Blue Owl Capital Inc (OWL) 2025 Q2 法說會逐字稿

Good morning, and welcome to Blue Owl Capital's second-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 年第二季財報電話會議。（操作員指令）。我想告知各方，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席執行長馬克‧利普舒爾茨 (Marc Lipschultz) 和我們的財務長艾倫‧基爾申鮑姆 (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，並且涉及公司無法控制的一系列風險和不確定性。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 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.

我們也想提醒各位，本次電話會議中我們將引用非公認會計準則 (non-GAAP) 指標，這些指標已根據我們網站 blueowl.com 股東專區提供的收益報告中的公認會計準則 (GAAP) 數據進行了調整。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 基金權益的要約邀請。

This morning, we issued our financial results for the second quarter of 2025 reporting fee-related earnings, or FRE, of $0.23 per share and distributable earnings, or DE, of $0.21 per share. We declared a dividend of $0.225 per share for the second quarter payable on August 28 to holders of record as of August 14.

今天上午，我們發布了 2025 年第二季的財務業績，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。我們宣布第二季每股 0.225 美元的股息，將於 8 月 28 日支付給 8 月 14 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. The results we reported for the second quarter of 2025 reflect a continued expansion of the breadth and depth of Blue Owl's business and highlights the increasingly essential role the firm plays within a modern capital markets landscape. We raised $14 billion of new capital during the quarter, bringing us to a record capital raise of $55 billion over the last 12 months or 28% of our assets under management a year ago. And these numbers do not yet reflect any meaningful contributions from our acquisitions this past year where we are anticipating significant synergies over the next couple of years.

偉大的。非常感謝，安。我們報告的 2025 年第二季業績反映了 Blue Owl 業務廣度和深度的持續擴展，並凸顯了該公司在現代資本市場格局中發揮的日益重要的作用。我們在本季籌集了 140 億美元的新資本，使我們在過去 12 個月內籌集的資本達到創紀錄的 550 億美元，佔去年同期管理資產的 28%。這些數字尚未反映出我們去年的收購所帶來的任何有意義的貢獻，我們預計未來幾年將產生顯著的綜效。

We have grown our FRE revenues by 29%, FRE by 23% and DE by 20% year over year on a last 12 months basis, continuing the steady march up and to the right, supported by our substantial permanent capital base. This momentum has been driven by the continued strength we see across fundraising and deployment reflecting two critical concepts.

在過去 12 個月中，我們的 FRE 收入同比增長了 29%，FRE 收入同比增長了 23%，DE 收入同比增長了 20%，在我們雄厚的永久資本基礎的支持下，繼續穩步向上和向右發展。這一勢頭是由我們在籌款和部署方面看到的持續強勁表現所推動的，反映了兩個關鍵概念。

First, for investors, we are leveraging the benefits of Blue Owl's scale and incumbency in respective markets to drive differentiated results, and we are creating product structures to serve varying investor needs across the risk return spectrum.

首先，對於投資者而言，我們正在利用 Blue Owl 在各自市場的規模和地位優勢來推動差異化業績，並且我們正在創建產品結構來滿足不同風險回報範圍內的投資者需求。

And second, we have placed ourselves in a position to offer the bespoke and scaled solutions that are increasingly in demand for users of our capital, and we have even more of those solutions on offer today as a result of the strategic actions taken last year.

其次，我們已做好準備，為資本使用者提供日益增長的客製化和規模化解決方案，而由於去年採取的策略行動，我們今天能夠提供更多的此類解決方案。

I want to spend a moment on some of the early wins from strategic investments we have made organically and through acquisition over the past year, which we've summarized on slide 4. Starting with alternative credit. We closed a private offering of $850 million for our new interval fund stemming from a diversified and global set of investors.

我想花點時間介紹一下我們在過去一年中透過內部和收購進行的策略性投資所取得的一些早期勝利，我們已在幻燈片 4 中對此進行了總結。從替代信貸開始。我們完成了 8.5 億美元的新區間基金私募，投資者來自多元化的全球市場。

We are pleased with this remarkable fundraising, which reflects both the strength of our global private wealth platform and investor confidence in our approach to credit solutions. It's been an incredible start for this product and even more impressive considering the market disruption we saw during April.

我們對此次非凡的融資感到非常高興，這不僅反映了我們全球私人財富平台的實力，也反映了投資者對我們的信貸解決方案的信心。對於這款產品來說，這是一個令人難以置信的開端，考慮到我們在四月看到的市場混亂，這更令人印象深刻。

In our view, alternative credit is a highly complementary addition to fixed income portfolios given its diversified collateral, modest correlation to other credit asset classes and attractive risk return anchored by current income.

我們認為，另類信貸是固定收益投資組合的高度補充，因為它具有多樣化的抵押品、與其他信貸資產類別的適度相關性以及由當前收入支撐的誘人風險回報。

These alternative credit capabilities further diversify our product suite, and we should benefit greatly from the incumbency and leading position we've built in the private wealth channel to date.

這些替代信貸能力進一步豐富了我們的產品組合，我們應該從迄今為止在私人財富管道中建立的在職和領先地位中受益匪淺。

For our digital infrastructure strategy, the first half of the year was active from a fundraising and deployment perspective, leading us to a final close of our third flagship fund in April at a $7 billion hard cap. Notably, the fund has already soft circled more than half of the capital raised for investments.

對於我們的數位基礎設施策略，從籌資和部署的角度來看，今年上半年非常活躍，使我們在 4 月以 70 億美元的硬上限最終關閉了我們的第三個旗艦基金。值得注意的是，該基金已將所籌集的一半以上的資金用於投資。

Looking ahead, we're working expeditiously towards the launch of a well-focused product in the foreseeable future, similar to the process we undertook with significant investor interest already observed.

展望未來，我們正在加緊努力，爭取在可預見的未來推出一款重點突出的產品，類似於我們已經觀察到的、引起大量投資者興趣的流程。

Our real estate credit strategy has been extremely active deploying over $3 billion year-to-date, including opportunistic deployment during the market dislocation that generated outsized spread. Both real estate and alternative credit have been extremely active for our insurance channel with these teams and others across Blue Owl driving roughly $2 billion deployed in the second quarter alone at a spread of more than 200 basis points above similarly rated public corporate bonds.

我們的房地產信貸策略一直非常活躍，今年迄今已部署超過 30 億美元，包括在市場混亂期間產生超大利差的投機性部署。房地產和另類信貸對我們的保險管道來說都非常活躍，這些團隊和 Blue Owl 的其他團隊僅在第二季度就部署了約 20 億美元，利差比類似評級的公共公司債券高出 200 多個基點。

And as it relates to organic new strategy development, we have now raised $3.5 billion of capital across strategies that did not even exist two years ago, including $1.7 billion for GP-led secondaries strategy. We believe the strong reception we've encountered for these new offerings reflects the partnership-driven solutions-based mentality that anchors everything we do at Blue Owl.

就有機新戰略發展而言，我們現在已經透過兩年前還不存在的策略籌集了 35 億美元的資金，其中包括 17 億美元的 GP 主導的二級戰略資金。我們相信，這些新產品受到熱烈歡迎，體現了以合作為導向、以解決方案為基礎的理念，這也是 Blue Owl 所做的一切的基礎。

Taken together, you can see a substantial amount of forward movement in the early days of these new initiatives, and we are just getting started. The combination of these initiatives and broad-based momentum across our more established businesses drove the robust capital raising we saw during the second quarter.

總的來說，您可以看到這些新措施在初期取得了顯著的進展，而我們才剛起步。這些舉措加上我們更成熟業務的廣泛發展勢頭推動了我們在第二季度看到的強勁融資。

Alan will walk through our flows in greater detail, but let me call out some notable items. We held the first close of the next vintage of our net lease flagship strategy ahead of schedule with $2.1 billion raised and another $1 billion of The total size of our 2020 vintage of this strategy was $2.5 billion in commitments and the entire net lease business was $12 billion of AUM when we announced that acquisition. We have more than tripled the size of this business in 3.5 years, a testament to the platform synergies generated through scale and access.

艾倫將更詳細地介紹我們的流程，但請允許我指出一些值得注意的項目。我們提前完成了淨租賃旗艦戰略下一階段的首次收尾工作，籌集了 21 億美元，另外還籌集了 10 億美元。當我們宣布收購時，該策略 2020 年度的總規模為 25 億美元的承諾資金，整個淨租賃業務的 AUM 為 120 億美元。我們在三年半的時間裡將這項業務的規模擴大了兩倍多，證明了透過規模和訪問產生的平台協同效應。

This acceleration has not gone unnoticed with the recent PERE article naming Blue Owl as the third largest real estate capital razor globally over the last five years, trailing only Blackstone and Brookfield. In aggregate, we raised $5.1 billion of equity in net lease during the second quarter and a record $5.8 billion across our real assets platform.

這種加速發展並沒有被忽視，最近的 PERE 文章將 Blue Owl 評為過去五年全球第三大房地產資本剃刀，僅次於黑石和布魯克菲爾德。總體而言，我們在第二季透過淨租賃籌集了 51 億美元的股權，並透過我們的實體資產平台籌集了創紀錄的 58 億美元。

Mirroring the expansion trend in real assets, we also raised $5.8 billion of equity across credit in the second quarter, a record quarter for credit. On a year over year last 12-month basis, equity raise and credit has increased by 55% and flows have been balanced quite evenly between the private wealth and institutional channels. Last 12-month capital raised from EMEA and APAC investors has increased to 23% from 14% two years ago, reflecting the ongoing globalization of our business, embedded in the platform investments we've made for the long-term growth.

與實體資產擴張趨勢相呼應，我們在第二季也透過信貸業務籌集了 58 億美元的股權，創下了信貸業務的紀錄。與去年同期相比，股權融資和信貸成長了 55%，私人財富和機構管道之間的資金流動相當均衡。過去 12 個月，從 EMEA 和 APAC 投資者籌集的資金從兩年前的 14% 增加到 23%，這反映了我們業務的持續全球化，並融入了我們為長期成長所做的平台投資。

And broadly, we saw resilience across our investor base despite fairly disruptive capital markets during the quarter, which speaks to the continued and secular demand for the strategies we offer and the strength of our private wealth channel.

總體而言，儘管本季資本市場相當混亂，但我們看到整個投資者群體都表現出韌性，這表明市場對我們提供的策略有著持續的長期需求，並且我們的私人財富管道實力雄厚。

Turning to business performance. In direct lending, we continue to find high-quality deployment opportunities despite a relatively lackluster M&A backdrop, speaking to the advantages of being a partner of choice due to our scale and incumbency. As a reminder, M&A is only one component driving deployment activity for us.

轉向業務績效。在直接貸款方面，儘管併購背景相對低迷，我們仍然繼續尋找高品質的部署機會，這說明我們憑藉規模和在職經驗成為首選合作夥伴的優勢。提醒一下，併購只是推動我們部署活動的一個因素。

We continue to see sponsors pursue bolt-on and organic investment opportunities for their portfolio of companies, driving add-on activity for Blue Owl. And in the case of continuation fund transactions, the breadth of our loan portfolio means that we're often the existing lender and therefore, a logical and frictionless partner for new financing.

我們繼續看到贊助商為其公司投資組合尋求附加和有機投資機會，從而推動 Blue Owl 的附加活動。在延續基金交易的情況下，我們貸款組合的廣度意味著我們通常是現有的貸方，因此也是新融資的合理且無摩擦的合作夥伴。

Gross origination in the quarter was roughly $10 billion, bringing gross origination over the last 12 months to nearly $47 billion and net to $13.5 billion. Credit quality and direct lending remains strong with average annual realized losses at 13 basis points. We are not seeing any meaningful changes in the underlying metrics. This has been a constant theme over the last few years.

本季的總發起額約為 100 億美元，使過去 12 個月的總發起額達到近 470 億美元，淨發起額達到 135 億美元。信貸品質和直接貸款依然強勁，年平均實現損失為 13 個基點。我們沒有看到底層指標有任何有意義的變化。這是過去幾年不變的主題。

In alternative credit, we continue to see positive network effects benefiting deployment with more partners looking to engage in repeat and larger financings with us. Recently, we renewed and upsized a forward flow agreement with Lending Club for up to $3.4 billion, yet another substantiation of the expanding role that private lenders are being asked to play in the alternative credit markets and across capital markets more broadly.

