Blue Owl Capital Inc (OWL) 2024 Q2 法說會逐字稿

Good morning, and welcome to Blue Owl Capital second quarter 2024 earnings call. During the presentation, the lines will be in listen-only. I would like to advise the participants this conference is being recorded.

早安，歡迎參加 Blue Owl Capital 2024 年第二季財報電話會議。在演示期間，線路將處於僅供收聽狀態。我想告訴與會者，這次會議正在錄製中。

I will now turn the call over to Ann Dai, Head of Investor Relations for Blue Owl.

我現在將把電話轉給 Blue Owl 投資者關係主管 Ann Dai。

Thanks, operator, and good morning to everyone. Joining me today are Marc Lipschultz, Co-Chief Executive Officer, and Alan Kirshenbaum, our Chief Financial Officer.

謝謝接線員，大家早安。今天與我一起出席的有聯席執行長 Marc Lipschultz 和財務長 Alan Kirshenbaum。

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.

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's filings with the Securities & Exchange Commission. The company assumes no obligation to update any forward-looking statement.

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

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. Please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blue Owl fund.

我們也想提醒大家，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。請注意，本次電話會議中的任何內容均不構成任何 Blue Owl 基金權益的出售要約或購買要約邀請。

This morning, we issued our financial results for the second quarter of 2024 recording fee-related earnings or FRE of $0.21 per share and distributable earnings or DE of $0.19 per share. We also declared a dividend of $0.18 per share for the second quarter payable on August 30 to holders of record as of August 21.

今天早上，我們發布了 2024 年第二季度的財務業績，其中費用相關收益或 FRE 為每股 0.21 美元，可分配收益或 DE 為每股 0.19 美元。我們也宣布第二季股利每股 0.18 美元，將於 8 月 30 日支付給截至 8 月 21 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 Marc.

說到這裡，我想把電話轉給馬克。

Great. Thank you very much, Ann. Blue Owl had a very active second quarter reporting another record quarter of earnings and announcing highly strategic acquisitions that further diversify our business. Over the last 12 months, we have generated 23% fee-related earnings growth and 19% distributable earnings growth from the prior year period. And since becoming a public company, we have had 13 consecutive quarters of management fee and FRE growth, highlighting both the stability and strength of our business.

偉大的。非常感謝你，安。Blue Owl 在第二季度非常活躍，報告了另一個創紀錄的季度收益，並宣布了高度策略性的收購，進一步實現了我們業務的多元化。在過去 12 個月中，與去年同期相比，我們的費用相關收益增加了 23%，可分配收益增加了 19%。自成為上市公司以來，我們已連續 13 個季度管理費和 FRE 成長，凸顯了我們業務的穩定性和實力。

Our disciplined investment approach and compelling track record have appealed to a growing pool of investors looking for uncorrelated and income-driven returns. We continue to expand the types of financing solutions we offer, making us an increasingly important counterparty and in conjunction, we continue to expand the range of strategies and product options we offer to our investors.

我們嚴謹的投資方法和引人注目的業績記錄吸引了越來越多尋求不相關和收入驅動回報的投資者。我們繼續擴大我們提供的融資解決方案的類型，使我們成為越來越重要的交易對手，同時，我們繼續擴大我們為投資者提供的策略和產品選擇的範圍。

Recently, we announced our intention to acquire one of the leading alternative credit managers in the market today, Atalaya Capital Management, added substantial scale to Blue Owl's alternative credit capabilities and complementing our leading position in direct lending.

最近，我們宣布打算收購當今市場上領先的另類信貸管理公司之一 Atalaya Capital Management，從而大幅擴大 Blue Owl 的另類信貸能力，並補充我們在直接貸款方面的領先地位。

Atalaya brings deep expertise in asset-based finance with a strong 18-year record through market cycles, and we believe our counterparties and clients will be very excited about the platform synergy opportunities we will be able to create with the Atalaya team on board. Alternative credit is a multitrillion-dollar market where legacy participants are pulling back, and we think we have exactly the right team in place to become an increasingly significant player in the space.

Atalaya 帶來了資產融資方面深厚的專業知識，在整個市場週期中擁有 18 年的強勁記錄，我們相信我們的交易對手和客戶將對我們與 Atalaya 團隊一起創造的平台協同機會感到非常興奮。另類信貸是一個價值數兆美元的市場，傳統參與者正在退出，我們認為我們擁有合適的團隊來成為該領域日益重要的參與者。

Looking back to when we announced the Oak Street acquisition in 2021. Oak Street's AUM was roughly $12 billion. About 2.5 years later, we have more than $28 billion of AUM in triple net lease alone and I think this is a great case study for what we hope to achieve with Atalaya. Alan will talk more about this in a few minutes.

回顧我們在 2021 年宣布收購 Oak Street 的情況。Oak Street 的資產管理規模約為 120 億美元。大約 2.5 年後，我們僅在三重淨租賃方面的資產管理規模就超過 280 億美元，我認為這是我們希望透過 Atalaya 實現的目標的一個很好的案例研究。幾分鐘後艾倫將詳細討論這一點。

More broadly, we now have added critical capabilities in alternative credit and real estate credit, further building out the waterfront of solutions we offer. Both are deeply disrupted markets with huge addressable opportunity sets. And with the acquisition of Kuvare Asset Management, we now offer a holistic asset management solution to insurance companies, broadening our potential investor base substantially.

更廣泛地說，我們現在增加了替代信貸和房地產信貸方面的關鍵能力，進一步建立了我們提供的解決方案的前沿。兩者都是深受顛覆的市場，擁有巨大的可利用機會。透過收購 Kuvare Asset Management，我們現在可以為保險公司提供全面的資產管理解決方案，從而大大擴大了我們的潛在投資者基礎。

We expect integration of these businesses to go very smoothly, given that there is generally very little overlap between Blue Owl's existing footprints and that of the businesses we are acquiring. The vast majority of the employees will see very little change in their day-to-day, with investment teams remaining focused on their areas of expertise and continuing to be led by their founders or existing senior management teams.

鑑於 Blue Owl 的現有業務與我們正在收購的業務之間通常很少有重疊，我們預計這些業務的整合將非常順利。絕大多數員工的日常工作幾乎沒有什麼變化，投資團隊仍專注於他們的專業領域，並繼續由創辦人或現有高階管理團隊領導。

Our goal is to enhance what each firm is already doing well and create incremental opportunities for the combined entity. And critically, all of these were proprietary acquisitions not done through auctions. The leaders of these firms or the insurance partner in the case of Kuvare wanted to grow their businesses as a part of Blue Owl. They're not selling to Blue Owl but rather joining Blue Owl.

我們的目標是加強每家公司已經做得很好的業務，並為合併後的實體創造增量機會。至關重要的是，所有這些都是專有收購，而不是透過拍賣完成的。這些公司的領導者或 Kuvare 的保險合作夥伴希望作為 Blue Owl 的一部分發展他們的業務。他們不是賣給 Blue Owl，而是加入 Blue Owl。

We plan to leverage Blue Owl's scale to benefit each of these businesses through our 700-plus sponsor relationships, our leading wealth distribution platform, a global and growing institutional platform, and greater efficiency and best-in-class corporate infrastructure. We're very excited about the collaborations we can create across the Blue Owl platform and look forward to sharing more about those in the quarters to come.

我們計劃利用 Blue Owl 的規模，透過我們的 700 多家贊助商關係、我們領先的財富分配平台、不斷增長的全球機構平台以及更高的效率和一流的企業基礎設施，讓這些企業受益。我們對能夠在 Blue Owl 平台上建立的合作感到非常興奮，並期待在未來幾季分享更多相關資訊。

Moving on to the quarter. We continue to see good fundraising progress across the business. Gross flows into our perpetually distributed products reached $2.8 billion in the second quarter, over 30% higher than the first quarter and more than double what we raised in the second quarter of 2023.

繼續看季度。我們繼續看到整個業務的籌款進展良好。第二季度，流入我們永久分散式產品的總資金流入達到 28 億美元，比第一季高出 30% 以上，是 2023 年第二季籌集資金的兩倍多。

Notably, redemptions in the perpetually offered products remain nominal despite upticks across the industry, totaling less than $325 million across all or under 20 basis points of our beginning AUM. That means we raised 9 times more than what's left the system in these products. Total gross loans from private wealth were $3.2 billion.

值得注意的是，儘管整個產業有所上升，但永續產品的贖回額仍然是名義上的，在我們的初始AUM 的全部或不到20 個基點的情況下，贖回總額不到3.25 億美元。這意味著我們籌集的資金是這些產品中系統剩餘資金的 9 倍。私人財富貸款總額為 32 億美元。

Our incumbency position as one of the leaders in the private wealth channel as a result of the relationships and the level of trust we have built with distributors through thoughtful partnership, strong performance and high-touch service at every level of these organizations.

我們目前作為私人財富管道的領導者之一，得益於我們透過在這些組織的各個層面上周到的合作夥伴關係、強勁的業績和高品質的服務與經銷商建立的關係和信任程度。

What's remarkable about the opportunity in private wealth is the overall very modest amount of allocation to alternative products, which is in the low to mid-single digit percentages. We think we're in the very early innings of the adoption of calls by individual investors as they begin to see the benefits of diversification and uncorrelated asset classes in their portfolios.

私人財富機會的顯著之處在於，替代產品的整體配置量非常有限，比例處於中低個位數百分比。我們認為，我們正處於個人投資者採用看漲期權的早期階段，因為他們開始看到投資組合中多元化和不相關資產類別的好處。

We also raised $2.2 billion from institutional investors across a number of strategies, including GP stakes, first-lien lending, liquid credit, diversified lending, and GP lend secondaries, complementing our robust flows in private wealth and reflecting the ongoing diversification of fundraising across our business.

我們也透過多種策略從機構投資者籌集了22 億美元，包括普通合夥人持股、第一留置權貸款、流動信貸、多元化貸款和普通合夥人貸款二級市場，補充了我們強勁的私人財富流動，並反映了我們的融資持續多元化。

To zoom out slightly, we have raised $32 billion across equity and debt over the past 12 months in an environment that most continue to describe as challenging. That's equivalent to over 20% of our AUM a year ago that we've raised in 12 months, a more than solid showing in our view, and we continue to bring new capabilities to market.

