Blue Owl Capital Inc (OWL) 2025 Q3 法說會逐字稿

Good morning, and welcome to Blue Owl Capital's third-quarter 2025 earnings call. (Operator Instructions) I'd like to advice all parties, this conference call is being recorded.

早安，歡迎參加 Blue Owl Capital 2025 年第三季財報電話會議。（操作員指示）請各位注意，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.

現在我將把電話交給 Blue Owl 的投資者關係主管 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。今天與我一同出席的有我們的聯合執行長馬克·利普舒爾茨和我們的財務長艾倫·柯申鮑姆。

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 -- actual results may differ materially from those 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.

我想提醒各位聽眾，電話會議期間發表的言論可能包含前瞻性陳述，這些陳述並非對未來業績或結果的保證，並且涉及公司無法控制的諸多風險和不確定性——由於多種因素的影響，實際結果可能與這些前瞻性陳述存在重大差異，這些因素包括Blue Owl Capital不時向美國證券交易委員會提交的文件中描述的因素。本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.

我們也要提醒各位，本次電話會議中我們將提及非GAAP財務指標，這些指標已在我們的獲利報告中與GAAP財務指標進行了核對，該報告可在我們網站blueowl.com的「股東」欄位中查閱。請注意，本次電話會議中的任何內容均不構成出售要約或購買任何Blue Owl基金權益的要約邀請。

This morning, we issued our financial results for the third quarter of 2025, reporting fee-related earnings, or FRE of $0.24 per share and distributable earnings or DE of $0.22 per share. We declared a dividend of $0.225 per share for the third quarter, payable on November 24, for holders of record as of November 10.

今天上午，我們發布了 2025 年第三季的財務業績，報告顯示，與費用相關的收益（FRE）為每股 0.24 美元，可分配收益（DE）為每股 0.22 美元。我們宣布派發第三季每股 0.225 美元的股息，將於 11 月 24 日支付給 11 月 10 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. With that, I'd like to turn the call over to Marc.

在今天的電話會議上，我們將參考今天早上發佈在我們網站上的收益簡報。所以請準備好這份資料，以便跟著操作走。接下來，我想把電話交給馬克。

Great. Thank you so much, Ann. The results we reported for the third quarter of 2025 reflects strong growth and business performance across an increasingly diversified set of investment platforms. Not only are we beginning to see the benefits of the ongoing investments being made across our institutional and private wealth distribution channels, we have also had early successes in new product expansion efforts.

偉大的。非常感謝你，安。我們公佈的 2025 年第三季業績反映了日益多元化的投資平台組合的強勁成長和業務表現。我們不僅開始看到在機構和私人財富分銷管道進行的持續投資所帶來的好處，而且在新產品拓展方面也取得了初步成功。

We continue to see a comprehensive shift in how assets are being financed globally. Financing offered by the private market is more and more so, being recognized by borrowers as a compelling solution that offers the ability to execute with certainty and at scale and with terms tailored to the specific counterparty. This is a structural evolution for which Blue Owl is particularly well positioned given our leading franchises and one that we are increasingly able to meet in a cross-asset class fashion as a result of our acquisitions.

我們持續看到全球資產融資方式全面轉變。私人市場提供的融資越來越受到借款人的認可，被認為是一種極具吸引力的解決方案，能夠確保交易的確定性和規模化，並可根據具體交易對手的需求量身定制條款。鑑於我們領先的特許經營權，Blue Owl 在這種結構性演變中處於特別有利的地位，並且由於我們的收購，我們越來越能夠以跨資產類別的方式滿足這種演變。

Concurrently, investor focus has continued to shift toward credit and digital infrastructure, which are taking greater market share away from legacy categories. We're seeing this play out broadly across institutional, insurance, and private wealth channels and have already strategically positioned Blue Owl to be a beneficiary of these trends. We've skated to where the puck is going and our investors are benefiting from that.

同時，投資者的關注點持續轉向信貸和數位基礎設施，這些領域正在從傳統類別中奪取更大的市場份額。我們看到這種趨勢在機構、保險和私人財富管道中普遍發生，並且已經對 Blue Owl 進行了策略定位，使其成為這些趨勢的受益者。我們已經預判了未來的發展趨勢，我們的投資者也從中受益。

Of course, in any period of meaningful structural change within markets, there's always a concern that some participants may act responsibly resulting in negative outcomes. There have been some headlines over the past months detailing idiosyncratic credit issues, which have led to broader questions about the health of the corporate and asset-backed credit markets.

當然，在市場發生任何有意義的結構性變化時期，總是會有人擔心某些參與者可能會採取負責任的行動，從而導致負面結果。在過去幾個月裡，一些新聞頭條詳細報導了一些特殊的信貸問題，這引發了人們對企業和資產支持信貸市場健康狀況的更廣泛質疑。

Let me start by saying that Blue Owl has no exposure to tricolor or first branch. And broadly speaking, we do not view the events that have unfolded for those companies as canaries in the coal mine for the health of the private credit markets. However, we do believe that these two situations are reminders that vigilance is required in credit investing.

首先我要說明的是，藍貓頭鷹沒有接觸過三色或第一分支。總的來說，我們並不認為這些公司所經歷的事件是私人信貸市場健康狀況的預警信號。然而，我們認為這兩種情況提醒我們，在信貸投資中需要保持警覺。

As we have highlighted in previous earnings calls and continue to call out, the health of our credit portfolio remains excellent with an average annual realized loss of just 13 basis points and no signs of meaningful stress. In direct lending, the modest level of nonaccruals we have seen are not thematic in nature, and there's not been an uptick in our watch list levels.

正如我們在先前的財報電話會議中所強調並將繼續強調的那樣，我們的信貸組合健康狀況依然良好，平均年度實際損失僅為 13 個基點，並且沒有出現任何重大壓力跡象。在直接貸款方面，我們看到的非應計貸款水準適中，這並非主題性問題，而且我們的觀察名單上的貸款數量也沒有增加。

Similarly, in alternative credit, we're not seeing anything that would medicate weakness in consumer credit. In fact, you've heard numerous banks highlight the resilience of their consumer portfolios during recent earnings calls, despite some of the financial press headlines. The reaction that we have seen in public equity markets has not been consistent with the strong fundamental performance we see in our portfolios.

同樣，在替代信貸領域，我們也沒有看到任何能夠緩解消費者信貸疲軟的措施。事實上，儘管一些財經媒體的頭條新聞有所報道，但你已經聽到許多銀行在最近的財報電話會議上強調了其消費信貸組合的韌性。我們在公開股票市場看到的反應與我們投資組合中強勁的基本面表現並不一致。

And our software loans have remained the best sector farmer with our direct lending portfolio, and we are very pleased with the credit quality and ongoing health of the underlying borrowers there.

我們的軟體貸款業務一直是我們直接貸款組合中表現最好的行業，我們對該領域借款人的信用品質和持續健康狀況非常滿意。

Moving on to business performance. During the quarter, we saw over $14 billion of new capital commitments, bringing us to another record last 12-month capital raise of $57 billion, the equivalent of 24% of our assets under management a year ago. This capital raising does not yet reflect any contributions from our acquisitions from which we are anticipating significant growth over the next couple of years.

接下來談談業務績效。本季度，我們獲得了超過 140 億美元的新資本承諾，使我們在過去 12 個月的融資額再次創下紀錄，達到 570 億美元，相當於一年前我們管理資產的 24%。此次融資尚未反映出我們收購項目帶來的任何貢獻，我們預計未來幾年這些收購項目將帶來顯著成長。

And notably, we have a growing base of AUM not yet paying fees, $28 billion as of the third quarter, which we expect to largely deploy over the next couple of years and drive over $360 million of management fees upon deployment.

值得注意的是，我們目前有 280 億美元的資產管理規模尚未支付費用，截至第三季度，我們預計這些資產將在未來幾年內大部分投入使用，並在投入使用後帶來超過 3.6 億美元的管理費收入。

In direct lending, we're seeing an uptick in the pipeline for deployment and continue to find high-quality investment opportunities, generally underwriting to a high single-digit unlevered return despite tighter spread dynamics industry-wide. With the risk-free rate expected to end the year below 4% and with leverage loan and high yield currently offering 6% to 7%, we believe our direct lending strategy continues to offer meaningful spread premium and an attractive risk return versus other asset classes.

在直接貸款方面，我們看到待部署專案數量增加，並且不斷發現高品質的投資機會，儘管整個產業的利差動態趨於收窄，但通常仍能實現較高的個位數無槓桿回報率。鑑於無風險利率預計年底將低於 4%，而槓桿貸款和高收益債券目前的收益率為 6% 至 7%，我們相信，與其他資產類別相比，我們的直接貸款策略將繼續提供可觀的利差溢價和有吸引力的風險回報。

Gross origination in the third quarter was roughly $11 billion and net deployment increased to $3 billion, bringing last 12-month gross and net originations to $47 billion and $12 billion, respectively. In alternative credit, we continue to demonstrate scale benefits, deploying approximately $5 billion over the last 12 months, primarily focused on small business, equipment leasing, aviation and consumer transactions. This is consistent with our broader asset-backed strategy of financing the Main Street economy.

第三季總貸款發放額約為 110 億美元，淨貸款發放額增加至 30 億美元，使得過去 12 個月的總貸款發放額和淨貸款發放額分別達到 470 億美元和 120 億美元。在另類信貸領域，我們持續展現規模效益，在過去 12 個月投入了約 50 億美元，主要集中在小型企業、設備租賃、航空和消費交易領域。這與我們以資產為支撐、為實體經濟提供融資的更廣泛的策略是一致的。

The team continues to make meaningful progress capitalizing on long-standing relationships to deliver for our insurance clients for whom we have originated several billion dollars this year with a robust forward pipeline. And we continue to see the power of the integrated platform more broadly as the alternative credit team works closely with direct lending, real assets, and insurance to build focused efforts in areas such as equipment leasing.

團隊繼續利用長期建立的關係，為我們的保險客戶提供服務，並取得了實質進展。今年，我們已經為這些客戶創造了數十億美元的收入，並且擁有強勁的未來業務管道。我們繼續看到整合平台的強大力量，更廣泛地體現在另類信貸團隊與直接貸款、實體資產和保險密切合作，在設備租賃等領域進行重點工作。

During the quarter, we announced a forward flow agreement with PayPal, their first partnership with the sort in the US. We thought it would be worth spending a moment on how we structure forward flow agreements to create downside protection for our investors and why they're so compelling. One of the most important elements is the dynamic nature of these agreements, meaning we monitor performance of the portfolio on a daily basis, and we can turn off the flow if the assets are not performing as expected.

本季度，我們宣布與 PayPal 達成遠期交易協議，這是他們在美國與該組織建立的首個合作夥伴關係。我們認為有必要花點時間談談我們如何建立遠期資金協議來為投資者創造下行保護，以及為什麼這些協議如此具有吸引力。最重要的因素之一是這些協議的動態性，這意味著我們會每天監控投資組合的表現，如果資產表現不如預期，我們可以停止資金流動。

In addition, our team is focused on partnering with best-in-class originators where we have a high degree of alignment. In other words, the originators are at a minimum owning risk side by side with us through their balance sheets and are often the first loss risk.

此外，我們的團隊專注於與業內最優秀的貸款發起機構合作，因為我們與這些機構的理念高度契合。換句話說，發起機構至少透過其資產負債表與我們共同承擔風險，並且通常是第一個遭受損失的風險。

Finally, these assets are typically shorter lived self-amortizing assets with a duration of two years or less. This means that if there is weakness by vintage or originator, it runs off relatively quickly compared to other forms of credit. We underwrite to severely challenged economic conditions. And when we buy our land, our starting point is to assume that credit will get worse. To reiterate my earlier comments, we see no weakness of note.

最後，這些資產通常是期限較短的自攤銷資產，期限為兩年或更短。這意味著，如果貸款的發行年份或發起人有缺陷，與其他形式的信貸相比，這種缺陷會相對迅速地消失。我們承保經濟情勢嚴峻下的業務。當我們購買土地時，我們的出發點是假設信用狀況會惡化。重申我之前的評論，我們認為沒有明顯的弱點。

In real assets, we have continued to execute across a record pipeline of capital demand in the data center space specifically with over $50 billion of investment announced over the past two months across two transactions, including $30 billion of capital investment with Meta in Louisiana and over $20 billion of capital investment with Oracle in New Mexico.

在實體資產方面，我們繼續推動創紀錄的資料中心領域資本需求項目，尤其是在過去兩個月中，我們宣布了兩筆交易，投資額超過 500 億美元，其中包括與 Meta 在路易斯安那州的 300 億美元資本投資，以及與 Oracle 在新墨西哥州的 200 億美元資本投資。

This is in addition to the previously announced development with Oracle in Abilene, Texas where Blue Owl anchored the financing of approximately $15 billion of project value through Phase 2. We are fortunate to be in the position to offer the scale of capital and deep sector expertise that together make Blue Owl the preferred partner for the hyperscalers representing the forefront of cloud and AI innovation as highlighted by our leadership role in all three of the largest financings in the space.

此外，先前也宣布了與 Oracle 在德克薩斯州阿比林開展的合作項目，Blue Owl 為該項目第二階段提供了約 150 億美元的融資。我們很幸運能夠提供如此規模的資本和深厚的行業專業知識，這使得 Blue Owl 成為代表雲端運算和人工智慧創新前沿的超大規模企業的首選合作夥伴，我們在該領域所有三筆最大融資中的領導作用就證明了這一點。

Across our diversified net lease and digital infrastructure strategies, we have raised more than $15 billion in aggregate capital over the past two years, reflecting strong interest from investors for what we are offering. And this only includes $1 billion of the $7 billion digital infrastructure fund we just finished raising.

在過去兩年裡，我們透過多元化的淨租賃和數位基礎設施策略，累計籌集了超過 150 億美元的資金，這反映出投資者對我們所提供的產品和服務有著濃厚的興趣。這僅僅包括我們剛完成募集的70億美元數位基礎設施基金中的10億美元。

In diversified net lease alone, the $14 billion we have raised over that period compares to $26 billion of total AUM for that strategy two years ago. This includes the largest real estate fund raised in 2024, the top real estate products in private wealth on a net capital raise basis, and over $4 billion raised toward our next vintage and associated coinvest.