在替代信貸方面，我們繼續看到積極的網路效應有利於部署，越來越多的合作夥伴希望與我們進行重複和更大規模的融資。最近，我們與 Lending Club 續簽了遠期流動協議，並將其規模擴大至 34 億美元，這再次證明了私人貸款機構在替代信貸市場和更廣泛的資本市場中發揮的作用越來越大。

This marks our alternative credit funds third investment with Lending Club since 2023. Blue Owl also provided meaningful funding solutions to small business lenders. We recently upsized an existing transaction with a UK-based lender, Capital ONTAP that funds both US and UK small businesses.

這是我們的另類信貸基金自 2023 年以來第三次與 Lending Club 進行投資。Blue Owl 也為小型企業貸款機構提供了有意義的融資解決方案。我們最近擴大了與英國貸款機構 Capital ONTAP 的現有交易，該貸款機構為美國和英國的小型企業提供資金。

The alternative credit business continues to see strong demand for stable capital partners and benefited from the volatility in the public securitization markets during the second quarter.

另類信貸業務對穩定資本合作夥伴的需求持續強勁，並受益於第二季公共證券化市場的波動。

In real assets, we continue to see highly attractive deployment opportunities across net lease, digital infrastructure and real estate credit. As I mentioned earlier, our digital infrastructure flagship fund has already soft circled more than half the capital raised for investment despite its final close having just occurred.

在實體資產方面，我們繼續看到淨租賃、數位基礎設施和房地產信貸領域極具吸引力的部署機會。正如我之前提到的，我們的數位基礎設施旗艦基金雖然剛結束最終募集，但已經收回了超過一半的投資資金。

The tremendous capital needs in the data center space are creating an incredible moment in time where our investors can own mission-critical assets for tenants with an average credit rating of AA across 10-plus year durations and earn opportunistic returns for doing so.

資料中心領域的巨大資本需求正在創造一個令人難以置信的時刻，我們的投資者可以擁有租戶的關鍵任務資產，這些租戶的平均信用評級在 10 年以上，為 AA，並從中獲得機會性回報。

As we've said before, we truly believe this is the best risk reward setup we've seen in our careers and feel fortunate to have such a scaled and experienced team at Blue Owl with which to lean into this generational opportunity.

正如我們之前所說，我們堅信這是我們職業生涯中見過的最佳風險回報設置，並且很幸運在 Blue Owl 擁有如此規模龐大且經驗豐富的團隊，可以藉此抓住這一世代機會。

Across our digital infrastructure funds, we have leased capacity of 3.8 gigawatts or approximately 5% of the current capacity leased globally making us one of the leading players in this rapidly evolving technology landscape.

在我們的數位基礎設施基金中，我們租賃的容量為 3.8 千兆瓦，約佔全球目前租賃容量的 5%，這使我們成為這個快速發展的技術領域的領先參與者之一。

We expect to meaningfully participate in this evolution through our net lease strategy as well, which is financing the largest data center project in the United States. In aggregate, we believe there are very few firms that can provide the breadth of technical expertise and scale of capital we offer across Blue Owl to address the needs of hyperscalers today.

我們希望透過我們的淨租賃策略有意義地參與這一演變，該策略正在為美國最大的資料中心專案提供資金。總的來說，我們認為很少有公司能夠提供像 Blue Owl 一樣廣泛的技術專長和資本規模來滿足當今超大規模企業的需求。

And these strategies present a differentiated proposition, offering the ability to fund the leading edge of innovation, but to do so on products and structures that are designed to be income-oriented and downside protected.

這些策略提出了差異化的主張，提供了為前沿創新提供資金的能力，但這樣做是為了以收入為導向並保護下行風險的產品和結構。

Our GP stake strategy closed on a second investment during the second quarter and on another one subsequent to quarter end. In total, these investments bring us to nearly 30% invested on our target size. We've continued to invest in some of the premier names in the alternative industry, household names with decades of experience and long track records of success and we believe these firms are the ones that will continue to be beneficiaries of this consolidation trend we have discussed.

我們的 GP 股權策略在第二季完成了第二筆投資，並在季度末完成了另一筆投資。總體而言，這些投資使我們的投資規模達到目標規模的近 30%。我們持續投資於替代產業的一些頂級公司，這些公司都是家喻戶曉的品牌，擁有數十年的經驗和長期的成功記錄，我們相信這些公司將繼續成為我們所討論的整合趨勢的受益者。

Over the years, we've seen validation of our strategy through the outsized growth of the partner managers in our funds relative to the broader industry. We've also generated positive outcomes as it relates to liquidity with our GP Stakes flagship funds having distributed more than $2.9 billion over the past year in a market where return of capital has been scarce, situating our funds within the top quartile on this important metric.

多年來，我們的基金合夥人經理人相對於整個產業實現了超乎尋常的成長，這證明了我們策略的有效性。我們在流動性方面也取得了積極的成果，我們的 GP Stakes 旗艦基金在過去一年中在資本回報率稀缺的市場中分配了超過 29 億美元，使我們的基金位於這一重要指標的前四分之一。

There are two final items that I'd like to mention before Alan covers the financials for the quarter. And I think it's a testament to the very dynamic quarter we had across Blue Owl that we are only coming to these now.

在艾倫介紹本季的財務狀況之前，我最後想提兩件事。我認為這證明了 Blue Owl 的這個季度非常活躍，我們現在才談到這些。

First, I'd like to mention our recent announcement of a new strategic partnership with Voya focused on delivering private market strategies in vehicles tailored for defined contribution retirement plans. We've observed the growing demand for alternative investment solutions within retirement portfolios and see this as an important first step to broadening access, to supporting plan participants in their quest to build more resilient portfolios and optimize outcomes.

首先，我想提一下我們最近宣布與 Voya 建立新的策略合作夥伴關係，重點是為固定繳款退休計畫量身定制工具的私人市場策略。我們觀察到退休投資組合中對另類投資解決方案的需求不斷增長，並將此視為擴大准入、支持計劃參與者構建更具彈性的投資組合和優化結果的重要第一步。

We are very excited about the long-term potential for the new frontier in Private Wealth and see Voya as an ideal partner given their leadership and deep expertise in the retirement market.

我們對私人財富新領域的長期潛力感到非常興奮，並認為 Voya 是理想的合作夥伴，因為他們在退休市場擁有領導地位並擁有深厚的專業知識。

Our strategies have also been included in multiple model solutions, Morgan Stanley, Wells Fargo, Sotera, iCapital and Case, just to name a few. This success is evidence of the strong strategic positioning we have in improving access to Blue Owl products via the scale of our Evergreen Fund franchise, our strong distribution footprint and our industry-leading education.

我們的策略也被納入多個模型解決方案，其中包括摩根士丹利、富國銀行、Sotera、iCapital 和 Case。這項成功證明了我們在透過 Evergreen Fund 特許經營規模、強大的分銷網絡和行業領先的教育來改善 Blue Owl 產品獲取方面的強大戰略地位。

Finally, during the second quarter, we completed the listing of our technology-focused BDC, OTF, which is now the second largest publicly traded BDC by net assets and largest tech-focused BDC in the market. Over the past six months, our teams have worked relentlessly to merge the formerly private OTF and OTF 2 vehicles, evaluate efficient liquidity paths for all stakeholders and execute the listing seamlessly, all while navigating serious market turbulence. I want to acknowledge the efforts and collaboration we saw across the firm that culminated in this very successful endeavor.

最後，在第二季度，我們完成了以技術為重點的 BDC、OTF 的上市，它現在是按淨資產計算的第二大公開交易 BDC 和市場上最大的以技術為重點的 BDC。在過去的六個月中，我們的團隊不懈努力，合併以前的私人 OTF 和 OTF 2 工具，評估所有利益相關者的有效流動性路徑，並無縫執行上市，同時應對嚴重的市場動盪。我要感謝整個公司的努力和合作，最終使這項努力取得了巨大成功。

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

接下來，讓我請艾倫來討論一下我們的財務表現。

Thank you, Marc, and good morning, everyone. We are very pleased with the results we reported this quarter, marking our 17th consecutive quarter of management fee and FRE growth. Over the last 12 months, management fees increased by 32% and 87% were from permanent capital vehicles.

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 17 個季度實現成長。在過去的 12 個月中，管理費增加了 32%，其中 87% 來自永久資本工具。

FRE was up 23%, GE was up 20% and this was a record quarter of equity fundraising for us. We raised over $12 billion of equity in the second quarter and over $36 billion over the last 12 months, an increase of nearly 90% from the prior year.

FRE 上漲 23%，GE 上漲 20%，這是我們股權融資創紀錄的一個季度。我們在第二季籌集了超過 120 億美元的股權，在過去 12 個月中籌集了超過 360 億美元的股權，比前一年增長了近 90%。

Recognizing that fundraising is not linear, we also looked at the statistics on a multiyear basis. And as you can see on slide 6 of our earnings presentation, equity raised over the last two years is about 50% higher than equity raised over the prior two-year period. Each of our institutional and private wealth channels experienced record high quarters of equity raise with $7.6 billion across institutional, primarily driven by products in our net lease, direct lending, strategic equity and digital infrastructure strategies.

認識到籌款並不是線性的，我們也查看了多年的統計數據。正如您在我們的收益報告第 6 張幻燈片中看到的，過去兩年籌集的股權比前兩年籌集的股權高出約 50%。我們的各個機構和私人財富管道都經歷了創紀錄的股權融資季度，整個機構的股權融資總額達到 76 億美元，主要得益於我們的淨租賃、直接貸款、戰略股權和數位基礎設施策略中的產品。

And in private wealth, we raised $4.4 billion of equity during the quarter with substantial market volatility. To break down the second quarter fundraising numbers across our strategies and products: In credit, we raised $5.8 billion, a record quarter for our credit platform; $4.3 billion was raised in direct lending, of which over $2 billion came from our non-traded BDCs, OCIC and OTIC. The remainder was primarily raised across diversified lending, our GP-led secondary strategy, our newly launched interval fund, investment-grade credit and our first lien strategy.

在私人財富方面，我們在本季籌集了 44 億美元的股權，同時市場波動較大。細分我們各項策略和產品的第二季融資數字：在信貸方面，我們籌集了 58 億美元，這是我們信貸平台創紀錄的季度；直接貸款籌集了 43 億美元，其中超過 20 億美元來自我們的非交易 BDC、OCIC 和 OTIC。其餘資金主要透過多元化貸款、我們的 GP 主導的二級策略、我們新推出的間隔基金、投資級信貸和我們的第一留置權策略籌集。

In Real Assets, we also raised $5.8 billion, a record for our real assets platform as well. Over $900 million was raised from ORENT. And as Marc mentioned, we held a first close for the seventh vintage of our flagship net lease strategy, bringing in over $2 billion. The remainder was in additional net lease products, digital infrastructure, insurance-focused products and co-invest dollars.

在實體資產方面，我們也籌集了 58 億美元，這也創下了我們實體資產平台的紀錄。ORENT 籌集了超過 9 億美元。正如馬克所提到的，我們旗艦淨租賃策略的第七個階段已首次結束，收入超過 20 億美元。其餘的則是額外的淨租賃產品、數位基礎設施、保險重點產品和共同投資資金。

And in GP Strategic Capital, we raised $0.5 billion during the quarter, bringing the latest vintage to over $7.5 billion. As we said on last quarter's earnings call, we expect the fund raise here to come in at similar levels in 3Q and then to wrap up with our $13 billion total fundraise goal through mid-2026.

我們在本季透過 GP Strategic Capital 籌集了 5 億美元，最新一期的融資額已超過 75 億美元。正如我們在上個季度的收益電話會議上所說的那樣，我們預計這裡的籌資額將在第三季度達到類似的水平，然後在 2026 年中期實現 130 億美元的總籌資目標。

Turning to our platforms. In credit, our direct lending portfolio gross returns were 3% in the second quarter and 13.5% over the last 12 months. Weighted average LTVs remains in the high 30s across direct lending and in the low 30s specifically in our software lending portfolio.