稍微縮小一下範圍，在過去 12 個月裡，我們在大多數人仍然認為充滿挑戰的環境中透過股權和債務籌集了 320 億美元。這相當於我們在 12 個月內籌集的 AUM 的 20% 以上，我們認為這一表現非常強勁，而且我們將繼續向市場推出新功能。

Turning to business performance. In credit, we had a record quarter of deployment with more than $18.7 billion of gross originations primarily across new deals, add-ons, and refinancings where we decided to participate in the new law.

轉向業務績效。在信貸方面，我們的季度部署創紀錄，總發起額超過 187 億美元，主要來自我們決定參與新法律的新交易、附加項目和再融資。

Repayments were $6.9 billion, resulting in a higher quarter of net deployment. We continue to demonstrate that borrowers are drawn to the 3Ps of direct lending: predictability; privacy; and partnership. And that value proposition is compelling, whether the syndicated markets are active or not. The longer-term secular trend of sponsors gravitating more and more towards direct lending remains in place, and we see healthy sponsor appetite to deploy incremental capital and monetize existing investments over time.

還款額為 69 億美元，導致季度淨部署量增加。我們繼續證明借款人被直接貸款的 3P 所吸引：可預測性；隱私;和夥伴關係。無論聯合市場是否活躍，這種價值主張都是令人信服的。贊助商越來越傾向於直接貸款的長期趨勢仍然存在，我們看到贊助商隨著時間的推移部署增量資本和將現有投資貨幣化的良好意願。

Direct lending metrics remain strong. On average, underlying revenue growth was in the high single digits and EBITDA growth was in the mid-teens across the portfolio with no significant step-ups in nonaccruals or requests.

直接貸款指標依然強勁。平均而言，整個投資組合的基本收入成長率為高個位數，EBITDA 成長率為十幾歲左右，非應計費用或請求沒有顯著增加。

As we think about the key to our success in direct lending, it is a very straightforward formula we follow. One, start by limiting loan losses through rigorous underwriting and being highly selective. This is evident in our 7 basis points of annualized realized losses since inception; and two, when there is a default to everything we can to ensure a higher recovery. I think we have demonstrated both of these tenants very successfully over the prior years. And more broadly, our portfolio companies continue to perform extremely well. We are pleased with what we're seeing across the business.

當我們思考直接貸款成功的關鍵時，我們遵循一個非常簡單的公式。第一，首先透過嚴格的承銷和高度選擇性來限制貸款損失。這一點從我們成立以來的年化已實現損失的 7 個基點中可以明顯看出；第二，當違約出現時，我們會盡力確保更高的復甦。我認為我們在過去幾年中已經非常成功地展示了這兩種租戶。更廣泛地說，我們的投資組合公司繼續表現出色。我們對整個行業所看到的情況感到滿意。

In our GP stakes business, our partner managers continue to benefit from two meaningful secular trends, growing allocations to alternatives and GP consolidation. Collectively, our partner managers now manage over $1.8 trillion, giving us an unparalleled view over the alternative asset management industry. The ongoing diversification and scaling of alt managers, the emergence and rapid growth of asset classes such as direct lending and alternative credit, the partnerships being formed in insurance asset management solutions and the expansion of opportunity in private wealth, these are all trends readily observable across our partner managers and one for which Blue Owl's business is well-positioned.

在我們的普通合夥人股權業務中，我們的合作夥伴經理繼續受益於兩個有意義的長期趨勢，即另類投資的分配增加和普通合夥人合併。我們的合作夥伴經理目前管理著超過 1.8 兆美元的資產，這讓我們對另類資產管理產業擁有無與倫比的視角。另類管理者的持續多元化和規模化、直接貸款和另類信貸等資產類別的出現和快速增長、保險資產管理解決方案中正在形成的合作夥伴關係以及私人財富機會的擴大，這些都是在各個領域都很容易觀察到的趨勢我們的合作夥伴經理以及 Blue Owl 的業務處於有利地位的一位經理。

This past quarter, we have also observed an uptick in the asset sales for some of the partner manager portfolios, which could reflect sponsor's greater willingness to monetize assets in older vintage PE funds. During the second quarter, we made our first investment for our mid-cap GP stake strategy and have two additional investments agreed to in principle, which we expect to close in the third quarter.

上個季度，我們也觀察到一些合作夥伴經理投資組合的資產銷售有所上升，這可能反映出發起人更願意將舊型私募股權基金中的資產貨幣化。在第二季度，我們對中型普通合夥人股權策略進行了第一筆投資，並原則上同意了另外兩項投資，我們預計將在第三季完成。

As for our large-cap GP stake strategy, we remain on track to have Fund V substantially committed by the third or fourth quarter of this year. We closed on an additional $1 billion for the latest vintage of the strategy during the second quarter and anticipate that fundraising in the third quarter could be similar based on current visibility.

至於我們的大盤股普通合夥人持股策略，我們仍有望在今年第三或第四季之前讓第五基金大幅承諾。我們在第二季為該策略的最新版本額外籌集了 10 億美元，並預計根據當前的可見性，第三季的融資情況可能類似。

But keep in mind, we're not focused on the timing of closes quarter-to-quarter. What is important is that we remain very focused and confident in our ability to achieve our $13 billion goal over the next 18 months.

但請記住，我們並不關注每季的關閉時間。重要的是，我們仍然非常專注，並且對我們在未來 18 個月內實現 130 億美元目標的能力充滿信心。

In real estate, we continue to actively deploy capital at attractive cap rates behind our four major themes: digital infrastructure; on shoring; health care real estate; and essential retail. The capital needs in each of these areas is very significant, and we are making good progress in deploying Fund VI, which we just finished fundraising during the last quarter.

在房地產領域，我們繼續以有吸引力的資本化率積極部署資本，支持我們的四大主題：數位基礎設施；關於支撐；醫療保健房地產；和基本零售。這些領域的資本需求都非常巨大，我們在部署第六號基金方面取得了良好進展，我們剛剛在上個季度完成了該基金的融資。

We believe we'll be approximately 60% committed for this fund by year-end, which would put us ahead of expectations in deploying capital, demonstrating the strong demand for our net lease solutions.

我們相信，到年底我們將投入約 60% 的資金用於該基金，這將使我們在資本部署方面超出預期，表明對我們的淨租賃解決方案的強勁需求。

Earlier, we spoke about the disruptive dynamics in alternative credit and real estate credit. The same dynamic applies to triple net lease, where we think we're seeing some of the very best risk reward this space has seen in a very long time.

早些時候，我們談到了替代信貸和房地產信貸的顛覆性動態。同樣的動態也適用於三重淨租賃，我們認為我們看到了這個領域很長一段時間以來最好的風險回報。

We are buying great properties at cap rates in the mid-to high 7s, facing generally investment-grade tenants and there are very few others doing what we do. That's a compelling proposition, and we are leaning into it.

我們正在以 7 左右的上限利率購買優質房產，面對的是一般投資級租戶，而且很少有其他人做我們所做的事情。這是一個令人信服的提議，我們正在研究它。

We continue to see nice step functions upward in the fundraising for ORENT. Second quarter flows were 130% higher than a year ago, bucking the trends seen across competitor nontraded REIT products, and we continue to launch on additional distribution platforms.

我們繼續看到 ORENT 的籌款活動取得了良好的進展。第二季流量比一年前高出 130%，與競爭對手非交易 REIT 產品的趨勢相反，我們繼續在其他分銷平台上推出產品。

To bring it all together, there's a lot of growth happening across Blue Owl organically and inorganically. But the big picture is very simple. We're an alternative asset manager with leading positions in our direct lending, GP stakes and triple net lease strategies. We have a leading position in private wealth distribution and an expanding global presence in institutional and insurance markets.

總而言之，Blue Owl 的有機和無機增長都在發生。但整體情況非常簡單。我們是一家另類資產管理公司，在直接貸款、普通合夥人股權和三重淨租賃策略方面處於領先地位。我們在私人財富分配方面處於領先地位，並在機構和保險市場上不斷擴大全球影響力。

We're adding scale to alternative credit and real estate credit capabilities with teams that have generated strong track records over decades and our P&L model is very simple. Almost all of our revenue comes from durable permanent capital with best-in-class fee rates, and our earnings are made up entirely of fee-related earnings. We think this makes our business quite unique and compelling and well-positioned for strong and stable growth to come.

我們正在擴大另類信貸和房地產信貸能力的規模，我們的團隊在數十年來創造了良好的業績記錄，而且我們的損益模型非常簡單。我們幾乎所有的收入都來自持久的永久資本和一流的費率，我們的收入完全由與費用相關的收入組成。我們認為這使我們的業務非常獨特、引人注目，並為未來強勁、穩定的成長做好了準備。

With that, let me turn it to Alan to discuss our financial results.

接下來，讓我請艾倫討論一下我們的財務表現。

Thank you, Marc, and good morning, everyone. We're very pleased with the differentiated and strong results we continue to post quarter after quarter. As Marc mentioned earlier, we have been able to achieve 13 consecutive quarters of both management fee and FRE growth due to the durability of our asset base anchored by permanent capital and strong investor demand for the strategies we offer.

謝謝你，馬克，大家早安。我們對每季繼續發布的差異化和強勁的業績感到非常滿意。正如 Marc 之前提到的，我們能夠連續 13 個季度實現管理費和 FRE 成長，這要歸功於我們以永久資本為基礎的資產基礎的持久性，以及投資者對我們提供的策略的強勁需求。

Let's go through some of our key highlights on an LTM year-over-year basis through June 30. Management fees are up 21% and 92% of these management fees are from permanent capital vehicles. FRE is up 23% and DE is up 19%.

讓我們逐一回顧截至 6 月 30 日的 LTM 的一些主要亮點。管理費上漲了 21%，其中 92% 來自永久資本工具。FRE 上漲 23%，DE 上漲 19%。

As you can see on slide 12, we raised $5.4 billion of equity in the second quarter and $19.2 billion of equity for the last 12 months. I'll break down the second quarter fundraising numbers across our strategies and products.

正如您在幻燈片 12 中看到的，我們在第二季度籌集了 54 億美元的股本，在過去 12 個月中籌集了 192 億美元的股本。我將詳細分析我們的策略和產品的第二季籌款數字。

In credit, we raised $3.4 billion, $2.4 billion was raised in our diversified and first lien lending strategies, of which $1.7 billion came from our nontraded BDC and OCIC, double what we raised in the second quarter of 2023. Inclusive of the July 1 close, we have now raised over $12 billion for OCIC since inception. The remainder was raised across software lending, liquid credit and strategic equity.