僅就多元化淨租賃而言，我們在此期間籌集的 140 億美元與兩年前該策略的總資產管理規模 260 億美元相比，可謂天壤之別。這其中包括 2024 年募集的最大房地產基金、以淨資本募集額計算的私人財富領域頂級房地產產品，以及為我們的下一期基金和相關聯合投資募集的超過 40 億美元。

To add to that, during the third quarter, we announced a substantial strategic partnership with QIA, one of the largest sovereign wealth funds with a shared goal of further scaling and expanding Blue Owl's digital infrastructure business. Extending our progress on this front subsequent to quarter end, we launched our digital infrastructure semi-liquid product ahead of schedule and anticipate a first close in December with significant investor interest already observed.

此外，在第三季度，我們宣布與卡達投資局 (QIA) 建立重要的策略合作夥伴關係，卡達投資局是最大的主權財富基金之一，雙方的共同目標是進一步擴大和拓展 Blue Owl 的數位基礎設施業務。繼季度末之後，我們繼續推進這方面的工作，提前推出了數位基礎設施半流動性產品，預計將於 12 月完成首次募資，目前已觀察到投資者的濃厚興趣。

We have built what we think is an outstanding business in private wealth, where we have raised over $16 billion over the last 12 months, more than doubling our fundraising pace from two years ago. I believe the strength of our results is indicative of the durable partnerships we've built over time and a long track record of bringing innovative solutions to market.

我們已經建立了我們認為非常出色的私人財富業務，在過去 12 個月中，我們籌集了超過 160 億美元的資金，比兩年前的籌款速度翻了一番還多。我認為，我們取得的優異成績表明了我們長期以來建立的持久合作夥伴關係，以及我們長期以來將創新解決方案推向市場的成功經驗。

Today, we have an installed base of over 160,000 individual investors in Blue Owl products and are adding highly complementary new products in digital infrastructure and alternative credit to the lineup. We're very excited about the runway for these new initiatives and look forward to providing more detail in the coming quarters.

目前，Blue Owl 產品擁有超過 16 萬名個人投資者，我們正在為產品線中添加高度互補的新產品，包括數位基礎設施和另類信貸。我們對這些新舉措的前景感到非常興奮，並期待在接下來的幾季提供更多細節。

In GP Stakes, we closed on two investments during the third quarter bringing us over 35% invested on our target size for our latest flagship vintage. We also completed our largest strip sales to date selling about 18% of the assets in Fund IV for proceeds of over $2.5 billion, delivering a 3.2x gross return on the assets sold across two transactions.

在 GP Stakes 方面，我們在第三季完成了兩項投資，使我們最新旗艦年份的投資目標規模超過了 35%。我們也完成了迄今為止規模最大的資產剝離交易，出售了第四期基金約 18% 的資產，獲利超過 25 億美元，兩筆交易共售出資產，總回報率達 3.2 倍。

As you've seen over the past year, we have been successful in delivering liquidity to the investors in these funds, while introducing innovative path for new investors to participate in the strategy. In total, our GP Stakes flagship funds have distributed more than $5.5 billion over the last 18 months in a market increasingly focused on DPI or distributions to pay situating our funds squarely within the top quartile on this important metric.

正如您在過去一年中所看到的，我們成功地為這些基金的投資者提供了流動性，同時為新投資者參與策略引入了創新途徑。在過去 18 個月裡，我們的 GP Stakes 旗艦基金總共分配了超過 55 億美元，而市場越來越關注 DPI 或支付分配，這使得我們的基金在這一重要指標上穩居前四分之一。

And considering the strong results we reported for the third quarter and the ongoing momentum across Blue Owl, we continue to center around a few guiding principles that anchor our accomplishments to date and inform our path forward. First, performance remains key. If we do right by our investors, growth will follow, and so our focus is always, first and foremost, on delivering exceptional return per unit of risk and protecting the downside.

考慮到我們第三季度取得的強勁業績以及 Blue Owl 持續的發展勢頭，我們將繼續以一些指導原則為中心，這些原則鞏固了我們迄今為止的成就，並指導著我們未來的發展方向。首先，表現仍然是關鍵。如果我們善待投資者，成長自然會隨之而來，因此，我們的首要任務始終是實現單位風險的卓越回報並保護下行風險。

Second, duration of capital is highly important to achieve positive investment outcomes over time. And we have an embedded base of permanent capital that not only supports the investors in our funds, but also creates meaningful visibility in earnings for the investors in our stock.

其次，資本期限對於長期獲得積極的投資成果至關重要。我們擁有穩固的永久資本基礎，這不僅為我們基金的投資者提供支持，也為我們股票的投資者創造了有意義的收益可見性。

And finally, we are hypervigilant to the notion of complacency. We always look to be skating to where the puck is going, not where it has been. This focus on innovation and being ahead of the curve has brought us to our current position at the intersection of many of the largest secular trends happening across alternatives, and we believe it will continue to serve our investors well going forward.

最後，我們對自滿情緒保持高度警覺。我們總是要滑向冰球將要去的地方，而不是它已經去過的地方。這種對創新和引領潮流的專注，使我們目前處於另類投資領域眾多重大長期趨勢的交匯點，我們相信這將繼續為我們的投資者帶來良好的未來。

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

接下來，我將把發言權交給艾倫，讓他來談談我們的財務表現。

Thank you, Marc, and good morning, everyone. We are very pleased with the results we reported this quarter, marking our 18th consecutive quarter of management fee and FRE growth.

謝謝你，馬克，大家早安。我們對本季公佈的業績非常滿意，這標誌著我們連續第 18 個季度實現了管理費和 FRE 的成長。

Over the last 12 months, management fees increased by 29% and 86% was from permanent capital vehicles. FRE was up 19% and DE was up 15%. We had another very strong quarter of fundraising, taking in over $11 billion of equity in the third quarter and nearly $40 billion over the last 12 months, an increase of over 60% from the prior year and another record for Blue Owl. Of that $40 billion, $23 billion or roughly 60% came from institutional clients, reflecting an increase of over 100% versus the prior year period.

過去 12 個月，管理費增加了 29%，其中 86% 來自永久資本工具。FRE上漲19%，DE上漲15%。我們又迎來了一個非常強勁的籌款季度，第三季度募集了超過 110 億美元的股權，過去 12 個月募集了近 400 億美元，比上一年增長了 60% 以上，再次刷新了 Blue Owl 的紀錄。在這 400 億美元中，230 億美元（約佔 60%）來自機構客戶，與去年同期相比成長超過 100%。

And in private wealth, we have gotten off to a great start with two new wealth-focused vehicles with significant interest in our alternative credit interval funds and our new digital infrastructure fund. And we continue to see a growing breadth of interest in our existing product lineup. We highlight the massive secular trends in play for these strategies on slide 5 of our earnings presentation.

在私人財富領域，我們推出了兩個新的財富管理工具，市場對我們的另類信用間隔基金和新的數位基礎設施基金表現出了濃厚的興趣，並取得了良好的開端。我們看到，消費者對我們現有產品線的興趣持續增長。我們在收益報告的第 5 頁重點介紹了這些策略所受到的巨大長期趨勢的影響。

To break down the third quarter fundraising numbers across our strategies and products, in credit, we raised $5.6 billion, a near record quarter for our credit platform. $3 billion was raised in direct lending of which $2.4 billion came from our nontraded BDC, OCIC, and OTIC. The remainder was primarily raised across our newly launched integral funds and other alternative credit funds, various diversified lending funds and SMAs and investment-grade credits.

為了更清楚地了解我們第三季在各項策略和產品方面的融資情況，信貸業務方面，我們籌集了56億美元，接近信貸平台季度融資額的最高紀錄。其中，直接貸款業務籌集了30億美元，而直接貸款業務的24億美元來自我們的非上市商業發展公司（BDC）、海外投資公司（OCIC）和海外投資公司（OTIC）。其餘資金主要透過我們新推出的整體基金和其他另類信貸基金、各種多元化貸款基金和獨立管理帳戶以及投資級信貸籌集。

In Real Assets, we raised $3 billion, $1 billion was raised from Oren with another $1 billion raised with the seventh vintage of our flagship net lease strategy. The remainder was primarily raised in insurance-focused products and co-investors. And in GP Strategic Capital, we raised $2.7 billion with most of this due to the strip sales that Marc referenced earlier.

在實體資產方面，我們籌集了 30 億美元，其中 10 億美元來自 Oren，另外 10 億美元來自我們旗艦淨租賃策略的第七期。其餘資金主要來自保險類產品和聯合投資者。而 GP Strategic Capital 則籌集了 27 億美元，其中大部分資金來自 Marc 先前提到的條帶銷售。

The latest vintage of our large-cap GP stake strategy is now up to $8 billion raised towards our $13 billion goal. And from a forward-looking fund raise perspective here, as we commented on last quarter's call, we expect the fourth quarter fund rate to come in at a similar level for the second and third quarter.

我們最新一期的大盤股普通合夥人投資策略目前已籌集到 80 億美元，距離 130 億美元的目標還有一段距離。從前瞻性的籌資角度來看，正如我們在上個季度的電話會議上提到的，我們預計第四季度的籌資率將與第二季和第三季的水平相似。

Turning to our platform. In credit, our direct lending strategy gross returns were approximately 3% in the third quarter, and 13% over the last 12 months. Weighted average LTV remains in the high 30s across direct lending and in the low 30s specifically in our software lending portfolios. On average, underlying revenue and EBITDA growth across our portfolios was in the high single digits. And as Marc mentioned earlier, credit quality remains very strong.

轉向我們的平台。在信貸方面，我們的直接貸款策略第三季的總回報率約為 3%，過去 12 個月的總回報率約為 13%。直接貸款的加權平均貸款價值比 (LTV) 保持在 30% 以上，而我們的軟體貸款組合的加權平均貸款價值比 (LTV) 則保持在 30% 左右。平均而言，我們投資組合中的基礎收入和 EBITDA 成長率均達到個位數高點。正如馬克之前提到的，信貸品質依然非常強勁。

In light of the most recent 25 basis point rate cut, we wanted to refresh the framework of how a cuts impact Blue Owl and underscore the resiliency of our Part 1 fees. So for every 100 basis points of rate cuts, the impact of Part 1 fees was approximately $60 million or a modest 2% of our third quarter revenues annual. So now with that refresher, first, let's look backwards and then we're going to look forward.

鑑於最近 25 個基點的降息，我們希望更新降息對 Blue Owl 的影響框架，並強調我們第一部分費用的韌性。因此，每降低 100 個基點的利率，第一部分的費用影響約為 6,000 萬美元，相當於我們第三季年收入的 2%。現在，回顧一下，首先，讓我們回顧過去，然後再展望未來。

Over the last 12 months, we have grown total direct lending management fees by 18% and Part 1 fees by 12% during a period that included 100 basis points of rate cuts and relatively modest sponsor M&A activity, reflecting the advantages of incumbency and scale in this business.

在過去 12 個月中，我們的直接貸款管理費總額增加了 18%，第一部分費用增加了 12%，而在此期間利率下降了 100 個基點，發起人併購活動也相對溫和，這反映了該業務中現有地位和規模的優勢。

Sitting here today, looking at the forward SOFR curve, which shows approximately 100 basis points of average rate decline in 2026 over 2025 and incorporating our current expectations around fundraising and deployment in direct lending, we anticipate continued growth in Part 1 fees in 2026.

今天，我們坐在這裡，看著遠期 SOFR 曲線，該曲線顯示 2026 年平均利率比 2025 年下降約 100 個基點，並結合我們目前對直接貸款的籌資和部署的預期，我們預計 2026 年第一部分費用將繼續增長。

Turning to alternative credit now. Our strategy gross returns were approximately 4% in the third quarter and 16% over the last 12 months. The vast majority of portfolio returns in this strategy have historically been generated by contractual yield and principal recapture with relatively short duration compared to corporate credit.

現在轉向其他信貸方式。第三季我們的策略總回報率約為 4%，過去 12 個月的總回報率約為 16%。該策略的大部分投資組合回報歷來都是由合約收益和本金回收產生的，與公司信貸相比，期限相對較短。

Over the past two quarters, we held one of the largest first closes for an interval fund at $850 million and have subsequently raised an additional $150 million to date, bringing us to over $1 billion raised for this new product, an incredibly strong start. We are now onboarding at a number of the major custodians, enabling a broader swath of platform to distribute the product on a continuously offered basis, and we continue to add large distribution platforms for the pipeline for onboarding.

在過去的兩個季度裡，我們完成了間隔基金有史以來規模最大的首次募資之一，募資額達到 8.5 億美元，隨後又募集了 1.5 億美元，使我們為這款新產品籌集的資金超過了 10 億美元，這是一個非常強勁的開局。我們現在正在與多家主要託管機構合作，使更廣泛的平台能夠持續提供該產品，並且我們將繼續為合作管道增加大型分銷平台。

And we have deployed the majority of this initial fundraise already by upsizing existing partnerships and transactions as we had more demand for capital than we were able to fill previously.

由於先前的資金需求超過了我們的供應能力，我們已經透過擴大現有合作關係和交易規模，部署了大部分初始融資資金。

In Real Assets, you heard about the strength of our data center pipeline for Marc just now. Combining the demand for capital in this area with robust opportunities we see in logistics and manufacturing onshoring, we continue to expect that net lease Fund VI would have committed nearly all of its available capital for investment by year-end.

在「實體資產」欄位中，您剛才聽到了我們為 Marc 提供的資料中心管道的強大實力。結合該領域對資本的需求以及我們在物流和製造業回流方面看到的強勁機遇，我們仍然預計淨租賃基金 VI 將在年底前將其幾乎所有可用資本用於投資。

Through September 30, we have deployed roughly 50% of this fund with much of the remainder slated for deployment over the next 12 to 18 months as various build-to-suit projects reach completion. Our net lease pipeline continues to grow with over $50 billion of transaction volume under the letter of intent for a contract to close.

