Blue Owl Capital Inc. (OWL) 2026 Q2 法說會逐字稿

Good morning, and welcome to Blue Owl Capital's second quarter 2026 earnings call. (Operator Instructions) I'd like to advise all parties that this conference call is being recorded. I will now turn the call over to Ann Dai, Head of Investor Relations for Blue Owl.

早安，歡迎參加 Blue Owl Capital 2026 年第二季財報電話會議。(操作員指示) 我想提醒各方，本次電話會議正在錄音。現在我將把電話交給 Blue Owl 投資人關係主管 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. I'd like to remind our listeners that remarks made during the call may contain forward-looking statements, which are not a guarantee of future performance or results and involve a number of risks and uncertainties that are outside the company's control.

謝謝，操作員，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 Marc Lipschultz，以及我們的財務長 Alan Kirshenbaum。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；此類陳述不保證未來的表現或結果，並涉及多項風險與不確定性，且多數超出公司控制範圍。

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 in Blue Owl Capital's 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，其中包括 Blue Owl Capital 不時向美國證券交易委員會提交之文件中所描述的因素。

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

公司不承擔更新任何前瞻性陳述之義務。我們也想提醒各位，本次電話會議將提及非 GAAP 指標；相關指標已在我們今早發布、並可於 blueowl.com 網站「股東」專區取得的財報簡報中與 GAAP 數字進行調節。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 second quarter of 2026, reporting fee-related earnings, or FRE of $0.25 per share and distributable earnings or DE of $0.22 per share. We declared a dividend of $0.23 per share for the second quarter payable on August 27 to holders of record as of August 13. 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.

今天早上，我們公布了 2026 年第二季財務結果，報告費用相關收益（FRE）為每股 0.25 美元，可分配收益（DE）為每股 0.22 美元。我們宣告第二季每股股利 0.23 美元，將於 8 月 27 日支付給 8 月 13 日登記在冊的股東。在今天的電話會議中，我們將參考今早已發布於公司網站的財報簡報。請各位準備好該簡報以便跟進。

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

接下來，我想把電話交給 Marc。

Great. Thank you so much, Ann. This morning, we reported our financial results for the second quarter of 2026, highlighting 9% DE growth versus a year ago quarter. This growth was broad-based across products and geographies, demonstrating the continued diversification of Blue Owl's platform and reinforcing the strength and stability of our business across a wide variety of market environments.

好的。非常感謝你，Ann。今天早上，我們公布了 2026 年第二季財務結果，重點是相較去年同期 DE 成長 9%。這項成長在產品與地區上皆呈現廣泛分布，展現 Blue Owl 平台持續多元化，並強化我們在各種市場環境下業務的強度與穩定性。

Over the past few quarters, we've looked to address questions about our business and our ongoing goal is to continue to offer key facts that illuminate the diversification, resilient investment performance, and core growth trends we see across our business. On diversification, which we believe has been an overlooked theme and a key evolution of the Blue Owl story, we start with our real assets platform, which now constitutes nearly 30% of our AUM.

過去幾個季度，我們一直致力於回應外界對我們業務的疑問；我們持續的目標是提供關鍵事實，以闡明我們在業務中所看到的多元化、具韌性的投資表現，以及核心成長趨勢。就多元化而言，我們認為這一直是被忽略的主題，也是 Blue Owl 故事的重要演進；首先從我們的實體資產平台談起，該平台目前已占我們 AUM 的近 30%。

We have grown real assets AUM by 25% and revenues by 27% versus a year ago, with particular strength from our net lease and digital infrastructure strategies. In this platform, our central positioning and strong track record in these markets have continued to resonate with institutional and wealth investors alike, and this has not gone unnoticed by industry participants.

相較去年同期，我們的實體資產 AUM 成長 25%，營收成長 27%，其中以我們的淨租賃（net lease）與數位基礎設施策略表現尤為強勁。在此平台中，我們在這些市場的核心定位與優異往績持續獲得機構與財富管理投資人共鳴，且也受到產業參與者的關注。

Recently, we were named PERE's Global Net Lease Investor of the Year, Global Data Center Investor of the Year, Global Retail Investor of the Year, and we've been ranked number 2 on PERE's Top 100 real estate fundraisers globally. This recognition highlights that our Real Assets platform, launched 4.5 years ago with $12 billion of AUM, has raised more money over the past five years than nearly every other real estate manager globally.

