FRE was up FM was up every metric that matters to you as a shareholder is up year over year.

一天結束的時候。您已經看到，與去年第一季相比，業績表現逐年上升，融資金額上升，經銷商收益上升，FRE 上升，FM 上升，作為股東，您關心的每一項指標都逐年上升。

It's important to note that we still have strong conviction around the things that are happening today, particularly in the data center landscape where you've seen our peers Digital Realty and Equinix, put up strong numbers.

值得注意的是，我們仍然對今天發生的事情充滿信心，特別是在資料中心領域，我們已經看到我們的同行 Digital Realty 和 Equinix 取得了強勁的業績。

Well, we did the same thing. We also put up strong numbers. our pipeline in terms of the amount of activity across our data center portfolio today sits at 9.9 gigawatts this is up 38% year over year 38% interest is up across our data center portfolio around the globe today that is not a contraction.

嗯，我們也做了同樣的事情。我們也提供了強勁的數據。就我們目前資料中心組合的活動量而言，我們的管道為 9.9 千兆瓦，年成長 38%，目前我們全球資料中心組合的利息成長了 38%，這並不是收縮。

That is an acceleration. You've heard it from Microsoft. You've heard it from Meta. You're going to hear it from the other hyper scalers. The AI economy is not slowing down. In fact, it is accelerating and it will require mission critical infrastructure. The way we think you need to play mission critical infrastructure is with DigitalBridge.

這是一種加速度。您已經從微軟那裡聽說過這個消息。您已經從 Meta 那裡聽說過了。您將會從其他超大規模企業聽到這個消息。人工智慧經濟並未放緩。事實上，它正在加速發展，並且需要關鍵任務基礎設施。我們認為您需要使用 DigitalBridge 來運行關鍵任務基礎架構。

We are, we believe, the most diversified global builder, owner and manager of digital infrastructure, and you're proving today, as you've seen in tower stocks and you're seeing in data center stocks In the last few days, that these assets hold up in times of volatility and market uncertainty. We're going to continue to work hard for you. We're going to continue to keep fundraising, and our expectation is to continue to deliver outperformance against our guidance.

我們相信，我們是全球最多元化的數位基礎設施建設者、所有者和管理者，正如您在過去幾天在塔式股票和資料中心股票中看到的那樣，今天您已經證明，這些資產在波動和市場不確定時期能夠保持穩定。我們將繼續為您努力工作。我們將繼續籌集資金，並且我們期望繼續實現超出預期的業績。

Thank you for your time today. We look forward to engaging with all of our investors over the next few days, and again, we appreciate your interest in DigitalBridge.

感謝您今天抽出時間。我們期待在接下來的幾天與所有投資者進行交流，並再次感謝您對 DigitalBridge 的關注。

Thank you.

謝謝。

This concludes today's teleconference. You may just connect your lines and have a wonderful day.

今天的電話會議到此結束。您只需連接線路即可度過美好的一天。