Blue Owl Capital Inc (OWL) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Blue Owl Capital's First Quarter 2023 Earnings Call. (Operator Instructions) And we advise to all parties that this conference is being recorded. I would now like to turn the call over to Ann Dai, Head of Investor Relations for Blue Owl.

早上好，歡迎參加 Blue Owl Capital 2023 年第一季度收益電話會議。 （操作員指示）我們建議各方，本次會議正在錄音。我現在想將電話轉給 Blue Owl 投資者關係主管 Ann Dai。

Thanks, operator, and good morning to everyone. Joining me today are Doug Ostrover, our Chief Executive Officer; Marc Lipschultz and Michael Rees, our Co-President; and Alan Kirshenbaum, our Chief Financial Officer. I'd like to remind our listeners that remarks made during the call may contain forward-looking statements, which are not a guarantee of future performance or results and involve a number of risks and uncertainties that are outside the company's control.

謝謝接線員，大家早上好。今天加入我的是我們的首席執行官 Doug Ostrover；馬克·利普舒爾茨 (Marc Lipschultz) 和我們的聯席總裁邁克爾·里斯 (Michael Rees)；和我們的首席財務官艾倫·科申鮑姆 (Alan Kirshenbaum)。我想提醒我們的聽眾，電話會議中的言論可能包含前瞻性陳述，這些陳述不是對未來業績或結果的保證，並且涉及許多公司無法控制的風險和不確定性。

Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described from time to time in Blue Owl Capital filings with the Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statements.

由於多種因素，包括 Blue Owl Capital 不時向美國證券交易委員會提交的文件中描述的因素，實際結果可能與前瞻性陳述中的結果存在重大差異。該公司不承擔更新任何前瞻性陳述的義務。

We'd also like to remind everyone that we'll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our earnings presentation available on the Investor Resources section of our website at blueowl.com.

我們還想提醒大家，我們將在電話會議中提及非 GAAP 衡量標準，這些衡量標準與我們網站 blueowl.com 投資者資源部分的收益演示中的 GAAP 數據進行了核對。

Please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase and interest in any Blue Owl fund. This morning, we issued our financial results for the first quarter of 2023, recording fee-related earnings, or FRE, of $0.16 per share and distributable earnings, or DE of $0.15 per share. We declared a dividend of $0.14 per share for the first quarter, payable on May 31 to holders of record as of May 19.

請注意，本次電話會議中的任何內容均不構成任何 Blue Owl 基金的出售要約或購買要約和興趣邀請。今天早上，我們發布了 2023 年第一季度的財務業績，其中費用相關收益 (FRE) 為每股 0.16 美元，可分配收益 (DE) 為每股 0.15 美元。我們宣布第一季度股息為每股 0.14 美元，將於 5 月 31 日支付給截至 5 月 19 日在冊的股東。

During the call today, we'll be referring to the earnings presentation, which we posted to our website this morning. So please have that on hand to follow along.

在今天的電話會議中，我們將提及今天早上發佈在我們網站上的收益報告。因此，請準備好該文件以便進行後續操作。

With that, I'd like to turn the call over to Doug.

有了這個，我想把電話轉給道格。

Thank you, Ann, and good morning, everyone. Today, we reported another strong quarter of results for Blue Owl, demonstrating the strength and resiliency of our business model in the midst of volatile market conditions. Over the past year, a year marked by substantial interest rate hikes, persistently high inflation and considerable swings in the public markets, we have achieved over 40% growth on the key metrics we use to evaluate our business, including management fees, FRE and DE, all while maintaining an industry-leading 60% FRE margin.

謝謝你，安，大家早上好。今天，我們報告了 Blue Owl 又一個強勁的季度業績，展示了我們的業務模式在動蕩的市場條件下的實力和彈性。過去一年，在大幅加息、持續高通脹和公開市場大幅波動的一年裡，我們用於評估業務的關鍵指標（包括管理費、FRE 和 DE）實現了 40% 以上的增長，同時保持了行業領先的 60% FRE 利潤率。

And we feel like we're just getting started. The past couple of months have demonstrated the value of having durable permanent capital, which means we are never a forced seller in precarious markets, and which allows us to deploy incremental capital into some of the most attractive opportunities we've seen in some time. We believe our focus on downside protected income-generating strategies resonates more than ever against the backdrop of a more unpredictable near-term environment.

我們覺得我們才剛剛開始。過去幾個月已經證明了擁有持久永久資本的價值，這意味著我們永遠不會在不穩定的市場中被迫出售，這使我們能夠將增量資本部署到我們一段時間以來看到的一些最具吸引力的機會中。我們相信，在近期環境更加不可預測的背景下，我們對下行保護創收策略的關注比以往任何時候都更能引起共鳴。

And we are hearing the sentiment echoed in our conversations with existing and prospective investors. Since January 1, 2022, we have raised approximately $29 billion of fee-paying capital across equity and debt, which compares to our fee-paying AUM of $61 billion at the end of 2021, almost 50% growth. All 3 of our verticals have contributed to this growth, and we have seen roughly equal inflows from our institutional and private wealth clients. This is very strong organic growth on an absolute basis. And when you consider the more difficult fundraising environment that we've been in for the last year, we're incredibly proud of what we've accomplished thus far.

我們在與現有和潛在投資者的對話中聽到了這種情緒。自 2022 年 1 月 1 日以來，我們已通過股權和債務籌集了約 290 億美元的付費資本，與 2021 年底 610 億美元的付費資產管理規模相比，增長了近 50%。我們的所有三個垂直行業都為這一增長做出了貢獻，我們看到來自機構和私人財富客戶的資金流入大致相等。從絕對意義上講，這是非常強勁的有機增長。當你考慮到我們去年所處的更加困難的籌款環境時，我們對迄今為止所取得的成就感到無比自豪。

Importantly, we also continue to see very modest redemption in class from the small percentage of our products, which offer a quarterly redemption feature with just $248 million requested in the first quarter or less than 1% of AUM in those products during a period marked by heightened market volatility and investor uncertainty. This compares to over $1 billion raised in those same products. So we remain solidly in net inflow status.

重要的是，我們還繼續看到一小部分產品的贖回規模非常小，這些產品提供季度贖回功能，第一季度僅要求 2.48 億美元，或者在市場波動和投資者不確定性加劇的時期，這些產品的資產管理規模不到 1%。相比之下，這些相同產品籌集的資金超過 10 億美元。因此，我們仍保持淨流入狀態。

From a deployment perspective, more tumultuous markets can result in temporary slowdowns in transaction volumes as buyers, sellers and intermediaries pause to take stock of the market landscape as we've seen on numerous occasions over the past year. We think these are exactly the types of markets that further accelerate the value proposition for and the adoption of the solutions that we offer across direct lending, GP solutions and triple net lease real estate.

