Blue Owl Capital Inc (OWL) 2025 Q1 法說會逐字稿

Good morning and welcome to the Blue Owl Capital first quarter 2025 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 2025 年第一季財報電話會議。（操作員指示）我想通知所有各方，本次電話會議正在被錄音。

I will now turn the call over to Ann Dai, Head of Investor relations for Blue Owl. Please go ahead.

現在我將把電話轉給 Blue Owl 投資者關係主管 Ann Dai。請繼續。

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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. I'd like to remind our listeners that remarks made during the call may contain forward-looking statements, which are not a guarantee of future performance or results and involve a number of risks and uncertainties that are outside the company's control.

謝謝接線員，大家早安。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。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，並且涉及公司無法控制的一系列風險和不確定性。

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 and Exchange Commission. The company assumes no obligation to update any forward-looking statement.

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 shareholders 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，我們將在電話會議上參考非 GAAP 指標，這些指標與我們網站 blueowl.com 股東專區提供的收益報告中的 GAAP 數據相協調。請注意，本次電話會議中的任何內容均不構成出售或購買任何 Blue Owl 基金權益的要約或邀請。

This morning, we issued our financial results for the fourth quarter of 2024, reporting fee-related earnings, or FRE of $0.23 per share, and distributable earnings or DE, of $0.21 per share. For the full year 2024, we reported FRE of $0.86 per share and DE of $0.77 per share.

今天上午，我們發布了 2024 年第四季度的財務業績，報告費用相關收益（FRE）為每股 0.23 美元，可分配收益（DE）為每股 0.21 美元。就 2024 年全年而言，我們報告的 FRE 為每股 0.86 美元，DE 為每股 0.77 美元。

We declared a dividend of $0.18 per share for the fourth quarter, payable on February 28 to holders of record as of February 19, and we also announced an annual fixed dividend of $0.90 for 2025 or $0.225 per quarter, starting with our first quarter 2025 earnings, up 25% from the prior year.

我們宣布第四季度每股 0.18 美元的股息，將於 2 月 28 日支付給截至 2 月 19 日登記在冊的股東，同時我們還宣布，從 2025 年第一季收益開始，2025 年年度固定股息為 0.90 美元或每季 0.225 美元，比上一年增長 25%。

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。因此請準備好以便跟進。

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

說完這些，我想把電話轉給馬克。

Great. Thank you so much, Ann. We capped off a highly successful year for Blue Owl with a record quarter of fundraising, reflecting the ongoing diversification of our business and high levels of investor interest in our differentiated products. This brings our total equity raise in 2024 to $27.5 billion, about 75% higher than 2023. And including debt, we raised over $47 billion, also a record for us.

偉大的。非常感謝，安。我們以創紀錄的季度融資額為 Blue Owl 取得了巨大的成功，這反映了我們業務的持續多樣化以及投資者對我們差異化產品的高度興趣。這使得我們 2024 年的總股權融資額達到 275 億美元，比 2023 年高出約 75%。包括債務在內，我們籌集了超過 470 億美元，這也創下了紀錄。

On top of our robust fundraising, we deployed substantial amounts of capital across the business, including a record $52 billion of gross deployment and credit, driving 26% FRE growth for the year. Taking a step back, we have now grown FRE at least 25% each year since we've been public, despite highly inflationary periods, geopolitical events, rate volatility and a significant slowdown in capital markets. To us, this has been an incredible test of the durability of our business and the power of permanent capital.

除了強勁的融資之外，我們還在整個業務範圍內部署了大量資本，包括創紀錄的 520 億美元的總部署和信貸，推動全年 FRE 成長 26%。回顧一下，自上市以來，儘管經歷了高通膨時期、地緣政治事件、利率波動和資本市場大幅放緩，我們的 FRE 每年仍以至少 25% 的速度成長。對我們來說，這是對我們業務持久力和永久資本力量的不可思議的考驗。

We've had a very active year across the business with some simple themes to find our direction of travel, innovation, diversification and scale. And thinking about what we've accomplished this year, I'd like to call out a few highlights that exemplify these themes.

我們度過了非常活躍的一年，透過一些簡單的主題來尋找我們的發展方向、創新、多樣化和規模。回顧我們今年所取得的成就，我想列舉一些體現這些主題的亮點。

On innovation, we've been very aligned with the ongoing evolution of the alternatives industry, focused on asset classes such as direct lending and GP stakes that have expanded to meet the financing needs of the private markets. Net lease has followed a similar trajectory, becoming a truly institutional category.

在創新方面，我們與另類投資行業的持續發展保持一致，專注於直接貸款和 GP 股權等資產類別，以滿足私人市場的融資需求。淨租賃也遵循了類似的軌跡，成為一個真正的機構類別。

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This is the operator. I apologize, but there will be a slight delay in today's call. Please hold and we will resume momentarily. Thank you for your patience.

這是接線生。很抱歉，今天的通話會稍微延遲。請稍候，我們將立即恢復。感謝您的耐心。

During the call today, we'll be referring to the earnings presentation, which was posted to our website this morning, so please have that on hand to follow along. With that I'd like to turn the call over to Marc.

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，因此請準備好以便跟進。我想將電話轉給馬克。

Thank you, Ann. Let's start with the obvious good news. We are much better investors than apparently our conference call company is at managing calls. So the good news will continue as we carry forward.

謝謝你，安。讓我們從顯而易見的好消息開始。與我們的電話會議公司相比，我們是更優秀的投資者，能夠管理電話會議。因此，隨著我們繼續前進，好消息將會不斷傳來。

Look, we're very pleased with the strong results we continue to report each quarter, reflecting the stable and predictable nature of Blue Owl's business in what is yet again an uncertain and volatile market backdrop. The past five years have presented a continuous series of challenges across COVID, persistent inflation, geopolitical tensions and now global tariffs.

瞧，我們對每季持續報告的強勁業績感到非常滿意，這反映了 Blue Owl 業務在充滿不確定性和波動性的市場背景下的穩定性和可預測性。過去五年，我們面臨一系列持續的挑戰，包括新冠疫情、持續的通貨膨脹、地緣政治緊張局勢以及現在的全球關稅。

In contrast, Blue Owl has consistently demonstrated strong business performance through periods of upheaval with management fees growing over a 35% annual growth rate since we listed as a public company. This growth has been underpinned by the defensive nature of our permanent capital and FRE-centric business and propelled by the strong levels of interest we've seen from investors for our differentiated investment strategies.

相較之下，Blue Owl 在動盪時期始終表現出強勁的業務表現，自上市以來，管理費的年增長率超過 35%。這一增長得益於我們永久資本和以 FRE 為中心的業務的防禦性，以及投資者對我們差異化投資策略的濃厚興趣。

Our business model is very simple at its core. We keep the vast majority of our AUM we raise, we continue to raise valuable new capital from an increasingly diversified set of sources across an increasingly broad spectrum of strategies, and our earnings are highly predictable because they're management fee-driven.

我們的商業模式本質上非常簡單。我們保留了所籌集的絕大部分資產管理規模，我們繼續從越來越多樣化的來源和越來越廣泛的策略中籌集寶貴的新資本，而且我們的收益高度可預測，因為它們是由管理費驅動的。

Today, we're facing another shock to the system where the flow of global trade and the price of that trade may be substantially altered going forward. There are many questions regarding inflation, economic growth, consumer demand, potential recession and more for which investors don't have concrete answers and may not for some time. So we're reminded, once again, of the transitory nature of perceived liquidity and the benefits of permanent capital.

今天，我們又面臨一次系統衝擊，全球貿易流量和貿易價格未來可能會發生重大變化。關於通貨膨脹、經濟成長、消費者需求、潛在衰退等許多問題，投資人還沒有得到具體的答案，而且可能在一段時間內也無法得到答案。因此，我們再次意識到感知流動性的暫時性和永久資本的好處。

We're fortunate to have a business model that is quite defensive during periods like these. In fact, we've said this before, we think our products are built precisely to give investors greater certainty and comfort during challenging and volatile markets. Our strategy focused on downside protection, income generation and inflation protection. These characteristics are less exciting in boom markets but act as structural guardrails for portfolios when markets are dislocated.

我們很幸運，擁有一個在這樣的時期具有相當防禦性的商業模式。事實上，我們之前就說過，我們認為我們的產品正是為了讓投資人在充滿挑戰和動盪的市場中獲得更大的確定性和舒適感。我們的策略重點是下檔保護、創造收入和通膨保護。這些特徵在繁榮的市場中並不那麼令人興奮，但在市場混亂時可以充當投資組合的結構性護欄。

Similarly, Blue Owl has been purpose-built to be steady, stable and predictable through various environments. So let me quickly highlight a few factors that contribute to this stability.

同樣，Blue Owl 的設計初衷就是在各種環境下保持穩定、穩定和可預測。因此，讓我快速強調一下有助於這種穩定的幾個因素。

First, approximately 90% of our management fees come from permanent capital. So our revenues are highly resilient. Our business is also very US-centric. The vast majority of our borrowers or tenants are domestically based and primarily serve domestic customers, which substantially limits any direct impact from tariffs. Alan will spend some time on the numbers around this in just a little bit.

首先，我們的管理費大約90%來自永久資本。因此我們的收入具有很強的彈性。我們的業務也非常以美國為中心。我們的絕大多數借款人或租戶都位於國內，主要服務於國內客戶，這大大限制了關稅的直接影響。艾倫很快就會花一些時間討論這個方面的數字。

To add to that, we have over $23 billion of AUM that will begin to pay management fees once capital is deployed, which will drive an incremental $290 million of revenue or 13% growth of our current management fees over the last 12 months.

除此之外，我們擁有超過 230 億美元的 AUM，一旦資本部署完畢，這些 AUM 就會開始支付管理費，這將推動過去 12 個月的收入增加 2.9 億美元，或使我們目前的管理費增加 13%。

In addition, we successfully completed the merger of OTF and OTF 2 in March. Upon enlisting, OTF will be the largest technology-focused BDC in the public market and will drive another approximately $135 million of incremental annual management fees for Blue Owl.

此外，我們在3月成功完成了OTF與OTF 2的合併。上市後，OTF 將成為公開市場上最大的專注於技術的 BDC，並將為 Blue Owl 帶來約 1.35 億美元的年度增量管理費。

So we have pretty good visibility into revenue growth just from deployment and fee step-ups, not counting any incremental fundraising, and we intend to be very front-footed about opportunities that arise in this current environment.

因此，我們對僅從部署和費用上漲（不包括任何增量融資）帶來的收入增長有相當好的了解，並且我們打算對當前環境下出現的機會保持高度警惕。

So we've observed that during periods of elevated volatility, market share accrues to solutions providers like us, and people are willing to pay more for our valuable capital. We expect the same dynamic to play out this time around if this uncertainty continues. In fact, we have already started to see instances of companies that have looked to issue public debt now exploring direct lending solutions. Similarly, we are seeing elevated imbalance in alternative credit as market participants express concerns about the availability of capital and traditional securitization markets.

因此，我們觀察到，在波動性加劇的時期，市場份額會向我們這樣的解決方案提供者傾斜，人們願意為我們寶貴的資本支付更高的價格。如果這種不確定性持續下去，我們預期這次也會出現同樣的情況。事實上，我們已經開始看到一些公司尋求發行公共債務，現在正在探索直接貸款解決方案。同樣，由於市場參與者對資本可用性和傳統證券化市場表示擔憂，我們看到替代信貸的不平衡加劇。

And the last point I want to make, which is something we've said often, but I think it carries even more weight today is that our business is management fee and FRE driven. Our investors don't have to figure out whether carry or capital markets fees will be up or down over the next year. That predictability should be worth a premium during ordinary markets and becomes even more valuable today.

我要說的最後一點，也是我們經常說的，但我認為今天更重要的是，我們的業務是由管理費和 FRE 驅動的。我們的投資者不必考慮明年利息或資本市場費用是上漲還是下跌。這種可預測性在普通市場中是值得的，而在今天則變得更加有價值。

So to bring this home through our financial results, we have grown our management fees by 31% or FRE by 23% and our DE by 20% on an LTM basis. Reflected in this growth are the significant investments we have continued to make globally across the private wealth and institutional channels, which have resulted in equity fundraising of nearly $30 billion over the last 12 months, an increase of over 75% over the prior year.