截至 9 月 30 日，我們已部署了該基金的約 50%，其餘大部分資金計劃在未來 12 至 18 個月內部署，以完成各種客製化建造專案。我們的淨租賃專案儲備持續成長，根據意向書，已有超過 500 億美元的交易額預計將最終簽訂合約。

With regards to performance, gross returns in net lease were approximately 4% for the third quarter and 10% over the last 12 months. In GP Strategic Capital, we have now closed on four investments to date in the latest vintage of our GP stake strategy. Year-to-date, we have deployed more than $5 billion of equity in our large-cap strategy, slightly above the average annual deployment over the past few years. Performance in these funds remained strong with a net IRR of 22% for Fund III, 34% for Fund IV, and 13% for Fund V.

就業成績而言，第三季淨租賃毛報酬率約為 4%，過去 12 個月的毛報酬率約為 10%。在 GP 策略資本方面，我們最新一期的 GP 股權投資策略已經完成了四項投資。今年迄今為止，我們已在大盤股策略中投入超過 50 億美元的股權，略高於過去幾年的平均年度投資。這些基金的表現依然強勁，第三期基金的淨內部報酬率為 22%，第四期基金為 34%，第五期基金為 13%。

A few items remaining here that I wanted to cover with everyone. First, during the quarter, we saw a fee step down on a portion of the AUM in net lease Fund VI that paid fees on committed capital. This resulted in very modest management fee growth in our Real Assets platform for the third quarter.

還有幾件事我想跟大家一起說。首先，在本季度，我們看到淨租賃基金 VI 中一部分按承諾資本支付費用的資產管理規模 (AUM) 的費用有所下降。這導致我們房地產平台第三季的管理費成長非常有限。

As we look ahead, we anticipate a meaningful acceleration in management fee growth for real assets given our robust fundraising momentum and the strong pipeline we just discussed with the anticipated mid-single-digit growth for the fourth quarter, quarter-over-quarter, which annualizes to about 20% growth and further acceleration expected into 2026.

展望未來，鑑於我們強勁的募資勢頭和我們剛才討論過的強勁項目儲備，我們預計實物資產管理費的增長將顯著加快，預計第四季度環比增長將達到中等個位數，年化增長率約為 20%，預計到 2026 年將進一步加速增長。

As a reminder, we have committed 90% of Fund VI to be invested but have only deployed roughly 50% of capital out of that fund, providing visibility into management fee growth as those projects reach completion.

提醒一下，我們已承諾將第六期基金的 90% 用於投資，但目前僅投入了該基金約 50% 的資金，隨著這些項目的完成，管理費的增長情況將更加明朗。

Second, in GP stakes, there was a fee step down for Fund II that is occurring at the end of October and will result in an annual management fee impact of about $22 million.

其次，在普通合夥人權益方面，第二期基金的費用將在 10 月底逐步降低，這將導致年度管理費減少約 2,200 萬美元。

And finally, when we look at our most important key metrics like FRE growth and FRE per share growth, or DE growth and DE per share growth, due to the timing of when shares are issued for each of our acquisitions, shares are issued at close, there can be a natural, very short-term divergence between something like FRE growth and FRE per share growth.

最後，當我們查看最重要的關鍵指標，例如 FRE 成長和 FRE 每股成長，或 DE 成長和 DE 每股成長時，由於每次收購發行股票的時間不同（股票在交易完成時發行），FRE 成長和 FRE 每股成長之間可能會出現自然的、非常短期的偏差。

So to see the best indicator of our current EPS growth rate, we can look at our quarter-over-quarter growth for, say, 1Q to 2Q '25, or 2Q to 3Q '25. Since we closed our last acquisition at the beginning of January, these are clean quarters, meaning each quarter has full share count and full P&L from all acquisitions. What you see in quarter-over-quarter growth for these recent quarters is a meaningful closing of the gap between FRE and FRE per share as well as an acceleration in FRE per share growth.

因此，要了解我們目前每股盈餘成長率的最佳指標，我們可以查看我們的季度環比成長率，例如 2025 年第一季到第二季度，或 2025 年第二季到第三季。自從我們在 1 月初完成最後一次收購以來，這些季度都是乾淨的，這意味著每個季度都有來自所有收購的完整股份數量和完整損益。從最近幾季的季度環比成長來看，FRE 與每股 FRE 之間的差距顯著縮小，每股 FRE 的成長速度也加快了。

So to wrap up, I think you've seen from our business performance that nothing has changed fundamentally across Blue Owl despite the acute reaction we've seen in all stocks over the past month or so. One of the benefits of our model is that we have very high visibility into future earnings given the recurring nature of our revenues, reflecting our very durable business model.

綜上所述，我認為從我們的業務表現中可以看出，儘管過去一個月左右所有股票都出現了劇烈反應，但 Blue Owl 的根本情況並沒有發生任何變化。我們的模式的優勢之一在於，由於收入的經常性，我們對未來的收益有非常高的可見性，這反映了我們非常穩健的商業模式。

Portfolio quality has remained very strong across the board, fundraising has been very robust, and we continue to lean into our incumbency and scale to drive positive outcomes for our shareholders and investors.

投資組合品質整體保持強勁，融資活動也十分穩健，我們將持續發揮自身優勢和規模，為股東和投資者帶來正面的成果。

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收看我們的節目。接線員，請問可以開通提問通道嗎？

(Operator Instructions) Glenn Schorr, Evercore ISI.

（操作說明）Glenn Schorr，Evercore ISI。

Maybe I'm going to try to -- maybe I'll try to just get a summary with your last commentary on the acceleration. So I think I'm okay -- I am okay with some dilution that gets Blue Owl into these key growth markets. And maybe it offsets any pressures from any lower rates and maturation of any of your legacy businesses.

也許我會試著——也許我會試著根據你上次關於加速的評論做一個總結。所以我覺得沒問題——我可以接受一定程度的股權稀釋，這樣Blue Owl就能進入這些關鍵的成長市場。或許這可以抵銷利率下降和原有業務成熟帶來的任何壓力。

So the question I have is, we're trying to solve -- I think we're all trying to solve for the magnitude and the timing of the growth investments when they stop having any dilution and improve the FRE growth, FRE per margin per share growth and the margin. So maybe just big picture, '26 and '27, are we back on track? Do you see 20%-plus FRE growth, FRE per share matching that? And do we see margin stabilization and improvement from here?

所以我的問題是，我們正在努力解決——我認為我們都在努力解決的是成長投資的規模和時機，即何時停止稀釋股權，並提高 FRE 成長、每股 FRE 利潤率成長和利潤率。所以，從大局來看，2026 年和 2027 年，我們是否重回正軌？您認為FRE成長率能達到20%以上，每股FRE成長率也能與之匹配嗎？那麼，我們能否看到利潤率趨於穩定並在此基礎上有所提高？

Just trying to get to the like the summary of it all because I think that's where you're getting that.

我只是想找到所有內容的總結，因為我認為你最終會明白這一點。

Yeah. Thanks, Glenn. I appreciate the question. The answer is yes, across the board. We expect over time to continue to have margin expansion from where we are today as we get into '26, '27 and certainly our 2029 goals. We will expect to see meaningful accretion -- meaningful acceleration, excuse me -- of metrics like FRE per share, DE per share as we look '25 to '26, and again, as we look '26 to '27, each of those years builds on each other.

是的。謝謝你，格倫。感謝您的提問。答案是肯定的，所有方面都是如此。我們預計，隨著我們進入 2026 年、2027 年，當然還有我們 2029 年的目標階段，利潤率將繼續從目前的水平擴大。我們預計，從 2025 年到 2026 年，每股 FRE 和每股 DE 等指標將出現顯著增長——抱歉，應該說是顯著加速增長——而從 2026 年到 2027 年，每一年都是在前一年的基礎上發展起來的。

We are from everything we see sitting here right on track, with what we call our North Star, our Investor Day goals of 20%-plus growth for management fees for revenues for 20% growth on metrics like FRE per share.

從我們目前所看到的來看，我們正朝著正確的方向前進，朝著我們稱之為「北極星」的目標邁進，也就是我們在投資者日上設定的目標：管理費收入增長 20% 以上，每股 FRE 等指標增長 20%。

I'll just add taking the numbers that Alan just said, I take a step back for a moment, the -- and well, to be clear, we understand why people ask questions about acquisitions because this is an industry that hasn't always done them well. But I say this all humility. We've done them phenomenally well. I mean think about where we are and how we've positioned for where the real opportunities going forward are, both for our investors in our funds and for our shareholders.

我只想補充一點，結合艾倫剛才說的數字，我退後一步，——嗯，說清楚點，我們理解為什麼人們會問有關收購的問題，因為這個行業在收購方面並不總是做得很好。但我說這些話都是出於謙卑。我們做得非常出色。我的意思是，想想我們現在所處的位置，以及我們如何為未來的真正機會做好準備，無論對於我們基金的投資者還是我們的股東而言都是如此。

Our position in digital infrastructure is monumental. We have this incredibly successful fund already in asset-backed, and asset backed is growing. So these are capabilities that are fully integrated. And in fact, you've already seen, if you look at the Meta transaction, we had about 100 people working across the firm on that, that never could have been done absent the capabilities that we have built organically and added.

我們在數位基礎設施領域佔據著舉足輕重的地位。我們已經擁有一個非常成功的資產支持型基金，而且資產支持型基金正在不斷成長。所以這些功能是完全整合的。事實上，如果你看看 Meta 交易，你會發現我們公司有大約 100 人參與其中，如果沒有我們自主建立和增加的能力，這筆交易是不可能完成的。

And so this recurring -- not your mathematical question, because I absolutely understand there's the mathematical reality that if you issue shares and have less than a year of earnings, then I mean, obviously, the per share effect won't show up until you get a year out or if you look at our annualized numbers look quarter-over-quarter in annualizing, you can already see what we're talking about.

所以，這個問題反覆出現——不是你的數學問題，因為我完全理解，從數學角度來說，如果你發行股票，但盈利時間不足一年，那麼很明顯，每股收益的影響要等到一年後才會顯現出來。或者，如果你看一下我們的年化數據，看看季度環比的年化數據，你就能看到我們所說的內容了。

This isn't a -- we can see it on the come, just look at the quarter-over-quarter numbers annualize and you can see that the acceleration coming back to the levels that we're all anticipating.

這不是——我們可以看到它正在到來，只需看看季度環比數據，再按年計算，你就可以看到加速增長正在恢復到我們所有人都在預期的水平。

So from where we sit today, just so everyone knows that those acquisitions are done, dusted and thriving. And we view that as having been no small part of our success. Look at -- let's look at Owl Rent. Owl Rent today is, by far, the leader in that fundraise and net flows in real estate continuous they offered. Our fund, our real estate traditional flagship fund, as you know, we've already raised nearly half of our target fund size just out of the blocks.

所以，就我們目前的情況來看，為了讓大家知道，這些收購已經完成，一切順利，而且發展得很好。我們認為，這在很大程度上促成了我們的成功。讓我們來看看吧——我們來看看 Owl Rent。Owl Rent 目前在房地產融資和淨流量方面遙遙領先，他們持續提供這些服務。如您所知，我們的基金，我們的房地產傳統旗艦基金，在啟動之初就已經籌集了目標基金規模的近一半。

We've already committed -- I think we're now 90% committed in Fund VI. I mean so we're really thriving, not just in our core businesses that we already had, like direct lending, but these additions. So absolutely, we need to deliver it through to the numbers. That's just math, thankfully. It's not operational. It's not execution. It's not strategic. But that math will show through.

我們已經投入資金——我認為我們現在已經投入了第六期基金的 90%。我的意思是，我們不僅在我們原有的核心業務（如直接貸款）方面發展良好，而且在這些新增業務方面也取得了成功。所以，我們絕對需要用數據來證明這一點。幸好，那隻是數學問題。它無法運行。這不是處決。這並非戰略之舉。但數學結果終會顯現出來。

And maybe one other thing to add. When folks are looking for early measures of success, right, it takes years to ramp products, ramp strategies to get a good level of AUM that we're working off of. When you think of early measures of success, it could take 9 to 12 months to roll out an organic brand new product -- a brand-new strategy within your business. Think about what we've done with our acquisitions.

或許還有一點需要補充。當人們尋求早期衡量成功的指標時，對吧？產品需要數年時間才能發展壯大，策略需要數年時間才能達到我們正在努力實現的良好資產管理規模。當你考慮到早期衡量成功的標準時，推出一款全新的有機產品——也就是你企業中的一項全新策略——可能需要 9 到 12 個月的時間。想想我們透過收購都做了些什麼。

The interval fund was out in market in less than 12 months. OD, which is our digital infrastructure, wealth dedicated product we've talked a lot about here we're going to have our first close in less than 12 months from when we closed the acquisition.

該間隔基金在不到12個月的時間內就投放市場。OD，也就是我們先前多次提到的數位基礎設施和財富管理專用產品，我們將在完成收購後不到 12 個月內完成首次交易。

So when folks are looking for how much are we going to raise, what's going to happen over time, it takes time. But when you look for those early measures of success, are they on the right track? I couldn't agree more with Marc, we're hitting on all cylinders and things are pointing up into the right for us with all of these acquisitions.

所以當人們想知道我們將籌集多少資金，以及隨著時間的推移會發生什麼時，這需要時間。但是，當你尋找這些早期的成功指標時，它們是否走在正確的道路上？我完全同意馬克的看法，我們目前一切進展順利，所有這些收購都讓我們朝著正確的方向發展。

Patrick Davitt, Autonomous Research.

Patrick Davitt，自主研究。

Good morning, everyone. I have a question on retail flows. I guess, through the lens of the volatility in August. It looks like October 1 subscriptions were still quite strong. Do you have any early view on how the credit volatility we've seen the news flow has or has not impacted the numbers we're going to see for November 1? Thank you.

各位早安。我有一個關於零售流程的問題。我想，這要從八月的市場波動角度來看。看來10月1日的訂閱量依然相當強勁。您認為從新聞報導中看到的信貸波動是否會對11月1日公佈的數據產生影響？謝謝。

Thanks, Patrick. Appreciate the question. We're coming off just for credit, just focusing on what we're doing there, but I'm going to pull the lens back a little. Very strong flows. We're coming off of a record quarter in our wealth dedicated products for 3Q. We have continued momentum this month. We should build on what we did last month for products like OCIC.