從部署的角度來看，更加動蕩的市場可能會導致交易量暫時放緩，因為買家、賣家和中介機構會停下來評估市場格局，正如我們在過去一年中多次看到的那樣。我們認為這些類型的市場能夠進一步加速我們提供的直接貸款、普通合夥人解決方案和三重淨租賃房地產解決方案的價值主張和採用。

We saw this play out during COVID, and we're seeing it now. While sponsors have been deploying capital at a slower pace in recent quarters, they have turned to the direct lending market in greater fashion for the deals they are announcing. Our GP solution business has continued to offer valuable capital to the growing upper middle market GP community, and with our $13 billion Fund V fully raised and already 70% committed, we will be looking ahead to Fund VI in short order.

我們在新冠疫情期間看到了這種情況的發生，現在我們也看到了。儘管近幾個季度贊助商部署資本的速度較慢，但他們已以更大的方式轉向直接貸款市場來完成他們宣布的交易。我們的 GP 解決方案業務繼續為不斷增長的中高端市場 GP 群體提供寶貴的資本，隨著我們 130 億美元的 Fund V 已全額籌集並已完成 70% 的承諾，我們將在短期內期待 Fund VI。

And for our real estate business, the current interest rate environment has made it even more attractive for companies to consider a net lease solution for their capital needs. We are pleased with the $1.5 billion we raised in real estate in the first quarter and the over $4 billion raised in the last 6 months, particularly given the market environment. So what you're hearing from us is that our playbook remains unchanged despite the many things changing around us.

對於我們的房地產業務來說，當前的利率環境使公司考慮採用淨租賃解決方案來滿足其資本需求變得更具吸引力。我們對第一季度在房地產領域籌集的 15 億美元以及過去 6 個月籌集的超過 40 億美元感到滿意，特別是考慮到市場環境。因此，您從我們這裡聽到的是，儘管我們周圍的許多事情發生了變化，但我們的策略仍然沒有改變。

We're focused on raising long duration and mostly permanent capital from institutional and private wealth clients, both of whom continue to grow their allocations to alternatives. We are putting that capital to work with the same selectivity and rigorous underwriting standards we've always utilized, and we continue to innovate through new product development while carefully evaluating the many inorganic opportunities that present themselves.

我們專注於從機構和私人財富客戶那裡籌集長期且大部分是永久性的資本，這兩個客戶都在繼續增加對另類投資的配置。我們將按照我們一直採用的同樣的選擇性和嚴格的承保標準來投入這些資金，我們通過新產品開發繼續創新，同時仔細評估出現的許多無機機會。

We're very pleased with the growth that we've been able to deliver for shareholders thus far. Blue Owl significant permanent capital base is a foundational and intentional differentiator for us, creating a stable base off of which to grow. And our management fee-centric earnings position us well to deliver steady progress against various market backdrops, without the substantial volatility that our peers have from carried interest.

我們對迄今為止能夠為股東帶來的增長感到非常滿意。 Blue Owl 重要的永久資本基礎是我們的根本性和有意的差異化因素，為我們的發展創造了穩定的基礎。我們以管理費為中心的盈利使我們能夠在各種市場背景下取得穩定進展，而不會像同行那樣因附帶權益而出現大幅波動。

Our growth has been outsized relative to peers, other financial companies and broader market indices. And with our newly fixed annual dividend of $0.56 per share for 2023, we are offering an attractive dividend yield of roughly 5% and expect to continue to grow that dividend meaningfully in the coming years.

與同行、其他金融公司和更廣泛的市場指數相比，我們的增長速度非常快。由於我們新固定的 2023 年年度股息為每股 0.56 美元，我們提供了約 5% 的有吸引力的股息收益率，並預計在未來幾年繼續大幅增加股息。

With that, I'd like to turn the call over to Marc to give you an update on our direct lending and real estate business. Marc?

說到這裡，我想將電話轉給馬克，向您介紹我們直接貸款和房地產業務的最新情況。馬克？

Great. Thanks, Doug. During the first quarter, the market trends that we observed in the last few quarters continued and accelerated. Capital scarcity seemed to reach new heights and Blue Owl continue to act as an integral liquidity provider to sponsors and companies.

偉大的。謝謝，道格。在第一季度，我們觀察到的過去幾個季度的市場趨勢持續並加速。資本稀缺似乎達到了新的高度，藍貓頭鷹繼續充當贊助商和公司不可或缺的流動性提供者。

Over the last 12 months, Blue Owl's direct lending business has originated nearly $19 billion of loans, providing crucial financing to the M&A market. We continue to see sizable deals come to the direct lending market, a reflection of the pause seen in liquid credit markets and an acknowledgment of the value of private credit solutions during more uncertain times.

過去 12 個月，Blue Owl 的直接貸款業務發放了近 190 億美元的貸款，為併購市場提供了至關重要的融資。我們繼續看到大量交易進入直接貸款市場，這反映出流動性信貸市場的暫停，以及在更加不確定的時期對私人信貸解決方案價值的認可。

As we've highlighted in the past quarters, this remains an excellent environment in which to deploy capital, at wider spreads and lower loan-to-values than a year ago, financing large and very high-quality companies. And the loans we are making are backed by sticky, stable permanent capital.

正如我們在過去幾個季度所強調的那樣，這仍然是部署資本的絕佳環境，與一年前相比，利差更大，貸款價值比更低，為大型且優質的公司提供融資。我們發放的貸款有粘性、穩定的永久資本作為支持。

As expected, broader market M&A volumes remained slow in the first quarter of 2023. And while our deployment activity is certainly not immune to that trend, we continue to see direct lenders capture significant market share. Credit quality remains strong. Despite a more challenging backdrop, we continue to see good revenue and EBITDA growth year-over-year on average in the portfolio.

正如預期的那樣，2023 年第一季度更廣泛的市場併購量仍然緩慢。雖然我們的部署活動當然不能倖免於這一趨勢，但我們繼續看到直接貸款人佔據了重要的市場份額。信用質量依然強勁。儘管面臨更具挑戰性的背景，我們仍然看到投資組合的平均收入和 EBITDA 同比增長良好。

Weighted average loan to values remain in the low 40s across our direct lending portfolio and in the low 30s across our tech portfolio. Across the $75 billion of loans we've originated since inception, annualized, realized losses have been approximately 6 basis points, and those have been fully offset by realized gains over that period. And with regards to performance, the direct lending portfolio achieved gross appreciation of 4.6% for the first quarter and 13.2% for the last 12 months.

