Blue Owl Capital Inc. (OWL) 2026 Q1 法說會逐字稿

Good morning, and welcome to Blue Owl Capital's first quarter 2026 earnings call. During the presentation, your lines will remain on listen-only.

早安，歡迎參加 Blue Owl Capital 2026 年第一季財報電話會議。在簡報期間，您的電話線將維持僅收聽模式。

After the presentation, there will be a question-and-answer session. To ask a question, please press *1 on your telephone keypad.

簡報結束後，將進行問答環節。如欲提問，請在電話鍵盤上按 *1。

I'd like to advise all parties that this conference call is being recorded. I will now turn the call over to Anne Dye, Head of Investor Relations for Blue Owl.

我想提醒各位，本次電話會議將被錄音。接下來我將把電話交給 Blue Owl 投資人關係主管 Anne Dye。

Thanks, operator, and good morning to everyone. Joining me today are Mark Lipschultz, our Co-Chief Executive Officer, and Alan Hirschenbaum, our Chief Financial Officer.

謝謝接線員，也向各位道早安。今天與我一同出席的有我們的共同執行長 Mark Lipschultz，以及我們的財務長 Alan Hirschenbaum。

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.

我想提醒各位聽眾，本次電話會議中的發言可能包含前瞻性陳述；該等陳述不保證未來的表現或結果，且涉及多項風險與不確定性，超出公司可控制範圍。

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 as well capital filings with the Securities and Exchange Commission.

由於多項因素，實際結果可能與前瞻性陳述存在重大差異，包括我們不時向美國證券交易委員會提交的資本申報文件中所述因素。

The company has no obligation to update any forward-looking statements.

公司沒有義務更新任何前瞻性陳述。

We'd also like to remind everyone that we'll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our earnings presentation, available on the shareholders section of our website at blueowl.com. Please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blue Owl Fund.

我們也想提醒各位，本次電話會議將提及非 GAAP 指標；相關指標已在我們的財報簡報中與 GAAP 數字進行調節，該簡報可於 blueowl.com 網站的股東專區取得。請注意，本次電話會議的任何內容均不構成出售或招攬購買任何 Blue Owl 基金權益之要約。

This morning, we issued our financial results for the first quarter of 2026, reporting fee-related earnings, or FRE, of $0.25 per share and distributable earnings, or DE, of $0.19 per share.

今天早上，我們公布了 2026 年第一季財務結果：費用相關盈餘（FRE）為每股 0.25 美元，可分配盈餘（DE）為每股 0.19 美元。

We declared a dividend of $0.23 per share for the first quarter, payable on May 27th to holders of record as of May 13th.

我們宣告第一季每股股利 0.23 美元，將於 5 月 27 日支付給截至 5 月 13 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.

今天的電話會議中，我們將參照今早已發布於公司網站的財報簡報，請各位備妥以便跟進。

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

接下來，我把電話交給 Mark。

Great.

好的。

Thank you so much, Anne.

非常感謝你，Anne。

As we highlighted this morning in our results for the first quarter of 2026, we operate three differentiated platforms at scale, each of which has contributed to Blue Owl's expansion. Revenues increased by 13%. Fee-related earnings by 14%, and distributable earnings by 11%, compared to the first quarter of 2025, against a backdrop of geopolitical uncertainty, interest rate volatility, and increased attention to private credit.

如同我們今早在 2026 年第一季業績中所強調的，我們以規模化方式營運三個具差異化的平台，而每一個平台都為 Blue Owl 的擴張做出貢獻。營收成長 13%。相較於 2025 年第一季，在地緣政治不確定性、利率波動，以及市場對私募信貸關注度提高的背景下，費用相關盈餘成長 14%，可分配盈餘成長 11%。

Our financial results reflect stability, driven by our durable capital base, and growth, driven by fundraising and ongoing capital deployment.

我們的財務結果反映出穩定性（由我們具韌性的資本基礎所驅動）以及成長性（由募資與持續的資本部署所驅動）。

We raised $57 billion of capital over the last 12 months, our second highest capital raise since inception. And $11 billion in the first quarter, which represents approximately 14% annualized on our AUM at the end of 2025.

過去 12 個月我們募集了 570 億美元資本，為公司成立以來第二高的募資規模。第一季募集 110 億美元，約相當於我們 2025 年底資產管理規模（AUM）的年化約 14%。

These fundraising results reflect investor interest across client channels and across our credit, real assets, and GP strategic capital platforms.

這些募資成果反映出投資人透過各客戶通路，並在我們的信貸、實體資產與 GP 策略資本平台上，均展現出興趣。

In recent months, we spent time with clients and other stakeholders addressing the questions that have arisen around private credit. Our approach has been straightforward. Answer those questions with facts. Across the business, fundamental performance remains strong, and portfolios remain strong, and the portfolios continue to behave in line with the discipline with which they were built.

近幾個月，我們與客戶及其他利害關係人交流，回應市場對私募信貸所產生的各項疑問。我們的做法很直接。用事實回答這些問題。在整體業務層面，基本面表現依然強勁，投資組合依然穩健，且投資組合的運作持續符合其建立時所遵循的紀律。

Compared to the last quarter, there's certainly more uncertainty in the macro and geopolitical landscape, and investors across all asset classes are faced with more questions than answers about the near-term environment.

相較上一季，宏觀與地緣政治環境的不確定性確實更高；各資產類別的投資人對短期環境面臨的疑問多於答案。

As we've observed in the past, times of heightened volatility and uncertainty tend to favor those with patient capital and longer duration, and market share has moved towards private players during those periods in the past.

如同我們過去所觀察到的，在波動與不確定性升高的時期，往往更有利於具耐心資本與較長久期的參與者；而在過往這些期間，市場份額也曾向私募參與者移動。

While we continue to see a healthy balance between the public and private markets, the momentum has shifted in our direction in recent months, offering attractive investment opportunities that we are selectively leaning into.

雖然我們仍看到公募與私募市場之間維持健康的平衡，但近幾個月動能已轉向我們這一方，帶來具吸引力的投資機會，我們正有選擇性地加大投入。

As it relates to fundraising, we continue to see good interest from a broad range of investors across an increasingly diverse set of strategies, resulting in $11 billion raised across equity and debt platform-wide during the first quarter.

就募資而言，我們持續看到來自廣泛投資人的良好興趣，且策略組合日益多元，使得第一季在全平台的股權與債務合計募得 110 億美元。

Institutional capital represented two-thirds of total equity raised for the first quarter or $6.1 billion. These inflows came from approximately 80 institutional investors, with 47% of those commitments coming into our credit platform, 40% of real assets, and 13% in GP strategic capital.

第一季募得的股權資金中，機構資金占總額的三分之二，即 61 億美元。這些資金流入來自約 80 家機構投資人，其中 47% 的承諾投入我們的信貸平台、40% 投入實體資產、13% 投入 GP 策略資本。

We received commitments from 33 new institutional clients during the quarter and 14 existing Blue Owl investors committed to new strategies, further deepening these relationships.

本季我們獲得 33 家新的機構客戶承諾，另有 14 位既有 Blue Owl 投資人承諾投入新的策略，進一步深化這些關係。

We took in capital from institutional investors across every major market, with an increasing amount coming from non-U.S. Investors over the past few years.

我們從各主要市場的機構投資人吸納資金，且來自非美國投資人的比重在過去幾年持續提高。投資人。

In our private wealth channel, we raised approximately $3 billion of equity in the first quarter, primarily across net lease, direct lending, alternative credit, and digital infrastructure, highlighting that individual investors continue to allocate to alternatives. In particular, demand for real asset strategies has been solid, with over $7 billion raised in wealth for real assets over the last 12 months, a 2.5 times increase from the prior 12-month period.

在我們的私人財富通路方面，第一季我們募集約 30 億美元股權資金，主要分布於淨租賃、直接放款、另類信貸與數位基礎設施，凸顯個人投資人仍持續配置於另類資產。尤其是實體資產策略的需求穩健，過去 12 個月在財富通路為實體資產募集超過 70 億美元，較前一個 12 個月期間成長 2.5 倍。

Taken together, our fundraising results from the first quarter highlight three major takeaways. First, institutional and individual investors continue to allocate to products and strategies across the BUAL platform.

綜合而言，我們第一季的募資成果凸顯三項主要重點。第一，機構與個人投資人持續配置於 BUAL 平台上的各類產品與策略。

We think this speaks to our ongoing education efforts with investors through the years and the differentiated returns we have generated as a result of rigorous underwriting, deliberate and thoughtful product construction and scale benefits, and ultimately long-dated strong performance.

我們認為，這反映出多年來我們持續對投資人進行教育的努力，以及我們透過嚴謹的承作審查、審慎且周延的產品設計與規模效益所創造的差異化報酬，並最終帶來長期且強勁的績效。

Second, the evolution and diversification of BlueWell's platform has been and will continue to be an important driver of fundraising and earnings. So let's explore that briefly.

第二，BlueWell 平台的演進與多元化一直是、且將持續是推動募資與盈餘的重要動能。因此我們簡要說明一下。

As you can see on slide 5 in our earnings deck, today, direct lending represents only 37% of Blue Owl's AUM. To put this in context, real assets is now 27% of AUM, and GP strategic capital is 22%.

如您在我們財報簡報第 5 頁所見，目前直接放款僅占 Blue Owl 的 AUM 的 37%。作為對照，實體資產目前占 AUM 的 27%，GP 策略資本占 22%。

Nearly three-quarters of equity capital we've raised over the last 12 months have been outside of direct lending.

過去 12 個月我們募集的股權資本中，近四分之三來自直接放款以外的領域。

Alternative credit and net lease have grown their AUM by roughly 40% year-over-year, collecting strong interest in these asset classes.

另類信貸與淨租賃的 AUM 年增約 40%，顯示市場對這些資產類別的興趣強勁。

Our digital infrastructure strategy, which is approximately 6% of AUM today, has significant runway ahead as we face unprecedented demand for data center capacity and continue to work closely with some of the largest, most innovative, and best-capitalized companies in the world.

我們的數位基礎設施策略目前約占 AUM 的 6%，在面對前所未有的資料中心容量需求之際，仍有顯著的成長空間；同時我們也持續與全球一些規模最大、最具創新力且資本最雄厚的公司緊密合作。

In fact, just a couple months ago, Amazon announced a $12 billion data center campus with investment from Blue Owl's digital infrastructure funds and development by Stack Infrastructure, our scaled designer, developer, and operator of sustainable digital infrastructure.

事實上，就在幾個月前，Amazon 宣布一座 120 億美元的資料中心園區，該案由 Blue Owl 的數位基礎設施基金投資，並由 Stack Infrastructure 開發；Stack Infrastructure 是我們具規模的永續數位基礎設施設計、開發與營運商。

This marks the fourth data center project above $10 billion announced in less than 18 months, for which Blue Owl will play a critical role.

這標誌著在不到18個月內宣布的第四個超過100億美元的資料中心專案，Blue Owl 將在其中扮演關鍵角色。

We held the final close of the first vintage of our GP-led secondary strategy, BOES, during the quarter, above target at approximately $3 billion.

本季我們完成了首個年度梯次（vintage）的 GP 主導次級策略 BOES 的最終募集結束（final close），募集規模高於目標，約為30億美元。

We think this is a great outcome for a first-time fund, and it makes us a market leader in dedicated capital raised for GP-led secondaries.

我們認為，對於一檔首次募集的基金而言，這是非常出色的成果，並使我們在 GP 主導次級市場的專用資本募集規模方面成為市場領導者。

And as it relates to fundraising channels, institutional investors drove 67% of total equity capital raised in the first quarter.

就募資通路而言，第一季機構投資人貢獻了總股權資本募集額的67%。

In private wealth, nearly 70% of flows came from real assets, GP strategic capital, alternative credit, and GP-led secondaries during the first quarter. And these strategies themselves constituted about 60% of private wealth flows over the last 12 months.

在私人財富（private wealth）方面，第一季近70%的資金流入來自實體資產、GP 策略資本、另類信貸，以及 GP 主導次級。而這些策略本身在過去12個月約占私人財富資金流的60%。

These figures highlight an increasingly diversified set of high-quality, in-demand strategies that offer investors significant income and downside protection.

