Blue Owl Capital Inc (OWL) 2024 Q3 法說會逐字稿

Good morning, and welcome to Blue Owl Capital's third-quarter 2024 earnings call. (Operator Instructions) I'd like to advise all parties that this conference call is being recorded.

早安，歡迎參加 Blue Owl Capital 2024 年第三季財報電話會議。（操作員指示）我想通知所有人，本次電話會議正在錄音。

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

現在我將把電話轉給 Blue Owl 投資者關係主管 Ann Dai。

Thanks, operator, and good morning to everyone. Joining me today are Marc Lipschultz, our 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還有我們的聯合執行長 Marc Lipschultz；以及我們的財務長 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. 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 and Exchange Commission. The company assumes no obligation to update any forward-looking statements.

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，這些陳述並不能保證未來的業績或結果，並且涉及許多公司無法控制的風險和不確定性。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所述的因素，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 Shareholders section of our website at bluealll.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，我們將在電話會議上參考非 GAAP 指標，這些指標與我們網站 bluealll.com 股東部分提供的收益報告中的 GAAP 數據相協調。請注意，本次電話會議中的內容並不構成出售要約或購買任何 Blue Owl 基金權益的要約邀請。

This morning, we issued our financial results for the third quarter of 2024 recording fee-related earnings, or FRE of $0.22 per share and distributable earnings or DE of $0.20 per share. We also declared a dividend of $0.18 per share for the third quarter, payable on November 22 to holders of record as of November 11.

今天上午，我們發布了 2024 年第三季的財務業績，記錄了費用相關收益或每股 FRE 0.22 美元，可分配收益或每股 DE 0.20 美元。我們也宣布第三季每股 0.18 美元的股息，將於 11 月 22 日支付給 11 月 11 日登記在冊的股東。

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，我們將參考今天早上發佈到我們網站上的收益報告。因此請準備好該資訊以便後續跟進。

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 so much, Ann. During the third quarter, Blue Owl continued to generate extremely strong growth while making significant progress on our strategic M&A goals, further diversifying our business and positioning us well to participate in the transformational shifts happening within the financial markets. Over the last 12 months, we have grown management fees by 26%, fee-related earnings by 27% and distributable earnings by 22%, all compared to the prior year period. Looking back further, we have grown management fees by nearly 200% and FRE by over 150% in just 3.5 years, representing 14 consecutive quarters of growth in these metrics.

偉大的。非常感謝，安。第三季度，Blue Owl 繼續保持強勁成長勢頭，同時在策略併購目標方面取得了重大進展，進一步實現了業務多元化，並使我們能夠很好地參與金融市場正在發生的轉型。在過去的 12 個月中，與去年同期相比，我們的管理費增加了 26%，費用相關收益增加了 27%，可分配收益增加了 22%。回顧過去，短短 3.5 年內，我們的管理費成長了近 200%，FRE 成長了 150% 以上，這些指標連續 14 個季度實現成長。

We've achieved these impressive results through inflationary periods, geopolitical events, rate volatility and a significant slowdown in capital markets, highlighting the stability and strength of our business and the durability of our earnings. And the vast majority of this growth has been organic, driven by a handful of factors, which we think make Blue Owl's business model very distinct. One, we have extremely high levels of permanent capital, meaning few assets leave the system. For many of our products, there is zero redemption. So every incremental dollar of assets raised contributes to our earnings layer cake.

我們在通貨膨脹時期、地緣政治事件、利率波動和資本市場大幅放緩的情況下取得了這些令人矚目的業績，凸顯了我們業務的穩定性和實力以及盈利的持久性。其中絕大部分成長都是有機的，由多種因素推動，我們認為這些因素使得 Blue Owl 的商業模式非常獨特。首先，我們的永久資本水準極高，這意味著很少資產離開系統。我們的許多產品均不提供兌換服務。因此，所籌集的每一美元資產都會為我們的獲利蛋糕做出貢獻。

Two, our earnings are essentially all management fee driven, so we don't experience the same type of volatility or uncertainty that many others see during periods of market transition as we've observed. Three, our business is geared towards the largest secular trends within the alternative asset market. These include the growth of direct lending, the increasing importance of alternatives in the wealth channel, a growing number of investment-grade companies looking for bespoke capital solutions like net lease and the rising capital needs of alternative asset managers themselves. And this is intentional positioning. It has been by design that we chose to be in these markets because this is where we saw the greatest divergence in the demand and supply of capital and observed meaningful shifts in how certain markets are financed.

二，我們的獲利基本上全部由管理費驅動，因此我們不會經歷許多其他人在市場轉型期間所經歷的那種波動或不確定性。第三，我們的業務面向另類資產市場中最大的長期趨勢。這些因素包括直接貸款的成長、財富管道中替代品的重要性日益增加、越來越多的投資級公司尋求淨租賃等定制資本解決方案以及另類資產管理者本身不斷增長的資本需求。這是有意的定位。我們特意選擇進入這些市場，因為在這裡我們看到了資本供需差異最大的情況，並且觀察到了某些市場融資方式的重大轉變。

On its own, I believe our organic growth has been quite impressive, particularly given market conditions these past few years. However, as many of you know, strategic M&A has been a key component of our strategy since we started our business. And in the past year, we have made select and monetized acquisitions to supplement Blue Owl's core growth. These have been focused on specific areas of the market where we anticipate meaningful capital needs and strong investor interest. In other words, we are further positioning ourselves to be on the forefront of trends that will define the alternatives industry in the coming decade.

就其本身而言，我相信我們的有機成長相當令人印象深刻，特別是考慮到過去幾年的市場狀況。然而，正如大家所知，自從我們開始經營以來，策略併購一直是我們策略的關鍵組成部分。在過去的一年裡，我們進行了選擇性和貨幣化收購，以補充 Blue Owl 的核心成長。這些都集中在市場的特定領域，我們預計這些領域將有大量的資本需求和濃厚的投資者興趣。換句話說，我們正在進一步定位自己，以站在未來十年決定替代品產業趨勢的前沿。

Subsequent to quarter end, we announced an acquisition of IPI's business, reflecting a significant step forward in Blue Owl's presence in the digital infrastructure ecosystem. There is massive demand for data centers and very low vacancy catalyzed by data storage needs and the proliferation of generative AI tools. IPI is one of the most scaled data center developers, owners and operators in the world, owning roughly 4% of the world's hyperscale capacity. Their tenants include some of the largest hyperscalers and AI companies globally. We're talking about excellent counterparties, on average rated AA, and the capital investment of these enterprises is expected to measure in the trillions of dollars over the next several years.

季度末之後，我們宣布收購 IPI 的業務，這反映了 Blue Owl 在數位基礎設施生態系統中的地位邁出了重要一步。資料儲存需求和生成式人工智慧工具的激增催生了對資料中心的巨大需求，而空置率卻很低。IPI 是全球規模最大的資料中心開發人員、所有者和營運商之一，擁有全球約 4% 的超大規模容量。他們的租戶包括全球一些最大的超大規模企業和人工智慧公司。我們談論的是優秀的交易對手，平均評級為 AA，這些企業的資本投資預計在未來幾年將達到數兆美元。

There is a huge demand-supply imbalance in this market, which relates to both the scaled capital needed to fund the new development as well as the expertise required to successfully source, develop and operate these properties. Taken together, this dynamic creates a very high barrier to entry and is one of the reasons we are so enthused about this acquisition. There are a lot of companies talking about being in the data center space today, but there are very few that actually have the skill set, proven record and deep relationships to do what IPI does, and that's why they're decidedly a leader in the market. Within the context of Blue Owl, IPI will be very complementary to what we have in place today. Our current net lease business has a much wider mandate across multiple types of real estate, while IPI is a pure play on digital Infrastructure, and one of the few managers out there that offers funds solely focused on data centers.

這個市場存在著巨大的供需不平衡，這不僅與資助新開發案所需的規模資本有關，也與成功尋找、開發和營運這些房產所需的專業知識有關。總的來說，這種動態創造了非常高的進入門檻，這也是我們對這項收購如此熱衷的原因之一。如今，許多公司都在談論進軍資料中心領域，但真正擁有 IPI 所做之事的技能、成功經驗和深厚關係的公司卻寥寥無幾，而這正是 IPI 在該領域處於領先地位的原因。在 Blue Owl 的背景下，IPI 將與我們今天所實施的計劃形成很好的補充。我們目前的淨租賃業務在多種類型的房地產方面擁有更廣泛的授權，而 IPI 則純粹從事數位基礎設施業務，也是為數不多的提供專注於資料中心的基金的管理人之一。

We anticipate numerous synergies in bringing them on board, considering the firm's strong relationships with hyperscaler community, modest investor overlap between Blue Owl and IPI and an opportunity to create very interesting and differentiated products for the wealth distributed market, where Blue Owl has built a very strong franchise with CIC, TIC and ORENT. This acquisition, like others we've announced, was a proprietary discussion centered around the benefits and synergies of joining Blue Owl. We think our M&A strategy is something between buy and build, a hybrid model where we are bringing on teams to excel at what they do and are scaled in their market. In joining Blue Owl, they can access incremental resources and distribution platforms that supplement and accelerate strong growth that already exists. Most of the employees on these teams see basically no change in their day-to-day, but the platform level, the synergies can be very impactful.

考慮到該公司與超大規模社區的緊密關係、Blue Owl 和IPI 之間的適度投資者重疊，以及為財富分佈式市場創造非常有趣和差異化產品的機會，我們預計他們的加入將產生眾多協同效應，而Blue Owl 在該市場已經建立了非常擁有 CIC、TIC 和 ORENT 的強大特許經營權。與我們宣布的其他收購一樣，此次收購是圍繞加入 Blue Owl 的優勢和協同效應進行的專有討論。我們認為，我們的併購策略介於收購和建設之間，是一種混合模式，我們引入團隊來使他們在自己的領域中脫穎而出並在自己的市場中擴大規模。加入 Blue Owl 後，他們可以獲得增量資源和分銷平台，從而補充和加速現有的強勁成長。這些團隊中的大多數員工在日常工作中基本上沒有看到任何變化，但在平台層面，協同效應可能會非常有效。

There are numerous similarities between IPI and Atalaya, which closed during the third quarter. Atalaya's deep expertise in asset-backed finance, combined with their almost 20-year track record through market cycles, complements Blue Owl's direct lending business nicely, and we're thrilled that they are officially a part of Blue Owl. We see both digital infrastructure and alternative credit as multi-trillion dollar markets with transformational shifts happening in real time. Through these acquisitions, we have established an expanded foothold in these areas. And similar to Oak Street, we believe we can drive multiplicative growth over time.

IPI 與第三季關閉的 Atalaya 有許多相似之處。Atalaya 在資產支援融資方面的深厚專業知識，加上其在市場週期中近 20 年的業績記錄，與 Blue Owl 的直接貸款業務形成了很好的補充，我們很高興他們正式成為 Blue Owl 的一部分。我們認為數位基礎設施和替代信貸都是數兆美元的市場，並且正在即時轉型。透過這些收購，我們在這些領域建立了擴大的立足點。與 Oak Street 類似，我們相信我們可以隨著時間的推移實現倍增式成長。

Collectively, these new additions have been modest with initial consideration of roughly $2.5 billion for all the transactions announced in 2024, or less than 10% of our market cap. So in the early days, none of these businesses will be highly impactful to our revenues or earnings on their own because they're just not that big. But over the next three, five, seven years, we look forward to demonstrating and quantifying the significant value creation that we are already seeing in some ways across the platform. Just to give a couple of early data points around this, our real estate credit team has already identified and created deal flow for the liquid portion of ORENT's portfolio and for our insurance solutions platform, which closed in July. Similarly, Atalaya and our credit teams have been active in sourcing investment-grade flow.