我們的直接貸款投資組合的加權平均貸款價值仍保持在 40 多歲的水平，而我們的科技投資組合的加權平均貸款價值則保持在 30 多歲的低水平。在我們自成立以來發放的 750 億美元貸款中，年化已實現損失約為 6 個基點，而這些損失已被該期間已實現收益完全抵消。從業績來看，直接貸款投資組合第一季度毛增長 4.6%，過去 12 個月增長 13.2%。

Now moving on to real estate. We continue to see high levels of interest in our net lease strategy with corporate borrowing costs elevated and financing markets stall. Our pipeline of opportunities remains robust with roughly $3.3 billion of transaction volume under letter of intent or contract to close and a near-term pipeline of about $30.8 billion of potential volume.

現在轉向房地產。隨著企業借貸成本上升和融資市場停滯，我們的淨租賃策略仍然受到高度關注。我們的機會渠道仍然強勁，根據意向書或合同完成的交易量約為 33 億美元，近期潛在交易量約為 308 億美元。

Inclusive of announced acquisition activity, we have invested or committed nearly all of the equity in our fifth [full end] fund and have started deploying capital out of our sixth vintage. The stability and quality of the income generated by our triple net lease strategy continues to resonate strongly with investors.

包括已宣布的收購活動在內，我們已投資或承諾了第五個[完整]基金的幾乎所有股權，並已開始部署第六個時期的資本。我們的三重淨租賃策略所產生的收入的穩定性和質量繼續引起投資者的強烈共鳴。

Inflation concerns are minimized as all property expenses are borne by the tenant, while growth concerns are mitigated by contractual rent escalators over a very long 10-year-plus duration lease terms. Our tenants are primarily large brand-name firms with investment-grade credit profiles, and the real estate that we own in this strategy is generally in logistics properties or what we call mission-critical retail, physical footprint that these businesses need to conduct their everyday operations.

由於所有物業費用均由租戶承擔，因此通貨膨脹的擔憂被降至最低，而長達 10 年以上的長期租賃期限的合同租金自動扶梯則緩解了增長擔憂。我們的租戶主要是具有投資級信用狀況的大型品牌公司，我們在此戰略中擁有的房地產通常是物流地產或我們所說的關鍵任務零售，這些企業進行日常運營所需的物理足跡。

While we understand there is more investor caution around real estate as an asset class these days, we think our real estate business sits exactly where you'd want to be positioned for this environment. downside protected through income generation, purchase price, contractual lease duration and the credit quality of our tenants and the triple net lease structure.

雖然我們知道如今投資者對房地產作為一種資產類別更加謹慎，但我們認為我們的房地產業務正是您在這種環境下想要定位的地方。通過創收、購買價格、合同租賃期限、租戶的信用質量以及三重淨租賃結構來保護下行風險。

With regards to performance, we achieved gross appreciation across our real estate portfolio of 4.4% for the first quarter and 19.1% for the last 12 months, in our view, great risk-adjusted returns for the strong underlying credit profile of these portfolios.

就業績而言，我們的房地產投資組合第一季度實現了 4.4% 的總升值，過去 12 個月實現了 19.1% 的總升值，我們認為，這些投資組合強勁的基礎信用狀況帶來了巨大的風險調整回報。

Referencing back to my opening comments today, we continue to see a very constructive environment for our direct lending and real estate businesses with attractive opportunities to put capital to work and strong interest in the strategies that we offer.

回顧我今天的開場白，我們繼續看到我們的直接貸款和房地產業務非常有建設性的環境，擁有有吸引力的資本運作機會，並對我們提供的策略產生了濃厚的興趣。

The market shocks of the past couple of quarters have reminded people that when market shift, they can shift very rapidly, being senior in the capital structure, generating meaningful returns through income, and having your investments supported by permanent and long duration capital are all very good things for our investors and very good things for Blue Owl.

過去幾個季度的市場震盪提醒人們，當市場發生轉變時，他們可以非常迅速地轉變，在資本結構中處於高級地位，通過收入產生有意義的回報，並讓你的投資得到永久和長期資本的支持，這對我們的投資者來說都是非常好的事情，對藍貓頭鷹來說也是非常好的事情。

With that, let me turn it to Michael to discuss GP Capital Solutions.

接下來，讓我請 Michael 來討論 GP Capital Solutions。

Thank you, Marc. Our GP Capital Solutions business was active in the first quarter of 2023, moving dialogue forward on potential investments and working with many partner managers as they continue to expand and diversify their businesses.

謝謝你，馬克。我們的 GP Capital Solutions 業務在 2023 年第一季度表現活躍，推動了潛在投資的對話，並與許多合作夥伴經理合作，幫助他們繼續擴展和多元化業務。

Despite what has broadly been characterized as a more challenging fundraising environment, our focus on the largest firms within the alternative universe has positioned our platform well to capture the ongoing secular tailwinds towards alternatives. We continue to see the market share of the largest managers expand, and this phenomenon seems to accelerate during times of market volatility.

儘管人們普遍認為融資環境更具挑戰性，但我們對另類領域最大公司的關注使我們的平台能夠很好地捕捉另類領域持續的長期順風。我們繼續看到最大的管理公司的市場份額不斷擴大，而且這種現像在市場波動時期似乎會加速。

In the past couple of years, mega funds of $1 billion or more in the private capital industry have accounted for 65% of the capital raised. Looking at 2022, this concentration is more like 70% to 75%, a clear indicator of the value of having scale and a strong brand. We think our partner managers have certainly benefited from this dynamic with most achieving or exceeding their fundraising targets despite greater near-term headwinds.

過去幾年，私募行業10億美元以上的巨型基金已佔募集資金的65%。展望2022年，這一集中度更像是70%到75%，這清楚地表明了擁有規模和強大品牌的價值。我們認為，儘管近期阻力更大，但我們的合作夥伴經理肯定會從這種動態中受益，大多數人都實現或超過了籌款目標。

Total invested commitments for Dyal V, including agreements and principles remain around $9 billion of capital committed or roughly 70% of the funds. The forward pipeline is robust, and we continue to evaluate numerous opportunities that are quite attractive. Performance across Dyal Funds remained strong with a net IRR of 23.1% for Fund III, 50.2% for Fund IV and 31.9% for Fund V, all of which compare favorably to the median returns for private equity funds of the same vintages.

Dyal V 的投資承諾總額（包括協議和原則）仍約為 90 億美元，約佔資金的 70%。未來的管道很強勁，我們將繼續評估許多非常有吸引力的機會。 Dyal 基金的表現依然強勁，基金 III 的淨內部收益率為 23.1%，基金 IV 的淨內部收益率為 50.2%，基金 V 的淨內部收益率為 31.9%，所有這些都優於同期私募股權基金的中位回報。

We held a close for our professional sports minority investment strategy during the first quarter, bringing commitments for that strategy to over $500 million. Looking ahead, we're excited about what the next year holds for the GP Capital Solutions business. We continue to expand the breadth of our potential investor base institutionally and in the wealth channel and still anticipate launching conversations for Fund VI later this year.