近期，我們獲 PERE 評選為「全球年度淨租賃投資人」、「全球年度資料中心投資人」、「全球年度零售投資人」，並在 PERE 全球不動產募資機構 Top 100 中排名第 2。這些肯定凸顯我們的實體資產平台於 4.5 年前以 120 億美元 AUM 啟動後，在過去五年所募得的資金規模，幾乎超越全球其他所有不動產管理機構。

We're honored to be leading such an esteemed list of managers and believe our success reflects our singular focus on creating differentiated risk reward and strong yield-based outcomes for our investors. Since we first established our foothold in real assets in late 2021, we've expanded AUM sevenfold and continue to anticipate that it will be our fastest-growing area for the foreseeable future. In credit, the sources of growth have expanded as we invested behind strategies such as alternative credit, investment-grade credit, and GP-led secondaries.

能在如此傑出的管理機構名單中名列前茅，我們深感榮幸；我們相信，這份成功反映了我們專注於為投資人創造具差異化的風險報酬與以收益為核心的強勁成果。自 2021 年底我們首次在實體資產領域建立立足點以來，AUM 已擴大至原來的七倍；我們也持續預期，在可預見的未來，該領域將是我們成長最快的板塊。在信貸方面，隨著我們加大投入於替代信貸、投資級信貸與 GP 主導型次級市場（GP-led secondaries）等策略，成長來源也更加多元。

Today, direct lending is approximately 35% of our AUM compared to nearly half of our AUM just two years ago. In contrast, alternative credit, which is approaching 10% of our credit AUM has experienced 35% AUM growth over the past year. During the second quarter, we reached the 1-year anniversary of the inception of our alternative credit interval fund, which has surpassed $2.7 billion in size and has outperformed the leveraged loan index by more than 600 basis points over that period.

目前，直接放款約占我們 AUM 的 35%，相較兩年前接近一半的占比已下降。相對地，替代信貸目前接近我們信貸 AUM 的 10%，且在過去一年 AUM 成長 35%。第二季期間，我們的替代信貸區間基金（interval fund）成立滿一周年，規模已超過 27 億美元，且在該期間相較槓桿貸款指數（leveraged loan index）超額表現逾 600 個基點。

We've also meaningfully scaled drawdown funds in alternative credit. Our opportunistic fund, which held its final close last quarter, raised 1.6 times more than the prior vintage against a market backdrop of private credit concerns and a challenging global fundraising environment. We continue to anticipate outsized growth from our alternative credit strategy.

我們也已在替代信貸領域大幅擴張承諾制（drawdown）基金。我們的機會型基金於上季完成最終關帳（final close），在私募信貸疑慮與全球募資環境具挑戰性的市場背景下，其募資規模仍較前一個基金期次（prior vintage）高出 1.6 倍。我們持續預期替代信貸策略將帶來超常規的成長。

In GP Strategic Capital, our market-leading position in the specialist strategy has continued to pay off with approximately $5.5 billion raised over the last year across the commingled fund, co-invest, and innovative strip sale structures.

在 GP Strategic Capital 方面，我們在此專業策略中的市場領先地位持續帶來成果；過去一年透過集合基金（commingled fund）、共同投資（co-invest）以及創新的分層出售（strip sale）結構，合計募得約 55 億美元。

Finally, we continue to introduce de novo strategies that draw upon our investment expertise in various asset classes and offer incremental product suite diversity. Over the last couple of years, we have highlighted GP-led secondaries and net lease Europe as some examples of these organic growth initiatives. Last quarter, we held the final close of our BOSE product at a total of $3 billion, and we have closed $1.5 billion for Net Lease Europe. Adding to this list, we're now in market with the first vintages of our Data Center Credit and Real Estate Credit strategies and have raised over $1 billion in aggregate towards a $1.5 billion goal.

最後，我們持續推出全新（de novo）策略，運用我們在各類資產的投資專長，並為產品組合帶來額外的多樣性。過去幾年，我們曾將 GP 主導型次級市場與歐洲淨租賃（Net Lease Europe）作為此類有機成長計畫的例子。上季，我們的 BOSE 產品完成最終關帳，總規模達 30 億美元；同時，我們也已為 Net Lease Europe 完成 15 億美元的募資關帳。在此基礎上，我們目前也正推出資料中心信貸（Data Center Credit）與不動產信貸（Real Estate Credit）策略的首批基金期次（first vintages），並已合計募得逾 10 億美元，朝 15 億美元目標邁進。

Summarizing our thoughts on diversification. As we look at the first half of 2026 across Blue Owl, a period spanning the most acute headline noise and elevated redemptions for non-traded BDCs. We raised more than $16.5 billion of equity capital across the firm or more than 40% of our last 12-month total. Over the last 12 months, more than 75% of the equity capital we've raised has been into non-direct lending strategies and roughly 2/3 has been from institutional and insurance clients, underscoring the breadth and resilience of our business.