總體而言，這些新交易的規模不大，2024 年宣布的所有交易的初步對價約為 25 億美元，不到我們市值的 10%。因此，在早期，這些業務本身都不會對我們的收入或收益產生重大影響，因為它們的規模並不大。但在接下來的三、五、七年裡，我們期待展示和量化我們已經在整個平台上以某種方式看到的重要價值創造。僅提供幾個早期數據點，我們的房地產信貸團隊已經為 ORENT 投資組合的流動部分和我們的保險解決方案平台確定並創建了交易流程，該平台於 7 月關閉。同樣，Atalaya 和我們的信貸團隊一直積極尋找投資等級資金流。

And across Blue Owl, we have tripled the pipeline of private alpha and beta plus opportunities for insurance. Separately, we are hard at work on a co-mingled real estate credit product that should launch later this year or early next year, and our teams began driving towards this goal prior to Prima's closing. When it comes to integration, we start work streams very early before our deals are even announced. And by closing, these businesses are largely integrated into Blue Owl, as demonstrated by the examples I just highlighted. Moving on to the quarter.

在 Blue Owl，我們的私人 alpha 和 beta 以及保險機會管道增加了兩倍。另外，我們正在努力開發一款混合房地產信貸產品，該產品將於今年稍後或明年年初推出，我們的團隊在 Prima 收購之前就開始朝著這個目標努力。在整合方面，我們甚至在交易宣布之前就很早就開始了工作流程。透過收購，這些業務將基本整合到 Blue Owl 中，正如我剛才強調的例子所證明的那樣。進入本季。

We had our second highest quarter of fundraising with $7.9 billion of equity capital raised and $12 billion, including debt. Private wealth fundraising constituted $4.2 billion, a record quarter for this channel, driven by our perpetually distribute and fundraise for GP stakes. Gross inflows into our perpetually distributed products were $2.5 billion in the third quarter and $9.3 billion over the last 12 months or 67% higher than the prior 12-month period. We continue to make strong inroads in this vast and growing market for alternatives and wealth, supported by our incumbency and strong relationships in this market. The level of trust that we have built with distributors through our thoughtful partnership and high-touch service continues to bear fruit.

我們本季的籌資額為第二高，共籌集到 79 億美元的股本資金，加上債務，共籌集到 120 億美元。私人財富募資達 42 億美元，創下該通路季度紀錄，這得益於我們持續為 GP 股份分配和募資。我們永久分銷產品的總流入量在第三季為 25 億美元，過去 12 個月的總流入量為 93 億美元，比前 12 個月高出 67%。憑藉我們在該市場的主導地位和牢固的關係，我們將繼續在這個龐大且不斷增長的替代和財富市場中取得強勢進展。我們透過周到的合作夥伴關係和高接觸服務與經銷商建立的信任度不斷取得成效。

And just this quarter, we formally launched thenest@wealth.blueowl.com to further that engagement. The Nest features educational content, portfolio construction resources and more to guide advisers and their clients in their journey to learn about alternative markets. We're also having exciting conversations with platforms regarding new product development in areas such as alternative credit and digital infrastructure. Our partners continue to look to blow out for differentiated products with attractive and downside protected income objectives and thought leadership. This is true during strong markets but particularly true during times of uncertainty.

就在本季度，我們正式推出了 thenest@wealth.blueowl.com，以進一步加強雙方的合作。Nest 提供教育內容、投資組合建構資源等，指導顧問及其客戶了解替代市場。我們也與平台就替代信貸和數位基礎設施等領域的新產品開發進行了令人興奮的對話。我們的合作夥伴繼續尋求具有吸引力且能保護下行風險的收入目標和思想領導力的差異化產品。在市場強勁時確實如此，但在不確定時期尤其如此。

We raised $3.6 billion from institutional investors from a number of strategies across the platform, complementing our robust flows in private wealth and reflecting the ongoing diversification of fundraising across our platform. In total, we have raised over $38 billion organically across equity and debt over the past 12 months. That's equivalent to approximately 25% of our AUM a year ago that we've raised in 12 months and that is prior to contributions we anticipate from Atalaya, IPI and new products we plan to have in market in the coming quarters. Turning to business performance. In credit, we had another robust quarter of deployment with nearly $11 billion of gross originations and net deployments were roughly 40% of that, resulting in a last 12-month net deployment pace of nearly $18 billion, up nearly 140% year over year during a period where broadly syndicated markets were very active.

我們透過平台上的多種策略從機構投資者那裡籌集了 36 億美元，補充了我們強勁的私人財富流動，並反映了我們平台上籌款的持續多樣化。整體而言，過去 12 個月我們透過股權和債務方式自然融資超過 380 億美元。這相當於我們一年前在 12 個月內籌集的 AUM 的約 25%，而且這還不包括我們預計的 Atalaya、IPI 以及我們計劃在未來幾季投放市場的新產品的貢獻。轉向業務績效。在信貸方面，我們又度過了一個強勁的季度，總貸款發放量接近110 億美元，淨貸款發放量約佔其中的40%，導致過去12 個月的淨貸款發放速度接近180 億美元，同比成長近140%。

Direct lending metrics remain strong. On average, underlying revenue growth and EBITDA growth was high single digits across the portfolio with no significant step-ups in non-accruals or amendment requests. In alternative credit, we have experienced strong demand for the capital solutions we offer and recently announced an agreement for certain Blue Owl, formerly Atalaya funds, to purchase up to $2 billion of loans from upstart over the next 18 months. We've always highlighted the advantage of having scale in these markets in which we participate, as this is a great example of how Atalaya's team has brought diverse and long-dated pools of capital together to transact in size in one of their core markets. In GP Stakes, we continue to position ourselves by two substantial secular trends, growing allocations to alternatives and GP consolidation.

直接貸款指標依然強勁。平均而言，整個投資組合的基礎收入成長和 EBITDA 成長均為高個位數，且非應計項目或修改請求沒有顯著增加。在另類信貸方面，我們提供的資本解決方案需求強勁，最近我們宣布了一項協議，Blue Owl（前身為 Atalaya 基金）將在未來 18 個月內從新貴公司購買高達 20 億美元的貸款。我們始終強調在我們參與的這些市場中擁有規模的優勢，因為這是 Atalaya 團隊如何匯集多元化和長期資本池在其核心市場之一進行大規模交易的一個很好的例子。在 GP Stakes 中，我們繼續透過兩個重要的長期趨勢來定位自己，即增加對替代品的分配和 GP 整合。

Collectively, our partner managers now manage over $2.1 trillion, providing us with comprehensive burns eye view of the industry. We continue to see a big getting bigger, and we continue to see scaled managers increasingly selected as the partners of choice by allocators. Since the end of the second quarter, we've also completed two strip sales of assets in GP Stakes Fund III, for what is expected to be roughly 15% of the fund's interest, providing liquidity for investors, while bringing in a new set of investors to Blue Owl. We have seen the number of allocators interested in GP Stakes continue to expand, and these transactions represent a creative way to offer access to our pool of notable partner managers while affirming Blue Owl's leading position in the space. In real estate, we continue to actively deploy capital in net lease at very attractive cap rates behind our four major themes: digital infrastructure, onshoring, health care real estate and essential retail.

我們的合作經理目前總共管理超過 2.1 兆美元的資金，為我們提供了對該行業的全面而客觀的視角。我們不斷看到大公司越來越大，我們也不斷看到規模管理者越來越多被配置者選為首選合作夥伴。自第二季末以來，我們也完成了兩個 GP Stakes Fund III 的資產剝離出售，預計約佔基金權益的 15%，為投資者提供了流動性，同時引入了一批新的投資者向Blue Owl 投資。我們看到對 GP Stakes 感興趣的分配者數量持續增加，這些交易代表了一種創造性的方式，可以提供進入我們著名合作夥伴經理人才庫的機會，同時肯定了 Blue Owl 在該領域的領先地位。在房地產領域，我們繼續以極具吸引力的資本化率積極地在淨租賃中部署資本，主要關注我們的四大主題：數位基礎設施、在岸外包、醫療房地產和必需零售。

The capital needs in each of these areas remains very significant, and we continue to expect we'll be approximately 60% committed for Fund VI by year-end after just completing fundraising in the first quarter of this year. We are now underway on our new net lease Europe strategy and are on track to be at or above our $1 billion target by the first quarter of 2025. To bring it all together, there is clearly a lot more to the Blue Owl story today than there was last year. But the big picture has not changed. We continue to focus on finding areas with significant capital needs like data centers and alternative credit and we are raising large pools of long-dated capital to address those needs.

每個領域的資本需求仍然非常巨大，我們預計，在剛於今年第一季完成融資後，到年底我們將為第六號基金承諾約 60% 的資金。我們目前正在實施新的歐洲淨租賃策略，並預計在 2025 年第一季達到或超過 10 億美元的目標。綜合起來，今天藍色貓頭鷹的故事顯然比去年豐富得多。但大局並未改變。我們繼續專注於尋找資料中心和替代信貸等具有大量資本需求的領域，我們正在籌集大量長期資本來滿足這些需求。

We now have scaled platforms to address the institutional, private wealth and insurance markets, and we continue to add new and differentiated products with the same underlying characteristics of income generation and downside protection. For our shareholders, the proposition remains simple. Our revenues come from durable permanent capital with best-in-class fee rates and our earnings are made up entirely of fee-related earnings, which are coming from increasingly diversified sources. We think this makes our business quite unique and compelling and well positioned for continued strong and stable growth.

現在，我們已擴大平台規模，以滿足機構、私人財富和保險市場的需求，並且我們將繼續增加具有相同的基本特徵（即創造收入和防跌）的差異化新產品。對我們的股東來說，主張仍然很簡單。我們的收入來自持久的永久資本和一流的費率，我們的利潤完全由費用相關的盈利構成，這些盈利的來源日益多樣化。我們認為這使得我們的業務非常獨特和引人注目，並有利於繼續強勁而穩定的成長。

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

接下來，讓我與艾倫討論一下我們的財務表現。

Thank you, Marc, and good morning, everyone. I'm very pleased with the results we reported this quarter with continued strong trends across key metrics such as revenue and earnings growth, fundraising and deployment. Our 14th consecutive quarter of management fee and FRE growth, our second strongest fundraising quarter ever, coming from increasingly diverse sources and a record fundraising quarter in private wealth. Those statistics have been driven almost entirely by our organic growth. And as we start to layer in the impact of the new businesses we brought on, we're very excited about what lies ahead.

謝謝你，馬克，大家早安。我對我們本季報告的業績感到非常滿意，營收和獲利成長、籌資和部署等關鍵指標持續呈現強勁趨勢。這是我們連續第 14 個季度實現管理費和 FRE 成長，也是我們有史以來第二強勁的籌資季度，籌資來源日益多樣化，私人財富籌資也創下了歷史新高。這些統計數據幾乎完全是由我們的有機成長所推動的。當我們開始認識到我們帶來的新業務的影響時，我們對未來感到非常興奮。

Let's go through some of our key highlights on an LTM year-over-year basis through September 30. Management fees are up 26% and 91% of these management fees are from permanent capital vehicles. FRE is up 27% and DE is up 22%. As you can see on slide 13, we raised $7.9 billion of equity in the third quarter and $24.2 billion for the last 12 months, an increase of 67% from the prior last 12-month period. I'll break down the third-quarter fundraising numbers across our strategies and products.

讓我們來回顧一下截至 9 月 30 日 LTM 同比變化的一些主要亮點。管理費上漲26%，其中91%來自永久資本工具。FRE 上漲 27%，DE 上漲 22%。正如您在幻燈片 13 上看到的，我們在第三季度籌集了 79 億美元的股本，在過去 12 個月中籌集了 242 億美元，比去年同期增長了 67％。我將按照我們的策略和產品來細分第三季的融資數字。

In credit, we raised $3.1 billion; $2.4 billion was raised in our direct lending strategies, of which $1.5 billion came from our non-traded diversified BDC of CIC, 65% more than what we raised in the third quarter of 2023. Inclusive of the October 1 close, we are nearing $14 billion raised for OCIC since inception. The remainder was raised primarily through insurance solutions and in strategic equity. In GP Strategic Capital, we raised $3.5 billion during the quarter, including $2.4 billion across our large cap strategies latest fund and co-invest vehicles, bringing the latest vintage to $5.3 billion. And we remain confident in our ability to achieve our $13 billion goal by the end of 2025.