在信貸方面，我們籌集了34 億美元，其中24 億美元是透過我們的多元化和第一留置權貸款策略籌集的，其中17 億美元來自我們的非交易BDC 和OCIC，是我們在2023 年第二季度籌集的兩倍。自 OCIC 成立以來，包括 7 月 1 日收盤價在內，我們現已為 OCIC 籌集了超過 120 億美元。其餘部分則透過軟體貸款、流動信貸和策略股權籌集。

In GP strategic capital, we raised $1.3 billion across our large cap strategy and co-invest vehicles. And in real estate, we raised over $650 million, primarily in ORENT, our perpetually offered net lease product. We're pleased with the increasing breadth of fundraising across strategies and products, which will continue to expand with our new insurance solutions offering and the Prima and Atalaya acquisition.

在 GP 戰略資本中，我們透過大盤戰略和共同投資工具籌集了 13 億美元。在房地產領域，我們籌集了超過 6.5 億美元，主要是我們永久提供的淨租賃產品 ORENT。我們對跨策略和產品的籌款範圍不斷擴大感到高興，隨著我們新的保險解決方案產品以及 Prima 和 Atalaya 的收購，這一融資範圍將繼續擴大。

Prima closed in June, adding approximately $11 billion to AUM and in early July, our acquisition of Kuvare Asset Management also closed, adding approximately $20 billion to AUM for the third quarter. Pro forma for Atalaya closing, which is expected to add approximately $10 billion, our AUM will be over $220 billion.

Prima 於 6 月關閉，資產管理規模增加約 110 億美元；7 月初，我們對 Kuvare Asset Management 的收購也完成，第三季資產管理規模增加約 200 億美元。預計 Atalaya 關閉後預計將增加約 100 億美元，我們的資產管理規模將超過 2,200 億美元。

As a reminder, we also have substantial embedded earnings in our business. AUM not-yet-paying fees was $15.9 billion as of the end of the second quarter, corresponding to roughly $200 million of incremental annual management fees once deployed.

提醒一下，我們的業務中也有大量的嵌入收益。截至第二季末，AUM 尚未支付的費用為 159 億美元，相當於部署後每年增加的管理費約 2 億美元。

We also have approximately $135 million of incremental management fees that will turn on upon the listing of our remaining private BDCs over time. These two items alone would represent an increase of almost 20% and from our last 12-month FRE revenues. These aspects, combined with our business model of being virtually all permanent capital and 100% FRE, just gives us a higher quality of earnings than any of our peers in the industry.

我們還有大約 1.35 億美元的增量管理費，隨著時間的推移，這些管理費將在我們剩餘的私人 BDC 上市時開始使用。光是這兩項就意味著我們過去 12 個月的 FRE 收入成長了近 20%。這些方面，再加上我們幾乎全部為永久資本和 100% FRE 的商業模式，為我們帶來了比業內任何同行更高的獲利品質。

Moving on to our credit platform. We had gross originations of more than $18.7 billion for the quarter, a record high and net funded deployment of $7.2 billion. This brings our gross originations for the last 12 months to over $40 billion with $15.5 billion of net funded deployment.

繼續我們的信用平台。本季我們的總發起額超過 187 億美元，創歷史新高，淨資金部署額為 72 億美元。這使得我們過去 12 個月的總發起額超過 400 億美元，淨資助部署達到 155 億美元。

Our credit portfolio returned 3% in the second quarter and 16.4% over the last 12 months. Weighted average LTVs remain in the high 30s across direct lending and in the low 30s specifically in our software lending portfolio.

我們的信貸投資組合第二季的報酬率為 3%，過去 12 個月的報酬率為 16.4%。直接貸款的加權平均 LTV 仍處於 30 多歲的高位，特別是我們的軟體貸款組合中的加權平均 LTV 則保持在 30 多歲的低位。

For our GP strategic capital platform, total invested commitments for our Fifth GP Stakes fund, including agreements in principle, are over $11.5 billion of capital with line of sight into over $3 billion of opportunities, which, if all are signed, would bring us through the remaining capital available in Fund V. And performance across these funds remained strong with a net IRR of 24% for Fund III, 41% for Fund IV and 12% for Fund V.

對於我們的 GP 策略資本平台，第五 GP 股權基金的總投資承諾（包括原則協議）超過 115 億美元，著眼於超過 30 億美元的機會，如果全部簽署，將使我們渡過難關基金V 的剩餘可用資金。這些基金的表現依然強勁，基金 III 的淨內部報酬率為 24%，基金 IV 為 41%，基金 V 為 12%。

And in our real estate platform, our pipeline continues to grow with nearly $10 billion of transaction volume on the letter of intent or contract to close. As Mark mentioned earlier, we think we could be roughly 60% committed to Fund VI by year-end, reflecting the strong demand we're seeing for our net lease solutions.

在我們的房地產平台上，我們的管道持續成長，意向書或合約的交易量接近 100 億美元。正如馬克之前提到的，我們認為到年底我們可能會將大約 60% 的資金投入到第六基金，這反映了我們看到的對淨租賃解決方案的強勁需求。

Many of these opportunities are build-to-suit arrangements, which are very capital efficient for the tenant and where we get a premium cap rate for providing a flexible balance sheet friendly solution to our partners. These can take between 18 and 24 months to fully deploy the capital we've committed. And as a reminder, we charge management fees mostly on invested capital, so we will earn incremental management fees as this capital will support.

其中許多機會都是量身定制的安排，這對租戶來說非常具有資本效率，我們可以透過為合作夥伴提供靈活的資產負債表友善解決方案來獲得溢價上限利率。完全部署我們承諾的資金可能需要 18 到 24 個月的時間。提醒一下，我們主要收取投資資本的管理費，因此，隨著這些資本的支持，我們將賺取增量管理費。

With seeing such strong deployment opportunities, this could position us well to be out in the market with the next vintage of this strategy before the end of next year. With regards to performance, gross returns across our real estate portfolio were 2.5% for the second quarter and 6.7% for the last 12 months, comparing favorably to the broader real estate market over this time period. The net IRR across our fully realized funds has been 24% for investment-grade and credit-worthy tenant risk, reflecting the favorable value creation driven by our scale and solutions-based partnerships.

看到如此強大的部署機會，這可能使我們能夠在明年底之前憑藉該策略的下一個版本進入市場。就業成績而言，我們房地產投資組合第二季的總回報率為 2.5%，過去 12 個月的總回報率為 6.7%，與同期更廣泛的房地產市場相比表現良好。對於投資等級和信用良好的租戶風險，我們完全實現的基金的淨 IRR 為 24%，反映了我們的規模和基於解決方案的合作夥伴關係所驅動的有利價值創造。

Okay. Let's wrap off with a few closing thoughts. We continue to track to be in or around our dollar per share goal for 2025. We've talked about the four things, now three things that needs to happen to be on track for this goal, which are, first, accretive acquisitions, which we achieved through Kuvare, Prima and the announcement of Atalaya, so check that.

好的。讓我們以一些結束語來結束。我們將繼續努力實現或接近 2025 年每股美元目標。我們已經討論了四件事，現在需要發生三件事才能實現這一目標，首先是增值收購，我們透過 Kuvare、Prima 和 Atalaya 的宣布實現了這一點，所以請檢查一下。

Three remaining things. One, continued strong fundraising levels for OCIC, OTIC and ORENT. We continue to see strong fund raise levels coming through for these products and especially in the case of ORENT, where we have seen a step function upwards with another step-up expected in the back half of this year. So overall, on this first one, we expect we are on track.

剩下三件事。第一，OCIC、OTIC 和 ORENT 的募款水準持續強勁。我們繼續看到這些產品的融資水平強勁，特別是在 ORENT 的情況下，我們看到了向上的階梯函數，預計今年下半年將再次上升。總的來說，在第一個方面，我們預計我們已經步入正軌。

Two, a successful fund raise for our large-cap GP stake funds and we are pacing at a good level here. As we have noted previously, our expectation is this will be a little more back ended with more fund raise expected in 2025 than 2024. Overall, on the second one, we expect we are on track.

第二，我們的大盤普通合夥人股權基金成功籌集資金，我們在這裡處於良好的水平。正如我們之前所指出的，我們預計 2025 年的融資將比 2024 年更多。總的來說，在第二個方面，我們預計我們正在步入正軌。

And three, the listing of some of our BDCs. We completed the listing of OBDE earlier this year. We continue to deploy capital in OTF II and for the BDC that remain private, we are focused on executing on the strategy we outlined during last year's BDC Investor Day. So overall, on the third one, we expect we are on track.

第三，列出我們的一些 BDC。我們在今年早些時候完成了 OBDE 的上市。我們繼續在 OTF II 中部署資本，而對於仍保持私有狀態的 BDC，我們專注於執行我們在去年 BDC 投資者日期間概述的策略。總的來說，在第三個項目上，我們預計我們會走上正軌。

Bringing this all together, we feel good about being in or around our dollar per share dividend goal and reporting a very strong dividend growth rate for 2025 in the low to mid-30% range, resulting in a dividend CAGR of 30% since going public.

綜上所述，我們對達到或接近每股 1 美元股息目標感到滿意，並報告 2025 年股息增長率非常強勁，在 30% 的低至中範圍內，自上市以來股息複合年增長率為 30% 。

Now let's talk a little more about our Atalaya acquisition for a moment, where we think there is a meaningful opportunity akin to what we saw for Oak Street. Marc mentioned earlier that we have more than doubled Oak Street's AUM in just under three years. So let me put some color around how we've achieved that.

現在讓我們多談談我們對 Atalaya 的收購，我們認為這裡有一個有意義的機會，類似於我們在 Oak Street 看到的機會。馬克之前提到，我們在不到三年的時間裡，橡樹街的資產管理規模增加了一倍以上。因此，讓我對我們如何實現這一目標進行一些說明。

Since acquiring Oak Street, we have doubled the net lease team, including the addition of Jesse Holm as CIO of the platform. We have created new product offerings for the private wealth channel and are in the process of launching a European net lease product and the investments have started to pay off with ORENT out raising all of our peers on a net basis and Fund VI well exceeding its $5 billion hard cap.

自從收購 Oak Street 以來，我們將淨租賃團隊增加了一倍，包括增加 Jesse Holm 擔任該平台的資訊長。我們已經為私人財富管道創造了新的產品，並且正在推出歐洲淨租賃產品，這些投資已經開始獲得回報，ORENT 在淨額基礎上籌集了我們所有同行的資金，並且基金 VI 遠遠超過了 5 美元十億硬頂。

Bringing it all together, we have been able to accomplish a great deal in a relatively short amount of time in our net lease business. We have more than doubled AUM. We have almost tripled permanent capital. We have tripled FRE revenues, and we have grown our average management fee rate by over 30%.