我們在第一季度結束了職業體育少數派投資戰略，使該戰略的承諾額超過 5 億美元。展望未來，我們對 GP Capital Solutions 業務明年的發展感到興奮。我們繼續在機構和財富渠道上擴大潛在投資者基礎的廣度，並仍然預計在今年晚些時候啟動第六基金的對話。

With that, I will turn things over to Alan to discuss our financial results.

這樣，我將把事情交給艾倫來討論我們的財務業績。

Thank you, Michael. Good morning, everyone. I'm going to start off by walking through the numbers for this quarter and the last 12 months, and then I'll touch on a few other items I want to cover today. I'll be making references to pages in our earnings presentation, so please feel free to have that available to follow along.

謝謝你，邁克爾。大家，早安。我將首先瀏覽本季度和過去 12 個月的數據，然後我將討論今天要討論的其他一些項目。我將在我們的收益演示中引用一些頁面，因此請隨時提供這些內容以供後續使用。

To start off, we are pleased to report that since we have been a public company for 2 years, this is the first quarter we can report LTM comparisons, which are reflected in our earnings presentation. As you know, we report quarterly, but we really run our business with a 2- to 5-year view and LTM info and not just quarterly results, provides a more fulsome picture of the progress we've made across our business.

首先，我們很高興地報告，自從我們成為上市公司兩年以來，這是我們可以報告 LTM 比較的第一個季度，這反映在我們的收益報告中。如您所知，我們每季度報告一次，但我們實際上以 2 到 5 年的視角來運營我們的業務，LTM 信息（而不僅僅是季度業績）提供了我們在整個業務中取得的進展的更全面的畫面。

So some key highlights of our results through March 31 include total revenues up 44%, FRE up 40%, DE up 41% and our dividend is up 35%, all on an LTM basis versus a year ago. So in the midst of this market turbulence, we continue to post solid results, which supports what we have been saying for the past 2 years.

因此，截至 3 月 31 日，我們業績的一些關鍵亮點包括總收入增長 44%、FRE 增長 40%、DE 增長 41% 以及我們的股息增長 35%，所有這些都是按 LTM 與一年前相比。因此，在市場動蕩的情況下，我們繼續發布穩健的業績，這支持了我們過去兩年的說法。

We built our business with the foundation of permanent capital and steady, predictable management fee cash flows. We don't have lumpy, volatile carried interest revenues flowing through our P&L. So our business model and growth profile look different than our peers, and this will continue to differentiate us in the diversified [alt] industry.

我們的業務建立在永久資本和穩定、可預測的管理費現金流的基礎上。我們的損益表中沒有流動性不穩定、不穩定的附帶利息收入。因此，我們的商業模式和增長概況看起來與同行不同，這將繼續使我們在多元化的[alt]行業中脫穎而出。

To put some numbers to this, for the past 2 years, our peers had, on average, 30% to 35% of their total asset management revenues come from lumpy volatile carried interest cash flows, again, just very different models than us. Okay, to step through our results through March 31 in more detail, management fees are up $483 million or 55% for the LTM period versus a year ago.

用一些數字來說明這一點，在過去的兩年裡，我們的同行平均有 30% 到 35% 的資產管理總收入來自波動性較大的附帶利息現金流，同樣，這與我們的模式截然不同。好吧，更詳細地介紹一下我們截至 3 月 31 日的業績，LTM 期間的管理費比一年前增加了 4.83 億美元，即 55%。

Broken down by strategy, direct lending management fees are up $242 million or 51%. GP Capital Solutions management fees were up $169 million or 44%, and real estate management fees are up $72 million or over 400%. But keep in mind, we acquired our real estate business at the end of 2021. This is obviously a very considerable growth that we've been able to accomplish.

按策略細分，直接貸款管理費增加了 2.42 億美元，即 51%。 GP Capital Solutions管理費上漲1.69億美元，漲幅44%，房地產管理費上漲7200萬美元，漲幅超過400%。但請記住，我們在 2021 年底收購了房地產業務。這顯然是我們能夠實現的非常可觀的增長。

Compensation expense came in, in line with our expectations at approximately 27% comp to revenue. G&A expense came in also in line with our expectations at $48 million for the quarter. Placement costs were a little elevated due to large closing in our ORTF II BDC. Overall, we are trending in line with our expectations and guidance of G&A expense trending up a little in 2023 from last year. FRE is up $246 million or 40% for the LTM period versus a year ago, and we continue to be right on track with our 60% FRE margin guidance for 2023. And we announced a dividend of $0.14 per share for the first quarter.

薪酬支出佔收入約 27%，符合我們的預期。本季度一般管理費用為 4800 萬美元，也符合我們的預期。由於我們的 ORTF II BDC 大量關閉，安置成本略有上升。總體而言，我們的趨勢符合我們的預期和指導，即 2023 年 G&A 費用比去年略有上升。 FRE 在 LTM 期間比一年前增長了 2.46 億美元，即 40%，我們繼續按照 2023 年 60% FRE 利潤指導目標前進。我們宣布第一季度股息為每股 0.14 美元。

For the LTM period, we have paid $0.50 in dividends versus $0.37 for a year ago period. That results in a 35% increase in our dividend for the LTM period. Now I'd like to spend a moment on our fundraising efforts. We were pleased with our results for the quarter, in particular, considering the very challenging fundraising environment we're in.

在 LTM 期間，我們支付了 0.50 美元的股息，而去年同期為 0.37 美元。這導致我們 LTM 期間的股息增加了 35%。現在我想花點時間談談我們的籌款工作。我們對本季度的業績感到滿意，特別是考慮到我們所處的融資環境非常具有挑戰性。

As a reminder, as you can see on Slide 12, in the first quarter of 2022, we raised $3.9 billion. And now in the first quarter of 2023, we raised $3.8 billion. And on an LTM comparative basis, we raised $24.7 billion through March 31 versus $11.3 billion for the prior year, an increase of approximately 120%.

提醒一下，正如您在幻燈片 12 中看到的那樣，2022 年第一季度，我們籌集了 39 億美元。現在到 2023 年第一季度，我們籌集了 38 億美元。根據 LTM 比較，截至 3 月 31 日，我們籌集了 247 億美元，而上一年為 113 億美元，增長了約 120%。

In one of the toughest fundraising environments that we've seen in some time, we more than doubled our fundraise levels. I'll break down the 1Q '23 numbers across our strategies and products. In direct lending, we raised $1.9 billion. $1.2 billion raised in our diversified lending strategy, including almost $600 million raised in our retail distributed core income BDC, ORCIC. And over $700 million raised in our tech lending strategies, including almost $200 million raised in our retail distributed tech lending BDC, ORCIC.