這些數據凸顯出一組日益多元化的高品質、需求旺盛的策略，能為投資人提供可觀的收益與下行保護。

Finally, it's worth keeping the recent attention on our non-traded BDC flows in perspective.

最後，值得將近期市場對我們非交易型 BDC 資金流的關注放在正確的脈絡下看待。

While the level of debate around private credit has resulted in elevated industry-wide redemption requests, the actual impact of Belal's revenues and earnings for the first quarter was quite modest. During the quarter, net outflows of roughly $170 million from OCIC and OTIC were less than six basis points of our beginning of period AUM.

儘管圍繞私人信貸的討論熱度導致全產業的贖回申請上升，但對 Belal 第一季的營收與獲利的實際影響相當有限。本季 OCIC 與 OTIC 的淨流出約1.7億美元，低於期初 AUM 的6個基點。

As a reminder, these two funds collectively comprise less than 17% of our total AUF.

提醒一下，這兩檔基金合計占我們總 AUF 的比重不到17%。

For OCIC, redemption requests were concentrated, with 1% of investors representing a majority of tenders, and approximately 90% of the investor base elected not to tender at all.

就 OCIC 而言，贖回申請相對集中，1%的投資人代表了大多數的要約（tenders），約90%的投資人基礎則選擇完全不參與要約。

Generally, requests have been more investor-led than advisor-led, highlighting continued strong support from our partners and what we believe has been a headline-driven, not fundamental-driven redemption environment. And notably. Gross repurchases for our net lease non-traded REIT, O rent, were less than $134 million, compared to inflows of $1.1 billion, resulting in net inflows of approximately $1 billion for the quarter, compared to about $8 billion of fee pay and AUM at the end of 2025.

整體而言，申請更多是由投資人主導而非由理財顧問主導，凸顯我們合作夥伴持續強力支持，也反映我們認為目前的贖回環境是由新聞標題驅動，而非基本面驅動。而且值得注意的是。我們的淨租賃非交易型 REIT（O rent）的總回購金額低於1.34億美元，相較之下流入為11億美元，使本季淨流入約10億美元；相較於2025年底約80億美元的付費資產與 AUM。

Moving on to performance, which remains resilient across credit, real assets, and GP strategic capital.

接著談績效表現，在信貸、實體資產與 GP 策略資本方面仍展現韌性。

Our strategies have delivered attractive absolute returns and, on a relative basis, have generally outperformed their public indices since inception to a wide range of economic and market environments. To give a few examples of this...

自成立以來，我們的策略提供了具吸引力的絕對報酬；相對而言，在各種經濟與市場環境下，整體也普遍優於其公開市場指數。舉幾個例子……

Our direct lending strategy generated gross returns of 8.5% over the last 12 months, and more specifically, our largest non-traded BDC OCIC has delivered an attractive 9.1% annualized return over approximately five years since inception, demonstrating durability across a range of market environments. Over this period, Class 5 shares of OCIC have outperformed leveraged loans by more than 300 basis points, high-yield bonds by approximately 500 basis points, and traditional fixed income by approximately 900 basis points.

我們的直接放貸策略在過去12個月的總報酬為8.5%；更具體而言，我們最大的非交易型 BDC——OCIC——自成立以來約五年期間提供了具吸引力的9.1%年化報酬，展現其在多種市場環境下的耐久性。在此期間，OCIC 的第5類股（Class 5）表現優於槓桿貸款逾300個基點、優於高收益債約500個基點，並優於傳統固定收益約900個基點。

In alternative credit, gross returns of 11% over the last 12 months have compared favorably to leveraged loans as well, outperforming by more than 600 basis points.

在另類信貸方面，過去12個月的總報酬為11%，與槓桿貸款相比也更具優勢，領先超過600個基點。

Our net lease strategy has returned 14.7% over the last 12 months, outperforming the FTSE REIT index by over 1,100 basis points.

我們的淨租賃策略在過去12個月的報酬為14.7%，優於富時 REIT 指數超過1,100個基點。

And GP Minority Stakes has delivered outstanding results, with net IRRs of between 10% and 34% across funds three, four, and five. These funds are top quartile in DPI, and we're honored to recently be named the top large buyout firm in 2025 by HEC Paris Dow Jones in a category of nearly 700 firms, which we think recognizes our outstanding performance across these key metrics. I mentioned earlier that we were seeing the market move our way as a result of volatility, and GP Stakes is a good example of this. Not only is fund performance strong, but we have substantial dry powder, and the pipeline continues to grow for this business.

而 GP 少數股權投資（GP Minority Stakes）也交出亮眼成績，第三、第四與第五期基金的淨 IRR 介於10%至34%。這些基金在 DPI 指標上位居前四分位；我們也很榮幸近期在近700家機構的評比中，被 HEC Paris Dow Jones 於2025年評選為「最佳大型收購（large buyout）公司」，我們認為這肯定了我們在這些關鍵指標上的卓越表現。我先前提到，市場因波動而朝對我們有利的方向發展，GP Stakes 就是一個很好的例子。不僅基金績效強勁，我們也擁有可觀的未投資資金（dry powder），且該業務的案源管線持續擴大。

Bringing this back to where I started, performance remains the clearest measure over time. What matters most in periods like this is whether the portfolios are behaving as expected. Whether the underwriting is holding up, and whether the structural protections in the business are doing the work they're designed to do.

回到我一開始的重點，長期而言，績效仍是最清楚的衡量標準。在這樣的時期，最重要的是投資組合是否如預期運作。承作審核（underwriting）是否仍然穩健，以及業務中的結構性保護是否正在發揮其設計目的。

On those measures, the quarter reinforced the stability and durability of the business, supported by continued growth and strong underlying fundamentals.

就這些衡量面向而言，本季再次印證了業務的穩定性與耐久性，並受到持續成長與強勁基本面的支撐。

We plan to continue communicating with our stakeholders transparently and candidly, and look forward to speaking with all of you in the weeks and months to come.

我們將持續以透明且坦率的方式與利害關係人溝通，並期待在未來數週與數月與各位交流。

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

接下來，我把時間交給 Alan，請他說明我們的財務結果。

Thank you, Mark, and good morning, everyone. Today, we reported another quarter of solid earnings growth and broad fundraising across the platform. As Mark noted, during the first quarter, we raised $11 billion of capital across a diverse debt of products and strategies. As you can see on Slide 14, while the first quarter is typically a seasonally lighter quarter for fundraising, we continue to see fundraising across a broader and more diversified platform, driven by ongoing diversification across products. Strategies and investor base. Compared to the first quarter of last year, equity capital raise grew by 35%.

謝謝你，Mark，各位早安。今天我們公布了又一季穩健的獲利成長，以及平台上廣泛的募資表現。如 Mark 所提，第一季我們在多元的產品與策略上共募集了110億美元資本。如投影片14所示，雖然第一季通常是募資季節性較淡的一季，但在產品、策略與投資人基礎持續多元化的帶動下，我們仍看到募資在更廣泛且更分散的平台上進行。與去年第一季相比，股權資本募集成長35%。

Staying on the theme of 1Q26 results versus a year ago quarter, management fees are up 13%. You can see on Slide 10 that we broke out management fee offsets this quarter, which we think helps investors get a better sense of the core trends across our business.

延續「2026年第一季相較一年前同季」的主題，管理費成長13%。你可以在投影片10看到，我們本季將管理費抵減（offsets）獨立揭露，我們認為這有助於投資人更清楚掌握我們業務的核心趨勢。

FRE grew 14% and DE grew 11%.

FRE 成長14%，DE 成長11%。

We modestly increased our FRE margin, expanding to 58.4% for the quarter versus our FRE margin for 2025 of 58.3.

我們小幅提升了 FRE 利潤率，本季擴大至58.4%，相較於2025年的 FRE 利潤率58.3%。

AUM not yet paying fees increased to $30 billion, representing approximately $350 million of expected annual management fees once deployed.

尚未開始收取費用的 AUM 增至300億美元，代表一旦部署後，預期每年可帶來約3.5億美元的管理費。

This is equivalent to approximately 14% embedded growth off of our 2025 management fees.

這相當於以2025年管理費為基礎約14%的內含成長（embedded growth）。

Turning to our platforms, in credit, the $4 billion of equity capital we raised during the first quarter included about $1 billion raised in our non-traded BDCs and over half a billion dollars raised for each of GP-led secondaries, alternative credit and liquid and IG credit.

談到各平台，在信貸方面，我們第一季募集的40億美元股權資本中，包含約10億美元來自我們的非交易型 BDC；而 GP 主導次級、另類信貸，以及流動與投資級（IG）信貸，各自也募集了超過5億美元。

During the quarter, we held the final closes for both our GP-led secondaries fund, Bose, and our alternative credit opportunities fund, ASOF 9, around $3 billion each, with both closing above their targets, strong outcomes in the current environment.

本季我們也完成了 GP 主導次級基金 Bose 與另類信貸機會基金 ASOF 9 的最終募集結束（final close），兩者規模皆約30億美元，且均高於目標；在目前環境下，這是非常強勁的成果。

In direct lending, last 12-month gross and net originations were $39.4 billion and $8.2 billion, respectively.

在直接放貸方面，過去12個月的總承作（gross originations）與淨承作（net originations）分別為394億美元與82億美元。

Repayments in the portfolio were $6.4 billion for the first quarter and over $27 billion in 2025, highlighting significant liquidity in our direct lending funds just from repayment activity alone.

投資組合中的還款在第一季為64億美元，並在2025年超過270億美元，凸顯我們的直接放貸基金僅從還款活動本身就具備顯著的流動性。

As Mark mentioned earlier, the market conditions that create volatility in public markets also tend to result in spread widening and a decline in available capital across asset classes. We are beginning to see this in the origination pipeline, with spreads at least 50 basis points wider.

如 Mark 先前提到，會在公開市場造成波動的市場環境，也往往會導致利差擴大，並使各資產類別可用資本下降。我們開始在承作管線中看到這一點，利差至少擴大了50個基點。

More importantly, the portfolios continue to behave in line with the discipline with which they were built. We have included some additional slides and disclosure in the supplemental information section of our earnings presentation.

更重要的是，投資組合的表現仍與其建立時所遵循的紀律一致。我們在財報簡報的補充資訊部分加入了一些額外投影片與揭露。

Slides 24 and 25 show a series of KPIs for each of our BDCs as of December 31st, which we will update through March 31st in our investor presentation.

投影片24與25顯示截至12月31日我們各檔BDC的一系列關鍵績效指標（KPI），我們將在投資人簡報中更新至3月31日。

Slide 26 compares some of these KPIs for the leveraged loan and high-yield markets. And finally, Slide 27 compares the performance of our BVCs for the leveraged loan and high-yield markets.

投影片26比較了槓桿貸款與高收益市場的部分KPI。最後，投影片27比較了我們BVC在槓桿貸款與高收益市場的表現。

Now to run through some of these here, in direct lending, underlying portfolio company growth has remained healthy with no meaningful adverse movement in metrics such as our watch list, non-accruals, amendment requests, or revolver draws. Our average annual loss rate remains a very low 12 basis points, an important factor in driving our continued outperformance to leverage loan and high-yield indices.

現在在此快速帶過其中一些：在直接放貸方面，底層投資組合公司的成長仍維持健康，在我們的觀察名單、停止計息（non-accrual）、修約/修訂請求（amendment requests）或循環額度動用（revolver draws）等指標上，沒有出現任何具實質意義的不利變動。我們的平均年化損失率仍維持在非常低的12個基點，這是推動我們持續優於槓桿貸款與高收益指數表現的重要因素。

On average, our borrowers have delivered last 12-month revenue and EBITDA growth in the mid to high-single-digits. In our tech lending portfolio, we have continued to see higher growth compared to our overall diversified lending portfolio, with LTM revenue and EBITDA growth in the high-single-digit to low-double-digit range on average.