綜上所述，我們的淨租賃業務在相對較短的時間內取得了巨大的成就。我們的資產管理規模增加了一倍以上。我們的永久資本幾乎增加了兩倍。我們的 FRE 收入增加了兩倍，平均管理費率增加了 30% 以上。

And most importantly, based on the increase in FRE that we have generated in our triple net lease platform, we have created almost $1 billion of additional value for our shareholders in just a few years in a very tough environment to raise real estate funds.

最重要的是，基於我們在三重淨租賃平台中產生的 FRE 的增加，我們在短短幾年內，在非常艱難的房地產資金籌集環境中，為股東創造了近 10 億美元的額外價值。

We are equally excited about our Atalaya acquisition. The Atalaya team is one of, if not the best, in the alternative credit industry, and we have a lot of runway ahead of us to grow this business together. We have mentioned that this acquisition is modestly accretive in 2025, and we think much more accretive as we really ramp this business over the next number of years, similar to Oak Street. It is, however, margin dilutive for Blue Owl.

我們對 Atalaya 的收購同樣感到興奮。Atalaya 團隊即使不是替代信貸產業中最好的團隊，也是其中之一，我們還有很長的路要走，可以共同發展這項業務。我們已經提到，這次收購在 2025 年會帶來一定的增值，而且我們認為，隨著我們在未來幾年真正擴大這項業務，與橡樹街類似，增值會更大。然而，這會稀釋藍貓頭鷹的利潤率。

As we continue to do acquisitions, we won't always find businesses with the same FRE margins. The margins here are well below our [levels]. We believe we can increase them over time but may not ultimately get up to 60% with each of our acquisitions.

當我們繼續進行收購時，我們並不總是能找到具有相同 FRE 利潤率的企業。這裡的利潤遠低於我們的[級別]。我們相信，隨著時間的推移，我們可以增加這些比例，但最終可能不會在每次收購中達到 60%。

That's okay. We expect this deal will be very value accretive for us over time and fills a very strategic product area for us in a huge industry growth area. So as we go into the next year or so, we can see margins for the remainder of this year being slightly below the 60% level and for 2025 being 2% to 3% lower.

沒關係。我們預計，隨著時間的推移，這筆交易將為我們帶來巨大的價值增值，並為我們在巨大的產業成長領域填補一個非常具有戰略意義的產品領域。因此，當我們進入明年左右時，我們可以看到今年剩餘時間的利潤率略低於 60% 的水平，2025 年將降低 2% 至 3%。

On a last note, we have led the alternative asset management industry in growth since we listed in 2021, and we have every intention on continuing to lead the industry for this foreseeable future and the key metrics that matter to all of us; management fees, FRE revenues, FRE and dividend growth. And we feel very confident we will accomplish these goals through continued organic and inorganic growth and reinvestment back into our business.

最後一點，自 2021 年上市以來，我們一直引領另類資產管理行業的成長，並且我們完全有意願在可預見的未來以及對我們所有人都很重要的關鍵指標上繼續引領該行業；管理費、FRE 收入、FRE 和股息成長。我們非常有信心透過持續的有機和無機成長以及對我們業務的再投資來實現這些目標。

With that, I'd like to thank everyone who has joined us on the call today. Operator, can we please open the line for questions.

在此，我要感謝今天加入我們電話會議的所有人。接線員，我們可以開通提問線嗎？

(Operator Instructions) Alex Blostein, Goldman Sachs.

（操作員指示）Alex Blostein，高盛。

So first question maybe on the deployment opportunities in private credit and direct lending, very big step up in the quarter on gross originations and net as well and that's obviously despite a fairly high level of syndicated market activity as well as higher refi volumes across the industry.

因此，第一個問題可能是私人信貸和直接貸款的部署機會，儘管整個行業的銀團市場活動水平相當高，而且再融資量也較高，但本季度的總發放額和淨額也有很大進步。

So maybe talk a little bit about how broad-based was the deployment you saw this quarter. Anything in particular kind of lumpy that you would call out? And I guess, how would you characterize gross and net deployment backdrop for the rest of the year?

因此，也許可以談談您本季看到的部署的基礎有多廣泛。您會說有什麼特別的塊狀東西嗎？我想，您如何描述今年剩餘時間的總部署和淨部署背景？

Thanks, Alex. Look, it's a great environment for direct lending. And I actually think this quarter is very revealing about the power of the model. Given this is also a time where the syndicated market is as open as it's ever been and PE activity remains actually, I think, by our collective measure tepid relative to the dry powder, that's the backdrop. And yet, as noted, it was by far our biggest origination quarter.

謝謝，亞歷克斯。看，這是直接貸款的絕佳環境。事實上，我認為這個季度非常揭示了該模型的力量。考慮到這也是一個銀團市場一如既往地開放的時期，而且私募股權活動實際上仍然存在，我認為，以我們的集體衡量標準相對於乾粉而言不溫不火，這就是背景。然而，正如所指出的，這是迄今為止我們最大的創始季度。

And I take those three together, and I would actually say, yea, that is meaningful, which is to say, no, there are not sort of special onetime items, if you will, in the ultimate net originations number. There's a lot of broad activity. We thankfully have a combination of add-ons which, of course, are proprietary. People that are -- assets that are being sold and were the incumbent, and that often gives pretty proprietary angle on things. And then, of course, just new investments and we are, I think, well-positioned to continue to do very well in that marketplace.

我把這三者放在一起，我實際上會說，是的，這是有意義的，也就是說，不，如果你願意的話，在最終的淨起源數字中沒有某種特殊的一次性項目。有很多廣泛的活動。值得慶幸的是，我們擁有一系列附加元件，當然，這些附加元件是專有的。人們正在出售資產並且是現任者，這通常會為事物帶來相當專有的角度。當然，只是新的投資，我認為我們處於有利位置，可以繼續在該市場上表現出色。

So I look at this quarter as a pretty strong indicator going forward and I -- every quarter will vary based on indeed the exact volume, what we choose to do. But I think what we can read from this is the continued demand for direct lending by users of capital, is extremely strong even when the syndicated market is widely available.

因此，我認為本季是一個相當強勁的未來指標，每個季度都會根據具體的數量和我們選擇做什麼而有所不同。但我認為我們可以從中看出，即使銀團市場廣泛存在，資本使用者對直接貸款的持續需求也非常強勁。

And I think that's actually a really meaningful data point because people have always sort of overread this idea that, oh, it's when the market's close, then direct lending is a solution. I think what we're seeing is the extreme durability of having long-term capital to provide long-term solutions and deliver the 3Ps; predictability, privacy, and partnership, to the users of the capital.

我認為這實際上是一個非常有意義的數據點，因為人們總是有點過度解讀這個想法，即，哦，當市場收盤時，直接貸款就是一種解決方案。我認為我們看到的是擁有長期資本來提供長期解決方案和實現 3P 的極端持久性；為資本的使用者提供可預測性、隱私性和夥伴關係。

The part that I think gets us excited, and again, I'm not trying to time the moment this happens. But starting from what we just said, there are a few things going on. One, as I just said, there is the relatively tepid PE activity. That will pick up. There's a huge amount of dry powder as we all know. It will get deployed. And we can read from this quarter that whether the syndicated market is wide open or not, direct lending gets a big piece of that.

我認為這部分讓我們感到興奮，再說一遍，我並不是想計算這件事發生的時間。但從我們剛才說的開始，有一些事情正在發生。一是剛才我也說了，PE活動相對不溫不火。那將會回升。眾所周知，有大量的乾粉。它將被部署。從本季我們可以看出，無論銀團市場是否完全開放，直接貸款都將佔很大一部分。

Well, at some point, either we're going to have a less active syndicated market, that's escapable at some point, given the relative strength today. And we're going to have a more active PE market. So combine that with what we're seeing in this environment, that's a very robust outlook from our point of view.

好吧，在某個時候，要么我們的銀團市場不那麼活躍，考慮到今天的相對實力，這在某個時候是可以避免的。我們將擁有一個更活躍的私募股權市場。因此，將其與我們在當前環境中看到的情況結合起來，從我們的角度來看，這是一個非常強勁的前景。

And I want to add one more cherry to that, a slight moderation in interest rates, which seems to be forthcoming, will be good. I mean, really good for continued accelerated interest by people in doing financings and doing deals. So yeah, we're feeling like it's a pretty good moment.

我還想補充一點，利率的小幅放緩（似乎即將到來）將是一件好事。我的意思是，這對於人們對融資和交易的興趣持續加速非常有好處。所以，是的，我們感覺這是一個非常好的時刻。

(Operator Instructions) Brian Mckenna, Citizens JMP.

（操作員說明）Brian Mckenna，Citizens JMP。

Okay. Great. Thanks. So just a question on all the recent M&A you've done. Strategically, all these deals make sense and round out the capabilities across the firm, but how should we think about the incremental growth from these deals relative to the legacy Blue Owl growth rate? It would seem like the revenue opportunities for all of these are quite a bit better than their legacy historical growth rates similar to the outcome with Oak Street. So I'm just trying to figure out if these deals will ultimately be accreted to the firm-wide growth rate of Blue Owl over time?

好的。偉大的。謝謝。我想問一個關於您最近完成的所有併購的問題。從策略上講，所有這些交易都是有意義的，並完善了整個公司的能力，但我們應該如何考慮這些交易相對於傳統 Blue Owl 成長率的增量成長？所有這些的收入機會似乎都比其傳統的歷史成長率好得多，與橡樹街的結果類似。所以我只是想弄清楚這些交易最終是否會隨著時間的推移而增加 Blue Owl 公司範圍內的成長率？

So the acquisitions as, of course, you observed, have been really important parts of our strategy. And I think it's important to make two core observations before we get into the sort of specifics of the actual underlying businesses. The acquisitions in the context of Blue Owl are really people not selling to us but joining us. And we said -- I said this in my remarks a moment ago, but it's really important framework when you think about what Blue Owl is doing.

