DigitalBridge Group Inc (DBRG) 2025 Q3 法說會逐字稿

Greetings and welcome to the DigitalBridge Group Inc third quarter earnings conference call 2025. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions)

各位來賓，歡迎參加 DigitalBridge Group Inc 2025 年第三季財報電話會議。目前，所有參與者均處於唯讀模式。正式演講結束後將進行簡短的問答環節。（操作說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Severin White, Managing Director, Head of Public Investor Relations. Thank you, sir. You may begin.

再次提醒，本次會議正在錄影。現在，我很榮幸地向大家介紹主持人塞弗林懷特，他是董事總經理兼公共投資者關係主管。謝謝您，先生。你可以開始了。

Good morning, everyone and welcome to DigitalBridge's third quarter 2025 conference call. Speaking on the call today from the company's Marc Ganzi, our CEO, and Tom Mayrhofer, our CFO. I quickly covered the Safe Harbor. Some of the statements that we make 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.

各位早安，歡迎參加 DigitalBridge 2025 年第三季電話會議。今天，該公司首席執行官 Marc Ganzi 和首席財務官 Tom Mayrhofer 在電話會議上發表了講話。我迅速地覆蓋了安全港條款。我們對業務營運和財務表現所做的一些陳述可能被視為前瞻性陳述，此類陳述涉及許多風險和不確定性，可能導致實際結果與預期結果有重大差異。

All information discussed on this call is as of today, October 30, 2025, and DigitalBridge does not intend and undertakes no duty to update it for future events or circumstances. For information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC for the year ending December 31, 2024, and our Form 10-Q to be filed with the SEC for the quarter ending September 30, 2025. With that, let's get started. I'll turn the call over to Marc Ganzi, our CEO, Mark.

本次電話會議討論的所有資訊均截至 2025 年 10 月 30 日，DigitalBridge 不打算也不承擔任何義務對未來的事件或情況進行更新。有關詳情，請參閱我們最近向美國證券交易委員會提交的截至 2024 年 12 月 31 日止年度的 10-K 表格以及我們將向美國證券交易委員會提交的截至 2025 年 9 月 30 日止季度的 10-Q 表格中討論的風險因素。那麼，我們就開始吧。我將把電話轉給我們的執行長馬克·甘齊。

Thanks, Severin, and welcome everyone to our third quarter 2025 business update. We appreciate you joining us on the call and look forward to answering your questions. Let's get to the quarter. So, this quarter really exemplifies what we've been building towards at DigitalBridge from our near-term financial goals to our longer-term strategic priorities. Let's get started with the key highlights that align with our strategic roadmap. First, financial performance. DigitalBridge delivered another quarter of our best growth with fee revenues reaching $94 million, up 22% year over year.

謝謝 Severin，歡迎大家參加我們 2025 年第三季業務更新會議。感謝您參加本次電話會議，我們期待回答您的問題。讓我們進入季度吧。因此，本季真正體現了 DigitalBridge 從近期財務目標到長期策略重點所取得的成就。讓我們先從與我們的策略路線圖相符的關鍵亮點開始。首先是財務業績。DigitalBridge 又迎來了一個季度的最佳成長，手續費收入達到 9,400 萬美元，年增 22%。

Our fee-related earnings grew 43% to $37 million in the third quarter, reflected continued margin improvement as revenue growth continues to outpace expenses. Second, capital formation, raised $1.6 billion in new capital during the quarter, bringing our year-to-date to $4.1 billion. And look, we're well positioned, thinking through the 4th quarter here. As we remain on track to meet our full year objectives, and as most of the 4th quarter is historically our strongest quarter.

第三季度，我們的手續費收入成長了 43%，達到 3,700 萬美元，反映出隨著營收成長持續超過支出，利潤率持續改善。其次，資本形成方面，本季籌集了 16 億美元的新資本，使我們今年迄今的資本形成總額達到 41 億美元。你看，我們已經做好了充分的準備，正在為第四季做好準備。由於我們仍有望實現全年目標，而且第四季歷來是我們業績最好的季度。

Finally, and this is the most important story of the quarter. The relevance and strategic value of our power bank was on full display. We saw record data center leasing activity across our portfolio. That will build and accrue significant value for you, our investors, over time. Our portfolio company, Vantage Data Centers, announced the Frontier mega campus in Texas, a $25 billion 1.4 gigawatt development, serving the leading AI infrastructure buildout.

最後，也是本季最重要的故事。我們的行動電源的實用性和戰略價值得到了充分展現。我們看到旗下所有資料中心的租賃活動均創下歷史新高。隨著時間的推移，這將為我們的投資者——你們——創造和累積巨大的價值。我們投資組合中的公司 Vantage Data Centers 宣佈在德克薩斯州建設 Frontier 大型園區，這是一個耗資 250 億美元、裝機容量達 1.4 吉瓦的開發項目，旨在服務領先的人工智慧基礎設施建設。

This was followed up by a second campus dubbed Lighthouse in Wisconsin, a $15 billion dollar plus development to support the expanding OpenAI and Oracle Stargate projects. These landmark transactions demonstrate that our years of securing power across the portfolio are now translating into the largest leasing commitments in data center history. I talked about it last quarter. Having a power bank that is ready to go for our customers is comparative advantage.

隨後，微軟在威斯康辛州建立了第二個園區，名為“燈塔”，這是一項耗資超過 150 億美元的開發項目，旨在支援不斷擴展的 OpenAI 和 Oracle Stargate 項目。這些具有里程碑意義的交易表明，我們多年來在整個投資組合中鞏固電力供應的努力，如今正轉化為資料中心歷史上最大的租賃承諾。我上個季度就談到這個問題。為客戶提供隨時可用的行動電源是一項比較優勢。

Let me put this quarter's performance in a broader context. Continued financial performance and capital formation that advances us towards exceeding our full year objectives. But what makes this quarter truly distinctive is how our strategic positioning around power is creating differentiated outcomes at the portfolio level. For years, we've talked about the importance of power as the critical constraint in the AI era. Today, we're seeing that thesis play out in real time and DigitalBridge is leading from the front.

讓我把本季的業績放在一個更廣泛的背景下進行分析。持續的財務表現和資本累積將推動我們超越全年目標。但本季真正與眾不同之處在於，我們圍繞電力產業的策略定位正在投資組合層面創造差異化的結果。多年來，我們一直在討論權力作為人工智慧時代關鍵限制因素的重要性。今天，我們正在實時見證這一理論的實現，而 DigitalBridge 正走在前面。

Next page, please. As I've referenced, year-to-date capital formation of $4.1 billion positions the firm to surpass our financial targets. We achieved our $40 billion FEEUM target one quarter ahead of schedule, reaching $40.7 billion as of the third quarter. This milestone reflects both the strength of demand for digital infrastructure and the execution capabilities of the DigitalBridge Global platform.

請翻到下一頁。正如我之前提到的，今年迄今的資本形成額已達 41 億美元，這使得公司能夠超越我們的財務目標。我們提前一個季度實現了 400 億美元的 FEEUM 目標，截至第三季達到 407 億美元。這項里程碑既反映了市場對數位基礎設施的強勁需求，也反映了 DigitalBridge Global 平台的執行能力。

The record FEEUM today translates directly into revenue and earnings growth. We're seeing particularly robust activity in co-invest, where third quarter fee rates continue to expand relative to historic levels, up to 70 basis points in Q3. I talked about this earlier this year in multiple quarters. We're very focused on expanding margins in our co-investment program and we're getting it done. That's the key. We're executing.

今天創紀錄的 FEEUM 直接轉化為收入和利潤成長。我們看到共同投資領域活動特別活躍，第三季費率相對於歷史水準持續上漲，第三季漲幅高達 70 個基點。我今年早些時候曾在多個季度談到這個問題。我們非常注重擴大共同投資項目的利潤率，而且我們正在實現這一目標。這是關鍵所在。我們正在執行。

We're finalizing our flagship strategy capital formation, targeting over $7 billion in the next few weeks as we head into the end of the year. Our focus has pivoted to the second credit strategy and our new offerings in power, stabilized data centers, and private wealth that will drive our 2026 capital formation. Having a new product pipeline that sets you up for success is really what it's about in terms of being an alternative asset manager where we have a multi-strategy platform. This is the full effect of DigitalBridge as a full alternative asset manager.

我們正在敲定旗艦戰略資本籌集計劃，目標是在年底前幾週籌集超過 70 億美元。我們的重點已轉向第二項信貸策略以及我們在電力、穩定資料中心和私人財富方面的新產品，這將推動我們 2026 年的資本形成。對於我們這樣的另類資產管理公司而言，擁有一個能夠幫助你走向成功的新產品線才是真正的關鍵所在，因為我們擁有一個多策略平台。這就是 DigitalBridge 作為一家全方位另類資產管理公司的全部作用。

This is on display for all of our investors as we push forward into 2026.Next slide, please. Now I want to talk about a key component of our private wealth strategy, the partnership we announced with Franklin Templeton in the third quarter to launch our first programmatic private wealth distribution channel. At its heart, the partnership is about democratizing access to institutional quality, differentiated digital and energy infrastructure investments that were previously reserved for institutions.

我們將向所有投資者展示這些內容，並展望2026年。請看下一張投影片。現在我想談談我們私人財富策略的一個關鍵組成部分，即我們在第三季宣布與富蘭克林鄧普頓建立的合作夥伴關係，以推出我們第一個程序化私人財富分銷管道。這項合作的核心在於使原本只有機構才能獲得高品質、差異化的數位和能源基礎設施投資的機會更加普及。

Franklin Templeton is a $1.6 trillion global investment leader, and their CEO Jenny Johnson has prioritized this initiative as growing alternative investment portfolios. Importantly, Franklin Templeton are building a diversified, open-ended infrastructure solution that has the ability to invest across all infrastructure subsectors. They intend to compete head-on with the mainstream supermarket asset managers.

富蘭克林鄧普頓是一家管理 1.6 兆美元資產的全球領先投資公司，其執行長珍妮·約翰遜已將此項舉措列為發展另類投資組合的優先事項。重要的是，富蘭克林鄧普頓正在建立一個多元化、開放式的基礎設施解決方案，該解決方案有能力投資所有基礎設施子產業。他們打算與主流超市資產管理公司展開正面競爭。

On our side, we're bringing our $100 billion plus in assets under management, and our position as the leading digital infrastructure specialist across data centers, cell towers, fiber networks, digital energy, and edge infrastructure. We're partnering with our friends at Copenhagen Infrastructure Partner, the world's largest dedicated greenfield energy fund manager with $37 billion in AUM and is backed by our friends at General Atlantic with their deep sustainable infrastructure expertise.

我們這邊，我們擁有超過 1000 億美元的管理資產，並且是資料中心、蜂窩塔、光纖網路、數位能源和邊緣基礎設施等領域領先的數位基礎設施專家。我們與哥本哈根基礎設施合作夥伴公司（Copenhagen Infrastructure Partner）合作，該公司是全球最大的專注於新建能源基金的管理公司，管理資產規模達 370 億美元，並得到了擁有深厚可持續基礎設施專業知識的通用大西洋投資集團（General Atlantic）的支持。

And for their part, Franklin will focus their accredited investor product on the mass affluent segment in the market, a difficult segment to access without significant investment in sales infrastructure. They have a sales force of over 600 people, giving them strong distribution capabilities and reach. The strategic rationale here is compelling. Together, we're focused on a massive investment opportunity. There's a $94 trillion dollar global infrastructure need by 2040.

而富蘭克林方面，將把他們的合格投資者產品重點放在市場上的大眾富裕階層，這是一個如果沒有對銷售基礎設施進行大量投資就很難進入的階層。他們擁有超過 600 人的銷售團隊，這使他們具備了強大的分銷能力和覆蓋範圍。此處的戰略理由十分充分。我們共同關注著一個巨大的投資機會。到2040年，全球基礎設施需求將達到94兆美元。

We're positioned at a pivotal inflection point as AI, electrification, and connectivity megatrends accelerate infrastructure demand. Now, why does this matter for you, our Digi shareholders? Look, first there's 3 reasons. One, evergreen capital. This is an incremental source of capital and FEEUM that layers over time in a long duration structure. Second, it's an earnings contributor. Fee revenues convert to fee-related earnings as the platform scales.

我們正處於一個關鍵的轉折點，人工智慧、電氣化和互聯互通等大趨勢正在加速基礎設施需求的成長。那麼，這對我們Digi的股東來說，又有什麼關係呢？首先，有三個原因。一、常青資本。這是一個逐步累積的資本和 FEEUM 來源，它會隨著時間的推移在長期結構中不斷疊加。其次，它也是獲利貢獻者。隨著平台規模的擴大，手續費收入會轉化為與手續費相關的收益。

And then third, earlier carry realization. The potential private wealth carry is paid as accrued earlier than our traditional institutional structure. This partnership launches exactly at the right time and it supports our strategy of building a multi-channel approach to wealth sales.

第三，更早實現避險。潛在的私人財富收益將比我們傳統的機構結構更早地以累積方式支付。此次合作的推出恰逢其時，它支持了我們建立多通路財富銷售模式的策略。

It enables us to reach multiple client segments across the broader wealth universe. There's a secular migration of wealth management allocations to private infrastructure. This is happening. The institutional quality solutions we designed are meant to provide stable inflation-linked cash flows with resilience through economic cycles.

它使我們能夠觸及更廣泛的財富領域中的多個客戶群。財富管理配置正逐漸轉移到私人基礎設施領域。這正在發生。我們設計的機構級解決方案旨在提供穩定的、與通膨掛鉤的現金流，並使其能夠抵禦經濟週期波動的影響。

We're capturing what we believe is a massive opportunity, and Franklin Templeton gives us distribution platform and private wealth client access to do it at scale, and that's the key component that we're doing this at scale. Next slide, please. Let me bring this all together with what I believe is the defining characteristic of the DigitalBridge portfolio today, our power bank.

我們認為這是一個巨大的機遇，而富蘭克林鄧普頓為我們提供了分銷平台和私人財富客戶管道，使我們能夠大規模地實現這一目標，這是我們能夠大規模實現這一目標的關鍵因素。請看下一張投影片。讓我把所有這些與我認為是 DigitalBridge 產品組合中最具代表性的特點——我們的行動電源——聯繫起來。

And to be credible and to be honest with our customers today, if you don't have a power bank, you really can't have a conversation in terms of leasing megawatts and gigawatts. Last quarter I highlighted this. We have over 20 gigawatts of total secure power across our data center portfolio. That's not a projection, that's actual power that we can access.