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二季為 3%，在過去 12 個月為 13.5%。直接貸款的加權平均 LTV 仍保持在 30 多左右，而我們的軟體貸款組合的加權平均 LTV 則保持在 30 多左右。

On average, underlying revenue and EBITDA growth across our portfolios was in the high single digits to low double digits with no material increase in signs of stress, such as increased nonaccruals, stress amendments, conversion requests or watchlist names. And as Marc mentioned earlier, none of these metrics have changed meaningfully over the past several years.

平均而言，我們投資組合中的基礎收入和 EBITDA 成長率在高個位數到低兩位數之間，壓力跡象並未出現實質增加，例如未提列項目增加、壓力修正、轉換請求或關註名單名稱。正如馬克之前提到的，過去幾年這些指標都沒有重大變化。

Turning to alternative credit. Our portfolio of gross returns were 2% in the second quarter and 15.7% over the last 12 months. In Real Assets, our first close of the seventh vintage of our flagship net lease strategy occurred less than 15 months after the final close of Fund VI, demonstrating both a strong pipeline for investment and robust interest from investors.

轉向替代信貸。我們的投資組合第二季的總報酬率為 2%，過去 12 個月的總報酬率為 15.7%。在實體資產方面，我們的旗艦淨租賃策略第七次募集的首次募集在基金 VI 最終募集結束後不到 15 個月內完成，這既表明了強大的投資管道，也表明了投資者的濃厚興趣。

We expect that Fund VI will have nearly committed to all of its available capital for investment by year-end and has deployed roughly 40% through June 30, with much of the remainder are slated for deployment over the next 12 to 18 months, as various build-to-suit projects reach completion.

我們預計，到年底，基金 VI 將幾乎投入所有可用資本用於投資，截至 6 月 30 日已部署了約 40%，其餘大部分資金計劃在未來 12 至 18 個月內部署，因為各種定制項目將陸續完工。

And our net lease pipeline continues to grow with nearly $41 billion of transaction volumes under letter of intent or contract to close. During the second quarter, in net lease, we committed $4.2 billion, bringing commitments year-to-date to $8 billion at a roughly 8% cap rate on average.

我們的淨租賃管道持續成長，意向書或合約下的交易額已接近 410 億美元。在第二季度，我們承諾的淨租賃金額為 42 億美元，使年初至今的承諾金額達到 80 億美元，平均資本化率約為 8%。

Concurrently, we monetized over $320 million year-to-date at a 6% weighted average cap rate, continuing to drive spread compression at the point of sale. With regards to performance, gross returns in net lease were 4.1% for the second quarter.

同時，今年迄今為止，我們以 6% 的加權平均資本化率實現了超過 3.2 億美元的貨幣化，並繼續推動銷售點的利差壓縮。就業績而言，第二季淨租賃的總報酬率為4.1%。

In real estate credit, we invested $1.4 billion in public securities at an 8.1% yield to maturity and 11.1% debt yield. During the first half of 2025 we maintained a leadership position in our area of focus, anchoring roughly 40% of the single asset, single borrower CMBS deals that price during that period and about a quarter of total CMBS deals.

在房地產信貸方面，我們投資了 14 億美元的公共證券，到期收益率為 8.1%，債務收益率為 11.1%。在 2025 年上半年，我們在重點領域保持領先地位，錨定了該期間單一資產、單一借款人 CMBS 交易的約 40%，以及 CMBS 交易總額的約四分之一。

And in digital infrastructure, we held a final close for our third digital infrastructure flagship fund at a hard cap of $7 billion. In GP Strategic Capital, we continue to deploy out of the sixth vintage of our flagship GP Stake strategy, having made three investments thus far. Performance across these funds remain strong to net IRR of 22.5% for Fund III, 36% for Fund IV and 15.3% for Fund V.

在數位基礎設施方面，我們最終完成了第三個數位基礎設施旗艦基金的募集，募集上限為 70 億美元。在 GP Strategic Capital 中，我們繼續部署我們的旗艦 GP Stake 策略的第六個版本，迄今為止已進行了三筆投資。這些基金的表現仍然強勁，基金 III 的淨 IRR 為 22.5%，基金 IV 為 36%，基金 V 為 15.3%。

Moving on to some housekeeping items for the quarter. We want to be sure to point out a few things that we think will be helpful. During the second quarter, we listed OTF, which we had previously said, would drive approximately $135 million of incremental annual management fees for roughly $33 million per quarter.

接下來討論本季的一些日常事務。我們想確保指出一些我們認為有幫助的事情。在第二季度，我們列出了 OTF，我們之前曾說過，這將帶來約 1.35 億美元的年度增量管理費，每季度約為 3,300 萬美元。

Given the timing of the listing in mid-June, we saw approximately $6 million of this in the second quarter. In conjunction with the listing, we saw a de minimis impact to NCI during the second quarter and the anticipated step-up of approximately $3 million in the third quarter.

考慮到上市時間是六月中旬，我們在第二季看到了其中約 600 萬美元的收益。結合上市，我們看到 NCI 在第二季受到的影響微乎其微，而第三季預計影響將增加約 300 萬美元。

As a reminder, the capital raised for the seventh vintage of our net lease strategy primarily earns fees on deployment. In conjunction with the fee step down for the prior fund we expect third quarter management fees in these two funds to be roughly flat compared to the second quarter.

提醒一下，我們的淨租賃策略第七次籌集的資金主要透過部署賺取費用。結合前一隻基金費用的下降，我們預計這兩隻基金第三季的管理費用將與第二季大致持平。

And for our alternative credit strategy, we anticipate seeing the impact of management fees from the private offering of the interval fund in approximately 12 months, similar to a fee waiver. Finally, we had a little over $7 million of catch-up management fees in the quarter. And as it relates to G&A, we had a few million dollars of onetime items.

對於我們的替代信貸策略，我們預計將在大約 12 個月內看到私募間隔基金的管理費的影響，類似於費用減免。最後，本季我們的補繳管理費略高於 700 萬美元。就一般及行政事務而言，我們有價值數百萬美元的一次性項目。

So to wrap up here, we feel like we're hitting on all cylinders across the business. Blue Owl sits at the intersection of many of the secular trends that we believe will define alternatives for the next decade, and we feel fortunate to be an incumbent across a number of these areas. Now all of these things take time and what you've heard from us today is that the investments we've made over the past year are beginning to bear fruit.

總而言之，我們感覺整個業務都開足了馬力。Blue Owl 處於許多長期趨勢的交匯處，我們相信這些趨勢將決定未來十年的替代方案，我們很榮幸能夠成為這些領域的領導者。現在所有這些事情都需要時間，而您今天從我們這裡聽到的是，我們在過去一年中所做的投資開始取得成果。

But this type of progress is measured in years, not quarters and for shareholders, our setting and predictable financial profile allows you to focus on the big picture evolution of this market, not on the quarterly swings of realizations or capital markets fees. To us, that is a very valuable thing, and we think that over time, our stock will reflect the value of that certainty.

但這種進步是以年為單位來衡量的，而不是以季度為單位，對於股東而言，我們的環境和可預測的財務狀況使您可以專注於這個市場的整體發展，而不是關注實現或資本市場費用的季度波動。對我們來說，這是非常有價值的事情，我們認為隨著時間的推移，我們的股票將反映出這種確定性的價值。

Hopefully, what we've provided you today is a helpful mile marker on the growth road map we outlined during Investor Day. As you heard that day, we intend to grow FRE management fees to over $5 billion and FRE to over $3 billion, and we feel that we are very much on track with those long-term goals.

希望我們今天為您提供的內容能夠為我們在投資者日期間概述的成長路線圖提供一個有用的里程碑。正如你們那天所聽到的，我們打算將 FRE 管理費增加到 50 億美元以上，將 FRE 增加到 30 億美元以上，我們認為我們已經非常接近這些長期目標了。

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) Glenn Schorr, Evercore ISI.

（操作員指示） Glenn Schorr，Evercore ISI。

I heard your comments on the topping up of the Lending Club and Cap on TAP relationships. We're seeing a lot of scaling, a lot of growth in the asset-backed market, and you have a new toy to play with here. So I wonder if you could step back and talk about what you have now in terms of an asset origination channel? And I don't know if you want to break that up on platforms, forward flow agreements or just portfolio purchase? And then what you're really trying to build as you scale towards this big opportunity across asset-backed finance.

我聽到了您對 Lending Club 充值和 TAP 關係上限的評論。我們看到資產支援市場正在大幅擴張、大幅成長，在這裡您可以有一個新的玩具可以玩。所以我想知道您是否可以退一步談談您現在在資產發起管道方面擁有什麼？我不知道您是否想將其分解為平台、遠期流量協議或僅僅是投資組合購買？然後，當您擴大資產支持融資的這一巨大機會時，您真正想要建立的是什麼。

Thanks, Glenn. The opportunity in asset-backed is huge, as you observe, and we are in a very distinctive position to win, for lack of a better term. And of course, winning means delivering the best results for our LPs, our investors and that in turn leads to building a very big business. And we have the template, right?

謝謝，格倫。正如您所觀察到的，資產支持的機會是巨大的，而且我們處於非常獨特的獲勝位置，沒有更好的說法了。當然，成功意味著為我們的 LP、我們的投資者帶來最好的結果，而這反過來又會促成一個非常大的業務的建立。我們有模板，對嗎？

You've seen us already do it, and now we're steps down the road, which is to bring -- to have first on board the best team in the business. So we have the -- or former Adelie team, as you know, been at this for 20 years. And that is -- this is a high barrier to entry business. This is not an amateur area.

你已經看到我們已經做到了這一點，現在我們正在朝著這個目標邁進，那就是先引進業內最好的團隊。所以，如你所知，我們的前 Adelie 團隊已經在這個領域工作了 20 年。也就是說，這是一個進入門檻很高的行業。這不是一個業餘領域。

And so we have the best in the business as the team driving it. It's a deep on data and data science expertise. We're using cutting-edge technology. We have the structures and to your point and this will partly touch origination, we originate, and this has been one of the great powers of 20 years of doing this, across just about every subchannel the world of asset-backed finance.

因此，我們擁有業內最優秀的團隊來推動這項進程。它對數據和數據科學有著深入的了解。我們正在使用尖端技術。我們擁有相應的結構，正如您所說，這將部分觸及起源，我們發起，這是我們 20 年來在資產支持融資領域幾乎每個子渠道中開展這項工作的強大力量之一。

So we're in those markets and already have the pipeline. The difference here has been they've had the pipeline built, but not the endpoint for the capital. They've had this series of now very successful. We have our ninth opportunistic fund, which is doing fabulously. But now we are broadening the home and doing that with this new interval fund, which as you saw, we closed with enormous success just this quarter.

所以我們已經進入這些市場並且擁有了通路。這裡的不同之處在於他們已經建造了管道，但還沒有建造通往首都的終點站。他們的這一系列作品現在已經非常成功。我們有第九個機會基金，表現非常出色。但現在我們正在擴大規模，並透過這檔新的定期基金來實現這一目標，正如您所見，我們在本季度就取得了巨大的成功。

So we have the template, right? We have the same exact thing with triple net lease, a business where, as you heard us say, we have tripled the assets just in 3.5 years with that business with the same template, take the best-of-breed participant that's a market leader, continue in that traditional institutional drawdown wrapper, put an adjacent accessible wrapper for individual investors and then turn on the Blue Owl origination infrastructure and Blue Owl placement infrastructure. All of that is already happening with asset backed.

那我們有模板了，對嗎？我們與三重淨租賃有著完全相同的事情，正如您聽到我們所說的，我們用同樣的模板在短短 3.5 年內將資產增加了兩倍，選擇市場領導者中的最佳參與者，繼續使用傳統的機構提取包裝，為個人投資者提供相鄰的可訪問包裝，然後打開 Blue Owl 發起基礎設施和 Blue Owl 配售基礎設施。所有這些都已經在資產支持下發生了。

So it's also -- as you know, it depends with subset or numbers you want to use. But overall, it's a market $7 trillion, $10 trillion, it depends on what you're addressing, it's bigger than the direct lending market. So we have a very long way to run, and we now have it all stitched together.