在信貸方面，我們籌集了 31 億美元；我們的直接貸款策略籌集了 24 億美元，其中 15 億美元來自我們的 CIC 非交易多元化 BDC，比 2023 年第三季籌集的資金多 65%。包括 10 月 1 日的收盤價，自成立以來我們為 OCIC 籌集的資金已接近 140 億美元。其餘資金主要透過保險解決方案和策略股權籌集。在 GP Strategic Capital，我們在本季度籌集了 35 億美元，其中包括透過我們的大型股戰略最新基金和共同投資工具籌集的 24 億美元，使最新一期的資金達到 53 億美元。我們仍有信心在 2025 年底實現 130 億美元的目標。

We also raised capital in our GP financing strategy and the new vehicle raised in connection with the strip sale that occurred during the third quarter. And in real estate, we raised $1.3 billion primarily from ORENT, insurance solutions and early capital flows for our European net lease strategy. We are pleased with the increasing breadth of fundraising across strategies and products. Of the $7.9 billion of equity raised in the third quarter, over 20% came from strategies, which did not exist or were not part of our platform a year ago, and this will continue to expand with our new business acquisitions in overall organic growth. And remember, we don't look at our fundraising dollar for dollar with others because the dollars we are raising are much more valued.

我們也透過 GP 融資策略和與第三季發生的剝離銷售相關的新工具籌集了資金。在房地產領域，我們主要從 ORENT、保險解決方案和早期資本流動籌集了 13 億美元，用於我們的歐洲淨租賃策略。我們很高興看到融資範圍在各個策略和產品的不斷擴大。在第三季籌集的79 億美元股本中，超過20% 來自一年前尚不存在或不屬於我們平台的策略，而且隨著我們新業務的收購和整體有機增長，這一比例還將繼續擴大。請記住，我們不會將我們籌集的資金與其他人一比一地計算，因為我們籌集的資金價值更高。

Our assets are stickier because we are raising mostly permanent capital. For example, during the quarter, we raised approximately $3 for every $1 that went out, and most of that $1 was distributions from our income products. Our fee rates are also much higher on average and our margins compare favorably. Taken together, the profitability on each dollar raised is substantially greater. It does not compare.

我們的資產黏性更強，因為我們籌集的主要是永久資本。例如，在本季度，我們每支出 1 美元就籌集到大約 3 美元，而這 1 美元中的大部分都是來自我們的收入產品的分配。我們的費用率平均也高很多，利潤率也比較有利。綜合起來，籌集的每一美元的獲利能力都要大得多。這根本沒辦法比較。

On the acquisition front, Kuvare Asset Management closed in early July, adding $21.6 billion to AUM at close and contributing almost $1 billion of gross inflows during the quarter. And at the end of the third quarter, Atalaya also closed, adding $10.6 billion to AUM. Pro forma for our acquisition of IPI, our AUM is approximately $0.25 trillion. As a reminder, we also have substantial embedded earnings in our business. AUM not yet paying fees, was $21.7 billion as of the end of the third quarter, corresponding to over $260 million of incremental annual management fees once deployed.

在收購方面，Kuvare Asset Management 於 7 月初完成交易，收盤時其 AUM 增加了 216 億美元，並在本季度貢獻了近 10 億美元的總流入。第三季末，Atalaya 也關閉了該公司，為其 AUM 增加了 106 億美元。根據我們收購 IPI 的預測，我們的 AUM 約為 0.25 兆美元。提醒一下，我們的業務還包含大量內含收益。截至第三季末，尚未支付費用的 AUM 為 217 億美元，相當於一旦部署，每年增加的管理費超過 2.6 億美元。

This number has increased from $12.6 billion this time last year, reflecting incremental assets raised in strategies that earn fees upon deployment as well as some of the new businesses we have brought on. We also have approximately $135 million of incremental management fees that will turn on upon the listing of our remaining private technology lending BDCs over time. These two items alone would represent an increase in management fees of roughly 20%. 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. Moving on to our credit platform.

這一數字較去年同期的 126 億美元有所增加，反映了部署時賺取費用的策略中籌集的增量資產以及我們開展的一些新業務。我們還有大約 1.35 億美元的增量管理費，這些費用將在我們剩餘的私人技術貸款 BDC 上市後逐漸支付。光是這兩項，管理費就將增加約20%。這些方面，加上我們幾乎全部是永久資本和 100% FRE 的業務模式，使我們的盈利品質比業內任何同行都要高。繼續我們的信用平台。

We had gross originations of $10.9 billion for the quarter and net funded deployment of $4.3 billion. This brings our gross originations for the last 12 months to $47 billion with nearly $18 billion of net funded deployment, a record for Blue Owl. Our credit portfolio returned 3.3% in the third quarter and 15.2% over the last 12 months. Weighted average LTV has remained in the high 30s across direct lending and in the low 30s specifically in our software lending portfolio. For our GP Strategic Capital platform, total invested capital for our fifth GP Stakes funds, including agreements in principle are over $11.6 billion of capital with line of sight into over $3 billion of opportunities.

本季度，我們的總資金發放額為 109 億美元，淨資金部署額為 43 億美元。這使得我們過去 12 個月的總發起額達到 470 億美元，其中淨資助部署額接近 180 億美元，創下了 Blue Owl 的最高紀錄。我們的信貸組合在第三季報酬率為 3.3%，過去 12 個月報酬率為 15.2%。直接貸款的加權平均 LTV 一直保持在 30% 的高位，而我們的軟體貸款組合的加權平均 LTV 則保持在 30% 的低位。對於我們的 GP 策略資本平台，我們的第五個 GP Stakes 基金的總投資資本（包括原則上協議）超過 116 億美元，並且有望獲得超過 30 億美元的機會。

which if all our signed, would bring us well through the remaining capital available in Fund V. Performance across these funds remained strong with a net IRR of 23% for Fund III, 39% for Fund IV and 15% for Fund V. And in real estate, our net lease pipeline continues to grow with over $22 billion of transaction volume under letter of intent or contract to close. As Marc mentioned earlier, we think we could be roughly 60% committed for Fund VI by year-end, reflecting the strong demand we're seeing for our net lease solutions. 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.

如果我們所有人都簽署該協議，我們將能夠充分利用基金 V 中剩餘的資金。這些基金的表現仍然強勁，基金 III 的淨內部報酬率為 23%，基金 IV 為 39%，基金 V 為 15%。在房地產領域，我們的淨租賃管道持續成長，意向書或合約下的交易量已超過 220 億美元。正如馬克之前提到的，我們認為到年底我們對第六基金的承諾率可能達到約 60%，這反映了我們對淨租賃解決方案的強勁需求。其中許多機會都是按需建造的安排，這對於租戶來說非常具有資本效率，並且我們可以獲得優質的資本化率，為我們的合作夥伴提供靈活的資產負債表友善解決方案。

These can take between 18 and 24 months to fully deploy the capital we've committed. And as reminder, we charge management fees mostly on invested capital, so we will earn incremental management fees as this capital is deployed. We're 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 3.8% 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.

我們可能需要 18 到 24 個月的時間才能完全部署我們承諾的資本。提醒一下，我們主要根據投資資本收取管理費，因此隨著資本的部署，我們將獲得增量管理費。我們看到瞭如此強大的部署機會，這可能使我們在明年年底之前憑藉該策略的下一個版本進入市場。就業表現而言，過去 12 個月，我們房地產投資組合的總回報率為 3.8%，與同期的整體房地產市場相比表現良好。我們完全實現的基金的淨 IRR 對於投資等級和信譽良好的租戶風險而言為 24%，反映了我們的規模和基於解決方案的合作夥伴關係所推動的有利價值創造。

Finally, our real estate credit team drove approximately $1 billion of gross deployment across SMEs, insurance solutions and ORent in the first full quarter on the Blue Owl platform, highlighting the benefits of combining their experience and investment expertise with a broader pool of capital with more diverse objectives. The team has been able to capitalize on deal flow they already see, which did not have a (inaudible). Okay. Let's wrap up with a few closing thoughts. We are extremely proud of our record of creating value for shareholders.

最後，我們的房地產信貸團隊在Blue Owl 平台上推動了中小企業、保險解決方案和ORent 約10 億美元的總部署，凸顯了將他們的經驗和投資專業知識與更廣泛的資本池相結合的好處，多樣化的目標。該團隊已經能夠利用他們已經看到的交易流程，而這些交易流程之前並沒有（聽不清楚）。好的。讓我們用幾點結束語來結束本文。我們為股東創造價值的記錄感到非常自豪。

Since our listing, we have delivered greater than 30% annual growth rates for management fees, FRE revenue and FRE, and we have and will continue to focus on delivering the bulk of our earnings to shareholders as dividends. To that end, I wanted to spend a moment on our 2025 dividend. We want to provide one further update as we head into the end of this enormously successful chapter and turn our attention to our next exciting chapter, which we will be discussing in detail at our Investor Day on February 7. As we think about the dividend, we are incorporating a variety of factors, but there are two specific ones we want to call out. First, we will factor in the very volatile interest rate environment we are in.

自上市以來，我們的管理費、FRE收入和FRE的年增長率都超過30%，而且我們已經並將繼續致力於將大部分收益作為股息分配給股東。為此，我想花點時間討論我們的 2025 年紅利。在即將結束這一極為成功的篇章之際，我們想提供進一步的更新，並將注意力轉向下一個激動人心的篇章，我們將在 2 月 7 日的投資者日上詳細討論這個問題。當我們考慮股利時，我們會考慮多種因素，但我們希望特別指出兩個因素。首先，我們將考慮到我們所處的非常不穩定的利率環境。

And second, we will consider the tremendous growth potential in our existing and newly acquired businesses. As it relates to interest rates, we note the wide range of outcomes that could play out in 2025 as reflected in the rather dramatic movements in SOFR forward curves recently. By way of example, over the last number of months from peak to trough, the forward SOFR curve average for 2025 declined over 130 basis points and since that time, has moved back up material. We will want to incorporate a potential for another meaningful decline in SOFR curves and its potential impact on Part 1 fees into our thinking around setting a dividend. As for future growth, we want to retain some additional capital flexibility to invest behind our new strategic additions like data centers, asset-backed credit and insurance solutions, where the reception has been extremely strong.

其次，我們將考慮現有業務和新收購業務的巨大成長潛力。就利率而言，我們注意到，2025 年可能會出現多種結果，這反映在最近 SOFR 遠期曲線的劇烈波動中。舉例來說，在過去幾個月從高峰到低谷的過程中，2025 年的遠期 SOFR 曲線平均值下降了 130 個基點，從那時起又回升了一大截。我們希望將 SOFR 曲線再次大幅下降的可能性及其對第 1 部分費用的潛在影響納入我們在製定股息的考慮之中。至於未來的成長，我們希望保留一些額外的資本彈性，以投資於我們的新策略附加項目，如資料中心、資產支援信貸和保險解決方案，這些項目的反應非常強勁。

We aspire to do in these markets, what we have done over the past almost 10 years in our current markets. The addressable markets are large enough and early enough to make this an ambitious but a very real possibility. Altogether, while we guided toward a likely dividend in the mid-$0.90 on our last call, we currently expect the dividend closer to $0.90 in order to reflect a wide range of outcomes in SOFR. This means our payout ratio reflects a little with the ultimate level of SOFR in 2025 since we are taking a more conservative approach to where we're setting our dividend. To the extent the curve doesn't play out this way, to the extent the curve is higher in 2025, this approach allows us additional capital flexibility around strategic growth plans.