在我們一段時間以來見過的最艱難的籌款環境之一中，我們的籌款水平增加了一倍多。我將詳細分析我們的戰略和產品 23 年第一季度的數據。在直接貸款方面，我們籌集了 19 億美元。我們通過多元化貸款策略籌集了 12 億美元，其中包括通過零售分佈式核心收入 BDC、ORCIC 籌集的近 6 億美元。我們的技術貸款策略籌集了超過 7 億美元，其中包括我們的零售分佈式技術貸款 BDC、ORCIC 籌集的近 2 億美元。

In GP Capital Solutions, we raised over $300 million. And in real estate, we raised over $1.5 billion, $1.2 billion in our Real Estate Fund VI, which we remain on track with our Investor Day goals of raising $5 billion for this product and $300 million for our net lease trust product, our new nontraded REIT.

我們在 GP Capital Solutions 籌集了超過 3 億美元的資金。在房地產領域，我們籌集了超過 15 億美元，其中房地產基金 VI 籌集了 12 億美元，我們仍在實現投資者日的目標，即為該產品籌集 50 億美元，為我們的淨租賃信託產品（我們的新非交易房地產投資信託）籌集 3 億美元。

We continue to see strong institutional interest in our products and the wealth channel rebounded in March from our lows in February, although we expect in certain areas, continued pressure on the wealth channel. As we discussed on last quarter's call, as we progress through 2023 we continue to expect fundraising to tilt institutional, although timing is always challenging to predict, in particular, in times of market disruption and dislocation.

我們繼續看到機構對我們的產品表現出濃厚的興趣，並且財富渠道在 3 月份從 2 月份的低點反彈，儘管我們預計在某些領域財富渠道將繼續面臨壓力。正如我們在上季度電話會議中所討論的那樣，隨著 2023 年的進展，我們仍然預計融資將向機構傾斜，儘管時機總是難以預測，特別是在市場混亂和混亂時期。

Turning to some of our wealth products. We continue to be very encouraged by the net fundraising levels we continue to see from our products that have quarterly redemption features. As Doug pointed out, we are still seeing strong net positive inflows with these products with gross inflows running at about 5x the level of redemptions.

轉向我們的一些理財產品。我們繼續對具有季度贖回功能的產品所看到的淨籌款水平感到非常鼓舞。正如道格指出的那樣，我們仍然看到這些產品有強勁的淨正流入，總流入約為贖回水平的 5 倍。

All in all, we've raised approximately $29 billion of fee-paying AUM since Jan 1, 2022. As it relates to our AUM metrics, on Slide 11, AUM grew $42.4 billion to $144.4 billion, a 42% increase from the first quarter a year ago. Fee-paying AUM grew $26 billion to $91.6 billion, a 40% increase from the first quarter a year ago. Both metrics driven primarily by capital raised and deployment in direct lending, capital raised in GP Capital Solutions Fund V, capital raised in Real Estate Fund VI, NLP and NLT and the addition of our CLO business.

總而言之，自 2022 年 1 月 1 日以來，我們已籌集了約 290 億美元的付費 AUM。與我們的 AUM 指標相關，在幻燈片 11 上，AUM 增長了 424 億美元，達到 1,444 億美元，比一年前第一季度增長了 42%。付費資產管理規模增長 260 億美元，達到 916 億美元，比去年第一季度增長 40%。這兩個指標主要由直接貸款籌集的資金和部署、GP Capital Solutions Fund V 籌集的資金、房地產基金 VI、NLP 和 NLT 籌集的資金以及我們的 CLO 業務的增加所驅動。

Permanent capital grew $28.7 billion to $114.3 billion, a 34% increase from the first quarter a year ago. As a reminder, 93% of our management fees are from these permanent capital vehicles. AUM not-yet-paying fees was $11.7 billion, including $7.6 billion in direct lending, $1.2 billion in GP Capital Solutions and $2.9 billion in real estate. This AUM corresponds to an expected increase in annual management fees totaling over $155 million once deployed, which equates to a fee rate of over 1.3%, which speaks to the quality of the capital raised.

永久資本增長 287 億美元，達到 1,143 億美元，比去年同期增長 34%。提醒一下，我們 93% 的管理費來自這些永久資本工具。 AUM 尚未支付的費用為 117 億美元，其中包括 76 億美元的直接貸款、12 億美元的 GP Capital Solutions 和 29 億美元的房地產。這一資產管理規模對應的年度管理費預計將在部署後增加超過 1.55 億美元，相當於費率超過 1.3%，這說明了所籌集資金的質量。

In direct lending, we had gross originations of $1.6 billion for the quarter and net funded deployment of $1.3 billion. This brings our gross originations for the last 12 months to $18.8 billion, with $12.2 billion of net funded deployment. So as it relates to the $7.6 billion of AUM not yet paying fees in direct lending, it would take us a little over 2 quarters to fully deploy this based on our average net funded deployment pace over the last 12 months, although our current deployment pace is a little slower than that.

在直接貸款方面，本季度我們的總發起額為 16 億美元，淨資金部署額為 13 億美元。這使得我們過去 12 個月的總發起額達到 188 億美元，淨資金部署額達到 122 億美元。因此，由於它涉及尚未支付直接貸款費用的 76 億美元 AUM，根據我們過去 12 個月的平均淨資金部署速度，我們需要兩個多季度的時間才能完全部署它，儘管我們目前的部署速度比這要慢一些。

Turning to our balance sheet. We continue to be in a strong capital position. As you can see on Slide 17, we currently have a significant amount of liquidity with an average 13-year maturity and low 2.9% cost of borrowing. So summing it all up, another great quarter. Although it is a challenging fundraising environment, we continue to make good progress and grow at industry-leading levels. We have always talked about the importance of our permanent capital in our business model, and this is exactly why.

轉向我們的資產負債表。我們繼續保持強勁的資本狀況。正如您在幻燈片 17 中看到的，我們目前擁有大量流動資金，平均期限為 13 年，借貸成本較低，為 2.9%。總而言之，又是一個偉大的季度。儘管融資環境充滿挑戰，但我們繼續取得良好進展，並以行業領先水平成長。我們一直在談論永久資本在我們的商業模式中的重要性，這正是原因。

Our fee-paying AUM grows more meaningfully versus our peers. As I noted at the beginning of my remarks, this is all a testament to our business model of strong predictable high-margin growth. We are very pleased with our results. We delivered strong growth in all of our key metrics, AUM, fee paying AUM, management fees, FRE and DE with each of these metrics up 40% or more year-over-year.