謝謝你，派崔克。感謝您的提問。我們只是為了獲得認可而離開，只專注於我們正在做的事情，但我打算把鏡頭拉遠一點。水流非常強勁。我們第三季的財富管理產品業績創下歷史新高。本月我們延續了這項發展動能。我們應該在上個月針對 OCIC 等產品所取得的成果基礎上繼續努力。

We had a record month with ORENT. We broke over $300 million. We are well on our way to one of our goals -- one of our many goals that we're on track with of hitting $1 billion a quarter run rate for ORENT by the end of this year. So we're very encouraged by what we see, and we see a lot of resiliency in the channel for what we've been doing.

我們與 ORENT 的合作取得了創紀錄的成績。我們突破了3億美元大關。我們正朝著我們的目標之一穩步前進——這是我們眾多目標之一，我們正朝著今年年底前 ORENT 每季度 10 億美元的營收目標穩步邁進。因此，我們對所看到的情況感到非常鼓舞，也看到了我們一直在努力的方向展現了強烈的韌性。

ORENT and OCIC, just very particularly the way you phrased it, to be clear, they're accelerating this month; accelerating. So I have to add it to the list of imaginary problems that people are concerned about. And maybe it speaks to this point, sometimes we get this issue of gosh, individual investors, are they more volatile, they're going to be fickle?

ORENT 和 OCIC，特別是你剛才的措辭，需要明確的是，它們本月正在加速發展；正在加速發展。所以我不得不把它加到人們所擔心的那些虛構問題清單中。也許這也說明了這一點，有時我們會遇到這樣的問題：個人投資者是否更容易波動，他們是否會反覆無常？

Actually, the evidence to us is there's certainly does that -- it might be to the contrary that institutions actually can sometimes be much more heard like and can hit odd rigid barriers or someone on their board calls and says, gosh, I read an article. I don't really know.

事實上，我們得到的證據表明，確實存在這種情況——甚至可能恰恰相反，機構有時可能會更願意傾聽，並且可能會遇到奇怪的僵化障礙，或者有人在董事會會議上說，哎呀，我讀了一篇文章。我真的不知道。

But actually, the evidence we have doesn't suggest that individuals -- in fact, it seems like they're grasping the reality that these strategies are working really, really well, perhaps better than the media and maybe some institutions, although we're doing quite well with institutions now as well.

但實際上，我們掌握的證據並不顯示個人——事實上，他們似乎已經意識到這些策略確實非常有效，或許比媒體甚至某些機構都更有效，儘管我們現在與機構的合作也相當不錯。

Brian McKenna, Citizens.

Brian McKenna，市民。

So if I look at all of your public companies, that includes OWL, OBDC, OTF, all three continue to deliver pretty strong results across the board. You look at the underlying fundamentals, they remain some of the best in the industry. And even for your public BDCs, they are really the best in the industry. And then you look at direct lending, gross returns that you reported today, it should be another strong quarter for your BDC.

所以，如果我看一下你們所有的上市公司，包括 OWL、OBDC 和 OTF，這三家公司在各方面都繼續取得了相當強勁的業績。從基本面來看，它們仍然是業內最好的公司之一。即使是對你們的上市商業發展公司（BDC）來說，它們也確實是業界最好的。然後看看你們今天公佈的直接貸款總收益，對於你們的商業發展公司來說，這應該又是一個強勁的季度。

So your fundamentals remain really strong, but you look at all the stocks and they're trading at a pretty meaningful discount to peers. So what do you think is still misunderstood about your businesses within the market today?

所以你的基本面依然非常強勁，但你看所有的股票，它們的交易價格都比同業低了相當大的比例。那麼，您認為目前市場上對您的業務還有哪些誤解呢？

And what are you doing as a management team to change these perceptions and ultimately get these stock prices higher? And then does there come a point when insiders start to step in and they ultimately start buying some of these stocks?

作為管理團隊，你們正在採取哪些措施來改變這些看法，並最終推高股價？那麼，是否會有某個時刻，內部人士開始介入，並最終開始買進這些股票？

So as to what investors don't understand, it's probably hard for us to give you a comprehensive answer in fact, you obviously talked to a lot of investors, we can offer some theories. I can certainly tell you what we're doing. We're doing two things that I think at the end of the day, will solve this problem.

所以對於投資人不理解的部分，我們可能很難給出全面的答案。事實上，您顯然與許多投資者交談過，我們可以提供一些理論。我當然可以告訴你我們正在做什麼。我們正在做的兩件事，我認為最終會解決這個問題。

One, we are executing, executing, executing. Business is good. Business is continuing to be good. And we're focused on continuing to deliver. We haven't seen an opportunity as good for investors and by extension for Blue Owl as the digital infrastructure investment cycle that we're in.

第一，我們正在執行、執行、執行。生意不錯。生意依然不錯。我們將繼續專注於提供優質服務。我們還沒有看到像我們現在所處的數位基礎設施投資週期這樣，對投資者乃至 Blue Owl 來說都是絕佳的機會。

And so we're just going to continue to deliver results for investors and continue to deliver -- frankly, we're short capital in an arena like that. So I think that execution is the name of the game, internal for us and then communication, we are out on the road talking to shareholders all the time. Everyone in the senior team here is, by the way, happy to do it.

因此，我們將繼續為投資者帶來回報，並繼續努力——坦白說，在這個領域，我們的資金非常短缺。所以我認為執行力才是關鍵，對我們公司內部來說是這樣，溝通也是關鍵，我們一直在外出與股東們交流。順便說一句，我們高級團隊的每個人都很樂意這樣做。

We like spending time with shareholders and we're out on the road, and we'll answer any question anybody has. So I think we can communicate. We're trying to spend time answering questions as best we can in the media as well. So we're going to communicate and execute.

我們喜歡花時間與股東們交流，我們經常外出拜訪股東，我們會回答任何人的任何問題。所以我覺得我們能溝通。我們也正努力抽出時間，盡我們所能回答媒體提出的問題。所以我們要溝通並執行。

And to what you just said, look to our way of thinking, it couldn't be better set. I mean the reality is we -- in every one of these vehicles they're an incredible value. So rather than complain about it, which I know is a natural tendency we can have, that seems kind of pointless, rather, we're just going to continue to deliver spectacular results. Look at where we are compared to where we were when we set up our Investor Day, we're tracking right along.

至於你剛才說的，看看我們的思考方式，再好不過了。我的意思是，現實情況是——我們這些車每一輛都物超所值。所以，與其抱怨（我知道這是我們人之常情，但這似乎毫無意義），不如我們繼續取得輝煌的成績。看看我們現在的情況，再對比一下我們籌備投資者日時的情況，我們正按計劃穩步前進。

Look at like RDE this year versus what people thought a year ago and compare that to what the revisions happened with our peers. I mean we're in a different category as we should be because we have a highly predictable fee stream.

看看今年的 RDE 與一年前人們的想法有何不同，並與同行的修訂情況進行比較。我的意思是，我們屬於不同的類別，我們也應該如此，因為我們擁有高度可預測的費用來源。

So I don't know, we'll take advice from anyone on how better to do either of those things or crack the code, but history is a guide, those who join us now, I think, are going to be the beneficiaries of the upside from here, which we think of is substantial.

所以，我不知道，我們會聽取任何人的建議，以更好地做好這兩件事或破解這個難題，但歷史可以作為指導，我認為現在加入我們的人將會從中受益，我們認為這種受益是巨大的。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

My question is on the digital infra business. So we've seen these large deals recently, like the $27 billion deal to develop the Hyperion data center. And I'm sorry, I'm losing my voice a little bit here, but I believe the underlying leases have maturities of about 15 to 20 years.

我的問題與數位基礎設施業務有關。最近我們看到了一些大型交易，例如價值 270 億美元的 Hyperion 資料中心開發交易。抱歉，我的嗓子有點啞了，但我相信這些基礎租賃合約的期限大約是 15 至 20 年。

So my question is, under what scenarios can Meta terminate or walk away from the lease earlier than 15 years? And if they do that, what compensation would they owe Blue Owl funds? And how would that impact the IRR for Blue Owl LPs on that investment?

所以我的問題是，在什麼情況下 Meta 可以提前終止或解除租約（少於 15 年）？如果他們這樣做，他們需要向藍貓頭鷹基金會支付多少補償？那會對 Blue Owl LP 在該項投資中的內部報酬率 (IRR) 產生什麼影響？

Yeah. So the leases -- first of all, let's step back. The leases are designed to function for 20-plus years. So just to start to level set to your point. There is a -- it is -- and this is part of the skill and art that both Meta and I think we brought to it. They're designed in a very bespoke way to create elements of flexibility for Meta. Of course, as you know, they're actually -- just yesterday, we're talking about how they're actually rapidly accelerating their spend. So I think this is more about having a flexibility, which I give them full credit for than having anything that's likely to be used.

是的。所以，關於租賃——首先，讓我們退一步來看。這些租賃合約的設計期限為20年以上。所以，首先要說明的是，你的觀點和我們討論的重點是一樣的。確實存在——而且——這正是 Meta 和我共同賦予它的技巧和藝術的一部分。它們採用高度客製化的設計方式，為 Meta 創造了靈活性。當然，正如你所知，他們實際上——就在昨天，我們還在討論他們是如何迅速加快支出的。所以我認為這更多的是一種靈活性，我完全讚賞他們這一點，而不是擁有任何可能被使用的東西。

But just to cut through it all and I don't want to lose the forest for the trees. If there were an early termination, there is a perfectly mathematical make whole where we make -- the debt makes all its money. We make a spectacular equity return under every circumstance.

但我想直截了當地說，我不想只見樹木不見森林。如果提前終止，有一個完美的數學方法來彌補損失，債務可以收回全部金額。無論在任何情況下，我們都能獲得驚人的股權回報。

So it is really -- it doesn't -- we expect it will end up being a 20-plus year undertaking but it actually -- you call it doesn't matter. If we terminated anywhere along where they have the options to do it, there is a value guarantee on the assets. So we make a great return under any one of those conditions. So there's -- we're happy any which way.

所以，實際上——它不是——我們預計它最終將是一個超過 20 年的項目，但實際上——你稱之為它並不重要。如果我們在他們有權終止合約的任何環節終止合同，資產將獲得價值保證。所以，在上述任何一種情況下，我們都能獲得豐厚的回報。所以，我們兩種方式都樂意。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

I wish it was a day we could ask more than one. Maybe sticking with the digital story. I was wondering if you could help us understand how quickly you might be able to absorb the most recent flagship fundraising given the size of the pipeline?

我希望今天我們可以問不只一個問題。或許應該繼續講述數位化的故事。我想請您幫忙了解一下，鑑於專案儲備規模，您大概需要多長時間才能消化這筆旗艦融資專案最近？

And then secondarily, despite the strong macro dynamics, the fund performance has been pretty weak two quarters in a row. I was wondering if you can help us unpack why that's the case? And would that be a hindrance to drive growth from here? Thank you.

其次，儘管宏觀經濟情勢強勁，但該基金的業績已連續兩季表現疲軟。我想請您幫我們分析一下這是為什麼？那是否會阻礙未來的成長？謝謝。

Yeah. Let's first just clear up the accounting, therefore, kind of is -- not your misunderstanding understandable misunderstanding of the return points. So Alan you cover that first and then I'll talk about fund.

是的。我們先來澄清一下帳目，因此，某種程度上來說——這不是你對回報點的誤解，而是可以理解的誤解。艾倫，你先講這個，然後我再講基金方面的內容。

Sure. Thanks, Bill. This quarter, we saw some mark-to-market on swaps that we have around debt that's in place. So when we look at this, we see these are very long-term projects. When you look at the underlying performance of the data centers, they are very strong.

當然。謝謝你，比爾。本季度，我們對現有債務相關的互換合約進行了一些市值計價。所以當我們檢視這些項目時，會發現它們都是非常長期的項目。從資料中心的底層效能來看，它們非常強大。

And I'll tell you, on average, across our digital infrastructure funds, Fund I, II and III, we have IRRs in the high teens. So we're experiencing great IRRs for our investors. This is short-term noise.

我可以告訴大家，平均而言，在我們所有的數位基礎設施基金（基金一、二、三）中，內部報酬率 (IRR) 都達到了十幾個百分點。因此，我們的投資者獲得了非常可觀的內部報酬率。這是短期噪音。

Yeah. And just to frame that in a way that will be apparent to everyone I'm sure it's already apparent to you, these are very long-dated leases with rent escalators, not to be lost by the way, that escalator is very powerful over time.

是的。為了讓大家都能明白這一點（我相信你們也已經明白了），這些都是期限很長的租約，而且租金會逐年上漲。順便說一句，別忘了，隨著時間的推移，租金上漲的幅度會非常大。

But to match, we will -- we swap debt in many cases against them. So we've locked in our returns and our returns are outstanding. But as an accounting matter, the swap itself gets marked for accounting purposes unrelated to the fact that really, it's just serving to create this fixed income stream.

但為了與之匹配，我們會——在很多情況下，我們會用債務與他們交換。所以我們已經鎖定了收益，而且收益非常可觀。但從會計角度來看，這種互換本身會被標記，這與它實際上只是為了創造這種固定收入流的事實無關。

So that is just an accounting quirk. The -- in terms of the absorption of the Fund, we are heavily committed already through Fund III. And so we will be back with Fund IV in the 2026. And at this point, as I said, we're -- the demand for capital given the partnerships we have and the capabilities we have, vastly exceeds our current capital on hand.

這只是會計上的一個小問題。就基金的吸收而言，我們已經透過第三期基金做出了重大承諾。因此，我們將在 2026 年推出第四期基金。正如我剛才所說，目前，鑑於我們擁有的合作夥伴關係和能力，我們對資金的需求遠遠超過了我們目前擁有的資金。

So that's a great opportunity for our LPs, or frankly, others that may join us in other strategic roles, take like QIA, who joined us as a strategic partner in our continuously offered product, $1 billion commitment to help anchor that product. And we're going to continue to grow that partnership, a fantastic strategic partner. And they picked this platform because they see the scale and quality of the opportunities.

所以這對我們的有限合夥人來說是一個絕佳的機會，或者坦白說，對其他可能以其他戰略角色加入我們的人來說也是如此，比如卡達投資局（QIA），它作為戰略合作夥伴加入我們，持續提供該產品，並承諾投入 10 億美元來幫助鞏固該產品。我們將繼續深化這種合作關係，他們是一個非常棒的策略夥伴。他們選擇這個平台是因為他們看到了這裡機會的規模和品質。

So we're going to continue to develop these both strategic partnerships, and we're already seeing really great fund flows in uptake rates, speeds of adoption we've not seen before in continuously world. So we're trying to gather the capital, but it's still very imbalanced. We need much more than we have to capture what we may think are once-in-generation opportunities.