我們渴望在這些市場中實現我們過去近十年在現有市場中所做的事情。目標市場足夠大，並且處於早期階段，這使得這一雄心勃勃但非常現實的可能性得以實現。總而言之，雖然我們在上次電話會議中預計股息可能在 0.90 美元中段，但目前我們預計股息將更接近 0.90 美元，以反映 SOFR 的多種結果。這意味著我們的派息率將在一定程度上反映 2025 年 SOFR 的最終水平，因為我們對股息的設定採取了更保守的態度。如果曲線不以這種方式呈現，或者 2025 年曲線更高，這種方法可以讓我們在策略性成長計畫方面擁有額外的資本彈性。

A dividend around $0.90 would reflect a near 30% annual dividend growth rate since we went public and around 25% dividend growth year over year. We will finalize our thinking around this and announce the full-year dividend for 2025 during next quarter's earnings call. Overall, we continue to put up very strong growth across every key aspect of our business. We are raising capital and more funds from a broader set of investors across more asset classes than we ever have, and that will continue to expand with the new businesses that are just joining the platform, which are already well integrated and where we are collaborating on deal flow and moving forward with new product development. As we spoke about last quarter, we think our acquisition of Oak Street is the right blueprint for how to think about the value creation possible when these platforms join Blue Owl, roughly tripling AUM and revenues in under three years through one of the toughest period for real estate as an asset fund.

0.90 美元左右的股息反映了我們上市以來近 30% 的年股息成長率以及每年約 25% 的股息成長率。我們將最終確定這一想法，並在下個季度的財報電話會議上宣布 2025 年全年股息。總體而言，我們業務的各個關鍵方面繼續保持強勁成長。我們正在從更廣泛的投資者群體中籌集資金，涉及的資產類別比以往任何時候都多，而且隨著新業務加入平台，這一規模還將繼續擴大，這些新業務已經很好地整合在一起，我們正在就這些業務進行合作。正如我們上個季度所談到的，我們認為對Oak Street 的收購是一個正確的藍圖，它體現了這些平台加入Blue Owl 後如何創造價值，在三年內使AUM 和收入增長了大約三倍，度過了最艱難的時期之一。

It's testament to, one, the quality of the real estate team; two, the preparation and thought that goes into our M&A execution playbook, three, the integration plan we put in place for these acquisitions and four, overall fundraising capabilities across Blue Owl. We are bringing on businesses that have achieved great success on their own and have very strong expertise in their respective fields, and we are providing the resources platform scale that will help them reach the next level. All of this put together, we believe we can continue to lead the alternative asset management industry in all of the key growth metrics that we continue to talk about, management fees, FRE revenues and FRE.

這證明了：一、房地產團隊的素質；二是我們在併購執行手冊中的準備與思考；三是我們為這些收購制定的整合計畫；四是 Blue Owl 的整體融資能力。我們正在引進那些已經取得巨大成功並且在各自領域擁有非常強大專業知識的企業，並且我們正在提供資源平台規模，幫助他們更上一層樓。綜合所有這些，我們相信我們可以繼續在我們繼續談論的所有關鍵成長指標、管理費、FRE 收入和 FRE 方面引領另類資產管理行業。

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?

最後，我要感謝今天參加我們電話會議的所有人。接線員，我們可以開通熱線來回答問題嗎？

(Operator Instructions) Alex Blostein, Goldman Sachs.

（操作員指示） 高盛的 Alex Blostein。

Hey, good morning. Thanks for the question. So maybe just starting with the dividend in your last point there. I appreciate you guys obviously won't give us a whole lot of color probably beyond 2025 for now. But just philosophically, knowing where you guys have come from, where you said the dividend originally, what payout you said originally, how are you thinking about the payout in the dividend structure over time? Is that still fair to assume that dividend will grow in line with FRE, in line with total earnings, in line with total earnings per share? Kind of how do you think about it off of this $0.90 point?

嘿，早安。謝謝你的提問。因此，也許只是從你最後一點中的紅利開始。我很感激你們，但顯然目前不會為我們提供 2025 年以後的大量資訊。但從哲學角度來看，了解你們來自哪裡，你們最初在哪裡說股息，你們最初說的支付是多少，你們如何看待隨著時間的推移股息結構中的支付？假設股息將與 FRE、總收益、每股總收益同步增長，這仍然公平嗎？您如何看待這個 0.90 美元的點數？

Yes, Alex, thanks for the question. And you're right, this is a dividend question. It's not necessarily an earnings question with my last comments. So we obviously outlined in our prepared remarks that over the last number of months, the SOFR curve average for '25 dropped by -- it dropped by a lot, 130, 140 basis points. That could be up to a $0.05 impact on a per share basis.

是的，亞歷克斯，謝謝你的提問。你說得對，這是一個股息問題。我上次的評論不一定是獲利問題。因此，我們在準備好的評論中顯然概述了，在過去的幾個月中，25 年的 SOFR 曲線平均值下降了——下降了很多，130、140 個基點。這可能會對每股造成高達 0.05 美元的影響。

The SOFR curve since then has obviously come back a bit, but we have to take a conservative approach to how we set our dividend because we're setting at a full year in advance. So on previous calls, we've talked a bit about the impact of rates on our Part 1 fees that we have a business that is, to some degree, sensitive to SOFR levels. And we mentioned that if rates end up higher, then we have more capital that we can allocate to strategic initiatives, we have a lower payout ratio. So that payout ratio will continue to flex, and I guess, to some extent, for a minute, let's pull the lens back, just to put this all in perspective. As a reminder, when we had our Investor Day back in May of 2022, we called for a 35% annualized revenue growth through the end of 2025.

自那時起，SOFR 曲線顯然有所回升，但我們必須採取保守的方式來設定股息，因為我們是提前整整一年設定的。因此，在先前的電話會議中，我們討論了一些利率對第一部分費用的影響，我們的業務在某種程度上對 SOFR 水平很敏感。我們提到，如果利率最終上升，那麼我們就有更多資本可分配給策略計劃，我們的派息率就會降低。因此，派息率將繼續變動，我想，在某種程度上，讓我們暫時把鏡頭拉遠，只是為了全面地看待這一切。提醒一下，當我們在 2022 年 5 月舉辦投資者日時，我們預計到 2025 年底年營收成長率將達到 35%。

We'll end up posting, let's say, low 30s% growth for that timeframe. So we're about 10% off and the dividend is about 10% off. When you look at our low 30s% annual growth, compared to our peers' growth over the same time period, we're about 2 to 2.5 times the average of our peers. And so the focus on the dividend certainly, we think, has overshadowed to some extent, an extraordinary growth story here that will continue now to your point, into 2025 and frankly, well beyond based on the recent acquisitions we've done. So we certainly think it's working.

我們最終會公佈該時間範圍內的低 30% 的成長率。因此我們的折扣約為 10%，股息也約為 10% 的折扣。如果你看看我們每年 30% 的低成長率，與同期同業的成長率相比，我們大約是同業平均值的 2 到 2.5 倍。因此，我們認為，對股息的關注在一定程度上掩蓋了我們非凡的成長故事，根據我們最近的收購，這種成長故事將持續到2025 年，坦白說，還將持續到更遠的未來。所以我們確實認為它是有效的。

We'll have our Investor Day on February 7. We're super excited to come out and talk about what we think we can do well beyond 2025. But if you just focus on 2025 for a minute, we think we'll continue to put up when you think about management fees, FRE revenue, FRE, similar growth rates in '25 is what we think we're going to post in 2024. So on an LTM basis, we're about 30% revenue growth right now. We are mid-20s or so, a little over that in FRE. We think we can produce similar results, let's say, upper 20s% or more growth for revenues in next year and FRE mid to upper 20s% growth.

我們將於 2 月 7 日舉辦投資者日。我們非常高興能夠站出來談論我們認為 2025 年後可以做的事情。但如果你只專注在 2025 年，我們認為當你考慮管理費、FRE 收入、FRE 時，我們會繼續堅持，我們認為 2025 年的成長率與 2024 年的成長率相似。因此，以 LTM 計算，我們目前的收入成長約為 30%。我們的年齡在 25 歲左右，比 FRE 略高一點。我們認為我們可以得到類似的結果，比如說，明年營收成長 20% 以上，FRE 成長 20% 中上段。

All right. Thanks, guys.

好的。謝謝大家。

Craig Siegenthaler, Bank of America.

美國銀行的克雷格·西根塔勒（Craig Siegenthaler）。

Mark, Alan, good morning, and hope everyone's doing well. Our question is on product innovation. So you guys have been very active on the M&A front. You've access to new capabilities and verticals where client demand trends and also performance are both strong. Can you talk about your ability to launch new products, given these new capabilities in the private wealth vertical? And we're hoping to see some new products in the semi liquid over the near term.

馬克、艾倫，早安，希望大家一切順利。我們的問題是關於產品創新的。所以你們在併購方面非常活躍。您可以存取新功能和垂直領域，其中客戶需求趨勢和效能都很強勁。考慮到私人財富垂直領域的這些新功能，您能談談您推出新產品的能力嗎？我們希望在短期內看到一些半液態的新產品。

Yes. Thank you very much. And really a critical question on a critical topic. When we take a look at over the last year and, frankly, the last several years as we've been very intentional about filling in product opportunities with two attributes. One, most importantly, where we can deliver an exceptional risk-adjusted return for the investors because of the mismatch of supply and demand of capital.

是的。非常感謝。這確實是針對一個關鍵話題的關鍵問題。回顧過去的一年，坦白說，回顧過去幾年，我們一直有意用兩種屬性來填補產品機會。最重要的是，由於資本供需不匹配，我們可以為投資者帶來卓越的風險調整回報。

And importantly, where we can then also innovate product to product structure so that as Blue Owl, we can continue our extremely strong growth rates. And so you're absolutely correct in putting your finger on what we can now do with things like alternative credit and with hyperscale data centers. So we tease that out a little more. In both instances and frankly, in all instances, where we've acquired businesses. If you sort of think about this world of organic or inorganic growth, buy or build, what we've really landed on very intentionally is a hybrid strategy, maybe in the three bearers, it's the just right strategy.

重要的是，我們還可以創新產品結構，以便 Blue Owl 能夠繼續保持強大的成長率。所以，您完全正確地指出了我們現在可以利用替代信貸和超大規模資料中心等來做什麼。因此我們對此進行更深入的探討。在這兩種情況下，坦白說，在所有的例子中，我們都收購了企業。如果你思考這個有機或無機成長、購買或建立的世界，我們真正有意採取的是一種混合策略，也許在三種承載方式中，這是最正確的策略。

And it's about how to take an absolute best-of-breed capability, team and marry that together with the Blue Owl platform and be able to infuse superior or enhanced origination capabilities, enhanced operational support and very importantly, to your point, product innovation. So lots of people are going to use the words alternative credit on their calls, in their meetings and lots of people are going to use the word data centers on their calls and in their meetings. But like what does it take to really thrive in the business. What it takes is again, outstanding skills married with the right kind of innovation and platform. And I think that's exactly what we're offering.

它是關於如何採用絕對一流的能力、團隊並將其與 Blue Owl 平台結合起來，並能夠注入卓越或增強的發起能力、增強的運營支持，以及非常重要的產品創新。因此，許多人會在電話會議中、在會議上使用「替代信用」這個詞，許多人會在電話會議中、在會議上使用「資料中心」這個詞。但要真正在商業上取得成功需要什麼呢？這再次表明，出色的技能與正確的創新和平台的結合至關重要。我認為這正是我們所提供的。

And that's why Atalaya chose to come to us and say, hey, we want to be a part of Blue Owl. That's why ICONIQ and Iron Point said we want to join with the Blue Owl platform in order to be able to build our business further. These are proprietary deals done on an incredibly attractive basis, consider that an IPI, we're buying it at 13x, I mean these are businesses that others are buying for twice that level. And the problem with the opportunity that presents for us is to now take what is a $10 billion AUM business and to grow it at a really high rate like we did with Oak Street. So consider Oak Street, we had $10 billion of assets, we've now tripled the assets and tripled the revenues in that business. We see a very similar opportunity sets in those two businesses.

這就是為什麼阿塔拉亞選擇來找我們並說，嘿，我們想成為 Blue Owl 的一部分。這就是為什麼 ICONIQ 和 Iron Point 表示希望加入 Blue Owl 平台，以便能夠進一步發展我們的業務。這些都是以極具吸引力的方式完成的專有交易，考慮到 IPI，我們以 13 倍的價格購買，我的意思是其他人以兩倍的價格購買這些業務。而這個機會帶給我們的問題是，現在要讓價值 100 億美元的資產管理業務以非常高的速度成長，就像我們對 Oak Street 所做的那樣。以 Oak Street 為例，我們擁有 100 億美元的資產，現在該業務的資產和收入都增加了兩倍。我們看到這兩家企業面臨非常相似的機會。

And you mentioned product innovation. With regard to product innovation, the wealth channel where we have developed such a strong set of partnerships and where we are the number one gross and net originator of wealth product, depending on how you measure it, one or two, we've really built a partnership with trust by bringing the right products in the right way to the wealth channel. And this is a really important point I'd emphasize. Not every product belongs in -- on a continuously offered product form. Not everybody will successfully support products in the wealth channel.