所以它也——如您所知，它取決於您想要使用的子集或數字。但總體而言，這個市場規模為 7 兆美元、10 兆美元，這取決於你要解決的問題，它比直接貸款市場還要大。我們還有很長的路要走，現在我們已經把一切都安排好了。

We have our asset-backed business fully integrated with our direct lending business and in turn, tied in with all the pipes built to our insurance platform. So we now have every piece in place. We saw it produce value this month, billions of dollars of, for example, in that case, IG-equivalent product at more than a 200 basis point spread to the liquid alternative. This is going to be a very, very good investment for our investors, and it's a wonderful complement to other strategies people have.

我們的資產支援業務與直接貸款業務完全整合，進而與我們的保險平台建立的所有管道緊密相連。現在我們已經準備好了一切。我們看到它本月創造了價值，例如，價值數十億美元的 IG 等值產品，與流動性替代品的利差超過 200 個基點。對於我們的投資者來說，這將是一項非常非常好的投資，並且是對人們其他策略的絕佳補充。

It's a good, durable, much less correlated strategy with the same income and even faster amortization attributes, which is also why this is the exact right product for an interval fund. And so hence, you've seen us put this in the wrapper that we think is going to be very, very successful.

這是一個好的、持久的、相關性更低的策略，具有相同的收入和更快的攤銷屬性，這也是為什麼它是期限基金的正確產品。因此，您已經看到我們將其包裝起來，我們認為它將會非常非常成功。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Congrats on the record fundraising quarter.

恭喜本季籌款額創下紀錄。

Thank you.

謝謝。

So our question is on the topic of privates in the channel on your new partnership with Voya. So we're curious, where are you? And what are your thoughts on the build-out of a target date fund? And do you think target date funds are going to require one manager partner or do you see a world where there's multiple partnership models that are more likely?

因此，我們的問題是關於您與 Voya 的新合作關係中頻道中的私人主題。所以我們很好奇，你在哪裡？您對目標日期基金的建立有何看法？您是否認為目標日期基金將需要一名管理合夥人，或者您認為世界上更有可能存在多種合作模式？

Yes. So the opportunity ahead, which, of course, is something of great importance to us and others is the ability to bring the products we have been successfully delivering to a wide range of institutions and individuals for a very long time. And we live in a world right at this moment where institutions have benefited from decades for access to products like ours. We have pioneered access by individuals 10 years through that journey and are probably number two in the world in the wealth channel. And that's -- and so we can address a lot of investors, and we've got structures, and we have particularly well-suited products, right?

是的。因此，未來的機會對我們和其他人來說當然非常重要，那就是能夠將我們長期以來成功交付的產品帶給廣泛的機構和個人。而我們目前所處的世界，幾十年來，各機構一直受益於獲得像我們這樣的產品。經過 10 年的發展，我們率先實現了個人財富管理，在財富管理領域，我們可能位居世界第二。就是這樣——這樣我們就可以吸引很多投資者，我們有結構，我們有特別適合的產品，對嗎？

We have income-oriented, low volatility, downside protected, that is Blue Owl, and it is the perfect marriage to this channel and even the more perfect marriage to the beginning of what happens in the 401(k) market.

我們擁有以收入為導向、低波動性、下行保護的 Blue Owl，它是與該通路的完美結合，甚至與 401（k）市場開始發生的事情更加完美地結合。

This is an area where, frankly, everyone ought to be thinking, look, this is a methodical process to match the right product, the right structure to this very important market. $12 trillion marketplace and credit, private credit, alternative credit, digital infrastructure, triple net list real estate. These are the perfect products for exactly that channel.

坦白說，在這個領域，每個人都應該思考，看，這是一個有條不紊的過程，以便將正確的產品、正確的結構與這個非常重要的市場相匹配。 12 兆美元的市場和信貸、私人信貸、替代信貸、數位基礎設施、三重淨清單房地產。這些是適合該通路的完美產品。

And so we see this in Voya together as a way to bring this group that sort of for excluded from the opportunity. In fact, it's kind of an oddity, right, in fact not a good thing, which is if you are a defined benefit pensioner, you've been benefiting from what we do for years, you've been bounding from alts for decades.

因此，我們將 Voya 視為一種為被排除在外的群體帶來機會的方式。事實上，這有點奇怪，對吧，實際上不是一件好事，如果你是一個固定收益退休金領取者，你多年來一直受益於我們所做的事情，幾十年來你一直在遠離替代品。

If you're an affluent individual investor, just with your own assets outside of a retirement account, you're benefiting from what we do. And if you're an institution, a sovereign wealth fund, you benefit. But somehow, if you have a 401(k), you don't get this chance. Sorry, you're out.

如果您是富裕的個人投資者，並且擁有退休帳戶以外的自有資產，那麼您將從我們的工作中受益。如果你是一個機構，一個主權財富基金，你就會受益。但不知何故，如果你有 401(k)，你就沒有這個機會。抱歉，您出局了。

That not a good result. It's not fair. It's not a asset. And I don't have to make that sound too high brow. Of course, it's a business that we want to access.

那不是一個好的結果。這不公平。這不是一項資產。我沒有必要讓這句話聽起來太高深。當然，這是我們想要進入的行業。

Of course, we're trying to build access to this capital, but doing well and doing good at the same time are a good thing. So we really think we can bring a great complementary solution, a prudent solution to 401(k)s, and that's going to be really a winning strategy.

當然，我們正在努力獲得這些資金，但同時做好事和做好事是一件好事。因此，我們確實認為我們可以為 401（k）計劃帶來一個很好的補充解決方案、一個審慎的解決方案，這將是一個真正的勝利策略。

Now for target date funds -- as for target date funds, yes, that's certainly one very good way and naturally, given the structure of the 401(k) market, the entry point, that's why with Voya which, by the way, like just to pause on this for a moment, Voya had their choice of every partner around. They're a phenomenal firm. It was an extremely competitive process, and they're with us.

現在對於目標日期基金 - 至於目標日期基金，是的，這當然是一種非常好的方式，自然，考慮到 401（k）市場的結構，切入點，這就是為什麼選擇 Voya，順便說一下，就像暫停一下一樣，Voya 可以選擇周圍的每一個合作夥伴。他們是一家非凡的公司。這是一個競爭極其激烈的過程，他們與我們站在一起。

And we're with that. We feel very lucky about that. They're an incredible firm, and they're a prudent firm, right? We're going to do this right, just like we did in the individual investor market away from 401(k). That's important, too.

我們同意這一點。我們對此感到非常幸運。他們是一家令人難以置信的公司，也是一家謹慎的公司，對嗎？我們會正確地做這件事，就像我們在個人投資者市場中遠離 401(k) 所做的那樣。這也很重要。

Who you're working with, not just their products. Do they understand the individual and know this is about making the individual a winner?

與您合作的人，而不僅僅是他們的產品。他們是否了解個人並知道這是為了讓個人成為贏家？

That will be a win for us over time. So with that partnership, we're going to begin, as you know, with these collective investment trusts, and that does allow us to immediately bring that product into target date structures. So that is the pathway forward.

從長遠來看，這對我們來說將是一個勝利。因此，透過這種合作關係，正如您所知，我們將從這些集體投資信託開始，這確實使我們能夠立即將該產品納入目標日期結構。這就是前進的道路。

Will there be multi-manager structures? Sure. I mean, I think there'll be a lot of innovation in this arena. I would again be an advocate for a little bit of collectively walking before we run. Let's go with safe products within the hands of good managers, with good partners like Voya, and let's deliver a great experience, a great result for our 401(k) investors and then we can continue to innovate ever better products.

是否會有多重管理者結構？當然。我的意思是，我認為這個領域將會有很多創新。我再次提倡在跑步之前先集體步行一會兒。讓我們將安全的產品交給優秀的經理人，與 Voya 這樣的優秀合作夥伴合作，為我們的 401(k) 投資者提供出色的體驗和出色的結果，然後我們就可以繼續創新出更好的產品。

And people can evaluate more exotic or more aggressive strategies in alts. But let's start safe. Let's start smart, and let's do for 401(k) what we've been doing for defined benefit and what we're doing today for individual investors. We have 150,000 individual investors today. This is not new, but we got to include this group that's been excluded.

人們可以評估替代貨幣中更奇特或更激進的策略。但讓我們先安全開始。讓我們明智地開始，讓我們為 401（k）做我們為固定收益計劃所做的事情，以及我們今天為個人投資者所做的事情。我們今天有15萬名個人投資者。這並不是什麼新鮮事，但我們必須把這個被排除在外的群體也納入。

Brian McKenna, Citizens.

布萊恩·麥肯納，公民。

So we're a few quarters removed here from the series of acquisitions you made. There's clearly been a lot of upfront cost and investment, and I appreciate it will take some time for all these to scale. But what should we be looking for from the outside in terms of the integration and the scaling of these businesses really starting to inflect? Is it the trajectory of fundraising in flows? Is it an acceleration in management fees or is it as simple as an inflection in that FRE margin?

因此，我們距離您進行的一系列收購已經過去了幾個季度。顯然，這需要大量的前期成本和投資，我知道所有這些都需要一些時間來擴大規模。但是，就這些業務的整合和擴展真正開始發揮作用而言，我們應該從外部尋找什麼呢？這是資金流動的募款軌跡嗎？這是管理費的加速成長還是只是 FRE 利潤率的簡單變化？

Well, I'll start and Alan will join, too. But let me just baseline for a moment. It's already happening. It already even happened. If you look at this quarter, you're already seeing the fruits of those benefits.

好吧，我先開始，艾倫也加入。但請容許我先簡單介紹一下基本情況。這已經發生了。這甚至已經發生了。如果你看一下本季，你已經看到了這些好處的成果。

These businesses are fully integrated, and we are getting benefits from those integrations for all LPs.

這些業務已完全整合，我們正在從這些整合中為所有 LP 帶來利益。

So it's both for the LPs, for example, of asset-backed by being married to this much broader credit origination engine. Remember, we have companies -- with 400-plus companies in our portfolio, many of whom need asset-backed financing solutions. And behold, they are part of the bx family.

因此，對於 LP 來說，這兩者都是透過與更廣泛的信貸發動引擎相結合來實現的，即資產支持型。請記住，我們的投資組合中有 400 多家公司，其中許多公司需要資產來支持融資解決方案。瞧，他們是 bx 家族的一部分。

So the benefits flow to, for example, in that case, asset-backed. Same thing the other way. We work with companies who are looking at asset-backed solutions and also, of course, the corporate solutions. So that integration has already happened. Look at digital infrastructure and our real estate business, our fastest growing real assets business in total.

因此，在這種情況下，收益將流向資產支援。反之亦然。我們與尋求資產支援解決方案以及企業解決方案的公司合作。所以這種整合已經發生了。看看數位基礎設施和我們的房地產業務，這是我們整體成長最快的實體資產業務。

Look at our project with Oracle and OpenAI in Texas, biggest data center project in America.

看看我們與 Oracle 和 OpenAI 在德克薩斯州合作的項目，這是美國最大的資料中心項目。

And that is for both products are participating in that because that is a great project that reflects an opportunity for a generalized, a diversified triple net lease real estate business and for a deep vertical digital infrastructure business, and we're coming now with the adjacent continuously offered product, again, seeing this movie, we know how to do this.

這兩種產品都參與其中，因為這是一個偉大的項目，反映了一個普遍的、多樣化的三重淨租賃房地產業務和深度垂直數字基礎設施業務的機會，我們現在推出了相鄰的持續提供的產品，再次看到這部電影，我們知道該怎麼做。

And we're going to bring what today we do think is best risk-return opportunities that we've probably ever seen. And this is the moment, and we have both the unique talent and we have the structures and experience to deliver it. So I guess I would say it's already happened. In terms of the inflection, you'll get -- we grew our fee revenues by 30% this quarter. If I translate that maybe into kind of which you said where else you start to see it?

今天，我們將帶來我們認為可能是迄今為止最好的風險回報機會。現在正是這樣的時機，我們既擁有獨特的人才，也擁有實現這一目標的結構和經驗。所以我想說這已經發生了。就拐點而言，你會發現——本季我們的費用收入成長了 30%。如果我將其翻譯成您所說的那種，您還會在哪裡看到它？

Well, remember, the one place you won't see it fully until we wrap through the year is in per share only because we buy the businesses first, and then, of course, you have to get a full year. But I mean that's nothing but a passage of time exercise. So the integration has happened, the new product innovation, the origination and then in terms of what comes beyond that may just turn to Alan and say, now we talk more of the other follow-on benefits as it goes to new product launches and the like anything, Alan, you want to add?