為了贏得客戶的信任和誠實，如果你沒有行動電源，你就真的無法談論租賃兆瓦和吉瓦的事宜。上個季度我重點強調了這一點。我們的資料中心組合擁有超過 20 吉瓦的總安全電力供應。那不是預測，那是我們可以實際獲得的力量。

That's critical to understand that this is not a hope dividend or something that we're trying to accomplish. This is power that exists inside of existing land, existing facilities, existing campuses, with our 11 existing platforms. In the third quarter, we put that power bank to work and leased a record 2.6 gigawatts across the DigitalBridge portfolio.

這一點至關重要，我們需要明白，這並不是一種希望紅利，也不是我們試圖達成的目標。這是存在於現有土地、現有設施、現有校園以及我們現有的 11 個平台上的力量。第三季度，我們充分利用了這個儲能係統，在 DigitalBridge 旗下所有項目中租賃了創紀錄的 2.6 吉瓦電力。

To put that in perspective, that represents 1/3 of total record US hyperscale leasing for the quarter. 1/3. That's not market share, that's market dominance in the most important segment of the data center industry today. Here's what it means in practical terms. When the world's largest technology companies need to deploy AI infrastructure scale, they come to our portfolio companies. They come because the portfolio companies have a long track record of delivering for them and because they've got the power.

換個角度來看，這相當於該季度美國超大規模租賃總額的三分之一，創歷史新高。1/3。那不是市場份額，而是當今資料中心產業最重要細分市場的市場主導地位。這就是它的實際意義。當全球最大的科技公司需要部署大規模人工智慧基礎設施時，他們會來找我們投資組合中的公司。他們之所以選擇投資，是因為投資組合公司長期以來一直為他們帶來收益，而且他們擁有強大的實力。

And in today's environment, power is everything. You cannot build a 1 gigawatt AI campus without one gigawatt of power. It's just that simple. Ultimately, the 2.6 gigawatts of third quarter leasing translates directly into new capital formation, the revenues and carried interest, and long-term value creation. These are decade-plus contracts with investment-grade counterparties. The revenue visibility is exceptional, and the returns are improving relative to what we underwrote when the power was originally sourced.

在當今環境下，權力就是一切。沒有1吉瓦的電力，就建不出1吉瓦的人工智慧園區。就這麼簡單。最終，第三季 2.6 吉瓦的租賃量直接轉化為新的資本形成、收入和附帶權益，以及長期價值創造。這些都是與投資等級交易對手簽訂的超過十年的合約。收入可見度極佳，而且相對於我們最初採購電力時的預期收益，回報正在增加。

So, as you think about DigitalBridge's positioning today, think about it this way: 1, we have the power; 2, we have the platforms; 3, we have the customer relationships; and 4, we are executing. That combination is creating outcomes that very few firms in the world can deliver. I would argue we're actually the only firm that can deliver it on a global basis. And we're only in the early innings of this cycle. I cannot be more excited about this development. Again, this has been set up. This has been our conversation with you, our investors, for the last three quarters.

所以，在思考 DigitalBridge 目前的市場定位時，可以這樣想：1，我們擁有實力；2，我們擁有平台；3，我們擁有客戶關係；4，我們正在執行。這種組合所取得的成果，是世界上極少數公司能夠實現的。我認為我們實際上是唯一一家能夠在全球範圍內提供這種服務的公司。而我們目前還處於這個週期的早期階段。我對此進展感到無比興奮。再次說明，這已經安排好了。過去三個季度，我們一直與各位投資人進行這樣的對話。

How would we translate this 20+ gigawatt power bank into comparative advantage? This is as easy as you can see it for investors today. We have the capability, we have the advantage, and we're executing. Next slide, please. Now, let me put the power bank into broader context of what we're building across the entire DigitalBridge portfolio. Look across our 11 data center platforms, we're deploying significant capital to support the growth of the AI ecosystem on a truly global scale, catalyzing development from hyperscale to private cloud to the edge spanning North America, Europe, Asia Pacific, and Latin America. And the key to this is it's a customer-driven investment model, following the logos to where the hyperscale, enterprise, and cloud customers are demanding capacity.

我們如何將這超過 20 吉瓦的儲能設備轉化為比較優勢？對現今的投資人來說，這已經是你能想像的最簡單明了的事了。我們有能力，我們佔優勢，而且我們正在執行。請看下一張投影片。現在，讓我把這款行動電源放在我們正在建造的整個 DigitalBridge 產品組合的更廣闊的背景下進行講解。縱觀我們的 11 個資料中心平台，我們正在投入大量資金，以支援人工智慧生態系統在全球範圍內的發展，加速從超大規模到私有雲再到邊緣運算的發展，覆蓋北美、歐洲、亞太和拉丁美洲。關鍵在於，這是一種以客戶為中心的投資模式，跟隨超大規模、企業級和雲端客戶的需求，前往他們需要容量的地方。

In North America, Switch, Vantage, Databank, and Expedient are each scaling to meet differentiated customer segments, from the largest hyperscale AI workloads to enterprise edge computing. In Europe, Vantage and Yonder, our newest platform, is building out critical capacity across multiple markets. Manage Asia PAC and AIMS are positioning for rapid growth in Asia Pacific, while Scala continues to lead in Latin America, and Atlas Edge is capturing the emerging opportunities at the intersection of connectivity and computing in Europe, where inferencing will come into full focus in the next decade.

在北美，Switch、Vantage、Databank 和 Expedient 都在不斷擴展規模，以滿足不同的客戶群體，從最大的超大規模 AI 工作負載到企業邊緣運算。在歐洲，Vantage 和我們最新的平台 Yonder 正在多個市場建立關鍵容量。Manage Asia PAC 和 AIMS 正在為亞太地區的快速成長做好準備，而 Scala 繼續在拉丁美洲保持領先地位，Atlas Edge 則正在抓住歐洲連接和計算交叉領域的新興機遇，推理將在未來十年成為歐洲關注的焦點。

We have the products for every type of workload. And we have the products for every type of workload and every geography. This is by far the most unique and differentiated data center platform in the world. What makes us powerful is the diversity and complementarity of these platforms. We're not a one-product shop. We have the right platform for hyperscale GPU compute, for private cloud workloads, for enterprise co-location, edge infrastructure, and of course now we move to inferencing.

我們擁有適用於各種工作負載的產品。我們擁有適用於各種工作負載和各種地理位置的產品。這是迄今為止世界上最具獨特性和差異化的資料中心平台。我們之所以強大，是因為這些平台的多樣性和互補性。我們不是只賣一種產品的商店。我們擁有適用於超大規模 GPU 運算、私有雲工作負載、企業託管、邊緣基礎架構的合適平台，當然，現在我們正轉向推理。

That breadth means we can serve the full spectrum of AI infrastructure demands. And it means our customer relationships deepen as their core requirements evolve. And that's what I love. I love evolving with customers, just like we did 30 years ago when we evolved with towers from analog to digital into multiple different technologies over the last few decades. We're capturing that same business model with our customers today in data centers.

這種廣度意味著我們可以滿足人工智慧基礎設施的各種需求。這意味著隨著客戶核心需求的變化，我們與客戶的關係也會不斷加深。這就是我喜歡的地方。我喜歡與客戶共同發展，就像 30 年前我們與客戶共同發展一樣，當時我們與客戶一起從類比訊號塔發展到數位訊號塔，並在過去幾十年中發展到多種不同的技術。如今，我們正在資料中心領域為客戶實現同樣的商業模式。

The capital we're deploying across these platforms is measured in tens of billions of dollars over the next several years. It's directly tied to contracted customer demand and secured power positions. This is DigitalBridge's competitive advantage at scale a global platform with local expertise backed by institutional capital, following customer demand and enabled by our market-leading power bank. So, with that exciting overview, let me turn over the call to Tom to walk you through the financial details, and I'll come back later to wrap it up. Tom.

未來幾年，我們將在這些平台上投入數百億美元的資金。這與已簽訂合約的客戶需求和已建立的電力地位直接相關。這就是 DigitalBridge 的規模化競爭優勢：一個擁有本地專業知識的全球平台，有機構資本的支持，滿足客戶需求，並由我們市場領先的強大財團提供支持。好了，有了以上精彩的概述，現在讓我把電話交給湯姆，讓他為大家講解財務細節，稍後我會回來總結。湯姆。

Thanks, Marc, and good morning everyone. As a quick reminder, the full earnings presentation is available within the shareholders section of our website. As Mark discussed, we had an exceptionally strong third quarter, supported by continued capital formation in our flagship fund series, which generates high margin catch-up fees. Throughout my remarks, I'll highlight the impact of these catch-up fees in order to provide a baseline for our prospective performance once we complete the fundraise for our current flagship fund in the 4th quarter.

謝謝你，馬克，大家早安。再次提醒，完整的收益報告可在我們網站的股東專區查看。正如馬克所討論的，我們第三季度業績異常強勁，這得益於我們旗艦基金系列的持續資本積累，該系列基金產生了高利潤的追趕費用。在我的演講中，我將重點闡述這些追趕費用的影響，以便為我們在第四季度完成當前旗艦基金的募資後，預期業績提供一個基準。

Starting with the financial highlights. In the third quarter, we recorded $93 million of fee revenue, representing an increase of 22% over the third quarter of 2024. Our fee revenue this quarter benefited from the cumulative effect of organic growth in our fellowship fund series and co-investments over the last 12 months with an $8 million dollar contribution from catch-up fees in the third quarter.

首先來看財務亮點。第三季度，我們錄得 9,300 萬美元的費用收入，比 2024 年第三季成長了 22%。本季我們的費用收入受惠於過去 12 個月獎學金基金系列和共同投資的自然成長的累積效應，第三季追繳費用貢獻了 800 萬美元。

This growth in fee revenue resulted in $37 million of FRE in the quarter, an increase of 43% over Q3 of last year, and putting us on track to hit or potentially exceed the top end of the range for our 2025 full year FRE guidance. Excluding catch-up fees, FRE for the quarter would have been $29 million, an increase of 36% year over year.

費用收入的成長使本季度 FRE 達到 3,700 萬美元，比去年第三季成長 43%，使我們有望達到甚至超過 2025 年全年 FRE 指引範圍的上限。如果不包括追趕費用，該季度的 FRE 為 2,900 萬美元，年增 36%。

Growth in FRE resulted in distributable earnings of $22 million for the quarter, representing a double year over year. As of quarter end, our available corporate cash was $173 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. We also currently hold $54 million of warehouse investments on our balance sheet to support the launch of new power and private wealth strategies, which we expect to recycle over the next year as we raise third-party capital for these products.

FRE 的成長使該季度可分配收益達到 2,200 萬美元，比去年同期翻了一番。截至季末，我們可用的公司現金為 1.73 億美元，這為我們提供了重要的流動性和靈活性，以便我們可以繼續評估我們的資本結構以及投資和發展業務的機會。我們目前在資產負債表上持有 5,400 萬美元的倉儲投資，以支持推出新的電力和私人財富策略，我們預計在未來一年內，隨著我們為這些產品籌集第三方資金，這些投資將會被循環利用。

Moving to the next page, fee earning equity under management increased to $40.7 billion as of September 30th, representing a 19% increase from last year. This growth is primarily driven by capital formation in the DBP series and co-investments, as well as fees activated upon deployment of previously raised capital. We closed $1.6 billion in new fee earning commitments during the quarter, led by strong co-investment activity and new commitments to our latest DVP flagship fund.

翻到下一頁，截至 9 月 30 日，收費權益管理規模增至 407 億美元，比去年增加 19%。這一成長主要由 DBP 系列和共同投資的資本形成以及先前籌集的資本部署時產生的費用所驅動。本季我們獲得了 16 億美元的新收費承諾，這主要得益於強勁的共同投資活動以及對我們最新 DVP 旗艦基金的新承諾。

Turn to the next page, which summarizes our non-GAAP financial results. As mentioned earlier, we reported $93 million of fee revenue in the quarter, representing growth of 22% over the same quarter in the prior year. Our LTM FRE margin was 38% as of the third quarter. We expect FRE margins to remain elevated through the final close of our flagship fund in the 4th quarter of 2025, supported by the continued contribution from catch-up fees.

請翻到下一頁，其中總結了我們的非GAAP財務表現。如前所述，本季我們實現了 9,300 萬美元的費用收入，比去年同期成長了 22%。截至第三季末，我們的過去12個月自由零售利潤率為38%。我們預計，在追趕費用的持續貢獻下，FRE 利潤率將在 2025 年第四季我們旗艦基金最終完成募集之前保持高位。

Moving to the next page, which summarizes our carried interest and principal investment income, we reported a $20 million dollar reversal of carried interest during the quarter. As a reminder, the company accrues carried interest based on quarterly changes in the fair value of our fund investments. As discussed previously, many of our vehicles are in the early to middle stages of their life cycle and not fully worked their way through the J curve to be entirely clear of the preferred return.

下一頁總結了我們的附帶權益和本金投資收益，我們報告稱，本季附帶權益衝回了 2,000 萬美元。再次提醒，公司按季度根據基金投資公允價值的變化提列收益權益。如前所述，我們的許多車輛仍處於生命週期的早期到中期階段，尚未完全走完 J 型曲線，因此尚未完全擺脫首選回報。

So at this point in their life cycle, small changes in the fair value of the fund assets can have an outsized impact on the quarterly accrued carry interest that we report, including causing reversals as we've seen this quarter in periods when the appreciation in the portfolio does not exceed the preferred return hurdle for the quarter.

因此，在基金生命週期的這個階段，基金資產公允價值的微小變化可能會對我們報告的季度應計收益權益產生巨大的影響，包括導致收益逆轉，就像我們本季度所看到的那樣，當投資組合的增值沒有超過該季度的優先回報門檻時。

As we've discussed in prior quarters, carried interest compensation expense tracks these changes and therefore there was a commensurate reversal of a portion of the unrealized carried interest compensation this quarter. Principal investment income, which represents the mark to market on the company's GP investments in our various funds, was $25 million.

正如我們在前幾個季度討論的那樣，附帶權益補償費用會追蹤這些變化，因此本季部分未實現的附帶權益補償也相應進行了衝回。本金投資收益（代表公司對旗下各基金的普通合夥人投資的市值）為 2,500 萬美元。

Turning to the next page, this chart continues to highlight the stability and consistency in growth both in revenues and margin that we've experienced over the last two years. We've included this quarter FRE metrics, both gross and net of catch-up fees, given the more meaningful contribution from catch-up fees this year as we close out the fundraising period for our most recent DVP fund. LTM margin, excluding catch-up fees, has grown to 33% as of September 30.