您提到了產品創新。至於產品創新，在財富管道方面，我們建立了強大的合作夥伴關係，我們是財富產品的第一大總發起人，這取決於你如何衡量，我們確實建立了一兩個通過以正確的方式將正確的產品引進財富管道，建立值得信賴的合作關係。這是我想強調的非常重要的一點。並非每種產品都屬於持續提供的產品形式。並非每個人都能成功支援財富管道的產品。

The attributes that count are durability. You want a strong income component. So if you think about alternative credit and you think about hyperscale data centers, (inaudible) with IPI, they are perfect matches for the wealth channel. So we see very, very significant growth ahead in those businesses. It's why Ivan and his team wanted to join us on alt credit.

重要的屬性是耐用性。您想要一個強大的收入組成部分。因此，如果您考慮替代信貸，並考慮超大規模資料中心，（聽不清楚）與 IPI，它們是財富管道的完美匹配。因此，我們預計這些業務未來將出現非常非常顯著的成長。這就是 Ivan 和他的團隊希望加入我們的 alt credit 的原因。

It's why Matt and his team wanted to join us in hyperscale data centers because these people are the best in the business, and now we will bring them to new investor sets and expand the funnel of originations for them.

這就是為什麼馬特和他的團隊想要加入我們的超大規模資料中心，因為這些人是這個行業裡的最優秀的，現在我們將把他們帶給新的投資者群體，並為他們擴大發起管道。

Glenn Schorr, Evercore ISI.

格倫·肖爾（Glenn Schorr），Evercore ISI。

Maybe we could pick up where we just left off. So I definitely get and I saw the progress you made with Oak Street on bringing wealth -- bringing the new strategy to the wealth platform in a permanent capital vehicle. So you don't need to repeat what you just said there. But these businesses they have institutional businesses of their own. So I see the extension into a wealth product form for the synergies.

也許我們可以從剛才停止的地方繼續。所以我當然明白，也看到了你與 Oak Street 在創造財富方面所取得的進展——透過永久的資本工具將新策略帶入財富平台。所以你不需要重複你剛才說過的話。但是這些企業都有自己的機構業務。因此，我認為將其擴展為財富產品形式可以產生協同效應。

Maybe we could talk about how they may or may not work together. In other words, one of the things we think about as a fully integrated platform is being able to deliver like a full solution to certain LPs as they consolidate GPs, is that a plan? Is that like five years down the road? Is that something that's required? Is that something that you can do? And have you cross-sold to LPs of your original three franchises?

也許我們可以討論一下他們是否可以合作。換句話說，我們考慮完全整合的平台之一就是能夠在某些 LP 整合 GP 時為他們提供完整的解決方案，這是一個計劃嗎？那是不是就像是五年之後的事了？這是必需的嗎？這是你能做到的嗎？您是否將產品交叉銷售給了原有三家特許經營商的 LP？

Yes. And collectively, and ourselves included, put, I don't want to say excess emphasis on wealth because it's a monumentally important and distinctive capability we have. but institutional growth has been incredibly important and absolutely be clear, cross-selling has become very much a part of our business. And actually one of, again, the opportunities, you look at the overlap between our LP base, for example, and IPIs LP base, very limited. In fact, they bring some incredible, very large pools of capital we've not historically done business with.

是的。而作為集體，包括我們自己，我不想過度強調財富，因為這是我們擁有的極其重要和獨特的能力。但機構成長非常重要，絕對明確的是，交叉銷售已經成為我們業務的重要組成部分。實際上，其中一個機會是，你看看我們的 LP 基礎與 IPI LP 基礎之間的重疊，非常有限。事實上，他們帶來了一些我們以前從未與之有過業務往來的、令人難以置信、非常龐大的資本池。

And so I think cross-selling is very much a part of that synergy that we all talk about.

因此我認為交叉銷售是我們大家談論的協同效應的重要組成部分。

Again, what we don't want to do ever is disrupt the world-class investment capabilities and processes these firms already have. And that's part of, again, the sort of buy build model. What we do want to do is enhance origination and enhance distribution and you're absolutely correct. The institutional cross-sell is just as important. Doug Ostrover has been circling the globe talking to institutions and the interest in these products when marry two Blue Owl is a big part of the upside story.

再說一遍，我們不想做的是破壞這些公司現有的世界級的投資能力和流程。這又是購買建造模式的一部分。我們確實想要做的是增強起源和增強分銷，您說得完全正確。機構交叉銷售同樣重要。道格·奧斯特羅弗 (Doug Ostrover) 一直在全球各地與各機構進行交流，而當與兩隻藍色貓頭鷹結婚時，人們對這些產品的興趣是成功故事的重要組成部分。

Remember, take a firm like Atalaya, which has been doing alternative for 20 years. Let me repeat that. 20 years. Everybody is going to talk about, hey, I'm going to get into alternative credit, partly because motivated by, hey, I want to have all solutions for all people. We don't want to have all solutions for all people.

記住，以 Atalaya 這樣的公司為例，它已經從事替代行業 20 年了。讓我重複一遍。 20年。每個人都會談論，嘿，我要進入替代信貸領域，部分原因是，嘿，我想為所有人提供所有解決方案。我們不想為所有人提供所有解決方案。

We want to have outstanding solutions in every area we participate in and particularly in a series of products that are about downside protection, capital preservation, durability, often with an income component. Think, we know who we are and what we're going to do is not have every product, but we are going to have the best products. And Atalaya is the best in the business and alternative credit. And why would someone want to start and invest in someone's organic undertaking in a business where you have some with 20 years of experience, they have data on 100 million different consumers. You need that data if you're going to do alternative credit successful.

我們希望在我們參與的每個領域都有出色的解決方案，特別是在一系列涉及下行保護、資本保全、耐用性且通常包含收入部分的產品中。想想看，我們知道我們是誰，我們要做的不是擁有每種產品，而是要擁有最好的產品。Atalaya 在業務和替代信貸方面表現最佳。為什麼有人會想創辦和投資某人的有機農業事業，而這家企業已經有 20 年的經驗，他們擁有 1 億不同消費者的數據。如果您要成功獲得替代信貸，您就需要這些數據。

You need the data analytics that come with decades of work. IPI. Lots of people would love to build a data center for one of the hyperscalers. But hyperscalers aren't going to build it with most people. They're going to build it with the people they know and trust and the people that have, in the case of IPI, we have stacked our captive operational team.

您需要數十年工作累積的數據分析能力。智慧財產權署。許多人都想為超大規模企業建立一個資料中心。但超大規模企業不會與大多數人一起建造它。他們將與他們熟悉和信任的人以及擁有 IPI 經驗的人一起建立它，我們已經組建了專屬營運團隊。

That's 800 people that are experts in power management and conditioning, cooling, redundancy systems, siting, development all of which are the skills that the Microsofts of the world and their peers need and count them. That's what they're paying for. They're not interested in someone saying, oh, I can do it for you, too.

這 800 人都是電源管理和調節、冷卻、冗餘系統、選址和開發方面的專家，所​​有這些技能都是世界各地的微軟公司及其同行所需要的。這就是他們所付錢的原因。他們對於有人說「哦，我也能為你做這件事」不感興趣。

So I think we've got to get down to bringing not every product, that's a different strategy. There are many firms that are going all things to all people. What I think we can tell you is when we bring a strategy forward, it's going to be addressing a distinctive mismatch in capital and we are going to be built to deliver best-of-breed results for our investors and that will lead to best-of-breed growth for Blue Owl, Institutional and wealth alike.

因此我認為我們必須著手推出並非所有產品，這是一個不同的策略。有許多公司向所有人提供各種服務。我認為我們可以告訴你們的是，當我們提出一項策略時，它將解決資本方面明顯的錯配問題，我們將致力於為我們的投資者提供最佳的結果，這將帶來最好的結果。

Brian Mckenna, Citizens JMP.

布萊恩·麥肯納 (Brian Mckenna)，公民 JMP。

Okay, thanks. Good morning, everyone. So I had a question on your core direct lending business. You've raised the majority of AUM today through your private BDC. And obviously, you're raising through the wealth channel as well. So moving forward, you'll continue to raise AUM through your non-traded products. But what's the outlook for fundraising on the institutional side? Will you look to add some additional private BDCs? Or is there an opportunity for some GP LP funds? I'm just trying to get a sense of the trajectory of direct lending fundraising from here.

好的，謝謝。大家早安。我對您的核心直接貸款業務有一個疑問。您今天已經透過私人 BDC 籌集了大部分 AUM。顯然，您也是透過財富管道籌集資金。因此，展望未來，您將繼續透過非交易產品來提高 AUM。但機構融資的前景如何？您是否考慮添加一些額外的私人 BDC？或者說一些GP LP基金有機會嗎？我只是想從這裡了解直接貸款籌款的軌跡。

Yes. Look, it obviously remains a central theme, of course, for us and for our investors. Institutional, wealth alike, again, well, which as you correctly just commented on wealth, it continues to be an incredible engine. We've continued to -- in fact, we've had our record quarter in wealth in aggregate across all our products. We continue to develop very strong interest across platforms and within platforms for our direct lending product and very low redemptions.

是的。當然，對於我們和我們的投資者來說，這顯然仍然是一個中心主題。制度和財富都一樣，正如您剛才對財富的正確評論，它仍然是一個令人難以置信的引擎。我們一直在努力——事實上，我們所有產品的總財富都創下了本季的新高。我們繼續在各個平台以及平台內對我們的直接借貸產品產生濃厚興趣，並且贖回率非常低。

So that's in a really, really healthy place. With regard to the sort of a prospect for growth in total, look, private BDC is absolutely a continued option depending on the exact strategy and how we want to build it as are GP LP funds, to your good point. Look, we've never wanted the structure to be either the impediment or the definition of what we do. What we want to do and have to is deliver the best results in credit, remember, we've done a $100 billion of loan originations and had a 7-basis-point running loss rate and delivered spectacular yields for our investors. What we want to make sure is that any investor that wants to participate in that has the on-ramp to do so and the on-ramp define their results.

所以這是一個非常非常健康的地方。就整體成長前景而言，私人 BDC 絕對是一個持續的選擇，這取決於具體的策略以及我們希望如何建構它，就像 GP LP 基金一樣，這是你所說的好。你看，我們從來都不希望結構成為我們所做工作的障礙或定義。我們想要做並且必須做的是在信貸方面取得最佳成績，記住，我們已經完成了1000 億美元的貸款發放，並且實現了7 個基點的運行損失率，並為我們的投資者帶來了驚人的收益。我們要確保的是，任何想要參與的投資者都有參與的管道，而這個管道可以決定他們的結果。

Remember, we share every loan we have between any one of the relevant vehicles we develop, and we have far fewer vehicles. So an investor in our program in any on-ramp is going to experience our best-of-breed results. And that's really important to us and should be really important to the investors, individuals and institutions alike. So if people want to come to us through a GP LP structure, we're very happy to do that. We do it for some bespoke cases.

請記住，我們將每筆貸款分享給我們開發的任何一款相關工具，而且我們的工具數量要少得多。因此，任何參與我們專案的投資者都將獲得我們最佳的成果。這對我們來說確實很重要，對投資者、個人和機構都應該非常重要。因此，如果人們想透過 GP LP 結構來找我們，我們非常樂意這樣做。我們針對一些客製化案例這樣做。

We've clearly done it, as you said, with private BDCs that can then either be private or can become public BDCs. So we'll continue to develop, innovate on ramps to build access in the way that is best suited to the investor. So I think you can expect us to continue to look at all those options depending on the product. in some areas like direct lending, I think we've seen, just given where the market has evolved the people are putting more capital now into either continuously offered products or into GP LP funds, that's great. We're happy with any of those choices.