因此，為了透過我們的財務表現體現這一點，我們在 LTM 基礎上將管理費提高了 31%，或將 FRE 提高了 23%，將 DE 提高了 20%。這一增長體現了我們在全球範圍內透過私人財富和機構管道持續進行的大量投資，這導致過去 12 個月的股權融資額接近 300 億美元，比上一年增長了 75% 以上。

Over that same period, we capitalized on constructive syndicated markets to raise an incremental $19 billion of debt for our funds and vehicles, primarily in credit and real assets. Add it up, the nearly $50 billion of equity and debt capital we've raised over the last 12 months is approximately 30% growth of our AUM over a year ago.

在同一時期，我們利用建設性的銀團市場為我們的基金和投資工具籌集了 190 億美元的增量債務，主要為信貸和實體資產。加起來，我們在過去 12 個月中籌集的近 500 億美元股權和債務資本比一年前增加了約 30%。

During the first quarter, we raised over $6.5 billion with $4 billion raised in private wealth, primarily across our perpetually distributed products and GP Stakes. As we look further into 2025, we're seeing an increasingly diversified and global base of investors contributing to evergreen product flows with nearly $1 billion of capital closed on April 1. We're also making good progress on the launch of our alternative credit product focused on the wealth market and expect to be in a position to close out the private phase fundraise for this product at some point this summer.

在第一季度，我們籌集了超過 65 億美元，其中 40 億美元是透過私人財富籌集的，主要透過我們的永久分銷產品和 GP Stakes 籌集。展望 2025 年，我們將看到投資者群體日益多元化和全球化，為常青產品流做出貢獻，4 月 1 日已募集近 10 億美元的資金。我們在推出專注於財富市場的替代信貸產品方面也取得了良好進展，預計將在今年夏天的某個時候完成該產品的私人階段融資。

On the institutional side, we raised capital across a number of strategies, including digital infrastructure, net lease, direct lending, insurance solutions and alternative credit. Generally, we anticipate that institutional fundraising will step up over the course of 2025, given the expected timing of next vintage launches and ongoing fundraising.

在機構方面，我們透過多種策略籌集資金，包括數位基礎設施、淨租賃、直接貸款、保險解決方案和替代信貸。總體而言，考慮到下一輪債券發行的預期時間和正在進行的融資，我們預計機構融資將在 2025 年期間增加。

Turning to business performance. In direct lending, gross origination was nearly $13 billion, and that was over $4.5 billion for the quarter, more than double our net origination in the prior quarter, reflecting robust add-on activity across our portfolio and a declining level of refinancings. As I alluded to earlier, current market volatility is accruing to the benefit of private lenders, and we're having a fairly robust level of discussions.

轉向業務績效。在直接貸款方面，總發放金額接近 130 億美元，本季超過 45 億美元，是上一季淨發放金額的兩倍多，反映出我們投資組合中增發活動的強勁成長和再融資水準的下降。正如我之前提到的，目前的市場波動有利於私人貸款機構，我們正在進行相當深入的討論。

Well, it's hard to say what M&A will look like over the short term, we have plenty of capital to put to work and feel well positioned for whatever is ahead. Our direct lending strategy was built for these types of markets, volatility and uncertainty.

嗯，很難說短期內併購會是什麼樣子，我們有足夠的資本投入使用，並且對未來的一切感到準備充分。我們的直接貸款策略就是針對這些類型的市場、波動性和不確定性而製定的。

We feel very good about the credit quality of our portfolio. We've had a 13 basis points average annual realized loss rate, validating our rigorous underwriting standards. As I mentioned earlier, we have a philosophical preference for larger domestically focused services-oriented portfolio companies with high customer retention and re-up rates, which we think are more resilient business models. And remember, the portfolio is not a microcosm of the US economy. Rather, we think our loan book will prove out to be quite defensive if we are facing a paradigm shift in global trade.

我們對我們的投資組合的信用品質感到非常滿意。我們的平均年實際損失率為 13 個基點，證明了我們嚴格的承保標準。正如我之前提到的，我們在理念上傾向於規模較大、專注於國內市場、客戶保留率和再購買率較高的服務型投資組合公司，我們認為這些公司的商業模式更具彈性。請記住，投資組合並不是美國經濟的縮影。相反，我們認為，如果我們面臨全球貿易範式轉變，我們的貸款帳簿將被證明具有相當的防禦性。

In alternative credit, our funds announced a sizable commitment to SoFi, representing their largest loan platform business arrangement to date. We also entered into a significant forward flow agreement with Pagaya as a growing source of funding alongside Pagaya's ABS program.

在另類信貸方面，我們的基金宣布對 SoFi 做出巨額承諾，這是迄今為止他們最大的貸款平台業務安排。我們還與 Pagaya 簽訂了重要的遠期流動協議，作為 Pagaya ABS 計劃的不斷增長的資金來源。

Below scale and capital flexibility are proving to be a great asset as we enter into these arrangements, providing essential financing at an opportune time. Furthermore, as we highlighted during our recent Investor Day, we think this is a highly defensive strategy for investors as the amortizing nature of the assets creates enhanced downside protection with principal return on an accelerated basis relative to even corporate credit strategies.

當我們達成這些安排時，低於規模和資本彈性被證明是一項巨大的資產，可以在適當的時候提供必要的融資。此外，正如我們在最近的投資者日所強調的那樣，我們認為這對投資者來說是一種高度防禦性的策略，因為與企業信貸策略相比，資產的攤銷性質可以加速本金回報，從而增強下行保護。

Another layer of protection comes from our ability to turn the flow of financing on and off quickly. Similar to direct lending, we have very little direct exposure to tariffs in this strategy as we are generally US focused, and we see an opportunity to accelerate market share as an alternative to securitization markets. To date, we have not seen any adverse changes in consumer credit and feel very good about the resilience of our portfolio.

另一層保護來自於我們快速開啟和關閉融資流的能力。與直接貸款類似，由於我們通常以美國為中心，因此我們在這項策略中很少直接受到關稅的影響，並且我們看到了加速市場份額作為證券化市場的替代方案的機會。到目前為止，我們還沒有看到消費信貸出現任何不利變化，並且對我們的投資組合的彈性感到非常滿意。

Now this resilience carries over into our GP Stakes strategy where our funds own stakes in a highly diversified group of quality alternative asset managers. Over the past decade, the alternatives industry has grown AUM by roughly 10% annually. On the other hand, the managers in which we own stakes have grown their AUM by approximately 17% on average, 70% higher than industry growth.

現在，這種韌性延續到了我們的 GP Stakes 策略中，我們的基金持有高度多元化的優質另類資產管理公司的股份。在過去十年中，替代品產業的資產管理規模每年增長約 10%。另一方面，我們所持股的管理公司的資產管理規模平均成長了約 17%，比產業成長率高出 70%。

In keeping with the philosophy of our other businesses, we're providing valuable capital growth to a growth industry and the scale and certainty of capital we offer is an even shorter supply during periods of market instability. During the quarter, we made our first investment out of the latest large cap vintage into a prominent asset manager with whom we've had a long-standing relationship.

與我們其他業務的理念一致，我們為成長型產業提供寶貴的資本成長，並且在市場不穩定時期，我們提供的資本規模和確定性甚至更加短缺。在本季度，我們從最新的大型股中首次投資於與我們有著長期合作關係的知名資產管理公司。

In real assets, we continue to benefit from an inflationary environment and higher rates as companies look to optimize their own balance sheets. This remains the best setup for deployment we've seen in a very long time. Our net lease strategy offers tenants crucial capital flexibility while providing our investors attractive income with highly predictable cash flows, driven by investment-grade and credit-worthy counterparties, all with a tax advantaged attribute. We continue to see significant demand for this strategy. We're looking forward to providing updates on the path towards our next vintage drawdown fund in the near future.

在實體資產方面，隨著企業尋求優化自身資產負債表，我們繼續受益於通膨環境和更高的利率。這仍然是我們長期以來所見過的最佳部署設定。我們的淨租賃策略為租戶提供了至關重要的資本靈活性，同時為我們的投資者提供了具有高度可預測現金流的誘人收入，這些收入由投資級和信譽良好的交易對手推動，並且均具有稅收優惠屬性。我們繼續看到對這項策略的巨大需求。我們期待在不久的將來提供有關我們下一個復古提取基金的最新進展。

On the real estate credit strategy, we've been on offense through recent periods of dislocation, finding opportunities to upgrade the portfolio and to market weakness for insurance and managed clients. In digital infrastructure, we continue to see this as a once-in-a-generation opportunity to deploy with demand for capital and our differentiated technical expertise for surpassing supply. We hold our final close of Fund 3 in April, reaching its hard cap of $7 billion, nearly double the size of the prior fund. And we remain on track to launch the next flagship vintage in 2026, along with a well-dedicated product.

在房地產信貸策略方面，我們在最近的混亂時期一直採取攻勢，尋找機會升級投資組合併填補保險和管理客戶的市場弱點。在數位基礎設施領域，我們繼續將此視為千載難逢的機遇，可以利用資本需求和我們差異化的技術專長來超越供應。我們在 4 月完成了 3 號基金的最終募集，達到了 70 億美元的硬上限，幾乎是上一期基金規模的兩倍。我們仍計劃於 2026 年推出下一個旗艦年份產品以及一款精心打造的產品。

Looking across real assets, we see substantial opportunities to harness the power of scale, flexible structuring and diversified pools of capital to construct bespoke, differentiated solutions for our counterparties. This was a thesis in bringing these businesses together, and it is absolutely playing out in real time.

縱觀實體資產，我們看到了大量利用規模力量、靈活結構和多元化資本池為我們的交易對手建立客製化、差異化解決方案的機會。這是將這些企業整合在一起的論點，而且它絕對正在實時發揮作用。

So bringing the conversation back to where we started. This is the type of environment where our business is highly defensive on an absolute basis and where we should outperform even more on a relative basis. Every time we've seen a market dislocation, Blue Owl has demonstrated remarkable strength and consistency and we have continued to march towards our long-term strategic goals. I expect we will do the very same this time around with the benefits of an even more scaled and diversified business.

所以讓我們把話題回到我們開始的地方。在這種環境下，我們的業務在絕對基礎上具有高度防禦性，而在相對基礎上我們的表現應該會更加出色。每當我們看到市場混亂時，Blue Owl 都表現出非凡的力量和一致性，並且我們繼續朝著我們的長期策略目標邁進。我希望我們這次也能取得同樣的成果，並享受到規模更大、業務更加多元的優勢。

So with that, let me turn it over to Alan to discuss our financial results.

因此，讓我將時間交給艾倫討論我們的財務表現。

Thank you, Marc, and good morning, everyone. We are very pleased with the results we reported this quarter, marking our 16th consecutive quarter of management fee and FRE growth. It was another quarter of results right on top of where we expected and right on track with our long-term goals. I think it's important to reiterate some of the key points Marc raised in his remarks, which I'll do in a few moments. To start with our financial results.

謝謝你，馬克，大家早安。我們對本季度報告的業績感到非常滿意，這標誌著我們的管理費和 FRE 連續第 16 個季度實現成長。本季的業績超出了我們的預期，並且完全符合我們的長期目標。我認為有必要重申馬克在演講中提出的一些關鍵點，稍後我會這樣做。首先介紹我們的財務結果。

Over the last 12 months, management fees increased by 31% and approximately 90% were from permanent capital vehicles. FRE was up 23%, DE was up 20%, and as you can see on slide 13, we raised $6.7 billion of equity in the first quarter and $29.4 billion over the last 12 months, an increase of 76% from the prior year. And inclusive of debt, we raised nearly $50 billion over the last 12 months.