翻到下一頁，這張圖表繼續突顯了我們在過去兩年中在收入和利潤率方面所經歷的穩定和持續成長。鑑於今年追繳費用的貢獻更為顯著，因為我們最新的 DVP 基金的募資期即將結束，所以我們納入了本季度的 FRE 指標，包括總額和扣除追繳費用後的淨額。截至 9 月 30 日，不計追趕費用的 LTM 利潤率已成長至 33%。

This quarter we saw $1.1 billion of FEEUM inflows, a significant portion of which was related to the activation of fees on previously raised co-investment capital. These inflows were partially offset by approximately $100 million of outflows. Finally, the company continues to maintain a strong balance sheet with approximately $1.7 billion of corporate assets, largely reflecting our material investments alongside our limited partners and available corporate cash. We're pleased with our results through the first 3 quarters of the year, and we're very excited about the opportunities that we see ahead of us, both in our core business and some of the new initiatives that we're working on. With that, I'll turn the call back over to Marc.

本季我們看到 FEEUM 流入 11 億美元，其中很大一部分與啟動先前籌集的共同投資資本的費用有關。這些資金流入被約 1 億美元的資金流出部分抵銷。最後，公司繼續保持強勁的資產負債表，擁有約 17 億美元的公司資產，這主要反映了我們與有限合夥人的重大投資以及可用的公司現金。我們對今年前三個季度的業績感到滿意，並且對未來看到的機會感到非常興奮，無論是在核心業務方面，還是在我們正在進行的一些新舉措方面。這樣，我就把電話轉回馬克了。

Thanks, Tom. Now I want to shift gears and talk about our investment activity and how we're creating value to our portfolio companies. As a reminder of the framework we outlined last quarter, our competitive advantage is built on a 3-decade operational framework that delivers repeatable value creation. The Digit Ridge development model has 3 phases. Phase one: we established platforms, we back great CEOs, we build great companies. We identify and acquire the right platform and the team to capitalize on unique digital infrastructure opportunities.

謝謝你，湯姆。現在我想轉換主題，談談我們的投資活動以及我們如何為投資組合公司創造價值。回顧我們上個季度概述的框架，我們的競爭優勢建立在一個持續30年的營運框架之上，該框架能夠創造可重複的價值。Digit Ridge開發模式分為3個階段。第一階段：我們建立平台，我們支持優秀的CEO，我們打造偉大的公司。我們尋找並收購合適的平台和團隊，以充分利用獨特的數位基礎設施機會。

This is about pairing capital and operating expertise with the right strategic business plan around both greenfield development and strategic M&A. You've heard me call before. This is the build and buy. We move to the second phase, which is about transforming and scaling. Once we have that platform, we have the right team. We execute operational transformation to improve margins. Grow the business in scale efficient. And then phase 3, follow the logos.

這指的是將資金和營運專業知識與正確的策略業務計劃相結合，以促進綠地開發和策略併購。你以前聽過我打電話。這是自建和購買模式。我們進入第二階段，即轉型和規模階段。一旦我們有了這個平台，我們就有了合適的團隊。我們透過實施營運轉型來提高利潤率。以高效率的方式擴大業務規模。然後是第三階段，跟著標誌走。

This is our customer-driven investment framework. We allocate capital and resources to support network growth where our customers are demanding that capacity. We don't build data centers or cell towers or fiber networks on spec. Never have. Haven't done it in 32 years, we wouldn't start now. We follow the logos. We go to where Microsoft or Oracle, any of the hyperscalers are telling us they need capacity, and we show up for them. With strong intention and execution.

這是我們以客戶為中心的投資框架。我們根據客戶的需求，調配資金和資源來支持網路成長。我們不會隨意建造資料中心、基地台或光纖網路。從來沒有。32年來都沒做了，現在也不會開始做。我們跟隨標誌。微軟、甲骨文，或任何一家超大規模資料中心營運商告訴我們他們需要容量的地方，我們都會去滿足他們的需求。憑藉堅定的決心和執行力。

This framework has delivered repeatable value creation for 3 decades. That's what's driving the results you're seeing at Vantage, Databank, Switch, and our other platforms today. We've been applying this playbook consistently and it works. It's worked for a long time now. Let me take you through several new initiatives and transactions that demonstrate this model in action. Next slide, please. In September, we announced that GIC and Audia, both existing Vantage partners, are investing $1.6 billion to scale Vantage Asia Pacific platform to 1 gigawatt of capacity.

該框架已連續30年創造可重複的價值。這就是您今天在 Vantage、Databank、Switch 和我們的其他平台上看到的結果的驅動因素。我們一直堅持運用這套策略，而且效果顯著。它一直都行之有效。讓我帶您了解幾個新的舉措和交易，它們將向您展示這種模式的實際應用。請看下一張投影片。9 月，我們宣布 Vantage 的現有合作夥伴 GIC 和 Audia 將投資 16 億美元，將 Vantage 亞太平台的容量擴大到 1 吉瓦。

This investment supports the Johor campus acquisition and broader regional expansion across 5 markets. So, let me unpack that for you and why it really matters. Singapore used to be a traditional data center hub in Southeast Asia. The land, power, and regulatory constraints had led to a moratorium at one point. And that leads to limited growth. Now, along comes Johor, just across the border in Malaysia, has emerged as a natural overflow market.

這項投資將用於支持柔佛校區的收購以及在 5 個市場的更廣泛的區域擴張。那麼，讓我來為你詳細解釋一下，以及為什麼這真的很重要。新加坡曾經是東南亞傳統的資料中心樞紐。土地、電力和監管方面的限制一度導致工程暫停。這會導致成長受限。現在，與馬來西亞接壤的柔佛州已經發展成為一個天然的溢出市場。

Much like we executed that strategy in Reno, Nevada, when it became clear to us that Santa Clara had the same type of issues. So, it offers lower cost, proximity to Singapore, less than one millisecond, and dark fiber connectivity to the Singapore hub. So, from a customer's perspective, it functions almost like an extension of Singapore, but with better economics and available power. This sounds really familiar, doesn't it? This is exactly what we did with Switch in Reno, where we have today over 1.8 gigawatts of compute available for our customers in Reno. We're running that same playbook here in Johor.

就像我們在內華達州里諾市執行該策略一樣，當時我們清楚地認識到聖克拉拉市也存在同樣的問題。因此，它具有成本更低、靠近新加坡、延遲不到一毫秒以及與新加坡樞紐的暗光纖連接等優點。因此，從客戶的角度來看，它幾乎就像新加坡的延伸，但經濟效益更好，電力供應更充足。聽起來是不是很耳熟？這正是我們在裡諾的 Switch 專案中所做的事情，如今我們在裡諾為客戶提供了超過 1.8 吉瓦的運算能力。我們在柔佛州也採用了同樣的策略。

The APAC data center market is growing at double-digit growth rates and is expected to reach $77 billion by 2030. 72% of organizations tie their data strategy directly to AI initiatives, which means the demand for data center capacity in the region is only going to accelerate. So, again, using the same playbook, we brought in new leadership last year to position the region for growth.

亞太地區資料中心市場正以兩位數的速度成長，預計到 2030 年將達到 770 億美元。 72% 的組織將其資料策略與人工智慧計畫直接連結起來，這意味著該地區對資料中心容量的需求只會加速成長。因此，我們再次沿用同樣的策略，去年引進了新的領導階層，為該地區的成長做好準備。

Jeremy Deutsch joined as the President of APAC in October 2024. He previously served as the President of APAC at Equinix, an organization that we have a lot of respect for, with over 20 years of operating experience. He expanded Equinix into 5 countries during his tenure and was the inaugural chair of the Asia Pacific Data Center Association. Jeremy is exactly the kind of world-class operator I love partnering with. And I'm looking forward to building this platform with him. He's doing a great job for us.

Jeremy Deutsch 於 2024 年 10 月加入公司，擔任亞太區總裁。他曾擔任 Equinix 亞太區總裁，我們非常尊重 Equinix 這家公司，該公司擁有超過 20 年的營運經驗。在他的任期內，他將 Equinix 的業務拓展到了 5 個國家，並且是亞太地區資料中心協會的首任主席。傑里米正是我最樂於合作的那種世界級經營者。我期待與他一起搭建這個平台。他為我們做得非常出色。

The strategic growth drivers here are clear. Singapore's spillover demand creates a natural customer base. AI-fueled demand is accelerating across the region. We're positioned with the right platform, the right leadership, the right capital partners in GIC and Audia. The investment is expected to close in the fourth quarter of 2025, and it represents another example of how we're following the logos in the key markets, not only in Johor, but of course Kuala Lumpur, Melbourne, Sydney, Osaka.

此處的策略成長驅動因素很明確。新加坡的溢出需求創造了一個自然的客戶群。人工智慧驅動的需求正在該地區加速成長。我們擁有合適的平台、合適的領導層，以及合適的資本合作夥伴——新加坡政府投資公司 (GIC) 和 Audia。這項投資預計將於 2025 年第四季完成，這再次表明我們正在關注關鍵市場的標誌，不僅在柔佛州，當然還有吉隆坡、墨爾本、雪梨、大阪。

These are the growth markets for AI in Asia. Our hyperscale customers are telling us they need capacity in the region, and we're getting ready to set to deliver to that at scale. Next slide, please. Let me talk about two landmark developments that demonstrate the power of our strategic position. Manages Frontier and Lighthouse mega campuses representing a combined $40 billion investment and over 2.4 gigawatts of GPU compute capacity.

這些是亞洲人工智慧的成長市場。我們的超大規模客戶告訴我們，他們需要該地區的產能，我們正準備大規模地滿足他們的需求。請看下一張投影片。讓我談談兩個具有里程碑意義的發展，它們體現了我們戰略地位的強大力量。管理 Frontier 和 Lighthouse 大型園區，總投資達 400 億美元，GPU 運算能力超過 2.4 吉瓦。

What you're seeing here in DigitalBridge backing the build-out of an entirely new generation of computer infrastructure. The revolution requires fundamentally different infrastructure than what the cloud demanded. Our power density, different cooling technologies, most importantly, access to power at giga scale. These campuses represent our response to that transformation. Both are long-term contracted release facilities, not speculative development.

現在您看到的是 DigitalBridge 為建立全新一代電腦基礎設施所做的貢獻。這場變革需要與雲端運算所需的基礎設施截然不同的基礎設施。我們的功率密度、不同的冷卻技術，最重要的是，我們能夠獲得千兆級的電力。這些校園代表了我們對這種轉變的回應。兩者都是長期合約式的釋放設施，而不是投機性開發案。

We have long-term commitments from Oracle, OpenAI, and leading cloud providers. The revenue visibility is exceptional. The returns are attractive, and the strategic importance to our customers is undeniable. This is DigitalBridge enabling the infrastructure backbone for the most advanced AI workloads in the world. Frontier's in Texas, $25 billion across 1,200 acres in Shackelford County, delivering 1.4 gigawatts of ultra-high-density racks supporting 250 kilowatts and above.

我們與 Oracle、OpenAI 和領先的雲端服務供應商簽訂了長期合作協議。收入可見性極佳。回報豐厚，對我們的客戶而言具有不可否認的策略重要性。這是 DigitalBridge，它為全球最先進的 AI 工作負載提供了基礎設施骨幹。Frontier 在德州沙克爾福德縣投資 250 億美元，佔地 1200 英畝，建造了 1.4 吉瓦的超高密度機架，支援 250 千瓦及以上的功率。

Lighthouse up north in Wisconsin represents $15 billion delivering 1 gigawatt, with potential for more with the Stargate program distinguished by the development of new renewable capacity, the largest behind-the-meter renewable commitment in the United States today. Together, these projects create over 9,000 jobs, represent billions in regional economic impact.

位於威斯康辛州北部的燈塔項目投資 150 億美元，可提供 1 吉瓦的電力，而星門計劃則有更大的發展潛力，該計劃以開發新的可再生能源容量為特色，是目前美國最大的用戶後可再生能源承諾。這些項目加起來創造了超過9000個就業崗位，對區域經濟產生了數十億美元的影響。

But more importantly to our investors, they demonstrate that DigitalBridge has the capital, the expertise, the customer relationships, and the power positions to support infrastructure development at scale that very few platforms in the world can match. Constructions underway, with the first deliverables beginning in the second half of 2026.

但更重要的是，對於我們的投資者而言，這些都表明 DigitalBridge 擁有資金、專業知識、客戶關係和強大的實力，能夠大規模地支持基礎設施建設，而世界上很少有平台能夠與之匹敵。建設正在進行中，首批成果將於 2026 年下半年開始交付。

These are mission-critical facilities for some of the most important AI initiatives in the world. They validate our thesis, the controlling power and backing world-class operators creates differentiation and creates value in the AI area. We're very excited about these two developments, and it really catalyzes a lot of hard work. Congratulations to Syrell and the team at Vantage.

這些設施對於世界上一些最重要的AI項目至關重要。他們證實了我們的論點，控制權和世界一流營運商的支持創造了差異化，並在人工智慧領域創造了價值。我們對這兩項進展感到非常興奮，這確實會激發我們付出很多努力。恭喜Syrell和Vantage團隊。

Next slide, please. So what do Frontier and Lighthouse mean for [Jitterber] shareholders? Well, let me spell it out because this is where the value creation happens. First, higher fee co-invest. The attractive development economics of these projects enabled us to raise additional co-invest capital at Vantage fee rates. We're deploying and activating that co-invest capital as PM over the next 2+ years, which means growing fee streams for the projects and for you, our shareholders.

請看下一張投影片。那麼 Frontier 和 Lighthouse 對 [Jitterber] 股東意味著什麼？好吧，讓我詳細解釋一下，因為價值創造就發生在這裡。首先，更高的共同投資費用。這些項目具有良好的發展經濟效益，使我們能夠以 Vantage 費率籌集額外的共同投資資金。我們將在未來兩年多的時間裡，以專案經理的身份部署和啟動這筆共同投資資金，這意味著專案和你們——我們的股東——將獲得不斷增長的費用收入。

Second, Buried interest generation. We're expected to create significant value through carried interest as these developments stabilize for the next 3–5 years. Think about the map. We're investing in these projects to develop yields. They're going to stabilize at much higher valuation. And the appreciation flows as carried interest to DPRG and our shareholders over the next few years.

第二，潛在利息產生。預計在未來 3 至 5 年內，隨著這些發展趨於穩定，我們將透過附帶權益創造重大價值。想想地圖。我們投資這些項目是為了提高收益。它們的估值將會穩定在更高的水平。未來幾年，增值收益將以附帶權益的形式分配給 DPRG 和我們的股東。

Third, developing our LP base. These projects position our platform to attract institutional capital, specifically targeting AI infrastructure exposure. This broadens our LP base beyond traditional infrastructure allocators to include technology-focused investors, sovereign wealth funds focused on AI, and other pools of capital that are specifically interested in the sector that have not yet entered.