因此，我們將繼續發展這兩個策略夥伴關係，我們已經看到資金流動非常強勁，吸收率和採用速度是我們以前在世界各地從未見過的。所以我們正在努力籌集資金，但資金分配仍然非常不平衡。我們需要比現在擁有的更多資源，才能抓住我們認為可能是千載難逢的機會。

When you think of the momentum we have here, Bill, if you think about Fund III closed at the end of April, and within 12 or 18 months, we should be out -- and we expect we will be out of our first close, not just marketing, but our first close for Fund IV. And the digital infrastructure wealth product I mentioned a few minutes ago, our plans were to launch that in early 2026.

比爾，想想我們現在的勢頭，想想第三期基金在四月底完成募集，在 12 到 18 個月內，我們應該就能完成——而且我們預計我們將完成第四期基金的首次募集，不僅僅是市場推廣。至於我幾分鐘前提到的數位基礎設施財富產品，我們原計劃在 2026 年初推出。

We're ahead of that plan. We have so much momentum. We have two of our biggest distribution partners live in the system. We expect our first close to be December 1, and we are really encouraged by the early signs we're seeing in the channels there.

我們的進度已經超過了計劃。我們勢頭正盛。我們最大的兩個經銷合作夥伴已連接到該系統。我們預計首輪交割日期為 12 月 1 日，我們對目前頻道中出現的早期跡象感到非常鼓舞。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

I wanted to ask about operating leverage in the business. You indicated, I think, earlier in the Q&A that you expect -- you do expect FRE acceleration in the next few years. Curious if I just look at this quarter, you did have a big step-up in credit management fees, I think driven by the listing of OTF, but margins are still that low 57% range. I guess that was presumably embedded into your prior full year guidance.

我想諮詢企業的經營槓桿問題。我認為，您在先前的問答環節中已經表示，您預計——您確實預計未來幾年內 FRE 將加速發展。如果我只看本季度，你們的信貸管理費確實大幅增長，我認為這是由OTF上市推動的，但利潤率仍然很低，只有57%。我猜這應該已經包含在你們之前的全年業績預期中了。

But can you just remind us like why wasn't there more in the quarter? And as we think about the next several years, obviously, a lot going on in the top line and from a fundraising perspective, but how else are you thinking about expanding FRE margins and what that may look like? Thank you.

但您能否提醒我們一下，為什麼本季沒有更多這樣的內容？當我們展望未來幾年時，顯然，營收和籌款方面有很多事情要處理，但除此之外，您還考慮過如何擴大 FRE 利潤率，以及這可能會是什麼樣子？謝謝。

There's a reason that we're -- there's a reason that we grow faster and more predictably than anyone in our industry. And there's a reason that we get to strategic places like digital infrastructure and alternative credit. And I want to say that other people are doing a phenomenal job, they are. But there's a reason when you just step back and put the numbers on a piece of paper, we are in a category of our own. And it's because we invest in continuing that track forward.

我們之所以能夠比業內任何其他公司發展得更快、更可預測，是有原因的。我們之所以能夠涉足數位基礎設施和替代信貸等策略領域，是有原因的。我想說，其他人也做得非常出色，真的。但當你退後一步，把資料寫在紙上時，就會發現我們獨樹一幟，這是有原因的。這是因為我們持續投資，致力於沿著這條道路前進。

So we will continue, of course, to be a highly profitable business. You continue to see our margin this quarter at 57% plus. Sure, there's some operating leverage in the business over the medium term. But just -- from our point of view, that is not where you make money in our business. We have 30 more basis points of margin and gave up investing in the thing that's going to be the continuation of this accelerated growth two years from now, it'd be a really terrible trade.

所以，我們當然會繼續保持高獲利企業的地位。本季我們的利潤率持續保持在 57% 以上。當然，從中長期來看，該業務存在一定的經營槓桿效應。但是——從我們的角度來看，這並不是我們這個行業賺錢的方式。我們還有 30 個基點的利潤空間，卻放棄了對兩年後能夠延續這種加速成長的項目進行投資，這將是一筆非常糟糕的交易。

So we don't find the idea of trying to squeeze a $0.01 out of our margin versus invested in the future a worthwhile trade. So yes, there's operating leverage, but you should expect -- you should -- I mean I don't want to tell you what you should want us to do, that's obviously your call, but I would prefer you should want us to continue to invest in this dramatic outperformance over the long term versus trying to optimize the last dollar of margin today. And so that's where we are.

因此，我們認為為了節省 0.01 美元而將利潤投資於未來，是不值得的。所以，是的，存在經營槓桿，但你應該預料到——你應該——我的意思是，我不想告訴你你應該希望我們做什麼，這顯然是你的決定，但我更希望你希望我們繼續投資於這種長期的顯著超額收益，而不是試圖在今天優化最後一分利潤。這就是我們目前的處境。

We will continue to make growth investments. So I'd rather have you think about us as growing for a very, very long time at a very high margin with the highest fee rate, by the way, which we do have in the industry. But whether we take the last 50 basis points of margin to the bottom line or put it into the business, pun intended, on the margins, you should expect we want to put that in the business, so we continue to outperform so dramatically in North Star, $5 billion of revenue, $3 billion of FRE. That's where we're going.

我們將繼續進行增長性投資。所以我更希望你們把我們看作是在很長很長一段時間內以非常高的利潤率和最高的收費標準（順便說一句，我們在業內確實擁有最高的收費標準）實現增長。但無論我們將最後 50 個基點的利潤率計入淨利潤，還是將其投入業務（此處雙關），您應該期望我們將其投入業務，以便我們在 North Star 繼續取得如此顯著的優異表現，實現 50 億美元的收入和 30 億美元的 FRE。這就是我們要去的地方。

Crispin Love, Piper Sandler.

克里斯平·洛夫，派珀·桑德勒。

I want to go back to digital infrastructure, definitely had some meaningful announcements recently, the Qatar Investment Authority partnership, the Meta JV. When do you think of upcoming data center opportunities, what type of pipeline are you looking at? Are you able to put a dollar value on that? And then as well as just expected structures for these types of investments, could structures evolve? And then just on the Meta JV, why do you think the JV structure made the most sense for that one?

我想回到數位基礎設施領域，最近確實有一些意義重大的公告，例如與卡達投資局的合作，以及與 Meta 的合資企業。您認為未來的資料中心機會是什麼？您關注的是哪種類型的項目？你能給它估價嗎？除了這些類型投資的預期結構之外，結構是否可能會改變？那麼就 Meta JV 而言，你認為為什麼這種合資結構對它來說最有意義？

Yes. It's a wonderful question about the structures because if you look at the three largest data center complexes financings done, which no surprise, I'll note, all three are ours. The -- that each one is a different structure. And I think this is really an important point to understand. In the hundreds and hundreds of billions and to quantify, I don't even quite know how to quantify the pipeline because it's so vast in terms of the number of projects that we've already signed or that we're advanced on or that we're talking about.

是的。這是一個關於結構的好問題，因為如果你看看三個最大的資料中心綜合體的融資情況，毫不奇怪，我要指出，這三個都是我們的。——每個都是不同的結構。我認為理解這一點非常重要。項目規模高達數千億美元，要量化的話，我甚至不知道該如何量化這些項目，因為我們已經簽署、正在推進或正在討論的項目數量實在太龐大了。

And remember, the size of each one is just so massive. But in excess of $100 billion for sure in terms of the way we would look at our pipeline. So let's call the pipeline or addressable market for practical purposes kind of infinite. It doesn't really matter. That's not the constraint.

記住，它們每個都體積龐大。但就我們看待管道建設的方式而言，肯定超過 1000 億美元。因此，為了實際應用，我們不妨將潛在市場或目標市場視為無限大。其實這並不重要。那不是限制因素。

And by the way, if I'm sure we all did look at the numbers from yesterday from all the big hyperscalers and the articles in the journal and I was reading the journal, three articles are, I'll talk about one very core theme from Google, from Meta, from Microsoft, dramatic acceleration in capital spending beyond what the big numbers are people already thought and had.

順便說一句，如果我沒記錯的話，我們都看了昨天所有大型超大規模數據中心運營商的數據以及期刊上的文章，而我當時正在閱讀期刊，其中有三篇文章，我將談談谷歌、Meta 和微軟的一個核心主題，那就是資本支出出現了遠超人們預期和掌握的巨額增長。

And if you actually, I think, talked to a lot of folks, they'd say we're underspending in the opportunity not over. Now I don't want to be in a position and we're not in a position to take that risk. We do things under long-dated contracts with exceptionally high-quality companies where we earn these really, really strong and growing yields. So that's our part.

如果你真的和很多人聊聊，我想他們會說，我們在這個機會尚未結束的情況下投入不足。現在我不想處於那種境地，我們也處於無法承擔那種風險的境地。我們與品質極高的公司簽訂長期合同，從中獲得非常非常可觀且不斷增長的收益。這就是我們的部分。

We're the picks and shovels, we're the infrastructure of that part, but with that said, there are multiple structures, and this is part of the strength we can deliver at Blue Owl. I think the reason that we are prevailing in this market is because we can serve as that one-stop shop, depending on what kind of solution you want, and I'm going to just quickly take you through this.

我們是鎬和鏟子，我們是那部分的基礎設施，但話雖如此，那裡有多個結構，這也是我們在藍貓頭鷹所能提供的優勢之一。我認為我們之所以能在這個市場上取得成功，是因為我們可以提供一站式服務，根據您想要的解決方案類型，我將快速地向您介紹一下。

If you look at -- if you look at the Abilene, Texas or Stargate project as sometimes referred to, so that project, we're developing in partnership with a fantastic company, Cruso, who recently just announced their own actual financing, which we're a part of, but that really reflects the strategic partnership we have with Cruso.

如果你看看——如果你看看德克薩斯州阿比林或有時被稱為星門的項目，這個項目是我們正在與一家很棒的公司 Cruso 合作開發的，該公司最近剛剛宣布了他們自己的實際融資，我們也是其中的一部分，但這確實反映了我們與 Cruso 的戰略合作夥伴關係。

They're outstanding at what they do. They've been a pioneer in this business. They have big projects they're working on and we're working together on how we look there in the development business, and we're in the own -- the capital business. It's a wonderful compliment. So in that case, they're the developer, and we're the owner and Oracle is the tenant. So that's one structure.

他們在各自的領域都非常出色。他們是這個行業的先驅。他們正在進行一些大型項目，我們正在共同探討我們在開發業務方面如何看待這些項目，而我們則從事自有資金業務。這是莫大的讚美。所以，在這種情況下，他們是開發商，我們是所有者，Oracle 是租戶。這是其中一種結構。

In the case of the Borderplex project, which is now -- and that one, by the way, Phase 1 and 2, that was a $15 billion project. In Borderplex, that's a $22 billion project. In Borderplex, we're the developer. Remember, we have a business called STACK. STACK has about 1,000 people in it. This is another one of the -- may or may not be fully understood, but the gigantic barriers to answer here is everyone's happy to own a data center. We just took one of our data centers we had created organically and say we're creating our data centers at 7, 8 cap rates, we just agreed to sell one at a 5.25% cap rate.

以 Borderplex 專案為例，該專案目前正在進行中——順便說一下，該專案的第一階段和第二階段耗資 150 億美元。在 Borderplex，這是一個耗資 220 億美元的專案。在 Borderplex，我們是開發商。記住，我們有一家名為 STACK 的公司。STACK 大約有 1000 名成員。這是另一個可能尚未完全理解的問題，但這裡需要解答的巨大障礙是：每個人都樂於擁有一個資料中心。我們剛剛以 7%、8% 的資本化率創建了一個資料中心，然後同意以 5.25% 的資本化率出售我們自己創建的資料中心之一。

So everyone would like to own them. The question is, how do you get to own them at 7 and 8 cap rates? Well, you have to have the partnerships and be able to either with Cruso or on your own, in the case of this on our own, develop. So STACK, We have 1,000 people that do design, build, operate.

所以每個人都想擁有它們。問題是，如何才能以 7% 和 8% 的資本化率擁有它們？嗯，你必須建立合作關係，並且能夠與 Cruso 合作或像我們這次一樣，獨立進行開發。所以 STACK 公司有 1000 名員工從事設計、建造和營運。

And it's not about what you did today. It's about what you did two years ago to position yourself with the right land and the right power and the right to understand into the regulatory frameworks and how to actually get this done because getting it done it matters as much as the capital and we do both.

這與你今天做了什麼無關。關鍵在於你兩年前所做的一切，包括如何獲得合適的土地、合適的權力以及了解監管框架並真正完成這項工作的權利，因為完成這項工作與獲得資金同樣重要，而我們兩者都做到了。

And then the third iteration is Meta. Meta develops and is very good at developing their own data centers. So they're saying, okay, well, I don't need the development, what I need is someone that can deliver $27 billion of capital that understands my business and understands all the nuances that are going to go into developing this project. So our expertise isn't like we need to build it away for them, but rather expertise allows us to structure in partnership with Meta in a way that meets their needs.

然後，第三代迭代就是 Meta。Meta公司擁有自己的資料中心，非常擅長開發自己的資料中心。所以他們說，好吧，我不需要開發，我需要的是能夠提供 270 億美元資金的人，這個人要了解我的業務，了解開發這個項目所涉及的所有細微差別。所以，我們的專業知識並不是說我們需要替他們建立系統，而是說專業知識使我們能夠與 Meta 合作，以滿足他們的需求的方式進行建構。

So they say, oh, yeah, like, it's great. We get to work with someone that understands what we're doing. And so Meta is building that project. So what I like about that just so happens that all three, you see three different all good flavors depending on what the user of the data center wants, and we are positioned to do all three, and we're happy to do all three.

所以他們會說，哦，是啊，這太棒了。我們有機會和了解我們所做的事情的人一起工作。所以 Meta 正在開發這個專案。我喜歡這一點，因為這三種情況恰好可以根據資料中心使用者的需求提供三種不同的、都很不錯的選擇，而我們有能力提供所有這三種選擇，我們也很樂意提供所有這三種選擇。

Brennan Hawken, BMO.