在過去的 12 個月中，管理費增加了 31%，其中約 90% 來自永久資本工具。FRE 上漲了 23%，DE 上漲了 20%，正如您在第 13 張投影片上看到的，我們在第一季籌集了 67 億美元的股權，在過去 12 個月中籌集了 294 億美元，比前一年增長了 76%。包括債務在內，我們在過去 12 個月籌集了近 500 億美元。

To break down the first quarter fundraising numbers across our strategies and products, in credit, we raised $4 billion, $2.9 billion was raised in direct lending of which nearly $2.5 billion came from our non-traded BDCs, OCIC and OTIC. This includes approximately $250 million closed in channels that are not on a monthly closing cadence. The remainder was raised across liquid credit, alternative credit, investment-grade credit and our GP-led secondary strategy.

細分我們第一季各項策略和產品的融資數字，在信貸方面，我們籌集了 40 億美元，其中 29 億美元是透過直接貸款籌集的，其中近 25 億美元來自我們的非交易 BDC、OCIC 和 OTIC。其中包括在非按月度結算節奏的管道中結算的約 2.5 億美元。其餘資金來自流動信貸、替代信貸、投資等級信貸和我們 GP 主導的二級策略。

Subsequent to quarter end, we raised an incremental $540 million for our GP-led secondary strategy, bringing it to over $1.5 billion in total. In GP strategic capital, we raised over $550 million during the quarter, of which roughly $450 million was attributable to our large cap stake strategy, bringing the latest vintage to $7.3 billion. As we've said in the past, we expect the fundraise here to be back-end loaded, heading towards our $13 billion goal.

季度末之後，我們為 GP 主導的二級策略籌集了 5.4 億美元的增量資金，使其總額超過 15 億美元。在 GP 戰略資本方面，我們在本季籌集了超過 5.5 億美元，其中約 4.5 億美元來自我們的大盤股策略，使最新一季的融資額達到 73 億美元。正如我們過去所說的那樣，我們預計此次募集的資金將是後端加載的，朝著我們 130 億美元的目標邁進。

And in real assets, we raised $2.2 billion, primarily from ORENT, digital infrastructure and co-investments. Subsequent to quarter end, we held the final close for digital infrastructure Fund 3, bringing an incremental $360 million and hitting our $7 billion hard cap, as Marc noted earlier.

在實體資產方面，我們籌集了 22 億美元，主要來自 ORENT、數位基礎設施和共同投資。正如馬克之前提到的，在季度末之後，我們完成了數位基礎設施基金 3 的最終收盤，增加了 3.6 億美元，達到了 70 億美元的硬上限。

And overall, for our wealth dedicated products, flows to OCIC, OTIC and ORENT during the quarter were 55% higher than flows into those funds in the first quarter of last year. As we have seen, our March flows for the April 1 close were strong, with over $920 million in total fundraise tracking well against March 1 flows, excluding channels that do not hold monthly closes, and our April flows for the May 1 close are tracking well.

總體而言，對於我們的財富專用產品，本季流入 OCIC、OTIC 和 ORENT 的資金比去年第一季流入這些基金的資金高出 55%。如我們所見，截至 4 月 1 日收盤，我們 3 月份的資金流表現強勁，總籌資額超過 9.2 億美元（不包括不進行月度收盤的渠道），與 3 月 1 日的資金流表現良好，而截至 5 月 1 日收盤，我們 4 月份的資金流表現也很好。

Turning to our platforms. In credit, our direct lending portfolio gross returns were 3.1% in the first quarter and 13.3% over the last 12 months. Our direct lending funds are well positioned and constructed to withstand the economic pressures likely to be caused by tariffs or a possible recession. Our direct lending funds are comprised of primarily first lien senior secured loans. We focus on larger borrowers that we believe will be well suited to withstand uncertainty and volatility with an average EBITDA of over $250 million.

轉向我們的平台。在信貸方面，我們的直接貸款組合總回報率在第一季為 3.1%，在過去 12 個月為 13.3%。我們的直接貸款基金定位良好，結構合理，能夠抵禦關稅或經濟衰退可能造成的經濟壓力。我們的直接貸款資金主要由第一留置權優先擔保貸款組成。我們專注於較大的借款人，我們相信這些借款人將能夠很好地抵禦不確定性和波動性，平均 EBITDA 超過 2.5 億美元。

Weighted average LTVs are in the high 30s across direct lending and in the low 30s specifically in our software lending portfolio. This creates a high level of protection for our investors as sponsor equity and more junior debt provide significant cushion.

直接貸款的加權平均 LTV 處於 30% 的高位，而我們的軟體貸款組合的加權平均 LTV 處於 30% 的低點。這為我們的投資者提供了高水準的保護，因為發起人股權和更多次級債務提供了重要的緩衝。

Private equity firms typically take a long-term view to protecting their investments during periods of disruption and have the dry powder and resources to support their businesses. We consistently work with the largest sponsors with strong expertise in their sectors. As Marc mentioned earlier, our portfolio continues to perform extremely well. We have not seen a deterioration in credit quality, which we know has been an area of focus for investors in recent weeks.

私募股權公司通常會從長遠角度考慮在動盪時期保護其投資，並擁有充足的資金和資源來支持其業務。我們始終與各自領域擁有豐富專業知識的最大贊助商合作。正如馬克之前提到的，我們的投資組合繼續表現非常出色。我們沒有看到信貸品質惡化，我們知道這是最近幾週投資者關注的領域。

To elaborate on this point, we focus on US based borrowers in noncyclical, defensive and service-oriented industries, five sectors: software, insurance, business services, food and beverage and health care services constitute approximately 70% of our direct lending portfolio, which is well diversified with an average position size of approximately 20 basis points.

為了詳細說明這一點，我們將重點放在非週期性、防禦性和服務型行業的美國借款人，五個行業：軟體、保險、商業服務、食品飲料和醫療保健服務，占我們直接貸款組合的約 70%，該組合具有良好的多元化，平均頭寸規模約為 20 個基點。

Sitting here today, we estimate that portfolio companies that have a material manufacturing capacity outside the US represent only a mid-single-digit percentage of our overall direct lending portfolio. However, most of these companies generally have significant global reach, diverse sourcing capabilities and experienced management teams that have successfully navigated previous tariffs and supply chain disruptions before.

今天，我們在這裡估計，在美國以外擁有重要製造能力的投資組合公司僅占我們整體直接貸款投資組合的中等個位數百分比。然而，這些公司中的大多數通常都具有廣泛的全球影響力、多樣化的採購能力和經驗豐富的管理團隊，這些團隊之前曾成功應對關稅和供應鏈中斷。

And as a reminder, our portfolio is comprised of directly originated loans negotiated with tighter covenant packages than public market deals. Between this modest exposure and the defensive characteristics I just highlighted, we feel that our direct lending portfolio is relatively recession-resistant and should perform well on an absolute basis and even more on a relative basis.

需要提醒的是，我們的投資組合由直接發放的貸款組成，這些貸款的契約條款比公開市場交易更嚴格。在這種適度的風險敞口和我剛才強調的防禦性特徵之間，我們認為我們的直接貸款組合相對具有抗衰退能力，並且在絕對基礎上表現良好，在相對基礎上表現更好。

And remember what Marc said earlier, our portfolio is not a microcosm of the US economy. We set a very high bar when underwriting alone and generally do not make loans to companies with high energy exposure, high commodity exposure, retail fashion, asset-heavy businesses, melting ice cube industries. We aim to avoid product and geographic concentration and get to choose among the biggest, highest quality businesses that are among the best in their industry, backed by the biggest PE sponsors to make loans to.

記住馬克之前說過的話，我們的投資組合不是美國經濟的縮影。我們在單獨承保時設定了非常高的標準，並且通常不會向能源風險高、大宗商品風險高、零售時尚、資產密集型企業、融化冰塊行業的公司提供貸款。我們的目標是避免產品和地理集中，並從行業內最優秀、規模最大、品質最高的企業中進行選擇，並由最大的 PE 發起人提供貸款。

On average, underlying revenue and EBITDA growth across our portfolios was in the high single digits to low teens with no material increase in signs of stress, such as increased non-accruals, stress amendments, PIK conversion requests or watch list names.

平均而言，我們投資組合中的基礎收入和 EBITDA 成長率處於高個位數到低十位數之間，壓力跡象並未出現實質增加，例如非應計項目增加、壓力修正、PIK 轉換請求或關註名單名稱。

Turning to alternative credit. Our portfolio gross returns were 6.1% in the first quarter and 15.2% over the last 12 months. Echoing what Marc mentioned earlier, we are seeing very resilient performance across asset-based categories.

轉向替代信貸。我們的投資組合第一季總回報率為 6.1%，過去 12 個月總回報率為 15.2%。與馬克之前提到的一致，我們看到基於資產的類別表現非常有彈性。

In GP strategic capital, we are nearing the finish line in deploying our fifth vintage by our flagship GP stake strategy and have made our first investment out of the sixth vintage. Performance across these funds remained strong with a net IRR of 22.5% for Fund 3, 37.7% for Fund 4 and 15.4% for Fund 5.

在 GP 策略資本方面，我們透過旗艦 GP 股權策略部署第五個年份的計畫即將完成，並且已經完成了第六個年份的首次投資。這些基金的表現仍然強勁，基金 3 的淨 IRR 為 22.5%，基金 4 的淨 IRR 為 37.7%，基金 5 的淨 IRR 為 15.4%。

And in real assets, as you heard, we had a record quarter of commitments in net lease, bringing our drawdown funds in that strategy to nearly 90% committed. Even with robust deployment, our net lease pipeline continues to grow, with nearly $28 billion of transaction volume under letter of intent or contract to close. Trends across deployment and monetization cap rates in net lease have remained quite stable, reflecting the structural advantages of our scale and positioning.

在實體資產方面，正如您所聽到的，我們在淨租賃方面的承諾達到了創紀錄的季度，使我們在該策略中的提取資金已承諾的近 90％。即使部署強勁，我們的淨租賃管道仍在持續成長，意向書或合約下的交易額接近 280 億美元。淨租賃的部署和貨幣化資本化率趨勢保持相當穩定，反映了我們的規模和定位的結構優勢。

During the first quarter, we had a record quarter of commitments, totaling $3.8 billion, bringing commitments over the last 12 months to $8 billion at a roughly 8% cap rate on average. As a reminder, many of these opportunities are build-to-suit arrangements, which can take between 18 to 24 months to fully deploy. We will earn incremental management fees as this capital is deployed.

第一季度，我們的承諾總額創歷史新高，達到 38 億美元，使過去 12 個月的承諾總額達到 80 億美元，平均資本化率約為 8%。提醒一下，這些機會中的許多都是按需建造的安排，可能需要 18 到 24 個月才能完全部署。隨著這些資本的部署，我們將獲得增量管理費。

Concurrently, we monetized over $700 million over the past 12 months, generating a 24% net IRR, demonstrating how we can continue to generate opportunistic returns and a strategy that we believe is indicative of investment grade and core risk. With regards to performance, gross returns in net lease were 1.2% for the first quarter and 3.1% for the last 12 months, comparing favorably to the broader real estate market over this time period.

同時，我們在過去 12 個月內將超過 7 億美元貨幣化，產生了 24% 的淨 IRR，這表明我們可以繼續創造機會性回報，並且我們認為該策略表明了投資等級和核心風險。就業績而言，第一季淨租賃的總回報率為 1.2%，過去 12 個月的總回報率為 3.1%，與同期的整體房地產市場相比表現良好。

In real estate credit, we invested $1.3 billion in public securities at a nearly 9% yield, increasing our market share in single asset, single borrower CMBS and showcasing our team's ability to be opportunistic in dislocated markets. We also had our most active quarter in private loans targeting double-digit returns for clients.

在房地產信貸方面，我們投資了 13 億美元公共證券，收益率接近 9%，增加了我們在單一資產、單一借款人 CMBS 中的市場份額，並展示了我們團隊在混亂的市場中抓住機會的能力。我們也經歷了私人貸款業務最活躍的季度，目標是為客戶帶來兩位數的回報。

Turning to digital infrastructure. We're thrilled with the running start that we've taken with this business. The tenants are incredible credits, and we love the mission criticality of the assets. We're operating with a combination of scale, relationships and technical expertise that we don't think anyone else has and the demand-supply imbalance is massive. We'll have a lot more to say about this business in the coming quarters.