總結我們對多元化的看法。回顧 2026 年上半年 Blue Owl 的表現，該期間涵蓋了最為尖銳的新聞雜音以及非交易型 BDC 的贖回升高。我們在全公司層面募得超過 165 億美元的股權資本，或相當於過去 12 個月總額的 40% 以上。在過去 12 個月中，我們所募得的股權資本有超過 75% 投向非直接放款策略，且約 2/3 來自機構與保險客戶，凸顯我們業務的廣度與韌性。

Moving on to investment performance. We continue to experience strong outcomes across the board with no meaningful change in strategy level performance. In direct lending, performance of our funds and vehicles has continued to outpace the relevant benchmarks. Importantly, the underlying portfolio of companies we finance have continued to grow at mid- to high single-digit pace on average, providing incremental support to our position as the senior secured piece of these companies' capital structures.

接著談投資表現。我們整體持續取得強勁成果，各策略層級的表現並無重大變化。在直接放款方面，我們各基金與投資工具的表現持續優於相關基準。重要的是，我們所融資之投資組合公司，其基本面平均仍以中至高個位數的速度成長，為我們作為這些公司資本結構中優先擔保（senior secured）部位的定位提供額外支撐。

Across our direct lending strategy, credit health remains strong. We have seen no meaningful change in our watch list compared to a year ago. We remain vigilant on credit health and are prepared for some normalization off of very low loss rates. But to date, we are sitting at a 12 basis points average annual realized loss rate with a net gain in our technology lending book.

在我們的直接放款策略中，信用品質仍然強健。相較一年前，我們的觀察名單（watch list）未見重大變化。我們對信用品質保持警覺，並已為在極低損失率之後可能出現的正常化做好準備。但截至目前，我們的平均年度已實現損失率為 12 個基點，且我們的科技放款投資組合呈現淨收益。

Through June, our non-traded BDC, OCIC Class I shares have returned over 9% since inception, outperforming the leveraged loan and high-yield indices by more than 300 and 450 basis points since inception. Additionally, we have begun to see divergence across managers. We expect differentiation in outcomes to continue across market sizing with the upper middle market outperforming the lower middle market as it has over the past years and anticipate further dispersion among upper-middle-market managers, highlighting quality of underwriting and credit selection.

截至6月，我們的非交易型 BDC——OCIC I 類股自成立以來回報超過 9%，自成立以來分別較槓桿貸款與高收益指數高出逾 300 與 450 個基點。此外，我們已開始看到不同管理人之間出現分化。我們預期在不同市場規模間的結果差異將持續，上中型市場將如過去數年一樣優於下中型市場；同時也預期上中型市場管理人之間的表現分散度將進一步擴大，凸顯承作（underwriting）品質與信用選擇的重要性。

In Real Assets, our net lease strategy has generated 13.6% total return over the past 12 months, while the Class I shares of our non-traded REIT, ORENT have returned 9% annualized since inception. And both ORENT and our non-traded digital infrastructure vehicle, ODIT, have increased their dividends this past year. In GP Stakes, we continue to rate very favorably against private equity products of the same vintages with top-quartile rankings across funds on DPI.

在實體資產方面，我們的淨租賃策略於過去 12 個月創造 13.6% 的總回報；而我們的非交易型 REIT——ORENT 的 I 類股自成立以來年化回報為 9%。此外，ORENT 與我們的非交易型數位基礎建設投資工具 ODIT 在過去一年皆提高了股利。在 GP 權益投資（GP Stakes）方面，我們相較同年份（vintage）的私募股權產品仍維持非常有利的評比，旗下基金在 DPI 指標上具備前四分位（top-quartile）排名。

While we're cognizant that sentiment can shift with market conditions and investor expectations, we believe our high-quality performance across strategies will allow Blue Owl to serve our investors well through a variety of market environments, with the diversification I highlighted earlier in my remarks, ensuring balance for our platform in the midst of the crosswinds of fluctuating sentiment. Bringing it back to where we started. We believe the results we reported this morning continue to demonstrate the resilience of our business in the midst of many market cross currents, which do not uniquely impact Blue Owl.

儘管我們了解市場情緒可能隨市場狀況與投資人預期而轉變，但我們相信 Blue Owl 在各項策略上的高品質績效，將使我們能在多種市場環境中良好服務投資人；再加上我先前提到的多元化配置，可在情緒波動的逆風中為我們的平台提供平衡。回到我們一開始談到的重點。我們相信今天早上所報告的結果，持續展現了我們在多重市場交錯逆流中的業務韌性，而這些因素並非僅影響 Blue Owl。

As I consider the growth we've achieved over the past year, two years or even five years, we have done so through a wide range of risk-free rate environments, multiple geopolitical escalations, and a broad spectrum of capital market backdrops. Our growth rate has fluctuated through these landscapes, but we have consistently demonstrated growth and durability, and we maintained very strong investment performance throughout. We're very proud of the business we've built. We're exceptionally thankful for the tireless efforts of our great Blue Owl team, and we are optimistic about the path forward from here.