當然，正如您所觀察到的那樣，收購是我們策略中非常重要的一部分。我認為在我們深入了解實際基礎業務的具體情況之前，進行兩個核心觀察非常重要。Blue Owl背景下的收購實際上是人們不是賣給我們而是加入我們。我們說——我剛才在演講中說過這一點，但當你考慮 Blue Owl 正在做的事情時，這是一個非常重要的框架。

What we have done before and are continuing to do is say, look, where there are best-of-breed investment capabilities and there's a great fit between that organization and ours and those leaders and our leadership group, then we can make overly use one plus one equal, I'm not going to use three, I think it's four and five. We're going to really try to combine not change the world-class investment capabilities but be able to bring our infrastructure and kind of, if you will, the origination synergies, the intellectual capital synergies between the businesses. And it works.

我們之前所做的並且正在繼續做的是，看，哪裡有最好的投資能力，並且該組織和我們的組織以及那些領導者和我們的領導團隊之間有很好的契合度，那麼我們就可以過度使用一個加一等於，我不會用三，我認為是四加五。我們將真正嘗試結合，而不是改變世界級的投資能力，而是能夠帶來我們的基礎設施和業務之間的起源協同效應、智力資本協同效應（如果你願意的話）。它有效。

Look at Oak Street. Oak Street, at the time we announced, it had $12 billion of AUM. Today, $28 billion of AUM and we have dramatically increased the amount of permanent capital. We have created the wealth product. We've had a record -- the largest real estate fund ever completed last year was in our product suite. So I think we've seen that we know how to bring these world-class capabilities together with the Blue Owl platform, and that's a winner for our LPs and a winner for our shareholders.

看看橡樹街。Oak Street，在我們宣布的時候，它的資產管理規模為 120 億美元。如今，我們的資產管理規模已達 280 億美元，永久資本數量也大幅增加。我們創造了財富產品。我們創造了一項記錄——去年完成的最大的房地產基金就在我們的產品套件中。因此，我認為我們已經看到，我們知道如何將這些世界一流的功能與 Blue Owl 平台結合在一起，這對我們的有限合夥人來說是贏家，對我們的股東來說也是贏家。

So that's sort of, I think, key observation -- well, two observations really, which is joining, not selling. We are buying things in an auction, and someone exits, they join us. We are so fortunate to have Marc Zahr, you can see it in the leadership of the firm and in the leadership of real estate. You -- we now have Ivan Zinn joining us, leading Atalaya. I mean he is a superstar of the world of asset-based finance, and it goes on.

所以我認為這是一個關鍵的觀察——嗯，實際上有兩個觀察，那就是加入，而不是出售。我們在拍賣會上買東西，有人退出，他們加入我們。我們非常幸運能擁有馬克·扎爾（Marc Zahr），你可以從公司的領導力和房地產的領導力中看到這一點。你——現在伊凡·津恩 (Ivan Zinn) 加入我們，領導阿塔拉亞 (Atalaya)。我的意思是，他是資產金融領域的超級明星，而且這種情況還在繼續。

So that's the way I would read the collection of assets. Now what does it mean for our business? And Alan, I'm sure will add to this. These are accretive acquisitions just on their face. And so we'll see the benefits of that, but they're kind of inconsequential, if you will, in the scheme of the very near term. But they are critical for the long term. What we're doing now is setting the stage for the years beyond 2025. What we're doing is setting up products that have very large addressable markets where we have distinctive capabilities. That, again, distinctive capabilities is key.

這就是我閱讀資產集合的方式。現在這對我們的業務意味著什麼？艾倫，我肯定會補充這一點。從表面上看，這些收購都是增值性的。所以我們會看到這樣做的好處，但如果你願意的話，在近期的計劃中，它們有點無關緊要。但從長遠來看，它們至關重要。我們現在正在做的是為 2025 年後的幾年奠定基礎。我們正在做的是建立具有非常大的潛在市場的產品，我們在這些市場上擁有獨特的能力。同樣，獨特的能力是關鍵。

So we look at things like alternative credit, asset-backed credit in the next 10 years look a lot like the last 10 years did in direct lending. When we came to direct lending with this notion of, hey, listen, what we're going to do is go offer private solutions and we want to finance the best credits from the best users of capital, not lender of last resort and provide those 3Ps that people value that certainty.

因此，我們著眼於未來 10 年的替代信貸、資產支持信貸等，看起來很像過去 10 年的直接貸款。當我們帶著這樣的想法進行直接貸款時，嘿，聽著，我們要做的是提供私人解決方案，我們希望為最佳資本使用者（而不是最後貸款人）提供最佳信貸，並提供這些3Ps 人們重視這種確定性。

We're going to do the same in asset-backed credit. It's a bigger market. It's a $7 trillion market. It's only 5% penetrated by private solutions today and now Blue Owl combined with Atalaya -- Atalaya, it's a great idea on Wall Street today, asset-backed. Atalaya has been doing it for nearly 20 years. 20 years with spectacular results.

我們將在資產支持信貸領域採取同樣的做法。這是一個更大的市場。這是一個7兆美元的市場。如今私人解決方案的滲透率只有 5%，現在 Blue Owl 與 Atalaya 結合——Atalaya，這是當今華爾街的一個好主意，有資產支持。Atalaya 已經這樣做了近 20 年。 20年，成果斐然。

So now you have the Blue Owl credit platform married with one of kind of the couple of best in the world probably in this business and that gives us the legs we need for not even just next handful of years, but what we think can be the next decade version of direct lending.

因此，現在 Blue Owl 信貸平台與世界上最好的一對夫婦之一聯姻，這可能為我們提供了未來幾年所需的支持，但我們認為可以是下一個十年版本的直接貸款。

Prima, our leg into real estate credit. You say real estate credit, everyone thinks, oh, my gosh, look at all the problems there. Prima has been doing this business for over 30 years. They've had two losses, two losses in 32 years.

Prima，我們進軍房地產信貸的一站。你說房地產信貸，每個人都會想，哦，天哪，看看那裡的所有問題。Prima 從事這項業務已有 30 多年。他們有過兩次失敗，32年來兩次失敗。

So there are ways to go into each of these markets with exceptional talent and with very focused strategies that I will characterize as the boring versions. We're very into doing boring products, products that deliver in and out, up and down through all markets and it turns out when you do that over and over and over again, that turns out to be pretty exciting. So that's where we bring Prima to the mix Prima. That's probably a $5 trillion addressable market in the case of real estate credit.

因此，有很多方法可以透過傑出的人才和非常集中的策略進入這些市場，我將其描述為無聊的版本。我們非常熱衷於製作無聊的產品，這些產品可以在所有市場上進出、上下移動，事實證明，當你一遍又一遍地這樣做時，結果會非常令人興奮。這就是我們將 Prima 引入 Prima 的地方。就房地產信貸而言，這可能是一個價值 5 兆美元的潛在市場。

So we are looking at these as critical pieces along with our insurance, now distribution. Remember, we're not getting the insurance business, but we've now created an insurance alternative management capability where we can package capabilities, no coincidence of things like Prima and asset-backed credit are perfect marriages with that delivery to the insurance channel. So all this really kind of comes together around setting the stage for what comes in the next 5 and 10 years for us.

因此，我們將這些與我們的保險（現在是分銷）一起視為關鍵部分。請記住，我們沒有獲得保險業務，但我們現在已經創建了保險替代管理功能，我們可以在其中打包功能，像 Prima 和資產支持信貸這樣的東西與保險渠道的交付完美結合並非巧合。因此，所有這些實際上都是為了為我們未來 5 年和 10 年的發展奠定基礎。

Brian, to broaden that a little bit, we -- I talked in my prepared remarks about the few things left for our -- in and around $1 a share goal. And now as Marc's talking about, now everything else, all the things we've talked about this year so far on the road when we're meeting with our investors are all growth initiatives beyond 2025. How do we keep this industry-leading growth level well, well beyond this in and around $1 a share goal?

Brian，為了擴大這一範圍，我在準備好的發言中談到了我們在每股 1 美元左右的目標中剩下的幾件事。正如 Marc 所說，現在其他一切，我們今年迄今為止在與投資者會面時所討論的所有事情都是 2025 年之後的成長計劃。我們如何保持業界領先的成長水平，並遠遠超出每股約 1 美元的目標？

So you sprinkle in these acquisitions, very targeted focused acquisitions. We're going to continue to grow inorganically, but then you layer in the organic growth to talk about our credit products, our evergreen diversified lending strategy, our evergreen first lien fund strategy, our healthcare vertical, our GP-led secondary product. And then you add in some real estate products or European triple net lease, which is getting really good traction, are growing our real estate finance products and potentially gearing up, as I said, by the end of next year for our real estate Fund VII.

所以你在這些收購中進行了一些非常有針對性的收購。我們將繼續無機成長，但隨後你會在有機成長中分層談論我們的信貸產品、我們的常青多元化貸款策略、我們的常青第一留置權基金策略、我們的醫療保健垂直領域、我們的普通合夥人主導的二級產品。然後你添加一些房地產產品或歐洲三重淨租賃，它正在獲得非常好的牽引力，正在發展我們的房地產金融產品，並可能為我們的房地產第七基金做好準備，正如我所說的，到明年年底。

And as Marc said, Fund VI, we had a record year with where we ended up with Fund VI. And then our new mid-market GP stakes product. So when you layer in the organic and inorganic growth. This is what we've been talking about all year. How do we really keep that industry-leading growth level well around 2025.

正如馬克所說，第六基金，我們度過了創紀錄的一年，最終獲得了第六基金。然後是我們新的中端市場 GP 權益產品。所以當你分層有機和無機生長時。這是我們一年來一直在談論的話題。到2025年左右，我們如何才能真正保持業界領先的成長水準。

Glenn Schorr, Evercore ISI.

格倫·肖爾，Evercore ISI。

So maybe another angle on the deal activity. So I agree, Oak Street seems to be textbook purchase integration and accelerated growth story. When you think about just -- you just did three deals in a reasonably short period of time, is something different in the deal environment that has brought these companies to your doorstep and why? So one, asking about what's going on with the deal environment?

所以也許可以從另一個角度來看交易活動。所以我同意，橡樹街似乎是教科書購買整合和加速成長的故事。當你想一想，你剛剛在相當短的時間內完成了三筆交易，交易環境是否有所不同，導致這些公司來到你家門口，為什麼？那麼，詢問一下交易環境發生了什麼事？

And two is, history hasn't been great in asset management land for companies to buy a bunch of other companies, half leaving alone, half levered them. It usually hurt margins. And eventually, you had some grew, some didn't. It's a bad -- it leaves a bad taste in investors' mouth.