轉向數位基礎設施。我們對這項業務的良好開端感到非常興奮。租戶的信譽非常好，我們喜歡這些資產的任務關鍵性。我們的營運綜合了規模、關係和技術專長，我們認為這是其他任何人都不具備的，而且供需失衡現象非常嚴重。在接下來的幾個季度裡，我們將更多地談論這項業務。

I want to pause for a moment to make sure the pattern is obvious to everyone. Our products across Blue Owl have performed very well as they are designed to do during periods of uncertainty. These are products that are geared towards this environment and combined with our permanent capital, this makes Blue Owl uniquely positioned versus our peers.

我想暫停一下以確保每個人都清楚這個模式。我們在 Blue Owl 上的產品表現非常出色，因為它們就是為應對不確定時期而設計的。這些產品都是針對這種環境而設計的，再加上我們的永久資本，這使得 Blue Owl 在與同行的競爭中佔據了獨特的地位。

So to wrap up here, I'd like to reiterate the contrast between the volatility and uncertainty we are seeing in global markets today and the stability of Owl's business. We are 100% FRE and mostly permanent capital, every dollar of capital we raise drives 3 times more FRE than our peers because we have less capital heading out the door, a higher blended fee rate and a high FRE margin. I really think it's difficult to find a better structural setup than Blue Owl for the markets and macro environment that investors face today.

總而言之，我想重申我們今天在全球市場看到的波動性和不確定性與 Owl 業務的穩定性之間的對比。我們是 100% 的 FRE，而且大部分是永久資本，我們籌集的每一美元資本都能帶來比同行多 3 倍的 FRE，因為我們流出的資本更少，混合費率更高，FRE 利潤率也更高。我真的認為，對於投資者今天面臨的市場和宏觀環境來說，很難找到比 Blue Owl 更好的結構設定。

I mentioned at the beginning of my remarks that we've now posted 16 consecutive quarters of management fee and FRE growth, a period that encompassed runaway inflation, 500 basis points of rate increases, massive supply chain disruptions, a shutdown of the capital markets and accelerating geopolitical instability. Blue Owl each year up into the right, consistent growth, consistent predictable cash flows. Blue Owl is built for this market, our products were built for this market.

我在發言開始時提到，我們現在已經連續 16 個季度實現管理費和 FRE 成長，這段時期經歷了失控的通貨膨脹、500 個基點的利率上調、大規模的供應鏈中斷、資本市場關閉以及地緣政治不穩定加劇。Blue Owl 每年都保持正確、持續的成長，並擁有持續可預測的現金流。Blue Owl 是為這個市場而打造的，我們的產品也是為這個市場而打造的。

Marc talked about our products, downside protected, income-oriented. These characteristics may be less exciting and up into the right markets. But in markets like now, that's when they really stand out. Each time we have been through dislocation, we come through the other side with investors having an even deeper appreciation for how differentiated our products and business model are, and we look forward to proving this out again.

馬克談到了我們的產品，有下行保護，以收入為導向。這些特徵可能不那麼令人興奮，但適合於正確的市場。但在現在這樣的市場中，這才是他們真正脫穎而出的時候。每次我們經歷困境時，投資人都會更深刻地認識到我們的產品和商業模式的差異化，我們期待再次證明這一點。

Thank you very much for joining us this morning. Operator, can we please open the line for questions?

非常感謝您今天早上加入我們。接線員，我們可以開通熱線來回答問題嗎？

(Operator Instructions)

（操作員指示）

Glenn Schorr, Evercore ISI.

格倫·肖爾（Glenn Schorr），Evercore ISI。

Hello there.

你好呀。

Hello, Glenn.

你好，格倫。

Hello there. I like where you ended that in terms of the differentiation, the mostly permanent capital and the predictability and downside protection. You've bought yourself into some very key growth markets, and we've seen some of it the growth in AUM and FRE, and I'm a fan of all that.

你好呀。我喜歡你關於差異化、大部分永久資本以及可預測性和下行保護的結論。您已經進入了一些非常關鍵的成長市場，我們已經看到了 AUM 和 FRE 的成長，我對此感到非常滿意。

When we get down to the earnings per share, it's -- the growth rates aren't as big, and we've talked about some of this in the past, but maybe we could talk about how we bridge the gap from what's very stable now and when that diversification starts to kick into better earnings per share growth over the next, say, year or two that we get into that 20% or so growth that you're hoping for? Thanks so much.

當我們談到每股盈餘時，我們發現成長率並不大，我們過去也討論過這方面的一些問題，但也許我們可以談談如何彌補與現在非常穩定的水平之間的差距，以及當這種多樣化開始在未來一兩年內帶來更好的每股收益增長時，我們能否達到您所希望的 20% 左右的增長率？非常感謝。

Sure. Thanks, Glenn. I appreciate the question. What you're seeing this year, as we've talked about on last quarter's call is with the acquisitions rolling through, in particular for IPI, we have a small gap between our FRE growth and FRE per share growth. And that's going to narrow as we go through. We talked about at Investor Day that we are expecting over the next five years, about 20% growth in FRE per share. So I would fully expect as we get into '26 and '27, you're going to see that gap narrow very quickly.

當然。謝謝，格倫。我很感謝你提出這個問題。正如我們在上個季度的電話會議上所討論的那樣，您今年看到的情況是，隨著收購的進行，特別是對於 IPI，我們的 FRE 成長和每股 FRE 成長之間的差距很小。隨著我們不斷前進，這個範圍將會逐漸縮小。我們在投資者日上談到，我們預計未來五年每股 FRE 將成長約 20%。因此，我完全相信，當我們進入 26 年和 27 年時，你會看到差距迅速縮小。

Brian McKenna, Citizens.

布萊恩·麥肯納，公民。

Thanks. Good morning, everyone. So a question on private wealth. It's great to hear that flows have held up quite well even with the pickup in volatility. But two questions here. One, have you seen any evolution in the behavior of retail investors and how they allocate to alternatives, specifically during periods of volatility? And then two, given that retail investors are a lot more familiar today with the Blue Owl brand and the types of products you offer, is there the potential for adoption timelines to be accelerated for future products like in alternative credit?

謝謝。大家早安。這是一個關於私人財富的問題。很高興聽到即使波動性加劇，流量仍然保持良好。但這裡有兩個問題。第一，您是否發現散戶投資者的行為以及他們如何分配另類投資發生了變化，特別是在波動時期？其次，鑑於散戶投資者如今對 Blue Owl 品牌和您提供的產品類型更加熟悉，未來產品（如替代信貸）的採用時間表是否有可能加快？

Yeah, thanks, Brian. Yeah, look, private wealth in this environment, and obviously, these are all evolving marketplaces. But what we have to keep in mind is how much just secular growth and opportunity there is in the private wealth channel that even when you get into sort of individual investor, questions of, does this person X make an investment or not make an investment in a given quarter, there's so many new participants joining.

是的，謝謝，布萊恩。是的，你看，在這種環境下的私人財富，顯然，這些都是不斷發展的市場。但我們必須牢記的是，私人財富管道中存在多少長期增長和機遇，即使你進入個人投資者的領域，你會問，這個人 X 在某個季度是否進行投資，也會有如此多的新參與者加入。

Let me give you just a live example as of yesterday, take a firm, Edward Jones. Edward Jones manages $2.2 trillion. And you know what share of that is in alts? Zero. And they are now just launching alts, and we are one of their premier launches as part of that. So here's an example of -- I mean, talking about white space, talk about greenfield, whatever you want to call it.

讓我舉一個昨天的活生生的例子，以愛德華瓊斯公司為例。愛德華瓊斯管理著 2.2 兆美元。您知道其中有多少份屬於山寨版嗎？零。他們現在剛推出替代產品，而我們是其中首批推出的產品之一。這裡有一個例子——我的意思是，談論空白處，談論綠地，無論你想怎麼稱呼它。

So I think a couple of things I would observe. One, the addressable market is gigantic and penetration is very low. Penetration is rising. We see it. We have multiple new platforms that are rolling out our products. And an example like that, they're big. And they present really substantial opportunities, number one.

所以我想我會觀察到一些事情。一是潛在市場龐大，但滲透率很低。滲透率正在上升。我們看到了。我們有多個新平台正在推出我們的產品。舉個這樣的例子，它們很大。首先，它們提供了真正巨大的機會。

Number two, during times of volatility and uncertainty, I expect that we are going to see -- again, let's say that short-term perturbations when people just get scared for a week and they're hiding under the covers. The reality is people then realize the benefits. This is the exact conversation I have with a group of individual FAs yesterday. This is when people realize the benefits of the stability and predictability, particularly in Blue Owl products. So it's not an all generic statement.

第二，在動盪和不確定時期，我預計我們將會看到——再說一次，假設是短期擾動，人們會在一周內感到害怕，然後躲在被子裡。事實是人們隨後意識到了其中的好處。這正是我昨天與一群個人 FA 進行的對話。這時人們才意識到穩定性和可預測性的好處，尤其是在 Blue Owl 產品中。所以它並不是一個通用的語句。

I mean clearly, there's a different tone these days toward private equity, for example. But income-oriented inflation protected, downside protected strategies resonate loud, and it's exactly in this environment where those strategies for individual investments, individual investors and their FAs shine. When everything is rosy, everything looks rosy. When things are volatile, all of a sudden, there's a reason to pay attention. And guess what? Our products performed great during this last quarter. Our products continue to perform great. We continue to deliver great income every month to our investors.

我的意思是，顯然，如今人們對私募股權的態度有所不同。但以收入為導向的通膨保護和下行保護策略引起了強烈反響，正是在這種環境下，那些針對個人投資、個人投資者及其財務顧問的策略大放異彩。當一切順利時，一切看起來都是美好的。當事情突然變得不穩定時，就有理由去關注。你猜怎麼著？我們的產品在上個季度表現出色。我們的產品持續表現出色。我們每月繼續為投資者帶來豐厚的收入。

So I think we're actually quite optimistic. Just like in institutional markets, frankly, after a period of dislocation, we tend to come out ahead. Again, I'm not trying to cast what happens in a week, in a month. But I'm saying this kind of environment, I want to say this with the right words, we don't want the world to look like this, but this is a very good time for us. We win coming out of environments like this.

所以我認為我們其實相當樂觀。就像在機構市場一樣，坦白說，經過一段時間的混亂之後，我們往往會領先。再說一次，我並不是想預測一週或一個月後會發生什麼事。但我說的是這種環境，我想用正確的字眼來表達，我們不希望世界變成這樣，但這對我們來說是一個非常好的時代。我們在這樣的環境中取得了勝利。

Super helpful. Thanks, Marc.

超有幫助。謝謝，馬克。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Okay, thank you very much. I have some difficulty on my end as well. Just maybe -- I may have missed a little bit of this. I think during your prepared comments, you had mentioned that the -- you expect the institutional business to accelerate a little bit as the year unfolds. I was wondering if you can unpack and talk about some of the drivers underneath that, could be byproduct or some of the more recent platforms you picked up, I think maybe be curious about IPI and Atalaya, respectively.

好的，非常感謝。我這邊也遇到了一些困難。只是也許——我可能錯過了一點。我想，在您準備好的評論中，您曾提到—您預計隨著時間的推移，機構業務將會加速發展。我想知道您是否可以解開並談論其中的一些驅動程序，可能是副產品或您選擇的一些較新的平台，我想也許您對 IPI 和 Atalaya 分別感到好奇。

And then just a technical question. On the transaction fees, I was a little disappointed that it sort of dropped sequentially despite the originations being pretty durable quarter-to-quarter. I was wondering if you could help unpack what the drivers are as we look ahead. Thank you.

接下來只是一個技術問題。關於交易費用，儘管交易發起量逐季保持相當穩定，但交易費用卻出現環比下降，這讓我有點失望。我想知道您是否可以幫助我們解開未來的驅動因素。謝謝。

Sure. Thanks, Bill. Just on the latter point, I guess I'd call out, we've talked about in previous quarters, that's going to ebb and flow depending on the nature of what's in the gross origination number. And so that will move up and down a little quarter-to-quarter. I don't think there's much to read through in that.