第三，發展我們的LP基礎。這些項目使我們的平台能夠吸引機構資本，特別是針對人工智慧基礎設施的投資。這使得我們的有限合夥人基礎從傳統的基礎建設資產配置者擴展到包括專注於技術的投資者、專注於人工智慧的主權財富基金，以及其他對該領域特別感興趣但尚未進入的資本池。

Now let me talk about the key strategic considerations because that's what creates our competitive advantage. First, scale advantage. Operating gigawatt scale generates structural advantages, superior unit economics, access to constrained power, and exclusive positioning for multi-gigawatt hyperscale requirements. Our customers cannot get this kind of scale from anybody else.

現在讓我談談關鍵的策略考量，因為這才是我們競爭優勢的來源。首先是規模優勢。吉瓦級規模的營運能夠帶來結構優勢、卓越的單位經濟效益、獲取受限電力以及滿足多吉瓦級超大規模需求的獨特優勢。我們的客戶無法從其他任何地方獲得這種規模的產品。

Second, premium workloads. These campuses are built for the most advanced AI applications. That means higher average pricing and investment-grade hyperscale counterparts. This is the best risk-adjusted business you can do in real estate today.

其次，是高階工作負載。這些園區是為最先進的人工智慧應用而建造的。這意味著更高的平均價格和投資等級的超大規模資料中心。這是目前房地產領域風險調整後收益最高的投資項目。

Third, power differentiation. Distributed power delivery scale is our critical advantage. Frontier represents the largest behind-the-meter power development in the United States today. That didn't happen by accident. That happened because we've been working on power for years. We talked about in our last earnings call, the power of our partnership with Arclight, our digital power strategy, and what we're doing to ultimately put power back into the grid and base look.

第三，權力差異。分散式電力傳輸規模是我們的關鍵優勢。Frontier 是目前美國最大的用戶後電力開發案。這並非偶然發生。那是因為我們多年來一直在研究電力問題。我們在上次財報電話會議上談到了我們與 Arclight 的合作優勢、我們的數位化電力策略，以及我們最終將電力重新投入電網和基礎架構所做的工作。

Together, these $40 billion dollar developments represent watershed investments for Vantage and for Digital Ridge. They deliver unprecedented scale for the build-out of cornerstone AI hubs serving hyperscale demand and they demonstrate better than anything I could say in a prepared remark about our power bank strategy is working. I don't need to talk about it. This is the evidence. This is on display.

這兩項總投資 400 億美元的開發項目，對 Vantage 和 Digital Ridge 而言，都是具有里程碑意義的投資。它們為建立滿足超大規模需求的核心人工智慧中心提供了前所未有的規模，並且比我事先準備好的任何發言都更能證明我們的「能量庫策略」正在奏效。我沒必要談論這件事。這就是證據。這是正在展出的。

Next slide, please. So, let me close by putting it all together in terms of our context for our 2025 priorities and where we stand heading into the final quarter of the year. And what we delivered year-to-date, we're achieving organic growth with management revenue and pre-related earnings both up 20% year over year. Even excluding the impact of catch-up fees. We achieved our FIM target one quarter early, exceeding our 2025 target in the third quarter, and we're tracking to meet or exceed our 2025 metrics on FRE and margins.

請看下一張投影片。最後，讓我把所有內容總結一下，談談我們 2025 年的優先事項以及我們在今年最後一個季度所處的位置。今年迄今為止，我們實現了有機成長，管理收入和相關前收益均較去年同期成長 20%。即使不考慮補繳費用的影響。我們提前一個季度實現了 FIM 目標，在第三季度超過了 2025 年的目標，我們預計將達到或超過 2025 年的 FRE 和利潤率指標。

We launched new investment strategies and channels, specifically our programmatic private wealth strategy, Franklin Templeton. We've continued to maintain a strong balance sheet and liquidity with over $170 million in corporate cash and a growing asset base. And we've delivered a breakthrough record leasing across our global data center portfolio with 2.6 gigawatts in the third quarter and $40 billion in new development contracted.

我們推出了新的投資策略和管道，特別是我們的程序化私人財富策略—富蘭克林鄧普頓。我們持續保持強勁的資產負債表和流動性，擁有超過 1.7 億美元的公司現金和不斷增長的資產基礎。我們在第三季實現了全球資料中心組合租賃業績的突破性記錄，新增裝置容量達 2.6 吉瓦，新開發案簽約金額達 400 億美元。

Looking ahead to our year-end priorities for the 4th quarter, again, we're focused on delivering and exceeding our 2025 financial metrics with FRE achieving and/or exceeding our guidance. We're formally launching our new digital energy and stabilized data center strategies, and we're working to secure initial anchor commitments for one or both. We're building on our early private wealth momentum.

展望第四季的年末重點工作，我們將繼續專注於實現並超越 2025 年的財務指標，其中 FRE 將達到甚至超過我們的預期。我們將正式推出新的數位能源和穩定資料中心策略，並正在努力確保其中一項或兩項策略的初步核心投資承諾。我們正在鞏固早期私人財富累積的良好勢頭。

We targeted asset-specific investment opportunities, and we continue to evaluate strategic, creative M&A opportunities centered on adjacent asset managers. So, let me wrap it up with the final thoughts before we go into Q&A. This has been an exceptional quarter for DigitalBridge. What a change a year makes from where we were a year ago in terms of our inability to meet our guidance to where we are today, which is, to be H1st, a little bit on the front foot versus our back foot.

我們瞄準了特定資產的投資機會，並繼續評估以鄰近資產管理公司為中心的策略性、創新性的併購機會。那麼，在進入問答環節之前，讓我先總結一下我的想法。對於DigitalBridge來說，這是一個非凡的季度。一年時間，我們發生了多大的變化啊！從一年前無法達到指導方針到今天，我們已經從被動退縮，成為了 H1st，處於領先地位。

Yes, we delivered the strong financial results, but this is beyond the numbers. You have to look through what we're doing here. The quarter really proves out my strategic positioning around power and AI infrastructure and what it's doing is it's creating real substantial differentiated value for our portfolio, their customers, and our investor base.

是的，我們取得了強勁的財務業績，但這不僅體現在數字上。你必須仔細看看我們在這裡正在做的事情。本季充分證明了我圍繞電力和人工智慧基礎設施的策略定位是正確的，它正在為我們的投資組合、他們的客戶和我們的投資者群體創造真正的、實質的差異化價值。

Vantage announcements Frontier and Lighthouse represent over $40 billion of committed developments. These are not speculative projects. These are contracted previous facilities with the world's leading technology companies. They're generating fee streams today. They'll generate carried interest tomorrow. And they will demonstrate that we are having and we've created capabilities that cannot be replicated.

Vantage宣布的Frontier和Lighthouse專案代表著超過400億美元的承諾開發專案。這些並非投機性項目。這些是之前與世界領先科技公司簽訂合約的設施。他們現在正在產生費用收入。它們明天就能產生附帶權益。他們將證明我們擁有並創造了無法複製的能力。

The Franklin Templeton Partnership opens up a new distribution channel to Evergreen Capital. The APAC Investment positions us to be one of the fastest-growing global data center markets where we can grow in Asia Pacific with our key customers. Look, I've been in this business for three decades, and I've seen, and I've never seen a more compelling structural advantage than controlling power in the AI era. The demand is massive. The supply is constrained. And we're positioned better than anyone in the world to capitalize on this dynamic.

富蘭克林鄧普頓合夥公司為常青資本開闢了一個新的通路。亞太地區的投資使我們成為全球成長最快的資料中心市場之一，我們可以與我們的主要客戶一起在亞太地區實現成長。你看，我從事這個行業三十年了，我見過，也從未見過比在人工智慧時代控制權力更具說服力的結構性優勢。需求量龐大。供應受限。我們比世界上任何人都更有優勢，能夠充分利用這種趨勢。

The value that will accrue to our shareholders from this positioning over the next 5 to 10 years will be substantial. And I want to preface this by saying we're literally in the early innings. So, let's wrap it up. Super simple quarter, strong financial performance, record leasing driven by our power bank advantage, continued capital formation momentum, strategic expansion of our distribution channels, and a clear path to delivering on our long-term value objectives.

未來 5 到 10 年，這個策略佈局將為我們的股東帶來巨大的價值。首先我想說明一點，我們現在還處於比賽的早期階段。那麼，我們就此結束吧。本季業績非常簡單，財務表現強勁，在行動電源優勢的推動下租賃業務創下紀錄，資本形成勢頭持續強勁，分銷渠道戰略性擴張，並朝著實現長期價值目標邁出了清晰的步伐。

We're executing our plan. I'm excited about what's ahead, and I look forward to updating you on our continued progress. So with that, let's open up the line for questions. Thank you very much.

我們正在執行計劃。我對未來充滿期待，並期待向您報告我們的持續進展。那麼，接下來我們開始提問。非常感謝。

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

謝謝。接下來我們將進行問答環節。（操作說明）

Michael Elias, TD Cowen.

Michael Elias，TD Cowen。

Great, thanks for taking the questions and congrats to you and the team, including [Curreal] on the massive leasing in the quarter. Great job. In the past, Mark, you've talked about $1.55 a share, and carrying interest for every gigawatt of data center leasing.

太好了，感謝您回答問題，也恭喜您和您的團隊，包括 Curreal，在本季度取得了巨大的租賃業績。幹得好。馬克，你之前談到每股 1.55 美元，以及每千兆瓦資料中心租賃的收益權益。

Can you just help us understand when in the life cycle of the data center that unrealized carried interest is recognized? Is it when it's leased or is it when it's delivered? And then also, I'm seeing more of these gigawatt scale deals on the market. I'm curious as you think of your power bank, how would you describe your ability to take on more of these massive projects? Thanks.

您能否幫助我們了解一下，在資料中心的生命週期中，未實現的附帶權益是在何時確認的？是指租賃時還是交貨時？而且，我看到市場上出現了越來越多千兆瓦級的交易。我很好奇，當你想到你的行動電源時，你會如何描述你承擔更多這類大型專案的能力？謝謝。

Yeah, good morning, Michael. Thank you. Let's start with the last part of your question, then we'll come around to the front part. These gigawatt projects are really tough, Michael, and I don't think you're going to see tons and tons of them going forward. I think you're going to see more workloads kind of in that 350 to 800 megawatt, more bespoke, a bit more tailored. I think building these 1+ gigawatt campuses are really tough.

早上好，麥可。謝謝。我們先來看你問題的最後一部分，然後再來看前面的部分。邁克爾，這些千兆瓦級項目真的很難，我認為未來你不會看到很多這樣的項目。我認為你會看到更多 350 到 800 兆瓦的工作負載，更加客製化，更加個人化。我認為建造這些超過 1 吉瓦的園區真的很難。

I think it's tough from a capital formation perspective. I think it's tough from a resource perspective. And I think a lot of the big gigawatt campuses for LLMs are being delivered now and will be delivered over the next 3 to 5 years, because remember, these things take about 24 to 48 months to fully build them. What we are seeing an uptake in is in, across all of our portfolio, is this what I would call kind of 250 megawatt to sort of 500 megawatt workloads. Our sales funnel has gotten a lot bigger in this quarter. We have over a 7 gigawatt sales funnel right now.

我認為這從資本形成的角度來看很困難。我覺得從資源角度來看，很難。我認為很多大型千兆瓦級LLM校園正在建設中，並將在未來3到5年內建成，因為記住，這些項目大約需要24到48個月才能完全建成。我們看到，在我們所有的產品組合中，250 兆瓦到 500 兆瓦的工作負載正在增加。本季我們的銷售管道規模大幅擴大。我們現在擁有超過 7 吉瓦的銷售管道。

And so when you deliver, when you lease 2.6 gigawatts in a quarter and your sales funnel grows by 7, you obviously, you can start putting that map together that there's a lot of big, chunky deals sitting in the pipeline. So our pipeline has gotten bigger. We delivered over a third of the leasing to the industry in terms of actual power delivered against our power bank. What was actually delivered by the industry, we probably delivered about 50% of actual delivery capacity in the quarter.

因此，當你交付產品，一個季度租賃 2.6 吉瓦，銷售管道增長 7 倍時，顯然，你可以開始構建那張地圖，上面顯示有很多大宗交易正在醞釀之中。所以我們的管道規模擴大了。就我們儲能係統實際提供的電力而言，我們向產業交付的租賃電力超過三分之一。就產業實際交付量而言，我們本季可能只實現了實際交付能力的 50% 左右。

So these metrics are important because we keep talking about the power bank and that 21 gigawatts of power. And so, leasing another 2.6, delivering another 2. I mean, this is hard to do. But again, when you start, we started over 10 years ago doing this, and so we've been able to really keep our pipeline moving and keep our delivery schedules moving, and that's what's giving us massive comparative advantage. So I think you'll see other really good quarters from us from a leasing perspective.

所以這些指標很重要，因為我們一直在談論行動電源和那 21 吉瓦的功率。因此，又租賃了 2.6 輛，交付了 2 輛。我的意思是，這很難做到。但話說回來，我們十多年前就開始做這件事了，所以我們一直能夠保持生產流程的順暢運轉，保持交付計劃的順利進行，這正是我們獲得巨大比較優勢的原因。所以我認為，從租賃的角度來看，你們將會看到我們接下來幾季都非常好的業績。

I just think you're going to see more distributed compute. And as we move to inferencing, I think you're going to see, then you're going to see a whole generation of deals that are going to get done in that kind of 20 to 200 megawatt range, which will be in the sort of secondary markets, which follows what happened in public cloud. Inferencing will really kick in and kind of 207 through 2032.

我認為你會看到更多分散式計算的出現。隨著我們邁向推理時代，我認為你會看到，接下來將會出現一整代交易，這些交易的規模在 20 到 200 兆瓦之間，它們將出現在二級市場，這與公有雲的發展趨勢類似。推理將在 2007 年至 2032 年間真正發揮作用。

As we're still building kind of big LLMs, so nothing kind of slows down. Actually, this quarter we saw acceleration. So kind of the third time I've told you this is here just when everyone thinks maybe there's a bit of a breather, we're not getting a breather, largely because we have this enormous power bank at these 11 portfolio companies that allows us to keep going. So, for example, later last year, earlier this year, we were talking about some of the big deals that Switch was doing.