第二個問題是，在資產管理領域，歷史上公司收購了許多其他公司，一半不予理睬，一半利用槓桿。它通常會損害利潤。最終，有些人長大了，有些人卻沒有。這很糟糕——它給投資者留下了不好的印象。

I think that the underlying growth of the alternatives backdrop is significantly better than what we're looking at. My question is, how do you make sure you integrate enough that you are one firm enough that you lever the brands and the best things and don't learn -- or do learn from the mistakes of the past of the traditional asset managers.

我認為替代品背景的潛在成長明顯好於我們所看到的。我的問題是，你如何確保你足夠整合，足夠堅定，能夠利用品牌和最好的東西，而不是學習——或者從傳統資產管理公司過去的錯誤中學習。

Sure. So these coming together in this form, I think mostly we ought to look at as just a reflection of the right opportunity at the right time. These are businesses that came to us. These are one-off as we noted. So this is really about finding strong partnerships and I think that does start to address this question of how do you get the best of both worlds. This is us working in tandem with the leadership team of Prima, working in tandem with the leadership team of Atalaya, continuing in our partnership with Kuvare remaining in the insurance business and remaining a strategic partner to us. We're providing asset management services.

當然。因此，我認為，這些以這種形式聚集在一起，我們應該將其視為正確時間和正確機會的反映。這些都是來到我們這裡的企業。正如我們所指出的，這些都是一次性的。因此，這實際上是為了尋找強有力的合作夥伴關係，我認為這確實開始解決如何獲得兩全其美的問題。這是我們與 Prima 的領導團隊合作，與 Atalaya 的領導團隊合作，繼續與 Kuvare 的合作夥伴關係，繼續留在保險業務，並繼續成為我們的策略合作夥伴。我們提供資產管理服務。

So I think the key for us here is, these are one-off opportunities that are about joining us, and we assess that not just on, is it a good strategy and is it a world-class team at investing, but is it a tremendous fit for our firm? And I can tell you the cultural assessment we go through when we think about something like a Prima or an Atalaya is as important as the financial assessment. And I can tell you, by the way, it’s core to us.

所以我認為對我們來說關鍵是，這些是加入我們的一次性機會，我們評估的不僅僅是它是否是一個好的策略，它是否是一個世界一流的投資團隊，而且它是否是一個非常適合我們公司？我可以告訴你，當我們考慮像 Prima 或 Atalaya 這樣的東西時，我們所經歷的文化評估與財務評估一樣重要。順便說一句，我可以告訴你，它是我們的核心。

These are great people, and they are very much a part of the Blue Owl, as we talked about, everyone is going to wear the Blue Owl jersey and that is how we work. This is not a constellation of activities. It's absolutely one firm. That's how we operate.

這些都是偉大的人，他們是藍貓頭鷹的一部分，正如我們所說，每個人都會穿著藍貓頭鷹球衣，這就是我們的工作方式。這不是一系列活動。這絕對是一家公司。這就是我們的運作方式。

But what we don't change is the success of the investment strategies and that's been the model for direct lending. It's been the model for GP stakes. It's been the model for Oak Street. So actually, it's been done multiple times for us here, how to get the best of investment performance with the full integration of the businesses into the firm. So I have to say we feel very good about the muscles we have built for that, and everything is moving along in the right direction.

但我們沒有改變的是投資策略的成功，這就是直接貸款的模式。它一直是 GP 股份的典範。它是橡樹街的模型。事實上，我們已經做過多次了，如何透過將業務完全整合到公司中來獲得最佳的投資績效。所以我必須說，我們對為此建立的肌肉感覺非常好，一切都在朝著正確的方向發展。

So I would tell you we're feeling like we understand very much the questions, the caution, if you will, that you're noting in any M&A and M&A and financial services. But in this case, Oak Street to me is a much better template to look at. In fact, because that's actually ours, actually a very analogous sized business, actually an analogous set of circumstances where the senior leadership team came and joined this firm to be a part of the leadership of Blue Owl then sell to this firm.

所以我想告訴你，我們感覺我們非常理解你在任何併購和金融服務中註意到的問題和謹慎，如果你願意的話。但在這種情況下，橡樹街對我來說是一個更好看的模板。事實上，因為這實際上是我們的，實際上是一個規模非常相似的企業，實際上是一系列類似的情況，高級領導團隊加入這家公司，成為Blue Owl 領導層的一部分，然後賣給這家公司。

Patrick Davitt, Autonomous Research.

派崔克戴維特，自主研究。

I think the management fee trend in the quarter was probably a little disappointing relative to the very positive FP AUM inflow and AUM surprise. So were there any timing issues with like big deployments skewing later in the quarter that maybe aren't showing up in the full quarter? And if so, maybe to level set, do you know what the run rate for management fees would have been with the full quarter of all those, a full quarter of Prima, et cetera?

我認為，相對於非常積極的 FP AUM 流入和 AUM 意外而言，本季的管理費趨勢可能有點令人失望。那麼，在本季稍後進行的大型部署是否存在任何時間問題，而這些問題可能不會在整個季度中出現？如果是這樣，也許在水平設定上，你知道所有這些公司的整個季度、Prima 的整個季度等等的管理費運行率是多少嗎？

Thanks, Patrick. I don't have the run rate on -- off the top of my head. I could tell you that we had some closings at the very end of the quarter, so it didn't really have any time to accrete in for the quarter. And in 1Q, we had some small catch-up fees, both in real estate and in GP stakes that elevated just slightly 1Q's numbers.

謝謝，派崔克。我腦子裡沒有運行率。我可以告訴你，我們在本季末關閉了一些公司，因此實際上沒有任何時間為該季度累積資金。在第一季度，我們在房地產和普通合夥人股權方面都收取了一些小額追趕費用，這僅略微增加了第一季的數字。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

We wanted to come back to Alan's margin commentary near the end of the prepared remarks. So with the 2025 FRE margin now at 57% to 58% longer term after you scale digest these mergers, where do you see the long-term target? Is that still 60% or maybe a little higher? How should we think about that?

我們想在準備好的評論接近尾聲時回到艾倫的邊緣評論。因此，在您規模消化這些合併之後，2025 年 FRE 的長期利潤率目前為 57% 至 58%，您認為長期目標在哪裡？還是 60% 還是更高一點？我們該如何思考這個問題？

(technical difficulty) potential growth numbers over the next few years, and it fits a very strategic area for us and a very big addressable market, as Marc was talking about.

（技術難度）未來幾年的潛在成長數字，正如馬克所說，它適合我們的一個非常具有戰略意義的領域和一個非常大的潛在市場。

So let's talk for a minute about what are we creating here? When I look backwards just for a minute and I look at our management fee growth for our real estate business, on an LTM basis, since we acquired the Oak Street business, we haven't had a quarter go by where we haven't had 50% growth on an LTM basis in management fees there.

那麼讓我們花點時間討論一下我們正在創建什麼？當我回顧我們的房地產業務的管理費增長時，在 LTM 的基礎上，自從我們收購了橡樹街業務以來，我們沒有一個季度沒有經歷過這樣的情況管理費按 LTM 計算增長 50%。

And overall Blue Owl, we haven't had a quarter go by that's been less than 20%. And when you take that up to the Blue Owl FRE revenues, we haven't had a quarter go by that's been lower than 25% revenues. And so that's looking backwards what we've created.

總體而言，Blue Owl 沒有一個季度低於 20%。當你考慮 Blue Owl FRE 的營收時，我們沒有一個季度的營收低於 25%。這就是回顧我們所創造的東西。

Now looking forward, when you think about the things that we have out there, AUM not yet paying fees, GP Stake VI fundraise, the CIC and TIC fundraises over '24 and '25, and then the BDC step-ups in fees, that's another $1 billion of revenue from where we were at the end of 2023. So that's a 60% growth just from those few things, and that doesn't include all the other things that I just rattled through in a previous question about growth initiatives beyond 2025.

現在展望未來，當你想到我們現有的東西時，AUM 尚未支付費用、GP Stake VI 籌款、24 年和 25 年的 CIC 和 TIC 籌款，然後是 BDC 的費用上漲，那就是到2023 年底，我們的營收將再增加10 億美元。因此，光是這幾件事就實現了 60% 的成長，這還不包括我在之前關於 2025 年以後成長計畫的問題中喋喋不休的所有其他事情。

When I think about fundraising, we think we're going to almost double our equity fund raise versus where we were last year. And so what we're doing, it's working. We're reinvesting back into our business. It's fueling industry-leading growth and it's accelerating between now and the end of 2025.

當我考慮募款時，我們認為我們的股權融資將比去年增加近一倍。所以我們正在做的事情正在發揮作用。我們正在對我們的業務進行再投資。它正在推動行業領先的成長，並且從現在到 2025 年底都會加速成長。

So when you think about that 25% revenue number we just posted on an LTM basis, that growth, we think, will accelerate to approaching 30% growth for this year and for next year. And again, I wouldn't change the longer-term 60% FRE margin. Thanks, Craig.

因此，當你想到我們剛剛發布的基於 LTM 的 25% 收入數字時，我們認為今年和明年的成長將加速至接近 30%。再說一遍，我不會改變 60% FRE 的長期利潤率。謝謝，克雷格。

Steve Chubak, Wolfe Research.

史蒂夫丘巴克，沃爾夫研究中心。

So I wanted to ask a question on Part I Fees. Just given the expectation for rate cuts on the horizon, loan spreads tightening over the last 12 months, there's some concern that Part I Fees could come under greater pressure as the higher-yielding back book begins to roll off.

所以我想問一個關於第一部分費用的問題。考慮到即將降息的預期以及過去 12 個月貸款利差收緊，有人擔心，隨著較高收益的回帳開始減少，第一部分費用可能會面臨更大的壓力。

Recognizing there's going to be a meaningful offset from ramping deployment activity, and certainly, the comments there were quite constructive, but I was hoping to get just a mark-to-market for where current origination yields sit today relative to the back book? And maybe just speak to the ability to defend, I guess, what would now be a high 50s FRE margin in '25 amid deeper rate cuts and spread contraction?

認識到部署活動的增加將會產生有意義的抵消，當然，那裡的評論非常有建設性，但我希望得到一個按市值計算的當前初始收益率相對於後台賬本的位置？也許只是談談防禦能力，我想，在進一步降息和利差收縮的情況下，25 年 FRE 利潤率現在會達到 50 多美元？

Sure. Thanks for your question, Steven. Look, we have a BDC business that continues to grow. And so yeah, as rates come down, we will see some pressure on Part I Fees. We also see, from a number of perspectives, Part I Fees going up. So we still have our software lending to BDC that's not fully deployed as we continue to deploy that capital. Part I Fees are going to continue to go up vis-a-vis the prior quarter and we still have some ways to go to fully deploy that capital.

