Blue Owl Capital Inc (OWL) 2025 Q4 法說會逐字稿

Good morning, and welcome to Blue Owl Capital's Fourth Quarter and Full Year 2025 Earnings Call. (Operator Instructions) I'd like to advise all participants that this conference call is being recorded.

早安，歡迎參加藍貓頭鷹資本2025年第四季及全年財報電話會議。（操作員說明）我謹告知所有與會人員，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 control. Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described from time to time in Blue Owl Capital's filings with the Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statements.

我想提醒各位聽眾，電話會議期間發表的言論可能包含前瞻性陳述，這些陳述並不保證未來的業績或結果，並涉及許多公司無法控制的風險和不確定性。由於多種因素的影響，實際結果可能與前瞻性聲明中的結果有重大差異，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所述的因素。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，這些指標已在公司網站blueowl.com「股東」欄位提供的獲利簡報中與GAAP財務指標進行了核對。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 fourth quarter of 2025, reporting fee-related earnings, or FRE of $0.27 per share and distributable earnings or DE of $0.24 per share. For the full year 2025, we reported FRE of $0.96 per share and DE of $0.84 per share. We declared a dividend of $0.225 per share for the fourth quarter payable on March 2 to holders of record as of February 20, and we also announced an annual fixed dividend of $0.92 for 2026, or $0.23 per quarter, starting with our first quarter 2026 earnings. 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.

今天上午，我們發布了 2025 年第四季的財務業績，報告顯示，與費用相關的收益（FRE）為每股 0.27 美元，可分配收益（DE）為每股 0.24 美元。2025 年全年，我們公佈的 FRE 為每股 0.96 美元，DE 為每股 0.84 美元。我們宣布派發第四季度每股 0.225 美元的股息，將於 3 月 2 日支付給截至 2 月 20 日登記在冊的股東；我們還宣布從 2026 年第一季開始，每年固定派發每股 0.92 美元的股息，即每季 0.23 美元。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報告。所以請準備好這份資料，以便跟著操作走。

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

接下來，我想把電話交給馬克。

Great. Thank you so much, Ann. Blue Owl experienced significant growth in 2025, measured by record fundraising across an increasingly diversified set of strategies globally. We raised $56 billion of capital across the business, including over $17 billion during the fourth quarter, with record years for both our institutional and private wealth channels. During the fourth quarter, we crossed $300 billion of AUM, another milestone for the firm, and we are seeing robust investor demand and investment pipelines across the business as we enter 2026.

偉大的。非常感謝你，安。Blue Owl 在 2025 年實現了顯著增長，其在全球範圍內透過日益多元化的策略籌集了創紀錄的資金。我們在整個業務範圍內籌集了 560 億美元的資金，其中第四季度籌集了超過 170 億美元，機構和私人財富管道均創下了歷史新高。第四季度，我們的資產管理規模突破了 3,000 億美元，這是公司發展歷程中的另一個里程碑。進入 2026 年，我們看到整個業務領域投資者需求強勁，投資管道也十分充足。

Our ability to drive strong results for shareholders starts with investment performance, and we continue to deliver for our clients. Investment performance matters greatly to us as it relates to long-term growth for Blue Owl and if we deliver great results, business growth will follow. Performance of the funds we manage remain strong, supported by our focus on generating attractive returns through income, leveraging our scale to create opportunities that offer attractive return per unit of risk and protecting the downside through investment structure and rigorous underwriting.

我們為股東創造豐厚回報的能力始於投資業績，我們也將持續為客戶創造價值。投資績效對我們而言至關重要，因為它關係到 Blue Owl 的長期成長；如果我們取得優異的業績，業務成長自然會隨之而來。我們管理的基金績效依然強勁，這得益於我們專注於透過收益創造可觀的回報，利用我們的規模創造每單位風險可觀回報的機會，並透過投資結構和嚴格的承銷來保護下行風險。

Our net lease strategy generated gross returns of over 13% in 2025. And our ORENT product net return was approximately 11%, meaningfully outperforming the FTSE REIT Index total return of 2.3% due to our differentiated investment strategy.

我們的淨租賃策略在 2025 年實現了超過 13% 的總回報。由於我們獨特的投資策略，我們的 ORENT 產品淨回報率約為 11%，顯著優於 FTSE REIT 指數 2.3% 的總回報率。

And fundraising for ORENT has accelerated, with inflows up 11% quarter-over-quarter and 55% year-over-year, making ORENT the top net fundraiser in non-traded REITs in 2025. On a fully realized basis, our net lease flagship funds have generated a net IRR of 24% since inception.

ORENT 的籌資速度加快，資金流入季增 11%，年增 55%，使 ORENT 成為 2025 年非上市 REIT 中淨籌資額最高的公司。從完全實現的基礎上，我們的淨租賃旗艦基金自成立以來已產生 24% 的淨內部收益率。

During the fourth quarter, we sold the final assets of our Digital Infrastructure Fund I for a realized net IRR of approximately 11.5%. Direct lending net returns were 8.7% for the year compared to the leveraged loan index return of 5.9%, and our continuously offered BDCs had continued strong performance with net returns of 7.4% for OCIC and 8.4% for OTIC. And our GP Stakes funds continued to generate very strong IRRs with a significant amount driven by cash yield.

第四季度，我們出售了數位基礎設施基金 I 的最後資產，實現了約 11.5% 的淨內部收益率。與槓桿貸款指數 5.9% 的回報率相比，直接貸款的年度淨回報率為 8.7%，而我們持續提供的 BDC 也繼續保持強勁的業績，OCIC 的淨回報率為 7.4%，OTIC 的淨回報率為 8.4%。我們的 GP 股份基金繼續產生非常強勁的內部收益率，其中很大一部分是由現金收益驅動的。

In credit, the fourth quarter was marked by a high level of debate and discussion about the health of the private credit markets. The fact of the matter is the trends we observed within Blue Owl's credit portfolios remains strong and did not align with the headlines or investor fears. The sentiment seems to be echoed broadly by other asset managers and banks alike across broader credit markets.

在信貸領域，第四季圍繞著私人信貸市場的健康狀況展開了激烈的辯論和討論。事實是，我們觀察到的 Blue Owl 信貸組合的趨勢仍然強勁，與新聞頭條或投資者的擔憂並不一致。這種觀點似乎也得到了其他資產管理公司和銀行在更廣泛的信貸市場上的廣泛認同。

As of the fourth quarter, we continue to see resilient KPIs across our Direct Lending strategy, with healthy underlying portfolio company growth and no meaningful movement in our metrics such as watch list, LTVs, amendment requests or revolver draws. On average, our borrowers have delivered high single-digit revenue growth and low teens EBITDA growth year-over-year.

截至第四季度，我們的直接貸款策略各項關鍵績效指標 (KPI) 持續保持穩健，投資組合公司整體成長良好，觀察名單、貸款價值比 (LTV)、修改請求或循環貸款提取等指標均未出現實質變化。平均而言，我們的借款人實現了高個位數的收入成長和兩位數左右的 EBITDA 年成長。

Specifically, our tech lending portfolio, this growth has been even higher in the low to mid-teens range on average. Notably, since the launch of ChatGPT in November 2022, which is widely regarded as a turning point in AI, borrowers in our tech portfolio have achieved cumulative weighted average revenue growth of nearly 40% and cumulative weighted average EBITDA growth of nearly 50% through September.

具體來說，我們的科技貸款組合的成長速度甚至更高，平均達到十幾到五成。值得注意的是，自 2022 年 11 月 ChatGPT 推出以來（這被廣泛認為是人工智慧領域的一個轉折點），截至 9 月，我們科技投資組合中的借款人已實現累計加權平均收入增長近 40%，累計加權平均 EBITDA 增長近 50%。

Our average annualized net realized loss rate has been 8 basis points, encompassing realized losses and gains. This remains well below industry average. Remember, this is not a zero-loss strategy. We have hundreds of borrowers, and we will have losses in the portfolio. No one can loan money without having losses. The expectation of our investors is that we will rigorously underwrite our deals to minimize defaults and maximize recoveries over time, which will drive attractive total returns as we have done very well.

我們的平均年化淨已達到虧損率為 8 個基點，包括已實現的虧損和效益。這仍然遠低於行業平均。請記住，這不是零損失策略。我們有數百名借款人，我們的投資組合將會出現損失。沒有人能放款而不遭受損失。我們的投資者期望我們嚴格審核交易，以最大限度地減少違約，並隨著時間的推移最大限度地提高回收率，從而帶來可觀的總回報，因為我們過去做得非常好。

In alternative credit, our portfolio similarly continue to perform as expected, putting up gross returns of 16.6% for the year with no meaningful signs of stress. From a fundraising perspective, industry-wide non-traded BDCs experienced a slowdown in capital raising and elevated redemptions during the fourth quarter. This is in line with what we have seen in prior market environments with heightened volatility and fear. We saw this during COVID, with the Silicon Valley Bank failure and after tariffs were announced last year.

在另類信貸方面，我們的投資組合同樣繼續如預期表現，全年總報酬率為 16.6%，沒有出現任何明顯的壓力跡象。從籌資角度來看，整個產業的非上市 BDC 在第四季度經歷了資本籌集放緩和贖回增加的情況。這與我們以往在市場波動加劇和恐慌情緒高漲的環境下所看到的現像一致。我們在新冠疫情期間、矽谷銀行倒閉以及去年宣布加徵關稅後都看到了這一點。

We've always managed our funds with a sharp focus on leverage and liquidity. And during the fourth quarter, we met all investor requests for tenders as we have every quarter since inception. Our view is that while sentiment for a particular product strategy or asset class will fluctuate strong risk-adjusted performance is the only thing that matters over the intermediate and long term. And our products have performed very well in this regard across a wide range of economic and market environments.

我們一直以來都以槓桿率和流動性為重點來管理資金。第四季度，我們滿足了所有投資者的投標要求，就像公司成立以來的每個季度一樣。我們的觀點是，儘管對特定產品策略或資產類別的情緒會波動，但從中長期來看，強勁的風險調整後收益才是唯一重要的因素。在這方面，我們的產品在各種經濟和市場環境下都表現出色。

Despite the headwinds, we had a record quarter for equity raised in private wealth, with about $5 billion raised during the fourth quarter and over $17 billion for the full year, we are now beginning to see the synergies of the acquisitions we made over the past 18 months. During the fourth quarter, we held a $1.7 billion first close on our digital infrastructure evergreen product, ODIT, which followed an $850 million close earlier in the year on our alternative credit interval fund, OWLCX, which has already reached $1.8 billion of AUM in just three orders.