與同行相比，我們的付費資產管理規模增長更有意義。正如我在發言開頭所指出的，這一切都證明了我們的業務模式具有強勁、可預測的高利潤增長。我們對我們的結果非常滿意。我們的所有關鍵指標（AUM、付費 AUM、管理費、FRE 和 DE）均實現了強勁增長，其中每項指標均同比增長 40% 或更多。

Thank you again to everyone who has joined us on the call today. With that, operator, will we please open the line for questions.

再次感謝今天加入我們電話會議的所有人。那麼，接線員，請我們開通提問線路。

Awesome. Thank you. (Operator Instructions) Your first question comes from Craig Siegenthaler.

驚人的。謝謝。 （操作員說明）您的第一個問題來自 Craig Siegenthaler。

Hope you're all doing well. I wanted to dig a little deeper into Alan's comments on the institutional channel effort. Which institutional funds are you currently marketing in the credit business? And can you comment on if the fee levels are really any different than your retail offering as we think about mix?

希望你們一切都好。我想更深入地了解艾倫對機構渠道工作的評論。您目前在信貸業務中營銷哪些機構基金？當我們考慮組合時，您能否評論一下費用水平是否真的與您的零售產品有什麼不同？

Craig, it's Doug. Let me make a couple of comments on fundraising in general, and then I'll get into the funds in the market. So first of all, you've heard from a lot of people, it's definitely a difficult fundraising environment. But from what we're seeing, the secular tailwinds for all is just -- it really hasn't changed. And I think you'd agree with this, when there's market volatility when we're having bank failures, it certainly makes fundraising more difficult.

克雷格，是道格。讓我對一般籌資發表一些評論，然後我將介紹市場上的基金。首先，你從很多人那裡聽說，這絕對是一個困難的籌款環境。但從我們所看到的來看，對所有人來說的長期順風確實沒有改變。我想你會同意這一點，當銀行倒閉時市場出現波動，這肯定會使籌款變得更加困難。

Our products, and I'll get into those in a moment, have high current income, inflation protection and obviously downside protection. And when I look at what we've done through '22 and the first quarter of '23, Alan referenced this, we've grown our assets by 40%. And this will start to get to your question, not only have we grown assets, but these are assets that have really attractive fees and very attractive margins. It's not insurance money, it's not CLOs, it's not 10 to 30 basis point money. This is good fees and good carry.

我們的產品，我稍後會介紹這些產品，具有高當前收入、通脹保護和明顯的下行保護。當我看到我們在 22 年和 23 年第一季度所做的事情時，艾倫提到了這一點，我們的資產增長了 40%。這將開始回答你的問題，我們不僅增加了資產，而且這些資產具有非常有吸引力的費用和非常有吸引力的利潤。這不是保險金，不是 CLO，也不是 10 到 30 個基點的錢。這是很好的費用和良好的攜帶。

So look, as we sit here today, obviously, the spectrum of outcomes a little wider. And I'd say for me, it's a little incrementally. It's a little more difficult to predict the timing of fundraising, but we are seeing significant demand for all of our strategies. We've invested heavily in distribution globally, and we're continuing to invest. The funds have a great track record.

所以，當我們今天坐在這裡時，顯然，結果的範圍更廣一些。我想說的是，對我來說，這是一個漸進的過程。預測籌款時間有點困難，但我們看到對我們所有策略的巨大需求。我們在全球分銷方面投入了大量資金，並將繼續投資。這些基金有著良好的業績記錄。

And so I can't tell you the exact timing, but we still feel really good about our ability to generate meaningful growth. The big fundraise we have in the market right now is on Oak Street VI, we have raised just under $3 billion. We have a hard cap of 5. We feel really good about hitting that cap.

因此，我無法告訴您確切的時間，但我們仍然對我們實現有意義的增長的能力感到非常滿意。我們目前在市場上進行的大額融資是在 Oak Street VI，我們籌集了近 30 億美元。我們的硬上限是 5。我們對達到這個上限感到非常高興。

We're still in the market with our Tech BDC, Tech II, I think we just surpassed $4 billion, Alan, and we'll wrap that up. And I think that's kind of in line with expectations. And we're excited and I think we'll generate great returns with that capital. And then we have a number of substrategies, which I can go through with you in the credit space. And of course, there's some SMAs as well. And then I do have to admit away from institutional, we have 3 things in the market in private wealth. And while flows have slowed, we're still doing pretty well in that space as well.

我們的 Tech BDC、Tech II 仍在市場中，我認為我們剛剛超過 40 億美元，艾倫，我們將結束這一點。我認為這符合預期。我們很興奮，我認為我們將利用這筆資金產生巨大的回報。然後我們還有一些基礎問題，我可以在信用空間中與您一起討論。當然，還有一些 SMA。然後我必須承認，除了機構之外，我們在私人財富市場上還有三樣東西。儘管流量放緩，但我們在該領域仍然做得很好。

Your next question comes from the line of Patrick Davitt.

你的下一個問題來自帕特里克·戴維特。

So sorry if I missed this, but I think I heard you're sticking with the 60% margin, but you still expect you can do $25 billion of gross fundraise and $1 billion of FRE this year. Are you kind of pulling off that a bit?

如果我錯過了這一點，我很抱歉，但我想我聽說你們堅持 60% 的利潤率，但你們仍然預計今年可以籌集 250 億美元的總籌款額和 10 億美元的 FRE。你有點脫力嗎？

Thanks, Patrick. It's Alan. We still feel good about being in and around our targets. But let me add a couple of thoughts to that. Since we posted these targets a year ago, the world has changed quite a bit, right? This has been one of the most challenging fundraising environments we've seen in a very long time, yet our fundraise is up 120% year-over-year.

謝謝，帕特里克。是艾倫。我們仍然對達到或接近目標感到滿意。但讓我補充一些想法。自從我們一年前發布這些目標以來，世界已經發生了很大變化，對吧？這是我們很長一段時間以來見過的最具挑戰性的籌款環境之一，但我們的籌款額同比增長了 120%。

So we're still really confident in our outsized growth trajectory. Our retail flows have held up extremely well despite the environment, and we're really pleased with our results, 40-plus percent year-over-year growth in every key metric of our business. There's a lot of hypotheticals that we could kick around. And yes, there's more volatility. And yes, the range of outcomes is wider as Doug just mentioned than before, but we feel good about being in and around our targets.

因此，我們對我們的超額增長軌跡仍然充滿信心。儘管環境惡劣，我們的零售流量仍然保持得非常好，我們對我們的業績非常滿意，我們業務的每個關鍵指標都同比增長了 40% 以上。我們可以提出很多假設。是的，波動性更大。是的，正如道格剛才提到的，結果的範圍比以前更廣泛，但我們對實現目標和實現目標感到滿意。

The next question comes from Bill Katz.