請記住，直到我們結束今年的業績之前，您無法完全看到每股收益，因為我們首先收購了這些企業，然後，當然，您必須獲得全年的業績。但我的意思是，這只不過是一種時間流逝的練習。因此整合已經發生，新產品創新，起源，然後至於之後的事情，可能只會轉向艾倫並說，現在我們更多地談論其他後續好處，因為它涉及新產品的發布和類似的事情，艾倫，你想補充什麼？

Sure. And to Marc's a good point, we're already seeing even a benefit when you think about the -- something like FRE versus FRE per share, DE versus DE per share. That gap has meaningfully narrowed when you look at 2Q versus 1Q? And then, Brian, to your good point when you think about -- we've acquired these four businesses over the past year, they put us in the largest secular growth areas in our industry.

當然。對馬克來說，這是一個很好的觀點，當你考慮每股 FRE 與 FRE、每股 DE 與 DE 之類的因素時，我們已經看到了好處。如果將第二季與第一季進行比較，差距是否明顯縮小了？然後，布萊恩，當你思考你提出的觀點時，你就會明白——我們在過去一年中收購了這四家公司，它們使我們處於行業中最大的長期成長領域。

And as we've talked about on prior calls, we've continued to reinvest in our business and put valuable resources back into growing institutional and wealth fundraising platforms. And we're still at a 57% margin. And so that is still -- continues to be among the highest in the industry. We feel really good about that.

正如我們在先前的電話會議上所討論的那樣，我們將繼續對我們的業務進行再投資，並將寶貴的資源重新投入到不斷發展的機構和財富籌款平台中。我們的利潤率仍然為 57%。因此，這仍然是業內最高的。我們對此感到非常高興。

And over the long term, we feel there are margin expansion opportunities. So we think we're sitting in a great place a more diversified business, a much broader product array, as everyone can see from this quarter with the strong fundraising numbers, and we're very well positioned.

從長遠來看，我們認為存在利潤率擴大的機會。因此，我們認為我們處於一個非常有利的位置，業務更加多元化，產品線更加廣泛，正如大家從本季度強勁的融資數據所看到的那樣，我們處於非常有利的地位。

And just to wrap that back up and anchor it. Look, we have already done this, right? We have demonstrated that we know how to make this all work, again, for the investors, and that works for us. So look ORENT. ORENT is the number one net fundraising real estate REIT in the world today and the continuously offered basis.

然後將其重新包裝並固定住。看，我們已經這樣做了，對吧？我們已經證明，我們知道如何讓這一切為投資者服務，這對我們也有利。因此請關注 ORENT。ORENT是當今全球淨募款金額第一的房地產REIT，也是持續發行的基礎。

And because it's a great product and it has the right support. We're doing the same thing in digital infrastructure. So I think you can start to see if you -- doesn't happen overnight. As you know, these have kind of these hyperbolic sort of curves, but it's already happening.

因為它是一款出色的產品，並且擁有正確的支援。我們在數位基礎設施方面也在做同樣的事情。所以我認為你可以開始看看——這不是一夜之間發生的。如你所知，這些具有某種雙曲線類型的曲線，但它已經發生了。

And I think when you look back three years from now, you're going to under see like, wow, they did it again. Oh, look, they did it again. They did it in asset backed, they did it in digital infrastructure. So I think we feel like we have not only all the building blocks, but the building blocks cemented in, the foundation built, and we're already starting to come out of the ground. And that's a pretty exciting place for us to be.

我認為，當你三年後回顧時，你會發現，哇，他們又做到了。哦，看，他們又這麼做了。他們在資產支援方面做到了這一點，他們在數位基礎設施方面做到了這一點。所以我認為我們感覺到我們不僅擁有所有的基石，而且基石已經鞏固，地基已經建好，我們已經開始從地下冒出來了。這對我們來說是一個非常令人興奮的地方。

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

In real estate, focusing on triple net lease, can you just talk about the competitive environment there? And if you're seeing more activity from others? You've definitely been a leader in net lease, but BlackRock recently did a deal with So curious if you're noticing any shifts in the competitive landscape or others trying to grow just versus the overall opportunity that would seem to have increased meaningfully just based on the data center opportunity that you mentioned?

在房地產領域，我們專注於三重淨租賃，您能談談那裡的競爭環境嗎？如果您看到其他人有更多活動怎麼辦？您無疑是淨租賃領域的領導者，但貝萊德最近與...達成了一項交易。所以，我很好奇，您是否注意到競爭格局發生了任何變化，或者其他公司是否試圖發展，而整體機會似乎已經顯著增加，僅基於您提到的資料中心機會？

Yes, the data center opportunity has expanded dramatically and in the right format like the Oracle project, that's well suited to triple net lease real estate. In many instances, it's better and will be suited to the digital infrastructure product. But as for triple net lease, to go direct to your question, the market is absolutely expanding and candidly, no, we're to go to.

是的，資料中心的機會已經大大擴展，並且以像 Oracle 專案這樣的正確形式，非常適合三重淨租賃房地產。在許多情況下，它更好並且更適合數位基礎設施產品。但至於三重淨租賃，直接回答你的問題，市場絕對在擴大，坦白說，不，我們要去。

We're not seeing any change. We see our pipeline growing. We see ever more trust built with partners, making us the partner of choice. We continue to have every one of the largest funds where, as you saw, we already have launched our newest fund already and the first close of $2 billion.

我們沒有看到任何變化。我們看到我們的管道正在不斷增長。我們與合作夥伴建立了越來越多的信任，這使我們成為首選合作夥伴。我們繼續擁有所有最大的基金，正如您所見，我們已經推出了最新的基金，並且首次募集了 20 億美元的資金。

So I think investors have observed. This is a great opportunity. It's growing and there is an unquestioned market leader. So I never question all the people will try to do things that I would underestimate that, but no, our leadership is accelerating, not the other way around.

所以我認為投資者已經觀察到了。這是一個很好的機會。它正在成長，並且擁有無可爭議的市場領導者。所以我從不懷疑所有人都會嘗試去做我會低估的事情，但不，我們的領導力正在加速，而不是相反。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Great. Maybe just to circle a little bit more of a narrow part of the conversation. I wonder if you could talk a little bit about activity levels on direct lending maybe how the quarter itself transpired maybe the exit velocity and what you might be seeing into the third quarter? One of your peers had a very constructive update for the month of July. Any relatedly, I'm wondering if you could maybe speak to what you're seeing in terms of spreads on incremental capital deployed?

偉大的。也許只是為了稍微圈出談話中比較狹窄的部分。我想知道您是否可以談談直接貸款的活動水平，也許是本季本身的進展情況，也許是退出速度，以及您可能在第三季度看到的情況？您的一位同事對七月份的更新做出了非常有建設性的貢獻。與此相關的是，我想知道您是否可以談談您所看到的增量資本部署利差的情況？

Absolutely. So this environment, as you would broadly expect is extremely good for the direct lending business with the abstracts being okay, but we need that return of M&A activity to just more to do. But credit quality is exceptional that we've known, we've seen it and we've said it, but it remains absolutely true today.

絕對地。因此，正如大家普遍預期的那樣，這種環境對直接貸款業務來說極其有利，摘要也很好，但我們需要併購活動的回歸，才能做更多的事情。但我們知道、看到、說過，信用品質是卓越的，這在今天依然是絕對正確的。

At some point, people are going to have to stop trying to find the bogeyman because it's not there. The private credit portfolio and our credit business is doing really, really well, and it partly reflects the macro environment in the US, and it reflects really disciplined investment management.

到了一定時候，人們將不得不停止尋找妖怪，因為它並不存在。私人信貸組合和我們的信貸業務表現非常非常好，這在一定程度上反映了美國的宏觀環境，也反映了真正嚴謹的投資管理。

We're not indices. We're picking very specific businesses in very specific industries. This past quarter, our portfolio on average grew over 10% EBITDA. This is really -- and we're the lender through 40% on average, closer to 30% in software. So the setup is excellent.

我們不是指數。我們正在非常特定的行業中挑選非常特定的企業。上個季度，我們的投資組合的 EBITDA 平均成長超過 10%。這確實是——我們平均透過 40% 的貸款，透過軟體接近 30%。所以這個設定非常好。

And yet you have a world where there's certainly some meaningful what we'll call more exogenous and hard to predict variables, right?

然而，這個世界肯定存在一些有意義的、我們稱之為更外生、更難預測的變量，對嗎？

You have flash zones and war zones around the world. You have obviously the resolution of trade and tariff. And when those things come together and maybe a moment people get nervous, that kind of uncertainty for now is yet another reason people use our products. So in the quarter, we had very high credit quality in terms of new opportunities.

世界各地都有熱點區和戰區。顯然你已經解決了貿易和關稅問題。當這些因素結合在一起時，也許人們會暫時感到緊張，但這種不確定性正是人們使用我們產品的另一個原因。因此，就本季的新機會而言，我們的信貸品質非常高。

We like the deals, we're doing very much. We are obviously, of course, seeing a slowdown in refinancing because that that has moved through the system very heavily. And while the quarter itself was moderate and given disruptions in April, probably not surprising, moderate in terms of originations, yes, we likewise have seen in the last few weeks quite a meaningful pickup in activity, really interesting companies, in some cases, quite large.

我們非常喜歡這些交易，我們做得非常好。當然，我們顯然看到再融資正在放緩，因為再融資對整個系統的影響非常大。雖然本季本身表現平平，考慮到 4 月份的混亂，從發起數量來看表現平平可能並不令人意外，但是，我們同樣在過去幾週看到活動出現了相當有意義的回升，這些公司確實很有趣，在某些情況下，規模相當大。

So let's not get too far out of ourselves, but there's some reasonable indicators that maybe that moment has finally come and the surrounding would suggest that, too, right? At this point, six months ago, lots of debates about where is the economy? We now know the economy is strong. Lots of debates about where are we with interest rates and inflation? It's all settling into a tight range.

所以我們不要想得太遠，但是有一些合理的跡象表明，也許那一刻終於到來了，周圍的環境也表明了這一點，對嗎？六個月前的這個時候，關於經濟狀況的爭論很多。我們現在知道經濟強勁。關於我們的利率和通貨膨脹處於什麼水平的爭論很多？一切都穩定在一個狹窄的範圍內。

And that brings us to a good environment to transact. And now the trillions of dollars in dry powder, it's got to go to work. So I think, yes, we are seeing current signs, but they're early. So it's not overspend that statement yet. But yes, so right now, I think there's cause for optimism on that last which is just overall volume in the market.

這為我們帶來了良好的交易環境。現在，數萬億美元的資金必須投入使用。所以我認為，是的，我們看到了當前的跡象，但還為時過早。所以這還不算超支。但是的，所以現在，我認為有理由對最後一個因素感到樂觀，那就是市場的整體交易量。

Patrick Davitt, Autonomous Research.

戴維特（Patrick Davitt），自主研究。

My question is on flows. I think last quarter, you've been talking about the picture looking much better in the second half than the first half. But given the big 2Q beat, is that still your view or did that pull some of that view forward?

我的問題是關於流量的。我認為上個季度您一直在談論下半年的情況比上半年好得多。但考慮到第二季的大幅成長，這仍然是您的觀點嗎？或者這是否提前了您的一些觀點？

Thanks, Patrick. We feel very good about the second half of the year. I think the obvious outlier here is ORF VII closed, that closed a little sooner than expected on the first close. We continue to feel very good about the back half of the year, both for institutional as well as for our wealth products.

謝謝，派崔克。我們對下半年的前景非常樂觀。我認為這裡明顯的異常值是 ORF VII 已關閉，其關閉時間比第一次關閉時預期的要早一些。我們對今年下半年的業績仍然非常樂觀，無論是機構業務還是財富產品。

More of the products out of both our existing strategies and new strategies are hitting stride, and you can see it and you can see it in the wealth channel and you can see in the institutional channel. Note that we have had continued great strength in both. And in fact, this quarter, actually, the majority of our capital came from institutional.