Brennan Hawken，BMO。

I wanted to ask a clarifying question and then one a little bit more forward-looking. So I think Alan, in your prepared remarks, you were talking about the GP Stakes business and then you went into fundraising expectations. So I was a little unsure about whether or not -- I thought those fundraising expectations were firm wide and not narrowly to the GP Stakes business where you expect 4Q to be equal to 2Q and 3Q levels, but just want to confirm that.

我想問一個澄清性的問題，然後再問一個更具前瞻性的問題。所以我覺得艾倫，在你準備好的發言稿中，你先是談到了GP錦標賽的業務，然後又談到了籌款預期。所以我有點不確定是否——我認為這些籌款預期是普遍適用的，而不是僅限於GP Stakes業務，GP Stakes業務預計第四季度將與第二季度和第三季度的水平持平，但我只是想確認一下。

And then you also highlighted expectations for management fee acceleration in the real asset business. Does that mean that the fee rate step down that we saw this quarter should recover? Or are you going to be seeing strong revenue growth despite the lower fee rate?

然後，您還重點強調了對房地產業務管理費加速成長的預期。這是否意味著本季出現的費率下調趨勢將會恢復？或者說，即使費率降低，你們的收入仍將保持強勁成長？

Thanks, Brennan. Good question. I appreciate you asking. I'm sorry, I have an opportunity to clarify. On the first question, 4Q similar to 3Q, 2Q, it was a comment out of this prepared remarks, same comments as last quarter, strictly related to sixth vintage of GP Stakes. So that's what I was focused on in that comment, narrowly, not broadly for Owl. And on the real asset side, Yes, the answer is yes.

謝謝你，布倫南。問得好。感謝你的提問。抱歉，我有機會澄清一下。關於第一個問題，4Q 與 3Q、2Q 類似，這是事先準備好的發言稿中的一段評論，與上個季度的評論相同，嚴格來說與第六屆 GP 錦標賽有關。所以，我在那條評論中關注的重點就是這一點，而且是狹義的，而不是泛泛地針對 Owl。至於實體資產方面，答案是肯定的。

So the fee rate looks lower this quarter. It's a little bit of a mix shift. It's a little bit of a Fund VI fee step down, but the fees for Fund VII haven't really fully kicked in. We've called a little bit of capital, but not that much. And so that's the dynamic you're seeing. We've raised money for ORENT. Fees are coming down a little here because of the Fund VI step down.

因此，本季的費率看起來會降低。這算是一種混合風格的轉變。基金 VI 的費用略有降低，但基金 VII 的費用還沒有真正全面生效。我們籌集了一些資金，但不多。這就是你現在看到的動態。我們為 ORENT 籌集了資金。由於第六期基金的逐步退出，這裡的費用略有下降。

So it's a very, very modest growth there. You're going to see an acceleration of growth and continued fee expansion for real assets.

所以那裡的成長非常非常緩慢。你會看到實體資產的成長速度加快，費用也將持續上漲。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Marc, can you provide some really helpful detail on the forward flow agreements and your approach to underwriting and structuring these deals, certainly a growing area of focus among investors. And I was hoping to delve a little bit deeper. There's like four subcomponents, I was hoping to unpack. First, if you could talk about the quality of the underlying credits?

馬克，你能否詳細介紹遠期資金協議以及你承銷和建構這些交易的方法？這無疑是投資者日益關注的一個領域。我原本希望能夠更深入地探討一下。它好像包含四個子元件，我希望能把它們拆解開來。首先，您能否談談基礎信貸的品質？

Second, the amount of subordination you build into these structures? Third, is the volume it's expected to produce in a typical quarter? And then the appetite to afford similar agreements. So I know that was quite a bit, but credit quality, subordination, volume and appetite for more partnerships.

其次，你在這些結構中建構了多少從屬關係？第三，這是否是它在典型季度中預期的產量？然後就是簽訂類似協議的意願。我知道這涉及很多方面，但包括信用品質、次級性、交易量以及對更多合作關係的渴望。

Sure. So let us tackle all and they're all good questions. They're all highly salient. These flow partnerships are something we very much like because what we're doing -- again, kind of a theme, no surprise in the Blue Owl system, which is we like to find the people that are best at what they do, work with them in the case of we work with them in the case of, say, a PayPal, by them when it's something that is an internal asset management capability that we need to should have, IPI or Atalaya.

當然。那麼，讓我們逐一解答這些問題，它們都是很好的問題。它們都非常突出。我們非常喜歡這種流程合作關係，因為我們所做的事——這在 Blue Owl 系統中是一個主題，這不足為奇——就是我們喜歡找到最擅長自己所做的事情的人，與他們合作，例如我們與 PayPal 合作，或者透過他們來獲得我們需要的內部資產管理能力，例如 IPI 或 Atalaya。

So I think the theme you're going to always see is we're looking for best-of-breed, and with -- we are very keenly aware of what we are great at and not great at, or put it another way, when you focus, you tend to be really great at things.

所以我認為你總是會看到的主題是我們一直在尋找最好的，而且——我們非常清楚地知道我們擅長什麼，不擅長什麼，或者換句話說，當你專注於某件事時，你往往會做得非常出色。

There's a reason that we are outperforming for our LPs in almost everything we do, could we focus. We don't have that many strategies. There's a reason we win partnerships that I think many would love to have because we're more focused in a few core areas that really work. And so the flow partnerships are part of that.

我們幾乎在所有方面都為有限合夥人創造了優異的業績，這是有原因的，我們能否集中精力呢？我們沒有那麼多策略。我們之所以能贏得許多人夢寐以求的合作關係，是因為我們更專注於幾個真正行之有效的核心領域。因此，流量合作關係也是其中的一部分。

So let's start with quality. Well, quality, what you see is we're looking -- and this is quite important, too, even with all the noise in the market. We work with prime. We're not in the subprime business. And so we're talking about prime credit quality. That is why you'll see partnerships with people like PayPal or SoFi, who have strong prime flows in what they take in. So that's a logical starting point. So quality very high. We don't play in the edges. We don't do anything meaningful in subprime. We do prime.

那麼，我們就從品質開始說起吧。品質方面，我們關注的是——這一點也很重要，即使市場上充斥著各種各樣的噪音。我們與 Prime 合作。我們不做次貸業務。所以我們討論的是優質信用品質。這就是為什麼你會看到像 PayPal 或 SoFi 這樣的公司與他們建立合作關係，因為他們擁有強大的資金流動。所以這是一個合乎邏輯的出發點。所以品質非常高。我們不玩邊緣遊戲。我們在次貸領域沒有做任何有意義的事情。我們提供 Prime 服務。

And then, of course, a lot of it is just business finance, business lease finance and otherwise. So high credit quality by individual credit and then obviously, of course, it gets down to the packaging, the diligence and then to your second point, subordination.

當然，其中很多都是商業融資、商業租賃融資等等。所以，個人信用品質要高，然後顯然，當然，還要看包裝、盡職調查，然後就是你的第二點，從屬地位。

In everything we do in these partnerships, either the person we're partnered with is owning part of the same risk we are owning on their balance sheet or in most cases, subordinated. Now the amount of subordination, I can't really -- I can't give you a numeric answer because obviously, that depends on the exact credit quality, how much, what controls there are and what can go into the box.

在我們進行的所有合作中，要么與我們合作的人在其資產負債表上承擔與我們相同的風險的一部分，要么在大多數情況下，他們承擔的風險低於我們。至於次級貸款的金額，我真的——我無法給你一個具體的數字答案，因為很明顯，這取決於具體的信用品質、貸款金額、控制措施以及哪些貸款可以放進貸款箱。

But important to understand, we're not buying a package of things and saying, well, good luck with that. They're keeping a parallel piece or usually a subordinated piece and the flow agreements, we can shut them off. We're doing daily feeds. This is a very data-intensive business. We're doing daily feeds between them and us. We see everything that's processing. And so these flow rooms can be shut off if there's deterioration around parameters, in which case, they actually run off quite rapidly.

但要明白的是，我們不是買下一整包東西然後說，好吧，祝你好運。他們保留著一個平行部分，或者通常是從屬部分，以及流程協議，我們可以關閉它們。我們每天都在進行直播。這是一個數據密集型行業。我們每天都會和他們進行視訊通話。我們可以看到所有正在處理的內容。因此，如果參數惡化，這些流量室就可以關閉，在這種情況下，它們實際上會很快停止運作。

One of the beauties of alternative credit and flow arrangements is the duration per package per month is very fast. So in a world of liquidity, if people want liquidity or strategy where you can get to liquidity as an answer to a change in the world or a change in preference, so, this is the best match, which is why we put the interval structure -- interval fund structure here.

替代信貸和資金周轉安排的優點之一是每個月的資金周轉速度非常快。因此，在一個流動性充裕的世界裡，如果人們想要流動性，或者想要一種能夠應對世界變化或偏好變化的流動性策略，那麼，這就是最佳選擇，這就是為什麼我們在這裡引入了間隔結構——間隔基金結構。

You got to match structure and strategy if you really want to deliver for investors. And so that's on subordination, there is most often subordination, there's always at least parallel ownership, and there's tremendous day-to-day controls through data and tech integration with these big platforms. Volume.

如果你真的想為投資者帶來回報，就必須讓結構和策略相符。所以，就從屬關係而言，通常存在從屬關係，總是至少存在並行所有權，並且透過與這些大型平台的數據和技術集成，可以進行大量的日常控制。體積。

So you've seen some of the announcements we have. Now remember, it's important when we talked about $7 billion, for example. If not, then we put out $7 billion, right? That is going to be deployed over a couple of year period in this sort of running cycle of take receivables and then they get quickly paid down and then you add more receivables.

所以你們已經看到了我們發布的一些公告。記住，例如我們之前討論的70億美元，這一點很重要。否則，我們就得投入70億美元，對吧？這項措施將在幾年內逐步實施，其運作週期為：先收取應收帳款，然後迅速償還，之後再收取更多應收帳款。

So we could take you through, and we can certainly try to make sure people understand going forward, a bit of like what's the deployment -- peak deployment or deployment pace, but it really gives us what is a lot of visibility and optionality, maybe for lack of a better term, but it's not like we put $7 billion to work in any given moment that divide that over a couple of years, effectively.

所以我們可以帶您了解一下，我們當然也可以努力確保人們理解接下來的部署情況，例如部署高峰期或部署速度，但這確實給了我們很大的可見性和選擇權，也許用詞不當，但這並不意味著我們會在任何特定時刻投入 70 億美元，而是有效地將其分攤到幾年內。

And then on doing similar partnerships, absolutely. Again, what we want are the best originators in the world and leverage their capabilities and will be the best capital partner they can have partner of choice. So that marries with a lot of what we do. Same thing we do in the world of direct lending, right?

至於開展類似的合作，當然沒問題。再次強調，我們想要的是世界上最好的發起人，我們將充分利用他們的能力，成為他們最好的資本合作夥伴，成為他們首選的合作夥伴。這與我們所做的事情非常契合。我們在直接貸款領域所做的也是一樣，對吧？

We're not in a private equity business. We don't compete with our borrowers there in the business. They're great at it. They originate, if you will, and then we support their purchases. So we, yes, so absolutely continue to see similar partnerships formed.

我們並非從事私募股權投資業務。我們在業務上不與借款人競爭。他們在這方面很出色。它們由此誕生，然後我們支持它們的購買行為。所以，是的，我們確實繼續看到類似的合作關係形成。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Another one for you guys related to credit, and while the three instances that occurred a few weeks ago seemed to be related to fraud and it sounds like there's another one this morning with HPS and kind of those headlines coming out in the last hour or so here. But I guess, as you look at the credit exposures broadly across your platform and acknowledging that those four are like not really related to you guys. And it sounds like it was all related to fraud.

再給大家提個醒，跟信用有關。幾週前發生的三起事件似乎都與詐欺有關，而今天早上HPS似乎又出了一起，而且最近一個小時左右的新聞頭條也都是關於這方面的。但我想，當你從整體上審視你平台上的信用風險敞口，並意識到這四家公司與你們並沒有真正的關聯時，就會發現這一點。聽起來這一切都與詐欺有關。

But how are you addressing potential fraud risks across the platform? Is there anything differently that you're starting to look at? Is there an extra diligence you're starting to look at throughout the portfolios? And ultimately, will that require any incremental spend if these instances start to kind of percolate throughout the industry?

但是，你們如何應對平台上的潛在詐欺風險？你開始從不同的角度看待問題了嗎？您是否開始對整個投資組合進行額外的盡職調查？最終，如果這些情況開始在整個產業蔓延，是否需要增加額外支出？

Yeah, thanks. And I think maybe what I take a slight step back and just try to comprehensively address the overall credit theme question and well phrased. So I think it's actually important to level set in one place to begin with, which is credit quality here, our peers and at the banks for that matter, despite some (technical difficulty) is very strong, very strong.

嗯，謝謝。我覺得或許我應該稍微退後一步，試著全面、恰當地回答關於信用的整體主題問題。所以我認為，首先在一個方面進行統一標準非常重要，那就是信貸品質。我們的同行以及銀行的信貸質量，儘管存在一些（技術上的困難），但都非常強勁，非常強勁。

The -- I'm going to come back to us, but let's just start with the ecosystem in total. It's very healthy. The ecosystem, the credit ecosystem is extremely well capitalized. It's trillions and trillions of dollars, and then you have a problem. And in this case, as you point out, a handful of problems that appear to be rooted in fraud, which is kind of the least relevant indicative issue when it comes to credit quality or systemic problems and yet has garnered extraordinary amounts of attention.

我稍後會回到我們身上，但我們先從整個生態系統開始。它非常健康。信貸生態系資金非常充足。那可是數萬億美元啊，然後你就遇到問題了。正如你所指出的，在這種情況下，有些問題似乎源於欺詐，而欺詐在信貸品質或系統性問題方面是最不相關的指示性問題，但卻引起了極大的關注。

Banks do a very good job. Like I don't want this to be misunderstood. We're all part of a common ecosystem. We have a different approach. But take banks like Wells Fargo. They do a phenomenal job. JPMorgan, phenomenal job. These are great institutions, and we work with them all the time. And so I think we should start with -- there's almost like -- I don't know you're all familiar with the Mandela effect.