正如您所說，我們顯然已經做到了這一點，私人 BDC 可以是私人的，也可以成為公共 BDC。因此，我們將繼續開發、創新，以最適合投資者的方式建立通道。因此我認為您可以期待我們繼續根據產品考慮所有這些選項。在直接貸款等一些領域，我認為我們已經看到，考慮到市場的發展，人們現在正在將更多的資本投入持續提供的產品或 GP LP 基金，這是非常好的。我們對任何一個選擇都很滿意。

But if you think about new things like alternative credit or hyperscale data centers, there's probably some pretty innovative structures that we can, again, add to the mix on top of the traditional fund structures. So we'll continue to develop them all, access them all and again, provide them all because we're trying to meet our investors where they are not try to drive them into the structure we prefer.

但如果你考慮替代信貸或超大規模資料中心等新事物，可能會有一些相當創新的結構，我們可以再次在傳統基金結構的基礎上添加。因此，我們將繼續開發它們，訪問它們，並再次提供它們，因為我們試圖在投資者不知情的情況下與他們會面，而不是試圖將他們帶入我們喜歡的結構。

And we also have, Brian, some evergreen structures on the institutional side, that will continuously take in fundraising dollars every quarter.

布萊恩，我們在機構方面也有一些常青結構，它們將每季持續吸收籌款。

Got it. Helpful. Thank you, guys.

知道了。很有幫助。謝謝你們。

Brennan Hawken, UBS.

瑞銀的布倫南‧霍肯 (Brennan Hawken)。

Good morning. Thanks for taking my questions. I was hoping to follow up on the dividend discussion. So can you remind us, number one, like I have from my notes, 100 basis points translate to about $40 million to $50 million of annual Part 1 fees. Is that still the right way to think about it? And when we're thinking about the $0.90, are you still -- you made a couple of references to payout ratio, but it wasn't crystal clear to me whether or not that's changing versus what you guys updated last quarter to have the payout ratio approach and be up to 100%. So is there any shift in either of those?

早安.感謝您回答我的問題。我希望跟進有關股息的討論。那麼您能否提醒我們，第一，就像我的筆記中提到的，100 個基點相當於每年約 4000 萬至 5000 萬美元的第 1 部分費用。這樣思考問題仍然正確嗎？當我們考慮 0.90 美元時，您是否仍然——您提到了幾次派息率，但我並不清楚這是否會發生變化，與您上個季度更新的派息率相比比率接近並達到100% 。那麼這兩者中是否有任何轉變？

Sure. Thanks, Brennan. The former part is going to depend on where the SOFR curve ultimately ends up for 2025. I think the way to think about the 100 basis points move is we have a growing business in the BDC platform, right? So in 2024, we were using 100 basis points was about $40 million-plus. For 2025, you should look at that as $50 million-plus because we, again, continue to grow that platform.

當然。謝謝，布倫南。前者將取決於 2025 年 SOFR 曲線的最終方向。我認為考慮 100 個基點變動的方式是我們在 BDC 平台上的業務正在成長，對嗎？因此，到 2024 年，我們使用的 100 個基點約為 4,000 萬美元以上。到 2025 年，您應該將其視為 5000 萬美元以上，因為我們將再次繼續發展平台。

So depending on where the SOFR curve ultimately ends up, that will flex our payout ratio. So this may, again, just be a dividend question, not necessarily an earnings question. If rates come in higher, then we'll have more capital to deploy in strategic initiatives. We'll have a lower payout ratio if rates come in lower, where the curve is currently sitting, then the payout ratio will be higher.

因此，我們的派息率將根據 SOFR 曲線的最終位置而變化。因此，這可能只是股息問題，而不一定是獲利問題。如果利率上升，那麼我們將有更多的資本部署到策略計畫中。如果利率降低，我們的派息率也會降低，如果曲線處於當前水平，那麼派息率就會更高。

Okay. Thanks for clarifying that. Okay. And man, how about that game last night, oof.

好的。感謝您澄清這一點。好的。夥計，昨晚的比賽怎麼樣，哎呀。

Yes, that was, for New York, a bit of a hard breaker.

是的，對紐約來說，這是一個難以打破的局面。

They lost, the Dodgers didn't win. D***.

他們輸了，道奇隊沒有贏。他媽的。

Yes, unfortunately, that's exactly right. And the -- nothing has changed by way of how we focus on. And again, we own, the management team owns 25% of the outstanding shares. So we are very focused on, as I may have said in the prepared remarks, paying out the bulk of our earnings in dividends. That has not changed at all.

是的，不幸的是，事實確實如此。而且──我們的關注點沒有任何改變。再說一次，我們擁有，管理團隊擁有 25% 的流通股。因此，正如我在準備好的發言中可能提到的那樣，我們非常注重以股息的形式支付大部分收益。這一點一點都沒有改變。

Perfect. Thanks for that clarity.

完美的。謝謝你的澄清。

Steven Chubak, Wolfe Research.

Steven Chubak, Wolfe Research.

Hi, good morning. So wanted to start off with just a question on the FRE growth algorithm. Taking a step back, reflecting on the firm's journey over the past few years, at the '22 Investor Day you laid out various targets with the exception of the dividend target, you're on track to meet or exclude many of these goals.

嗨，早安。因此，我想從有關 FRE 成長演算法的一個問題開始。回顧過去幾年公司的發展歷程，在 22 年投資者日，你們列出了除股息目標之外的各種目標，你們有望實現或排除其中的許多目標。

Fast forward to today and what we've been hearing on the call, a lot of focus on the increased scale of the platform, more industry verticals, greater channel breadth. I wanted to get a sense as to how you're thinking about the FRE growth algorithm over the next several years, whether there's any sneak peek or bread crumbs you can offer as you're thinking through that growth road map ahead of the February 7 Investor Day?

快轉到今天，我們在電話會議上聽到的很多內容都集中在平台規模的擴大、更多的產業垂直領域、更大的管道廣度。我想了解一下你對未來幾年 FRE 成長演算法的看法，在 2 月 7 日之前思考成長路線圖時，你是否可以提供一些先睹為快或線索。

Let me talk about the positioning for that. And then I think Alan can fill in a bit. Look, obviously, we'll get into a lot of details come February 7, and we look forward to that. I think what we're trying to make sure we convey in a very transparent fashion is, look, this has been monumentally successful chapter. And we also have a lot of conviction, we have now set the stage the table for the next chapter to be monumentally successful.

我先講一下它的定位。然後我認為艾倫可以填補一點。顯然，我們會在 2 月 7 日討論很多細節，我們對此充滿期待。我想，我們試圖確保以一種非常透明的方式傳達的是，看，這是一個巨大的成功篇章。我們也堅信，我們已經為下一章取得巨大成功奠定了基礎。

We will continue to outperform in our view, the industry because we're positioned in the highest growth areas with a superior business model. Remember, today, still, 91% of our revenues come from permanent capital and all of our revenues, our fees. Just pause and think about the durability and predictability of that model. And that has led to, I would say, and I'm not -- we're looking back multiple years now, as you said, to our last -- coming up on three years. And here we are on or ahead of nearly every measure through the turbulence in the last few years, I mean, how many revisions have there been in other people's numbers with carry and the like.

我們認為，我們將繼續在業界表現出色，因為我們處於成長最快的領域，並且擁有卓越的商業模式。請記住，今天，我們的 91% 的收入仍然來自永久資本，而我們的所有收入均來自費用。停下來思考一下該模型的耐用性和可預測性。而這導致了，我想說，我不是——正如你所說，我們現在回顧過去多年，回顧我們最後——即將過去的三年。而在過去幾年的動盪中，我們幾乎在每項措施上都處於或領先於其他措施，我的意思是，其他人的數字在套利等方面經過了多少次修改。

And here we are just marching on 14th consecutive quarter. We intend to continue that journey. Now we'll get into the exact numbers going forward. But with our existing products that continue to have great organic opportunities real estate. We're already 60% deployed, as you just heard or committed, I should say, in our most recent real estate fund that's only a year old. And mind you, it's been done at spectacular terms.

現在，我們剛剛連續第 14 個季度取得進展。我們打算繼續這趟旅程。現在讓我們來討論未來的確切數字。但憑藉我們現有的產品，房地產仍然擁有巨大的有機機會。正如您剛才聽到的，或者說承諾的，我們已經部署了 60% 的資金，用於我們最近成立僅一年的房地產基金。請注意，這是以驚人的速度完成的。

This last quarter in real estate, just to give you a flavor, not to digress far. In real estate, we acquired $800 million of assets, with actually another $650 million of commitments to go with it at over a 9% cap rate over a 9% cap rate with really strong counterparties and simultaneously, we sold over $300 million in net lease properties at a 5.8% cap rate. I mean so the engine that we are creating for our investors and it's unique, distinct and triple net lease has enormous organic growth.

這是房地產行業最後一個季度的情況，我只是想給大家介紹一下，不要離題太遠。在房地產方面，我們收購了價值8 億美元的資產，實際上還有另外6.5 億美元的承諾，以超過9% 的資本化率與非常強大的交易對手進行交易，同時，我們出售了價值超過3億美元的淨租賃資產。我的意思是，我們為投資者創建的引擎及其獨特、獨特的三重淨租賃具有巨大的有機成長。

But then when we add to it, we add something like an IPI. And again, I don't want to do the repeat the word data centers over and over, like what will happen ad nauseam across all earnings calls in all industries, but rather it's the exact synergistic extension of our triple net lease business, right?

但是當我們添加它時，我們會添加類似 IPI 的東西。再說一次，我不想一遍又一遍地重複資料中心這個詞，就像所有行業的所有財報電話會議上都會反覆提到的那樣，但這是我們三重淨租賃業務的確切協同延伸，對嗎？

We already are the partner of choice for corporate -- investment-grade corporate users to say, how do I manage my real estate and how to deal with a trusted partner. And now we have added one of the market leaders and one of the only dedicated funds for hyperscale data centers and hyperscale data centers, you look at their current funds, their average credit rating is AA. I mean it's like sovereign level credits.

我們已經是企業的首選合作夥伴——投資級企業用戶會問，我如何管理我的房地產，如何與值得信賴的合作夥伴打交道。現在我們又增加了市場領導者之一和唯一專門針對超大規模資料中心和超大規模資料中心的基金之一，看看他們目前的基金，他們的平均信用評級是 AA。我的意思是它就像主權級別的信用。

So I think what we're doing is setting the stage to both continue organically and create these new product streams that will give us what we need to make the future, at least make the past prologue for the future. And we appreciate maybe history doesn't repeat, but it rhymes and we think the next chapter is going to run pretty well.

因此，我認為我們正在做的是為繼續有機發展和創造這些新的產品流奠定基礎，這些產品流將為我們提供創造未來所需的一切，至少為未來做過去序幕。我們理解歷史也許不會重演，但總是押韻，而且我們相信下一章將會非常精彩。

So I'll just add to that, Steven. I'll be more specific with numbers. Look, generally speaking, for 2024, you can see LTM, 26% FRE growth. For 2024, I think you should expect mid-20s% FRE growth. I think for 2025, I mentioned earlier, I think, with the first question, I think you could expect mid-20% FRE growth for 2025.

所以我只想補充一點，史蒂文。我將用數字更具體地說明。一般來說，到 2024 年，您可以看到 LTM、FRE 成長率為 26%。到 2024 年，我認為您應該預期 FRE 成長率將達到 25% 左右。我認為對於 2025 年，我之前提到過，對於第一個問題，我認為您可以預期 2025 年的 FRE 成長率將達到 20% 左右。

Beyond that, stay tuned, of course. We'll talk a lot more about that and next number of years on February 7. But I will repeat what I've said in the past, we believe we can meet or exceed. We think we can continue to lead the industry in growth.

除此之外，當然請繼續關注。我們將在 2 月 7 日就此問題以及未來幾年的問題進行更多討論。但我還是要重複我過去說過的話，我們相信我們能夠達到甚至超越。我們相信我們能夠繼續引領產業成長。

Well, I said thanks for taking my questions, guys. Sorry about last night, the debacle.