儘管面臨許多不利因素，我們在第四季私募股權融資方面仍創下紀錄，籌集了約 50 億美元，全年籌集了超過 170 億美元。我們現在開始看到過去 18 個月收購帶來的綜效。第四季度，我們的數位基礎設施常青產品 ODIT 完成了 17 億美元的首輪募款。在此之前，我們的另類信用間隔基金 OWLCX 在今年稍早完成了 8.5 億美元的募資，該基金僅透過三筆訂單，資產管理規模就已達到 18 億美元。

In 2025, equity capital raised across our five wealth-dedicated evergreen products totaled $15.4 billion for the year, which represents 66% of the beginning of the period fee-paying AUM in these products, despite substantial market shocks earlier in the year and near-term headwinds in the non-traded BDCs. All this is to say, we have expanded and diversified our private wealth footprint substantially, and we continue to feel that we are just scratching the surface of this market.

2025 年，我們五款專注於財富管理的常青產品全年募集的股權資本總額為 154 億美元，佔這些產品年初收費資產管理規模的 66%，儘管年初市場受到重大衝擊，且非上市 BDC 近期面臨不利因素。總而言之，我們已經大幅擴大和多元化了我們的私人財富佈局，但我們仍然覺得我們只是觸及了這個市場的冰山一角。

Moving to our institutional business, we likewise benefited from ongoing diversification and the investments we have made in global distribution. We saw record institutional equity fundraise of $25 billion in 2025, up 80% year-over-year and constituting about 60% of total equity raised in 2025. This includes about $5 billion raised for Direct Lending across funds and SMAs and over $6.5 billion raised for our net lease strategy across our global European and co-invest vehicles.

再來看我們的機構業務，我們也同樣受益於持續的多元化經營以及我們在全球分銷領域的投資。2025 年，機構股權融資額創下 250 億美元的紀錄，年增 80%，約佔 2025 年股權融資總額的 60%。這其中包括透過基金和獨立管理帳戶籌集的約 50 億美元用於直接貸款，以及透過我們的全球歐洲和共同投資工具籌集的超過 65 億美元用於淨租賃策略。

Since 2020, the average time to market for our real estate fund has nearly doubled to more than two years, with roughly half of those funds also falling sort of their fundraising targets, highlighting the broader challenges in this asset class. Blue Owl's net lease strategy bucked these trends with our prior flagship fund net lease Fund VI, holding a final close in the fourth quarter of 2024, above its hard cap having been in market for just 16 months.

自 2020 年以來，我們房地產基金的平均上市時間幾乎翻了一番，達到兩年多，其中大約一半的基金也未能達到其籌款目標，這凸顯了該資產類別面臨的更廣泛的挑戰。Blue Owl 的淨租賃策略逆勢而行，我們先前的旗艦基金淨租賃基金 VI 在 2024 年第四季完成最終募資，超過了其硬性上限，而該基金上市僅 16 個月。

The momentum has continued into our current vintage, which remains in market and has raised 60% of its hard cap in just three quarters. And now we have very complementary capabilities in digital infrastructure, which is similarly focused on generating attractive income-driven returns through a net lease structure, working with tenants that have some of the best credit ratings in the world. We think we have a very unique offering for investors in digital infrastructure, a pure play that will benefit from the demand for hyperscalers for data centers while remaining focused on principal preservation.

這股勢頭延續到了我們目前的年份，該年份的債券仍在市場上流通，並且在短短三個季度內就籌集到了其硬性上限的 60%。現在，我們在數位基礎設施方面擁有非常互補的能力，同樣專注於透過淨租賃結構產生有吸引力的收入驅動型回報，與世界上一些信用評級最高的租戶合作。我們認為我們為數位基礎設施領域的投資者提供了一種非常獨特的產品，一種純粹的投資方式，它將受益於對資料中心超大規模營運商的需求，同時保持對本金保全的關注。

And finally, to call out some of the contributors to our fundraising that have been less observable, we have now reached our $2.5 billion target for the latest vintage of our opportunistic alternative credit product with $1 billion of that raised in 2025. In total, we raised nearly $4 billion across alternative credit in 2025 after having closed on the acquisition in September 2024.

最後，為了表揚一些不太引人注目的募款貢獻者，我們最新一期機會主義另類信貸產品已達到 25 億美元的目標，其中 10 億美元將於 2025 年籌集。在 2024 年 9 月完成收購後，我們在 2025 年透過另類信貸總共籌集了近 40 億美元。

Our GP-led continuation strategy is approaching the final close of its first vintage, for which it will have raised approximately $2.5 billion. We think this is an excellent result for our first-time raise in a new strategy, it has exceeded our recent expectations on fundraising, and we've deployed a meaningful amount of the capital already. And in GP Stakes, as we previously disclosed, the strip sales we completed in 2025 drove $2.6 billion of capital raised on top of fundraising for our minority stakes funds.

我們由普通合夥人主導的延續投資策略即將完成第一期的最終募集，預計將籌集約 25 億美元。我們認為，對於我們採用新策略的首次融資而言，這是一個非常好的結果，它超出了我們近期的融資預期，而且我們已經投入了相當一部分資金。正如我們之前所揭露的那樣，在 GP Stakes 領域，我們在 2025 年完成的股票出售，除了為我們的少數股權基金籌集資金外，還帶來了 26 億美元的資金。

Looking at the big picture on fundraising, we took substantial steps forward by strengthening our global distribution platform, launching new products and expanding or launching new partnerships throughout the course of 2025. Entering the year, we knew this would be an investment and execution year, laying the tracks for future earnings growth.

從籌款的大局來看，我們在 2025 年採取了實質的措施，加強了全球分銷平台，推出了新產品，並擴大或建立了新的合作夥伴關係。年初我們就知道這將是投資和執行的一年，為未來的獲利成長奠定基礎。

You can see the early successes of that long-term plan and the results that we reported this morning. Despite the significant investments we've made, we were able to end the year with FRE margins slightly above our guidance for 2025 and heading into 2026, we believe we can achieve modest operating leverage and continue to make progress on FRE per share growth.

您可以從今天早上我們報道的長期計劃的初步成功和結果中看到這一點。儘管我們進行了大量投資，但我們仍能夠以略高於 2025 年預期的 FRE 利潤率結束這一年，並且展望 2026 年，我們相信我們可以實現適度的經營槓桿，並繼續在 FRE 每股增長方面取得進展。

Bringing it back to where I started, we continue to deliver for our clients. We strongly believe that high-quality performance drives business growth over time and that the continued diversification of the business will support well-balanced growth. We're very proud of the work that we've done over the past two years to position Blue Owl for long-term success across a variety of market environments, and we look forward to sharing more updates in the quarters to come.

回到我最初的出發點，我們將繼續為客戶提供優質服務。我們堅信，高品質的業績會隨著時間的推移推動業務成長，而業務的持續多元化將支持均衡成長。我們為過去兩年為 Blue Owl 在各種市場環境下取得長期成功所做的工作感到非常自豪，我們期待在接下來的幾季分享更多最新進展。

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 and for the full year. We had another very strong quarter of fundraising in 4Q, raising $12 billion of equity. You can see the breakdowns on slide 14 of our earnings presentation.

謝謝你，馬克，大家早安。我們對本季和全年公佈的業績非常滿意。我們在第四季又取得了非常強勁的融資業績，籌集了 120 億美元的股權資金。您可以在我們的收益簡報第 14 頁看到詳細分類。

As you can see from our results, we ended the year with FRE margins of 58.3%, slightly above our guidance for 2025 and showing disciplined expense management, and we believe we can see modest margin expansion for 2026, targeting approximately 58.5% FRE margin. We also ended 2025 with FRE per share growth of 12%. As we focus on 2026, we believe we can show a modest increase in the growth rate for FRE per share, and we feel we can accelerate that growth in 2027 versus 2026.

從我們的表現可以看出，我們今年的 FRE 利潤率為 58.3%，略高於我們對 2025 年的預期，顯示我們採取了嚴格的費用管理措施。我們相信，2026 年利潤率可以小幅成長，目標約為 58.5% 的 FRE 利潤率。2025 年，我們的每股 FRE 成長率也達到了 12%。展望 2026 年，我們相信 FRE 每股成長率能夠小幅提升，我們認為 2027 年的成長速度能夠比 2026 年更快。

Now a quick run-through of some other metrics for 2025. We grew FRE 19% and DE 16%. Total capital raised was $56 billion, which represents an increase of 18% year-over-year and equity fundraising was $42 billion, which represents an increase of more than 50% year-over-year. AUM not yet paying fees grew to $28.4 billion, representing over $325 million of expected annual management fees once deployed. This is equivalent to approximately 13% embedded growth off of 2025 management fees. And as Marc walked through in his remarks, the performance across our strategies continues to be very strong. As you can see throughout our earnings presentation, including on slides 4 and 22, we continue to deliver for our clients. Our products performed very well again in 2025.

現在快速瀏覽一下 2025 年的其他一些指標。FRE成長了19%，DE成長了16%。籌集的總資金為 560 億美元，年增 18%；股權融資為 420 億美元，年增超過 50%。尚未支付費用的資產管理規模增長至 284 億美元，一旦支付，預計每年將產生超過 3.25 億美元的管理費。這相當於 2025 年管理費約 13% 的內含成長。正如馬克在演講中所述，我們各項戰略的表現依然非常強勁。正如您在我們的收益報告中所看到的，包括第 4 頁和第 22 頁，我們一直在為我們的客戶提供優質服務。我們的產品在2025年再次表現出色。

Turning to our platforms. In credit, weighted average LTVs remains in the high 30s across Direct Lending and in the low 30s specifically in our tech lending portfolios. On average, underlying revenue and EBITDA growth across our portfolios was in the high single digits. As Marc mentioned earlier, credit quality remains very strong. In Direct Lending, gross and net origination in the fourth quarter were $12 billion and $3.3 billion, bringing last 12 months gross and net originations to $45.4 billion and $13.2 billion, respectively.

轉向我們的平台。在信貸方面，直接貸款的加權平均貸款價值比 (LTV) 保持在 30% 以上，而我們的科技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。在直接貸款方面，第四季總發放額和淨發放額分別為 120 億美元和 33 億美元，使得過去 12 個月的總發放額和淨發放額分別達到 454 億美元和 132 億美元。

Despite strong public loan market conditions, we continue to see a growing pipeline of discussions. And importantly, we are seeing the benefits of incumbency as approximately 60% of our gross originations in 2025 resulted from existing borrower relationships. We also continue to see very large deals being done in the direct lending market, with an average deal size of nearly $2 billion for Blue Owl in 2025, up 23% from the prior year and we continue to lead or co-lead many of them.

儘管公共貸款市場狀況良好，但我們仍然看到越來越多的洽談項目正在進行中。更重要的是，我們看到了現有客戶關係的好處，因為到 2025 年，我們約有 60% 的貸款發放總額將來自與現有借款人的關係。我們也看到直接貸款市場繼續出現非常大的交易，Blue Owl 在 2025 年的平均交易規模接近 20 億美元，比前一年增長 23%，我們繼續領導或共同領導其中許多交易。

Turning to alternative credit. We have continued to deploy meaningfully across investment grade and non-investment grade. In this strategy, we have been able to take advantage of market dislocations, given the flexibility with which we approach various asset classes. We can buy assets, finance assets or engage in structured capital transactions depending on where we see relative risk/reward.