平均而言，我們的借款人過去12個月（LTM）的營收與EBITDA成長落在中至高個位數。在我們的科技放貸投資組合中，相較於整體多元化放貸投資組合，我們持續看到更高的成長；平均LTM營收與EBITDA成長落在高個位數至低雙位數區間。

LTVs have picked up modestly, incorporating moves in public comps and broad-based spread widening. As a result, LTVs are, on average, in the low 40s across our platform and in the tech lending portfolio, continuing to illustrate meaningful equity cushion below our senior secured positions, even in the face of compressed equity market multiples.

LTV（貸款價值比）小幅上升，反映公開市場可比公司估值變動以及全面性的利差擴大。因此，整體平台與科技放貸投資組合的LTV平均落在40%出頭，持續顯示即便在股權市場倍數受壓縮的情況下，我們的優先擔保部位之下仍有顯著的股權緩衝。

And outside of direct lending, we deployed an additional $2.8 billion on a growth basis across our other credit strategies in the first quarter. And as Mark mentioned, the opportunity set is expanding across the risk-reward spectrum, and we are engaging where the risk-adjusted return is compelling.

而在直接放貸之外，我們第一季在其他信貸策略上，以成長口徑額外部署了28億美元。如 Mark 所提到，機會集合正沿著風險—報酬光譜擴大，我們會在風險調整後報酬具吸引力之處積極參與。

In real assets, net lease contributed about $3 billion of the $4 billion of equity capital raised in the first quarter, roughly split between the wealth and institutional channels.

在實體資產方面，淨租賃（net lease）貢獻了第一季募集的40億美元股權資本中的約30億美元，約略在財富通路與機構通路各占一半。

In total, we have reached $5.8 billion raised for the latest vintage of our net lease flagship and continue to expect to hit our hard cap of $7.5 billion by the end of this year.

合計而言，我們最新一期的淨租賃旗艦基金已募集達58億美元，並仍預期在今年底前達到75億美元的硬上限（hard cap）。

For O-Rent, our non-traded REIT, over $200 million of the $1.1 billion raised in the first quarter, came from 1,031 exchange structures, and O-Rent experienced its lowest percent repurchase quarter in seven quarters.

就 O-Rent（我們的非交易型REIT）而言，第一季募集的11億美元中有超過2億美元來自1,031個交換結構（exchange structures），且 O-Rent 在七個季度以來的回購比例（percent repurchase）最低。

Deployment and real assets continue to accelerate, increasing more than 100% year-over-year to approximately $20 billion over the last 12 months, supported by the completion of build-to-suit projects in net lease and new commitments in digital infrastructure. In net lease fund 6, we have fully committed the fund and have reached two-thirds of capital called, with visibility to be virtually fully called by this summer, in line with our prior expectations and within three years of its final close.

部署與實體資產持續加速，受淨租賃的量身打造（build-to-suit）專案完工以及數位基礎建設的新承諾所支撐，過去12個月的部署金額年增逾100%，至約200億美元。在淨租賃第6號基金（net lease fund 6）中，我們已完成全數承諾配置，且資本已召回（capital called）達到三分之二；可見度顯示到今年夏天將幾乎全數召回，符合我們先前預期，且在最終結束募集（final close）後三年內完成。

Our net lease pipeline remains around all-time highs with $50 billion of transaction volume under letter of intent for contract to close.

我們的淨租賃管線仍接近歷史高點，已有500億美元的交易量在意向書（letter of intent）之下、正由簽約走向交割（contract to close）。

In digital infrastructure, we are also seeing a substantial pipeline of over $100 billion and have now called over 75% of the capital in Fund 3, just a year after its final close at the end of April 2025. And we continue to be on track for an initial close of the next vintage of our flagship fund in the back half of this year.

在數位基礎建設方面，我們也看到超過1,000億美元的龐大管線，且在2025年4月底完成最終結束募集僅一年後，我們在第3號基金（Fund 3）已召回超過75%的資本。我們也持續按計畫在今年下半年完成下一期旗艦基金的首次結束募集（initial close）。

In our real assets platform, we now manage $85 billion of AUM, up 27% over the last year, and specifically for net lease, up 38% year-over-year. We are seeing these strategies resonate with investors looking for income-oriented returns backed by mission-critical assets and investment-grade counterparties across logistics, manufacturing, healthcare, and data centers.

在我們的實體資產平台中，目前管理資產規模（AUM）達850億美元，較去年成長27%；其中淨租賃年增38%。我們看到這些策略受到投資人青睞，因其尋求由關鍵任務資產（mission-critical assets）與投資級對手方所支撐、以收益為導向的報酬，涵蓋物流、製造、醫療保健與資料中心等領域。

In GP Strategic Capital, we raised $900 million primarily in our flagship vehicle and co-invest during the first quarter, with the total raised in our sixth vintage approaching $10 billion inclusive of co-invest.

在 GP Strategic Capital 方面，我們第一季主要在旗艦載體與共同投資（co-invest）募集了9億美元；第六期（sixth vintage）合計募集金額（含共同投資）已接近100億美元。

In March, we made an investment into Atlas, a leading investment platform with a differentiated owner-operator model within the industrial, manufacturing, and distribution space, and we continue to see a robust pipeline for deployment in our latest flagship fund, which is now about 40% committed on our target.

3月，我們投資了 Atlas；其為工業、製造與配送領域中具差異化「所有者—經營者」（owner-operator）模式的領先投資平台。我們也持續看到最新旗艦基金具備強勁的部署管線，目前已就目標承諾約40%。

Finally, I'd like to offer some high-level thoughts on a few items. First, we remain focused on disciplined expense management. We demonstrated FRE margin expansion in 1Q and continue to see a path to achieve our goal of 58.5% FRE margins for 2026.

最後，我想就幾個事項提供一些高層次的看法。第一，我們仍專注於嚴謹的費用管理。我們在第一季展現了FRE利潤率擴張，並持續看到達成2026年FRE利潤率58.5%目標的路徑。

We declared our quarterly dividend, which we had announced on our last earnings call. We remain committed to paying out our $0.92 dividend for 2026.

我們已宣告季度股利，這項股利我們在上次財報電話會議中已公告。我們仍致力於在2026年支付每股0.92美元的股利。

Our business is broader and more diversified than it was even a few years ago, and we will continue to measure ourselves by performance, portfolio behavior, and the consistency of our results over time.

我們的業務版圖比幾年前更廣且更多元，我們將持續以績效、投資組合行為，以及長期結果的一致性來衡量自己。

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

非常感謝各位今天早上加入我們。接線生，請幫我們開放提問線路好嗎？

Thank you. If you would like to ask a question, please press star 1 on your telephone keypad. If you would like to withdraw your question, simply press star 1 again. We ask that you limit yourself to one question, and please rejoin the queue if needed.

謝謝。若您想提問，請在電話鍵盤按下星號1。若您想撤回問題，請再按一次星號1。我們請您每次僅限一個問題，如有需要請重新排隊。

Thank you.

謝謝。

Your first question comes from Craig Siegenthaler with Bank of America. Your line is open.

您的第一個問題來自美國銀行（Bank of America）的 Craig Siegenthaler。您的線路已開通。

Good morning, Mark Allen. Hope everyone is doing well.

早安，Mark、Allen。希望大家都一切順利。

My question is on the $6 billion of institutional fundraising in the quarter. Can you help us size the credit inflows and also what specific funds saw the inflows? And I saw your broad comments on direct lending and strategic equity, but I was hoping to get a little more detail on the fund to help us think about the fee rate dynamics and also the sustainability too.

我的問題是關於本季60億美元的機構募資。你們能否協助我們估算其中信貸的資金流入規模，以及哪些特定基金出現流入？我看到你們對直接放貸與策略性股權的概括性評論，但我希望能在基金層級再多一些細節，以便我們思考費率（fee rate）動態以及其可持續性。

Thank you, guys.

謝謝各位。

Sure. Thanks, Craig, you as well. Look, we continue to see flows come through up and down across our credit platform. We continue to see flows into direct lending, products like ODL, SMAs. We certainly had about $1 billion come into our non-traded BDCs, OCIC, OTIC, so we saw inflows there.

當然。謝謝，Craig，你也一樣。你看，我們持續看到資金在我們的信貸平台上下游各處流入。我們持續看到資金流入直接放貸，例如 ODL、SMA 等產品。我們的非交易型BDC（OCIC、OTIC）也確實約有10億美元流入，因此那邊也看到資金進來。

We continue to see, as you noted, ASOF 9, we did our final close. AltCredit continues to grow in line with what we talked about last quarter, continued very strong growth from the AltCredit business. So it's really coming through up and down the board there.

如你所提到的，我們持續看到，截至 9 號（ASOF 9），我們已完成最終關帳。AltCredit 持續依照我們上季所談的方向成長，AltCredit 業務延續非常強勁的成長。所以這確實在各個面向都充分反映出來。

We're noticing just one add-on, which I'll call more qualitative. We're noticing institutions are. I think are observing that direct lending and credit writ large is actually working very well. And so in contrast perhaps to what is the sentiment in the air, if you will, I think institutions are actually seeing that this is an appealing time to look at credit. In fact, some who perhaps had.

我們另外注意到一點補充，我會稱之為較偏質性的觀察。我們注意到機構投資人正在——我認為正在觀察到，直接放貸以及更廣義的信貸其實運作得非常好。因此，或許與市場上瀰漫的情緒相反，我認為機構投資人其實看到，現在是檢視信貸的具吸引力時點。事實上，有些先前可能已經……

Paused credit might be very well coming back. Remember, spreads are starting to widen again. And these moments in time, as we commented on, as I did a moment ago, these moments in time when markets are like this, generally speaking, have tended to actually favor opportunities in private markets. And I think institutions know that.

暫停配置信貸的投資人，很可能正在回來。記得，利差又開始再度走寬。而我們先前也評論過、我剛剛也提到，像現在這樣的市場時點，一般而言往往更有利於私募市場的機會。我想機構投資人也知道這一點。

Thank you, Craig.

謝謝你，Craig。

Your next question comes from Bill Katz of TD Cowan. Your line is open.

下一個問題來自 TD Cowan 的 Bill Katz。你的線路已開通。

Okay, thank you very much. I appreciate the extra disclosure. Super helpful. Just coming back to wealth. Excuse me.

好的，非常感謝。我很感謝你們額外提供的揭露。非常有幫助。回到財富管理這塊。不好意思。

I wanted to provide a little more color. You mentioned that a lot of the redemptions were driven by investors rather than financial advisors. Can you give us a sense of what you're hearing from the gatekeepers around a couple different dynamics here? Number one, how they're thinking about maybe the appetite for direct lending given as present widening out.

我想請你們再補充一些細節。你提到，許多贖回是由投資人而非理財顧問所驅動。能否請你們談談，從通路把關者（gatekeepers）那邊聽到的、關於這裡幾個不同動態的看法？第一，他們如何看待在目前利差走寬的情況下，對直接放貸的需求／胃納？

Where you're seeing the flows going, if they are, in fact, leaving direct lending on this thing in your ecosystem and just moving to other vehicles like O-Ramp, et cetera. And then I think you mentioned that spreads are widening out a little bit. Can you give us a little bit of an update on maybe gross and net deployment into the new quarter?

你們看到資金流向哪裡——如果它們確實正在離開你們生態系中的直接放貸，是否只是轉往其他載具，例如 O-Ramp 等等。另外我想你也提到利差稍微走寬。能否請你們更新一下，新一季的總投放（gross）與淨投放（net）大概會是什麼情況？

Thank you.

謝謝。

Sure. Bill, thank you for the question, and thank you for your feedback on the added disclosure. When we're on the road, we talk to folks. Folks have asked for added disclosure, and we want the opportunity to show the markets what we're seeing in direct lending, as Mark just commented on a minute ago. So there's a little in your questions I want to unpack. I guess, first. In our discussions with financial advisors, generally speaking, they want the products to work as designed, 5% tenders per quarter, not more. The reason for the 5% and the reason clients want us to keep it is so that shareholders benefit from the after class, the illiquidity premium that they're receiving. And as we pointed out, back to your comment in our earnings presentation and the supplemental information, that has worked as designed, where products have meaningfully outperformed the public loan markets.