我們現有策略和新策略中的更多產品正在取得進展，您可以在財富管道和機構管道中看到這一點。請注意，我們在這兩方面都保持著強大的實力。事實上，本季我們的大部分資金實際上來自機構。

So there's -- the beauty of the model is this having balance and having access and success in both. At the same time, by the way, that's in the context of wealth, having a fantastic four continuing to grow, record quarters. So we're -- yes, we're in a very good place to continue the strength as we roll forward, we think.

所以，這個模型的美妙之處在於它既能保持平衡，又能獲得成功。順便說一下，與此同時，這是在財富的背景下，神奇四俠繼續增長，創下季度紀錄。所以——是的，我們認為，我們處於一個非常有利的位置，可以在前進的道路上繼續保持這種實力。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

So maybe to start just on digital infra framing the opportunity. Certainly, Marc, you gave a constructive message around how you're thinking about the deployment opportunity longer term. I was hoping to contextualize it a bit more. Just how quickly could you be back in the market raising for your next flagship vehicle?

因此，也許可以從數位基礎設施框架開始抓住機會。當然，馬克，你對如何考慮長期部署機會給出了建設性的意見。我希望能夠更詳細地闡述它的背景。您能多快重返市場並籌措下一款旗艦車型？

I know you've talked about as early as next year. And just evaluating the deployment opportunity over a multiyear horizon, how much capacity is there to increase future fundraising relative to prior vintages?

我知道您已經談到了最早明年的事。僅從多年期角度評估部署機會，相對於前幾年，未來籌資能力有多少提升？

Yes. So we -- as you know, we did the final close of Fund III on March 31, and half that money is already circled and is good stuff. And so we're -- and the pipeline, the opportunity set that we're working on, it's hard -- the scale is so massive. And -- of course, you all know this, listen, there are three tech companies that just, over the last two days, that announced and every one of them, for reasons we all understand, are talking about just how big, important and heavily focused and invested they are in data centers, well, AI and the capacity to drive it.

是的。因此，如您所知，我們於 3 月 31 日完成了第三期基金的最終關閉，其中一半的資金已經到位，而且是好東西。所以，我們正在努力建立管道和機遇，這很困難，因為規模非常龐大。當然，你們都知道，聽著，過去兩天，有三家科技公司宣布了這一消息，出於我們都明白的原因，他們每一家都在談論他們在數據中心、人工智能以及推動它的能力方面有多麼重要、多麼集中和投入。

And there are only a few people in the world that have both the operational technical skill and the capital to meet that need. And by the way, don't forget, we also have the year history and triple net least of structuring exactly these kinds of partnerships and have been at the business of building these hyperscale data centers for the world-class hyperscalers longer than just about anybody. It's been 10 years now.

而世界上只有少數人既擁有操作技術技能，又擁有滿足這項需求的資本。順便說一句，別忘了，我們也有多年的歷史和至少三重淨構建此類合作夥伴關係的經驗，並且為世界級的超大規模企業建設這些超大規模數據中心的時間比任何人都長。現在已經10年了。

IPI had the idea of hyperscalers before that was a word to any of us were talking about. So we're in a very, very distinctive position against what amounts to a hundreds and hundreds and hundreds of billions of dollar opportunities. And that is -- and so therefore, we have room to deliver great results for massively larger pools of capital than we have access to today. What will that translate into? What size next fund?

在我們討論「超大規模」這個詞之前，IPI 就已經有了「超大規模」的想法。因此，面對數千億美元的機會，我們處於非常獨特的地位。也就是說，我們有空間利用比現在大得多的資本池來取得優異的成績。這將會轉化為什麼？下一檔基金的規模有多大？

I don't know that yet. As I said, we will do this the wealth product.

我還不知道。正如我所說，我們將把這個做成財富產品。

I think that's going to be a an incredible opportunity for individual investors and institutions alike. So it basically get downs to this: as much capital as we can assemble we can largely put to work with extraordinary -- and we're talking about companies, right, with on average AA kinds of ratings. It's pretty special.

我認為這對個人投資者和機構來說都是一個難得的機會。所以基本上可以歸結為這一點：我們可以聚集盡可能多的資本，以便將大部分資金用於非凡的事業——我們談論的是平均評級為 AA 的公司。這很特別。

Now five years from now, we'll see. I mean, there's -- for the years to come, though, there's a lot, a lot to do, and it kind of does fit the category of it's not something to miss. You look, there's going to be a lot of -- maybe even excess excitement about AI and some of the valuations in venture land, we'll see.

五年後，我們就會知道。我的意思是，在未來的幾年裡，有很多事情要做，而且它確實屬於不容錯過的事情。你看，人們可能會對人工智慧和創投領域的一些估值產生過度的興奮，我們拭目以待。

But what I know for sure is that when you sign a 15- or 20-year lease with -- in every case, these hyperscalers are amongst the largest market caps in the world and you have a commitment to a stream of income with escalators, you're going to have a good experience.

但我確信的是，當您與這些超大規模企業簽署 15 年或 20 年的租約時——在每種情況下，這些企業都是世界上最大的市值之一，並且您承諾通過自動扶梯獲得收入流，您將獲得良好的體驗。

The only thing I would add to that, Steven, is from a timing perspective, we continue to be on track with everything we've previously said. The next vintage, we expect we will be out in the market next year, talking to investors about. And prior to that, between now and the end of this year, early next year, we do expect to be out with that digital infrastructure wealth-dedicated product that we're also very excited about.

史蒂文，我唯一想補充的是，從時間角度來看，我們將繼續按照之前所說的一切進行。我們預計明年我們將在市場上與投資者討論下一個年份的葡萄酒。在此之前，從現在到今年底或明年年初，我們確實有望推出同樣讓我們非常興奮的數位基礎設施財富專用產品。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

I wanted to zoom out a little bit. The franchise continues to fund rates through more kind of vehicles than what we've seen in the past across more strategies, I guess. And the fact that it's shown up and kind of fees yet to be deployed or yet to be turned on upon deployment increasing nicely helps as well. So maybe help unpack the bridge from last quarters to this quarter is $379 million, quite sizable. What are kind of some of the bigger buckets?

我想把畫面縮小一點。我想，特許經營權將繼續透過比我們過去所見的更多類型的工具和更多策略來為利率提供資金。事實上，它的出現以及尚未部署或部署後尚未啟動的費用的增加也有很大的幫助。因此，也許有助於解決從上個季度到本季的橋樑問題的資金是 3.79 億美元，相當可觀。一些較大的桶子是什麼樣的？

And importantly, I guess, how quickly do you guys think you will put that to work and also if there are any offsets against that? You talked about a couple of step downs that obviously impact the net number, but I'm just kind of trying to put the $379 million in the context of the firm's overall management fee growth over the next 18 to 24 months.

重要的是，我想，你們認為你們會多快將其投入使用，以及是否有任何抵銷措施？您談到了幾個顯然會影響淨數字的降級，但我只是想將 3.79 億美元放在公司未來 18 到 24 個月的整體管理費增長背景下考慮。

Sure, Alex. Thanks for the question. We're really excited. We saw a record fundraise quarter $12-plus billion. About half of that went right into AUM not yet paying fees, so excited about the future deployment opportunities and getting that money to work.

當然，亞歷克斯。謝謝你的提問。我們真的很興奮。我們本季的籌資額創下了歷史新高，超過 120 億美元。其中約有一半直接進入了 AUM 尚未支付費用，因此對未來的部署機會和讓這些資金發揮作用感到興奮。

The $380 million of management fees upon the deployment of that almost $30 billion of AUM not yet earning fees that's almost $100 million increase from last quarter.

在部署了近 300 億美元的 AUM 尚未賺取費用後，管理費用為 3.8 億美元，比上一季增加了近 1 億美元。

The ORF VII vintage -- the seventh vintage fund in that lease, that was obviously a big contributor to that, raising over $2 billion in the initial close at the end of June. And the total $380 million once deployed, that gets deployed at a blended fee rate of 130 basis points. And so once that $380 million is deployed, that would represent over a 15% increase from our LTM management fees today.

ORF VII 基金——該租賃協議中的第七隻基金，顯然對此做出了巨大貢獻，在 6 月底的首次收盤時籌集了超過 20 億美元。一旦部署完畢，總計 3.8 億美元將按照 130 個基點的混合費率部署。因此，一旦部署這 3.8 億美元，這將比我們今天的 LTM 管理費增加 15% 以上。

So we feel really excited about not just the fundraise that impacts us today, and we continue to put those dollars up, but the AUM not-yet-earning fees, the trajectory over, let's say, 12, 18, 24 months, we feel really encouraged about that as well.

因此，我們不僅對今天影響我們的籌款活動感到非常興奮，而且我們繼續投入這些資金，而且對尚未賺取費用的 AUM 以及 12、18、24 個月的發展軌跡也感到非常鼓舞。

And we are seeing, as Marc pointed to, as we heard on a previous earnings call, the deployment opportunities continue to look a little better. It looks like there's a pickup in the environment, and so that could pull that timeframe forward a little bit.

正如馬克所指出的，正如我們在之前的財報電話會議上聽到的，我們看到部署機會繼續看起來更好一些。看起來環境正在好轉，因此這可能會將時間框架提前一點。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

So Marc, there was an FT article in secondaries published this morning, it's quoting that you would have a very open -- you would be very open to a full suite of large acquisitions or building a business organically. I was just wondering if you could clarify whether that comment was specific to secondaries or simply a broad-based comment?

馬克，今天早上《金融時報》在二級市場上發表了一篇文章，文章中引用了你的觀點，你對全套大型收購或有機建立業務持非常開放的態度。我只是想知道您是否可以澄清該評論是針對次要的評論還是僅僅是廣泛的評論？

And then maybe you could just update us on how you're thinking about M&A right now? Are there certain areas that you find attractive or want to accelerate your growth in? And how should we think about your appetite for larger M&A versus bolt-ons right now?

然後也許您可以告訴我們您現在對併購的想法？您是否發現某些領域具有吸引力，或希望加速某些領域的發展？那麼，我們現在應該如何看待您對更大規模併購和附加收購的興趣呢？

Great. Thank you. So with regard to -- let me start with the broader topic of M&A, and then come down to the secondaries topic specifically. So with regard to M&A, as, of course, you all have observed, it's been a very, very successful part of our overall strategy. It's a minority part of our overall strategy.

偉大的。謝謝。因此，關於——讓我先從更廣泛的併購主題開始，然後再具體討論二級市場主題。因此，就併購而言，正如大家所觀察到的，它是我們整體策略中非常非常成功的一部分。這是我們整體策略的一小部分。

Recall that while we did several very important strategic acquisitions in terms of capabilities last year. It was less than 10% of our market cap that was invested to create those opportunities and look at the benefits that are already yielding for us. And so I think for us, look, we are all about risk management as a firm, like that's our DNA. Everything we do is about how do we create products, how do we manage a firm, permanent capital, fee-based income.

回想一下，去年我們在能力方面進行了幾項非常重要的策略收購。我們投入的資金不到市值的 10%，用於創造這些機會，並且已經為我們帶來了收益。所以我認為，對我們來說，作為一家公司，我們非常重視風險管理，就像我們的 DNA 一樣。我們所做的一切都與如何創造產品、如何管理公司、永久資本和基於費用的收入有關。

So we're always focused on risk management.

因此我們始終專注於風險管理。

So that includes what we buy, the culture fit, the nature of the product, the ability for us to then in turn grow it. And so all of those are variables and we will continue to evaluate M&A opportunities. It's quite clear that consolidation is a real part of the landscape for alternatives.

這包括我們購買的產品、文化契合度、產品性質以及我們隨後發展產品的能力。所有這些都是變量，我們將繼續評估併購機會。很明顯，整合是替代方案的現實組成部分。

And we're one of the few, frankly, demonstrated people who can truly do it successfully, not just for our shareholders. but for the teams that join us and then thrive as a part of this platform. So we are -- we continue to be active. We will always be looking, though, for our strategy that is consistent with our DNA, again, about those durable, protected strategies, culture fit for sure.