下一個問題來自比爾·卡茨。

This is Cameron Phillips on for Bill Katz. Just wanted to get some further color on the net lease pipeline, just how it's been growing quarter-over-quarter, year-over-year, as well as what you see the typical pacing of getting that pipeline completed given the macro environment today?

我是卡梅倫·菲利普斯 (Cameron Phillips) 替比爾·卡茨 (Bill Katz) 發言。只是想進一步了解淨租賃管道的情況，即它的季度環比、同比增長情況，以及在當今的宏觀環境下，您認為完成該管道的典型節奏是怎樣的？

Sure. Look, it's a very, very -- it's a good environment to be a private capital solutions provider, a bit large. And in triple net lease, I think that dynamic is very, very visible for us. We see it in terms of the number of companies that are engaged, interested, the number of properties, the terms on which we can buy.

當然。看，對於私人資本解決方案提供商來說，這是一個非常非常好的環境，有點大。在三重淨租賃中，我認為這種動態對我們來說非常非常明顯。我們從參與、感興趣的公司數量、房產數量以及我們可以購買的條款來看待它。

I think by any measure, this is a really appealing time to be offering an alternative solution when you don't have the kind of traditional functioning markets even less so, we do very well, and have done very well for 12 years with highly functional markets around when the markets are not functional, that much better.

我認為，無論以何種標準衡量，在沒有傳統功能市場的情況下，現在提供替代解決方案都非常有吸引力，更不用說，我們做得很好，而且 12 年來，當市場無法發揮作用時，我們在功能強大的市場上做得很好，那就更好了。

So the pipeline is very strong, and it gets down to one simple observation that comes out of all that, which is, at the end of the day, what we are offering with triple net lease is a type of credit. It's a type of financing solution, but it's even better because you also own a strategic physical asset underneath it, but with a 15-, 20-year lease with all the expenses paid by the tenant. So point of view the investor, inflation is mitigated. So it's really a wonderful way to make an extremely low-vol, predictable long-term return.

因此，管道非常強大，它可以歸結為一個簡單的觀察，即，歸根結底，我們通過三重淨租賃提供的是一種信貸。這是一種融資解決方案，但它更好，因為您還擁有其下的戰略實物資產，但租期為 15 年、20 年，所有費用均由租戶支付。因此，從投資者的角度來看，通脹正在緩解。因此，這確實是獲得極低波動性、可預測的長期回報的絕佳方式。

But for the user of the capital for the company, to get right to your question, if you don't have simple functioning markets, whether that's a bank market, bond market or otherwise, then it's quite more appealing to say, "Oh well, listen, I do have this warehouse." I do have this build and we operate out of I have this manufacturing facility, why do I need to be in the -- own the real estate business? I should be able to make a much higher return in my "core business" and so they turn to us, and we're by far the leader in this space, as you know.

但對於公司資本的使用者來說，為了正確回答你的問題，如果你沒有簡單運作的市場，無論是銀行市場、債券市場還是其他市場，那麼更有吸引力的是說，“哦，聽著，我確實有這個倉庫。”我確實擁有這個建築，並且我們在我擁有這個製造工廠的基礎上運營，為什麼我需要擁有房地產業務？我應該能夠在我的“核心業務”中獲得更高的回報，所以他們轉向我們，正如你所知，我們是這個領域迄今為止的領導者。

So we're seeing the benefits of that. And not surprisingly, it's coming on more attractive terms today than it did a year ago. The cap rates that we can buy at are even better. So yes, it's a very appealing environment for us. This, and I'd say also from the point of view of the investors, we have a strategy that is so distinctive from any other real estate strategy out there, right? We don't own re-leasing risk. We don't own the uncertainties of the commercial market. We don't run highly levered strategies. So it's a good time for this business.

所以我們看到了這樣做的好處。毫不奇怪，今天它的條款比一年前更具吸引力。我們可以購買的上限利率甚至更好。所以，是的，這對我們來說是一個非常有吸引力的環境。我想說的是，從投資者的角度來看，我們的策略與其他任何房地產策略都截然不同，對吧？我們不承擔轉租風險。我們不承擔商業市場的不確定性。我們不執行高槓桿策略。所以現在是開展這項業務的好時機。

Our next question comes from Kenneth Worthington.

我們的下一個問題來自肯尼思·沃辛頓。

This is Alex Bernstein stepping in for Ken Worthington. We wanted to double-click on the banking crisis that's been holding in the U.S. Do you see a longer-term opportunity for the alternative credit business to supply lending capacity here? And do you see an opportunity for Owl and what would that look like?

亞歷克斯·伯恩斯坦 (Alex Bernstein) 接替肯·沃辛頓 (Ken Worthington)。我們想雙擊美國持續存在的銀行業危機。您是否認為另類信貸業務在此處提供貸款能力方面存在長期機會？您認為 Owl 有機會嗎？那會是什麼樣子？

And maybe as a second part of that question, if you do see such an opportunity, is there any incremental investment or build-out that you think that will be required to take advantage of it? Or do you already have everything more or less in place?

也許作為該問題的第二部分，如果您確實看到了這樣的機會，您認為利用它是否需要增量投資或擴建？或者你已經把一切都或多或少地準備好了？

Sure. Look, just this ongoing whatever term we want to apply to it, but this banking transition, I don't know if it's a crisis or not, but it's certainly a meaningful shift in the market. So let me headline with, yes, it presents opportunities for Blue Owl. It presents opportunities for direct lending and private capital solutions in general.

當然。看，無論我們想用什麼術語來形容它，這種持續不斷的變化，但這種銀行業轉型，我不知道這是否是一場危機，但這肯定是市場上一次有意義的轉變。因此，讓我的標題是，是的，這為藍貓頭鷹提供了機會。它總體上為直接貸款和私人資本解決方案提供了機會。

So I say that with clear observation, it's not like any of us like to see these things happen. Nobody likes to see and I -- none of us want to see banks that are having to kind of evaporate, these are great businesses that have been built over time, and it's not helpful to the markets in aggregate when you have this kind of capital disruption. But for purposes also, although being clear on this call, yes, it's a positive for us.

所以我說，通過清晰的觀察，我們任何人都不願意看到這些事情發生。沒有人願意看到，我——我們誰都不想看到銀行不得不消失，這些都是隨著時間的推移而建立的偉大企業，當你遇到這種資本中斷時，這對總體市場沒有幫助。但也出於目的，儘管這次電話會議很明確，是的，這對我們來說是積極的。

I mean the reality is, and I'll say this, at least qualitatively, we know that when you take a lot of capital out of the system, and in fact, the regional banks were some of the only banks that still actually lent money to companies, right? That is to say the large money center banks have long ago migrated really out of the balance sheet business into the securities business into the moving as opposed to storage business.