當然。Bill，謝謝你的問題，也謝謝你對新增揭露的回饋。我們在外出拜訪時會和各方交流。大家一直要求更多揭露，而我們也希望有機會向市場展示我們在直接放貸上看到的情況，正如 Mark 剛才提到的。你的問題裡有幾點我想拆開來回答。我想先從——在我們與理財顧問的討論中，一般而言，他們希望產品能按設計運作：每季 5% 的要約回購（tenders），不要更多。設定 5% 的原因，以及客戶希望我們維持這個機制的原因，是讓股東能受益於他們所獲得的、資產類別層面的流動性溢酬（illiquidity premium）。而如我們在財報簡報與補充資料中所指出的，這套機制確實如設計般運作，產品的表現也顯著優於公開市場的貸款市場。

And with these structures, the assets are matched duration with the structure and better. So what do I mean by that? For example, pay downs in OCIC, we're almost $3 billion this quarter, regular way pay downs, versus the gross redemptions at $1 billion this quarter. So we're three times covered. And that's before we talk about fundraising inflows or the drift or liquidity at the BDC drawing on committed debt or cash on hand, so just level setting on all this because. The anxiety around private credit, and we understand that. The industry is going through another period of softer inflows and higher redemptions. But periods of softness in certain asset classes are natural. And your question is exactly that. What's also natural is that sentiment tends to move to other asset classes, which as a diversified manager like ourselves, we're well positioned to benefit from that. So.

在這些結構下，資產的存續期間與產品結構相匹配，甚至更好。這是什麼意思？例如，OCIC 本季的正常償還（pay downs）接近 30 億美元，而本季總贖回約 10 億美元。所以我們的覆蓋倍數是 3 倍。而這還沒把募資流入、漂移（drift）或流動性（例如 BDC 動用已承諾債務或手上現金）算進去；我先把這些基礎情況說清楚，因為——市場對私募信貸的焦慮，我們理解。整個產業正經歷另一段資金流入轉弱、贖回提高的時期。但某些資產類別出現一段疲弱期是很自然的。而你的問題正是在問這件事。同樣自然的是，市場情緒往往會轉向其他資產類別；作為像我們這樣的多元化管理人，我們很有條件從中受益。所以——

I had talked through last quarter now kind of shifting to those other capabilities. I had talked last quarter in the Q&A session about some of the attributes for what it takes to be successful in the private wealth channels and how we go about expanding and continuing to grow in environments just like this. Well, we have large, high-quality, and most importantly, well-performing products. We have a diversified suite of capabilities, as I just mentioned, which makes up.

我在上季已談過，現在也正轉向那些其他能力。我在上季的問答中談到，在私募財富通路要成功需要具備哪些特質，以及我們如何在像現在這樣的環境中擴張並持續成長。我們擁有規模大、高品質、且最重要的是表現良好的產品。我們也有一套多元化的能力組合，如我剛才提到的，這構成了——

Really well-suited to capture shifting sentiment, like what we're seeing now. So the track record of our non-direct lending capabilities support exactly what I just said, right? O-Rent delivered an 11% return last year and is up 2.5% in 1Q. LLCX, our interval fund, our alternative credit product, is 11% over its 1st year and up 2.2% in 1Q. ODIT, which is new, where we just launched that at the end of last year, it's up 2.3% in 1Q. And we have significant. Scale in these products. LLCX is the smallest at about $2.5 billion of AUM.

非常適合用來掌握情緒轉移的配置需求，就像我們現在看到的。因此，我們非直接放貸能力的績效紀錄，正好支持我剛才所說的，對吧？O-Rent 去年交出 11% 的報酬，第一季上漲 2.5%。LLCX，我們的區間基金（interval fund）、替代信貸產品，成立滿一年報酬 11%，第一季上漲 2.2%。ODIT 是新產品，我們在去年底剛推出，第一季上漲 2.3%。而且我們在這些產品上具備顯著——規模。LLCX 是其中最小的，管理資產（AUM）約 25 億美元。

And not leaving off, of course, our non-traded BDCs, they continue to demonstrate strong performance. OCIC has delivered a 9.1% annualized return since inception over about five years, which is meaningfully outperforming the leveraged loans, markets, high-yield bonds, and traditional fixed income.

當然也不能不提我們的非交易型 BDC，它們持續展現強勁表現。OCIC 自成立以來約五年，年化報酬 9.1%，顯著優於槓桿貸款市場、高收益債以及傳統固定收益。

So strong returns, scale, and a diversified suite of products are what's needed to broaden to other channels and markets, new geographies. We've talked in the past about model portfolios, 401 , the resources we have dedicated to private wealth globally, the new product origination capabilities, and deep focus on emerging trends and opportunities. We have scaled distribution across all channels. And our business is an industry leader in a market where there's massive opportunity and significant barriers to entry. This is not easy to build.

因此，強勁報酬、規模，以及多元化的產品組合，是拓展到其他通路與市場、以及新地理區域所需要的關鍵。我們過去也談過模型投資組合、401（k）、我們在全球私募財富所投入的資源、新產品的發起能力，以及對新興趨勢與機會的深度聚焦。我們已在所有通路建立起可擴張的銷售與分銷能力。而我們的業務在一個機會龐大、進入門檻顯著的市場中屬於產業領導者。這並不容易打造。

Thank you, Bill.

謝謝你，Bill。

Your next question comes from Brennan Hawken with BMO Capital Markets. Your line is open.

下一個問題來自 BMO Capital Markets 的 Brennan Hawken。你的線路已開通。

Good morning.

早安。

Thank you so much for taking the question.

非常感謝讓我提問。

I had a couple of questions on fee rates. So both in credit and real estate, so first in credit, excluding part one, so excluding that noise, the underlying fee rate went up 8 basis points quarter-to-quarter. I believe you had a solid fundraise in Bose, and I think that's in that segment. So were there catch-ups in that? And maybe could you quantify that or maybe some other one-time type items or any noise? And then. The real estate fee rate also worked better than expected. Was there any noise in that business as well?

我有幾個關於費率的問題。在信貸與不動產兩塊；先談信貸，排除第一部分、也就是排除那些雜訊後，基礎費率季對季上升了 8 個基點。我相信你們在 Bose 的募資表現不錯，而且我想那是在該分部裡。所以那裡是否有追溯調整（catch-ups）？你們能否量化一下，或是否還有其他一次性項目或任何雜訊？然後——不動產的費率表現也比預期更好。那個業務是否也有任何雜訊？

Thanks.

謝謝。

Of course. Thanks, Brandon. I appreciate the question.

當然。謝謝你，Brandon。感謝你的提問。

So for credit, we did have some Bose one-time catch-up fees. Overall management fees were up a little. Part 1 fees were down a little.

就信貸而言，我們確實有一些 Bose 的一次性追補費用。整體管理費略有上升。第 1 部分費用略有下降。

Management fees were driven by the Bose one-time catch-ups, but also things like ASOP 9, I just mentioned that. The interval fund continues to grow.

管理費主要受 Bose 一次性追補所帶動，但也包括像我剛提到的 ASOP 9 之類的因素。區間基金持續成長。

And so that's what I would point to for the fees in credit.

所以，這就是我會用來解釋信貸費用的重點。

And there's always some mixed shift when you look at fee rates, quarter versus quarter.

而且當你看費率時，按季比較總會有一些組合上的變動。

Nothing in particular that I can think of that I would flag for real assets, though.

至於實體資產，我想不出有什麼特別需要提醒的。

Your next question comes from Mike Brown of UBS. Your line is open.

下一個問題來自瑞銀（UBS）的 Mike Brown。請開麥。

Hey, good morning. Thanks for taking my question. Good morning, Mike. So dry powder certainly represents an embedded growth opportunity here for you guys and certainly positive that spreads are widening.

嗨，早安。謝謝讓我提問。早安，Mike。所以，乾粉資金確實代表你們這邊內含的成長機會，而且利差正在擴大，這當然是正面的。

How should we think about the timing and phasing of deployment here?

我們應該如何看待這裡部署的時點與分階段節奏？

And as you think about, maybe just give us a quick update on April, how's activity been in the month of April. And then when we think about software and tech, are those areas that you will kind of lean into, are opportunities attractive there, or is that an area that you'll kind of pull back from as you think about deployment?

另外，能否簡單更新一下 4 月的情況，4 月這個月的活動如何？再來，談到軟體與科技，你們在部署時會更偏向加碼這些領域嗎？那裡的機會是否具吸引力？還是說在部署時你們會選擇稍微收斂、減少曝險？

Thank you.

謝謝。

Let me start with the latter, and then Alan can share a few comments on kind of how to think about deployment of that $30 billion or so of dry powder.

我先從後者開始，接著 Alan 可以分享一些看法，談談如何思考大約 300 億美元左右乾粉資金的部署。

So let's talk about the ecosystem first, and I'll start at the highest level. Obviously, the overall M&A environment is fairly tepid right now. It's not it's active, and therefore, our business is active. We're seeing a nice number of opportunities to invest in. Most importantly, we like what we're seeing, and we like them at higher spreads, and we. Like them in an environment like this to originate. So these are the kind of environments where we are perfectly happy to be in a position with a good amount of capital to deploy selectively and certainly happy to continue, and this is, of course, the feature of the business. Loans get paid back, and they're getting paid back regularly, and Alan just talked about before, the many billions of dollars that have gotten paid back, and when those come back in, and generally speaking, those are at lower spreads, and we put them back to work at higher spreads, that's a really good thing for our investors. And so that's the environment we're kind of in and aggregate, a bit of that rotation out of some of the lower spread product into higher spread product, that's a good thing.

我們先談生態系，並從最高層次開始。顯然，目前整體併購（M&A）環境相當溫和。它並不是很活躍，因此我們的業務也就相對活躍。我們看到相當不錯的投資機會數量。最重要的是，我們喜歡我們所看到的標的，也喜歡在更高利差下的條件，而且我們。也喜歡在這樣的環境中進行承作／發起（originate）。所以，這類環境正是我們非常樂於處於一個擁有充足資本、可以選擇性部署的位置，並且也很樂於持續下去——這當然是這門生意的特性。貸款會被償還，而且會定期償還；Alan 剛才也提到，已有數十億美元的款項被償還。當這些資金回流時，一般而言它們是在較低利差下回收，而我們再把它們投入到較高利差的資產上，這對我們的投資人是非常好的事。因此，這就是我們整體所處的環境：從一些較低利差產品輪動到較高利差產品，這是好事。

In terms of activity, probably a little more about geopolitics overlaying the market than it is anything else.

就活動而言，可能更多是地緣政治對市場的疊加影響，而不是其他因素。

And so it's, well, I guess I dare say I wouldn't claim to know when that air clears and when the M&A environment picks up steam as a result. But activity is perfectly healthy, and so we're going to continue to deploy at a steady pace in lending. Now, frankly, in other areas of the firm, we're seeing just tremendous acceleration in deployment. You've. Seen this certain pipeline, triple net lease, and in data center digital infrastructure in particular, the pipelines are just so compelling, as are, fortunately, the risk-return. I think we all saw overnight, obviously, all the tech announcements, and there were a couple of consistent themes. There were some pretty good numbers, but most notably, just about every single company talked about increasing their CapEx even more. Well, that just flows directly to our digital infrastructure business and our triple net lease business. So it does depend by area. In our GP Stakes business, this is a good opportunity, good time for what's happening. We're seeing people return. Remember, there was a time when lots of people thought they were going to become public companies. There was a time when the M&A market was extremely active.