坦白說，我們是少數能夠真正做到這一點的人之一，不僅為我們的股東，也為加入我們並作為這個平台的一部分蓬勃發展的團隊。因此，我們將繼續保持活躍。不過，我們將始終尋找與我們的 DNA 相符的策略，同樣，也尋找那些持久的、受保護的、適合文化的策略。

And we will always be looking for things, therefore, that are a place where we can bring an advantaged result for the investor. We are not going to be all things to all people. We don't want to be. We are going to be the best for what we do for the people that we're lucky enough to work with.

因此，我們將始終尋找能夠為投資者帶來有利結果的事物。我們不可能滿足所有人的需求。我們不想這樣。我們將盡最大努力為有幸與我們合作的人們提供服務。

So we're better, we're deeper, and you can see that in these adjacencies and the synergies we're getting synergies being origination synergies as well as infrastructure and capital raising. So we don't have like a goal to acquire things. We have an extremely open mind about when we see a place where we want to skate to because that's where the puck is going. We're always going to look at organic; we'll look at small, as you call them bolt-on; and we'll look at large acquisitions.

因此，我們做得更好，更深入，您可以看到，在這些鄰接和協同效應中，我們獲得的協同效應是起源協同效應以及基礎設施和融資協同效應。所以我們並沒有獲得物質的目標。當我們看到一個我們想滑冰的地方時，我們會保持極其開放的心態，因為那就是冰球要去的地方。我們將始終關注有機成長；我們將關注小型收購，即所謂的附加收購；我們將專注於大型收購。

All of those are options, whichever one is the winning strategy to both, on the one hand, win for the investors, the LPs and by extension win for Blue Owl. So it will continue to be a part of our game plan and our strategy, but you should expect us to continue to be highly selective, but also not to be lost, we've proven we know how to do it.

所有這些都是選擇，無論哪一個都是勝利策略，一方面，對投資者、LP 有利，另一方面，對 Blue Owl 也有利。因此，它將繼續成為我們遊戲計劃和策略的一部分，但你應該期待我們繼續高度選擇性，但也不會迷失，我們已經證明我們知道如何做到這一點。

Again, these acquisitions -- last year, we had a lot of questions about this during last year's calls very understandably. But look where we are now: real estate credit, thriving, right? We've already got that thriving. Insurance, we just talked about the origination power that we're already delivering.

再說一次，這些收購——去年，我們在去年的電話會議中對此有很多疑問，這是可以理解的。但看看我們現在的情況：房地產信貸正在蓬勃發展，對嗎？我們已經實現了這一繁榮。保險，我們剛才談到了我們已經提供的起源權力。

We talk -- of course, talked a lot about digital in pressure and asset-backed where we already have now raised our new interval fund. So we've got skilled the template and the plan. Now as for secondaries, the comment in that article was particular to secondaries in talking about the full sweep from organic to large Look, we think that is a good business for us because it's another solution for the exact ecosystem that we serve.

當然，我們談論了很多關於數位化壓力和資產支持的問題，我們現在已經籌集了新的間隔基金。因此我們已經熟練了模板和計劃。現在至於二級市場，該文章中的評論特別針對二級市場，談論從有機到大型的全面轉變，我們認為這對我們來說是一項很好的業務，因為它是我們所服務的確切生態系統的另一種解決方案。

And don't forget, we're already pioneering back to the point of buy versus build, what we think is actually probably one of the most interesting new areas within the broadly defined secondaries, that's GP-led secondaries. This is an area with no market leader, and we plan to be the market leader. We are now already up to $1.7 billion, and that's from a standing start creating this business.

別忘了，我們已經回到了購買與構建的點，我們認為這實際上可能是廣義二級市場中最有趣的新領域之一，那就是 GP 主導的二級市場。這是一個沒有市場領導者的領域，而我們計劃成為市場領導者。現在我們的收入已經達到了 17 億美元，而這還是從創建這項業務的初始階段開始的。

We've already deployed meaningful amounts of that capital in portfolio companies that are doing really well. And I think that market has got enormous room to run because that solves the liquidity issue that is binding up the system with the same time allows the PE sponsor to keep their best in trophy assets.

我們已經向表現良好的投資組合公司投入了大量資金。我認為市場有巨大的發展空間，因為這解決了束縛系統的流動性問題，同時允許 PE 發起人保留其最佳的獎杯資產。

And that's a place where we're building and the scalability, it's early days, but the scalability of that business is enormous as we think about this next phase of PE, which is not like the older phases, right? There's going to be a lot more about how do you -- what do you do with these accumulated assets? There's going to be less -- relatively speaking, less acceleration in capital raise for PE. It's a different stage, needs different tools, we have it.

這就是我們正在建造和擴展的領域，雖然還處於早期階段，但當我們考慮 PE 的下一階段時，該業務的可擴展性是巨大的，它與舊階段不同，對嗎？關於你如何處理這些累積的資產，還有很多內容需要探討。相對而言，PE 的融資加速會減少。這是一個不同的階段，需要不同的工具，我們擁有它。

So secondary will be a very complementary strategy. Last thing I'll say, just because you cited the article is: With all that said, and you'll hear this in everything we ever talk about. We are not interested in hype. We are not interested in doing anything other than deliver fundamentally great results for investors. Secondary can be done really well.

因此，次要策略將是一個非常互補的策略。我要說的最後一件事是，僅僅因為你引用了這篇文章：儘管如此，你還是會在我們談論的每件事中聽到這一點。我們對炒作不感興趣。除了為投資者帶來根本性的良好結果之外，我們不想做任何其他事情。二次加工可以做得很好。

It's a good business, but there is an element today where like some of you'll think they're just harvesting free money because part of it is there's this accounting work to the way you buy something at $0.80 and then the nanosecond later, it's $1.

這是一門好生意，但今天有些人會認為他們只是在賺取免費的錢，因為部分原因是存在會計工作，你以 0.80 美元的價格購買某樣東西，然後一納秒之後，它就變成了 1 美元。

And so it was nothing wrong with that account fact. But it's creating the sense that people are just like picking up free money and almost mania. And we're not playing into that. That is not the answer. But we're sure is a great business to be had being a really thoughtful buyer of secondary interest when you have more sellers today than you've ever had in the past.

所以這個事實並沒有錯。但它卻讓人們感覺就像撿了免費的錢一樣，幾乎陷入瘋狂。但我們不會這麼做。這不是答案。但我們確信，噹噹今的賣家數量比過去任何時候都多時，成為真正深思熟慮的二級買家將是一項偉大的事業。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

(inaudible) but maybe just to circle back on 401(k) and the partnership with Voya. You've got good leadership in retail vehicles already. So I'm just wondering to what extent you could sort of activate these into the market sooner rather than later? And I say that just because they're -- and I'd be interested in your perspective on this.

（聽不清楚）但也許只是回顧一下 401（k）和與 Voya 的合作關係。您在零售車輛領域已經擁有良好的領導能力。所以我只是想知道您可以在多大程度上儘早將這些產品推向市場？我這樣說只是因為他們──我對你對此的看法很感興趣。

But obviously, there's a longer-term development timeline for plan sponsors to be comfortable with adding these vehicles into target date products. But are you -- do you feel like you're positioned so that you might be able to target, let's say, the small plan market with financial advisers and model portfolios. Maybe if you could just sort of comment on that dynamic?

但顯然，對於計劃發起人來說，有一個更長期的發展時間表才能讓他們願意將這些工具添加到目標日期產品中。但是您是否覺得自己已經做好準備，可以透過財務顧問和模型投資組合瞄準小型計劃市場？也許您可以對這種動態做出一些評論？

Yes. It's a very keen question, Brian, because actually, given our leadership position in the world of BDCs, BDCs are already eligible products. I mean, in fact, today, someone done right in a partnership like a Voya. If someone wanted to through their 401(k) buy a BDC share, they could. Now most people don't run their 401(k)s that way, right?

是的。布萊恩，這是一個非常敏銳的問題，因為實際上，鑑於我們在 BDC 領域的領導地位，BDC 已經是合格產品。我的意思是，事實上，今天，有人在像 Voya 這樣的合作關係中做得很好。如果有人想透過他們的 401(k) 購買 BDC 股票，他們可以。現在大多數人不會以這種方式管理他們的 401(k)，對嗎？

Most people tend to run with target date funds. So the bulk of that capital doesn't live in a place we are making those kinds of decisions. But actually, you're spot on. The nature of both our strategies and our product structures mean we're already in position to start to meet the needs of that market.

大多數人傾向於使用目標日期基金。因此，大部分資本並不存在於我們做出此類決定的地方。但事實上，你說得很對。我們的策略和產品結構的性質意味著我們已經準備好開始滿足該市場的需求。

And as you note, too, we already work with a very wide sweep of FAs, increasingly with wonderful partners like Voya. So yes, I think we're in a place to be on the front edge of the -- what might be a minority portion of that $12 trillion. But then, of course, again, also have the products that are correct and are now being formatted, right, for what you're right.

正如您所說，我們已經與眾多 FA 合作，並且越來越多地與 Voya 等優秀的合作夥伴合作。所以是的，我認為我們處於領先地位——可能只是這 12 兆美元中的一小部分。但是，當然，再次強調，也有正確的產品，並且現在正在格式化，對的，對於你來說是正確的。

It's going to be a more medium-term development to get into these target portfolios and work with fiduciaries and do the education that we should do to make sure that people are prudently using these products as part of their retirement strategy. So yes, we like the setup. It does max hand in glove with Blue Owl in particular.

進入這些目標投資組合併與受託人合作並進行我們應該做的教育以確保人們謹慎地使用這些產品作為退休策略的一部分，這將是一個更中期的發展。是的，我們喜歡這個設定。它與 Blue Owl 的合作最為默契。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Just a couple of maybe housekeeping items on the modeling side, thinking about the back half of the year. On the transaction fees, this quarter was a little bit better sequentially despite softer net deployment. I know there's a lot of factors that go into that number beyond the magnitude of deployment itself, but anything you can share in terms of what that means for that revenue line for the next couple of quarters?

考慮到今年下半年的情況，在建模方面可能只有幾件瑣事。就交易費用而言，儘管淨部署較弱，但本季的交易費用較上季略有改善。我知道除了部署規模本身之外，還有很多因素都會影響這個數字，但您能否分享一下這對未來幾季的收入意味著什麼？

And then similarly, just on the FRE margins, trending kind of at the lower end of the full year range, but I assume there's some benefit from OTF turning on and giving you a full quarter of fees. Any other considerations there in terms of what that means for the full year?

同樣，僅就 FRE 利潤率而言，趨勢處於全年範圍的低端，但我認為 OTF 的開啟和給你整個季度的費用會帶來一些好處。就全年而言，還有其他考慮嗎？

Thanks, Ben. On the margins, obviously, I touched on that, the guidance is 57 to 58 for this year. And we feel good about where we are. We've printed 57 this quarter, we feel good about that overall. On the first question, just remind, Ben, the first part of the question.

謝謝，本。顯然，我提到了利潤率，今年的預期是 57 到 58。我們對目前的狀況感到滿意。本季我們已經印刷了 57 份，總體來說我們對此感覺良好。關於第一個問題，本，請提醒一下問題的第一部分。

Just on the transaction fees were up a bit sequentially despite net deployment down a little bit. Just anything to read into there, how to think about that in the back half of the year?

儘管淨部署略有下降，但交易費用仍較上季上漲。只要讀一下那裡的內容，如何考慮下半年的事情？

Sure. As you know, that moves around and moves up a little moves down a little, largely tied to gross originations. I think this quarter is as good of a leaping off point for the balance of the year as I could probably guess.

當然。如你所知，它會時而波動，時而上升，時而下降，這主要與總起源有關。我認為，正如我所猜測的，本季是今年平衡業績的一個好起點。

Chris Kotowski, Oppenheimer.

奧本海默的克里斯·科托斯基。

Marc touched on it a little bit, but I wonder, I'm looking at page 4 of your release, and I wonder if you can add a little color on the right-hand side of the page? And in particular, I'm wondering about the $1.7 billion vintage and the $3.5 billion of new funds raised.