當然。謝謝，比爾。就後一點而言，我想我會指出，我們在前幾個季度已經討論過，這將根據總起源數字的性質而起伏。因此，每季都會有小幅的上下波動。我認為其中沒有太多值得閱讀的內容。

And just to note, growth originations actually were lower this quarter than last. Net originations were higher. So there's a couple of different dynamics to unpack in there. I mean, obviously, not originations and capital going to work are a good thing. Gross originations would be the number that would drive potential transaction fees.

值得注意的是，本季的成長起源實際上低於上一季。淨發起額較高。因此，這裡面有幾種不同的動態需要解開。我的意思是，顯然，發起和資本的運作並不是一件好事。總發起額將是決定潛在交易費用的數字。

But if I could just, for a moment, look, our transaction fees are less predictable, just like everybody else's, but they're a tiny piece of our business, and we're not minimizing that they were lower like I prefer, they'd be higher, too. They were lower this quarter than last. I don't know what they'll be this quarter or the next quarter. It's clearly the part of our business in the grand scheme of things that is least predictable. But that's the part of our business that's least predictable.

但如果我能暫時看一下，我們的交易費用就和其他人的一樣，不太可預測，但它們只是我們業務的一小部分，我們不會像我希望的那樣盡量降低它們的價格，它們也會更高。本季的數值低於上一季。我不知道本季或下一季的情況會怎樣。從整體來看，這顯然是我們業務中最難預測的部分。但這是我們業務中最難預測的部分。

I mean we're talking about a tiny piece of our business around the edges. Every one of our peers has massive amounts of capital and transaction fees, which is introducing that volatility into a huge -- and I'm not trying to say that as a pejorative, saying our model is so different.

我的意思是，我們正在談論我們業務邊緣的一小部分。我們每個同業都有大量的資本和交易費用，這給市場帶來了巨大的波動——我這麼說並不是貶義，而是說我們的模式非常不同。

So we're not ignoring your point. Yeah, we prefer them to be a little bit higher, too. But in the scheme of our business and the trajectory over the next five years, the transaction fees are a side show, they will be up, they will be down. But actually, the number, if you took a step back to us, logically follow the gross origination pattern.

所以我們不會忽視你的觀點。是的，我們也希望它們稍微高一點。但在我們的業務規劃和未來五年的發展軌跡中，交易費用只是一個次要因素，它會漲，也會跌。但實際上，如果你退一步來看，這個數字在邏輯上遵循整體起源模式。

On the institutional flows, I guess I'll start by saying we expect to have, as we've been expecting as we approach the year, flagship funds in the market. We have GP stakes 6 as we've talked about that we've told will be back-end loaded. We've talked about Real Estate 7 which we expect to be out in the market and fundraising and doing closes in the second half of the year.

關於機構流動，我想首先要說的是，正如我們預期的那樣，隨著新年的臨近，我們預計將在市場上出現旗艦基金。我們有 GP 股份 6，正如我們所說的，我們將後端加載。我們已經討論過 Real Estate 7，我們預計它將在今年下半年進入市場並籌集資金並完成交易。

We have some other adjacent opportunities, some new products, real estate credit and some others that we are out fundraising, talking to folks about. And so our expectation was 1Q would be a little lower, and we would have stronger 2Q, 3Q, 4Q because of the timing of some of our more flagship size funds.

我們還有一些其他相關的機會，一些新產品，房地產信貸和一些我們正在籌集資金並與人們討論的其他產品。因此，我們預計第一季的表現會略低一些，而第二季、第三季和第四季的表現會更強勁，因為我們的一些旗艦規模基金的時機把握得當。

And I'll -- in fact, one of the dimension of that. Look, we're winning new LPs. We're winning in new markets. This is -- obviously, look, it's a harder overall fundraising environment. That's just an obvious fact around the world.

事實上，這是其中的一個面向。瞧，我們贏得了新的 LP。我們正在新市場中取得成功。顯然，這是一個整體籌款環境更加困難的情況。這是全世界顯而易見的事實。

However, we are winning. Of the new -- of the LPs that invested in this quarter, half were new to us, half are first-time commitments to this firm. I mean, think about that. That's a tremendous opportunity for us. That's a tremendous win.

然而，我們正在勝利。在本季投資的新 LP 中，一半對我們來說是新客戶，一半是首次對本公司做出承諾。我的意思是，想一想。這對我們來說是一個巨大的機會。這是一次巨大的勝利。

We are now deeply penetrated, for example, the Middle East. Middle East, which had, of course, not been a meaningful market for us five years ago, has become a very, very powerful partner for us, particularly driven by real assets. So as you just noted, like IPI, brings with it whole new geographies and partnerships.

我們現在已經深入滲透到中東等地區。當然，五年前中東對我們來說還不是一個重要的市場，但現在它已經成為我們非常強大的合作夥伴，尤其是在實體資產的推動下。正如您剛才提到的，IPI 帶來了全新的地理和合作關係。

So look, we've been investing for years in building the wealth channel and the institutional channel. And we are harvesting the benefits of those now, and we'll see that harvest, we think, continue to grow through the year. So we like where we sit. Again, we're not trying to be a Pollyanna. In this overall world, there's no doubt that institutional fundraising has its own headwinds collectively for the industry, but I think we like our position.

所以，你看，我們多年來一直在投資建立財富管道和機構管道。我們現在正在收穫這些成果，我們認為，我們將看到這些成果在今年繼續成長。所以我們喜歡我們坐的地方。再說一遍，我們不想成為盲目樂觀的人。在整個世界裡，毫無疑問，機構融資對整個產業都有其自身的阻力，但我認為我們喜歡我們的立場。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Craig, you there?

克雷格，你在嗎？

Craig, your line is open. Please check your mute button.

克雷格，你的路線暢通了。請檢查您的靜音按鈕。

Can you guys hear me okay?

你們聽得到我說話嗎？

Yes, we can. Hey, Craig.

是的，我們可以。嘿，克雷格。

There we go. Okay. Good morning Marc, hope everyone's doing well. Our question is on GP stakes. So management fees and GP stakes look a little light relative to fearing AUM growth. So I was hoping you could explain what drove the decline and more importantly, help us with the 2Q run rate.

好了。好的。早安，馬克，希望大家一切順利。我們的問題是關於 GP 股份的。因此，相對於對 AUM 成長的擔憂，管理費和 GP 股份看起來有點少。所以我希望您能解釋一下導致下降的原因，更重要的是，幫助我們了解第二季的運行率。

Sure. Why don't I do the last part there, Craig. So two things, I think, is what you're seeing in the 1Q numbers. We had some small catch-up fees in Q4, that folks may have run rated last quarter. And we had, if you recall, the GP Stakes Fund 4 had a fee step down last quarter.

當然。我為什麼不在那裡做最後一部分呢，克雷格。所以我認為，在第一季的數據中，你可以看到兩件事。我們在第四季度收取了一些小額補繳費用，這些費用可能已經在上個季度進行了評估。如果你還記得的話，上個季度 GP Stakes Fund 4 的費用已經下降。

It was at the end of October. So it was two months' worth of a fee step down. And obviously, this quarter, it's a full quarter, so three months. What I'll tell you is not just for GP Stakes, but this quarter was a very clean quarter from a management fee perspective. So very good run rate, no real catch-up fees in our numbers across our business.

那是十月底。因此，這是兩個月的費用下降。顯然，這個季度是一個完整的季度，也就是三個月。我要告訴你的不僅僅是 GP Stakes，從管理費的角度來看，這個季度是一個非常乾淨的季度。因此，運行率非常好，我們整個業務的數字中沒有真正的追趕費用。

Thanks Alan.

謝謝艾倫。

Steven Chubak, Wolf Research.

史蒂文‧楚巴克，沃爾夫研究公司。

Hi, good morning.

嗨，早安。

Good morning.

早安.

Hi, Steve.

你好，史蒂夫。

So hope you're both doing well. So I wanted to ask just on some of the spread and pricing dynamics that you're seeing in the market. Just given the recent widening in high-yield credit spreads. What have you seen in terms of spreads in the private markets, the types of returns you're generating on new origination activity? And how you see competition evolving versus the BSL market? Is there any evidence of bank retrenchment?

希望你們一切都好。因此，我想問一下您在市場上看到的一些價差和定價動態。鑑於近期高收益信貸利差的擴大。就私人市場的利差以及您在新發起活動中產生的回報類型而言，您看到了什麼？您如何看待 BSL 市場競爭的演變？有銀行裁員的證據嗎？

Sure. So look, dislocated environment we all know are good for us and good for our business in terms of originations and things like spreads. It's very early. So I can't give you a meaningful statistical answer yet, right? This reset takes some time to roll through a private market versus the public market.

當然。所以，我們都知道，混亂的環境對我們有利，對我們的業務也有利，例如起源和利差等方面。時間還很早。所以我還不能給你一個有意義的統計答案，對嗎？這種重置需要一些時間才能在私人市場和公開市場之間順利進行。

But let's start with a couple of facts. The syndicated market has essentially shut down. So in terms of competition with the BSL market, that is exactly what happens rather instantaneously and we've been making this point about the sort of on and off nature of public markets and the durable longer-cycle nature of private credit, which, by the way, is really good for the economy, but certainly good for our business, too.

但讓我們先從幾個事實開始。聯合市場基本上已經關閉。因此，就與 BSL 市場的競爭而言，這正是瞬間發生的事情，我們一直在強調公共市場的開關性質以及私人信貸的持久較長週期性質，順便說一句，這對經濟確實有利，但肯定也對我們的業務有利。

So I believe there was the longest stretch of time, 15 days without a single deal being launched, which is the longest period of time in something like decades that 10 years, that we've gone 10 years without 15 days of launching a deal. So I mean, look how abrupt these markets are. It's exactly the reason the BSL market -- it's important we have a BSL market. I really mean that. We don't wish it to be unhealthy.

因此，我認為，這是最長的一段時間，有 15 天沒有達成任何協議，這是幾十年來最長的一段時間，我們已經有 10 年沒有在 15 天內達成任何協議了。所以我的意思是，看看這些市場有多突然。這正是 BSL 市場存在的原因——擁有 BSL 市場非常重要。我確實是這個意思。我們不希望它不健康。

But it's so on again, off again. It's only proving the reason people should partner with private credit. We will come out of this period of time, I expect, with yet again more market share and more firms committed to using the private market because they see the value.

但它時斷時續。這只能證明人們應該與私人信貸合作的理由。我預計，在度過這段時期後，我們將再次擁有更多的市場份額，並且會有更多公司致力於利用私人市場，因為他們看到了其中的價值。

Yes, they pay more. Yes, they have a more stringent document. Yes, they have more invasive due diligence. Those are all the things that go with doing our job well to protect the capital. But we give something, we give the predictability, the privacy and the partnership, and this market proves it.

是的，他們付的錢更多。是的，他們有更嚴格的文件。是的，他們進行了更具侵入性的盡職調查。這些都是為了做好保護首都的職責。但我們付出了一些東西，我們付出了可預測性、隱私和合作關係，這個市場證明了這一點。

In terms of spreads, I would expect spreads will start to wind back out. Again, we always kind of operate in this band. If you look over many years now, when the BSL market goes away, it's a factor when people are -- there's more dependence on private capital, more value and predictability in partnership, we rise to the higher end of that band. When everything is wide open, we move to the lower end of that band. And I think we'll now start to migrate back up.

就利差而言，我預期利差將開始回落。再說一次，我們總是在這個頻段內運作。如果你回顧過去多年，你會發現，當 BSL 市場消失時，人們更加依賴私人資本，合作夥伴關係的價值和可預測性更高，我們就會上升到這個範圍的高端。當一切都敞開時，我們就會移到該波段的低端。我認為我們現在應該開始重新遷移。

I can't prove it yet, it's awfully early. We're starting to see it. We certainly think our capital is more valuable in this environment and we certainly expect to see spreads start to widen, but it will potentially take a little bit of time for that to roll through.

我還無法證明這一點，現在還太早。我們開始看到它了。我們當然認為我們的資本在這種環境下更有價值，我們當然也預期利差會開始擴大，但這可能需要一點時間才能實現。

It's a great color. Thanks for taking my question.