所以，嗯，我想我也不敢說我知道那層陰霾何時散去、以及併購環境何時因此重新加速。但活動量是相當健康的，因此我們會持續以穩定的步調在放貸業務上部署。坦白說，在公司其他領域，我們看到部署正在大幅加速。你們。已經看到某些管線，例如三網租賃（triple net lease），尤其是在資料中心數位基礎設施方面，管線非常有吸引力；而且幸運的是，風險報酬也很不錯。我想大家昨晚都看到，顯然有很多科技相關公告，而且有幾個一致的主題。有一些數字相當不錯，但最值得注意的是，幾乎每一家公司都談到要進一步提高資本支出（CapEx）。這會直接帶動我們的數位基礎設施業務與三網租賃業務。所以確實會因領域而異。在我們的 GP Stakes 業務方面，這是一個很好的機會、也是很好的時點。我們看到人們回來了。記得曾經有一段時間，很多人以為他們會成為上市公司。也曾有一段時間，併購市場極為活躍。

That's not the current moment. And so that brings people back to, gee, how do I continue to finance their great businesses? How do I continue to fund their growth? So I. I would say that we should look at the credit market right now as M&A market, that's fine, and we're going to be following really no particularly greater or lesser than the overall. M&A market activity levels. But I expect as the air clears in the world, we'll see those accelerate again. There's certainly plenty of dry powder in the hands of private equity firms, as we all know.

但現在不是那樣的時刻。因此，大家又回到一個問題：嗯，我要如何持續為他們優秀的企業提供融資？我要如何持續資助他們的成長？所以我。我會說，我們現在看信貸市場，就像看併購市場一樣：目前還可以，我們的表現大致會跟隨整體。併購市場的活動水準，不會特別更高或更低。但我預期，隨著全球局勢的陰霾散去，我們會看到活動再次加速。如大家所知，私募股權公司手上確實有大量乾粉資金。

And we're seeing really robust pipelines, particularly real assets and accelerating in terms of engagement around GP stakes. So I'd say the path ahead looks pretty appealing as we look into the back half of the year.

而我們看到非常強勁的管線，特別是在實體資產方面；同時，圍繞 GP stakes 的互動也在加速。所以我會說，展望今年下半年，前景相當吸引人。

But, Alan, any comments on pacing?

不過，Alan，對於節奏方面你有什麼補充嗎？

I think that was really well said.

我覺得剛才講得非常到位。

Pacing, I would think that what we saw in credit, good environment, as Mark just said, to lean in selectively on the right opportunities. Markets are functioning well. On the other side, we were paid down on over $7 billion of loans across the credit platform. So hard to tell how that will play out any given quarter on a net basis.

就節奏而言，我認為我們在信貸看到的情況是：如 Mark 剛才所說，這是個不錯的環境，可以在合適的機會上選擇性加碼。市場運作良好。另一方面，我們在整個信貸平台上有超過 70 億美元的貸款被償還。因此，很難判斷在任何一個季度，淨額會如何呈現。

Real assets, we continue to see very strong deployment there. Huge pipelines, you should expect us to continue to draw down on products like NetLead 6.

實體資產方面，我們持續看到非常強勁的部署。管線非常龐大，你們應該預期我們會持續對 NetLead 6 這類產品進行資金提取（draw down）。

I mentioned that's fully committed. We think that will be fully drawn by this summer, so pacing is going well there. And Mark commented on GP Stakes, we actually have six really interesting investments in the pipeline, five of which are new investments, one's an add-on, so we're really excited about that as well.

我提過那已經全數承諾（fully committed）。我們認為今年夏天之前就會全數提取完畢，所以那邊的節奏進展良好。另外 Mark 也提到 GP Stakes，我們目前管線裡其實有六筆非常有意思的投資，其中五筆是新投資，一筆是加碼（add-on），所以我們對此也非常興奮。

Thanks, Mike.

謝謝你，Mike。

Your next question comes from Glenn Shore of Evercore ISI. Your line is open.

下一個問題來自 Evercore ISI 的 Glenn Shore。請開麥。

Hi, thanks a lot.

嗨，非常感謝。

And I, too, want to say thank you. Slides 24 through 26 are great.

我也想說聲謝謝。第 24 到 26 頁的投影片很棒。

Now, so here's my question.

那麼，這是我的問題。

If you looked at those statistics, you wouldn't know anything is going on in the world.

如果你只看那些統計數據，你根本不會知道世界上正在發生任何事。

Meaning those are all healthy stats of some portfolios. So people are looking forward.

也就是說，那些都是某些投資組合的健康指標。所以大家是在往前看。

The public markets crush the equities in some of these underlying companies, wider spreads, and public BDCs trade a big discount. So I wonder if you could just drill down a little bit more on the color of nothing's changed on our watch list and how you quantify that. And then most importantly, if you look at the tip of the spear.

公開市場把其中一些底層公司的股權打得很慘、利差擴大，而公開上市的 BDC 以很大的折價交易。所以我想請你再更深入一點說明：你們觀察名單上「沒有任何改變」的細節是什麼，以及你們如何量化這件事。然後最重要的是，如果你看的是矛尖的最前端。

There is a software maturity wall coming in 2028 and '09. And in normal times, I think the current lender would be part of the process of refinancing, especially in private land.

在 2028 年和 2029 年會出現一個軟體到期高牆。而在正常情況下，我認為現有放款人會參與再融資的流程，尤其是在私募領域。

So, who's going to do that if the current lenders are in redemption mode, and what kind of conversations are you having? What are the equity investors' behavior? What's that like right now? So, anyway, I thought that'd be helpful insight to how we should all think about the go-forward. Thanks.

所以，如果現有放款人正處於贖回模式，那麼誰會來做這件事？你們正在進行哪些對話？股權投資人的行為是什麼？現在大概是什麼樣子？總之，我覺得這會是很有幫助的洞見，讓我們理解接下來應該如何看待未來的走向。謝謝。

Yeah, thank you very much, Glenn.

好的，非常感謝你，Glenn。

And on those additional credit stats, a couple of comments, just then we'll jump into the specifics. We look, we're out talking to all our shareholders, that's who we work for, and what we heard is, we're trying to understand, we're reading a lot of narrative, help us with the facts, we tend to try to be very data-driven in our business. And so this is additional disclosure that we hope helps people understand what we're seeing at the portfolio level, as you're observing, because headlines are pretty different from the underpinning facts in this context. And so we want to try to share as much as we can so people can see what we can see transparently, for the good and the bad. But I think in this case, as you observe, there's a lot more to like than to dislike. Now, with that all said, as you said, let's try to look forward.

關於那些額外的信用統計數據，我先講幾點，然後我們再進入具體問題。我們一直在和所有股東溝通——我們是為他們工作——我們聽到的是：我們正在試著理解，我們讀到很多敘事性的說法，請用事實幫助我們；我們的業務傾向於非常以數據驅動。因此，這是一些額外的揭露，我們希望能幫助大家理解我們在投資組合層級看到的情況，正如你所觀察到的，因為在這個情境下，新聞標題和底層事實差異很大。所以我們想盡可能分享，讓大家能透明地看到我們所看到的，不論好壞。但我認為在這個案例中，正如你所觀察到的，喜歡的地方遠多於不喜歡的地方。那麼，在這些前提之下，正如你說的，我們來試著往前看。

We don't have a crystal ball, obviously, but I have a few things we can observe, and we'll get to the software point specifically. Let's start more generally, though.

我們當然沒有水晶球，但我有幾件我們可以觀察到的事情，而且我們會特別談到你提的軟體議題。不過先從更一般的層面開始。

We have seen no material negative developments in our portfolios in terms of amendments, in terms of PIC. In fact, PIC has been on a decline as a percentage of the portfolio, and contrary to what I think people probably would their own minds intuit or suggest.

就修約（amendments）以及 PIK 而言，我們在投資組合中沒有看到任何重大的負面發展。事實上，PIK 佔投資組合的比例一直在下降，這與我想大家可能在腦中直覺推測或認為的情況相反。

No material change in watch list, no material change in non-accruals. So those are observable and important facts, and I think are, again, probably a little different from what people tonally would suggest would be happening. So that's a very healthy place to be, number one. Number two, things in our business, as we have a lot of visibility and things don't move fast, by which I mean that companies, as they're going from being very healthy and our average portfolio company, remember, is still growing in the high single-digits, revenue and EBITDA, these are growing businesses. And to go on average from that when no material changes in those other gates, and they are gates, they're not just indicators. You don't go from I'm a healthy company to gee, I have a tremendous problem. We have huge visibility on that. That's why we have watch lists. That's why we have conversations about amendments and other topics. It's one of the great advantages of having tight documents and being in the private market. So we have visibility on people going from one stage to the next. So we can actually say with a lot of comfort that in the foreseeable future, portfolios are likely to remain very healthy.

觀察名單沒有重大變化，非應計（non-accruals）也沒有重大變化。所以這些都是可觀察且重要的事實，而且我認為同樣地，可能也和大家在語氣上會覺得應該正在發生的事情有些不同。所以第一點，這是一個非常健康的狀態。第二點，在我們的業務裡，因為我們有很高的能見度，而且事情不會快速變動——我的意思是，公司從非常健康的狀態走向另一個狀態；而我們的平均投資組合公司，請記得，營收與 EBITDA 仍以高個位數成長，這些都是成長型企業。而在其他那些關卡沒有重大變化的情況下——而且它們是關卡，不只是指標——你不會從「我是健康的公司」一下子變成「天啊，我有一個巨大的問題」。我們對此有非常高的能見度。這就是為什麼我們有觀察名單。這就是為什麼我們會就修約和其他議題進行對話。這是文件約束嚴謹、且身處私募市場的一大優勢之一。因此，我們能看見人們從一個階段走到下一個階段。所以我們其實可以相當有把握地說，在可預見的未來，投資組合很可能會維持非常健康。

Now, when you get the further you go out, obviously the more variables come in and that'll let's bring us to the software topic.

當然，時間拉得越遠，變數就越多——這也把我們帶到軟體這個主題。

So none of us know the future state of the world transformed by AI. And obviously the center of gravity of that conversation today is software, but frankly, it ripples across the whole economy and all of us should probably have our eyes on that as well.

我們都不知道被 AI 改造後的世界會是什麼樣的未來狀態。而且很明顯，今天這個討論的重心在軟體，但坦白說，它會擴散到整個經濟，我們所有人可能也都應該關注這一點。

But here's what we can say. We're lenders. We're not equity owners. And that's not a small distinction. We choose that position for a reason in our strategies. Our job is to be prepared, and that means doing great due diligence. It means doing good underwriting. It means doing good documentation. And importantly, it means being the senior capital where there's a lot of equity capital beneath us.

但我們可以這麼說。我們是放款人。我們不是股權持有人。而這不是一個小差別。我們在策略中選擇這個位置是有原因的。我們的工作是做好準備，而這意味著做出色的盡職調查。意味著做好授信審查／承作（underwriting）。意味著做好文件條款。而且重要的是，意味著我們要成為優先級最高的資本（senior capital），在我們之下有大量的股權資本作為緩衝。

Our tech portfolio, remember, are some of the very largest companies. Average EBITDA, say, is $320 million. And we all understand where the pressures can come from, AI. But you're starting at $320 million with companies that in many instances have equity checks from very sophisticated sponsors of billions and billions of dollars. And we have maturities that are... Three to four years, on average, I'll come on to your maturity wall question, but three to four years. So what that really says to all of us is today, by and large, the question at hand is really an equity question, not a debt question. Again, not a monolithic answer, but if you took just one step back, you would probably logically conclude that there is a set of companies that will actually be beneficiaries. Of AI, the identification of the business. There'll be a set of companies in the middle of that range. They'll probably be harmed in terms of profitability growth, but that's, far from mortal. Yeah, that's all equity, both those categories. And then there'll be some companies that get themselves in more substantial trouble. And that's where, again, our preparation and our work always comes to bear. This isn't new. I mean, credit is not intended, never expected to be a flawless exercise. Size. We've had defaults before, we'll have defaults in the future, and the key then becomes minimizing that number and then doing well in recoveries. And I'll tell you this, we've gone back and studied all of the cases where we've had restructurings or material amendments driven by performance issues.