好吧，謝謝大家回答我的問題。對昨晚的失敗深感抱歉。

To be clear, we're very happy for our LA-based shareholders. We look out for all our stakeholders.

需要明確的是，我們為我們位於洛杉磯的股東感到非常高興。我們關注所有利害關係人。

New York were a little mourning (inaudible).

紐約有點悲傷（聽不清楚）。

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

Thank you and good morning, everyone. With lower base rates there that you said to Part 1 fees, which you discussed and is well known, we can all do the math there. But can you discuss some of the offsets that could come with lower rates, whether pick up in deal activity, PE activity that needs to be some fundraising or anything else worth mentioning? And is there any way just share how you're thinking about net impacts when you take into account all that? And I understand it's a little bit of a crystal ball question here, but just curious on your thoughts broadly. Thank you.

謝謝大家，早安。由於您所說的第 1 部分費用的基本費率較低，這是眾所周知的，我們都可以進行計算。但是，您能否討論一下降低利率可能帶來的一些抵消作用，例如交易活動的增加、需要籌集資金的 PE 活動，還是其他值得一提的因素？當您考慮到所有這些因素時，有沒有什麼方法可以分享您對淨影響的看法？我知道這是一個有點像水晶球問題，但我只是好奇你的想法。謝謝。

Absolutely. And a couple of observations to set the stage. When we think about the comments we made today on the call, it's not taking particularly a view of net impacts, but rather what could be the adverse impacts given the volatility? Because when we think about setting the dividend, look, we're not going to know the answer to 2025 per se until the end of 2025, we're going to set the dividend in the beginning.

絕對地。並進行一些觀察來奠定基礎。當我們思考今天在電話會議上發表的評論時，我們並沒有特別考慮淨影響，而是考慮到波動性可能產生哪些不利影響？因為當我們考慮設定股利時，我們直到 2025 年底才會知道 2025 年的答案，我們會在開始時設定股利。

And so we naturally are going to have to or, I guess, we would say, logically, build for the low case whatever the variable might be, so to speak, and I don't mean the most possible cases in every instance, I'm not trying to be silly, but we take like rates the low case. And yes, there are potential offsets, but we're not going to want to factor those in, in terms of setting expectations around our dividend. So there are offsets. Listen, when rates come down and what we have not factored in here at all, is the -- and I'll call it the inescapable but unknown timing of a material increase in activity. Now remember, there's $2 trillion of private equity capital that's still sitting on the sidelines.

因此，我們自然而然地必須，或者，我想，我們會說，從邏輯上講，無論變數是什麼，都要為低機率情況建立模型，也就是說，我並不是說在每種情況下都構建最可能的情況，我我並不是想犯傻，但是我們接受低利率的情況。是的，存在潛在的抵銷因素，但在設定股利預期時，我們不會將其考慮在內。因此存在偏移。聽著，當利率下降時，我們根本沒有考慮到的是——我稱之為活動大幅增加的不可避免但未知的時機。請記住，有 2 兆美元的私募股權資本仍然處於觀望狀態。

And it's good to get invested. And how many -- I know we've heard for quarters, everyone talking about all of the green shoots, the green shoots. You never heard us say it because we didn't see them objectively. I still don't think there's evidence of a material snapback, but I know there will be a material snapback. Oh, there's a lot of reasons we do hypothesize about it likely coming, probably starting in the first quarter, which you can't prove it today and hope is not a strategy.

進行投資也是好事。我知道我們已經聽說了好幾個季度了，大家都在談論所有的綠芽，綠芽。您從未聽到我們說過這些，因為我們沒有客觀地看待它們。我仍然認為沒有證據表明會出現實質的反彈，但我知道一定會出現實質的反彈。哦，我們確實有很多理由假設它可能會到來，可能從第一季開始，但你今天無法證明這一點，希望這不是一種策略。

So I think at the end of the day, from our perspective, they're absolutely offsets. They're moderating rate environment or just a stabilizing environment should and eventually will lead to a material pickup in activity. We look forward to that. That drives a lot of activity for us. And remember, there are places where that matters for us, deployed capital is part of the calculation for us.

因此我認為，從我們的角度來看，最終它們絕對是抵消的。他們正在緩和利率環境或只是穩定的環境，最終將導致經濟活動的實質回升。我們對此充滿期待。這為我們帶來了很多活動。請記住，有些地方對我們來說很重要，部署的資本是我們計算的一部分。

And obviously, there's the origination activity. And there's just the demand and interest in reloading funds when people see there's a lot of attractive investment activity occurring. So yes, there are decidedly offsets, which suspect will come into play in a moderated rate environment. But again, logically sitting here today, we're not trying to be so prescriptive about the exact number, but rather, we are trying to make sure we have a comfortable landing spot, assuming more negative relatively speaking cases than positive cases.

顯然，這是發起活動。當人們看到出現大量有吸引力的投資活動時，就會產生重新充值資金的需求和興趣。因此是的，肯定存在抵銷因素，這懷疑會在適度的利率環境中發揮作用。但是，從邏輯上講，今天我們在這裡並不是想對確切的數字做出如此嚴格的規定，而是試圖確保我們有一個舒適的著陸點，假設相對而言負面病例多於正面病例。

And Crispin, I'll approach that from two perspectives, if it's okay. Net impact across our entire business, I think to some extent, I just talk to that when you think about the numbers I ran through kind of broad strokes. When you narrow that question, net impact to Part 1 fees, so we have, again, a growing BDC business. So we continuously take in funds. We're running at $6 billion to $7 billion a year of equity that we're raising in OCIC and OTIC combined.

克里斯平，如果可以的話，我會從兩個角度來探討這個問題。我認為，在某種程度上，當我們思考我所列出的數字時，我只是粗略地談論了對我們整個業務的淨影響。當你縮小這個問題的範圍時，對第 1 部分費用的淨影響是，我們再次擁有不斷成長的 BDC 業務。因此我們不斷地吸收資金。我們每年透過 OCIC 和 OTIC 籌集的股本金額達到 60 億至 70 億美元。

And so Part 1 fees will go up because of fundraising and deployment. We're also continuing to deploy our software lending BDC, too. And so they'll go up for that reason. We suspect they'll come down for rates. And so I think you can use 4Q as kind of a diving off platform, as a ballpark on rate number for 2025 as we go through the year, maybe up a little, maybe down a little, but I think that's a good kind of forecast, if you will, to think about where Part 1 fees can be.

因此，第 1 部分的費用將因籌款和部署而上漲。我們也將繼續部署我們的軟體借貸 BDC。因此它們會因這個原因而上漲。我們懷疑他們會降低利率。因此，我認為你可以將第四季度作為一個跳轉平台，作為2025 年利率的大致數字，隨著時間推移，可能會上升一點，也可能會下降一點，但我認為這是一種很好的預測如果你願意的話，想想第 1 部分的費用在哪裡。

And then you add on to that, though, a potential listing of our software lending BDCs, that would create a step-up. But putting that aside, I think you could use that as a base case run rate.

然後，您可以在此基礎上添加我們軟體借貸 BDC 的潛在列表，這將帶來進步。但拋開這一點不談，我認為您可以將其用作基本運行率。

Great. Thank you, and appreciate all the color.

偉大的。謝謝你，欣賞所有的色彩。

Patrick Davitt, Autonomous Research.

戴維特 (Patrick Davitt)，自主研究。

Good morning, everyone. You closed a lot of acquisitions over the last few months. I mentioned Kuvare added $1 billion of gross flow in 3Q. So could you give us an idea more broadly what the scale of flow from all of the deals was in 3Q? Secondly, is the $1 billion from Kuvare kind of the right quarterly run rate to be thinking about, and what could the contribution of all four deals look like in 4Q with Atalaya layering on as well? Thank you.

大家早安。過去幾個月你們完成了許多收購。我提到過，Kuvare 在第三季增加了 10 億美元的總流量。那麼您能否更廣泛地告訴我們第三季所有交易的流量規模是多少？其次，Kuvare 的 10 億美元是否是值得考慮的正確季度運行率？謝謝。

Sure. Thank you, Patrick. I'll take this. So I may have mentioned in my prepared remarks that we were able to raise this quarter. Over 20% of our fund raise this quarter was from products that were not here a year ago.

當然。謝謝你，派崔克。我要這個。因此，我在準備好的發言中可能提到過，我們能夠在本季提高收入。本季我們籌集的資金中有超過 20% 來自於一年前還不存在的產品。

So that includes insurance solutions. It includes a little bit of alternative credit, a little bit of real estate credit. It includes the GP Stakes three strip sale, some real estate Europe. So we've got a number of products in there. I think, generally speaking, it's obviously going to depend on rates.

這就包括保險解決方案。其中包括少量替代信貸，少量房地產信貸。其中包括 GP Stakes 三條馬道拍賣會和一些歐洲房地產。所以我們在那裡有很多產品。我認為，一般來說，這顯然取決於利率。

But I think the -- approaching $1 billion or almost $1 billion is a good benchmark to use on a go-forward basis, again, pending any sharp moves in rates.

但我認為，接近 10 億美元或將近 10 億美元是一個很好的基準，可以作為未來發展的參考，前提是利率不會有任何大幅波動。

And is there a sense of like what Atalaya could run at quarterly, now that it's in the mix?

既然 Atalaya 已經加入其中，那麼是否有一種感覺，即 Atalaya 每季的營運規模可以達到多少？

I think Atalaya, let's see over the next 12 months because we have a couple of things happening there. We have the raise of ASOP9, which is our flagship product for us. And then we expect to be out in the first part of next year and the first half of next year with a wealth-focused product. And that will be a continuously offered product. And so we'll see fundraising start to ramp there and hopefully grow each quarter. And then you have overlaying that, the more episodic flagship raise.

我認為，阿塔拉亞 (Atalaya)，讓我們看看未來 12 個月的情況，因為我們在那裡會發生一些事情。我們推出了 ASOP9，這是我們的旗艦產品。我們預計在明年上半年推出一款以財富為重點的產品。這將會是一個持續提供的產品。因此，我們將看到那裡的籌款活動開始增加，並希望每個季度都能成長。然後，您要將其覆蓋，以實現更具情節性的旗艦提升。

Yes. I mean, it's really a great question because what you're getting at is we're adding more layers to our layer cake and more ways to add those layers. And so let's take Atalaya, now Blue Owl, they're on Fund IX in this world of alternative credit. Again, maybe a new topic for some people. It's not new for them, now us.

是的。我的意思是，這真的是一個很好的問題，因為你要表達的是，我們正在為我們的分層蛋糕添加更多層，並且有更多方法來添加這些層。讓我們以 Atalaya （現在的 Blue Owl）為例，他們在這個替代信貸領域加入了 Fund IX。再說一遍，對某些人來說這可能是個新話題。對他們來說這不是什麼新鮮事，對我們來說也是。

And this is a great example. There was an earlier question about the cross-sell. We'll come on to the wealth opportunity, which is tremendous. But just the cross-sell of bringing together the existing capabilities of Atalaya with the distribution capabilities of Blue Owl, there are many institutions, obviously, Blue Owl does business with. -- that Italy has not.

這是一個很好的例子。之前有一個關於交叉銷售的問題。我們將迎來巨大的財富機會。但僅透過交叉銷售將 Atalaya 現有的能力與 Blue Owl 的分銷能力結合起來，顯然 Blue Owl 與許多機構都有業務往來。 ——但義大利沒有。

And that is part of the opportunity in Fund IX, X, XI and as we continue. So I think you're putting your finger on it. Each one of these adds another slice to this ongoing growth opportunity set for us in assets way. You phrased it, ultimately converted into revenues in FRE where, obviously, our focus is.

這正是基金 IX、X、XI 中的機會的一部分，我們將繼續關注。所以我認為你已經說出了真相。每一個都為我們以資產的方式創造的持續成長機會增添了新的亮點。您這樣表述，最終轉化為 FRE 的收入，顯然，這是我們的重點。

And one thing Marc may have mentioned in our prepared remarks was -- of course, we're focused on short term and the product innovation that we're doing here. These acquisitions are really about three years from now, five years from now, seven years from now, where we can really take these businesses very similar or akin to what we did with the Oak Street triple net lease business.