我的意思是，現實是，我會這麼說，至少在定性上，我們知道，當你從系統中取出大量資本時，事實上，地區銀行是唯一仍然向公司放貸的銀行之一，對吧？也就是說，大型貨幣中心銀行早已真正從資產負債表業務轉向證券業務，轉向移動而非存儲業務。

The regional banks actually would still show up and provide capital. And while we didn't frequently overlap in the same companies given the scale, the very large scale that we participate in, there certainly was some presence. So qualitatively, it's very clear this is going to mean more demand or I should say the same demand for capital and fewer suppliers of it.

地區銀行實際上仍然會出現並提供資金。雖然考慮到我們參與的規模非常大，但我們在同一家公司的工作並不經常重疊，但肯定存在一些存在。因此，從質量上來說，很明顯這將意味著更多的需求，或者我應該說對資本的需求相同，而資本的供應商卻更少。

The suppliers that remain, the regional banks that stay in place, it's also apparent that they're going to have a higher cost of capital. And so all of that means more opportunity on the quantitative effects, too early to quantify, it is definitively a positive number as to how positive. I guess it also depends just how much -- how many more of these ripples there are through the system. But it's been disruptive. And I think also amplified for people the power of our model, which is having permanent capital, long-dated capital to meet long-dated needs works.

留下來的供應商、留下來的地區銀行，顯然它們的資本成本也會更高。因此，所有這些都意味著在定量效應方面有更多的機會，現在量化還為時過早，至於積極程度，這絕對是一個正數。我想這還取決於系統中還有多少這樣的漣漪。但它具有破壞性。我認為這也為人們放大了我們模式的力量，即擁有永久資本、長期資本來滿足長期需求。

It's good for the economy. It's good for the capital markets. Private markets through all these times, picture of the weekend of SVB, and we were talking about how do we provide capital, make sure that we're -- we had capital available ready to go. And that's been true last weekend with First Republic. We at the end of the day, are here as a steady provider.

這對經濟有好處。這對於資本市場來說是利好。私募市場經歷了所有這些時間，SVB 週末的圖片，我們正在討論如何提供資本，確保我們 - 我們有可用的資本。上週末的《第一共和國》就是如此。歸根結底，我們是作為穩定的供應商而來的。

So I think the direct lending business has proven to be really a stabilizing force for the market [writ] large. So it's capital -- it's opportunity coming our way. I think it is allowing our marketplace to continue to provide something important for the economy. And in terms of what that might all translate into, we've got the infrastructure. So to answer your question specifically, no, we don't need to build infrastructure. This is what we do. We've looked at, I think, about 8,000 different loans to make the hundreds that we have. So we're fully built. So this is more opportunity. Again, we don't say it gleefully, we don't want to get it this way, but yes, we are a beneficiary.

因此，我認為直接貸款業務已被證明確實是市場的穩定力量。所以這是資本——這是我們的機會。我認為這使得我們的市場能夠繼續為經濟提供重要的東西。就這一切可能轉化為的內容而言，我們已經擁有了基礎設施。因此，具體回答你的問題，不，我們不需要建設基礎設施。這就是我們所做的。我想，我們已經研究了大約 8,000 筆不同的貸款，以構成我們擁有的數百筆貸款。這樣我們就完全建成了。所以這是更多的機會。再說一遍，我們並沒有高興地說，我們不想這樣，但是，是的，我們是受益者。

(Operator Instructions) Our next question comes from Patrick Davitt.

（操作員說明）我們的下一個問題來自帕特里克戴維特。

So on the retail products, is the triple net lease still on only one distributor? If so, could you update us on the time line for more coming online? And secondly, are there still a lot of big platforms coming online with ORCIC and ORTIC this year?

那麼在零售產品上，三網租賃是否仍然只針對一家經銷商呢？如果是這樣，您能否告訴我們更多上線的時間線？其次，今年還有很多大平台上線ORCIC和ORTIC嗎？

Yes. So let me start on net lease Trust. We are on one platform. We've had a lot of success. We thought we'd be on a few more by this time, but it's just taking a little bit longer, giving everything that's going on in the markets. I think by -- in the next 6 months, we should be on another 3 to 4 wirehouses.

是的。那麼讓我從淨租賃信託開始。我們在一個平台上。我們取得了很多成功。我們原以為這次我們會再做一些，但只是需要更長的時間，考慮到市場上正在發生的一切。我認為，在接下來的 6 個月內，我們應該再建 3 到 4 個電線室。

So I feel pretty good that hopefully, we can triple quadruple the amount of monthly quarterly fundraising in that product. There's definitely a lot of interest. It's just taking a bit longer. In the other products, we are -- we continue to add wirehouses, I think those platforms, those syndicates are largely built for us. And I would predict that net lease trust by the end of the year will be our single largest syndicate.

所以我感覺很好，希望我們能夠將該產品的每月季度籌款額增加三倍。肯定有很多興趣。只是需要更長的時間。在其他產品中，我們繼續添加接線室，我認為這些平台、那些辛迪加很大程度上是為我們建造的。我預計到今年年底淨租賃信託將成為我們最大的單一辛迪加。

And I do not see any further questions at this time. So I'll turn it back over to the Blue Owl team.

目前我沒有看到任何進一步的問題。所以我會把它轉回藍貓頭鷹團隊。

Well, thank you, everyone. We are really proud of our results this quarter, especially in light of what's been going on in the markets, and we're grateful for the support and partnership. I have to add, though, on a personal note, I don't understand how our stock is trading at $10.60. You've heard from the team, our income streams are very predictable. Margins are consistent. We've got permanent capital. And I would say that our revenue is probably the most predictable of any alternative asset manager.

嗯，謝謝大家。我們對本季度的業績感到非常自豪，特別是考慮到市場上正在發生的事情，我們感謝大家的支持和合作。不過，就我個人而言，我必須補充一點，我不明白我們的股票是如何以 10.60 美元的價格交易的。您從團隊那裡聽說，我們的收入來源非常可預測。邊距一致。我們有永久資本。我想說，我們的收入可能是所有另類資產管理公司中最可預測的。

Most importantly, our dividend yield is now 5%, and we've signaled that our dividend will be materially higher next year and the year after. So it feels like to me and the team that this is going to be a very good entry point for investors. Again, I want to thank everyone for the time and look forward to following up in the days ahead. Thank you.

最重要的是，我們的股息收益率現在為 5%，並且我們已經表示明年和後年的股息將大幅提高。因此，對我和團隊來說，這對投資者來說將是一個非常好的切入點。我要再次感謝大家抽出寶貴的時間，並期待在未來的日子裡繼續跟進。謝謝。

Thank you. This does conclude today's conference. Have a great day.

謝謝。今天的會議到此結束。祝你有美好的一天。