回顧我們在過去一年、兩年，甚至五年所達成的成長，我們是在各種無風險利率環境、多次地緣政治升溫，以及多元的資本市場背景下完成的。我們的成長率在這些環境中有所波動，但我們始終展現成長與耐久性，並全程維持非常強勁的投資績效。我們為所建立的事業感到非常自豪。我們也非常感謝優秀的 Blue Owl 團隊不懈的努力，並對未來的前進道路保持樂觀。

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, Marc. Good morning, everyone. As we highlighted in this morning's earnings presentation, Blue Owl grew earnings by 9% compared to the second quarter of 2025. Looking at the second quarter versus a year ago, management fees grew 8%, excluding the impact of management fee offsets. FRE grew 9% and DE grew 9%.

謝謝你，Marc。各位早安。如同我們在今天早上的財報簡報中所強調，Blue Owl 的盈餘較 2025 年第二季成長 9%。以第二季相較一年前來看，若排除管理費抵減（management fee offsets）的影響，管理費成長 8%。FRE 成長 9%，DE 也成長 9%。

Our FRE margin was 58.5%, in line with our outlook for the year and modestly up from the first quarter and 2025 levels. AUM not yet paying fees increased to $31 billion, representing approximately $380 million of expected annual management fees once deployed. This is equivalent to approximately 15% embedded growth from our 2025 management fees.

我們的 FRE 利潤率為 58.5%，符合我們對全年展望，且較第一季與 2025 年水準小幅上升。尚未開始收取費用的 AUM 增至 310 億美元，代表一旦投入運用後，預期可帶來約 3.8 億美元的年度管理費。這相當於以 2025 年管理費為基礎約 15% 的內嵌成長（embedded growth）。

As this capital is drawn down and put to work, it converts into fee-paying AUM and will continue to support management fee growth across our platforms. To continue with Marc's themes, he covered in his remarks, our continued diversification and strong investment performance. I'll cover the core growth trends we see across our business.

隨著這些資金被提取並投入運用，將轉為付費 AUM，並持續支持我們各平台的管理費成長。延續 Marc 在談話中提到的主題，他已涵蓋我們持續的多元化與強勁的投資績效。接下來我將說明我們在業務中看到的核心成長趨勢。

First, given the number of drawdown funds we have in market this year, we expect institutional fundraising to remain strong in the second half of the year. On our net lease strategy, during 2Q, we exceeded the hard cap initially set for this vintage and have raised 1.5 times more than the predecessor vintage.

首先，鑑於我們今年在市場上有多檔提取型（drawdown）基金，我們預期下半年機構募資將維持強勁。在我們的淨租賃策略方面，於第二季我們超越了原先為本期（vintage）設定的硬上限（hard cap），且募資規模為前一期（predecessor vintage）的 1.5 倍。

The investor interest and engagement here has been really impressive. So we wanted to share some stats, which include just a year after the first close, we have raised $7.7 billion and surpassed the original hard cap. Inclusive of co-invest, we've raised $8.7 billion. Approximately 60% of these investor commitments are from first-time investors in the strategy. New consultant recommendation led to over $1.5 billion of this capital raised.

投資人的興趣與參與度確實令人印象深刻。因此我們想分享一些數據：在首次募集完成（first close）僅一年後，我們已募得 77 億美元並超越原先的硬上限。若包含共同投資（co-invest），我們已募得 87 億美元。約 60% 的投資人承諾來自首次投資該策略的投資人。新的顧問推薦帶動了其中超過 15 億美元的募資。

And geographically, we added LPs from Australia, Korea, Scandinavia, Israel, Kuwait and the UAE, constituting roughly 40% of capital raised to date.

在地域分布方面，我們新增了來自澳洲、韓國、斯堪地那維亞、以色列、科威特與阿聯的 LP，合計約占目前為止募得資金的 40%。

In wealth, we believe we have seen a bottoming of Evergreen inflows in the May 1 close, supported by continued strong performance in these products and ongoing education across stakeholder groups. And for the July 1 close, we saw a greater than 50% increase in Evergreen inflows versus that May 1 close. While we are still below historical levels, we are encouraged by this data and continue to see increased engagement from home offices and financial advisers.