轉向其他信貸方式。我們持續在投資等級和非投資等級債券市場進行有意義的部署。在這種策略中，由於我們能夠靈活地處理各種資產類別，因此我們能夠利用市場錯位獲利。我們可以根據風險/報酬的相對情況，購買資產、為資產融資或進行結構化資本交易。

In Real Assets, we remain focused on our core competency, owning mission-critical assets from investment-grade counterparties, whether those are logistics facilities, manufacturing plants, or data centers leased to some of the largest companies in the world with exceptional credit ratings. We have called close to 2/3 of the capital for net lease Fund VI and believe that we will have nearly fully deployed the fund within the next couple of quarters within three years of its final close. We have also started committing capital out of the current vintage of net lease with a meaningful pipeline of over $60 billion of transaction volume under letter of intent or contract to close.

在實體資產方面，我們始終專注於我們的核心競爭力，即擁有來自投資等級交易對手的關鍵任務資產，無論是物流設施、製造工廠還是資料中心，這些資產都租賃給了世界上一些信用評級極佳的大公司。我們已經募集了淨租賃基金 VI 近 2/3 的資金，並相信在基金最終募集完成後的三年內，我們將在接下來的幾個季度內幾乎完全部署該基金。我們也開始從目前的淨租賃項目中投入資金，目前已有超過 600 億美元的交易額已簽署意向書或合同，即將完成交易。

In digital infrastructure, we are similarly seeing a substantial pipeline and have called over 50% of the capital in Fund III, which just held its final close in April of 2025. In GP Strategic Capital, performance across the funds remain strong. We have begun to see increasing levels of activity in partner manager funds across both deployment and monetization, including what we believe to be the largest transaction ever announced by a sponsor. The consolidation trend remains in place, with the percentage of capital raised by funds raising more than $5 billion continuing to increase over the past five years. This has been a central part of our investment thesis in our large-cap strategy and our fund investors have been beneficiaries, with the AUM of our partner managers growing more than 30% faster than the broader market over the past 10 years.

在數位基礎設施領域，我們也看到了大量的專案儲備，並且已經募集了第三期基金超過 50% 的資金，該基金已於 2025 年 4 月完成最終募集。在GP策略資本領域，各基金的表現仍強勁。我們已經開始看到合作夥伴管理基金在部署和變現方面的活動水準不斷提高，其中包括我們認為發起人宣布的最大一筆交易。整合趨勢依然存在，過去五年中，募資額超過 50 億美元的基金所募集的資金比例持續成長。這已成為我們大盤投資策略的核心理念，我們的基金投資人也從中受益，過去 10 年裡，我們合作基金經理人的資產管理規模成長速度比大盤快 30% 以上。

Okay. A couple of notes I wanted to highlight before we wrap up. On our effective tax rate, we expect 2026 to be in the mid- to high single-digit percentage range, in line with our general expectation that our effective tax rate increases a few percent each year.

好的。在結束之前，我想強調幾點。我們預計 2026 年的實際稅率將在個位數百分比的中高段位範圍內，這與我們每年實際稅率增長幾個百分點的總體預期相符。

As a reminder, we pay our tax receivable agreement during the first quarter each year, so expect a higher effective tax rate for the first quarter of 2026 and a much lower for the second through fourth quarters. For reference, we disclosed an estimate of the next few years TRA payments in our quarterly SEC filings.

提醒各位，我們每年第一季支付應收稅款協議，因此預計 2026 年第一季的實際稅率會較高，而第二季至第四季的實際稅率會低得多。作為參考，我們在季度提交給美國證券交易委員會的文件中揭露了未來幾年TRA付款的估計值。

On stock buybacks, the company buyback and senior executive purchases totaled approximately $70 million in the fourth quarter of 2025. When we see our stock deeply discounted, we intend to utilize our existing stock repurchase program. As it relates to share count, we currently expect 2% growth in 2026, with roughly 14 million shares to be issued related to the acquisition of our digital infrastructure strategy and the remainder being driven by normal course stock compensation.

在股票回購方面，該公司在 2025 年第四季的股票回購和高階主管購買總額約為 7,000 萬美元。當我們看到股票價格大幅下跌時，我們打算利用現有的股票回購計畫。就股份數量而言，我們目前預計 2026 年將成長 2%，其中約 1,400 萬股將因收購我們的數位基礎設施策略而發行，其餘部分將透過正常的股票補償來推動。

As for stock compensation, we have three types of items running through our stock comp expense numbers, all on slide 28 of the earnings presentation. The line to focus on our regular way year-end stock compensation expense is equity-based compensation, other, which we expect will be running at approximately $365 million for 2026. As a reminder, the amortization of stock-based compensation from business combination grants will tail off by the end of 2026. And the line called acquisition-related is GAAP amortization expense related to some of the acquisitions we've made over the last few years.

至於股票補償，我們的股票補償費用數字包含三種類型的項目，全部列在收益報告的第 28 頁。我們需要重點關注的是我們常規的年末股票補償費用項目，即股權激勵、其他，我們預計 2026 年該項目將達到約 3.65 億美元。提醒大家，企業合併授予的股票選擇權補償的攤銷將在 2026 年底前逐步停止。而名為「收購相關」的這一項，就是與我們過去幾年進行的一些收購相關的 GAAP 攤銷費用。

Finally, I'd like to pull the lens back for a moment. There's been a lot of noise about our sector over the past several months. Across our portfolios, we have a very diversified set of investments that generate high income for our investors with downside protection. We have high FRE margins that we expect will continue to expand and are laser-focused on increasing the growth rate of our FRE per share each year. We have invested for expansion and diversification across the business with the results showing continued strong fundraising across our products and importantly, strong performance returns.

最後，我想暫時把鏡頭拉遠一點。過去幾個月，我們這個行業一直充斥著各種各樣的噪音。我們的投資組合非常多元化，能夠為投資人帶來高收益，同時提供下行風險保障。我們擁有較高的 FRE 利潤率，預計這一利潤率將繼續擴大，我們正全力以赴提高每年每股 FRE 的成長率。我們已投資於業務的擴張和多元化，結果顯示我們的產品持續獲得強勁的融資，更重要的是，業績回報強勁。

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) Craig Siegenthaler, Bank of America.

（操作員說明）Craig Siegenthaler，美國銀行。

And despite the stock reaction, it's nice to see the strong fundraising and 62% FRE margin result in the quarter. So my question is on software AI disruption, which has really emerged as a big theme recently. Can you help us size up your exposure across both debt and equity?

儘管股價有所波動，但令人欣慰的是，本季融資額強勁，FRE利潤率達62%。所以我的問題是關於軟體人工智慧顛覆性的，這最近確實成為了一個熱門話題。您能否幫我們評估一下您在債務和權益方面的風險敞口？

And then as you take a step back and look across your hundreds of private investments, like what are you seeing in the pipeline in terms of credit quality? Because if you look at returns, revenue, EBITDA growth, interest coverage, general credit quality, like it doesn't look like there's any red flags yet. So are there any sections of the software book that concerns you?

然後，當你退後一步，審視你數百項私人投資時，你看到哪些信貸品質良好的潛在投資項目？因為如果你看看回報、收入、EBITDA 成長、利息保障倍數、整體信用質量，看起來似乎還沒有任何危險信號。那麼，這本軟體手冊中有哪些章節讓您感到擔憂？

Yes. Thank you very much. So let's level set and come to those specific answers. So a couple of observations to start with. Tech lending has worked, continues to work. And to get very direct right to your answer, no, we don't have red flags and point of fact, we don't have yellow flags. We actually have largely green flags. The tech portfolio continues to be the most pristine amongst all of our portfolios, amongst all of our subsectors.

是的。非常感謝。那麼，讓我們先理清思路，然後再討論這些具體問題的答案。首先，我想提出幾點看法。科技借貸已經奏效，並將繼續奏效。直接回答你的問題，不，我們沒有危險信號，事實上，我們也沒有危險信號。實際上，我們大部分都看到了綠旗。在我們所有的投資組合和所有子行業中，科技投資組合仍然是最純淨的。

I appreciate we're all looking forward. But remember, these are loans that are on average 30% of the value of the enterprise at time of acquisition or LTV with huge equity cushions. These are companies on average. Let's -- again, let's be fact-based as opposed to headline driven since -- let's use November '22, the advent of ChatGPT as some kind of moment of AI's arrival. Since that time, the portfolio on average has grown revenue 40% and EBITDA 50%, software name, bring it much more current because we can all agree that maybe in November, was doing polls, so maybe it didn't matter.

我知道大家都在展望未來。但請記住，這些貸款平均相當於收購時企業價值的 30%（即貸款價值比），並且有大量的股權緩衝。這些是平均水平的公司。讓我們——再次強調，讓我們以事實為依據，而不是以標題為導向——讓我們把 2022 年 11 月 ChatGPT 的出現視為人工智慧到來的某個時刻。自那時以來，該投資組合的收入平均增長了 40%，EBITDA 增長了 50%，軟體名稱，使其更具時效性，因為我們都同意，也許在 11 月份，正在進行民意調查，所以也許這並不重要。

But let's bring it to this quarter, the fourth quarter, the revenue growth was 10%, and the EBITDA growth in those software names was mid-teens. That's fourth quarter quarter-over-quarter. The -- it is not a monolith, and it's -- listen, this is the opportunity because, obviously, when this happens, of course, markets can deeply disrupted, that hopefully leads to spread opportunity. It certainly leads to dispersion in performance and we will outperform.

但讓我們把目光轉向本季度，也就是第四季度，這些軟體公司的營收成長了 10%，EBITDA 成長了 15% 左右。這是第四季環比數據。它並非鐵板一塊，而且——聽著，這就是機會，因為很明顯，當這種情況發生時，市場當然會受到嚴重衝擊，這有望帶來擴散機會。這必然會導致業績分散，而我們將取得優於其他公司的表現。

If you look at all of our products, and we led with this in my early beginning of my comments here, we were there for a reason. The end of the day, stories don't drive results, results drive results. And as you can see, we have delivered on every one of our products that absolutely top-level performance in both total return and in terms of non-accruals and in terms of losses. Thinking about what we've run at an 8-basis-point net loss rate. And so these facts do matter.

如果你看看我們所有的產品，正如我在評論開頭提到的那樣，我們這樣做是有原因的。歸根究底，故事本身並不能帶來結果，結果才是帶來結果的關鍵。正如您所看到的，我們所有產品都實現了絕對一流的性能，無論是在總回報方面，還是在非應計項目和損失方面。想想我們以 8 個基點的淨虧損率運行的情況。所以這些事實確實很重要。

Remember, yesterday, everyone, I'm sure, is tuned into both, on the one hand, the software performance. But on the other, I mean, you got to say the software stock performance. But then folks that actually understand this, like let's say, I think we can all agree, Jensen Huang has a pretty good understanding of AI, say this idea that AI is the end of software is one of the most ridiculous things he has heard. And the reason that's ridiculous is because AI -- software itself is not a monolith. Software, which it's a system of record where you are integrated into the business processes of large companies.