由於我們仍在建立規模較大的LLM（生命週期管理），所以一切都在穩步推進。實際上，本季我們看到了加速成長。所以，這大概是我第三次告訴你們了，就在大家以為也許可以喘口氣的時候，我們卻沒有喘息的機會，這主要是因為我們在這 11 家投資組合公司擁有巨大的資金儲備，使我們能夠繼續前進。例如，去年晚些時候，今年年初，我們談到了 Switch 正在進行的一些重大交易。

Now we're talking about some of the big deals that Vantage is doing. Next quarter, maybe we're talking about Databank or Yonder or Scala. So, we don't rely on one platform. I think that's what makes us pretty unique and why investors need to own our stock is really simple because you don't have to hang your hat on one story. And there's a great, look, we have enormous respect for DLR and Equinix or great businesses, but those are, you're relying on one management team and you're relying on one pipeline.

現在讓我們來談談Vantage正在進行的一些大交易。下個季度，我們或許會討論Databank、Yonder或Scala。所以，我們不依賴單一平台。我認為這正是我們與眾不同之處，也是投資人應該持有我們股票的原因很簡單，因為你不必把希望寄託在單一的故事上。而且，我們非常尊重DLR和Equinix這樣的大公司，但是，它們都依賴一個管理團隊和一個銷售管道。

When you buy our shares, you got 11 teams crisscrossing the globe, focused on different types of workloads, different types of customer requirements, and most importantly, different designs in different locations. I like our bets when you play with 11 guys on the field versus 1, it kind of gives you a really big leg up. And so that's why when you're looking at this 21 gigawatts and the 2.6 that we delivered, there's nobody even close in AI data centers to Digit Ridge right now.

購買我們的股份，您將擁有遍布全球的 11 個團隊，他們專注於不同類型的工作量、不同類型的客戶需求，最重要的是，他們在不同的地點提供不同的設計方案。我喜歡我們這種有 11 個人在場上對 1 個人的打賭方式，這能讓你獲得很大的優勢。所以，當你看到我們交付的 21 吉瓦和 2.6 吉瓦時，你會發現目前在人工智慧資料中心領域，沒有人能與 Digit Ridge 相提並論。

We're playing the game at just a very different speed and at a very different scale, and this quarter really manifested that. I think you'll continue to see that from us. Now, to your question around carried interests around 55 per gigawatt how do you realize that carry? To fully realize that carry takes anywhere from 3 years to 5 years. So, some of that carry is accrued when you get the entitlements and you get the power. Some of that carry gets accrued when you sign the lease.

我們現在比賽的速度和規模都截然不同，而本季就充分體現了這一點。我想你們會繼續看到我們這樣做。現在，關於您提出的每吉瓦約 55 美元的附帶權益的問題，您如何實現該附帶權益？要完全實現這一目標需要 3 到 5 年的時間。所以，當你獲得權利和權力時，其中一部分收益就會累積起來。部分利息會在你簽訂租賃合約時累積。

Some of that carry gets accrued when you deliver the first data hall. Some of that carry gets accrued when you deliver the final data hall. And then some of that carry well, all that carry gets realized if the data center ends up getting purchased, put into a continuation fund, or acquired as part of a portfolio deal. And generally speaking, our monetization and our DPI track record in data centers goes back over 4 years ago.

當你交付第一個資料大廳時，部分收益就會累積起來。當你交付最後一個資料大廳時，部分運力將會累積。然後，如果資料中心最終被收購、放入延續基金或作為投資組合交易的一部分被收購，那麼其中一部分收益，或者說所有這些收益，都將得以實現。總的來說，我們在資料中心的獲利模式和 DPI 業績記錄可以追溯到 4 年前。

We started returning capital back to investors 4 or 5 years ago, whether it was our Databank continuation fund with Swiss Life, whether it was the North American Stabilized Data Center Co or Valkyrie, the European Stabilized Data Center Co, we've been a consistent returner of capital to our investors, which then triggers carried interest. Now the problem with Databank and Vantage was those vehicles were outside of our funds and predated the Colony merger.

我們從四、五年前就開始向投資者返還資本，無論是與瑞士人壽合作的Databank延續基金，還是北美穩定數據中心公司或歐洲穩定數據中心公司Valkyrie，我們都一直持續向投資者返還資本，這便觸發了附帶權益。Databank 和 Vantage 的問題在於，這些投資工具不在我們的資金範圍內，而且是在 Colony 合併之前成立的。

So now as we get these other companies growing up, whether it's Scala, whether it's Switch, whether it's Vantage Asia Pac, these are now vehicles that sit in our funds. And as Michael, roughly about 28% of the carry across our fund products sits with public investors. So that episodic nature of carried interest as we deliver these new facilities doesn't accrue just to the management teams.

所以現在，隨著其他公司的發展壯大，無論是 Scala、Switch 還是 Vantage Asia Pac，它們現在都成為了我們基金中的投資標的。正如麥可所說，我們基金產品中約 28% 的收益由公眾投資者持有。因此，隨著我們交付這些新設施，附帶權益的階段性質並不僅僅歸管理團隊所有。

It now starts accruing to public shareholders. So all this hard work that we're doing now, we're accruing that carry, we're building it, but ultimately, we anticipate in the next 24 to 36 months to start delivering that carried interest out to our shareholders. In the meantime, the math is holding up. I think that's one of the key things that you could say with a straight face today is the arithmetic that we put in front of investors a year ago in terms of what a megawatt means, what a gigawatt means, that flow-through to investors now is really quite clear.

現在開始向公眾股東支付收益。所以，我們現在所做的所有這些努力，我們正在累積收益，我們正在建立收益，但最終，我們預計在未來 24 到 36 個月內開始向我們的股東交付這些收益。同時，數學計算結果依然成立。我認為，今天你可以一本正經地說出的關鍵一點是，一年前我們向投資者解釋兆瓦、吉瓦的含義，現在投資者已經非常清楚地理解了。

Really helpful caller. Congrats again, guys.

來電者非常熱心。再次恭喜各位！

Thank you. We're very happy but not content.

謝謝。我們非常高興，但並不滿足。

Jade Ramani, KBW.

Jade Ramani，KBW。

Thank you very much. What's your overarching view on how the new data center projects achieve a stabilized capitalization given their size? Do you envision they will be owned long-term by a combination perhaps of large REITs, infrastructure funds, and hyper scalers themselves? It seems like the DigitalBridge structuring expertise could provide solutions to that eventuality.

非常感謝。您認為規模如此龐大的新資料中心專案如何實現穩定的資本化？您是否設想它們最終將由大型房地產投資信託基金、基礎設施基金和超大規模企業等聯合體長期持有？DigitalBridge 的結構化專業知識似乎可以為這種情況提供解決方案。

Yeah, thanks, Jade, great to hear from you, buddy. How are you? Look, we announced last quarter the formation of a strategy called the Data Center Income Fund and now that strategy is in flight and we're having a lot of great dialogue with a new set of investors, Jade, that are different from our investors that we had before. So remember, in our flagship funds we're talking to infrastructure allocators. When we're sitting down on the DSIP product, Jade, we're talking to real estate allocators.

是啊，謝謝你，Jade，很高興收到你的消息，朋友。你好嗎？你看，我們上個季度宣布成立了一項名為「資料中心收益基金」的策略，現在這項策略正在實施中，我們正在與一群新的投資者 Jade 進行很多很好的對話，他們與我們之前的投資者不同。所以請記住，在我們的旗艦基金中，我們與基礎設施配置者進行對話。當我們坐下來討論DSIP產品Jade時，我們是在和房地產資產配置者交談。

So for example, last week was the PRA conference in Boston, our new head of capital formation, the DSIP product, Wendy Price, is up there with Rommel Marseille. We had over 60 meetings with real estate investors, and real estate investors are really eager to get allocation, Jade, to these amazing, stabilized data centers that we have a deep pipeline in. And so we're excited about that because for us, it's an entirely new swim lane of capital. Every year there's about $3 trillion of capital that's allocated to real estate, cha.

例如，上週在波士頓舉行的 PRA 會議上，我們新任資本形成主管、DSIP 產品負責人 Wendy Price 與 Rommel Marseille 齊名。我們與房地產投資者進行了 60 多次會議，Jade，房地產投資者非常渴望獲得這些我們擁有大量儲備的、令人驚嘆的、穩定的數據中心的分配。因此我們對此感到興奮，因為對我們來說，這是一條全新的資本運作途徑。每年約有 3 兆美元的資金被分配到房地產領域。

That's bigger than the $1.7 trillion that's allocated to infrastructure. So if we think about swimming pools, that's actually a bigger swimming pool than we swim in today in terms of general infrastructure. So we get kind of excited about that. And so real estate allocators today are looking at industrial properties, they're looking at shopping centers, they're looking at downtown office buildings, which, as are kind of a, is a tough asset class, and along comes these 15-year investment grade data centers.

這比分配給基礎設施的1.7兆美元還要多。所以如果我們以游泳池為例，從整體基礎設施來看，那實際上比我們今天游泳的游泳池大得多。所以我們對這一點感到很興奮。因此，如今的房地產配置者正在關注工業地產、購物中心和市中心辦公大樓，而這些辦公大樓本身就是一個難以駕馭的資產類別，這時，這些 15 年期投資級資料中心出現了。

Low incremental CapEx's going forward. The tenants rarely call you. It's a pretty hands-off real estate product. And most importantly, 95% of the cash flows that we're seeing are investment grade. So this is a really hot new development for us. And so as we've launched that strategy, and we're really delighted to bring Wendy on the team. We've got John Bev and John Mack help running the strategy. We've got a big team working on it.

未來新增資本支出較低。租戶很少打電話給你。這是一款相當省心的房地產產品。最重要的是，我們看到的現金流中有 95% 都達到了投資等級。這對我們來說是一個非常熱門的新進展。因此，隨著我們這項策略的推出，我們非常高興溫迪加入團隊。我們有約翰·貝夫和約翰·麥克協助我們制定策略。我們有一個龐大的團隊在負責這項工作。

It's an entirely new opportunity for us, and it's a new set of investors and it's another way that we're growing our FEEUM, that we're growing our FREE, and we're growing our AUM at the same time in a discipline that we know incredibly well. And we have the advantage. We know all the developers out there. We know all the other GPs that need liquidity. And we're pretty excited about it. So I think the key to that is we do have the solution. We do have the team.

這對我們來說是一個全新的機會，也是一批新的投資者，這是我們成長 FEEUM（資金管理規模）、成長 FREE（免費資金）和同時成長 AUM（資產管理規模）的另一種方式，而我們在這個領域非常熟悉。我們擁有優勢。我們認識所有開發商。我們知道所有其他需要流動資金的普通合夥人。我們對此感到非常興奮。所以我認為關鍵在於我們確實找到了解決方案。我們有這樣的團隊。

We have the right pipeline of ideas and products, and we've already identified the right set of investors. And so everything is lining up to be really successful, similar to kind of what we've done in digital power, Jade, a very similar type of approach, very focused, very surgical, and not competing with what we're doing.

我們擁有合適的創意和產品線，並且已經找到了合適的投資者。因此，一切都朝著非常成功的方向發展，類似於我們在數位能源領域所做的工作，Jade，採用非常相似的方法，非常專注，非常精準，並且不會與我們正在做的事情競爭。

So as we look to the future, 2026 will be driven by this real estate product, our digital power strategy, and private wealth. We've lined up 3 new products for next year and at the same time, as you can see, we'll always be in the market with some sort of co-invest vehicle. So everything is setting up quite well for next year and we love the product set.

展望未來，2026 年的發展將受到這款房地產產品、我們的數位化實力策略和私人財富的驅動。我們已經為明年準備了 3 款新產品，同時，正如你所看到的，我們將始終透過某種形式的共同投資工具參與市場。所以明年一切都準備得很順利，我們很喜歡這套產品。

Thank you. Can you, as a follow-up, give some insight into what fun outflows look like for DBP 12, and InfraBridge, perhaps in 2026.

謝謝。作為後續，您能否就 DBP 12 和 InfraBridge 在 2026 年的有趣支出情況提供一些見解？

I'm sorry, repeat the question again.

對不起，請您再說一次問題。

What do fund outflows look like for DBP 1, 2, and InfraBridge? In other words, how much legacy fund runoff should we expect in 2026?

DBP 1、2 和 InfraBridge 的資金流出情況如何？換句話說，我們預計到 2026 年會有多少遺產基金退出？

Yeah, thanks, Jade. We don't get into that exactly. We don't give guidance specifically on how we're realizing or monetizing assets. I think as we monetize those assets, we'll report them in our normal cadence. I think obviously, Fund One is starting to near its natural turning point where you begin to think about monetization. So we're thinking through that pretty carefully and at the right time and the right speed, we'll do that. Credit is constantly turning over.

謝謝你，傑德。我們不深入探討這個問題。我們不提供如何實現或變現資產的具體指引。我認為，隨著這些資產的變現，我們將以正常節奏進行報告。我認為很明顯，第一期基金即將接近其自然轉折點，屆時您將開始考慮獲利問題。所以我們正在非常仔細地考慮這個問題，我們會在適當的時機以適當的速度去做這件事。信貸一直在不斷週轉。

That turnover is, loans typically have a 24 to 36-month lifespan. So as we're turning over loans and returning capital, we're booking new loans in the second fund and our SMA strategy, and InfraBridge continues to do exactly what we think it should do. In due course, we will continue to monetize assets in InfraBridge 1. And then as we look forward in the coming years, we'll look at it for InfraBridge 2.

也就是說，貸款的期限通常為 24 至 36 個月。因此，在我們償還貸款和返還資本的同時，我們也在第二期基金和我們的SMA策略中記入新的貸款，而InfraBridge也繼續按照我們認為它應該的方式運作。在適當的時候，我們將繼續對 InfraBridge 1 中的資產進行貨幣化。展望未來幾年，我們將把它納入 InfraBridge 2 的考慮範圍。

But again, as we monetize stuff, we'll share that with you in the quarter. But all of those fund products are moving at the speed at which you'd expect them to move, and so we feel good about the speed and the cadence at which we're delivering DPI.

但是，當我們開始獲利時，我們會在本季與您分享相關資訊。但所有這些基金產品都以你預期的速度發展，因此我們對 DPI 的交付速度和節奏感到滿意。

Okay, thanks a lot.

好的，非常感謝。

Timothy D'Agostino, B. Riley Securities.

Timothy D'Agostino，B. Riley Securities。

Good morning. Thanks for taking the question. On the Franklin Templeton strategic Partnership in the deck, you outlined the $15 trillion dollar opportunity through 2040, sorry, with wealth management allocations to private infrastructure. I was wondering if this strategic partnership is sort of a one-time, one-time partnership or if we could see more of these down the road.