馬克可能在我們準備好的演講中提到了一件事——當然，我們專注於短期和我們在這裡進行的產品創新。這些收購實際上是在三年後、五年後、七年後，我們可以真正將這些業務做得與我們對 Oak Street 三重淨租賃業務所做的非常相似或類似。

Thank you.

謝謝。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen 公司。

Okay. Thank you very much for taking the question. So just coming back to some of the math behind some of this guidance, if you will, very loose numbers, and I appreciate we still have a quarter to go and rates can do what they're going to do. I'm penciling out to about a 57% FRE margin inclusive of the impact of NCI. I was wondering if you could just unpack if that's right, just unpack some of the key drivers. I think I appreciate the Part 1 fees. I'm trying to better understand investment spending versus the pro forma mix of the transactions, if you will, versus just sort of this opportunity to grow across multi-vectored areas.

好的。非常感謝您回答這個問題。因此，讓我們回到該指導背後的一些數學計算上，如果你願意的話，這些數字非常寬鬆，我知道我們還有一個季度的時間，利率可以按照它們想要的方式運行。我估算，包括 NCI 的影響在內，FRE 利潤率約為 57%。我想知道您是否可以解壓，如果正確的話，只需解壓縮一些關鍵驅動程式。我認為我很感激第一部分的費用。如果你願意的話，我試著更能理解投資支出與交易的形式組合，以及這種跨多向量領域成長的機會。

And is the broader takeaway here that you're just more focus on the top line rather than margin and there could be a little bit more top line growth looking beyond sort of the transition of '25 into '26 at the expense of margins? Thank you.

這裡更廣泛的結論是不是說，您更關注的是營收而不是利潤率，從 2025 年到 2026 年的過渡期內，營收可能會略有增長，但利潤率可能會下降？謝謝。

Of course, Bill. Thanks. Look, thanks for the question. So I guess let's start with this year. Margins this year, and I'll focus on margins similar place for the year as it is for the current quarter.

當然，比爾。謝謝。瞧，謝謝你的提問。所以我想讓我們從今年開始。今年的利潤率，我將重點放在今年與本季類似的利潤率。

The guidance we've previously given will be slightly below 60%, 59% in that ballpark. For 2025, nothing has changed there by way of guidance in the 57%, 58% ballpark. Over the longer term, we do see a path to 60%. I want to be clear, we are focused on margins. We are also focused on earnings growth.

我們之前給的指導將略低於 60%，大概是 59%。對於 2025 年而言，57% 至 58% 左右的指導範圍沒有任何變化。從長遠來看，我們確實看到了達到 60% 的道路。我想明確一點，我們關注的是利潤。我們也關注獲利成長。

We're focused on accretive acquisitions. And so if more Atalayas come along, lower margin accretive deals, we will do them. And so we're very focused on earnings growth overall. And I think that's part of what we've outlined a little bit, I guess, to give a taste of February 7. But we are very focused on overall earnings growth.

我們專注於增值性收購。因此，如果出現更多 Atalayas 這樣的低利潤增值交易，我們就會進行。因此，我們非常關注整體獲利成長。我想這就是我們所概述的一部分，是為了讓人們感受 2 月 7 日的氣氛。但我們非常關注整體獲利成長。

Sorry, go ahead.

抱歉，請說。

I'm sorry, I interrupted you. Just to clarify, that 57%, 58%, just want to make sure I'm thinking about apples-to-apples, is that gross of NCI?

抱歉，我打擾你了。只是為了澄清一下，57%、58%，只是想確保我在考慮同類因素，這是 NCI 的總數嗎？

It is gross of NCI. That's right. So this quarter's 59% and change growth of NCI for the year, will roughly be in the same ballpark and then 57%, 58% gross of NCI for 2025.

這對 NCI 來說太嚴重了。這是正確的。因此本季的 NCI 成長率為 59%，全年變動幅度大致相同，2025 年 NCI 的成長率為 57%，58%。

Super helpful. Sorry to interrupt you, Marc.

超有幫助。很抱歉打擾你，馬克。

I was just going to clarify that, look, our -- we're crystal clear on our job for our shareholders, which is to drive outstanding growth, DE growth and deliver the bulk of that to our shareholders. And the decisions we're making, which, again, if you all have, and we appreciate you have mapped us since we've been public, we've steadily made those kinds of decisions to make sure that we are setting the stage not for, hey, what's the single best answer for a given quarter, but what is the answer to continue to lead the market take a step back, we have come over the last -- since we went public, our management fees have compounded at 37%. Our FRE revenues at 34% and our FRE at 32% and our dividend is just about 30%. So I think our job is to make sure we're always and this is what you're counting on us to do, making those sort of short-term decisions and trade-offs to develop that sort of exceptional long-term trajectory. And I think we feel really good that we're getting the pieces in place to -- and I don't mean numerically continue, but this trajectory onward.

我只是想澄清一下，你看，我們——我們非常清楚我們為股東所做的工作，那就是推動卓越的成長、DE 成長，並將其中的大部分貢獻給股東。我們所做的決定，如果你們都已經這樣做了，我們很感謝你們自我們上市以來就一直在關注我們，我們一直在穩步地做出這些決定，以確保我們不會嘿，對於一個給定的季度來說，最好的答案是什麼，但是，繼續引領市場的答案是什麼呢？ 37 .我們的 FRE 收入為 34%，FRE 為 32%，而我們的股息僅為 30% 左右。因此，我認為我們的工作是確保我們始終能夠做到你們期望我們做的事情，做出短期決策和權衡，從而製定出卓越的長期發展軌跡。我認為，我們真的很高興我們已經把所有的事情安排好了——我不是指數字上的繼續，而是指這個軌跡向前發展。

And at moments that we'll choose to make investments in that, in moments, it will yield kind of excessive results. Our job is to take care of all of that and make sure we continue to be a market leader on all those metrics.

當我們選擇對此進行投資時，它會產生某種過度的成果。我們的工作是處理好所有這些問題並確保我們在所有這些指標上繼續保持市場領先地位。

Thank you very much. Thank you both.

非常感謝。謝謝你們兩位。

Brian Bedell, Deutsche Bank.

德意志銀行的布萊恩‧貝德爾 (Brian Bedell)。

Great. Thanks so much. Most of my questions were asked and answered. Maybe just one more on deployment. Marc, you talked about -- you gave us some color there on the PE market potentially coming back. Maybe just to about that $260 million of fees that would be activated upon deployment. Any sort of view or update, I guess, on what you are viewing as the timing of that and whether that -- it sounds like that might be softer initially here just in the fourth quarter and going into 1Q? Or is that not correct? Do you think it will spike right back up?

偉大的。非常感謝。我的大部分問題都已提出並得到解答。也許只需再說一個關於部署的內容。馬克，您談到了——您為我們介紹了 PE 市場可能復甦的情況。或許只是部署時啟動的 2.6 億美元費用。我想，您對此有何看法或更新，您認為這一時間點是什麼？或者說這不正確？您認為它會立即回升嗎？

Yes, deployment has been really good. I mean, if you take a look at this year, we're tracking at really exceptional levels. We had a record quarter last quarter. this quarter is just about on top of our kind of strongest quarters from 2021. And that is in a very tepid M&A environment or PE M&A environment and one where the syndicated market is wide open.

是的，部署非常好。我的意思是，如果你看看今年，我們正處於非常出色的水平。上個季度我們創下了紀錄。本季是我們自 2021 年以來表現最強勁的季度之一。這是一個非常不溫不火的併購環境或 PE 併購環境，而銀團市場卻非常開放。

So I actually would take the read-through, frankly, from this quarter to be extraordinarily healthy about the state of the private market and the demand for our solutions. Once we get -- and again, it is a when, not an if. Once we get activity picking up, and if we have any moderation in the syndicated market, I mean, you're setting -- we're collectively setting the stage or looking at an opportunity set for pretty meaningful upticks. So looking this year, it's already high, and it's high in what you would probably consider the least favorable environment for volume of deployment. Active syndicated market, relatively inactive PE markets.

因此，坦白說，從本季來看，我實際上會對私人市場狀況和對我們解決方案的需求進行極其健康的評估。一旦我們得到——這只是一個時間問題，而不是是否的問題。一旦我們的活動開始活躍起來，如果我們在聯合市場中採取任何緩和措施，那麼我們就是在共同創造條件，或者尋找一個非常有意義的上漲機會。所以從今年來看，這個數字已經很高了，而且在你可能認為對部署量最不利的環境下，這個數字也很高。銀團市場活躍，PE市場相對不活躍。

So I wasn't trying to top down the -- by any measure, the offsets that will come, and I wouldn't characterize it as an offset, future growth opportunities. Again, we're just trying to make sure when we set different targets, we take a sober view or a conservative view, but in terms of the opportunities that I had, I think we're -- to be clear, very bullish about deployment. And I just -- I can't tell you I know what quarter that switches on right? We've really got to talk to the PE folks about that. But it's going to happen.

因此，我並不是想從上至下衡量即將出現的抵消，而且我也不會將其描述為抵消、未來的成長機會。再次強調，我們只是想確保在設定不同的目標時，我們採取清醒或保守的觀點，但就我所擁有的機會而言，我認為我們——明確地說，非常樂觀部署。而我只是——我無法告訴你我知道哪個季度啟動了，對吧？我們確實需要和 PE 人員討論此事。但它會發生。

And the sooner, the more rapidly that goes to work and more rapidly, that converts into fee-paying assets and more rapidly our revenues and earnings grow and it's math. Again, we are not in the volatile business. We're not in the carry realization business. We're in the managed for fees business and our march will go on. So when the drummer picks up to beat with PE activity, we'll march faster.

而且越早，投入運作的速度就越快，轉換為付費資產的速度就越快，我們的收入和收益成長的速度就越快，這是數學上的。我再說一遍，我們並不從事波動性較大的行業。我們不從事套利實現業務​​。我們從事收費管理業務，我們的步伐也將繼續。因此，當鼓手隨著體育活動開始敲擊時，我們就會行進得更快。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Hey, guys. Sorry. Appreciate the follow-up. Just to clarify, Alan, just -- we got a couple of questions around. When you talk about a mid-20s FRE kind of guidance target for 2025. That's an all-in FRE dollar number, right? That is not per share, that is not net of NCI, and it's inclusive of the pending like, so IPI is included within that? I don't know. I just want to clarify.

嘿，大家好。對不起。感謝您的後續關注。艾倫，只是為了澄清一下——我們有幾個問題。當您談論 2025 年 20 年代中期 FRE 的指導目標。這是一個全額 FRE 美元數字，對嗎？這不是每股金額，也不是 NCI 的淨額，而是包括待處理事項，因此 IPI 包含在內嗎？我不知道。我只是想澄清一下。

It's the first thing you said, that's right. It's a dollar amount.

這是您說的第一件事，對。這是美元金額。

Right. And all in, including the deal, IPI?

正確的。包括交易在內，IPI 都包括在內嗎？

Yes.

是的。

Thanks for clarifying.

謝謝澄清。

I will now turn the call back over to Marc Lipschultz for closing remarks.

現在我將把電話轉回給馬克·利普舒爾茨 (Marc Lipschultz) 作結束語。

Well, thank you, everybody. Look, we're -- we really appreciate the time and the thoughtful engagement. We're excited to have delivered our 14th consecutive quarter of growth. We are excited to look back over the last few years and deliver the kind of performance we've delivered. We are more excited about looking ahead to the next several years, which we'll all talk about in detail on February 7.

好吧，謝謝大家。瞧，我們真的很感謝您付出的時間和深思熟慮的參與。我們非常高興能夠連續第 14 個季度實現成長。我們很高興回顧過去幾年並取得這樣的成績。我們更加興奮地展望未來幾年，我們將在 2 月 7 日詳細討論這個問題。

Times look good to us. We're excited to be here, and we appreciate your support and Happy Halloween.

我們覺得時機已到。我們很高興來到這裡，感謝您的支持，祝您萬聖節快樂。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。