記住，昨天，我相信每個人都專注於兩件事：一方面是軟體效能。但另一方面，我的意思是，你得說說軟體股的表現。但是，真正了解人工智慧的人，例如我們都能同意的黃仁勳，他對人工智慧有著相當深刻的理解，他們會說人工智慧是軟體的終結這種想法是他聽過的最荒謬的說法之一。而這之所以荒謬，是因為人工智慧——軟體本身並不是一個整體。軟體，它是一個記錄系統，可以將你整合到大型公司的業務流程中。

Our business processes are a big part of how companies operate, software is as an enabler. And the best companies what we are seeing that are embedded in that position and have data moats and operating environments like health care and financial services with zero tolerance for risk environments, regulatory limitations, what we're seeing is they're the ones that are the adopters of AI. They're the ones that are then turning around and saying, here, I can offer you an agentic solution to replace some of your human costs, some of your labor costs by integrating these capabilities into the software, I already have resident in your system and fully integrated into your daily behavior. So we understand the generic -- there are certain parts of software that are vulnerable and they are.

業務流程是公司營運的重要組成部分，軟體則起到推動作用。我們看到，那些處於這種地位，擁有數據護城河，並且在醫療保健和金融服務等對風險零容忍、監管限制嚴格的營運環境中，最優秀的公司，正是那些採用人工智慧的公司。然後他們會轉過頭來說，我可以為你提供一個代理解決方案，透過將這些功能整合到我已經安裝在你係統中並完全融入你日常行為的軟體中，來替代你的一些人力成本和勞動力成本。所以我們理解了普遍情況——軟體的某些部分存在漏洞，而且確實如此。

We've studied our portfolios very carefully. We do not see any meaningful exposure to those more susceptible areas. We see deep exposure where we have it to businesses that have the attributes I described where there are actually very significant business processes, data and kind of environmental regulatory constraints, and we see them adopting agentic solutions.

我們對我們的投資組合進行了非常仔細的研究。我們沒有看到在這些更易受影響的地區出現任何實質的暴露風險。我們看到，對於那些具有我所描述的特徵的企業，我們進行了深入的了解，這些企業實際上有著非常重要的業務流程、數據和某種環境監管限制，我們看到他們正在採用代理解決方案。

Now as to the specific numbers, remember, we have a variety of different vehicles. And to be clear, the tech-only vehicles actually have the best credit performance. So I want to be clear, we're not negative in any manner on software. However, we also run diversified funds. If you take, for example, our continuously offered BDC, our credit fund, actually amongst the peer group, we have the lowest software exposure. So again, even we're not a monolith, there's different strategies and different ways to participate in those strategies. But the reality is we don't see any material indication, any change in the accruals or -- non-accruals asks for amendments. At this point, things look very healthy, which certainly gives us a meaningful -- certainly a very meaningful runway.

至於具體數字，請記住，我們有各種不同的車輛。需要明確的是，純科技車型的信用表現其實最好。所以我想澄清一點，我們對軟體沒有任何負面看法。但是，我們也經營多元化基金。例如，以我們持續提供的 BDC（商業發展信貸基金）為例，在同業群體中，我們的軟體風險敞口是最低的。所以，即便我們不是鐵板一塊，也存在著不同的策略和參與這些策略的不同方式。但現實情況是，我們沒有看到任何實質的跡象，也沒有看到任何關於應計項目或非應計項目需要修改的情況。目前來看，情況非常健康，這無疑為我們提供了一個意義重大——絕對是一個非常有意義的緩衝期。

Last point I'll say is the PE firms, let's remember, remain active in this space. I want to make sure everyone understands that software remains an area where sophisticated buyers are still highly active because, again, if you have the right software solutions, you're going to benefit from the adoption of AI. And so again, this monolithic view and action people are taking is going to prove, I think quite misguided and it's going to lead to a miss in significant opportunities. The book is strong. We don't see meaningful losses. We don't see deterioration in performance.

最後我想說的是，私募股權公司仍然活躍在這個領域，這一點我們不要忘記。我想確保每個人都明白，軟體領域仍然是成熟買家非常活躍的領域，因為，再說一遍，如果你擁有合適的軟體解決方案，你就會從人工智慧的採用中受益。因此，我認為，人們目前這種一成不變的觀點和行動將會被證明是相當錯誤的，並且會導致錯失重大機會。這本書很精彩。我們沒有看到實質的損失。我們沒有發現性能下降的情況。

And last point, the typical duration of a loan remaining in our books, let's say, a software loan is a few years. So when you have a business that is still growing double digits, and only a few years left and a 70% equity cushion, all we're talking about is do we get our money back. We're not a software company. We're not here to tell you whether the model will be better or worse, whether growth is higher or lower. We're not a software company. We are an asset manager. We're not a bank. We're an asset manager. We get paid to manage assets and do it well. And that's what we're doing very successfully. If the software business evolves over time, well, that will be to the maybe a benefit or loss of the equity holders, but we're in a position, we think, to continue to get our capital back and earn a very strong return.

最後一點，假設一筆軟體貸款在我們帳簿上保留幾年，那麼這筆貸款的典型期限就是幾年。所以，當你的企業仍然保持兩位數的成長，只剩下幾年時間，並且擁有 70% 的股權緩衝時，我們所討論的只是我們能否收回投資。我們不是軟體公司。我們來這裡不是為了告訴你這種模式是更好還是更差，成長是更高還是更低。我們不是軟體公司。我們是一家資產管理公司。我們不是銀行。我們是一家資產管理公司。我們受僱管理資產，並且要做好這項工作。而我們在這方面做得非常成功。如果軟體業務隨著時間的推移而發展，那麼對於股東來說，這可能有利也可能有害，但我們認為，我們有能力繼續收回我們的資本並獲得非常可觀的回報。

The only thing I'll add quickly here, Craig, is, as I think we would all agree in this type of market environment, it's important to round down to the facts, the data, so our publicly traded BDC OTF, 11.4% inception-to-date return, 18% NAV growth since inception, in this case, a positive net gain of 16 basis points since inception. Non-accruals is 0.1%, 0.1% of the portfolio. Average weighted EBITDA is almost $300 million, 94% leading private equity sponsor backed. And with 185 positions, it's 0.5% on average for a position size.

克雷格，我在這裡只想快速補充一點，我想在這種市場環境下，我們都會同意，重要的是要回歸事實和數據。因此，我們公開交易的 BDC OTF 自成立以來的回報率為 11.4%，淨資產值自成立以來增長了 18%，在這種情況下，自成立以來淨收益為 16 個基點。非應計項目佔投資組合的0.1%。平均加權 EBITDA 接近 3 億美元，其中 94% 由領先的私募股權贊助商支持。185 個部位，平均部位規模佔比為 0.5%。

Glenn Schorr, Evercore ISI.

Glenn Schorr，Evercore ISI。

So I appreciate the comments you made earlier on the past periods of anxiety and how you've met all requests for tenders each those times. So my question is a little bit on, should this time be different? Meaning, we all got to live through the BREIT experience. And I felt like it trained the wealth channel to understand what semi-liquid or not so liquid means. But you and others have gotten some high redemption requests and have been making good on them, a bit of a confidence in your portfolio, good thing.

因此，我感謝您之前對過去焦慮時期以及您每次如何滿足所有投標要求的評論。所以我的問題有點偏頗，這次的情況是否應該有所不同？也就是說，我們都親身經歷了 BREIT 事件。我覺得這訓練了財富管道，使其理解半流動性或非流動性資產的意義。但是你和其他投資者都收到了一些高額贖回請求，並且都兌現了這些請求，這讓你對自己的投資組合更有信心，這是件好事。

The flip side is what are we undoing in terms of the teachings we've taught in the channel on how these products are supposed to act, and what investors are going to expect going forward? So I know it's a like it's a big picture thing, but I feel like it's really important because you have lots of products in the channel that we kind of want to smooth volatility over time.

另一方面，我們正在推翻我們在通路中教授的關於這些產品應該如何運作的知識，以及投資者未來會抱持什麼樣的期望？我知道這關乎大局，但我感覺這非常重要，因為通路中有很多產品，我們希望隨著時間的推移平滑波動。

Sure. Look, our job is to deliver for our investors, our LPs and our shareholders. And to do that, what that means is considering the results of a tender and what fulfilling those investor requests would do for remaining shareholders. And of course, obviously, by action, we're seeing the preferences of the shareholders that are seeking redemptions.

當然。聽著，我們的工作就是為我們的投資者、有限合夥人和股東創造價值。為此，這意味著要考慮要約收購的結果，以及滿足這些投資者的要求會對剩餘股東產生什麼影響。當然，很明顯，從實際行動中，我們看到了尋求贖回的股東們的偏好。

We've seen these periods of volatility, as you know, we've seen the pattern of behavior where there is these moments of kind of fear and they -- in the face of facts, the facts again, will bear out this time. They tend to fade because performance, in fact, is strong and remains strong. With regard to fulfilling tender requests or not, you're starting with something like liquidity management and portfolio position is a meaningful consideration. Indeed, there is a structure that has been built with this semi-liquid nature.

如你所知，我們已經目睹了這些動盪時期，我們也看到了這種行為模式，其中存在著某種恐懼時刻，而面對事實，事實終將證明一切。它們往往會逐漸淡出人們的視線，因為實際上，它們的表現非常出色，並且一直保持著強勁的勢頭。至於是否滿足投標請求，首先要考慮流動性管理和投資組合狀況等因素，這是一個重要的考量。確實，有一種結構就是利用這種半液體的特性建造的。

And to your point, we say investors have been trained. I mean they're aware for sure, as they should be, that there are limits, and that limit might be the 5%. But at the same time, investor behavior and the presence of limiting people can also be very negative. Remember how long you can get into a world of negative outflows, negative redemption cycles when people feel trapped. And if they're, in fact, really not trapped, what behavior are you conditioning people to understand. Are they -- is it just, look, the hard cap is a mechanical hard cap? Or is the hard cap the proper limitation unless you have the added flexibility to accommodate. And I put it in the latter category. We manage our businesses with very low leverage. We manage with a lot of liquidity. I'd say this with no arrogance. We're very good at both the liability and asset side of the book.