我們的科技投資組合——請記得——是一些規模最大的公司。平均 EBITDA 例如約為 3.2 億美元。我們都理解壓力可能來自哪裡：AI。但你的起點是 3.2 億美元 EBITDA 的公司，而在很多情況下，這些公司背後有非常成熟老練的贊助方投入數十億、數十億美元的股權資金。而我們的到期年限是……平均三到四年；我會回到你提的到期高牆問題，但先說三到四年。所以，這對我們所有人真正意味著的是：今天，大體而言，眼前的問題其實是股權問題，而不是債務問題。再次強調，這不是一個一體適用的答案，但如果你稍微退一步看，你大概會合乎邏輯地得出結論：會有一部分公司其實會成為 AI 的受益者——取決於其業務的辨識與定位。（成為）AI 的受益者，取決於對業務的辨識。也會有一部分公司落在中間區間。它們的獲利成長可能會受損，但那遠不到致命。是的，這兩類都屬於股權層面的問題。然後還會有一些公司會讓自己陷入更嚴重的麻煩。而那就是我們的準備與工作再次發揮作用的地方。這並不新鮮。我的意思是，信用投資並不是、也從未被期待是一個毫無瑕疵的練習。規模。我們以前有過違約，未來也會有違約；關鍵在於把數量降到最低，並且在回收（recoveries）上做得好。我可以告訴你，我們回頭研究了所有我們曾經發生重整或因經營表現問題而出現重大修約的案例。

And if you're the actual statistics in that, the actual statistics are our average principal recovery in those cases. Has been $0.80 on the dollar, and when you incorporate that we actually had several coupons on average in those instances as well, our actual recoveries in total on our problem situations has been 1.1 to 1.2.

而如果你看其中的實際統計數據，我們在那些案例中的平均本金回收率。每 1 美元約回收 0.80 美元；再加上在那些情況下我們平均也收到了幾期票息，我們在問題個案上的實際總回收率約為 1.1 到 1.2。

Now again, not suggesting that doesn't mean you can't have worse outcomes, and there couldn't be some of those in the world of software. Probably a good place to watch. But you're down into a very much a subset of a subset of a subset, and our job will be to manage through that.

再次強調，我不是在暗示這就代表不可能出現更差的結果，而且在軟體領域也可能會有一些這樣的情況。這大概是個值得關注的地方。但你已經是在「子集合中的子集合中的子集合」了，而我們的工作就是要把這些情況管理過去。

As for, therefore, the conversations. Listen, these have very large equity checks involved. And that doesn't mean that some of them won't be handed over to the lenders, some will. But in all likelihood, and we've experienced an analogous circumstance with COVID, and again, everyone now will say, well, it lasted a short time, but it didn't seem that way living forward, right? It was a very dark world. And by and large, good sponsors are going to look and say.

至於因此而來的那些對話。聽著，這裡牽涉到非常大額的股權支票。這不代表其中一些不會被交給放款人，有些會。但很可能，我們在 COVID 期間也經歷過類似情況；而且再說一次，現在大家都會說，嗯，它持續時間很短，但當你身在其中往前看時，感覺並不是那樣，對吧？那是一個非常黑暗的世界。而大體上，優質的贊助方會看著並說。

Take a $10 billion buyout. Now, they may very well think it's worth $10 billion, $12 billion. We may very well think it's worth $6 billion, and it has $3 billion of debt. In either case, you're now about several billion dollars of equity check, and they're very likely to logically want to continue to sustain that. So what does sustainer mean, which brings us to your software wall question. So yeah, there are a number of refinances that are going to have to take place. And again, there'll be different categories of software performance, which will be a lot clearer a few years from now than it is now, and who fits in what category. And I think when we get to that place, look, it's safe to say as today, we are working down our exposure to software given the level of uncertainty. We'll all know a lot more in a few years.

以一筆 100 億美元的收購案為例。他們很可能認為它值 100 億、120 億美元。我們也很可能認為它值 60 億美元，而且有 30 億美元的債務。無論哪種情況，你現在都涉及數十億美元的股權支票，他們很可能會合乎邏輯地希望繼續維持那筆投資。那麼「維持」是什麼意思？這就回到你關於軟體到期牆的問題。所以是的，會有不少再融資必須發生。而且再說一次，軟體表現會有不同類別；幾年後會比現在清楚得多，誰屬於哪一類。我認為當我們走到那一步時，坦白說，就今天而言，可以確定的是：鑑於不確定性程度，我們正在降低對軟體的曝險。幾年後大家都會知道得更多。

But I think just to cut to the chase, you're going to end up in a circumstance where you're going to need to see a lot of equity injected by private equity firms into these companies in order to continue forward, even when they have many billions of dollars of the equity value they are holding on their books or understand that they have.

但我想直截了當地說，你最終會處在一種情況：為了讓這些公司能夠繼續往前走，你將需要看到私募股權公司向這些公司注入大量股權資金——即便他們在帳上持有、或自認為持有數十億美元的股權價值。

It's going to be working together with those. Some will, I think most will work probably quite amicably. Some will probably be a little more challenging.

這將會是與他們一起合作。有些會，我想大多數可能會相當友善地合作。有些可能會更具挑戰性一些。

But again, that's what we've done since the day we started. It happens to be in the software arena this time. It's been in other arenas before. So don't minimize it, but I don't overstate it. I think we'll come to a point and there'll be a subset of companies that'll be the more contentious ones. And then we'll work our way through. And that's what leads to having some amount of loss rate, which is endemic to not just private credit. It's going to be in public credit. It's going to be in high yield. It's going to be in equities.

但再說一次，這就是我們從創立第一天起一直在做的事。這次剛好發生在軟體領域。以前也曾發生在其他領域。所以不要低估它，但我也不會誇大它。我認為我們會走到某個點，會有一小部分公司是更具爭議的。然後我們會一步步處理過去。而這也就導致會有一定程度的損失率，這不僅是私募信貸所固有的。它也會出現在公募信貸。也會出現在高收益債。也會出現在股票。

And last comment, which.

最後一點補充，就是。

We've all seen a lot of volatility, certainly a downward direction for sure in software equities, but you look year over year and the change in the software indices is actually quite modest. And yet here we're talking about things that are down in the 40% on average loan to value. So I think there's a lot of spring and cushion and our jobs to be prepared and ready and we are.

我們都看到了很大的波動，當然軟體股確實是往下走，但如果你看年對年，軟體指數的變化其實相當溫和。然而我們在這裡談的是平均貸款價值比（LTV）下到 40% 的情況。所以我認為有很大的彈性與緩衝；我們的工作就是要做好準備、隨時就緒，而我們也確實如此。

Thank you, Glenn.

謝謝你，Glenn。

Thank you.

謝謝。

Your next question comes from Brian McKenna with Citizens. Your line is open.

下一個問題來自 Citizens 的 Brian McKenna。您的線路已開通。

Thanks. Good morning, everyone. First off, it's great to see the resiliency and results to start the year.

謝謝。各位早安。首先，很高興看到年初以來的韌性與成果。

Can you just remind us how much exposure you have in your direct lending funds to SpaceX? And I know this is just one investment, but I think it's important to understand how and where you invest and really how these portfolios are structured, and can you just remind us how these gains. To ultimately help offset future credit losses across these portfolios.

能否請你們提醒一下，在你們的直接放貸基金中，對 SpaceX 的曝險有多少？我知道這只是單一投資，但我認為了解你們如何、以及在哪裡投資，還有這些投資組合是如何建構的，確實很重要；你們也能否再提醒一下，這些收益如何。最終用來幫助抵銷這些投資組合未來的信貸損失。

Maybe I'll take the last first. If you go to Slide 25, you can see net gains since inception for both OTF and OTIC, whereas you would normally expect some sort of modest annualized net loss rate since inception. And so investments like that certainly contribute to what you see as an outlier, a net gain since inception on our returns.

也許我先回答最後一個問題。如果你看第 25 頁投影片，你可以看到 OTF 與 OTIC 自成立以來的淨收益；一般而言，你會預期自成立以來會有某種溫和的年化淨損失率。因此，像那樣的投資確實有助於你所看到的這種「異常值」——也就是我們報酬中自成立以來呈現淨收益。

Just as an example, we made about 10x our money on that investment. We've sold about half of it at a $1.25 trillion valuation, still holding about half of it.

舉例來說，我們在那筆投資上大約賺了 10 倍。我們已在 1.25 兆美元估值時賣出了大約一半，目前仍持有約一半。

The reason I highlight that, not because in the context of our funds, that's going to change the fundamental flight path, but as Alan said, those are the ways we, even when we do have, and we will have some credit losses, how we can offset some of those losses. But the other thing I would just note on that is about our ecosystem. The reason we have that position is because we were one of the very earliest lenders to SpaceX. And we made loans to the company and had the privilege of getting to know them very well and then participating in ongoing conversations about other financing opportunities and ultimately, in this case, an equity investment. And we have that elsewhere in our ecosystem. So part of being a one-stop shop and being in a position to deliver capital solutions is... It gives us a lot of ways to win on behalf of our LPs. And, of course, when we win on behalf of our LPs, we win on behalf of our shareholders.

我之所以強調這點，不是因為在我們基金的脈絡下，這會改變基本的飛行軌跡，而是如 Alan 所說，這些就是我們在確實會有、而且也將會有一些信貸損失時，用來抵銷部分損失的方式。但我還想補充的是，這也關乎我們的生態系。我們之所以有那個部位，是因為我們是 SpaceX 最早期的放款人之一。我們曾向該公司提供貸款，並有幸非常深入地了解他們，之後也參與了關於其他融資機會的持續對話，最終在這個案例中進行了股權投資。而在我們的生態系中，其他地方也有類似情況。因此，作為一站式服務、並具備提供資本解決方案的能力是……它讓我們能以多種方式為我們的 LP 創造勝利。當然，當我們為 LP 贏的時候，我們也為股東贏。

And create these very long-term partnerships with our borrowers and the sponsors.

並與我們的借款人與贊助方建立這些非常長期的合作夥伴關係。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Your next question comes from Steven Chubak with Wolf Research. Your line is open.

下一個問題來自 Wolf Research 的 Steven Chubak。您的線路已開通。

Hi, good morning, Mark and Ellen, and thanks so much for taking my question.

嗨，早安，Mark 和 Ellen，也非常感謝讓我提問。

Hi, Steven.

嗨，Steven。

So I wanted to ask on the FRE margin outlook. You delivered strong expansion in the first quarter, encouraging that you reaffirm the 58.5% target.

我想就 FRE 利潤率展望提問。你們在第一季交出強勁的擴張表現，也令人鼓舞的是你們重申 58.5% 的目標。

Just amid the slowdown in retail fundraising, it would be helpful if you could frame some of the assumptions underpinning the FRE margin guidance and the levers that you could pull to hit the target if gross BDC flows remain subdued and redemption stay elevated over the next couple of quarters.

就在零售募資放緩之際，如果您能說明支撐FRE利潤率指引的一些假設，以及若未來幾季BDC總流入仍然低迷且贖回維持在高位時，為達成目標你們可以動用哪些槓桿，將會很有幫助。

Sure, of course. Happy to do that, Stephen.

當然可以。很樂意說明，Stephen。

Look, I think we've talked a little bit about this. We're very focused as a management team on showing progress on the FRE margin line.

你看，我想我們已經稍微談過這點。作為管理團隊，我們非常專注於在FRE利潤率這一項上展現進展。

I noted in our prepared remarks, we remain very focused on disciplined expense management, and we continue to see that half to achieve the goal of 58.5% FRE margins for '26.

我在事先準備的發言中提到，我們仍然非常專注於嚴格的費用管理，而且我們持續看到要達成2026年58.5% FRE利潤率目標所需的路徑。

We.

我們。

We certainly have comp and non-comp, right, G&A, and we have levers, I think I talked about this a little last quarter, that we can pull across the board to make sure that knowing we expect to continue to be in a softer environment in wealth, you saw strong institutional results. I think in an environment like this, you certainly saw.

我們當然有薪酬與非薪酬項目，對吧，包含G&A（一般及行政費用），而且我們有一些槓桿——我想我在上季也稍微談過——可以在各方面動用，以確保在我們預期財富管理仍將處於較疲弱環境的情況下，你也看到機構端表現強勁。我想在這樣的環境下，你確實看到。

Good results out of our wealth products away from the non-traded BDCs. Even in our non-traded BDCs, you saw about $1 billion of inflows. But assuming that the environment remains soft for, let's say, the remainder of this year or the next number of quarters, we expect to continue to maintain that 58.5% FRE margin.