在財富管理通路方面，我們認為在 5 月 1 日的結算（close）中，Evergreen 的資金流入已見落底，這得益於這些產品持續強勁的表現，以及我們在各利害關係人群體間持續進行的教育推廣。而在 7 月 1 日的結算中，我們看到 Evergreen 流入相較 5 月 1 日那次結算增加超過 50%。雖然仍低於歷史水準，但這些數據令我們備受鼓舞，且我們持續看到來自總部（home offices）與財務顧問更高的參與度。

And the recent redemption data is also supportive of better trends in the wealth channel. We saw a modest reduction in redemption requests in the second quarter for our non-traded BDCs. While we are not calling for a V-shaped recovery in sentiment around private credit, we do think that the strong fundamental performance of our products has played a role in the decline of redemption requests for the non-traded BDCs, which we continue to view as more sentiment driven and led by individual clients as opposed to financial advisers or distribution partners.

近期的贖回數據也支持財富通路趨勢改善。我們在第二季看到非交易型 BDC 的贖回申請小幅下降。雖然我們不認為私募信貸情緒會出現 V 型復甦，但我們確實認為，我們產品強勁的基本面表現，已在非交易型 BDC 贖回申請下降中扮演一定角色；我們仍將其視為較受情緒驅動，且主要由個別客戶而非財務顧問或通路合作夥伴所主導。

For the second quarter in a row, we continue to see 90% of our OCIC fund investors not request a single dollar of redemptions. The small shareholder base that did put in redemption requests remain largely unchanged from last quarter with very limited new participation. And while we believe this has become very well understood by shareholders, as a reminder, the liquidity in our non-traded BDCs has remained very strong as we highlight on slide 25 of our earnings presentation, with repayments in the loan book meaningfully more than covering the net outflows during the second quarter.

連續第二個季度，我們仍看到 90% 的 OCIC 基金投資人未提出任何金額的贖回。提出贖回申請的小型股東基礎與上季相比大致不變，新加入者非常有限。此外，雖然我們認為股東已相當了解，但提醒一下：我們的非交易型 BDC 流動性仍維持非常強勁，如同我們在財報簡報第 25 頁所強調，貸款組合的償還金額顯著高於第二季的淨流出。

Outside of the non-traded BDCs, we saw no increase in redemption activity across our other evergreen products over the past few quarters. We raised $7.8 billion of total capital during the quarter, bringing our last 12-month total capital raising to $50.5 billion, the equivalent of 18% of our total AUM at this time last year. All of this capital raising was organic and nearly 40% of it was raised during the first half of 2026 during a period of elevated headlines about private credit and software and in the midst of meaningful geopolitical uncertainty.

除非交易型 BDC 之外，過去幾季我們在其他常青（evergreen）產品中未見贖回活動增加。本季我們共募得 78 億美元資金，使過去 12 個月的總募資達 505 億美元，相當於去年此時我們總 AUM 的 18%。上述募資全為有機成長，其中近 40% 是在 2026 年上半年完成，當時私募信貸與軟體相關新聞標題頻繁，且地緣政治不確定性顯著。

Fundraising was particularly strong in real assets this quarter with about 60% of our equity capital raised originating from this platform across a number of strategies and products. Institutional and insurance investors comprised about three-fourth of equity capital raised in the second quarter and roughly 2/3 of last 12-month equity capital raised. And compared to the prior 12-month period, institutional flows were more than 30% higher year-over-year, reflecting the expansion and diversification of our business that Marc highlighted in his remarks.

本季實體資產的募資尤其強勁，我們募得的股權資金中約 60% 來自該平台的多項策略與產品。第二季募得的股權資金中，機構與保險投資人約占四分之三；而過去 12 個月募得的股權資金中，約有三分之二來自機構與保險投資人。相較前一個 12 個月期間，機構資金流入年增超過 30%，反映 Marc 在談話中提到的我們業務擴張與多元化。

Moving on to business performance across our platforms. In credit, we continue to generate strong absolute and relative performance across direct lending, alternative credit, and other credit categories. Last 12-month total returns were 8.3% for direct lending and 11.4% for alternative credit, comparing favorably to relevant public credit benchmarks over the same period. Deployment was robust across credit, led by alternative credit and investment-grade credit.

接著談我們各平台的業務表現。在信貸方面，我們在直接放款、另類信貸及其他信貸類別中，持續創造強勁的絕對與相對績效。過去 12 個月的總回報：直接放款為 8.3%，另類信貸為 11.4%，與同期間相關的公開市場信貸基準相比表現良好。信貸整體的資金部署相當強勁，主要由另類信貸與投資級信貸帶動。

Similar to the trends we are seeing in fundraising, our platform expansion has benefited deployment with all credit deploying nearly $7 billion over the last 12 months, more than double the prior 12-month period, and we've seen meaningful deployment expansion for investment-grade credit as well. In direct lending, we continue to see deployment consistent with an industry backdrop of moderate sponsor-driven M&A activity and continue to see meaningful repayments at par and other metrics demonstrating health and liquidity within the portfolio.