正如您所說，我們認為投資者都接受過相關培訓。我的意思是，他們當然知道（他們也應該知道），凡事都有個限度，而這個限度可能就是 5%。但同時，投資者的行為以及限制性人物的存在也可能產生非常負面的影響。記住，當人們感到被困住時，他們會陷入多久的負面情緒流露和負面救贖循環之中。如果他們實際上並沒有被困住，那麼你究竟在引導人們理解哪種行為？難道──你看，硬上限就是一個機械硬上限嗎？或者說，除非你有額外的彈性來應對，否則硬性上限才是適當的限制。我把它歸為後一類。我們以極低的槓桿率管理業務。我們擁有充足的流動資金進行管理。我這麼說絕無傲慢之意。我們非常擅長處理帳簿的負債和資產兩方面。

In this instance, when we had these large redemption requests, we have lots and lots of liquidity, still do, lots of liquidity. There really was no reason to not fulfill investors' request for their capital back. And we see that as actually meeting investor needs, being an investor-friendly and investor-focused firm which we think leads to much quicker recoveries in fund flows and leads to a much better performance as to say, growth in funds flows over time. Pay attention to your customer, your client, meet their needs. If you can't do that in a manner that would leave the remaining investors and remaining portfolio in an equally or even perhaps better place, then of course, the limit is there for a good reason. But if you have plenty of capital as we did in these vehicles, then we fulfill those requests, and that is client -- meeting client needs, client satisfaction, and that will lead to more wealth growth over time.

在這種情況下，當我們收到大量贖回請求時，我們擁有大量的流動性，現在仍然擁有大量的流動性。其實沒有任何理由不滿足投資者返還投資款的要求。我們認為這實際上滿足了投資者的需求，成為一家對投資者友好、以投資者為中心的公司，我們認為這將導致資金流動更快地恢復，並帶來更好的業績，例如隨著時間的推移，資金流動的增長。關注你的客戶，滿足他們的需求。如果你無法以一種能讓剩餘投資者和剩餘投資組合處於相同甚至更好的境地的方式來做到這一點，那麼當然，限制的存在是有充分理由的。但是，如果你像我們一樣擁有充足的資金，那麼我們就會滿足這些要求，這就是客戶——滿足客戶需求，客戶滿意，這將隨著時間的推移帶來更多的財富成長。

Brian McKenna, Citizens.

Brian McKenna，市民。

So I had a question on OWLCX. There's clearly a ton of great momentum here. But a few things stand out to me, 80% of these assets are fixed rate, while leverage stands at just 0.2 times, yet the strategy generated net returns of nearly 3% in the fourth quarter. So I'm curious, is there an opportunity to expand leverage here, drive even stronger performance over time. And then given the fixed nature of these assets, the fixed rate nature of these assets versus floating rate at the BDCs, are you seeing any incremental demand or an acceleration in flows into alternative credit more broadly?

我有一個關於OWLCX的問題。這裡顯然勢頭強勁。但有幾點讓我印象深刻：這些資產中有 80% 是固定利率資產，槓桿率僅為 0.2 倍，但該策略在第四季度產生了近 3% 的淨收益。所以我很好奇，這裡是否有機會擴大槓桿作用，從而隨著時間的推移推動更強勁的業績成長。鑑於這些資產的固定性質，以及這些資產的固定利率與 BDC 的浮動利率之間的差異，您是否看到對另類信貸的需求有所增加，或者資金流入總體上有所加速？

Yes. Thank you, Brian. I appreciate the question. Look, we think there's a very big opportunity in alternative credit. We think there's a big opportunity with the interval fund. We're actually really excited. We are in a very short time frame already over $100 million a month in flows with the interval funds. So we've made really great progress in a short amount of time.

是的。謝謝你，布萊恩。感謝您的提問。你看，我們認為另類信貸領域蘊藏著巨大的機會。我們認為間隔基金蘊藏著巨大的機會。我們真的非常興奮。在很短的時間內，我們已經實現了每月超過 1 億美元的資金流入，這些資金來自定期投資基金。因此，我們在短時間內取得了非常大的進展。

When you think about overall opportunity in the wealth sector, first, let's talk about what does it take to be successful in the private wealth channels. We have large -- because you have to build the foundation and then using that foundation, how do you go out and expand and continue to grow even in environments like this. So we have a large, high-quality, mostly, most importantly, well-performing products. How do you scale with wealth with well-performing products. That's the key to scaling these products.

當你思考財富管理領域的整體機會時，首先，讓我們來談談在私人財富管道取得成功需要哪些條件。我們規模很大——因為你必須先打好基礎，然後利用這個基礎，你如何在這樣的環境下出去擴張並繼續成長？因此，我們擁有大量高品質、最重要的是性能優良的產品。如何透過表現良好的產品實現財富規模化成長？這是實現這些產品規模化的關鍵。

Last year, we added two new wealth products, as we all know, ODIT, which is our digital infrastructure wealth-dedicated product and the interval fund, which you just asked about. So we now have three key categories: private real estate, private credit and private infrastructure. And so each one of our wealth products we offer is scale. We've been able to scale these very quickly, in particular, as I mentioned, the interval fund and ODIT. So all of our products are now of scale, and we're still in the early days. We know adoption rates are low. And so there's no doubt that sentiment and demand will move around based on market conditions.

去年，我們新增了兩款財富產品，眾所周知，分別是專注於數位基礎設施財富的 ODIT 產品和您剛才提到的間隔基金。所以現在我們有了三個主要類別：私人房地產、私人信貸和私人基礎設施。因此，我們提供的每一款財富管理產品都具有規模優勢。我們已經能夠非常迅速地擴大這些規模，特別是，正如我所提到的，間隔基金和 ODIT。所以我們現在所有的產品都已達到規模化生產，但我們仍處於起步階段。我們知道收養率很低。因此，毫無疑問，市場情緒和需求會根據市場狀況而波動。

Our expectation, though, is real assets and asset-based finance are of more interest today, and we're in a great position to take advantage of this. But now from a tactical execution perspective, and we're only able to do these things because we built that foundation. But what we're able to do now is to continue to look at new local feeders.

不過，我們預計，如今人們對實體資產和資產融資的興趣更大，而我們正處於一個能夠充分利用這一趨勢的絕佳位置。但現在從戰術執行的角度來看，我們之所以能夠做到這些，是因為我們已經打下了這樣的基礎。但我們現在能夠做到的，是繼續尋找新的本地飼料來源。

So what did we do in 2025? We added a Japan feeder. We added an Australia feeder. So we're very focused on continuing to be able to do this into 2026. We are onboarding new distribution partners, whether it's RIA platforms, wirehouses, private banks, independent broker-dealers to continue to expand our distribution partners for each of our wealth dedicated products and expanding the amount of FAs that sell our products with existing distribution partners. Now because we have large well-performing evergreen funds, as I just mentioned, we're now being placed in many model portfolios. And we expect to be in the forefront of adoption in this regard.

那麼，到了2025年，我們做了些什麼呢？我們增加了一個日本供應商。我們增加了一個澳洲飼料槽。因此，我們非常注重能夠將這項工作延續到 2026 年。我們正在引入新的分銷合作夥伴，無論是 RIA 平台、券商、私人銀行還是獨立經紀交易商，以繼續擴大我們每款財富管理產品的分銷合作夥伴，並增加與現有分銷合作夥伴一起銷售我們產品的財務顧問的數量。正如我剛才提到的，由於我們擁有大量表現良好的常青基金，我們現在被納入了許多模型投資組合中。我們期望在這方面走在採用率的前端。

And I guess, lastly, as the rule-making around 401(k)s evolves, we have our partnership with Voya. We're launching our CIT shortly. Our target date funds will be out later this year. Just 2026 will still be more of a billing year than a flows year, but there's a lot of momentum around this build. So we think there's a lot of runway here overall.

最後，隨著 401(k) 計劃相關規則的演變，我們與 Voya 建立了合作關係。我們的CIT專案即將啟動。我們的目標日期基金將於今年稍後推出。2026 年雖然仍將是一個以結算為主的年份，而不是以流量為主的年份，但圍繞這一建設的勢頭非常強勁。所以我們認為整體而言，這裡還有很大的發展空間。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

It's a little bit of a two-parter, so I apologize for violating the one question rule, but I think these are two things that are pretty salient on the stock. First, can you help maybe unpack the disconnection that seems to be happening between the prolific CapEx cycle on the hyperscalers against the opportunity set that you speak to on the digital side? And maybe walk us through how you think about credit risk?

這個問題有點分成兩部分，所以我很抱歉違反了只提一個問題的規則，但我認為這兩點對股票來說非常重要。首先，您能否幫忙分析一下，超大規模資料中心營運商的巨額資本支出週期與您在數位化領域所看到的機會之間似乎存在的脫節現象？您能否為我們解釋一下您是如何看待信用風險的？

And then the second thing that's been coming up quite a bit is, can you reshape or just go through where you sit today versus your Investor Day goals and how you get to those goals given some of your '25 and 2026 sort of implied guidance?

其次，經常被問到的第二個問題是，您能否重新調整或回顧您目前的狀況與投資者日目標之間的差距，以及考慮到您在 2025 年和 2026 年的一些隱含指引，您將如何實現這些目標？

So on the CapEx cycle, most clearly encapsulated yesterday in Google raising their CapEx guidance to $175 billion to $185 billion, up from $93 billion. This is something we've been talking about and is an enormous opportunity.

因此，在資本支出週期方面，最明顯的例子是昨天谷歌將資本支出預期從 930 億美元上調至 1,750 億美元至 1,850 億美元。這是我們一直在討論的事情，也是一個巨大的機會。

As you know, we are in the premier position and premier provider of capital solutions to the hyperscalers. That capital cycle is only accelerating. Again, we're sometimes fact and fiction or too much noise. Whether there is or isn't an AI bubble in valuations is secondary to the question of whether people with some of the largest market caps and best credit ratings in the world, A, think otherwise and B, are willing to commit to 15- and 20-year leases, which they are with us, which is allowing us to deliver outstanding results for our investors in digital infrastructure and in triple net lease.

如您所知，我們處於領先地位，是超大規模資料中心資本解決方案的首選供應商。這一資本週期只會加速。我們有時也會把事實和虛構混為一談，或製造太多噪音。人工智慧估值是否存在泡沫是次要的，關鍵在於：A，世界上一些市值最大、信用評級最高的公司是否持不同看法；B，他們是否願意簽訂 15 年或 20 年的租賃合約（他們與我們簽訂了此類合約），這使我們能夠為投資者在數位基礎設施和三方淨租賃方面帶來卓越的回報。

Remember, our ORENT product, as an example, delivered an 11% return this past year. We just raised the yield on our ORENT product to 7%. 7% exceeds the performance in and of itself of almost every other real estate product out there. So again, all the headlines and noise aside, facts matter, and we're delivering those results. We see that continued super cycle as an enormous opportunity. We know how to structure those leases so they're iron clad. We have a unique skill to actually build, develop and operate as people want it. We've done it with every one of the big hyperscalers in terms of being their partner and proven we can be a really great partner, captured it perfectly in the Meta transaction. So this is going to continue to be an area of great opportunity for LPs, investors by extension for us.