顏色真棒。感謝您回答我的問題。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Hey guys, good morning. Another question for you around just retail. It is super encouraging to see that retail flows are holding up well for you guys and the industry broadly, definitely a bit counter perhaps to what people used to thinking about when it comes to retail and volatility. I thought you guys said retail is tracking well. I was hoping you can characterize that just in a little bit more detail how April is shaping up relative to last couple of months.

大家好，早安。我想問您一個有關零售業的問題。看到零售流量對你們和整個行業來說都表現良好，這非常令人鼓舞，這絕對可能與人們過去對零售和波動性的看法有點相反。我以為你們說零售業發展良好。我希望您能更詳細地描述一下四月份相對於過去幾個月的情況。

And bigger picture question, just around strategy, we've seen a number of the large alternative managers now a partner and have a JV with very sizable traditional firms. Curious how you guys are thinking about that? And how big of a part of the strategy on a go-forward basis you think that needs to be in order to succeed in this channel?

更大的問題是，就策略而言，我們已經看到許多大型另類投資管理公司現在與規模龐大的傳統公司建立了合作夥伴和合資企業。好奇你們是怎麼想的？您認為，為了在該通路取得成功，未來策略需要多大一部分？

Thanks, Alex. I'll take the first part. And then on the partnerships, I'll hand that over to Marc. We're tracking well against prior months. So what that means is we're about 20% down from where we saw flows last month. Last month, if you recall, was kind of what I would call regular way months. We didn't have -- we have some distributors now that will do quarterly closes, and we see that in March. And so April was a very clean month from a run rate perspective, and we're seeing that about 20% down for the May 1 close.

謝謝，亞歷克斯。我將選擇第一部分。然後關於合作關係，我將把它交給馬克。與前幾個月相比，我們的業績表現良好。這意味著我們的流量比上個月下降了約 20%。如果您還記得的話，上個月可以說是我所說的正常月份。我們沒有——我們現在有一些分銷商將進行季度結帳，我們在三月看到了這一點。因此，從運行率的角度來看，四月是一個非常乾淨的月份，我們看到 5 月 1 日收盤時下降了約 20%。

So we feel very good about that. You certainly couldn't imagine a scenario where it's down much more meaningfully than that. But again, because we've got -- our products are really performing extraordinarily well in these markets, and they're very NAV stable type products, income-oriented products. So we feel good about where we are today, and we'll see how that continues.

因此我們對此感到非常高興。你肯定無法想像這更有意義的下降情景。但同樣，因為我們的產品在這些市場上確實表現得非常出色，而且它們是淨值非常穩定的產品，是收入導向的產品。因此，我們對目前的狀況感到滿意，我們將拭​​目以待這種狀況將如何持續下去。

Yeah. With regard to partnerships between traditional asset managers and alts firms. Look, we're very, very happy to see these seedlings being planted. At the moment, they're seedlings, they're ideas, mostly announcements. If you look in terms of kind of what is it really at the moment, they're mostly -- they're actually really not all that new. They're kind of liquid loan products with a little bit of private sprinkled in to try to create some incremental return.

是的。關於傳統資產管理公司和另類投資公司之間的合作關係。你看，看到這些幼苗被栽種，我們非常非常高興。目前，它們還只是幼苗、想法，大部分都只是公告。如果你看一下目前的情況，你會發現它們大多——實際上並不是那麼新。它們是一種流動性貸款產品，其中添加了少量私人成分，旨在創造一些增量回報。

I don't say that to diminish it, but it's not a very earth shattering development yet. People have not really cracked any meaningful codes. We're absolutely working on some meaningful partnerships. We prefer to have something that really has kind of a tangible output and really is more about delivering true private solutions into these broader channels. These liquid solutions are fine with a smattering of private, that's not ultimately a high-margin business, and it's not really particularly new.

我這樣說並不是要貶低它，但它還不是一個非常驚天動地的發展。人們實際上還沒有破解任何有意義的密碼。我們確實正在努力建立一些有意義的合作關係。我們更希望擁有真正具有實際產出的東西，並且更注重透過更廣泛的管道提供真正的私人解決方案。這些流動性解決方案對於少量私人來說還不錯，但這最終不是一個高利潤的業務，而且它並不是特別新穎。

But we're very happy to see this kind of creative work that our peers are doing. And over the long term, why would expect these will be useful partnerships for our industry and give us additional access to a broader set of individual investors. And yes, you can certainly safely assume, we've been deeply engaged in those conversations. And over time, I expect we will have strategies of our own to discuss with you all.

但我們很高興看到我們的同行正在做這種創造性的工作。從長遠來看，為什麼我們會期望這些會成為我們行業有用的合作夥伴關係，並讓我們接觸到更廣泛的個人投資者。是的，您可以放心地認為，我們已經深入參與了這些對話。隨著時間的推移，我希望我們會有自己的策略與大家討論。

Very well, thank you.

很好，謝謝。

Patrick Davitt, Autonomous Research.

戴維特（Patrick Davitt），自主研究。

Hey, good morning, guys.

嘿，大家早安。

Good morning, Patrick.

早上好，派崔克。

Quick follow-up on that last answer. To be clear, you mean May 1 was 20% lower than April 1?

快速跟進最後一個答案。說得更清楚些，你的意思是 5 月 1 日比 4 月 1 日低 20%？

That's our current expectation. Yeah.

這是我們目前的期望。是的。

Yeah, okay, cool. And then my higher-level question was you mentioned the non-US sleeves coming online and adding $250 million to the baseline in March. Is that $250 million of baseline we should expect each quarter? And then could you update us on the pipeline of other non-US sleeves like that coming online and layering on through the rest of the year? Thank you.

是的，好的，很酷。然後我的更高層次的問題是，您提到了非美國資金上線並在 3 月份為基線增加了 2.5 億美元。我們每季的預期基準金額是 2.5 億美元嗎？然後，您能否向我們介紹一下今年剩餘時間內即將上線並推出的其他非美國同類產品的銷售情況？謝謝。

Sure. I'll take that, Patrick. So look, we continue to -- we're really excited about this. We continue to broaden the existing relationships we have, both domestically and globally. We continue to try to think about unique and differentiated ways to grow our wealth distribution platform.

當然。我接受，派崔克。所以你看，我們繼續——我們對此感到非常興奮。我們將持續拓展現有的國內和全球關係。我們不斷嘗試思考獨特且差異化的方式來發展我們的財富分配平台。

And this is exactly one of those areas where we can create local feeders for local geographies. They can come into usually on a monthly basis, sometimes on a quarterly basis. It's up to the local distributor to decide whether they turn it on, on any given quarter, but we're optimistic that we can continue to see whether it's the one we have in place, some new ones that we come online over time. But we're excited about what we're doing here, and we think that it will continue to grow.

這正是我們可以為當地地理區域創建本地饋線的領域之一。他們通常按月、有時按季度來。是否在特定季度啟用該功能取決於當地分銷商，但我們樂觀地認為，我們可以繼續觀察它是否是我們現有的功能，以及隨著時間的推移是否會推出一些新的功能。但我們對我們在這裡所做的事情感到非常興奮，我們相信它會繼續發展。

And these are -- and so some of them like the ones you saw with March, these are recurring quarterly close partnerships. So yes, which is to say, yes, you'll continue to see a final month of each quarter will have a boost in it that comes from the quarterly closure. So as we add the international distribution in this case, that brings a quarterly rhythm as opposed to a monthly rhythm.

這些是 — — 因此其中一些就像您在三月看到的一樣，這些都是定期的季度密切合作夥伴關係。所以是的，也就是說，是的，你會繼續看到每個季度的最後一個月都會因季度結束而受到提振。因此，當我們在這種情況下添加國際分銷時，這將帶來季度節奏而不是月度節奏。

Great, thanks.

太好了，謝謝。

Chris Kotowski, Oppenheimer.

奧本海默的克里斯·科托斯基。

Yeah, good morning. Thanks. Most of mine have been asked. But just looking at page 26 and the gap between the fee-related earnings and the distributable earnings was larger this quarter and it looks like it was primarily the tax rate. And I'm thinking there must be a seasonal component to that? And what should we expect kind of for a full year tax rate or expense?

是的，早安。謝謝。我的大部分問題都被問過了。但只看第 26 頁，本季費用相關收益和可分配收益之間的差距較大，看起來主要是稅率的問題。我認為這其中一定有季節性因素吧？那麼，我們對全年的稅率或費用應該有何預期？

Sure. Thanks, Chris. So we had our TRA payment in 1Q. We had our -- that's a normal cadence for us. We had our TRA payment in 1Q of 2024 as well. So what you're going to see consistently from us is we have a very low effective tax rate. I've given guidance for 2025 that, that will be -- we expect mid- to high single digits. And so what you're going to see is a meaningfully higher effective tax rate in 1Q, call it, 17 and change percent, and then it's going to come significantly down and that will be low to mid-single-digit percent effective tax rate for 2Q, 3Q and 4Q.

當然。謝謝，克里斯。所以我們在第一季收到了 TRA 付款。我們有——這對我們來說是正常的節奏。我們也在 2024 年第一季收到了 TRA 付款。因此，您將始終看到我們的有效稅率非常低。我已經給了 2025 年的預測，我們預計成長率將達到中高個位數。因此，您將看到第一季的有效稅率顯著提高，例如 17% 左右，然後大幅下降，第二季、第三季和第四季的有效稅率將處於低至個位數的中等水平。

Okay. And same pattern next year, I assume?

好的。我猜明年也是同樣的情況吧？

Yeah. Yeah. And we have disclosure in our K. When we file our K in February each year, we put what we estimate to be the TRA payments each year for the next number of years. So we try to put that information out there for everyone to see.

是的。是的。我們在 K 表中進行了揭露。每年 2 月我們提交 K 表時，都會將我們估計的未來幾年每年的 TRA 付款額列入其中。因此，我們嘗試將這些資訊發佈出來，讓每個人都能看到。

Okay. And then finally, did you give an indication of an expected timeline to the final close on the GP Stakes flagship fund?

好的。最後，您是否透露了 GP Stakes 旗艦基金最終關閉的預計時間表？

So we expect it will probably drift into early 2026 total. We'll see. Look, our GP stakes fund, I think you all know this, but let me say it out loud because I think reasons I'm not clear on, people have not modeled it this way, but we've said it this way. We expect it to be back-end loaded just like it was last time, just like it's been before. Look, we're off to a very strong start.

因此我們預計它可能會持續到 2026 年初。我們將拭目以待。看，我們的 GP 股份基金，我想你們都知道這一點，但讓我大聲說出來，因為我認為我不清楚的原因，人們沒有這樣建模，但我們是這樣說的。我們預計它會像上次一樣，像以前一樣在後端加載。瞧，我們的開局非常強勁。

It is true that people then often like to see some of the deal activity, some of the investment activity. We've actually now done the first investment in that product, making an investment in [Veritas] which is something we've got a long partnership with. So it's a great example, A, it's an A plus firm, great firm doing a great job. And B, it demonstrates the power again of incumbency and being the go-to partner.

確實，人們常常喜歡看到一些交易活動、一些投資活動。實際上，我們已經對該產品進行了首次投資，即對與我們有長期合作關係的 [Veritas] 進行投資。所以這是一個很好的例子，A​​，這是一家 A+ 公司，一家出色的公司，做著出色的工作。B，它再次證明了現任者和可靠合作夥伴的力量。

And so I -- we have a pretty nice active pipeline. So as those roll through, I expect that will continue to contribute to people accelerating or gaining traction on finishing up the funds. So -- but we should assume that it will probably go into early 2026 in terms of wrapping it up.

因此我——我們有一個非常好的活躍管道。因此，隨著這些措施的實施，我預計這將繼續促使人們加速或獲得完成資金的動力。所以——但我們應該假設它可能要到 2026 年初才能完成。

Okay. And then you don't recognize the catch-up fees upfront, but amortize them over the remaining life of the fund, right?

好的。然後，您不會預先確認補繳費用，而是在基金的剩餘期限內攤提它們，對嗎？

That's generally right, Chris.

總體來說是正確的，克里斯。

Okay, alrighty. Thanks, that's it for me.

好的，好的。謝謝，對我來說就這樣了。

Thank you.