與我們在募資方面看到的趨勢類似，我們的平台擴張也帶動了部署成長；在過去12個月內，整體信貸部署接近70億美元，較前一個12個月期間增加逾一倍；同時，我們也看到投資級信貸的部署出現顯著擴張。在直接放款方面，在產業背景為由贊助商主導、適度的併購活動之下，我們持續看到與之相符的部署節奏，並且持續看到以面值償還的顯著回款，以及其他指標顯示投資組合的健康狀況與流動性。

In real assets, we continue to see elevated pipelines with very attractive risk return dynamics with nearly $160 billion of near-term opportunities across net lease and digital infrastructure. In Net Lease Fund VI, we have fully committed the funds and continue to have visibility with capital calls in 3Q and to be virtually fully called by the end of the year, which would be within three years of our final close. As I noted earlier, we are making excellent progress on the next vintage, which has already exceeded a $7.5 billion hard cap, and we plan to finish up capital raising this year.

在實體資產方面，我們持續看到高位的案源管線，且風險報酬動態非常具吸引力；在淨租賃與數位基礎設施領域，近期可把握的機會合計接近1,600億美元。在淨租賃基金VI中，我們已完成資金的全數承諾，並且仍可見到第三季的資本催繳，預期在年底前幾乎完成全數催繳，這將落在我們最終募集結束後的三年內。如我先前提到的，我們在下一期產品上進展非常順利，目前已超過75億美元的硬上限（hard cap），並計畫在今年完成募資。

Our net lease strategy continues to focus on highly thematic investment opportunities, including industrials and reshoring, cold storage, data centers, and health care as demonstrated by recent announcements such as the SLA and Spire transactions. In Digital Infrastructure, we continue to advance forward with a list of compelling development projects in progress and under discussion with exceptional partners.

我們的淨租賃策略仍聚焦於高度主題式的投資機會，包括工業與回流生產（reshoring）、冷鏈倉儲、資料中心與醫療保健；近期如SLA與Spire交易等公告即為例證。在數位基礎設施方面，我們持續推進一系列具吸引力的開發專案，這些專案正在進行中，並與卓越的合作夥伴洽談中。

Today, our data center footprint spans more than 140 data centers owned or under construction globally with 15.3 gigawatts of leased and owned capacity. In GP Strategic Capital, we raised approximately $1.3 billion during the quarter, driven by our flagship large-cap strategy and an additional strip sale transaction. The total raised in our Sixth Vintage is $10.6 billion, inclusive of co-invest. Across the past two years, we have engaged in five strip sale transactions that have, in the aggregate, generated $4.6 billion of return of capital for our investors.

目前，我們的資料中心版圖涵蓋全球超過140座已持有或在建的資料中心，已出租與自有容量合計15.3吉瓦。在GP Strategic Capital方面，本季我們募得約13億美元，主要由我們的旗艦大型股權策略以及一筆額外的分層出售（strip sale）交易所帶動。我們第六期（Sixth Vintage）累計募資總額為106億美元，包含共同投資（co-invest）。在過去兩年中，我們完成了五筆分層出售交易，合計為投資人帶來46億美元的資本返還（return of capital）。

We have seen strong interest from new investors for these structures, which can provide a broader set of attachment points across the return spectrum and allow LPs to invest in a highly visible and proven pool of assets. Looking out at the rest of the year, there are a few items I'd like to call out. On stock-based compensation, a quick reminder from our February earnings call, there are three categories running through our stock comp expense numbers, all shown on slide 34 of our earnings presentation.

我們看到新投資人對這些結構有強勁興趣；這些結構可在報酬光譜上提供更廣泛的切入點，並讓LP得以投資於一個高度可見且經驗證的資產池。展望今年剩餘時間，有幾點我想特別提出。關於股票基礎薪酬，簡單提醒一下我們在2月財報電話會議提到的內容：我們的股票薪酬費用數字中包含三個類別，皆列示於我們財報簡報第34頁。

First, our regular way year-end stock compensation, what we call Equity-Based Compensation other. This is the number to focus on, and we continue to expect to run at approximately $365 million for 2026. Second, Business Combination Grants goes to zero starting in the fourth quarter of this year. And third, acquisition-related GAAP amortization expense related to some of the acquisitions we've made over the last few years.