馬克稍微提到了這一點，但我想知道，我正在看你的新聞稿第 4 頁，我想知道你是否可以在頁面的右側添加一點顏色？我特別想知道 17 億美元的初始資金和 35 億美元的新募款的情況。

And so like, first, I imagine those are in the 12.1 that we saw. But in particular, on the strategic equity fund, I was wondering, is that a traditional drawdown fund? Or is it evergreen? And how do you plan to scale it? And I guess just in general, on all these things also like when and where do we see them in the P&L?

因此，首先，我想像它們就在我們看到的 12.1 中。但具體到策略性股票基金，我想知道，這是傳統的提取基金嗎？還是常綠的？您計劃如何擴大其規模？我想一般來說，對於所有這些事情，我們何時何地可以在損益表中看到它們？

And when do we start seeing revenues? And where should we expect them in your accounting geography?

我們什麼時候開始看到收入？在您的會計地理中我們應該期待它們在哪裡？

Great. So the slide 4 on that right side is something that is very much worth highlighting. So I appreciate the question because, well, there's a lot of macro talks about alternatives and questions rightfully so about strategies and acquisitions. The right-hand side is the answer, which is now you can see already, as I said, this is point about it's not a -- we're not laying the pylons of a foundation, the foundation is built and the building is coming out of the ground.

偉大的。因此，右側的幻燈片 4 非常值得強調。所以我很感謝這個問題，因為有很多關於替代方案的宏觀討論，以及關於策略和收購的問題。右邊是答案，現在你已經可以看到了，正如我所說的，這一點不是——我們不是在鋪設地基的塔架，地基已經建好，建築物是從地面上冒出來的。

And candidly, we think it's going to be one heck of a skyscraper over time. And so you can see here some of those pieces of that puzzle because these are things we didn't even have before. So to answer first, like on the $3.5 billion, that is primarily in our that is that $1.7 billion in the strategic equity, which I'm going to come back to, that is net lease Europe.

坦白說，我們認為隨著時間的推移，它將成為一座令人驚嘆的摩天大樓。所以你可以在這裡看到這個謎題的一些碎片，因為這些東西是我們以前沒有的。所以首先要回答的是，關於 35 億美元，這主要是我們的戰略股權，也就是 17 億美元的歐洲淨租賃。

Again, taking our world-class franchise on the road, so to speak, and then with our GP mid-market business. So those are all new strategies that are just beginning to blossom. With regard to the $1.7 billion in strategic equity, we get really excited about this product. That is the GP-led secondary product, I actually was just also referencing, as you know.

再次，我們可以說將世界一流的特許經營權帶上路，然後再開展我們的 GP 中端市場業務。這些都是剛開始蓬勃發展的新策略。對於價值 17 億美元的戰略股權，我們對這款產品感到非常興奮。那是由 GP 主導的二級產品，如你所知，我實際上也只是參考了一下。

We call that BOSE, Blue Owl Strategic Equity. And at the end of the day, it's the greatest hits of private equity. It is the product that allows us in partnership with the firms that we are go-to partners with today to facilitate a really important solution. LPs want liquidity, others want to carry forward, and we're the ones that provide that liquidity to bridge between those two well in a self-selected basis, the PE fund says, I already know what my best asset is. And of course, I want to keep that for the benefit of the investors who want to stay in it.

我們稱之為 BOSE，即藍色貓頭鷹策略股權。最終，這是私募股權投資領域最偉大的成就。該產品使我們能夠與今天的合作夥伴公司合作，以提供真正重要的解決方案。LP 想要流動性，其他人想要結轉，而我們就是提供這種流動性的人，以自我選擇的方式在兩者之間架起橋樑，PE 基金說，我已經知道我最好的資產是什麼了。當然，我希望保留這一點，以造福那些想要留在其中的投資者。

And then we get to come in with that hindsight benefit already and provide the capital to, if you will, the LPs that don't want to stay exit. I think this is one of the more enormous -- very immature, but enormous opportunities in the alt market because this lives on the 50-year run in PE.

然後，我們就可以帶著事後利益進入，並為那些不想退出的 LP 提供資金。我認為這是另類市場中最巨大的機會之一——雖然非常不成熟，但卻是巨大的機遇，因為它在 PE 領域已經存在了 50 年。

Everyone, you all have the stat on the thousands and thousands and thousands of companies owned by PE and the trillions of dollars held. And this is a way of saying, you know what, for the very best of those assets, how do I get those on a self-selected basis by the people to know best? That is the people that already own them. And so candidly, I think it's the best way to participate in private equity today, but it's a young strategy, and I we're in a very good place to I think be the market leader because it takes an origination engine, which we clearly have, for reasons that are quite obvious given our role in the PE marketplace.

各位，你們都有關於 PE 擁有的數千家公司和數萬億美元資產的統計數據。這是一種說法，您知道嗎，對於這些資產中最好的，我如何讓人們根據自己的選擇來了解它們？那些人已經擁有它們。坦白說，我認為這是當今參與私募股權投資的最佳方式，但這是一種年輕的策略，我認為我們處於非常有利的位置，可以成為市場領導者，因為它需要一個發起引擎，而我們顯然擁有這個引擎，考慮到我們在 PE 市場中的角色，原因顯而易見。

It also takes an ability to do the work. This is very, very different from LP secondaries, very different. This is buying an individual asset. So you have to do the deep dive multi-month work, which is what we do every day, right, in the world of credit and have done thousands and thousands and thousands of times.

完成這項工作還需要能力。這與 LP 次級產品非常非常不同，非常不同。這是購買個人資產。所以你必須進行長達數月的深入工作，這也是我們在信貸領域每天所做的事情，我們已經做了成千上萬次。

And then you need the PE capability to drive the final PE decision on the back of all of that work, and we have built a team of world-class PE professionals here to do that. So we got the combination, we have the capital and that product, to answer your last question, has both a drawdown strategy and a continuously offered format.

然後，您需要 PE 能力來在所有這些工作的基礎上推動最終的 PE 決策，我們已經在這裡建立了一支世界一流的 PE 專業團隊來做到這一點。因此，我們得到了組合，我們有資本，而且該產品，回答你的最後一個問題，既有提取策略，也有持續提供的形式。

It's not opportunity, yes, but there's -- it combined two vehicles and one vehicle ends up in the place where it becomes to continuously offered version of it.

是的，這不是機會，但是——它結合了兩輛車，其中一輛車最終成為不斷提供的版本。

Okay. So two follow-ups on that. One is, is it like a traditional private equity fund where people pay on the committed amount or is it on the deployed? And then secondly, how do you -- can you invest equity in transactions where you're also a lender or do you keep those two houses separate?

好的。對此有兩點後續問題。一是，它是否像傳統的私募股權基金一樣，人們按承諾的金額付款，還是按部署的金額付款？其次，您如何——您可以在作為貸方的交易中投資股權，還是將這兩個角色分開？

Yes. Thanks, Chris. So look, these are some of the products. The structure is a GPLP institutional product, and then there's a product that will be a RIC over time that, as Marc mentioned, under a continuously offered phase. These are all products that Marc is pointing out that helped contribute to the long-term goals.

是的。謝謝，克里斯。看看吧，這些就是一些產品。這個結構是一種 GPLP 機構產品，然後還有一種產品會隨著時間的推移而成為 RIC，正如 Marc 所提到的，處於持續提供階段。這些都是馬克指出的有助於實現長期目標的產品。

These are great adjacent opportunities, organic initiatives that we've been drilling, as Marc pointed out, that will contribute over the long term to the management fee line. So these are some of the reasons why we continue to be really excited and remain on track with our long-term goals that we outlined back in February at Investor Day.

正如馬克所指出的那樣，這些都是我們一直在挖掘的很好的鄰近機會和有機舉措，從長遠來看，這些都將為管理費用線做出貢獻。因此，這些就是我們繼續保持興奮並繼續朝著我們在二月份投資者日所概述的長期目標前進的一些原因。

This concludes the question-and-answer session. I'll turn the call to Marc Lipschultz for closing remarks.

問答環節到此結束。我將請馬克‧利普舒茲 (Marc Lipschultz) 致閉幕詞。

Thanks so much. Look, it was a tremendous quarter, and we expected that, which is to say that this is what we talked about at Investor Day. This is the journey we're on. The building blocks are quite clear. And well, the block is recently describable now, you can start to see the benefits of the block, so to speak.

非常感謝。你看，這是一個非常棒的季度，我們預料到了這一點，也就是說，這就是我們在投資者日所談論的內容。這就是我們正在進行的旅程。其構成要素非常清晰。現在，這個區塊已經可以進行了描述，可以說，您可以開始看到這個區塊的好處了。

We are delivering and have consistently been delivering outsized growth. We are on track toward our long-term goals, as we talked about. Just keep an eye on the North Star, it's the $5 billion roughly of revenue and the $3 billion roughly of FRE. That's our north star, and we're pointed right at it, and this quarter took us another step closer.

我們正在實現並持續實現超額成長。正如我們所談到的，我們正在朝著我們的長期目標前進。只要關注北極星，它就是大約 50 億美元的收入和大約 30 億美元的 FRE。那是我們的北極星，我們正朝著它前進，本季我們又向前邁進了一步。

Look, it seems clear off the market either hasn't seen it or has whatever remaining questions. I hope some of which got answered today because our performance in the market doesn't reflect these attributes today. But we're going to keep delivering and we're going to try to be as available and communicative as we can. Any questions? We love the questions.

看起來，很明顯市場要么還沒有看到它，要么還有剩餘的問題。我希望今天能回答其中一些問題，因為我們今天在市場上的表現並沒有反映出這些屬性。但我們將繼續提供服務，並盡力保持聯繫和溝通。還有其他問題嗎？我們喜歡這些問題。

We want a chance to explain.

我們想要一個解釋的機會。

Anything people wonder about, we want to explain it. we feel really great, and we see the visible track. The acquisitions are working. The integrations are completed. The synergies are being realized.

任何人們感到疑惑的事情，我們都想解釋。我們感覺非常棒，而且我們看到了可見的軌跡。這些收購正在發揮作用。整合已完成。協同效應正在實現。

Over time, we'll continue to add those opportunistically. But it worked like that's been another successful building block in this business.

隨著時間的推移，我們會繼續適時添加這些功能。但它的作用就像是這個產業的另一個成功基石。

And I guess the last thing I'd close on because it is timely to the moment, is this generational AI -- generational change adoption what's happening, look, on the cutting edge, there's going to be some gigantic winners and some gigantic losers, but it's going to transform the economy.

我想最後要說的是，因為它與時俱進，這就是代際人工智慧——代際變革的採用正在發生什麼，你看，在最前沿，將會有一些巨大的贏家和一些巨大的輸家，但它將改變經濟。

And what's quite clear, the necessary tool to get to the arms race to super intelligence or whatever term of art you want to call it, it does take the pixes and shovels. In this case, it takes the modern version, the data centers. and we are the best placed firm to help develop and to help fund those data centers and they are with the best companies to have as your partners and we are committed to being their best partner.

很明顯，實現超級智慧軍備競賽（或無論你怎麼稱呼它）的必要工具是像素和鏟子。在這種情況下，它需要現代版本，即資料中心。我們是幫助開發和資助這些資料中心的最佳公司，他們與最好的公司合作，我們致力於成為他們最好的合作夥伴。

So we have our way of delivering an exceptional risk-result, risk-return opportunity for investors have massive scale, and it's a bit of a once in a lifetime. And so sitting here today, this quarter, more than any, you can -- it's tangible.

因此，我們有自己的方式為投資者提供卓越的風險結果和風險回報機會，規模龐大，而且這幾乎是一生一次的機會。所以，今天坐在這裡，這個季度，比任何時候，你都能感受到──這是有形的。

Again, we just heard the biggest tech companies announced and the theme couldn't be clearer. And we're in position. I don't know how be this business will be, but we think it has the potential to be a mighty, mighty large one. And certainly, we intend to do a really great job with it.

再次，我們剛剛聽到了最大的科技公司宣布的消息，主題再清楚不過了。我們已經就位。我不知道這個生意將來會怎樣，但我們認為它有潛力成為一個非常非常大的生意。當然，我們打算出色地完成這項工作。

So I think with that, we'll close. Thank you all, again, for the time, the questions, and we look forward to continuing the conversation.

所以我想我們就此結束了。再次感謝大家抽空提出問題，我們期待繼續對話。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。