早安.感謝您回答這個問題。在簡報中，您概述了富蘭克林鄧普頓策略夥伴關係，指出到 2040 年，財富管理將向私人基礎設施領域投入 15 兆美元，抱歉，是 15 兆美元的機會。我想知道這種策略夥伴關係是一次性的，還是將來會有更多類似的合作。

Sir, we lost the beginning of what you said. Could you repeat the beginning of your question? Thanks.

先生，您剛才說的話開頭部分我們沒聽清楚。你能重複一下你的問題開頭嗎？謝謝。

Okay, yeah, sure, sorry, so with wealth management allocations to private infrastructure estimated at $15 trillion through 2040, I was wondering if the Franklin Templeton strategic partnership is sort of like a one-time thing or if we could see more partnerships like this down the road.

好的，當然，不好意思，鑑於到 2040 年財富管理對私人基礎設施的配置預計將達到 15 萬億美元，我想知道富蘭克林鄧普頓的戰略合作夥伴關係是一次性的，還是我們將來會看到更多類似的合作關係。

Yeah, look, I mean, for this particular product, alongside of Aus and CIP, and it's a strategy that they've launched on their platform. We have other partners in private wealth. We did a fantastic product offering last year with Goldman. It was really successful. It was wildly oversubscribed. And we do intend to be on other platforms and have other partnerships.

是的，你看，我的意思是，對於這款特定產品，以及 Aus 和 CIP，這是他們在自己的平台上推出的策略。我們在私人財富領域還有其他合作夥伴。去年我們與高盛合作推出了非常棒的產品。非常成功。報名人數嚴重超額。我們確實計劃進軍其他平台，並與其他平台建立合作關係。

That is something that we'll reveal in due course. But we are not exclusive nor limited just to the Franklin Templeton platform. We are working with other allocators and we agree with your arithmetic. It's a $15 trillion dollar opportunity. It's really big and there's a lot of great partnerships to be had and we're excited about it. But for right now, we love what we're doing with Jenny and her team.

這件事我們會在適當的時候揭曉。但我們並不局限於富蘭克林鄧普頓平台。我們正在與其他分配者合作，我們同意您的計算方法。這是一個價值15兆美元的商機。它規模非常大，有很多很棒的合作機會，我們對此感到非常興奮。但就目前而言，我們很喜歡和珍妮以及她的團隊一起做的事情。

They're fantastic partners. And so far it's been a really successful launch. So, great question, and we'll reveal more next year, but right now my focus is supporting Franklin Templeton and making sure that that product is wildly successful and oversubscribed.

他們是絕佳的合作夥伴。到目前為止，這次發布非常成功。這是一個很好的問題，我們明年會透露更多信息，但目前我的重點是支持富蘭克林鄧普頓，並確保該產品獲得巨大成功並超額認購。

Great and then as a quick follow-up, could you provide a little bit more color on the Evergreen capital on the long-term on the long duration, and then kind of why the structure is so attractive to you all? Thanks.

好的，接下來我想快速問一下，您能否再詳細介紹一下 Evergreen Capital 的長期發展前景，以及為什麼這種結構對你們如此有吸引力？謝謝。

Well, look, I think we have both types of structures across our product set. So we don't believe that you have to be all permanent capital, nor do we believe you have to have 1,011-year closed-end funds. Commingled funds work well for certain allocators, particularly pension funds and other types of sovereign wealth funds. They like that because there's a finite end to what they're doing.

嗯，你看，我認為我們的產品系列中同時包含了這兩種類型的結構。所以我們不認為你必須全部投資於永久資本，也不認為你必須擁有 1011 年的封閉式基金。混合基金對某些資產配置者來說效果很好，特別是退休基金和其他類型的主權財富基金。他們喜歡這樣，因為他們所做的事情是有盡頭的。

I think other allocators like the open-ended structure. For example, like real estate investors, that's something they're quite familiar with, and private wealth clients, they're very familiar with that structure as well. So, our continuation funds, the things that we're doing around, you know, the real estate asset class, the stuff we're doing around private wealth can be open-ended and be permanent in nature.

我認為其他分配者也喜歡這種開放式的結構。例如，像房地產投資者這樣的群體，他們對此非常熟悉；私人財富客戶，他們也對這種結構非常熟悉。所以，我們的延續基金，我們圍繞房地產資產類別所做的事情，我們圍繞私人財富所做的事情，本質上都是開放式的和永久性的。

And then our flagship vehicles tend to be closed in nature along with our digital power strategy. That tends to be a, you know, a strategy that you would lend itself to being closed in. So I think that the great thing about DigitalBridge today is that we're a multi-strap platform. We have multiple strategies really focused on allocators very specifically, and then pairing that allocation with the right products, the products that investors want.

此外，我們的旗艦車型也傾向於採用封閉式設計，這與我們的數位動力策略相符。你知道，這種策略往往會導致你陷入封閉的情況。所以我認為 DigitalBridge 如今最棒的地方在於，我們是一個多平台。我們制定了多項策略，這些策略非常具體地專注於資產配置，然後將這種配置與合適的產品（投資者想要的產品）結合。

Whether it's a data center platform, a tower platform, a stabilized asset, an energy project that's tethered to the AI economy, these are the things that investors really want today. And we have the right products and the right structures. So, having that multi-strategy capability is really what differentiates DigitalBridge today.

無論是資料中心平台、塔式平台、穩定資產，還是與人工智慧經濟相關的能源項目，這些都是投資者如今真正想要的東西。我們擁有合適的產品和合適的架構。因此，擁有這種多策略能力才是 DigitalBridge 如今真正與眾不同的地方。

Great thank you so much.

太好了，非常感謝。

Rick Prentice, Raymond James.

Rick Prentice，Raymond James。

Great thanks good morning everybody.

非常感謝，大家早安。

Hey, Rick,

嘿，里克，

Hey, first I'll follow-up on Michael's question a little bit. I mean, Mark, you guys as an all asset manager, but focused on digital infrastructure AI. Good to see you communicate numbers, hit numbers, achieve numbers, maybe exceed numbers. The piece that seems to be missing from the stock price is really recognition of carried interest. You touched on it a little bit to Michael's question, but help us understand the pacing as your portfolio companies now, ballpark 50 companies or so, I guess, how should we think about a stable, consistent kind of monetization path into the future.

嘿，首先我想稍微回應一下麥可的問題。我的意思是，Mark，你們是一家資產管理公司，但專注於數位基礎設施人工智慧。很高興看到你能夠傳達數據、達成數據、實現數據，甚至超越數據。股價中似乎缺失的真正因素是對附帶權益的認可。您在回答邁克爾的問題時稍微提到了這一點，但請您幫助我們了解一下您目前投資組合公司的發展節奏，大概有 50 家左右吧，我們應該如何考慮未來穩定、持續的盈利模式？

To try and get some of this value realized because clearly AI is hot, power banks are hot, data centers are hot. You're not getting the credit for that. So just trying to think through how do we see that monetization path play out to help the realization of that? And I'll come back with a question for Tom on that, the book and impact.

為了實現這些價值，因為很明顯，人工智慧很熱門，行動電源很熱門，資料中心也很熱門。你沒因此獲得任何讚譽。所以，我們只是想弄清楚，為了實現這個目標，我們該如何規劃這條獲利路徑？我稍後會就這本書及其影響向湯姆提出一個問題。

Yeah, I'll let Tom handle the bookend piece. I'll just stick to 50,000 feet and then flip it over to him, so he gets the hard part. I get to answer the easy part. He's smiling at me right now. So, look, I would say, Rick, what I said earlier with Michael, which is it's really important to note that we have certain fund products that have now turned the corner and they're entering into that phase where we begin to monetize.

好的，我會讓湯姆來負責書末的收尾工作。我就飛到 50,000 英尺高空，然後把任務交給他，讓他來挑戰高難度部分。我只需要回答簡單的部分。他現在正對著我微笑。所以，里克，我想說，我之前和邁克爾說過的話，非常重要的一點是，我們有一些基金產品現在已經扭轉了局面，它們正在進入開始盈利的階段。

So you go back to a 2019 vintage fund where we invested that fund in 2020 and 2021, it's logical to assume that realizations begin happening in '26, '27, and '28, and that's really where our first flagship fund sits. And then logically, you can start thinking about how we exit some stuff in Fund 2. I'm not going on a call to speculate which companies are going to have those realizations, but what I can tell you is we're now in a steady cadence where we have certain portfolio companies going through strategic reviews.

所以，如果你回顧一下 2019 年成立的基金，我們在 2020 年和 2021 年投資了該基金，那麼合乎邏輯的假設是，收益將在 2026 年、2027 年和 2028 年開始實現，而這正是我們第一支旗艦基金的現狀。然後，從邏輯上講，你就可以開始考慮我們如何退出第二期基金中的一些專案了。我不會參加電話會議來猜測哪些公司會意識到這一點，但我可以告訴你們的是，我們現在正處於一個穩定的節奏中，我們投資組合中的某些公司正在進行戰略審查。

So I think that we believe just by the timeline and nature of our original legacy flagship funds, you can begin to see a steady unwinding of those funds and return of capital. And along with that return of capital comes the realization of carried interest. Now, Fund 2 has a little more carried interest for investors. The third flagship fund has a little more carried interest for our investors.

所以我認為，僅從我們最初的旗艦基金的時間線和性質來看，就可以開始看到這些基金穩定解散，資本返還。隨著資本的返還，附帶權益也得以實現。現在，2 號基金為投資人提供了更多的收益分成。第三檔旗艦基金能為我們的投資者帶來更多收益分成。

And so I think as time goes on, you're going to see not only more frequency in carried interest, but you'll see more carried interest. And so, we're going to work on that pretty hard next year. I think that'll be one of the differentiators about next year versus this year is that you are going to see more realizations next year than this year.

所以我認為隨著時間的推移，不僅會看到附帶權益出現的頻率更高，而且會看到附帶權益的規模更大。所以，明年我們會在這方面下很大功夫。我認為明年與今年最大的區別之一在於，明年將出現比今年更多的成果。

The other thing that I would say is on our data center business across the 11 platforms, we have been pretty creative around creating DPI and creating shared interest. So when you've got great vehicles that are in permanent capital vehicles like Databank or now Manage North America and some of the growth metrics around some of these other businesses, we have to recycle capital, return capital. When we do that, it also triggers carried interest as well.

我還要補充一點，關於我們在 11 個平台上的資料中心業務，我們在創建 DPI 和創造共同利益方面一直非常有創意。所以，當你擁有像 Databank 或現在的 Manage North America 這樣優秀的、具有永久資本的工具，以及圍繞其他一些業務的一些增長指標時，我們必須循環利用資本，返還資本。這樣做也會觸發附帶權益。

So data centers is an area where we think we can do quite well, and I think, stay tuned, but we do believe that it's reasonable to assume that given the age and vintage of some of these fund products that you can begin to count on carried interest instead of it being episodic. Tom, if you want to add anything to that.

所以，資料中心是我們認為可以做得相當不錯的領域，敬請期待。但我們確實認為，考慮到其中一些基金產品的年齡和歷史，可以合理地假設，您可以開始指望獲得附帶權益，而不是零星的收益。湯姆，如果你還有什麼要補充的話。

No, I mean, you really covered it, the only, I guess the only thing I'd add is sort of on the margins if you had sort of backed up 4 years ago. And projected a bell curve of where we would be distribution wise, I would say probably over the last few years there's been a more, significant and extraordinary opportunity to continue investing in some of our portfolio companies than maybe you would have thought 4 or 5 years ago.

不，我的意思是，你已經涵蓋得非常全面了，我唯一想補充的是，如果你回顧一下 4 年前的情況，可能會有一些補充。如果用鐘形曲線來預測我們的分佈情況，我想說，在過去的幾年裡，繼續投資我們的一些投資組合公司的機會可能比你四五年前想像的要多得多，也更加重要和非凡。

And so, that that may have pushed out exits that you, several years ago would have thought were happening in 25, maybe, we've continued to invest in some of those companies because the opportunity there is. It is extraordinary, but I wouldn't add anything different than what Marc said in terms of the bell curve and the vintages.

因此，這或許會推遲一些幾年前你認為會在 25 天內發生的退出，但我們仍然繼續投資其中一些公司，因為那裡有機會。這很了不起，但就鐘形曲線和年份而言，我不會補充任何與馬克所說的不同的東西。

And the way the book works, I think you touched on that in your prepared remarks a little bit about the J curve and where you're at on it, because it does confuse people. I think sometimes when they look at the book carrying value, you're not marketing it to market on transactions that are occurring or things in the marketplace. You're literally looking at your asset by asset. But some people, I think look at it and go, well, how come the book doesn't show more, but maybe just elaborate a little bit more on that.

至於這本書的運作方式，我認為你在事先準備好的發言中稍微提到了 J 曲線以及你目前所處的位置，因為它確實會讓人感到困惑。我認為有時候他們看帳面價值的時候，並沒有根據正在發生的交易或市場上的情況進行市場推廣。你實際上是在逐項查看你的資產。但我覺得有些人看了之後會想，為什麼這本書沒有展現更多，或許可以多做一些闡述。

Yeah, look, I think there's sort of two main components to the performance and how we mark things. Mark talked a bit about, kind of our investment playbook, making sure we make the right, investments that we are focused on the customers, deliver for the customers, drive operating performance of the companies, and that, is one significant contributor to the performance.

是的，你看，我認為績效和我們如何評分主要有兩個面向。馬克談到了我們的投資策略，確保我們進行正確的投資，專注於客戶，為客戶創造價值，推動公司的營運業績，而這正是業績的重要貢獻因素之一。

And you've seen some of that to date, and then I would say the second material contributor to performance and accrued carry or realized carry is the exit process and you know selling the company well and that's where you capture kind of the second stage of value and so I would say we're sort of in between those two kind of step functions right now where we've achieved, real value and real. Performance at the company level and we will capture kind of, the second step of value, as we create distributions and liquidity and realize kind of the full value of the companies, if that makes sense.

到目前為止，您已經看到了其中的一些，然後我認為，對業績和應計收益或已實現收益的第二個實質性貢獻因素是退出過程，也就是出售公司，這正是您獲得第二階段價值的地方，因此我認為我們現在正處於這兩個階躍函數之間，我們已經實現了真正的價值和真正的收益。在公司層面取得業績，我們將實現價值的第二階段，即創造分配和流動性，並實現公司的全部價值，如果這樣說你能理解的話。

Yeah, so you're not marking to what transactions might be, you're not marking to comps until you actually achieve a sale, basically.