謝謝。

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

Thanks. Good morning, Alan, in the past, I believe you've talked about 2025 FRE margins in the 57% to 58% range. Margins were a little softer in the first quarter. So can you talk to your expectations and what type of cadence you'd expect for margins throughout the year and if that 57% to 58% level still stands?

謝謝。早安，艾倫，過去，我相信你曾談論過 2025 年 FRE 利潤率在 57% 到 58% 的範圍內。第一季的利潤率略有下降。那麼，您能談談您的預期嗎？您預計全年利潤率將以什麼樣的節奏成長？ 57% 到 58% 的水平是否仍然保持？

Sure. Thanks for the question, Crispin. We do expect -- we continue to expect and we posted this quarter an FRE margin between 57% and 58%. And we still stick with that guidance. We still fully expect that we'll come in 57% to 58%.

當然。謝謝你的提問，克里斯平。我們確實預計——我們繼續預計，並且我們本季公佈的 FRE 利潤率將在 57% 至 58% 之間。我們仍然堅持這一指導方針。我們仍然完全預計我們的得分將達到 57% 至 58%。

Mike Brown, KBW.

麥克布朗，KBW。

Hi. This is Mike Brown from Wells Fargo. Thanks for taking my questions. Just a high-level question for me. I wanted to ask on the nontraded BDC market. So if the Fed cuts come through as the market expects, it seems like the -- for the industry, the dividends likely move lower. What are the potential offsets that could kind of mitigate that base rate pressure?

你好。我是富國銀行的麥克布朗。感謝您回答我的問題。對我來說這只是一個高層次的問題。我想詢問非交易 BDC 市場。因此，如果聯準會降息如市場預期的那樣，那麼對於該行業來說，股息可能會下降。有哪些潛在的抵銷措施可以緩解基準利率壓力？

And then in a scenario of lower dividend yield, do you think investor behavior shifts at all? Like do you think flows hold up? I guess, do they hold up because I guess you'd still have a high relative yield. So maybe if it's 8% or 9%, they can still flow well. Or just curious how you think about that versus the kind of 10%-plus yield that they run at today.

那麼，在股息殖利率較低的情況下，您認為投資人行為會改變嗎？您認為流量會持續嗎？我猜，它們會堅持下去嗎？因為我猜你還是會有較高的相對報酬率。所以也許如果是 8% 或 9%，它們仍然可以流動良好。或者只是好奇您如何看待這一點，以及他們目前實現的 10% 以上的收益率。

So let me -- I want to emphasize something just to make a point, and I'll get right into the details of your question. You said, well, if it turns out rates go lower, like now the market expects. I mean think about the volatility in that statement and expectations. That really is the heart of why our products are so great. And this particular product, the direct lending product for Blue Owl is so great.

所以讓我——我想強調一點，然後我會直接詳細地回答你的問題。您說，如果利率確實下降，就像現在市場預期的那樣。我的意思是考慮一下該聲明和預期的波動性。這確實是我們的產品如此出色的核心原因。這款特別的產品，即 Blue Owl 的直接貸款產品非常棒。

It's about downside protection, about inflation protection which, by the way, inflation numbers look higher, right, not lower yesterday. And about interest rate flow through. So what happens in a lower rate environment? Well, sure. Yeah, the base rate goes lower. But of course, what we're really delivering is incremental return.

這是關於下行保護，關於通貨膨脹保護，順便說一句，昨天的通貨膨脹數字看起來更高，對吧，而不是更低。以及有關利率流動的情況。那麼在低利率環境下會發生什麼事？嗯，當然。是的，基準利率降低了。但當然，我們真正實現的是增量回報。

And in fact, in the environment you're describing and probably the environment we're in right now, a choppier public market, as we just talked about, more value on predictable capital, I would expect spreads come up. So actually, all things equal, the net of that hard, of course, to say, but you probably actually take incremental spread at a lower rate than a higher rate with lower spread because that's actually incremental value add from the manager.

事實上，在您所描述的環境以及我們現在所處的環境中，正如我們剛才談到的，公開市場波動更大，可預測資本的價值更高，我預計利差會上升。因此，實際上，在所有條件相同的情況下，扣除這些條件後的結果當然很難說，但實際上，你可能會以較低的利率獲得增量利差，而不是以較低的利差獲得較高的利率，因為這實際上是來自管理者的增量價值增加。

But fund flows, and we've been in that environment. Remember, we operated in a 0% rate environment. Fund flows have been extremely strong through multiple years, low rates, high rates. So no, we don't think that does anything meaningful for flows because really, we're going to deliver in that case and even incrementally sort of better return than the risk-free rate, so to speak.

但資金流動，我們一直處於那種環境。請記住，我們是在 0% 利率的環境中運作的。多年來，無論是低利率或高利率，資金流動一直非常強勁。所以，我們不認為這對資金流動有任何意義，因為實際上，在這種情況下，我們甚至會逐步獲得比無風險利率更好的回報。

So I think we feel very good about that kind of environment for our products. And in fact, probably the last thing I'd say, if we want to deduce that lower rates must correlate with some kind of slowing economy or fear about the economy, then people should move the fact that they should move into this product even more because that's where most importantly of all, our products are about principal predictability and stability and preservation, and that's exactly when people and their FAs, they want to pay even more attention to that question.

所以我認為我們對我們產品的這種環境感到非常滿意。事實上，我最後想說的是，如果我們想推斷出較低的利率必然與某種經濟放緩或對經濟的擔憂有關，那麼人們就應該更多地關注這個產品，因為最重要的是，我們的產品關乎本金的可預測性、穩定性和保值性，而這正是人們和他們的財務顧問想要更加關注這個問題的時候。

And let's just flash back a couple of years. We built our business on the credit side in zero rate environments with super tight spreads. And so that comment Marc made on a relative basis is really important.

讓我們回顧一下幾年前的情況。我們在零利率環境下以極低的利差建立了信貸業務。因此，馬克相對而言所作的評論確實很重要。

And I'm sure folks would kind of like the lack of volatility in the nontraded product as well, right?

而且我相信大家也會喜歡非交易產品的低波動性，對吧？

Without a doubt.

無疑。

Absolutely. Listen, people that are in our product today or get in there, get in monthly payments, right? And right now, we're typically doing what, 10%, 11% yields. I mean, it works, which is why it's working, compelling.

絕對地。聽著，今天使用我們產品的人或進入我們產品的人都可以按月付款，對嗎？目前，我們的收益率通常為 10% 或 11%。我的意思是，它有效，這就是它有效、引人注目的原因。

Thank you, Mike.

謝謝你，麥克。

Thank you for taking my questions.

感謝您回答我的問題。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Hey, good morning. Thanks for taking the question. Just wondering if you could talk a little bit about your near-term expectations for deployment thoughts on the pipeline? How should we think about gross versus net? And curious if you could provide any color on any changes you're seeing in terms of loan documentation, LP protections, portability, PIK utilization?

嘿，早安。感謝您回答這個問題。只是想知道您是否可以談談您對管道部署想法的近期預期？我們該如何看待總額與淨額？您是否好奇，能否提供一些有關貸款文件、LP 保護、可移植性、PIK 利用率方面的變化的詳細資訊？

It seemed like last year when things got more competitive, we were seeing at least more headlines about things like PIK utilization. So what sort of trends are you seeing with borrowers? And how is the pipeline kind of shaking up on a gross to net basis? Thank you.

似乎去年當競爭變得更加激烈時，我們至少看到了更多關於 PIK 使用率等消息的頭條新聞。那麼您看到借款人有什麼樣的趨勢呢？那麼管道總量和淨值有何變化？謝謝。

Sure. I think maybe -- let me hit deployment in -- we already talked about what was happening with GP stakes. So let me hit deployment in credit and real assets. I appreciate the questions you raised were more particular to private credit. So there's two intersecting lines or two moving pieces, and I can't tell you the net of it in the short term, I think I can give you a pretty good read in the medium term.

當然。我想也許——讓我來談談部署——我們已經討論過 GP 股份的情況了。因此，讓我來談談信貸和實物資產的部署。我很欣賞您提出的問題更具體涉及私人信貸。因此，有兩條相交的線或兩個移動的部分，我無法在短期內告訴你它的淨值，但我認為我可以在中期內給你一個很好的解讀。

In the short term, the negative is just lower M&A. That's obvious to all of us, right? There's just less M&A in the world right now, given the uncertainties. The other side is market share, right? Market share comes to us during these kind of environments.

短期來看，負面因素只是併購減少。這對我們所有人來說都是顯而易見的，對吧？由於存在不確定性，目前全球的併購活動減少。另一邊是市場份額，對嗎？在這樣的環境下，我們獲得了市場份額。

In fact, there really is no meaningful syndicated market, someone could sign up for it, but I don't know what they think they might get. So at the end of the day, those two are going to be moving in opposite directions. The net of it all is a little hard to say, but they are offsetting.

事實上，確實不存在任何有意義的聯合市場，有人可以報名參加，但我不知道他們認為他們會得到什麼。所以到最後，這兩者將朝著相反的方向發展。所有這些的淨值有點難以說清，但它們是相互抵消的。

Over the medium term, here is the structural reality. We're going to have more people come to our market, more people see that it's worth using. And then the PE firms are going to eventually spend that capital. And we, like everybody else, thought first quarter might have been that unlock, obviously, that didn't happen. But those trillions of dollars in dry powder and PE hands are going to work eventually.

從中期來看，這就是結構性現實。我們將吸引更多的人來到我們的市場，讓更多的人看到它的價值。然後私募股權公司最終會花掉這些資本。我們和其他人一樣，認為第一季可能已經解鎖了這個局面，但顯然，這並沒有發生。但這些數萬億美元的資金和 PE 最終都會發揮作用。

So we pick up our market share, which I expect we will through this volatile time, and then those dollars go to work, that's a net benefit for us in terms of putting capital to work. So yes, short term, let's all acknowledge the uncertainty of what's the offset between market share versus just M&A activity. And we'll monitor that, of course, closely. It doesn't really matter to our business model. At the end of the day, we can pay these fixed fees. It's just -- in fact, our net originations were higher this quarter than last.

因此，我們提高了市場份額，我預計我們將度過這個動盪時期，然後這些資金開始發揮作用，這對我們投入資本而言是一項淨收益。所以是的，短期內，我們都承認市場佔有率與併購活動之間的抵銷存在不確定性。當然，我們會密切關注此事。這對我們的商業模式來說並不重要。最終，我們可以支付這些固定費用。事實上，本季我們的淨發起額高於上一季。

So there's a lot of variables, none of which matter much to the performance of our Blue Owl business. But to answer your question on the specifics of the market, we have offsetting variables TBD, what that exactly means.

因此存在許多變量，但這些變數對我們的 Blue Owl 業務的表現都沒有太大影響。但要回答您關於市場具體情況的問題，我們有待確定的抵消變量，這到底意味著什麼。

In terms of -- and also on the dimensions you described, let me spend just a minute on. Look, the attributes of the loans continue to be really -- this is the thing we've been trying to emphasize and always will matter to us most. Quality of borrower is paramount, and our quality has continued to be extremely high. You mentioned a series of different attributes of loans. And as you point out, there's a long list of different things that go into a bespoke solution each time.

就您所描述的方面而言，請允許我花一點時間。你看，貸款的屬性仍然是——這是我們一直試圖強調的事情，對我們來說永遠是最重要的。借款人的品質至關重要，而我們的品質一直非常高。您提到了貸款的一系列不同屬性。正如您所指出的，每次客製化解決方案都會涉及很多不同的事情。

But let me observe this. Our overall loan book continues to perform great. Our nonaccruals, in fact, the number of companies on nonaccrual went down this last quarter, not up. And so we continue to sit in a really healthy place and the new credits we're doing, we very much like.

但請容許我觀察一下這一點。我們的整體貸款表現持續良好。我們的不計提，事實上，上個季度不提列的公司數量是下降了，而不是上升了。因此，我們繼續處於一個非常健康的狀態，我們非常喜歡我們正在做的新工作。

And last thing I want to emphasize is something about PIK because it does tend to come up in the financial world, but also in the press. There's two kinds of PIK, we've said this before. There's the PIK by design because it's an extremely durable low LTV cap structure with a huge equity check and a really great business and it's about giving the company by design, ability to invest in its own growth, i.e., software companies. And then there's PIK not by design. And you have to, you have to draw the distinction.