請記住，以我們的 ORENT 產品為例，去年的報酬率為 11%。我們剛剛將 ORENT 產品的收益率提高到 7%。 7% 的收益率本身就超過了市面上幾乎所有其他房地產產品的表現。所以，拋開所有的新聞標題和噪音，事實才是最重要的，而我們正在取得這些成果。我們認為，持續的超級週期蘊藏著巨大的機會。我們知道如何設計那些萬無一失的租賃合約。我們擁有獨特的技能，能夠真正按照人們的需求進行建造、開發和營運。我們已經與所有大型超大規模資料中心營運商建立了合作關係，並證明我們可以成為非常優秀的合作夥伴，這一點在 Meta 交易中得到了完美的體現。因此，這將繼續成為有限合夥人（LP）以及我們投資者的巨大機會領域。

You saw the great success we had in raising our latest Digital Infrastructure Fund III, which we already are heavily invested. So we'll be back this year with Digital Infrastructure Fund IV. You saw our real estate fund, which was closed fourth quarter 2024. We're already back, as you know, and well down the path toward our target on our next real estate fund. So we have big successful flagships that are raising faster, deploying faster and very importantly, most important, delivering spectacular results for our investors. And that makes us a pretty special animal.

您已經看到了我們在募集最新一期數位基礎設施基金 III 時取得的巨大成功，我們已經對該基金進行了大量投資。所以今年我們將推出第四期數位基礎設施基金。您看到了我們的房地產基金，該基金已於 2024 年第四季關閉。正如您所知，我們已經恢復運營，並且正在朝著下一個房地產基金的目標穩步前進。因此，我們擁有規模龐大且成功的旗艦項目，這些項目融資速度更快、部署速度更快，而且非常重要的是，最重要的是，它們為我們的投資者帶來了卓越的回報。這使我們成為一種非常特別的動物。

And last note in the wealth channel, ORENT has become the market leader by every measure. We have raised over the last two years, $5.5 billion with almost no redemptions. This has become a gigantic and market-leading product because it's different. It's better. Back to this question, these are not monolithic answers. Our job is to deliver exceptional results. That's what we've done, and we think we're positioned to do that across the board on our products.

最後，在財富管理方面，ORENT 已從各個方面成為市場領導者。過去兩年，我們籌集了 55 億美元，幾乎沒有贖回。這款產品之所以能成為市場領先且銷售量龐大的產品，是因為它與眾不同。這樣更好。回到這個問題，這些答案並非千篇一律。我們的工作就是取得卓越的成果。我們就是這麼做的，而且我們認為我們有能力在所有產品上全面做到這一點。

So Bill, on your second question, as it stands now, we're behind our Investor Day goals. Now remember, we're just one year into a five-year long-term target. But we've seen in the last few months, we've had headwinds in private credit, AI, software. We've seen a slowdown for non-traded BDCs and private wealth flows. We've seen an increase in the tenders for non-traded BDCs. So what you heard in my prepared remarks is we believe we can show a modest increase in the growth rate of FRE per share in '26 versus '25, and we feel we can accelerate that growth in '27 versus '26. We also brought our FRE margins above our initial guide of 57% to 58% and we have another guide out there with another modest increase in 2026 versus 2025.

比爾，關於你的第二個問題，就目前情況來看，我們還沒有達到投資者日的目標。請記住，我們目前才剛開始實施五年長期目標的第一年。但在過去幾個月裡，我們看到私人信貸、人工智慧和軟體領域都遇到了阻力。我們已經看到非上市商業發展公司和私人財富流動放緩。我們看到非上市 BDC 的招標數量增加。所以，你們在我準備好的發言中聽到的是，我們相信，2026 年每股 FRE 的成長率可以比 2025 年略有提高，而且我們認為，2027 年的成長速度可以比 2026 年加快。我們也將 FRE 利潤率從最初的 57% 提高到 58%，我們還有另一份指導意見，預計 2026 年的利潤率將比 2025 年略有增長。

Crispin Love, Piper Sandler.

克里斯平·洛夫，派珀·桑德勒。

On the software exposure and the metrics, can you just let us know what needs to happen for you to take losses in your software portfolio and then impacts the net returns to your end investors just from a standpoint of LTVs, how much is first lien senior secured remaining maturities there, kind of private equity value destruction that would need to happen ahead of you? And then if there are companies failing, how you think about recoveries. I'm just trying to differentiate between equity and debt here and then what could happen in a draconian scenario because that's what it seems that markets are pricing in today. And then just what is software exposure as a percent of total AUM?

關於軟體曝險和指標，您能否告訴我們，在您的軟體投資組合中發生什麼情況才會導致虧損，以及從貸款價值比 (LTV) 的角度來看，這會對最終投資者的淨回報產生什麼影響？例如，優先擔保剩餘到期債務有多少？在您之前需要發生哪些私募股權價值損失？如果出現公司倒閉的情況，你會如何考慮如何進行重組？我只是想區分一下股權和債務，以及在極端情況下會發生什麼，因為目前市場似乎已經考慮到了這種情況。那麼，軟體風險敞口佔總資產管理規模的百分比是多少？

So it's a really important question you're asking. And again, let me just be really factual for a moment. The stock -- equity versus debt is kind of an important starting point with all of this is getting conflated. Over the last three years, the software index is up 23%, okay? We're all reading about and know what happened in the last year. It's down 20% now in the last year, but it's up 23% over the last three years. If you think about that as some indicator of the vintage of a lot of big software deals PE firms did, and point of fact, software equities, equities are up.

所以你問的這個問題非常重要。再次聲明，讓我先客觀地陳述事實。股票——股權與債務——是一個重要的出發點，因為這一切都被混淆了。過去三年，軟體指數上漲了 23%，懂嗎？我們都了解去年發生的事情。過去一年下跌了 20%，但過去三年上漲了 23%。如果你把這看作是私募股權公司進行的許多大型軟體交易的年份的一個指標，那麼事實上，軟體股票，股票，都在上漲。

We are a first lien lender in almost every instance when we talk about software. We are, on average, around 30% loan to value. So what's happened objectively in the marketplace is since the vintage of those transactions, equity values on average are up 23%, or pick whatever number you want. We started at 30%. So now let's answer your question. In order for us to have material losses, I can't describe for you anything based in fact, anything based on any measure of default rates recoveries that would lead to a material degradation in performance of the funds.

在談到軟體時，我們幾乎在所有情況下都是第一順位貸款人。我們的平均貸款成數約為 30%。所以客觀來說，自從這些交易發生以來，市場平均股權價值上漲了 23%，或者你可以選擇任何你想要的數字。我們最初是30%。現在讓我們來回答你的問題。要造成實質損失，我無法根據事實，也無法根據任何違約率或回收率的衡量標準，向你描述任何會導致基金績效實質下降的情況。

There's not a mathematical -- of course, I can do it in math, but there's no relation to any practical statistic that would lead to anything other than sure, you could have a lower return for a year, you could have a lower return for a couple of years. But you have to destroy 70% of the value of every one of these software companies when the markets actually judge them net up.

這在數學上是行不通的——當然，我可以用數學來解釋，但這與任何實際統計數據都沒有關係，除了「當然，你可能會有一年的收益較低，也可能有幾年的收益較低」之外，不會得出任何其他結論。但當市場真正對這些軟體公司進行淨估值時，你必須摧毀它們每家公司 70% 的價值。

And again, it's not a monolith. We do a lot of software that very consciously. They're not simple application layer. We're doing things that are business process oriented, have data moats and work in low risk, low error tolerance environments. And that's why, in fact, in the fourth quarter, currently, the companies are actually performing mid-teens growth still.

而且，它並非鐵板一塊。我們做了很多軟體，這些都是經過深思熟慮的。它們並非簡單的應用層。我們所做的事情都是以業務流程為導向，擁有資料護城河，並且在低風險、低錯誤容忍度的環境中工作。正因如此，事實上，在第四季度，這些公司仍然保持著兩位數以上的成長。

So I can't really answer it in a mathematical way, because the numbers would be so silly to try to create anything more than, of course, there'll be losses. I want to be clear. We're in the lending business. We have 400 companies. And of course, there's losses. Every quarter, we're going to have companies that go -- get in trouble and companies that get out of trouble. And even trouble doesn't mean we've lost anything. It means they might be struggling. We may have to own them. But that's already built into the calculation. And that's what -- with all that said, we've been running at 8 basis points net.

所以我無法用數學方式來回答這個問題，因為試圖用數字來得出任何結論都是愚蠢的，當然，結果肯定是有損失的。我想把話說清楚。我們從事貸款業務。我們有400家公司。當然，也會有損失。每個季度，都會有公司陷入困境，也會有公司擺脫困境。即使遇到困難，也不代表我們失去了什麼。這意味著他們可能正面臨困境。我們或許不得不擁有它們。但這已經包含在計算中了。綜上所述，我們目前的淨利率為 8 個基點。

So the real answer, you are correct is there's an awful lot of noise about what is the equity of a software company worth. Again, we're not a software company. So I'm not here to really answer that question. But I can tell you that when you have a portfolio of 100 loans to software companies that are on average growing significantly, generating a lot of cash, have a three-year tenor on average or so left and are currently in very healthy positions to get from that to all the value has been destroyed and you have a credit loss is a journey that just doesn't make sense.

所以真正的答案是，你說得對，關於軟體公司的股權價值有很多雜音。再次聲明，我們不是一家軟體公司。所以我來這裡並不是為了回答這個問題。但我可以告訴你，當你持有 100 筆貸款給軟體公司，這些公司平均增長顯著，產生大量現金，平均剩餘期限約為三年，並且目前財務狀況非常健康時，從這種情況到所有價值都被摧毀，你遭受信用損失，這個過程是毫無意義的。

And that's the way this broad paint brush is being used today. They are big companies that are deeply embedded. Our software companies have hundreds of millions of dollars of average EBITDA that are deeply embedded in Fortune 500 work processes. And for those who've got to pause and think, there's not just a matter of technology, there's the adoption of behavior. And for those on the call that are thinking Fortune 500 companies are going to take all their software and just rip it out and just say, I'll just ask ChatGPT, that's simply not the way it works. Don't take my word for it again. We're not technologists, take Jensen Huang's words.

這就是如今這支大筆的運用方式。它們都是規模龐大、根基深厚的公司。我們的軟體公司平均 EBITDA 達數億美元，並且深深融入了財富 500 強企業的工作流程中。而對於那些需要停下來思考的人來說，這不僅是技術的問題，更是行為方式的問題。對於那些認為財富 500 強公司會把所有軟體都卸載掉，然後說「我只要找 ChatGPT 就行了」的人來說，事情根本不是這樣的。別再輕信我的話了。我們不是技術專家，聽聽黃仁勳怎麼說。

I can answer one part of that mathematically, which is the total exposure of software loans across our AUM is 8%.

我可以從數學角度回答其中一部分，那就是軟體貸款在我們資產管理規模中的總風險敞口為 8%。

Benjamin Budish, Barclays Capital.

本傑明·布迪什，巴克萊資本。

Alan, I was wondering if you could talk a little bit more about the FRE margin outlook for the year. I know in Q4, actually, if you could unpack that a little bit as well, it looked like your FRE comp expense line steps down quite significantly. So I'm curious if there's anything going on there to call out? And then just as you think through next year, what are the key pieces of the operating leverage? Is it more cost controls?