第一，是我們一般年度期末的股票薪酬，也就是我們所稱的「股權基礎薪酬—其他」（Equity-Based Compensation other）。這是需要關注的數字，我們仍預期2026年約為3.65億美元。第二，「企業合併授予」（Business Combination Grants）自今年第四季起將降為零。第三，與我們過去幾年進行的部分收購相關之GAAP攤銷費用。

As for an overall 2026 guidance update, on last quarter's call, we said we think we could beat Visible Alpha consensus estimates for 2026. We reaffirm that again today. And to be specific, at that time, FRE per share was $1.02 and DE per share was $0.89. We think we can beat those numbers this year.

至於2026年整體指引更新，上季電話會議我們表示，我們認為有機會優於Visible Alpha對2026年的一致預估。我們今天再次重申這一點。具體而言，當時每股FRE為1.02美元、每股DE為0.89美元；我們認為今年可以優於這些數字。

With that, why don't we jump into Q&A. Thank you very much for joining us this morning. Operator, can we please open the line for questions?

接下來我們進入問答環節。非常感謝各位今天早上加入我們。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Glenn Schorr, Evercore ISI.

Glenn Schorr，Evercore ISI。

Last comment, maybe change my question. Alan, could you maybe address where you can -- where you think you -- the geography of where you might be able to beat that visible alpha of $1.32, just which line items do you think are the source?

最後一個補充，我可能要改一下問題。Alan，你能否談談你認為在哪些面向——也就是你覺得有機會優於Visible Alpha的1.32美元的「地圖」——哪些損益項目可能是來源？

Yes, of course. You're definitely allowed to change your question, Glenn. Yes. Look, we have some visibility into growth for the next couple of quarters, right? So for direct lending, we're going to look to net deployment numbers as an indicator to management fee growth for the next few quarters, but let's assume that's a push for now.

當然可以。Glenn，你當然可以改問題。是的。你看，我們對未來幾季的成長有一定能見度，對吧？因此在直接放款方面，我們會把淨部署數字視為未來幾季管理費成長的指標，但先假設目前這部分大致持平。

We're wrapping up the latest GP stakes vintage. So we're going to add a little growth there. And for net lease, let's break down the pieces there. For Fund VI, that was 65% drawn at quarter end. We're out with a capital call now that will bring us to 77% drawn next month.

我們正在收尾最新一個GP持股（GP stakes）期次。所以那裡會增加一些成長。至於淨租賃，我們把各部分拆開來看。基金VI在季末的資金提取（drawn）比例為65%。我們現在已發出一筆資本催繳，將使我們在下個月提升至77%的提取比例。

And I mentioned earlier, we have line of sight to effectively fully called with that -- with Fund VI by the end of the year. Our current vintage is about 10% called and about 40% committed already. So good early progress there. And that capital call, that 10% came in on June 25. So full quarter in 3Q there.

如我先前提到的，我們已可清楚看到基金VI在年底前基本上會完成全數催繳。我們目前這一期約10%已被催繳，且約40%已完成承諾。所以早期進展良好。而那筆資本催繳、也就是那10%，是在6月25日進來的。因此第三季會有完整一季的反映。

And our next digital infrastructure flagship, I mentioned also, I think, in our prepared remarks that we're expecting our first close later this year. So you'll see more growth from that. And there's a difference here.

另外，我們下一支數位基礎設施旗艦基金，我也在事先準備的講稿中提到，我們預期今年稍晚會進行首次關帳（first close）。因此你會看到那裡帶來更多成長。而這裡有一個差異。

If you recall, fundraising for net lease generally doesn't immediately link to management fee growth. It's deployment, right, as we know that links to the pace of management fee growth. For digital infrastructure, we charge on committed capital, so more immediate management fee growth impact there. So look, there can always be fluctuations on a quarterly basis. Capital calls are lumpy.

如果你記得，淨租賃的募資通常不會立刻連結到管理費成長。關鍵在於部署，對吧？我們都知道部署速度才會連結到管理費成長的節奏。但在數位基礎設施方面，我們是以承諾資本（committed capital）計費，因此對管理費成長的影響更為即時。所以你看，季度之間總是可能有波動。資本催繳是跳躍式的。

They're not straight lines. But we are seeing long-term management fee growth. And remember, we have the $31 billion of AUM not yet paying fees that will get deployed over time. And that's $380 million over time. But we have visibility into the next quarter or two where we do see management fee growth building each of the next two quarters.

它們不是直線。但我們確實看到長期的管理費成長。而且請記得，我們有310億美元的AUM尚未開始收取費用，會隨時間逐步部署。長期來看，這相當於3.8億美元。不過我們對接下來一到兩季也有能見度，確實看到未來兩季的管理費成長將逐季墊高。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

So we have a two-parter on the data center book. I'm curious, how are cap rates trending in light of an increase in competition across the peers? And also, can you update us on the underlying tenant credit quality watch list? I know most are IG tenants, but debt levels are rising and not all are IG. So I'm curious if you saw any changes quarter-over-quarter.