我們的財富管理產品（非非交易型BDC之外）取得不錯的成果。即便在我們的非交易型BDC中，你也看到約10億美元的流入。但假設環境在今年剩餘時間或接下來幾季仍然偏弱，我們預期仍能維持58.5%的FRE利潤率。

Great caller. Thanks for taking my question.

很棒的來電者。謝謝你提問。

Of course.

當然。

Thank you, Steven.

謝謝你，Steven。

Your next question comes from Patrick David with Autonomous Research. Your line is open.

下一個問題來自Autonomous Research的Patrick David。您的線路已開通。

Hey, good morning everyone.

嗨，大家早安。

Kind of in the vein of Steven's question, last quarter you said you thought you could do low double-digit FRE growth this year. So I'd be curious to hear your thoughts on how that might have shifted given the now much lower flow outlook for the retail credit products.

延續Steven的問題，上季你們說今年可能做到FRE低雙位數成長。因此我想請教，在零售信貸產品的資金流入展望如今大幅下修的情況下，你們對此看法是否有所改變？

Thank you.

謝謝。

Yeah, of course. And it's a good question.

好的，當然。這是個好問題。

We've talked about the challenging environment for the industry.

我們談過這個產業所面臨的具挑戰性的環境。

We've talked about assuming this environment continues.

我們也談過假設這樣的環境持續下去。

For us, there could be -- for the industry, but for us as well, there could be a wider range of outcomes for revenues. This ticks right back to keeping that in mind. We just talked about remaining focused on disciplined expense management. So.

對我們而言——對整個產業而言，但對我們也是——營收結果可能會有更寬的區間。這就回到要把這點放在心上。我們剛剛也談到，仍然專注於嚴格的費用管理。所以。

When we look at something like the visible alpha consensus numbers for us, we think we can beat those numbers for 2026.

當我們看像Visible Alpha對我們的共識預估數字時，我們認為到2026年我們可以超越那些數字。

Your next question comes from Wilma Burtis with Raymond James. Your line is open.

下一個問題來自Raymond James的Wilma Burtis。您的線路已開通。

Hey, good morning. You gave some good color on software earlier, but if you could give us a bit of a preview.

嗨，早安。你們先前對軟體有提供一些不錯的補充說明，但如果可以的話，能否先給我們一點預覽。

What the software LTVs would look like today, sort of an update of those 24 to 26 slides.

目前軟體的LTV（貸款價值比）大概會是什麼樣子，算是對第24到26頁投影片的更新。

I know you touched on it. Public comps are down a little bit. We still expect the portfolio to remain healthy, but we would think the LTVs would come up a little bit. Thanks.

我知道你有提到一些。同業可比公司的公開估值下滑了一點。我們仍預期投資組合會保持健康，但我們會認為LTV可能會上升一些。謝謝。

Yeah, of course. Happy to. I'll kick that one off, Wilma.

好的，當然。很樂意。Wilma，我先來回答這題。

So LTVs, what we've seen in the last few quarters. Leading up to this quarter is LTVs in the low 40s for diversified lending and low 30s for software lending. And what we saw this quarter is LTVs coming up to across the portfolio in the low 40s. So we saw a move in software LTVs.

關於LTV，我們在過去幾季看到的情況——一直到本季之前——多元化放款的LTV在40%出頭，軟體放款在30%出頭。而本季我們看到的是，整體投資組合的LTV上升到40%出頭。因此我們看到軟體LTV出現變動。

Obviously, a lot happening with public marks over the last three months. And so LTVs came from low 30s to low 40s, matching the diversified side, which still gives us obviously a significant amount of cushion, Mark referenced this earlier, a significant amount of cushion to the equity of about 60%.

顯然，過去三個月公開市場估值變動很多。因此LTV從30%出頭上升到40%出頭，與多元化那一側一致；這仍然讓我們有顯著的緩衝空間——Mark先前提到過——對股權大約有60%的顯著緩衝。

Yeah, and a couple of additional observations on that.

是的，另外再補充幾點觀察。

We don't mark our own credit books. We get the marks from a third-party. And so when we take those marks and apply them and then we do look at LTV based on current facts, current market environment.

我們不會自行對我們的信貸投資組合進行估值調整。我們是從第三方取得估值。因此當我們採用那些估值並套用後，我們會根據當前事實、當前市場環境來看LTV。

Alan just said this, but I actually think it's kind of important to understand that indeed there's been obviously deterioration in the LTV or the value.

Alan剛剛說了這點，但我其實認為理解這件事很重要：確實，LTV或價值顯然已經惡化。

Software companies were a lender. That's reflected. So, yes, we've come from low 30s to low 40s by virtue of that deterioration. I think that's an important point to understand. That's a tremendous amount of remaining cushion. Again, that's about preparation. That's about being in places with lots of underlying equity in the system. So actually, I would dare say, I think that really speaks to the strength and durability of the underwriting and positioning that we're seeing. Absolutely, we all acknowledge the challenges in software.

我們是軟體公司的放款人。這已反映在估值中。所以，是的，由於這種惡化，我們從30%出頭來到40%出頭。我認為這是需要理解的重要點。這仍然是非常可觀的剩餘緩衝。再次強調，這關乎準備。這關乎我們所處的位置在系統中具有大量的底層股權。所以我甚至可以說，這其實很能說明我們目前看到的承作（underwriting）品質與部位配置的強度與耐久性。當然，我們都承認軟體領域的挑戰。

And with those challenges understood and quantified as best they can be today, we have a lot of cushion in the system to continue to get strong returns, strong recoveries, and continue to see strong loan repayments.

在理解並盡可能以今日可得資訊量化這些挑戰之後，我們在系統中仍有很大的緩衝空間，得以持續取得強勁報酬、強勁回收，並持續看到強勁的貸款償還。

Thank you, Wilma.

謝謝你，Wilma。

Thank you.

謝謝。

Your next question comes from Crispin Love with Piper Sandler. Your line is open.

下一個問題來自Piper Sandler的Crispin Love。您的線路已開通。

Thank you. Good morning. I appreciate you taking my question. Can you discuss the fundraising outlook for 2026, maybe parse that between institutional and retail? Fundraising trends have remained solid looking at the top down in recent quarters. And Alan, you did mention the first quarter seasonality, which I do appreciate. But looking at Slide 4, you did see software private wealth year-on-year, which isn't a surprise. So how do you view the outlook differences between key investor channels and products as you plan for the rest of the year? And then just what that. Cadence could look like given seasonality and fundraising.

謝謝。早安。感謝你們回答我的問題。能否談談2026年的募資展望，或許可以分為機構與零售來說明？從較高層次來看，近幾季募資趨勢仍然穩健。而Alan，你確實提到第一季的季節性，我也很感謝。但看第4頁投影片，你確實看到軟體私募財富（private wealth）年對年下滑，這並不令人意外。因此，在你們規劃今年剩餘時間時，如何看待主要投資人通路與產品之間的展望差異？然後就是那個。考量季節性與募資，節奏可能會是什麼樣子？

Of course, Crispin, thank you for the question. I'll take that.

當然，Crispin，謝謝你的問題。我來回答。

So we've talked about near-term softness, in particular in the non-traded BDCs and wealth.

我們談過短期的疲弱，特別是在非交易型BDC以及財富管理方面。

I also mentioned earlier about having these other non-direct lending capabilities with very strong returns on a relative.

我先前也提到，我們還具備其他非直接放貸的能力，而且相對而言有非常強勁的報酬表現。

On a relative and absolute basis. So we're very encouraged by looking out over the horizon to see what we can continue to do with products like OREC. It's been the number one fundraiser in the market, number one returns.

無論在相對或絕對基礎上。因此，放眼未來，我們對於像 OREC 這類產品還能持續做什麼感到非常振奮。它一直是市場上募資第一名、報酬第一名。

It's been a very strong performer, the interval funds, ODIT.

它的表現非常強勁，像區間基金（interval funds），ODIT。

But now shifting over, thinking more institutionally, but not solely institutionally, we do have more products and more strategies that cover more geographies than we ever have. So we continue to see a lot of traction and success across a number of these products and strategies.

不過現在轉換一下，更多從機構端的角度思考，但也不僅限於機構端，我們確實擁有比以往更多的產品與策略，涵蓋的地理範圍也更廣。因此，我們持續看到多項產品與策略都獲得很大的動能與成功。

Just to reference the two recently closed funds, I may have mentioned this in the prepared remarks, our GP-led secondary strategy, BOES. We talked about that.

提到最近剛完成募集的兩檔基金，我在事先準備的發言中可能有提過，我們的 GP 主導次級策略 BOES。我們談過那個。

Closed at approximately $3 billion. And for a first-time fund, that's a great accomplishment. And in all credit, ASOP 9 also closed at approximately $3 billion. In both cases, we exceeded our fundraising goals.

募集規模約為 30 億美元。對於一檔首發基金而言，這是很了不起的成就。而在整體信貸方面，ASOP 9 也以約 30 億美元完成募集。兩者都超過了我們的募資目標。

We have three real assets, first-time funds in the market, net lease Europe, sitting around about a billion and a quarter raised to date, original goal of 1 to 1.5, so we've already hit that goal, but we think there's a little more upside here.

我們有三檔不動產實體資產（real assets）的首發基金正在市場上募集中，其中歐洲淨租賃（net lease Europe）目前已募得約 12.5 億美元，原始目標為 10 億到 15 億，所以我們已經達標，但我們認為還有一些上行空間。

Products like real estate credit, data center credit, the goal has been to raise about $1 billion plus between the two of them in total, and we think we can exceed that goal this year.

像是不動產信貸、資料中心信貸等產品，兩者合計的募資目標是約 10 億美元以上，我們認為今年可以超過這個目標。

And then when you focus on our bigger, our large flagship funds, wrapping up net lease $7 billion, we're sitting at about $5.8 billion today. We mentioned in our prepared remarks, we think we'll hit that hard cap of $7.5 billion by the end of this year. We're wrapping up GP stakes. 6, we're at about $9 billion in the fund, $10 billion with co-invest, we're going to close out fundraising here this year, launching Bode 4, we've talked about that as well, our next digital infrastructure fund, so setting up for our first close there in the back half of this year, and this is obviously just a subset of the products and strategies that I'm talking about.

接著聚焦在我們更大的旗艦基金方面，淨租賃基金目標 70 億美元，目前約 58 億美元。我們在事先準備的發言中提到，我們認為在今年底前會達到 75 億美元的硬上限（hard cap）。我們也在收尾 GP stakes。第 6 期基金目前約 90 億美元，含共同投資（co-invest）為 100 億美元，我們將在今年完成募資；同時也將推出 Bode 4，我們也談過，那是我們下一檔數位基礎建設基金，因此預計在今年下半年完成首次關帳（first close）。而這顯然只是我所提到的產品與策略中的一部分。

And also, as a reminder, deploying our AUM not yet earning fees, that's $350 million of incremental annualized management fees that we would expect over the next 12, 18, 24, probably 18, 24 months. So overall, we're continuing to see strong interest. We'll see how the rest of the year plays out. But we are cautiously optimistic with many of these products and strategies. And taking just a step back for a minute to close out, a number of these new products or strategies could be in three years or four years or. Five years, part of our series of big flagship funds for Blue Owl. So we're really focused on how do we start to generate more of these big flagships a number of years down the road, and we have a number out there that we think could absolutely fit that bill.

另外提醒一下，將我們尚未開始收取費用的 AUM 進行部署，預期在接下來 12、18、24 個月（大概是 18 到 24 個月）可帶來每年年化增加 3.5 億美元的管理費。整體而言，我們持續看到強勁的興趣。今年剩下的時間會如何發展還要觀察。但對於許多產品與策略，我們抱持審慎樂觀。最後退一步來看，這些新產品或策略在三年、四年或。五年後，可能會成為 Blue Owl 一系列大型旗艦基金的一部分。因此，我們非常專注於如何在未來幾年開始孕育更多這類大型旗艦基金；我們手上也有幾個我們認為完全符合這個條件的項目。

And just adding briefly on to that, look, we have strategies that are built for all weather. They're built to be durable, predictable, generate.