艾倫，我想請你再談談今年的FRE利潤率前景。我知道在第四季度，如果你能再詳細分析一下的話，看起來你的 FRE 薪資支出項目大幅下降了。所以我很好奇那裡有沒有什麼值得關注的事情？那麼，當你展望明年時，經營槓桿的關鍵要素是什麼？這是為了加強成本控制嗎？

And I'm curious how you see -- or how you would sensitize that to the potential paths for, especially the non-traded BDCs, where we've seen a couple of months of slower flows, elevated redemptions. It's not quite clear how things are going to shake out. So I know there's a couple of things in there, but just curious to get your thoughts.

我很好奇您如何看待——或者您會如何看待——非上市 BDC 的潛在發展路徑，因為我們已經看到過去幾個月資金流動放緩，贖回量上升。目前還不太清楚事情最終會如何發展。我知道裡面有些東西，但只是好奇想聽聽你的想法。

Sure. Ben, I appreciate the question. So in 2025, we brought down expenses. We see the full year that comes together in 4Q when we make our year-end compensation decisions. And we're very focused as a management team on showing progress on the FRE margin. Again, we guided 57% to 58%. We wanted to make sure we came in a little above that. We came in at 58.3%. And as we think about 2026, you're, of course, right, there is uncertainty today.

當然。本，感謝你的提問。因此，在2025年，我們降低了開支。我們在第四季會綜合考慮全年情況，並做出年終薪資決定。作為管理團隊，我們非常注重在 FRE 利潤率方面取得進展。我們再次預測到 57% 到 58%。我們希望確保最終成績略高於預期。我們得了58.3%。當我們展望 2026 年時，您說的當然沒錯，如今確實存在不確定性。

But good news, we have seen a general stability in the daily flows of our wealth products. So that's all the data we have through the first, I don't know, months -- a little more than a month, but it's encouraging that we've seen a general stabilization there. And the answer for 2026 is simple, we need to have revenue growth outpace expense growth. So we have some levers on the revenue side, and we have some levers on the expense side. And we will use those levers accordingly to guide to that 58.5% FRE margin increase from 2025.

但好消息是，我們看到財富產品的日常資金流動總體上保持穩定。以上就是我們掌握的前幾個月（大概一個多月吧）的所有數據，但令人鼓舞的是，我們看到情況總體上趨於穩定。而2026年的答案很簡單，我們需要讓收入成長超過支出成長。所以我們在收入方面有一些控製手段，在支出方面也有一些控製手段。我們將相應地運用這些手段，以實現從 2025 年開始 FRE 利潤率提高 58.5% 的目標。

Patrick Davitt, Autonomous Research.

Patrick Davitt，自主研究。

Obviously, a lot of direct lending noise kind of unknowable where that's going at this point. But it seems like the ABF business did quite well. So can you give us a little bit more color on what percentage of your total credit AUM is now not Direct Lending?

顯然，目前許多直接貸款方面的消息都難以預測其走向。但 ABF 業務似乎發展得相當不錯。那麼，您能否詳細說明一下，目前您的總信用資產管理規模中，非直接貸款的比例是多少？

And then maybe help frame what you're thinking about or modeling for growth in that side of the business this year. And then specifically, I think you said OWLCX is at $1.8 billion. So does that mean it has taken in $550 million in 1Q? Or is there something else in the bridge from $1.25 billion in the deck?

然後或許可以幫助你建立今年在該業務領域實現成長的想法或模型。然後，我記得你說過OWLCX的市值是18億美元。那是不是意味著它第一季營收達到了5.5億美元？或者，這座橋的甲板上有12.5億美元還有其他用途嗎？

Thanks, Patrick. There's a little debt on that. So I think we've raised about $1.3 billion in inflows with a little debt that takes us to about $1.8 billion. We're about 30% of our credit business is away from Direct Lending. So we've diversified quite a bit from just a year or 1.5 years ago, let's say.

謝謝你，派崔克。那筆錢有點債。所以我認為我們已經籌集了大約 13 億美元的資金流入，加上一些債務，使我們的資金總額達到約 18 億美元。我們約有 30% 的信貸業務並非來自直接貸款。所以，與一年前或一年半前相比，我們的業務已經多元化了許多。

Alternative credit, I have some interesting stats that I think are worth running through. Alternative credit is definitely a large growth area for us. We've talked about both alternative credit and digital infrastructure. We view those as having at least the same opportunity in terms of future growth. And when I say future growth, I'm talking three- to five-year growth as what we saw with our Oak Street acquisition.

另外，我有一些有趣的統計數據，我覺得值得一提。另類信貸無疑是我們一個成長潛力巨大的領域。我們已經討論過替代信貸和數位基礎設施。我們認為它們在未來發展方面至少擁有相同的機會。我所說的未來成長，指的是像我們收購 Oak Street 時所看到的三到五年的成長。

So a couple of very quick data points. Let's look, we're now one year in on our two acquisitions for Atalaya and for IPI. Let's flash back very quickly to our net lease business, which, as of today, has grown almost 4 times revenue growth and almost 4 times AUM. And so that's extraordinary growth. I know everyone has seen that. We've talked about that. So one year into our net lease business, we acquired Oak Street, we were at $15.5 billion of AUM. The following year, we raised $3.5 billion. So that's a low 20s percent growth rate. That's one year in.

以下是一些非常簡單的數據點。讓我們來看看，現在我們已經完成了 Atalaya 和 IPI 的兩次收購，至今已有一年了。讓我們快速回顧一下我們的淨租賃業務，截至目前，該業務的收入成長了近 4 倍，資產管理規模也成長了近 4 倍。所以，這是非凡的成長。我知道大家都看到了。我們已經討論過這個問題了。因此，在我們開展淨租賃業務一年後，我們收購了 Oak Street，當時我們的資產管理規模為 155 億美元。第二年，我們募集了35億美元。所以成長率只有20%左右。一年過去了。

And remember, the first year is usually the hardest. You have integration. You have streamlining everything. You have a lot of work to do. Now let's flash forward digital infrastructure. We are now one year in. So what's the head-to-head comparison? We closed at $14 billion. We raised about $3 billion in 2025 in our digital infrastructure business. That is also the same low 20s percent growth rate. So we have already accomplished at least what we've done in digital infrastructure is what we did in net lease one year in. Now let's look at alternative credit. I'm glad you asked specifically about that.

記住，第一年通常是最難熬的。您已實現整合。你們已經簡化了所有流程。你有很多工作要做。現在讓我們展望一下數位基礎設施的未來。現在一年過去了。那麼，這兩款產品究竟有何直接比較呢？我們最終成交額為140億美元。2025年，我們在數位基礎設施業務方面籌集了約30億美元。這也意味著成長率只有20%左右。所以，至少我們在數位基礎設施方面所取得的成就，相當於我們在淨租賃領域一年內所取得的成就。現在我們來看看替代信貸。很高興你特別問到了這個問題。

Alternative credit, we closed a little more than a year ago. We closed at $10.5 billion. We've raised nearly $4 billion since then. So that's a high 30s percent growth off of where we closed our Atalaya acquisition. So we're really proud of what we accomplished here. We see a lot of growth ahead, in particular for alternative credit and digital infrastructure.

替代信貸業務，我們一年多前就關閉了。我們最終成交額為105億美元。自那時以來，我們已經籌集了近40億美元。所以，這比我們完成對 Atalaya 的收購時實現了高達 30% 的成長。所以，我們為我們在這裡所取得的成就感到非常自豪。我們看到未來有很大的成長空間，尤其是在另類信貸和數位基礎設施領域。

We have, obviously, Marc mentioned Fund IV in the back half of this year coming out. We have both wealth products for digital infrastructure and alternative credit, wrapping up ASOF IX coming out with more fundraise in alternative credit in 2026. And what we're really excited about is now fast forward one or two or three more years, what does that arc of trajectory? And how does that compare to our Oak Street acquisition. And we still feel as much as ever, the conviction that these acquisitions will be the same or more than what we were able to do with the Oak Street acquisition.

顯然，馬克提到了今年下半年即將推出的第四期基金。我們既有數位基礎設施的財富產品，也有另類信貸產品，ASOF IX 將於 2026 年在另類信貸領域籌集更多資金。我們現在真正感到興奮的是，再過一兩年甚至三年，這條發展軌跡會是什麼樣的呢？那麼這與我們收購橡樹街的案例相比如何？我們仍然像以往一樣堅信，這些收購將與我們當年收購 Oak Street 時所取得的成就持平，甚至更大。

And I'll add one point, and then we'll move on. We're also building organic products. Not to be lost in all of this. We mentioned this -- I mentioned this in my comments, our BOSE product, Blue Owl Strategic Equity, GP-led secondaries, which we stood up at a time when people said, I don't even understand what this business is, which now, as you are well aware, probably, has grown to become a huge share of the overall secondary market, both LP and GP and a meaningful contributor to the liquidity environment for PE. That's now a $2.5 billion profit that we started from scratch. And that's a product that we see enormous potential for over time. We think that's a way, for example, both the institutions and individual investors to truly participate in the very best of private equity from the very best firms in this multitrillion-dollar industry. So there's another example of just the growth legs that lie outside of Direct Lending.

我再補充一點，然後我們繼續。我們也在研發有機產品。不要迷失在這一切之中。我們之前提到過——我在評論中也提到過——我們的 BOSE 產品 Blue Owl Strategic Equity，GP 主導的二級市場，我們推出該產品時，人們還說，我什至不明白這是什麼業務，而現在，正如您所知，它可能已經發展成為整個二級市場（包括 LP 和 GP）的巨大份額，並且對私募股權的流動性環境做出了重要貢獻。現在，我們已經從零開始創造了25億美元的利潤。我們認為這款產品具有巨大的發展潛力。我們認為，例如，這是一種讓機構投資者和個人投資者真正參與這個數萬億美元行業中最優秀公司提供的最優質私募股權投資的方式。所以，這又是一個例子，說明除了直接貸款之外，還有其他成長點。

We still think Direct Lending is going to prove to be an outstanding business. Facts matter. The results are, and we expect continue to be very, very strong. But yes, we're delighted with the performance of asset-backed, and we're delighted with the growth in those businesses. We're delighted with digital infrastructure and with our real estate businesses that are growing dramatically, and we're continuing to turn in great performance in our GP Stakes business. And that -- those are all things that count that will drive that future growth.

我們仍然認為直接貸款業務將會成為一項非常出色的業務。事實勝於雄辯。結果目前非常非常強勁，我們預計未來還會繼續保持這種勢頭。是的，我們對資產支援型業務的表現非常滿意，也對這些業務的成長感到滿意。我們對數位基礎設施和房地產業務的快速成長感到非常滿意，而且我們的 GP Stakes 業務也繼續取得優異的業績。而這些——這些都是推動未來成長的重要因素。

Wilma Burdis, Raymond James.