銀行做得非常好。我不想讓這件事被誤解。我們都是同一個生態系的一部分。我們採取了不同的方法。但以富國銀行為例。他們做得非常出色。摩根大通，幹得漂亮！這些都是非常優秀的機構，我們一直都與他們保持合作。所以我覺得我們應該從──幾乎就像──我不知道你們是否都熟悉曼德拉效應。

This is like the Mandela effect of finance, which is this just common population collective misimpression of what's going on. And for those who don't there's these like people imagine that the monopoly guy had a monopole, he didn't, or the tail has a black tip, it doesn't. There's just these common misunderstandings and misimaginations, and I can do a list so everyone has one. Fruit of the loom doesn't have a cornicopia.

這就像是金融界的曼德拉效應，指的是大眾對正在發生的事情普遍存在的集體誤解。而對於那些不了解的人來說，還有這樣的例子：有人認為大富翁先生擁有壟斷權，但他並沒有；或者尾巴的尖端是黑色的，但它也不是。存在一些常見的誤解和錯誤想像，我可以列出清單，讓每個人都能看懂。Fruit of the Loom 沒有豐饒角。

So in any case, the point being like somehow by just talking about this enough, people have worked themselves into this imaginary world where there's some big or potential credit problem. And from where we sit now, I'm going to be a little more parochial, there's definitely not. When I now look at our book, performance remains extremely strong. Y

總之，重點是，人們只要談論得夠多，就會不知不覺地陷入一種想像的世界，認為存在某種重大或潛在的信貸問題。就我們目前所處的位置而言，我的看法會更狹隘一些，但絕對沒有。現在我查看我們的帳簿，業績依然非常強勁。是

ou know we've originated over $150 billion in credit over the last decade, and we're still running at 13 basis point loss rates. And it will be higher than that over time, like that's too low. That's not the right rate. We don't suggest it is or should be. And in any given quarter, we have a company that has its challenges. We've had every -- we'll have it every quarter.

你知道，過去十年我們已經發放了超過 1500 億美元的信貸，但我們的損失率仍然維持在 13 個基點。隨著時間的推移，這個數字還會更高，因為現在這個數字太低了。這個利率不對。我們並不認為它是或應該是這樣。任何一個季度，公司都會面臨各種挑戰。我們每季都會有——以後每季都會有。

We'll have some company has a challenge. We have 400 of them. But the key is to have very few when you have them get a good recovery. And all of that is working, and we are not seeing anything in our portfolio that is thematically problematic. We're not seeing anything that suggests a shift in overall credit quality or yellow lights or anything like it. We're still seeing growth. I'm not trying to be -- like I said, of course, there are going to be companies that get in trouble.

我們會有一些公司面臨挑戰。我們有400個。但關鍵在於，當這種情況發生時，要盡量減少感染人數，並確保感染者能夠得到良好的康復。所有這些都在發揮作用，我們沒有發現投資組合中存在任何主題上的問題。我們沒有看到任何跡象表明整體信貸品質發生了變化，也沒有出現任何預警信號或類似情況。我們仍然看到成長。我不是故意要這麼說──就像我說的，當然，一定會有一些公司遇到麻煩。

We've had them and we will have them. Some our peers and some all the banks that's the nature of being a lender. But the key is, is it thematic, does it suggest anything greater or does it even really matter much to the net result when you talk about such small numbers of defaults with any reason recovery, and the answer is it doesn't. And so I'm not -- by any trying to be dismissive, but I do think like a little bit of a step back because now like this daily rhythm of -- like everyone saying, what this thing, what about that thing? As for the items you mentioned, now let me just tie it back again.

我們以前遇到過，以後也會遇到。有些同業和所有銀行都這樣認為，這就是作為貸款機構的本質。但關鍵在於，它是否具有主題性，是否暗示著更宏大的意義，或者當你談論如此小的違約數量以及任何原因的恢復情況時，它對最終結果真的很重要嗎？答案是：不重要。所以，我並不是想輕視什麼，但我確實覺得有點倒退，因為現在就像每天的節奏——就像每個人都在說，這個東西怎麼樣，那個東西怎麼樣？至於你提到的那些東西，現在讓我再總結一下。

Now I'll just be again rather than try to speak so broadly. Actually, the strength of what we do in asset-backed is exactly what you described, the thoroughness with which we tie in with the originators, the quality of the originators, like just like we do in sponsor finance, we care who the partner is. we care who that originator is.

現在我還是保持沉默，不再試圖泛泛而談。事實上，我們在資產支持融資領域的優勢正如您所描述的那樣，在於我們與發起機構的緊密合作，以及發起機構的素質。就像我們在發起人融資領域所做的那樣，我們非常重視合作夥伴，我們非常重視發起機構的資格。

And I have to tell you that there's a lot of reasons to think that SoFi and PayPal are really well-run companies that aren't -- I hope god willing, companies like that are not any part of the problems that we're talking about. And so that is part of selection. Then there's how you do it. There are tools that can be deployed and we deploy in this business. You do use third-party servicers. That's a way to have someone else looking. You do field checks.

我必須告訴你們，有很多理由認為 SoFi 和 PayPal 是非常優秀的公司，它們並非——我衷心希望，像這樣的公司不會成為我們正在討論的問題的一部分。所以，這也是選拔過程的一部分。然後就是如何去做。我們在這個行業中部署了一些工具，而且我們也確實部署了這些工具。您確實使用了第三方服務商。這是讓其他人幫忙尋找的一種方法。你需要進行實地檢查。

And by the way, if you do field checks in some of these circumstances, you see red flags. If you look at platforms, see red flags. Like it is very, a, a lot of work can be done even to confront fraud and prevent or at least prevent get it into your portfolio. And then once you're in any credit, whether let's forget fraud, let's just talk on deteriorating performance, daily data ties, we have a whole data science team here.

順便說一句，如果你在某些情況下進行實地調查，你會發現一些危險信號。如果你仔細觀察這些平台，你會發現一些危險訊號。就像很多事情一樣，即使面對欺詐，也可以做很多工作來阻止或至少阻止欺詐行為進入你的投資組合。然後，一旦你涉及任何信貸問題，不管我們先不談欺詐，就談談業績下滑、日常數據關聯等問題，我們這裡有一個完整的數據科學團隊。

This is -- that's why I get asset-backed ought to be done by professionals and asset-backed part of why we acquired one of the best in the business because this is a very different business from what many people in credit do. It does have many, many more line items and flows. So do we do anything new? Well, listen, any time there's a problem anywhere in the financial markets.

這就是為什麼我認為資產抵押貸款應該由專業人士來做，而資產抵押貸款也是我們收購業內頂尖公司之一的原因，因為這與許多信貸從業者所做的業務截然不同。它的確包含更多更多的項目和流程。那我們有什麼新的嘗試嗎？嗯，聽著，任何時候金融市場出現問題。

Of course, our job is to instantly go back and look and say, does this suggest there's anything else we should have been doing or could be doing? And the comforting answer for you will be we went back, we looked and no, there's nothing that would -- that we missed. There's nothing we would change. We think we have fantastic controls.

當然，我們的工作是立即回過頭來審視並思考，這是否表明我們應該做或可以做其他事情？而能讓你感到欣慰的答案是：我們回去查看過了，沒有，沒有任何東西是我們錯過的。我們沒有什麼好改變的。我們認為我們的控制措施非常出色。

That doesn't mean no one could ever defraud us. Anybody could be defrauded. But I would tell you that, no, we actually looked in, and when we study what did happen and study how we approach it and frankly, what we even knew about maybe were -- having looked at some of these companies over time. No, I think we feel great about how our process works, but we will always be vigilant about it.

但這並不意味著沒有人能欺騙我們。任何人都有可能被騙。但我可以告訴你，不，我們確實調查過了，當我們研究發生了什麼，研究我們是如何應對的，坦白說，我們甚至對這些公司了解多少——隨著時間的推移，我們一直在關注這些公司。不，我認為我們對目前的流程運作方式非常滿意，但我們會始終保持警惕。

But again, I think everyone is maybe -- not everyone -- I think we're a little careful of just kind of this, churning and churning and churning. I think the credit system banks and private lenders, I think we're in a really, really healthy place.

但話說回來，我覺得每個人——不是每個人——都對這種沒完沒了的翻騰有點謹慎。我認為信貸體系，包括銀行和私人貸款機構，目前都處於非常健康的狀態。

And the last thing I'll say, if you really -- if someone's looking around for, oh, you know what, there's really some problem in the world of credit, then I would tell you that people should take the flight to quality and get into our BDCs and get into our real estate products, all of which are designed to be defensive and take credit. It's the senior part of the equity capital stack. The last point I'll make it -- I don't mean to on about this, but I know it's a really important topic to the market right now, and I understand that.

最後我想說的是，如果你真的——如果有人四處尋找，哦，你知道嗎，信貸領域真的存在一些問題，那麼我會告訴你，人們應該轉向優質產品，加入我們的商業發展公司（BDC），購買我們的房地產產品，所有這些產品都旨在防禦性地接受信貸。它是股權資本結構中優先順序最高的部分。最後我想說一點——我並不是想老生常談，但我知道這對目前的市場來說是一個非常重要的主題，我理解這一點。

If you're actually concerned about the broad credit industry, banks, private lenders included, I mean people need to take a pause and think about what that means for their equity books. We are the senior parts of hundreds and hundreds and hundreds of companies. And by the way, many favorably selected by sector, by sponsor, by capital structure.

如果你真的關心整個信貸產業，包括銀行和私人貸款機構，我的意思是，人們需要停下來思考這對他們的股權結構意味著什麼。我們是數百家公司的高階部門。順便說一句，很多公司都是按行業、發起人、資本結構等因素精心挑選出來的。

So if you really are watching this problem, we're all collectively turn our attention to in that case, wildly overvalued equity markets, and we ought to have people moving into credit, not out of credit. And that's not my opinion that we have while we've overvalued. I think we actually have a really healthy economy and a really healthy ecosystem. And we'll ask I see it with our portfolio. We continue to see great strength.

所以，如果你真的在關注這個問題，那麼我們所有人都會把注意力集中到估值過高的股票市場上，我們應該讓人們轉向信貸，而不是撤出信貸。而我的觀點並非如此，我們一直高估了它。我認為我們實際上擁有非常健康的經濟和非常健康的生態系統。我們會問，我能從我們的投資組合中看到這一點嗎？我們持續看到強勁的勢頭。

Chris Kotowski, Oppenheimer.

克里斯·科托夫斯基，奧本海默。

So I'm trying to think about going back to the data center financing space and trying to think about how -- when we see these press reports about financing, how to translate it into what it means for your AUM and fee-paying AUM, when, where and how much. So thinking about Hyperion, for example, the reports I saw that you put in about $2.5 billion of equity, there was $27 billion of debt and that the lease terms going to 2049. So three-part question then.

所以我正在思考如何回到資料中心融資領域，思考當我們看到有關融資的新聞報導時，如何將其轉化為對您的資產管理規模 (AUM) 和付費資產管理規模 (AUM) 的意義，包括何時、何地以及金額多少。以 Hyperion 為例，我看到的報導顯示，該公司投入了約 25 億美元的股權，負債 270 億美元，租賃期限至 2049 年。所以這是一個包含三個部分的問題。

One, I assume what's AUM for you is the $2.5 billion, not the $27 billion. Two, I assume that, that $2.5 billion is primarily spoken by VIor by infra III. And as such, it would already be in the fee paying AUM, but it would explain why you're coming back to market so soon? And then thirdly, does this stay fee paying AUM for you until 2049? Or are there step downs before then?

首先，我假設你所說的 AUM 指的是 25 億美元，而不是 270 億美元。第二，我假設，這 25 億美元主要是由 VI 或 infra III 所說的。因此，它應該已經包含在付費資產管理規模中了，但這可以解釋為什麼你這麼快就重返市場？第三，這筆費用支付的資產管理規模是否會持續到 2049 年？或是在此之前還有降級程序？

Yeah. So a few things, and then Alan and I will cover both parts of this. So our investment in Meta's equity is roughly $3 billion just to use the right number between us. That is deployed by us over time into -- and therefore, to, I think, the point you raised, its commitments today that fund over time, but it's -- there for use of capital. We have several strategies and one of the hallmarks of Blue Owl been this drive to make sure that individual investors and institutions get treated as true peers.

是的。所以，先說幾點，然後我和艾倫會分別講解這兩部分內容。因此，我們兩人合計對 Meta 的股權投資約為 30 億美元。隨著時間的推移，我們會將這些資金投入到——因此，我認為，正如你提出的觀點，它今天的承諾會隨著時間的推移而產生資金，但它——是用於資本的。我們制定了多項策略，而 Blue Owl 的一大特色就是致力於確保個人投資者和機構投資者被視為真正的同行。

And so we have multiple vehicles, depending on how you choose to participate that will have a strategy that will participate in this product. And so while $3 billion is a gigantic number, right? Remember, we have multiple strategies that participate in that. So you said -- you named two of them very much correctly, our net lease product, for sure, is a relevant piece. Our digital infrastructure is the lead horse, if you will, right?

因此，我們有多種車輛，具體取決於您選擇如何參與，這些車輛將採取相應的策略來參與該產品。所以，30億美元雖然是個天文數字，對吧？請記住，我們有多種策略參與其中。正如您所說—您非常正確地提到了其中兩點，我們的淨租賃產品當然是相關的。我們的數位基礎設施就是領頭羊，對吧？

This is an example of a digital infrastructure originated product, which, by the way, wouldn't have if we didn't have IPI, which therefore, benefits the net lease fund back to our point, remember, net lease has participated. By the way, net lease is where we originated Oracle. So that can be a benefit for digital infrastructure. So these aren't coincidental combinations.

這是一個由數位基礎設施衍生的產品的例子，順便說一句，如果沒有 IPI，就不會有這個產品，因此，淨租賃基金也受益於此，回到我們的觀點，記住，淨租賃基金參與其中。順便一提，Oracle 就是從淨租賃模式發展而來的。所以這對數位基礎設施來說可能是一件好事。所以這些並非巧合的組合。

Then and very importantly, we have our ORENT triple net lease product and are now ODEBT, our digital infrastructure trust. And those are the wealth access channels, those participate. So it isn't a matter of -- I wonder if I picked the right firm. It's really did I pick the right firm, and investors picked the right firm. And so we have homes for that. For that equity and it's great equity. So that's really how we approach it. And then just to calls out your point, yes, there will be gaps between the time we commit and the time we deploy.