是的，所以基本上，在實際達成交易之前，你不會根據可能的交易額來定價，也不會根據同類產品來定價。

Look, if there's, you think the valuations and performance are 100% quantitative and there's always a bit of qualitative to them. So, we do our best to mark to where we think, what we think the asset's worth, but there's always a bit of uncertainty and how much of that will you actually realize in a sale and so you know you're always including some sort of a contingency to address that.

你看，即使你認為估值和業績是 100% 量化的，但其中總是會包含一些定性因素。所以，我們會盡力按照我們認為的資產價值來定價，但總是會有一些不確定性，不知道最終能賣出多少，所以你知道，你總是會加入一些應急條款來應對這種情況。

Right. And Mark, one of the interesting things we saw this quarter was, the story that Elon Musk is now following you. Can you give us a little background color, did that happen? How did it happen? What's your kind of relationship with Elon?

正確的。馬克，本季度我們看到一件很有趣的事情是，埃隆馬斯克現在關注了你。能否提供一些背景信息，這件事真的發生過嗎？它是怎麼發生的？你和伊隆是什麼關係？

Yeah, thanks, Rick. I don't comment about social media stuff. It's just kind of unfortunately becomes like water cooler banter. What I will say is I've got a lot of respect for him. Yes, I do know him, not particularly well, but we know each other, and he's an important customer. He's a very important customer. So he uses a lot of our different portfolio companies and we serve Starlink, we serve SpaceX, we serve Tesla, we serve X AI. And we use his batteries at some of our data centers for storage, and it's a really super important customer that we think can get bigger over time.

謝謝你，里克。我不評論社交媒體上的事情。不幸的是，這很容易變成茶水間的閒聊。我想說的是，我非常尊敬他。是的，我認識他，雖然不是很熟，但我們彼此認識，而且他是一位重要的客戶。他是一位非常重要的客戶。所以他利用了我們投資組合中的許多公司，我們為 Starlink、SpaceX、特斯拉、X AI 等公司提供服務。我們在一些資料中心使用他的電池進行存儲，他是一個非常重要的客戶，我們認為隨著時間的推移，他的客戶規模會越來越大。

And that can be a lot more strategic. So, anything we can do to work with him and support what he's doing, I'm very supportive of him. And I'm always happy to put capital into his businesses through infrastructure. We're side by side with him. So a lot of deep respect there. And I think he's one of the great minds of our generation. So, if he chose to follow me, that's great, but I'm super focused on servicing him and trying to figure out how we can help enable his businesses to go faster. Makes sense, thanks guys. Thank you.

而且這樣做更具戰略意義。所以，任何能與他合作並支持他所做的事情，我都非常支持他。我一直很樂意透過基礎建設為他的企業投入資金。我們與他並肩作戰。所以，他們之間有著深深的敬意。我認為他是我們這一代最偉大的思想家之一。所以，如果他選擇關注我，那當然很好，但我現在最關注的是為他服務，並努力思考如何幫助他的企業發展得更快。明白了，謝謝各位。謝謝。

Richard Cho, JP Morgan.

Richard Cho，摩根大通。

Hi, I know you spent a decent amount of time on it, but I think it's important to kind of go through it a little bit more with vantage in these the Frontier campus and lighthouse campuses. These are two really big deals, and over the past few months we've seen a lot of companies come out and say that they have a lot of power and that. They have a lot of capacity deliverable, but you've actually won these leases. Can you take us through the process a little bit and what gave DigitalBridge advantage, the, I guess advantage over the other companies and winning this deal.

您好，我知道您已經花了不少時間在這上面，但我認為有必要從 Frontier 校區和燈塔校區的角度再仔細研究一下。這是兩件非常重大的事情，在過去的幾個月裡，我們看到很多公司站出來說他們擁有很大的實力等等。他們有很多產能可以交付，但實際上這些租賃合約都是你們拿下的。您能否簡要介紹整個過程，以及是什麼讓 DigitalBridge 比其他公司更有優勢，最終贏得這筆交易？

Yeah, look, I think that we continue to believe that this industry will be unfortunately marked by a lot of amateurs and a lot of tourists in the next 24 to 36 months. People that you certainly know how to buy land, and how to get entitlements, and certainly how to reflect that they have some source of power. I think it's a different level up when you actually build a data center and you're responsible for delivering something at a tier 3, tier 4, tier 5 standard, and that you've done it for a decade plus, customers know the difference between people that are new to the sector and someone that's a trusted set of hands that has over 400 data centers and 11 different companies.

是的，你看，我認為我們仍然相信，在接下來的 24 到 36 個月裡，這個行業很不幸地會充斥著大量的業餘人士和大量的遊客。這些人當然知道如何購買土地，如何獲得權利，當然也知道如何展現他們擁有某種權力來源。我認為，當你真正建造資料中心，並負責交付達到 Tier 3、Tier 4、Tier 5 標準的服務，而且你已經做了十多年，那就完全是另一個層次了。客戶能夠分辨出產業新手和擁有 400 多個資料中心、服務過 11 家不同公司的可靠專家之間的差異。

Differentiation isn't about press releases. Differentiation is about execution and the ability to show up for a customer and deliver on time. Again, we don't get a lot of credit in our share price for being around for 30+ years as executors. And so what we have to do is we have to go out and we have to deliver a quarter like this. We have to deliver a quarter where we clearly demonstrate leasing volumes that are differentiated, a power bank that's differentiated, but most importantly, to the metrics, Richard, that you now know that we're judged on, which is FRE, PM, distributor earnings, AUM, all of the things that we're being judged on.

差異化並非靠新聞稿就能實現。差異化在於執行力，在於能否及時回應客戶需求並準時交付成果。再說一遍，我們作為執行人存在了 30 多年，但並沒有在我們的股價中獲得太多認可。所以我們必須做的就是走出去，拿出像這樣的一個季度業績。我們必須拿出一個季度的數據，清楚地展示差異化的租賃量、差異化的行動電源，但最重要的是，理查德，要達到你現在知道的評判我們的指標，即 FRE、PM、分銷商收益、AUM，所有這些指標都是評判我們的依據。

We know who our peer set is now. We're an alternative asset manager. And the most important thing that we now need to do is just like we've been executing for customers, we now need to execute for our public shareholders. And the framework and the prism that Tom and I are judged on is by other alternative asset managers. So, when I said in the earnings call, what a difference a year makes, we had a very tough last year, third quarter. Tom and I thought long and hard about it.

我們現在知道我們的同行是誰了。我們是一家另類資產管理公司。而我們現在最需要做的，就像我們一直以來為客戶服務一樣，現在我們需要為我們的公眾股東服務。而評斷我和湯姆的標準，則是其他另類資產管理公司的標準。所以，當我在財報電話會議上說，一年之差變化如此之大時，我們去年第三季的情況非常艱難。我和湯姆對此進行了長時間的認真考慮。

And what we tried to do this year was deliver something that is, that we can investors know they can count on us and that we're credible around the numbers that really matter. And so I think execution is critical. So executing for our public shareholders is critical. Executing for our customers like Oracle and OpenAI is important and we're executing for hundreds of other customers this quarter.

我們今年努力的目標是拿出一些成果，讓投資人知道他們可以信賴我們，並且我們在真正重要的數字方面是可信的。所以我認為執行力至關重要。因此，為我們的公眾股東執行決策至關重要。為 Oracle 和 OpenAI 等客戶執行專案非常重要，本季我們也將為數百家其他客戶執行專案。

We just don't have enough time or pages in a deck, Tom, to sort of share all of those wins for all those customers. But we're delivering dark fiber routes, we're delivering towers, we're delivering small cell infrastructure, we're delivering Wi-Fi offload. There's so many things that we're delivering right now that we don't have time to talk about. We just got to keep delivering for our logos.

湯姆，我們沒有足夠的時間或篇幅來在簡報中分享所有這些客戶的成功。但我們正在提供暗光纖線路，我們正在提供基地台，我們正在提供小型蜂窩基礎設施，我們正在提供 Wi-Fi 卸載服務。我們現在有很多事情要做，所以沒有時間一一討論。我們必須繼續為我們的品牌創造價值。

That's really what is differentiating about us right now. And I think at the end of the day, customers not only vote with their wallet, but they vote with their, the integrity of their network. And I think one thing that we've proven to be for a long time is a very trusted set of hands. And hopefully, that will work out well. And I think that's, a few people are actually turning on capacity right now, and we are.

這正是我們目前與眾不同的地方。我認為歸根究底，顧客不僅用錢包投票，也用他們對網路誠信的信任投票。我認為我們已經證明，我們長期以來都是一支非常值得信賴的團隊。希望一切順利。我認為，現在確實有一些人正在提高產能，我們也是其中之一。

We're turning on capacity and that's because we started planning this 8, 10 years ago. We didn't start, we didn't say a year ago in investment committee because we thought it was a hot idea to get into data centers. That's not how we're built. We're built differently. And we'll be here. We'll be here tomorrow. We'll be here in 10 years. We were here 20 years ago.

我們正在啟動產能，這是因為我們早在 8 到 10 年前就開始規劃這件事了。我們並沒有在一年前的投資委員會上提出這個建議，因為我們認為進軍資料中心是一個熱門的想法。我們生來就不是那樣的。我們的構造不同。我們會在這裡。我們明天會在這裡。10年後我們還會在這裡。我們20年前來過這裡。

So I think it's that consistency is what customers really like. And when it gets down to choosing, having great teams, like Surreal, who knows how to deliver for a customer. That's what it is. And we're very fortunate to have Surreal and Jeff Tench and Dana Adams. That entire team is just a bunch of pros. Adults that have been there, been doing it for a long time, and that is, thankfully, Currell's our partner.

所以我覺得，顧客真正喜歡的就是這種一致性。而到了真正需要選擇的時候，擁有像 Surreal 這樣優秀的團隊就顯得格外重要，他們知道如何為客戶提供服務。就是這樣。我們非常幸運能擁有 Surreal、Jeff Tench 和 Dana Adams。那隊裡全是職業選手。那些長期從事這項工作的成年人，值得慶幸的是，Currell 是我們的合作夥伴。

And so we're fortunate to have a great management team that was able to deliver for the customer. And you mentioned it a little bit, but will these projects be meaningfully contributing to FM early in 26, or is it more later in 26 and end of 20? No, 100% it'll be a big contributor in 2 years. We took in a lot of new capital, co-invest capital, specifically to these two projects, we get paid on that capital, on that committed capital. And so there will be an immediate impact.

因此，我們很幸運擁有一支優秀的管理團隊，能夠為客戶提供優質服務。您剛才也稍微提到過，但這些項目會在 2026 年初對 FM 做出有意義的貢獻，還是會在 2026 年後期和 2020 年末做出更多貢獻？不，百分之百它會在兩年內成為重要的貢獻者。我們投入了大量新資金和共同投資資金，專門用於這兩個項目，我們將從這些資金，也就是承諾的資金中獲得收益。因此，這將立即產生影響。

When you have really good co-invest. And look, Tom said it earlier in the year, we've got to improve our margins. And so both Tom and I committed to that. Tom's been working on the cost. I've been working on making sure we get our fees up and co-invest. And I think we can look at each other in that and say we've delivered. Tom's done a great job on the cost side.

當你擁有非常好的共同投資。而且，湯姆年初的時候就說過，我們必須提高利潤率。因此，湯姆和我都同意了。湯姆一直在研究成本問題。我一直在努力確保我們提高收費標準並進行共同投資。我認為我們可以互相肯定地說，我們已經完成了任務。湯姆在成本控制方面做得非常出色。

We've done a great job in improving our margins on co-invest. And so, when you put those two things together, you get a result like this in the third quarter, which is improved margins, incredible year-to-year growth, as you can see. I mean, just looking at fee-related earnings, rough 43% year over year. I don't think there's another publicly traded alternative asset manager that's up 43% year over year. So, this has been a lot of hard work and we're not done.

我們在提高共同投資利潤率方面做得非常出色。因此，將這兩件事結合起來，就得到了第三季度這樣的結果，即利潤率提高，同比增長令人難以置信，正如你所看到的。我的意思是，單看手續費收入，年增約 43%。我認為沒有其他上市另類資產管理公司能夠實現年增 43%。所以，這需要付出很多努力，而且我們還沒完成。

I think there's a sharp focus on what we got to keep doing, and the fees build as we build. So as we keep leasing megawatts and we keep deploying capital, so does our CM rates go up, and so does our referee go up. And we're heading into a historically strong 4th quarter. And I think Tom and I are excited to continue to work hard between now and the end of the year. I don't know, Tom, if you have any voice over on that.

我認為我們現在非常關注必須繼續做的事情，而費用也會隨著我們的發展而增加。因此，隨著我們不斷租賃兆瓦電力並持續投入資金，我們的 CM 費率也會上漲，我們的裁判費也會上漲。我們即將迎來歷史上表現強勁的第四季。我覺得我和湯姆都很期待從現在到年底繼續努力。湯姆，我不知道你有沒有為那部電影配音。

No, I think you covered it all.

不，我覺得你已經說得很清楚了。

Great, thank you.

太好了，謝謝。

Thank you, Richard. We'll see you soon.

謝謝你，理查。我們很快就會再見。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬，富國銀行。

Great. Thanks for squeezing me in. So, Mark, I'm curious about your data center power bank that you've been highlighting the last few quarters. Maybe you could talk about the split you're seeing, between kind of behind the meter power solutions versus more direct grid-connected power and perhaps how that behind the meter opportunity seems to be much bigger today, kind of ties into the size and scope of the energy fund, you're fundraising for.

偉大的。謝謝你擠出時間幫我。馬克，我對你最近幾季一直在重點介紹的資料中心行動電源很感興趣。或許您可以談談您觀察到的這種分化，即用戶側電力解決方案與更直接的併網電力之間的分化，以及如今用戶側電力解決方案的機會似乎更大，這與您正在籌集資金的能源基金的規模和範圍有一定的關係。

So, look, the energy strategy is super important and it's a big part of what we're doing in the back half of this year, but more importantly, Eric, what we're doing next year. So, we've already closed a couple of deals in that strategy. Techno is one of them, where we provide digital power solutions for our customers and to other data center developers.

所以，你看，能源策略非常重要，它是我們今年下半年工作的重要組成部分，但更重要的是，艾瑞克，它也是明年工作的重要組成部分。所以，我們已經透過這種策略完成了幾筆交易。Techno 就是其中之一，我們為客戶和其他資料中心開發人員提供數位電源解決方案。

We've got another project where we're tethering some, some, a specific power solution to an existing Digital Ridge data center where we're adding 500 megawatts of power. So, what I love about what we're doing in Digital Power, Ark, is these aren't ideas, these are very, very focused solutions in very specific locations, tethered to very specific outcomes for customers. And so that's what makes it so unique, is that a lot like what we're doing in the data center space, we're doing in the power space, we're not taking risk.