威爾瑪·伯迪斯，雷蒙德·詹姆斯。

Could you build a little bit on your earlier comments on fundraising momentum so far in 1Q '26? And just give us a little bit more color on what you're seeing in both the retail and institutional side.

您能否就 2026 年第一季迄今的募款動能再補充一些內容？請您再詳細介紹一下您在零售和機構市場所看到的情況。

Sure. Thank you, Wilma. So we included a slide in our earnings presentation where we show kind of the step functions that we've been talking about throughout 2025. And we're really proud of what we've been able to accomplish. You can see meaningful increases here on slide 6 for each of the last two years. We raised $42 billion in 2025. A lot of momentum on the institutional side, record year for institutional and a record year for wealth.

當然。謝謝你，威爾瑪。因此，我們在收益報告中加入了一張投影片，展示了我們在 2025 年一直在討論的階躍函數。我們為所取得的成就感到非常自豪。從投影片 6 可以看出，過去兩年都出現了顯著成長。我們預計到 2025 年將籌集 420 億美元。機構投資人方面勢頭強勁，機構投資人和財富投資人均創下歷史新高。

As we think about 2026, and I commented on the daily flows, so that's as much data as we have right now in the wealth kind of how do we think about 2026. So we're encouraged by a general stabilization there in the daily flows.

當我們展望 2026 年時，我評論了每日資金流動情況，這就是我們目前在財富方面所掌握的關於我們如何看待 2026 年的全部數據。因此，我們對日常流量整體趨於穩定感到鼓舞。

Overall, if I were to pull the lens back here, we have wrapping up Net Lease VII, wrapping up GP VI back half of this year, Digital Infrastructure IV. As we've talked about, we have our two newly launched wealth products plus our three original wealth products, if you will OCIC, OTIC, ORENT. So when you put all of that together, we can certainly see another year where we put up a similar level in '25 as we did in '26.

總的來說，如果我把鏡頭拉遠，我們今年上半年將完成 Net Lease VII、GP VI 和 Digital Infrastructure IV。正如我們之前討論過的，我們有兩款新推出的財富產品，加上我們原有的三款財富產品，分別是 OCIC、OTIC 和 ORENT。所以綜合所有因素來看，我們完全可以預見，2025 年我們將會取得類似 2026 年的成績。

Mike Brown, UBS.

麥克布朗，瑞銀集團。

So I appreciate all the color on the software side this morning. I guess I'll ask a different question, I wanted to ask on the capital allocation side. So you declared a dividend of $0.92 for 2026, so a modest bump year-over-year. How are you thinking about the dividend growth from here, along with the payout ratios and maybe just overall capital flexibility going forward?

所以我很欣賞今天早上軟體方面呈現的豐富多彩的內容。我想我還是問個不同的問題吧，想問的是資本配置方面的問題。因此，你們宣布 2026 年的股息為 0.92 美元，比前一年略有成長。您如何看待未來的股息成長、股息率以及整體資本彈性？

Thanks, Mike. I appreciate the question. A lot of the same. So modest dividend growth. We're bringing our payout ratio down. We are at 107%, 108% payout ratio for '25. We're bringing that down. It's going to take a couple of steps as we've talked about in the past to bring that payout ratio back to. And this isn't hardwired, but a general ballpark of 85%. We wanted to show some level of modest growth. And we expect to continue to do that as we bring that payout ratio back down to that 85% level. Yes, of course. And as I said, over the course of the next few years.

謝謝你，麥克。感謝您的提問。很多方面都一樣。因此，股息成長較為溫和。我們正在降低派息率。2025 年的股利率為 107%、108%。我們正在降低這個數值。正如我們之前討論過的，要恢復到之前的支付率，需要採取一些措施。這並非絕對，但大致範圍在 85% 左右。我們希望展現出一定程度的穩定成長。我們預計，隨著派息率回落到 85% 的水平，我們將繼續這樣做。是的當然。正如我所說，在接下來的幾年裡。

Brennan Hawken, BMO.

Brennan Hawken，BMO。

You spoke to the flexibility and ability to provide liquidity by raising the threshold for OTIC, which was, I would agree, was certainly encouraging. That product was sort of heavily distributed throughout Asia. What I'm curious about is, I know you've got distribution across the world. What does the wealth management AUM look like by geography? Like what portion is US versus Asia versus Europe?

您談到了透過提高 OTIC 門檻來提高靈活性和流動性的能力，我同意，這當然令人鼓舞。該產品在亞洲地區銷售相當不錯。我好奇的是，我知道你們的產品銷往世界各地。依地域劃分，財富管理資產規模（AUM）情況如何？例如，美國、亞洲和歐洲分別佔多少比例？

So the bulk of our assets and our products is US based in the wealth products. So just to cut to the chase, OTIC is really, in our world, the exception, not the rule, and there's history that we don't need to get into and have time to get into now. But the timing of that launch led to less wide distribution, which led to concentration in Asia. We actually really don't have meaningful exposure in Asia in any of the other products. Really, they are very domestic and the behavior patterns are very different between those products.

因此，我們的資產和產品大多位於美國，屬於財富管理產品領域。所以長話短說，在我們的世界裡，OTIC 真的是個例外，而不是普遍現象，而且它背後的歷史我們既不需要也沒時間去深入了解。但此次上市的時機導致其分銷範圍不夠廣泛，從而集中在亞洲。事實上，我們在其他任何產品方面，在亞洲市場都沒有真正意義上的曝光度。實際上，它們都非常適合家庭使用，而且這些產品的行為模式也截然不同。

Very little.

很少。

So very little outside the US and our other products. So OTIC is kind of an exception corner case of its own, I wouldn't read much into OTIC across to other products of ours.

所以，除了美國以外，我們的其他產品銷售量非常少。所以 OTIC 本身就是一個特例，我不會把 OTIC 的情況過度解讀到我們的其他產品上。

Okay. Well, I appreciate that. Is it possible to get a number maybe ex OTIC, where that stands because very little is sort of subjective?

好的。嗯，我很感激。是否有可能獲得一個數字，例如 OTIC，來說明它的地位，因為很多事情都帶有一定的主觀性？

We'll try to get back to the number. It's a very, very small part. I appreciate that is subjective. We'll get back to you with a number.

我們會努力找回那個數字。這只是很小很小的一部分。我知道這是主觀的。我們會盡快回覆您一個號碼。

Kenneth Worthington, J.P. Morgan.

Kenneth Worthington，摩根大通。

This is Alex Bernstein on for Ken. Congrats on the strong metrics that we're seeing in triple net lease, in particular, really showing differentiation. Touching upon direct lending and originations in particular, we saw that both gross and net moved up this quarter for the second quarter in a row. Similarly, the gross to net conversion ratio improved a little bit. I'm getting in the high 20s percentages.

這裡是亞歷克斯·伯恩斯坦，替肯報道。恭喜你們在三方淨租賃方面取得了強勁的指標，尤其體現了差異化優勢。就直接貸款和貸款發放而言，我們看到本季總額和淨額均連續第二季成長。同樣，毛利與淨利的轉換率也略有提升。我的得分在20%以上。

As we zoom out and look at a full year over full year comparison, still seeing the gross net and conversion are all still lower. I wanted to think through those metrics, how they're evolving relative to historic levels, I think, especially on the gross net, which I understand historically is a bit higher competition with the banks, how that looks? And then maybe how you're thinking about deployment potentially being impacted or not by some of the sentiment in the market, especially if we're seeing slower subscription, at least on net basis, growth for the BDCs.

當我們把視角拉遠，進行全年同比比較時，仍然可以看到毛利、淨利潤和轉換率都仍然較低。我想仔細思考一下這些指標，以及它們相對於歷史水平的變化情況，我認為，特別是毛淨額，據我了解，從歷史上看，毛淨額與銀行之間的競爭要激烈一些，那麼它現在的情況如何呢？然後，您可能在考慮市場情緒是否會對部署產生影響，尤其是在我們看到 BDC 的訂閱成長速度放緩（至少從淨增長來看）的情況下。

Sure. The gross to net, you observed the patterns, I won't repeat all of the facts. We continue to see a very strong pipeline of activity. We are certainly participating in what we think are a lot of great new originations and credits. We're certainly getting at least our fair share. Business is good. I think we continue to build ever deeper relationships with the users of our capital. So right now, it's really more about overall PE activity within Direct Lending.

當然。從毛利到淨利潤，你已經觀察到了其中的規律，我就不再贅述所有事實了。我們持續看到非常強勁的專案儲備。我們當然會參與到我們認為很多很棒的新項目和信貸項目。我們肯定至少得到了我們應得的那一份。生意不錯。我認為我們與資金使用者之間的關係正在不斷加深。所以目前來看，重點更多在於直接貸款領域的整體私募股權活動。

Obviously, as we just talked about, enormous activity in things like the real estate business and in alternative credit away from PE activity. But it's really about the PE cycle and how much transaction is occurring there. We certainly have seen upticks and we're seeing an uptick there for in our inbounds, our demand for capital.

顯然，正如我們剛才所討論的，房地產行業和私募股權以外的另類信貸領域都非常活躍。但實際上，關鍵在於私募股權週期以及其中發生的交易量。我們確實看到了成長，而且我們看到入境資金和資本需求都在增加。

And I guess the only silver lining of all of this kind of misinformation about credit and misinformation about software and the like, usually, that environment ends up leading to better spreads and a rotation of more product back to the private market because the public market get deeply disrupted. So all the indicators would point favorably as far as we can see, but it will all depend really at the end of the day on just how much activity is there in PE world in a given quarter.

我想，所有這些關於信貸和軟體等方面的錯誤訊息，唯一的一線希望是，通常情況下，這種環境最終會導致利差縮小，更多產品回流到私人市場，因為公開市場受到了嚴重的衝擊。因此，就我們目前所見，所有指標都指向有利方向，但最終一切都將取決於特定季度私募股權市場的活躍程度。

And the only thing I'll follow up with is about 7% -- 6% to 7% of non-US dollars in our other wealth products. So as Marc said, it's a very small number.

我唯一要補充的是，我們其他財富產品中非美元資金的比例約為 7%——6% 到 7%。正如馬克所說，這是一個非常小的數字。

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

問答環節到此結束。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. We appreciate it. We know that the hour is up. And so we will release you to the next activity, except to say, at the end of the day, this was a great quarter.

偉大的。非常感謝。我們非常感謝。我們知道時間到了。那麼，我們就讓大家進入下一個環節吧。最後，我想說，總而言之，這是一個非常棒的季度。

We continue to see very healthy portfolios. At the end of the day, performance is the ultimate measure, not anecdote, and performance is top tick in all of the products that we talked about. So we have a very favorable view going into 2026 and look forward to updating you.

我們持續看到非常健康的投資組合。歸根究底，性能才是最終的衡量標準，而不是軼事，而我們討論的所有產品的性能都是一流的。因此，我們對2026年的前景非常樂觀，並期待與您分享最新進展。

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。