當然。謝謝你的提問，史蒂文。看，我們的 BDC 業務正在持續成長。所以，是的，隨著利率下降，我們將看到第一部分費用面臨一些壓力。我們也從多個角度看到第一部分費用的上漲。因此，隨著我們繼續部署該資本，我們仍然有向 BDC 提供的軟體貸款尚未完全部署。第一部分 與上一季相比，費用將繼續上漲，我們仍然有一些方法可以充分部署該資本。

We still have two BDCs, and we'll continue to have two BDCs, OCIC and OTIC, that are fundraising at very strong levels today and will continue to for everything that we see on the go forward. So we will continue to see Part I Fees stepping up quarter-over-quarter as it relates to our fundraising efforts and these continually offered products.

我們仍然有兩個 BDC，我們將繼續擁有兩個 BDC，即 OCIC 和 OTIC，它們今天的籌款水平非常強勁，並將繼續支持我們未來看到的一切。因此，我們將繼續看到第一部分費用逐季增加，因為這與我們的籌款工作和這些不斷提供的產品有關。

Crispin Love, Piper Sandler.

克里斯平·洛夫，派珀·桑德勒。

Can you just give us an update on credit quality across the portfolio and what you're seeing? Are you seeing any degradation in the portfolio? And then when you look at Pluralsight specifically, how confident are you that is a one-off in the portfolio versus the potential for other credit stress elsewhere?

您能否向我們介紹整個投資組合信用品質的最新情況以及您所看到的情況？您是否發現投資組合有任何退化？然後，當您具體查看 Pluralsight 時，與其他地方可能出現的其他信貸壓力相比，您對投資組合中的一次性產品有多大信心？

Yeah, credit quality is very good. This is a strong environment. Our portfolio on average grew EBITDA in the teens, mid-teens. So we continue to see a very strong overall performance. We have not seen any material change in amendment requirements or requests or changes in demand for payment in kind if they were cash-paid before running down the revolvers.

是的，信用品質非常好。這是一個強大的環境。我們的投資組合的 EBITDA 平均成長率為十幾歲至十幾歲。因此，我們繼續看到非常強勁的整體表現。我們沒有看到修改要求或要求發生任何重大變化，或者如果在用完左輪手槍之前以現金支付的話，實物支付的要求也沒有發生變化。

And look, we will always have one-off companies that have some -- their challenges. That's, of course, the nature of the beast. We fortunately, as I described, look, we have a pretty simple system in theory, very complicated in execution, which is to find through rigorous work great companies that are very likely to perform really well and the handful of times, they don't perform well, make sure we get a strong recovery. And so that actually leads us right -- overall credit quality continues to march on very, very steadily and very well.

瞧，我們總是會有一些一次性的公司面臨一些挑戰。當然，這就是野獸的本性。幸運的是，正如我所描述的，我們有一個理論上非常簡單的系統，執行起來卻非常複雜，就是透過嚴格的工作來找到那些很可能表現出色的偉大公司，但在少數情況下，他們卻表現不佳。因此，這實際上為我們帶來了正確的結果——整體信用品質繼續非常非常穩定和良好地發展。

In terms of Pluralsight, look, Pluralsight, it's probably worth commenting on one thing. We care a lot about Pluralsight's performance and every credit and ultimately, every recovery. For the Blue Owl shareholder, again, let's remember, we're a fee-based business. So really, the underlying yields of the funds are not really directly a part of the Blue Owl business. We get fees, we don't have to carry. So I just want to put that again as a flag. Now we care a tremendous amount about the performance.

就 Pluralsight 而言，看，Pluralsight，可能值得對一件事發表評論。我們非常關心 Pluralsight 的表現和每一個積分，以及最終的每一次恢復。對於 Blue Owl 股東，我們再次記住，我們是一家收費企業。事實上，這些基金的基本收益率並不是真正直接屬於藍貓頭鷹業務的一部分。我們收取費用，但不必攜帶。所以我只想再次把它當作一個標誌。現在我們非常關心性能。

Also context, just let's -- for those of you who don't know. Pluralsight is an IT training business that was bought by Thoma Bravo and that we led the financing of with several other private lenders. Very sorry, Vista, apologies. It is not a software business, just to make sure we're all clear on where it lands.

還有上下文，讓我們為那些不知道的人提供。Pluralsight 是一家 IT 培訓公司，已被 Thoma Bravo 收購，我們主導了與其他幾家私人貸款機構的融資。非常抱歉，Vista，抱歉。它不是一個軟體業務，只是為了確保我們都清楚它的落腳點。

But look, Vista is a great sponsor, made a lot of great investments, and we do a lot of business together. This one didn't work. I mean, obviously, that's disappointing to them. It's disappointing to us. It's not where we all like to be.

但你看，Vista 是一個很棒的贊助商，做了許多很棒的投資，我們一起做了很多生意。這個沒用。我的意思是，顯然，這讓他們感到失望。這讓我們很失望。這不是我們都喜歡去的地方。

So at the end of the day, a small loan. It's a little over $300 million out of our almost $100 billion portfolio and now we'll end up owning it without lot of sturm und drang. Again, it's not what Vista or we wanted to be the outcome. But actually, it's kind of a study in private lending working, which is here will be a smooth handoff I expect, and we'll carry on in supporting the management and the business and stay tuned for the next few years.

所以最終還是一筆小額貸款。在我們近 1000 億美元的投資組合中，它只佔了 3 億多美元，現在我們最終將擁有它，而無需進行太多的猛攻。再說一次，這不是 Vista 或我們想要的結果。但實際上，這是一種對民間借貸工作的研究，我希望這裡會是一個順利的交接，我們將繼續支持管理層和業務，並在未來幾年保持關注。

And we'll find out what the exact recovery is. Do we get all our money back, do we get most of our money back? We'll all find that out together in the next few years but that's the limit of the drama. It just doesn't really matter to our business. And no, I don't think you can extrapolate anything from it.

我們將了解確切的恢復情況。我們能拿回所有錢嗎？我們都會在接下來的幾年裡一起發現這一點，但這就是戲劇的極限。這對我們的業務來說並不重要。不，我不認為你可以從中推斷出任何東西。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

Alan, I wanted to follow-up on -- and apologies if you hit on this, my line cut out a bit during your response to the question on the margin outlook. But it seems as though the margin compression is impacted by some of the deals that you guys have recently done. And you also reiterated your confidence to be at or around the dollar dividend. And so is the bridge there better revenue growth? And can you just confirm whether or not some of the recent deals are really what's pulling down the margin have been anything beyond that would be ideal?

艾倫，我想跟進——如果你突然想到這一點，我很抱歉，在你回答關於利潤前景的問題時，我的台詞被中斷了一點。但利潤壓縮似乎受到你們最近完成的一些交易的影響。您也重申了您對維持或接近美元股息的信心。那麼橋樑是否有更好的收入成長？您能否確認最近的一些交易是否真的導致了利潤率的下降，超出了理想的水平？

Yeah. That's right, Brennan. Thank you for the question. The -- in particular, the Atalaya transaction has the -- Atalaya as a business has roughly half the margin that we do. We know we can grow this over time. We just don't know yet whether we can get it up to the same margin as where we are today and we're investing in these acquisitions.

是的。沒錯，布倫南。謝謝你的提問。特別是 Atalaya 交易，Atalaya 作為一家企業，其利潤率大約是我們的一半。我們知道我們可以隨著時間的推移而發展這一點。我們只是還不知道我們是否能夠達到與今天相同的利潤率，並且我們正在投資這些收購。

So as I outlined what we did with Oak Street, so we could have some slight downward momentum before it swings back up, but we feel very confident and very strong about the long-term trajectory of keeping that 60% or higher margin over time. And it is driven by the acquisitions that we're making and the investment we're putting into these acquisitions.

正如我概述了我們對橡樹街所做的那樣，在回升之前我們可能會出現一些輕微的下行勢頭，但我們對隨著時間的推移保持60% 或更高利潤率的長期軌跡非常有信心和堅定。它是由我們正在進行的收購以及我們在這些收購中投入的投資所推動的。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

I just want to unpack the dividend a little bit further. So you affirmed the $0.72 this year and you think you can grow that in the low- to mid-30% range year-on-year, and it does sound like top-line driven. So if I take 35% as a reasonable proxy, I get to about $0.97. And so as I look at the year-to-date dynamics between distributable earnings and the dividend, the payout rate has been about 100% round numbers. So I'm wondering if you could just talk about the algorithm in terms of capital allocation and why the import on the dollar and is there a broader argument here to potentially move away from a dividend growth story and think about a broader capital return opportunity?

我只是想進一步了解股息。因此，您確認了今年的 0.72 美元，並且您認為可以將其同比增長 30% 的中低端，這聽起來確實像是營收驅動的。因此，如果我以 35% 作為合理的代理，我得到的價格約為 0.97 美元。因此，當我觀察今年迄今為止的可分配收益和股息之間的動態時，派息率約為 100% 的整數。因此，我想知道您是否可以只討論資本配置方面的演算法以及為什麼美元重要，這裡是否有更廣泛的論點可以擺脫股息成長的故事並考慮更廣泛的資本回報機會？

Sure. Thank you, Bill. So that's right. We're targeting a low to mid dividend growth for 2025 versus 2024. That low to mid will put us somewhere around the $0.96. That is a -- approaching, if not 100% dividend payout ratio. That's really what we've been communicating to investors, it's where we've seen this year will step up to a 90 -- low 90s percent payout ratio. And then we would look to bring that back down over time as we get past 2025. So we've continued to keep our eye on that in and around the dividend -- in and around the $1 share dividend goal. And then over time, we'll bring that payout ratio back down a little bit.

當然。謝謝你，比爾。所以說是這樣的。與 2024 年相比，我們的目標是 2025 年股息成長處於中低水準。這個低至中點將使我們的價格在 0.96 美元左右。即使不是 100%，那也是接近 100% 的股息支付率。這確實是我們一直在與投資者溝通的內容，我們今年的派息率將升至 90%——90% 的低水平。然後，隨著時間的推移，到 2025 年，我們會希望將這一數字降低。因此，我們繼續關注股息及其周圍的情況—​​—1 美元股股息目標及其周圍的情況。然後隨著時間的推移，我們會將支付率稍微降低一些。

(technical difficulty)

（技術難度）

Patrick, I think you're on for a follow-up.