再簡短補充一下，你看，我們有為各種景氣環境（all weather）打造的策略。這些策略的設計是要具備韌性、可預測性，並產生。

Current income and generate good downside protection. And the corollary to an uncertain environment is that really serves a strong purpose in people's portfolios.

當期收益（current income），並提供良好的下行保護。而不確定環境的對應面向是：這在投資人的投資組合中確實能發揮很強的作用。

And so I think we're seeing that appetite, particularly, again, visibly in the real assets arena, where we're really serving a very powerful need. And in fact, again, if we think about both for institutions and individuals alike. The idea of how do you participate in, I think it's now $700 billion of CapEx is planned by the hyperscalers. How do you do that in a fashion that is also about predictability and stability? Well, ODIT, right, our digital infrastructure product is exactly the way people can access that opportunity set to work with Microsoft and to work with Amazon. We just announced a couple of weeks ago another Amazon project, $12 billion project that we're doing to. That's our fourth greater than $10 billion project just in the last about 18 months. And these are under long-term contract. They're some of the very best credits in the world. So it's really a great opportunity in time, and institutions and individuals alike, I think, are both seeing that, and we've created pathways for them to participate.

因此我認為我們看到了這樣的需求，尤其是——再說一次——在實體資產領域非常明顯，我們正在滿足一個非常強烈的需求。而且事實上，如果我們同時從機構與個人投資人角度來看。如何參與我想現在超大規模雲端業者（hyperscalers）規劃的 7,000 億美元資本支出（CapEx）。又要如何以兼顧可預測性與穩定性的方式來參與？那麼 ODIT 對吧，我們的數位基礎建設產品，正是人們可以用來切入這個機會集合、與 Microsoft 以及 Amazon 合作的方式。我們在幾週前剛宣布另一個 Amazon 專案，一個 120 億美元的專案，我們正在做。這是我們在過去大約 18 個月內第四個超過 100 億美元的專案。而且這些都是長期合約。它們是全球最優質的信用之一。所以這在當下真的是很好的機會；我認為機構與個人投資人都看到了這點，而我們也為他們建立了參與的途徑。

O-Rent has been a tremendously successful product, continues to thrive. Our triple net lease business continues to turn in really strong returns.

O-Rent 一直是非常成功的產品，並持續蓬勃發展。我們的三重淨租賃（triple net lease）業務也持續交出非常強勁的報酬。

In fact, we actually just raised the dividend on the yield on last, I think, last quarter. So there's a lot of ways to participate across our now ever more diverse platform, and we're seeing the benefits of that, I think.

事實上，我們剛把股利殖利率提高了，我想是在上一季。因此，現在透過我們日益多元的平台，有很多方式可以參與，我想我們也正在看到這帶來的好處。

Great.

很好。

Thank you, Mark Allen. I appreciate all the cover there across the platform.

謝謝你，Mark Allen。我很感謝你對整個平台做了全面的說明。

Your next question comes from Ken Worthington with J.P. Morgan. Your line is open.

下一個問題來自摩根大通（J.P. Morgan）的 Ken Worthington。您的線路已開通。

Hi, good morning, and thanks for squeezing me in at the end here.

嗨，早安，謝謝你在最後把我也安排進來。

What is the outlook for direct lending fee-paying AUM as we look out to the end of the year? Is it more likely to be higher, lower, or flat from where we are today, given what you see as the deployment opportunities in your dialogue with investors?

展望到今年年底，直接放貸的付費 AUM（fee-paying AUM）前景如何？考量你們與投資人對話中所看到的部署機會，你認為相較於目前水準，更可能是更高、更低，還是持平？

It's a good question, Ken.

這是個好問題，Ken。

Thank you.

謝謝。

Thank you for asking. I'll answer two questions.

謝謝你的提問。我會回答兩個問題。

Fee-paying AUM growth, as you saw meaningful institutional dollars come through in 1Q, that typically will go into AUM, not yet earning fees. And then as we deploy that capital over time, it shifts over to fee-paying AUM. And so I would expect as we continue to and we talk through a little bit about the successes we are seeing.

關於付費 AUM 的成長，如你所見，第一季有相當可觀的機構資金進來，而這通常會先進入「尚未開始收取費用的 AUM」。接著，隨著我們逐步部署這些資本，它就會轉為付費 AUM。因此，我預期隨著我們持續推進——我們也稍微談到我們所看到的成功——

Across our products and strategies, including credit, I would expect to continue to see fee-paying AUM grow as we continue to go through the year, in particular for credit, but across Blue Owl.

在我們的產品與策略上（包含信貸），我預期今年接下來的時間付費 AUM 會持續成長，特別是在信貸方面，但也涵蓋整個 Blue Owl。

And then any comment on direct lending specifically?

那對於直接放貸本身，有沒有什麼評論？

I would have the same comment for direct lending. Sorry, I was more focused on direct lending. I was using the word credit. Everything I just said I would echo for direct lending specifically.

我對直接放貸的看法也是一樣。抱歉，我剛剛其實更聚焦在直接放貸。我用的是「信貸」這個詞。我剛才說的每一點，我都會同樣套用到直接放貸上。

Okay, great.

好的，很棒。

Thank you very much.

非常感謝。

Thanks, Dan.

謝謝，Dan。

Your next question comes from Benjamin Budish with Barclays. Your line is open.

下一個問題來自巴克萊的 Benjamin Budish。您的線路已開通。

Hi, good morning, and thank you for taking the question. Maybe another one for Alan. Just wondering if you can comment a little bit on how you're thinking about compensation, something investors tend to focus on a lot. I'm just curious if you have any thoughts that you could share around the trajectory of stock-based comp, how you're thinking about cash versus equity compensation for employees, and how we should think about that from a modeling perspective.

嗨，早安，謝謝讓我提問。也許再問 Alan 一題。想請您稍微評論一下你們如何看待薪酬，這是投資人通常非常關注的議題。我很好奇您是否能分享一些想法：以股票為基礎的薪酬（stock-based comp）的走勢/軌跡如何、你們如何在員工的現金與股權薪酬之間做取捨，以及我們從建模角度應該如何看待這件事。

Thank you.

謝謝。

Sure, of course. Ben, I appreciate the question.

當然，沒問題。Ben，謝謝你的提問。

So we gave guidance on this last quarter. The numbers will move around.

我們在上個季度已就此提供指引。這些數字在不同季度之間會有所波動。

A little bit in any given quarter, but we're in line with our guidance for the stock-based comp other line.

每個季度都可能會有些微變動，但我們在「以股票為基礎的薪酬」這一其他項目上，仍符合我們的指引。

That's $365 million was my guidance for last quarter. That's about upper-teens growth.

上季我給的指引是 3.65 億美元。約為十幾個百分點（upper-teens）的成長。

And keep in mind, when I mentioned last quarter as well, the business combination line also winds down to zero by the end of this year.

另外請記得，我上季也提到，企業合併（business combination）那一項到今年年底會逐步下降並歸零。

So overall, we saw an increase this quarter in stock-based comp, but our guidance continues to be in line and in line with what we're expecting for the rest of this year.

因此整體而言，本季我們看到以股票為基礎的薪酬增加，但我們的指引仍維持一致，也符合我們對今年剩餘期間的預期。

On the acquisition related, you're going to see that bump around in any given quarter.

至於與收購相關的部分，你會看到它在不同季度之間有所起伏。

And we use a combination, as we've talked about, of cash and stock for compensation at the end of the day.

而且如同我們談過的，我們最終在薪酬上會同時使用現金與股票的組合。

From an overall expense perspective, of course, we point back to the FRE margin guide of 58.5, but specifically for stock-based comp, we're very in line with our guidance of the 365 last quarter.

從整體費用角度來看，當然我們會回到 FRE 利潤率指引 58.5；但就以股票為基礎的薪酬而言，我們非常符合上季 3.65 億美元的指引。

Okay, great.

好的，很棒。

Thank you, Alan.

謝謝你，Alan。

Of course, thank you.

當然，謝謝。

Your next question comes from Alex Glofstein with Goldman Sachs. Your line is open.

下一個問題來自高盛的 Alex Glofstein。您的線路已開通。

Hey, everybody. Good morning.

各位好。早安。

Thank you for the question as well.

也謝謝讓我提問。

Alan, I was hoping we could have on the balance sheet a pretty meaningful increase in the revolver sequentially. So I was hoping you can kind of walk us through the sources there. And more importantly, as you think about the dividend dynamic, obviously not fully covered here, but as you think about the forward, both of the dividend and how you guys are managing the debt level and the corporate level will be helpful. Of.

Alan，我希望我們可以談一下資產負債表上循環信貸（revolver）餘額較上季有相當明顯的增加。所以想請你帶我們了解一下資金來源。更重要的是，當你們思考股利的動態時，顯然目前在這裡並沒有完全覆蓋；但往前看，無論是股利本身，以及你們如何在公司層級管理負債水位，都會很有幫助。呃。

Course. Thanks, Alex. I appreciate the two questions.

當然。謝謝，Alex。謝謝你這兩個問題。

So let's hit both. So on the balance sheet, 1Q always steps up, and by 4Q, it comes back down. You can look back to last year, same path, the year before that, same path.

我們兩個都回答。就資產負債表而言，第一季通常會上升，到第四季會回落。你可以回頭看去年，走勢一樣；再前一年也一樣。

We make our TRA payment, we pay bonuses in 1Q, and then you'll see that come down each quarter as we get the 4Q back to where we started, the previous 4Q.

我們在第一季會支付 TRA 款項、發放獎金，然後你會看到隨著每一季推進而逐季下降，到第四季回到我們起點，也就是前一年的第四季水位。

On the dividend, we're committed to paying the dividend of $0.92 for 2026. Our business is growing. You've heard a lot about that today, and we're excited about that. So we expect our payout ratio is coming down naturally. It's going to take a couple of steps, as we talked about in the past. I touched on this last quarter to bring that payout ratio back to, call it the 85% general target that we have over the next, let's say, course of the next few years.

至於股利，我們承諾在 2026 年支付每股 0.92 美元的股利。我們的業務正在成長。你今天也聽到很多相關內容，我們對此感到振奮。因此我們預期配息率會自然下降。這會需要幾個步驟，正如我們過去談到的。我在上季也提過，目標是在未來幾年內把配息率拉回到我們一般目標約 85% 左右。

But we are focused on the payout ratio. We're committed to the dividends. Our business is growing. So we feel good about all of those aspects.

但我們確實聚焦在配息率。我們也承諾股利政策。我們的業務在成長。所以我們對這些面向都很有信心。

I appreciate the question, Alex.

謝謝你的問題，Alex。

Thank you.

謝謝。

That is all the time we have for questions. I will turn the call to Mark Lipschultz for closing remarks.

由於時間關係，提問到此結束。我將把電話會議交給 Mark Lipschultz 做結語。

I had one last quick follow-up, which was there was a question on catch-up fees in the credit business. That was about $7 million for our Bose products.

我最後還有一個很快的追問：先前有人問到信貸業務中的追補費用（catch-up fees）。我們的 Bose 產品約為 700 萬美元。

Over to you, Martin.

交給你了，Martin。

Thanks, Alan.

謝謝，Alan。

Thank you all very much for the time.

非常感謝各位撥冗參與。

We appreciate the opportunity to really have a detailed, fact-driven conversation. We're always available. We're going to try to keep sharing as much as we can share, and we carry forward. We're quite optimistic overall about the forward path for the business and look forward to sharing that information with you as we go forward.

我們很感謝有機會進行一場深入、以事實為基礎的對話。我們隨時都可以聯繫。我們會盡可能持續分享我們能分享的資訊並向前推進。整體而言，我們對業務未來的發展路徑相當樂觀，也期待在未來持續與各位分享相關資訊。

Thanks so much. Have a great day.

非常感謝。祝各位有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for joining. You may now disconnect.

感謝您的參與。您現在可以掛線。