然後，非常重要的一點是，我們推出了 ORENT 三重淨租賃產品，現在又成立了 ODEBT，也就是我們的數位基礎設施信託基金。而這些就是財富獲取管道，也就是參與者。所以這不是「我不知道我是否選對了公司」的問題。這真的關乎我是否選對了公司，以及投資人是否選對了公司。所以我們有了安置這類物品的地方。為了那筆股權，而且是一筆非常棒的股權。這就是我們處理這件事的方式。然後，正如你所指出的，是的，我們承諾的時間和我們實際部署的時間之間會有差距。

So that does, in part, explain if people are trying to reconcile drawdown to when we'll be back in market, obviously, once we commit to Meta, whether we funded it today or two years from now, I mean, you have to have that money on hand. As for assets under management. Well, of course, it depends on the vehicle. But it is the case that within a perpetual product, we're talking about long periods of time, we've got 20-something years. But yes, that asset could just stay there -- could stay there forever. I mean, in that sense of the word, 20-plus years.

所以，這在一定程度上解釋了為什麼人們試圖將資金回撤與我們何時重返市場聯繫起來。顯然，一旦我們承諾投資 Meta，無論我們今天還是兩年後為其提供資金，我的意思是，你必須手頭上有這筆錢。至於管理資產方面。當然，這取決於車輛的具體情況。但事實是，對於一款永續產品而言，我們談論的是很長一段時間，例如二十多年。是的，那項資產可能會一直留在那裡——可能永遠留在那裡。我的意思是，從這個意義上講，超過20年了。

So we would get paid -- continue that, again, is the beauty of matching capital structure to assets. in our funds, it won't stay forever, right, in our funds, like our real estate funds, we will often buy and then we'll sell at nice premiums, the results. And in fact, that's is a thing we're talking just the other day, actually, like our real estate product. So we want to invest in real estate and you want to make well risk managed returns, you look at our -- we've now fully invested and exited our first three real estate funds.

這樣我們就能獲得收益──繼續說，這就是資本結構與資產相符的妙處。在我們的基金裡，資產不會永遠留在我們這裡，對吧？在我們的基金裡，例如我們的房地產基金，我們經常會買入，然後以不錯的溢價賣出，這就是結果。事實上，這正是我們前幾天正在討論的事情，例如我們的房地產產品。所以，我們想投資房地產，而你想獲得風險管理良好的回報，看看我們的回報——我們現在已經完全投資並退出了我們的前三支房地產基金。

And as the 24% net IRR doing business with IG companies. And that has to do with the difference between the running kind of double-digit hold forever kinds of returns to buy -- if you create things at 7 and 8, and if you want to, sell some of them at 5 to 6s, you generate very high IRR. So the beauty is we have the ability to do all of the above. And whoever joins us, they can pick their entry path and participate in these -- this digital transformation.

與投資等級公司開展業務可獲得 24% 的淨內部報酬率。這與持續兩位數持有型投資的回報之間的差異有關——如果你以 7 和 8 的價格創造產品，如果你願意，可以以 5 到 6 的價格出售其中一些，你就能獲得非常高的內部收益率 (IRR)。所以妙處在於我們有能力做到以上所有事情。任何加入我們的人都可以選擇自己的切入點，並參與這場數位轉型。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Maybe just continuing on that line of that question, just extending that to maybe tying it back to some comments you made earlier in the call, Marc, about the supply of capital for digital infrastructure versus the deployment opportunities being very vast over a long period of time. How do you think about the strategy of fundraising to try to match that deployment in the future? I know you have, of course, IPI for coming up, and real estate even still in the market.

或許可以繼續沿著這個問題的思路，把它延伸到你之前在電話會議中提到的一些評論上，馬克，關於數位基礎設施的資本供應與長期部署機會之間的巨大差異。您認為未來的募款策略該如何安排，才能與未來的部署相符？我知道你當然有 IPI 考試要參加，房地產市場仍然很火爆。

But as we think -- as you think about that timeline over the next 1 to 2 and even 3 years, in terms of trying to match that demand if you think that's still going to be there. What are the strategies either, either launch new funds or use the retail markets maybe as a more major fundraiser for those projects?

但當我們思考——當你思考未來 1 到 2 年甚至 3 年的時間線時，如果你認為這種需求仍然存在，那麼我們就需要努力滿足這種需求。有哪些策略呢？是發行新基金，還是利用零售市場作為這些項目的主要募款管道？

Yes. So look, I think -- what I had mentioned, and I appreciate the question, look, we have great homes for a lot of capital. And by the way, we're open to very creative approaches also on top of what I'm going to describe. But we have four entry points that allow you to participate in this digital transformation depending on exactly what assets you want and what type of structure you want. And that's like, again, this is very driven around meeting our investors where they live.

是的。所以你看，我認為——正如我之前提到的，我很感謝你的提問，你看，我們有很多資金可以買到很棒的房子。順便說一句，除了我接下來要描述的方法之外，我們也對非常有創意的其他方法持開放態度。但是，我們提供了四個切入點，您可以根據自己想要的資產類型和組織架構，選擇參與此次數位轉型的方式。這再次體現了我們以了解投資者需求為核心的理念。

So I'm not going to repeat it at all, but we have our real estate product, as you said, real estate VII in the market. Real Estate VII is a diversified triple-net lease product that owns a variety of different kinds of real estate projects with really strong tenants and 15- and 20-year leases. I think we're running in our product right now of close to an 8 average cap in those real estate products. We have a long history of stability and great results. And that's a great institutional entry into real estate.

所以我不會再重複了，但正如你所說，我們的房地產產品，房地產 VII，已經上市了。Real Estate VII 是一個多元化的三方淨租賃產品，擁有各種不同類型的房地產項目，租戶實力雄厚，租期為 15 年和 20 年。我認為我們目前在房地產產品中運行的平均收益率接近 8%。我們擁有長期穩定的發展歷史和卓越的業績。這是機構進入房地產領域的絕佳途徑。

And in fact, you're doing real estate, I -- it's a little hard for us to say why that wouldn't be the way you'd want to do real estate period with that word stopping there. Now if you want a vertical exposure into the data centers, which is this moment in time generational we think, opportunity. I think by the way, as years to run, again, just go read the headlines, everyone keeps announcing bigger numbers, not smaller numbers, and their mind-bending numbers.

事實上，你是在做房地產，我——我們很難說為什麼這不是你想要的房地產方式，就此打住。現在，如果你想垂直進入資料中心領域，我們認為這是當今時代千載難逢的機會。順便說一句，關於剩餘的競選年限，再看看新聞標題，每個人都在宣布更大的數字，而不是更小的數字，而且這些數字令人難以置信。

Then we have our digital infrastructure business, where once again, we have an unparalleled history. We've done over 100 different data centers. I think today, we have -- already have or are building 10 gigawatts, and I know that's not like an intuitive term. But if you think about a gigawatt is the amount of power that a typical sizable city in America consumes. So when you think about it, we're talking about like right now, we have built or are building 10 cities worth of data center capability.

然後是我們的數位基礎設施業務，在這個領域，我們同樣擁有無可比擬的歷史。我們已經建造了超過100個不同的資料中心。我認為今天我們已經擁有或正在建立 10 吉瓦的裝置容量，我知道這不是一個直觀的概念。但如果你仔細想想，1 吉瓦是美國一個典型的規模較大的城市消耗的電力。所以仔細想想，我們現在談論的是，我們已經建成或正在建立相當於 10 個城市的資料中心能力。

And of course, that's a fraction of the market. So you can participate. And those are both drawdown funds. So if you are comfortable and like that structure, you'll be in a drawdown fund. It obviously, therefore, means it's more about money going in and ultimately cycling back out, but it's drawdown and it has all the positive and negative attributes to that structure. The exact parallel to that is you can participate in ORENT, which is obviously our continuously offered version that allows you to participate in triple-net leased assets. And each one as a slight nuance in the kinds of projects.

當然，這只是市場佔有率的一小部分。所以你也可以參與。而且這些都是儲備資金。所以，如果您覺得這種結構舒適且適合您，那麼您就會加入一個提取基金。因此，這顯然意味著資金更多是流入，最終又循環流出，但這是一種回撤，它具有這種結構的所有正面和負面屬性。與此完全類似的是，您可以參與 ORENT，這顯然是我們持續提供的版本，允許您參與三方淨租賃資產。每個項目類型都有一些細微的差別。

One is built more for hold and collecting yields. One is built more for sort of that drawdown and ultimate exit, but they're participating in the same origination engine, so you can participate there. And then on the digital infrastructure side, as an individual, if you prefer to have the semi-liquid option where you can get your yields and then come and redeem the capital of redemption on a quarterly basis, then you come into ODIT. So if I put those four together, we have the horizontal real estate solution and the vertical data center solution. We have the drawdown entry point.

其中一家較適合持有和收取收益。其中一款產品更適合用於資金回撤和最終退出，但它們都參與同一個資金發放引擎，所以你也可以參與其中。而在數位基礎設施方面，作為個人，如果您更喜歡半流動性選項，即您可以獲得收益，然後按季度贖回本金，那麼您就適合 ODIT。所以，如果我把這四個方案結合起來，我們就得到了橫向房地產解決方案和縱向資料中心解決方案。我們已經找到了回撤入場點。

And continuously offered semi-liquid edgy point. So I think we have everything you need, and we welcome anybody anywhere. QIA is anchoring and coming into the continuously offered product. So I even think this idea that people like an institutional product in we've never described that, but now more than ever, that isn't the right way to think about it. It's about creating structures and matching them to people's preferences, about the kinds of assets and access to capital and holds and the like that they have in mind.

並不斷提供半液態的尖銳點。所以我覺得我們這裡應有盡有，我們歡迎來自世界各地的任何人。QIA正在鞏固並融入持續提供的產品中。所以我甚至認為，人們喜歡某種制度化的產品這種想法——我們從未描述過它——但現在比以往任何時候都更不應該這樣想。這關乎創建結構並使其與人們的偏好相匹配，關乎他們心中所想的資產類型、資本獲取管道和持有方式等等。

So QIA is in ODIT. So that's really how we've laid out our system. We don't have as many products as most people. We won't have as many products as most. We are open, of course, doing SMAs and customized solutions. But we're really trying to make sure we have the right entry points and that they're all scaled.

所以 QIA 屬於 ODIT。這就是我們系統的實際佈局。我們的產品數量不如大多數人那麼多。我們的產品種類不會像大多數公司那麼多。我們當然願意提供SMA和客製化解決方案。但我們確實在努力確保我們有合適的切入點，並且它們都能規模化。

And so you think the fundraising for those products can accelerate given the deployment opportunities? I guess that's what sort of the punchline of the overall question was.

所以你認為鑑於這些產品的部署機會，它們的融資活動可以加快嗎？我想這就是整個問題的最終答案。

Oh, yes, yes, I think we'll see we'll continue to -- our target for Real Estate VII, remember at $7.5 billion, I mean that's triple what it was two funds ago, right? So they are scaling, and scaling frankly an ever better market for us to deploy. Digital infra already was a gigantic step up Fund III from Fund II. We haven't set a target, obviously, for Fund IV yet.

哦，是的，是的，我想我們會看到我們將繼續——我們房地產 VII 的目標，記得是 75 億美元嗎？我的意思是，這比兩期基金前的目標高出三倍，對吧？所以他們正在擴大規模，坦白說，這為我們提供了一個更好的市場來部署。在數位基礎設施方面，第三期基金相比第二期基金已經有了巨大的飛躍。顯然，我們還沒有為第四期基金設定目標。

So those will scale with then the contingency offered, of course, are the ones that people can really -- they can participate tomorrow in these assets. And of course, that, therefore, is a highly flexible way to introduce capital into this accelerating demand.

所以，這些資產將根據所提供的應急措施進行規模調整，當然，人們可以真正——他們明天就可以參與這些資產的投資。因此，這當然是一種非常靈活的方式，可以將資金引入這種不斷增長的需求中。

I would only add to that, that it's not just the supply that's driving the demand, it's the amazing risk-adjusted returns that we're seeing when we make these investments that are driving the investor today. This is a generational opportunity that we're seeing. And I think that's a big part of what's driving the demand on the investor side.

我只想補充一點，推動需求的不僅是供應，還有我們進行這些投資時所看到的驚人的風險調整後收益，這才是如今推動投資者的真正動力。這是我們正在見證的千載難逢的機會。我認為這正是推動投資人需求的重要因素之一。

This will conclude the Q&A session. I'll turn the call to Marc Lipschultz for closing remarks.

問答環節到此結束。接下來我將把電話交給馬克‧利普舒爾茨，請他作總結發言。

Great. Thank you very much. Look, I think we covered a lot of ground and we are trying to figure out the right way to balance the bigger picture with the results, but I'll tell you that it was a great quarter. We're really happy with -- most importantly, the performance of the products in turn leads to importantly, great performance at the Blue Owl level, bang on track with durability and predictability.

偉大的。非常感謝。你看，我認為我們取得了很大的進展，我們正在努力找到平衡大局和結果的正確方法，但我可以告訴你，這是一個很棒的季度。我們非常滿意——最重要的是，產品的性能反過來又帶來了 Blue Owl 級別的出色表現，在耐用性和可預測性方面都表現出色。

We're feeling very good that we skated to where the puck has gone, and we'll continue to do that. We'll always be vigilant. Don't take anything away from the fact that we understand people and we do too. We always are on the lookout, but sitting here today, we love the position and we're quite positive about the future ad for both Blue Owl and our Blue Owl products.

我們感覺非常好，因為我們滑到了冰球移動的位置，我們會繼續這樣做。我們會始終保持警惕。別忘了，我們理解人們，我們也確實如此。我們一直在尋找機會，但就目前而言，我們很喜歡這個位置，並且對 Blue Owl 和 Blue Owl 產品的未來發展前景非常樂觀。

So we appreciate your time, and we will keep executing and we'll keep communicating.

感謝您抽出時間，我們將繼續努力，並保持溝通。

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。感謝您的參與。您現在可以斷開連線了。