最後我想強調的是關於 PIK 的一些事情，因為它不僅經常出現在金融界，也經常出現在媒體上。PIK 有兩種，我們之前說過。設計 PIK 是因為它是一個極其持久的低 LTV 上限結構，具有巨大的股權支票和真正偉大的業務，並且它旨在讓公司有能力投資於自身的成長，即軟體公司。然後還有 PIK，這不是設計出來的。你必須，你必須區分這一點。

And let me say with great and equal clarity, PIK by design is actually, from our point of view, usually an extremely good side. We do that in our strongest credits. Those tend to be our lowest loan-to-value and biggest businesses. So PIK by design in our software product is a good thing. That means we and the sponsor see that as a particularly strong credit with particularly big opportunities ahead of it.

讓我非常清楚地說，從我們的角度來看，PIK 的設計實際上通常是一個非常好的方面。我們以最強大的信譽做到了這一點。這些往往是我們貸款價值比最低、規模最大的業務。因此，在我們的軟體產品中設計 PIK 是一件好事。這意味著我們和發起人認為這是一項特別強勁的信貸，未來將有特別大的機會。

PIK because you have to go from cash pay to PIK is a bad thing. There's no other way to describe that. That's not a healthy development. So watch people's portfolios, watch migration from non-PIK to PIK, not helpful. We have some of those. We always will. That's part of the 400 companies, and we equally hold ourselves to that standard. But don't use the blunt instrument of PIK as a shareable portfolio, that's meaningless. And point in fact, PIK as a share of a portfolio is higher in our software business.

PIK 因為你必須從現金支付轉向 PIK 是一件壞事。沒有其他方式可以描述這一點。這不是一個健康的發展。因此，觀察人們的投資組合，觀察從非實體投資到實體投資的遷移，這沒有幫助。我們有一些。我們永遠都會。這是 400 家公司的一部分，我們同樣嚴格遵守這項標準。但不要將 PIK 這種鈍器用作可共享的投資組合，這是沒有意義的。事實上，在我們的軟體業務中，PIK 佔投資組合的比例較高。

And say this the right way, isn't everyone who's invested in software credits today, we've been saying this for years, thrilled that that's where they are. Take a look at what's happening. Supply chain, don't have one. Exposure to China, don't have any. I mean think about the things that are now a risk for most companies in the world, not a risk for our software businesses.

正確地說，今天投資軟體信用的人不是每個人都如此嗎？我們已經說了好幾年了，很高興他們現在處於這個位置。看看發生了什麼事。供應鏈，沒有。接觸過中國，沒有任何。我的意思是，想想現在對世界上大多數公司來說都是一種風險，但對我們的軟體業務來說卻不是一種風險。

So we're sitting here with -- our tech portfolio is exactly where you want to be. And yet, it does have a higher percentage PIK by design. So sorry to go deep on that, but I think it's quite important to unpack these variables and avoid sort of the blunt instrument usage.

所以我們坐在這裡——我們的技術組合正是您想要的。然而，從設計上來說，它的 PIK 百分比確實更高。很抱歉深入探討這個問題，但我認為解開這些變數並避免使用生硬的工具非常重要。

Last thing, let me talk about is real estate on deployment. Deployment is excellent in real assets, both in real estate and in IPI. These markets are really the best we've seen, and we are seeing very strong deployment. So let me give you an example. Real Estate Fund 6 is now 41% called and 90% committed.

最後，讓我談談部署中的房地產。房地產和 IPI 等實體資產的部署非常出色。這些市場確實是我們所見過的最好的市場，而且我們看到了非常強勁的部署。讓我給你舉個例子。房地產基金 6 目前已募集 41%，承諾 90%。

That fund is basically wrapped up and objective statistics, it's the best set of statistics in a fund we've ever had in real estate. Right now, we -- that fund has an average of a 7.8 cap rate, 17-year average lease duration with 2.7% average built-in rent growth. Think about those attributes for a minute. Those are the best objective statistics we've had in the history of our triple net lease real estate funds.

該基金基本上是封閉的、客觀的統計數據，這是我們在房地產基金中擁有的最好的一組統計數據。目前，該基金的平均資本化率為 7.8，平均租賃期限為 17 年，平均內建租金成長率為 2.7%。想一想這些屬性。這是我們三重淨租賃房地產基金歷史上最好的客觀統計數據。

So in IT, we've clearly talked about, I mean, that product, the demand so far exceeds the supply of combination of capital and skills. We are one of the very few people that have both. It's a very complicated business to build. Once you build it, could be a better asset to own. It's these types of attributes, except in that case, in every instance, you talk about companies with $1 trillion market caps and very, very strong investment-grade rates, the case in Microsoft are rating better than the US governments.

因此，在 IT 領域，我們已經明確討論過，我的意思是，該產品的需求遠遠超過了資本和技能組合的供應。我們是極少數同時擁有這兩種特質的人之一。這是一項非常複雜的業務。一旦建成，它就可能成為更值得擁有的資產。就是這些類型的屬性，除了那種情況，在每種情況下，你談論的是市值 1 兆美元、投資等級利率非常高的公司，微軟的評級都比美國政府好。

All right, thank you for the color Marc.

好的，謝謝你的顏色，馬克。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

Hi, good morning. The question (inaudible)

嗨，早安。問題（聽不清楚）

Ken, You're pretty muffled.

肯，你的聲音太悶了。

Sorry. Let me try anyway. And if I can, I'll requeue. Blue Owl has been building and diversifying its business, wealth real estate, insurance and others. The expansion has been largely domestically focused.

對不起。無論如何讓我嘗試一下。如果可以的話，我會重新排隊。Blue Owl 一直在建立和多元化其業務，包括財富房地產、保險等。此次擴張主要集中在國內。

Since changes in the value of the dollar and the treasury suggest increased interest outside the US, what are your thoughts about global expansion of the franchise? And I know you have a lot in your plate, but does it make sense to expand outside the US? And is this something in your line of vision?

由於美元和國庫券價值的變化表明美國以外的興趣增加，您對特許經營的全球擴張有何看法？我知道您有很多事情要做，但是向美國以外擴張是否有意義？這是您視線範圍內的東西嗎？

Well, let's take that in a couple of ways. So look, very important that we raised capital from all over the world. And in fact, that's an accelerated opportunity for us. So I mentioned before, the Middle East has been a tremendously growing market from our point of view. So that's been -- so our global footprint for capital is large.

好吧，讓我們從幾個方面來探討這個問題。所以，從世界各地籌集資金非常重要。事實上，這對我們來說是一個加速的機會。我之前提到過，從我們的角度來看，中東是一個成長迅速的市場。所以這就是──我們的全球資本足跡很大。

Our global footprint for deployment in select areas is strong. We, in fact, we just announced our first triple net lease real estate Europe deal for our triple net lease Europe product, which again, a brand-new product to our array and one that we think is going to be very successful.

我們在特定領域的全球部署影響力十分強大。事實上，我們剛剛宣布了針對我們的三重淨租賃歐洲產品的首個三重淨租賃歐洲房地產交易，這又是我們產品系列中的全新產品，我們認為它將會非常成功。

IPI operates globally because IPI is working with global enterprises, and they have data centers all over the world, and we work with them all over the world to do it. The key here is really risk and return. We love the fact that 90%, and it is 90% of our firm's capital is deployed in the US because we're in the downside protection business. We can have a wide range of opinions about current policies and trajectories in the US and the global economy.

IPI 在全球範圍內運營，因為 IPI 與全球企業合作，他們在世界各地設有資料中心，我們與世界各地的企業合作進行這項工作。這裡的關鍵實際上是風險和回報。我們很高興看到我們公司 90% 的資本都部署在美國，因為我們從事的是下行保護業務。我們可以對美國和全球經濟的當前政策和發展軌跡有廣泛的看法。

But in terms of safety and security and where you put your money, you'd much rather be inside fortress USA and then outside fortress USA. Everyone, for reasons we understand, are very anxious about what's happening in Asia and the dynamics between China and the US, 1% of our capital is in APAC.

但從安全保障和資金存放地點來看，您寧願待在美國堡壘內，也不願待在美國堡壘外。出於我們理解的原因，每個人都對亞洲正在發生的事情以及中美之間的動態感到非常焦慮，我們 1% 的資本都在亞太地區。

I appreciate that has maybe been an exciting story for some people over time. It also seems so exciting right now. We're not about excitement. We're about delivering really steady results. So we'll follow the right kind of users of our capital wherever they wish to be as we have.

我很感激，隨著時間的推移，這對某些人來說可能是一個令人興奮的故事。現在看來這也太令人興奮了。我們並不追求刺激。我們致力於提供真正穩定的成果。因此，我們將像我們一樣，跟隨資本的正確使用者，去他們希望去的地方。

We'll raise capital around the world. And where there are markets that are stable and attractive and we can earn incremental return without taking incremental risk or more than proportionate incremental risk, absolutely. But we have no grand ambition to just go around the world to go around the world. I think sitting here today, you can see why going around the world, just to go around the world may all now introduce a tremendous amount of risk that frankly Blue Owl doesn't have.

我們將在世界各地籌集資金。在穩定且具吸引力的市場中，我們絕對可以在不承擔增量風險或超過比例增量風險的情況下獲得增量回報。但我們沒有環遊世界的宏偉抱負。我想，今天坐在這裡，你們就能明白為什麼環遊世界，光是環遊世界現在都可能帶來巨大的風險，而坦白說，藍色貓頭鷹卻沒有這種風險。

And everyone, that is all the time we have for questions today. I'd like to hand things back to Mr. Marc Lipschultz for any additional or closing remarks.

各位，今天我們的提問時間就到這裡了。我想將發言權交還給馬克·利普舒爾茨先生，請他發表任何補充或結束語。

Thanks, everybody, for the time. We know how busy it is. It is a volatile time. That's like almost silly statement, the new certainty is uncertainty. I think that's true. I mean, so as we march through, I guess, the last two things I want to come back to are this.

謝謝大家抽出時間。我們知道這有多忙。這是一個動盪的時期。這幾乎是愚蠢的說法，新的確定性就是不確定性。我認為這是真的。我的意思是，當我們繼續前進時，我想，我想回顧的最後兩件事是這個。

There's two things about Blue Owl you should remember in this environment. Our products are built to thrive in times of uncertainty. That's when our investors truly benefit from the durable, predictable strategy to below that puts us in a better position to win. Second, Blue Owl is a firm, the Owl stock, which we're here talking about was built to be predictable and durable through, again, times of volatility and uncertainty, and you saw it again.

在這種環境下，您應該記住有關 Blue Owl 的兩件事。我們的產品旨在在充滿不確定性的時期蓬勃發展。那時，我們的投資者才能真正受益於持久、可預測的策略，這將使我們處於更有利的獲勝位置。其次，Blue Owl 是一家公司，我們在此談論的 Owl 股票的建立是為了在動盪和不確定的時期保持可預測性和持久性，您再次看到了這一點。

We had a great quarter. Our quarter and our march toward our strategic goals is, as you can see, we continue to pace along. We do not have carry. We don't have all the volatility other people have, and that's a purpose-built model. And I think, and this is where my hope, it's already coming through, while Blue Owl is just fundamentally a different business model in the world of alts. And candidly, we're quite excited about where we are and where we're going. So anyway, thank you all very much for the time today.

我們度過了一個美好的季度。如您所見，我們的季度以及我們朝著策略目標邁進的步伐正在繼續。我們沒有攜帶。我們沒有其他人所擁有的所有波動性，這是一個專門建造的模型。我認為，這也是我的希望，它已經實現了，而 Blue Owl 從根本上來說只是山寨幣世界中一種不同的商業模式。坦白說，我們對於目前的狀況和未來的發展方向感到非常興奮。無論如何，非常感謝大家今天抽出時間。

Once again, ladies and gentlemen, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

女士們、先生們，今天的會議又結束了。我們感謝大家今天的參與。您現在可以斷開連線。