我們還有另一個項目，我們將一些特定的電力解決方案連接到現有的 Digital Ridge 資料中心，在那裡我們將增加 500 兆瓦的電力。所以，我喜歡我們在 Digital Power 和 Ark 所做的一切，因為這些不是想法，而是針對特定地點、與客戶的具體成果緊密相關的非常、非常專注的解決方案。所以，這就是它的獨特之處，就像我們在資料中心領域所做的那樣，我們在電力領域所做的，我們並不承擔風險。

So we're entering into long-term contracts with counterparties, investment grid counterparties, and so we know that the off-take is in place. I think what's interesting, Eric, is as we, as we've been doing this for about 2 years, we've also learned that the grid doesn't go away. And you have to learn how to use the grid. You got to learn how to work with the grid.

因此，我們正在與交易對手、投資網格交易對手簽訂長期合同，因此我們知道承購協議已經到位。艾瑞克，我覺得有趣的是，在我們從事這項工作大約兩年的時間裡，我們也了解到電網不會消失。你必須學會如何使用網格。你得學會如何使用格子。

You've got to have battery storage capabilities inside your microgrids. You've got to be able to build up that power during the day, sell some of that into the grid, so you're basically an off-taker into the grid and putting power back into the base loader. And then during the nighttime, when base load is more available, you can buy back from the grid.

微電網必須具備電池儲能能力。你必須能夠在白天積蓄電力，然後將其中一部分賣給電網，所以你基本上是電網的購電方，並將電力輸送回基地台。然後在夜間，當基本負載供應更充足時，你可以從電網回購電力。

And so it's a very fluid relationship in a microgrid. And the key to that is interconnection and being interconnected into that state's public utility commission grid and having an active relationship with the utilities. So you know what we're doing is not in contrast or in competition with our utility partners in each state. In fact, we are a trading partner with those utilities. And so a lot of like what we do in interconnection and fiber, we're doing the same thing actually in power.

因此，在微電網中，這是一種非常動態的關係。而關鍵在於互聯互通，與該州的公共事業委員會電網互聯互通，並與公用事業公司保持積極的關係。所以你知道，我們所做的一切並非與我們在各州的公用事業合作夥伴相衝突或競爭。事實上，我們是這些公用事業公司的貿易夥伴。因此，我們在互連和光纖領域所做的很多事情，實際上在電力領域也是同樣的事情。

It's a really interesting business model. And we've had a lot of good early success so far. Someone once told me, I think it was, I was listening to another alternative asset manager, I think it was Brookfield that said it, but there's 7 trillion dollars in AI. There's a $7 trillion CapEx AI spend.

這是一個非常有趣的商業模式。到目前為止，我們已經取得了許多良好的早期成功。有人曾經告訴我，我想應該是布魯克菲爾德說的，當時我正在聽另一家另類資產管理公司談論人工智慧，而人工智慧領域有 7 兆美元的規模。人工智慧領域的資本支出高達7兆美元。

If you think about the power that's required, the incremental power to deliver 300 gigawatts, Eric, there's another $1.3 trillion in power to be built. So we look at that again, that swimming pool is $1.3 trillion, and we look at the opportunity there. Investors are really excited about it. I've been on the road talking about digital power, talking about microgrids and how we're delivering these power solutions to customers.

艾瑞克，想想所需的電力，想想要輸送 300 吉瓦所需的增量電力，那就意味著還需要建造價值 1.3 兆美元的電力設施。所以我們再來看看，這個游泳池的規模是 1.3 兆美元，讓我們來看看其中的機會。投資者對此感到非常興奮。我一直在各地奔走，談論數位電力、微電網以及我們如何向客戶提供這些電力解決方案。

And as you can probably imagine, LPs get really excited. And if you look at the fundraising this year in infrastructure, Eric, infrastructure is having a record year in fundraising. I think there'll be over $200 billion of capital raised in. And if you take a look at that and that someone has their microphone on and needs to turn it off. I don't know who that is. Hello, yeah. Eric, can you hear us?

你可能可以想像，LP們會非常興奮。艾瑞克，如果你看看今年基礎建設的募款情況，你會發現基礎建設的募款金額創下了歷史新高。我認為將籌集超過2000億美元的資金。如果你仔細看，你會發現有人打開了麥克風，需要把它關掉。我不知道他是誰。你好，是的。艾瑞克，你聽得到我們說話嗎？

Yeah, I've got you, Mark.

是的，我罩著你，馬克。

Okay, thank you. Sorry about that technical glitch. But anyway, when you look at the total 200+ billion dollars of fundraising in infrastructure this year, over 50% of that is to energy transition, not data centers, not digital. It's really interesting to me that allocators are really focused on this issue of power. And so, we really see that as a big opportunity because if we think about building large-scale campuses, and if you're going to spend $11 to $12 million per megawatt building a data center, you could end up spending $3 to $5 million in grid-independent power to that data center.

好的，謝謝。抱歉，剛才出現了技術故障。但無論如何，如果你看今年超過 2000 億美元的基礎設施籌款總額，其中超過 50% 的資金用於能源轉型，而不是資料中心或數位領域。令我感到非常有趣的是，資源分配者們如此關注權力這個問題。因此，我們認為這是一個巨大的機遇，因為如果我們考慮建造大型園區，而建造一個資料中心每兆瓦需要花費 1,100 萬至 1,200 萬美元，那麼最終可能需要花費 300 萬至 500 萬美元為該資料中心提供獨立於電網的電力。

And so, we really look at this as a $0.30 to $0.50 incremental spend on power because we're taking that risk in building the data center. We know how to build our microgrid infrastructure. We know how to source LNG, best solar, wind, hydro, and most importantly, use the grid. I think everyone gets obsessed a little bit, Eric, with, oh, you're either on the grid or you're off the grid. It's not that way, actually. It's that if you're going to really build at scale and you look, for example, at the last two big projects that we've done, we do use the grid, and at certain points of the day, we're putting power back into the grid.

因此，我們實際上把這看作是電力方面每千瓦時增加 0.30 到 0.50 美元的支出，因為我們在建造資料中心時承擔了這種風險。我們知道如何建造微電網基礎設施。我們知道如何取得液化天然氣，如何利用最好的太陽能、風能、水力，最重要的是，如何利用電網。艾瑞克，我覺得每個人都有點執著於這樣一種觀念：要嘛你融入主流社會，要嘛你脫離主流社會。其實並非如此。也就是說，如果你要真正大規模地建設，例如看看我們最近完成的兩個大項目，我們確實會使用電網，而且在一天中的某些時候，我們會將電力輸回電網。

And then at certain points of the day, we're taking power from the grid. It's a fairly dynamic and fluid relationship between a microgrid and the actual grid itself. And so, I think other people are finally figuring out what we're doing. It makes a lot of sense. We've got great industrial partners. We've got a big pipeline of projects that we're building. And we're excited to talk more about it next year.

然後，在一天中的某些時段，我們會從電網取電。微電網與實際電網之間是一種相當動態且靈活的關係。所以，我覺得其他人終於開始明白我們在做什麼了。這很有道理。我們擁有優秀的產業夥伴。我們正在推進一系列大型專案。我們很期待明年能就此進行更多探討。

I mean, it'll be a big part of what we're doing in 2026. As I said, three new strategies for next year, and that's digital power is one of those strategies. So, when you and I get together next time in person, Eric, we'll do a little bit of a digital power teaching whenever you're ready.

我的意思是，這將是我們2026年工作的重要部分。正如我所說，明年有三項新策略，而數位化力量就是其中之一。所以，艾瑞克，下次你我見面的時候，等你準備好了，我們就來做一些數位化教學。

That would be great. I appreciate it. And I guess just one follow-up Mark, some of these mega deals we've seen, including the ones advantage did, obviously, there's a lot of kind of newer hyperscale tech like LLMs that are. Directly or indirectly backing some of these new builds. So how do you think about kind of the pricing, the lease terms, the credit risk of some of these newer players that are obviously not profitable today but growing incredibly fast.

那太好了。謝謝。馬克，我想再補充一點，我們看到的一些巨型交易，包括 Advantage 完成的那些，顯然，還有很多像 LLM 這樣的新型超大規模技術。直接或間接地支援其中一些新建項目。那麼，您如何看待這些新興企業的定價、租賃條款以及信用風險呢？這些企業目前顯然還沒有獲利，但成長速度驚人。

There's certainly been a lot of industry chatter about, some of the LLMs, their ability, to pay for some of the future commitments they've made and just curious how you guys think about it at the at the infrastructure level.

業界確實有很多關於一些法學碩士課程是否有能力支付他們所作出的一些未來承諾的討論，我很好奇你們在基礎設施層面上對此有何看法。

Yeah, look, I think that there's different types of LLMs, Eric, right? And so, and there's different types of quality of credit tenants. And so, we look at some of the neo cloud business models and we've chosen not to put our equity capital to work there. We've been very selective about those types of credits. I think again, when you've got a really substantial power bank and you've got on-demand capacity ready to go, it does allow you to be a little selective about what we can do.

是的，你看，我認為法學碩士有很多不同的類型，艾瑞克，對吧？因此，信用品質的租戶也分為不同的類型。因此，我們考察了一些新型雲端運算商業模式，但我們選擇不將我們的股權資本投入其中。我們對這類貸款一直非常挑剔。我認為，當你擁有一個容量非常大的行動電源，並且隨時可以按需充電時，你就可以對我們能做的事情進行一些選擇。

And so, I think it's pretty unique, our ability to choose customers we want to work with. And, you know, I do get a little worried about some of the credit profile risk around NeoCloud versus AI providers versus the hyper scales, and so we've been very cautious about not overweighting one particular customer or one particular story. I think what's unique about our platform is, given that the scale of our platform, we're invested across all these customers and all across these workloads so that we're not beholden to one customer or one technology or one LLM.

所以，我認為我們能夠選擇想要合作的客戶，這非常獨特。你知道，我確實有點擔心 NeoCloud 與 AI 提供者和超大規模企業之間的信用狀況風險，因此我們一直非常謹慎，避免過度看重某個特定的客戶或某個特定的案例。我認為我們平台的獨特之處在於，鑑於我們平台的規模，我們對所有這些客戶和所有這些工作負載都進行了投資，因此我們不會受制於單一客戶、單一技術或單一LLM。

I think that's where scale matters, Eric. We talk a lot about scale in the alternative asset management space. Well, in our specific swim lane, we have a lot of scale. And we have a lot of customers. And so that diversity in customers is what's really important, and we've been able to demonstrate that we can lease to a lot of different logos at the same time.

艾瑞克，我認為這就是規模的重要性。在另類資產管理領域，我們常談到規模問題。嗯，在我們這個特定的泳道裡，我們有很多規模優勢。我們有很多客戶。因此，客戶的多樣性才是真正重要的，我們已經證明我們可以同時向許多不同的品牌提供租賃服務。

So I think at the end of the day, having a diverse set of cash flows and a diverse set of customers and a diverse set of data centers is really where you want to put your capital today. Again, same thing we talked about, buying our stock is a proxy for that, right? You're not making one bet on one specific data center platform. You're making a bet on a global portfolio of 11 platforms, 21 gigawatts, and record leasing. And that flow through will come through in a function of FRE, CM, and carried interest.

所以我認為，歸根究底，擁有多元化的現金流、多元化的客戶群和多元化的資料中心，才是你今天真正應該投資的地方。再說一遍，就像我們之前討論的那樣，購買我們的股票就是這種行為的替代方法，對吧？你並非押注於某個特定的資料中心平台。你押注的是一個擁有 11 個平台、21 吉瓦裝置容量和創紀錄租賃額的全球投資組合。而這種資金流動將透過 FRE、CM 和附帶權益來實現。

I appreciate it, Marc, thank you.

謝謝你，馬克。

Yeah, thanks Eric.

謝謝你，埃里克。

There are no further questions at this time, so I would now like to turn the floor back over to Marc for closing comments.

目前沒有其他問題了，現在我想把發言權交還給馬克，讓他做總結發言。

Well, thank you. I appreciate all the thoughtful questions from the analyst community. We look forward to engaging with all of you over the next couple of days to bring more clarity to the quarter, but let me finish in thanking our team. We have an incredible team. Again, I want to bring focus back to third quarter last year against third quarter this year. I specifically want to thank my CFO, Tom Meyerhoffer, for delivering a very clean quarter and delivering on the promises that we made to you, our public investors.

謝謝。我非常感謝分析師們提出的所有富有見地的問題。我們期待在接下來的幾天與大家進行交流，以便更清晰地了解本季的情況，但最後請允許我感謝我們的團隊。我們擁有一支非常優秀的團隊。我想再次將重點放在去年第三季與今年第三季的比較。我特別要感謝我的財務長湯姆·邁耶霍弗，他出色地完成了本季的業績，並兌現了我們對各位公眾投資者的承諾。

And again, fee revenue up 22%, FRE up 43%, distributable earnings up 102%, and fee equity under management up 19%. This was a clean quarter. This was a quarter that we, to be candid, we felt capable of delivering, and we owe it to our investors to deliver results like this in a quarter like this. We have strong liquidity. We're allocating capital, we're raising money. We've got a great suite of new products that we'll come to market with here in 206, and we're well positioned to be the leader in digital infrastructure and the power that's required to fuel it.

此外，手續費收入成長 22%，FRE 成長 43%，可分配收益成長 102%，手續費權益管理規模成長 19%。這是一個乾淨的季度。坦白說，我們覺得我們有能力完成這個季度的業績，在這樣的季度裡，我們有責任為我們的投資者帶來這樣的業績。我們擁有充足的流動資金。我們正在分配資金，我們正在籌集資金。我們將在 206 年推出一系列優秀的新產品，我們已做好充分準備，成為數位基礎設施及其所需電力領域的領導者。

Really looking forward to the end of this year and looking forward to catching up with all of you on the road as we hit different investor conferences. Please follow up with Severin and our team to get access to the team. We're always happy to have a conversation with you, and thank you for your continued interest and your ownership in digital shares. We appreciate it. Have a great day.

非常期待今年的結束，也期待在參加各種投資人會議的路上與大家見面。請與 Severin 和我們的團隊聯繫，以便與團隊取得聯繫。我們一直很樂意與您交流，並感謝您一直以來對數位股的關注與持有。我們非常感謝。祝你有美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time.

今天的電話會議到此結束。您可以在此時斷開線路。

Thank you for your participation.

感謝您的參與。