派崔克，我認為你正在跟進。

Kuvare, just closed on July 1. Could you update us on how we should think about kind of the regular way annuity-type quarterly inflow you'll start to see from that given the kind of ongoing annuity issuance from the insurance partner there?

Kuvare，7 月 1 日剛關閉。您能否向我們介紹一下，考慮到保險合作夥伴正在進行的年金發行類型，我們應該如何考慮您將開始看到的常規方式年金類型的季度流入？

Yeah. The Kuvare acquisition is a very exciting one for us, and I want to reframe importantly what we did buy and what we didn't buy. So we bought the Kuvare Asset Management business. Getting paid fees to manage assets in fashions that are packaged delivered both in terms of abilities and structures for insurance companies.

是的。對 Kuvare 的收購對我們來說是一件非常令人興奮的事情，我想重新審視我們買了什麼和沒有買什麼。所以我們收購了 Kuvare 資產管理業務。以保險公司的能力和結構打包的方式收取管理資產的費用。

We did not buy the insurance operations. We are not in the insurance business. We don't have spread-related earnings concept. We continue to have fee-related earnings. That's very important to our business model. So Kuvare remains very active in the insurance business and very successfully so. That is to say that they continue to be very successful in issuing annuities. They have been, in fact, for an insurance company their size, I think it's quite impressive what they've accomplished in terms of access, for example, to the Japanese market.

我們沒有購買保險業務。我們不從事保險業務。我們沒有與利差相關的收益概念。我們繼續擁有與費用相關的收入。這對我們的商業模式非常重要。因此，庫瓦雷在保險業務中仍然非常活躍，而且非常成功。也就是說，他們在發行年金方面仍然非常成功。事實上，對於像他們這樣規模的保險公司來說，我認為他們在進入日本市場等方面所取得的成就令人印象深刻。

In 2023, there was $5.6 billion of flows. The expected growth rate this year has been higher for them as to total originations. They have had a good strong start to the year. So we continue to expect -- again, that was 2023, and we're rising from there. So this is something that will be contributing over time done the way we expect it will, billions of dollars of flows for us on an annual basis and in fact, on a quarterly basis.

2023 年，流量為 56 億美元。就總發源量而言，今年的預期成長率更高。他們今年有一個良好的開局。所以我們繼續期待——再說一遍，那是 2023 年，我們將從那裡開始崛起。因此，隨著時間的推移，這將按照我們預期的方式做出貢獻，每年甚至每季為我們帶來數十億美元的流量。

So we are very happy to have this additional leg to our stool along with being one of the key leaders in wealth. Remember there, we had $3.2 billion in the wealth channel, institutional, great continued growth in institutional and access to new accounts, and now we add insurance, where we have another set of flows, starting off of this base of $20 billion of assets we just took.

因此，我們很高興能夠成為財富領域的主要領導者之一，同時也增加了我們的地位。請記住，我們在財富管道、機構方面擁有 32 億美元，機構和新帳戶的持續大幅增長，現在我們添加了保險，我們有另一組流量，從我們的 200 億美元資產基礎開始剛剛拿了。

And as you note in your question, as there are inflows, those come to us to manage. So this is yet another engine for us to continue to originate exactly what we want, which are long-dated, fee-paying assets. So the insurance addition married, as I mentioned, with these other capabilities that, by the way, not a coincidence, that's something like Prima and asset-backed lending are perfect strategies for insurance users. I think we're going to have something pretty special to offer out to the marketplace.

正如您在問題中指出的那樣，隨著資金流入，這些資金就會交給我們管理。因此，這是我們繼續創造我們想要的東西的另一個引擎，這些資產是長期的付費資產。因此，正如我所提到的，保險附加功能與其他功能結合在一起，順便說一句，這並非巧合，像 Prima 和資產支持貸款這樣的功能對於保險用戶來說是完美的策略。我認為我們將向市場提供一些非常特別的東西。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

I would just like to make sure I understand what -- make sure I'm putting together the pieces correctly here. It seems like what's happened is you guys have had some good deals come together and you've done several deals rather quickly. You're realizing it's going to probably take a little bit longer to get all of these pieces put together.

我只是想確保我理解什麼——確保我在這裡正確地將各個部分組合在一起。看起來發生的事情是你們達成了一些不錯的交易，而且你們很快就完成了幾筆交易。您意識到可能需要更長的時間才能將所有這些部分組合在一起。

And so we're going to see some margin compression next year. You guys still feel good about the dividend and getting to the dividend, but you're kind of getting there via the higher payout ratio. And so it's more driven by that ratio rather than the earnings growth. Do I have that right and -- or would you course correct me in anything there?

因此，明年我們將看到利潤率壓縮。你們仍然對股息和獲得股息感到滿意，但你們是透過更高的派息率來實現這一目標的。因此，它更多地是由該比率而不是盈利增長驅動的。我有這個權利嗎？

Yeah. Let me try to course correct a little bit, and Alan can add too. It's not that it's more complicated to integrate. It's not that it's anything unexpected, it's math. If you acquire at the time, a lower margin business, it's going to, for some short period of time, be an impact to margins until we complete, as planned, the full integration. And then continue to optimize across the whole integrated business.

是的。讓我試著糾正一點，艾倫也可以補充。並不是說整合起來更複雜。這並不是什麼意外，而是數學。如果您當時收購了利潤率較低的業務，那麼在短時間內，它將對利潤率產生影響，直到我們按計劃完成全面整合。然後繼續優化整個綜合業務。

So it's -- I don't want to say anything about a change in expectations. But again, if I acquire something, which we do with a lower margin and integrate and then operationalize, will return, we expect, fully to our 60% plus margin. But it will be essentially a near mathematical impossibility to buy something with a meaningful lower margin and not have it in the short-term impact the margin.

所以我不想說任何關於期望變化的事情。但同樣，如果我收購一些東西，我們以較低的利潤進行整合，然後投入運營，我們預計將完全恢復 60% 以上的利潤。但本質上，購買利潤率較低的產品而不在短期內影響利潤率幾乎是不可能的。

So no, I think it's pretty transitory, but I also would emphasize. From our point of view, and I would suggest from our investors' point of view, what you want to do is continue to encourage us and focus, we will, on how do we continue to deliver very high predictable growth in FRE and dividend. And margin is -- it's obviously a measure of, obviously, the profitability, but we'd rather have more revenue and have more growth and more opportunity, whether that absolute -- what we want to do is drive absolute dollars.

所以不，我認為這是相當短暫的，但我也要強調。從我們的角度來看，我建議從我們投資者的角度來看，您要做的就是繼續鼓勵我們，並專注於我們如何繼續實現 FRE 和股息的非常高的可預測成長。利潤率顯然是獲利能力的衡量標準，但我們寧願有更多的收入、更多的成長和更多的機會，無論是絕對的，我們想要做的是推動絕對的美元。

It happens to be the case that here we expect this to be, yeah, a short-term dilution from acquisitions and return to the 60%-plus but actually don't think that ought to particularly be the measure of success. The measure of success is are we substantially growing our per share absolute FRE, DE and dividend, and that's exactly what these acquisitions are augmenting for us in the short term and absolutely positioning us for the long term.

碰巧的是，我們預計這將是收購帶來的短期稀釋並返回 60% 以上，但實際上並不認為這應該成為衡量成功的標準。衡量成功的標準是我們是否大幅增加每股絕對 FRE、DE 和股息，而這正是這些收購在短期內為我們帶來的增強，並絕對為我們的長期定位。

And I'll just add to that, Brennan, the guidance of low to mid-30s dividend growth is right on top of our in and about $1 a share that we've been talking about, obviously, well before we had our eye on, frankly, any of these acquisitions. And let's just pick 96, if 96 is the number, that's a -- I made this comment in my prepared remarks, it's a 30% CAGR over 4.5 years for our dividend. So we feel fantastic about that. We feel really great about it, and we feel even better about what our future trajectory looks like for growth as we talked about well beyond 2025.

我只想補充一點，布倫南，30 歲左右的股息增長指導就在我們的每股 1 美元左右，顯然，早在我們關注之前就已經討論過了。讓我們選擇 96，如果 96 是這個數字，那就是——我在準備好的演講中發表了這一評論，我們的股息在 4.5 年內的複合年增長率為 30%。所以我們對此感覺棒極了。我們對此感覺非常好，而且我們對 2025 年後的未來成長軌跡感覺更好。

Okay. I don't think we have any further questions. So look, we appreciate everyone's time. It was an exceptional quarter. I mean we are really pleased with where things stand. We're pleased, most importantly, with the returns for our LPs and all of our strategies. We're extremely pleased to be here telling you the second same as the first, which is we keep delivering, marching forward our 13th straight quarter of increases. We see our continuing trajectory looking very bright.

好的。我認為我們沒有任何進一步的問題。所以看，我們感謝大家的時間。這是一個特殊的季度。我的意思是我們對現狀非常滿意。最重要的是，我們對有限合夥人和我們所有策略的回報感到滿意。我們非常高興在這裡告訴您第二個與第一個相同的內容，即我們不斷交付，連續第 13 個季度實現成長。我們看到我們的持續發展軌跡看起來非常光明。

With the acquisitions, we have set the stage, which, of course, we'll talk about in much more detail in the future, set the stage to continue our highly predictable and stable growth plan and our very strong steady march on FRE, DE and dividends.

透過收購，我們已經奠定了基礎，當然，我們將在未來更詳細地討論這一點，為繼續我們高度可預測和穩定的成長計劃以及我們在 FRE、DE 上非常強勁的穩定前進奠定了基礎和股息。

So we're very happy with where things stand. We think we've got very exciting opportunities ahead. So we look forward to keeping you all posted. And we think you'll all share our enthusiasm as you start to see us reveal the positives of what we can develop out of our continuing organic strategies and these inorganic additions.

所以我們對現狀非常滿意。我們認為我們前面有非常令人興奮的機會。因此，我們期待隨時向您通報情況。我們認為，當你們開始看到我們揭示了我們可以從我們持續的有機策略和這些無機添加中開發出的積極成果時，你們都會分享我們的熱情。

Thank you, everyone. Enjoy the rest of the summer.

謝謝大家。享受夏天剩下的時光。