我有兩個關於資料中心資產組合的問題。第一，在同業競爭加劇的情況下，資本化率（cap rates）的趨勢如何？第二，能否更新一下底層承租戶的信用品質觀察名單？我知道大多數是投資級（IG）承租戶，但負債水準正在上升，而且並非全部都是IG。所以我想了解你們是否看到季度之間有任何變化。

Sure. Happy to. We continue to experience very strong cap rates. So to be direct, we are not seeing compression in cap rates competition. Again, remember, we do something very, very distinct.

當然。很樂意。我們持續看到非常強勁的資本化率。所以直接說，我們沒有看到因競爭而導致資本化率被壓縮。再次提醒，我們做的是非常、非常獨特的事情。

There's a few people in the world that can do it, but only a few and do it, and that is to build in partnership where we have the actual ability to design, build, operate. We have 1,000 people in our Stack deal and adjacent businesses. And that has made us the partner often of choice for all of the hyperscalers.

全球能做到的人不多，只有少數幾家能做，而且能做到的是：以合作夥伴模式進行建置，我們具備實際的能力去設計、建造與營運。在我們的Stack交易及其周邊業務中，我們有1,000名員工。這也讓我們經常成為所有超大規模雲端業者（hyperscalers）的首選合作夥伴。

And that partner, that ability to deliver on time, on budget and do it in a reliable fashion at scale 140 times. I think we're now at 15 gigawatts of data center capacity that we have either built or are building, including the biggest project currently underway in the world down in Louisiana, at least best of our knowledge of the world. I guess we don't know what's happening in China. So that leads to a value of mutual value for us and hyperscaler.

而那個合作夥伴、那種能夠準時、在預算內，並以可靠的方式在規模上交付 140 次的能力。我認為我們目前已有 15 吉瓦的資料中心容量，這些要嘛是我們已經建成、要嘛正在建設中，其中包括目前在路易斯安那州進行、就我們所知也是全球正在推進的最大專案。我想我們也不知道中國那邊正在發生什麼。因此，這為我們與超大規模雲端業者（hyperscaler）帶來了共同的價值。

So no, we are continuing to see and are developing at very attractive rates and in fact, with rising interest rates, perhaps that even helps escalate those cap rates. In terms of what was -- the second part was credit quality. Look, of our business, if you look at our funds, the single-digit percentage is done with people that are non-investment grade. So you could take your own view of the current AA borrowers and whether their AA credits are strengthening, weakening or neutral. But our business is an IG business, non-IG is essentially inconsequential to what we do.

所以不，我們仍持續看到並以非常具吸引力的報酬率在開發；事實上，在利率上升的情況下，或許還有助於推升那些資本化率（cap rates）。至於第二部分是信用品質。你看我們的業務，如果看我們的基金，與非投資等級對手方合作的比例是個位數百分比。所以你可以自行判斷目前 AA 借款人的狀況，以及他們的 AA 信用是在強化、弱化或持平。但我們的業務本質上是投資等級（IG）業務，非投資等級（non-IG）對我們所做的事情基本上無關緊要。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

So I wanted to ask on the retail fundraising strategy. Just given year-to-date BDC redemption trends have been much more concentrated across a subset of international investors. Just wanted to better understand whether the recent turmoil within the non-traded BDC space, whether it's reshaped your approach to expanding your retail distribution abroad? And is there a way to isolate what might be considered hot money versus a stickier, core U.S. retail base across your platform?

我想就零售募資策略提問。鑑於今年以來 BDC 的贖回趨勢更集中在一部分國際投資人身上。我想更了解，近期非交易型 BDC 領域的動盪，是否重塑了你們在海外擴展零售通路的做法？以及是否有方法可以區分所謂的熱錢（hot money）與在你們平台上更黏著、更核心的美國零售客群？

Thanks, Steven. I'll take that. I appreciate the question. Yes, look, overall, we feel good about what we're seeing right now, just pulling the lens back with wealth overall. We think we've troughed by way of inflows, and we commented on that.

謝謝，Steven。我來回答。謝謝你的問題。是的，整體而言，拉遠一點看整個財富管理（wealth）業務，我們對目前看到的情況感覺不錯。我們認為資金流入已經觸底，我們也對此做過評論。

Redemptions are down in our non-traded BDCs. And I commented earlier, we haven't seen increases in redemptions across our other wealth dedicated products over the past few quarters.

我們的非交易型 BDC 贖回正在下降。而我先前也提到，過去幾個季度，我們在其他以財富管理為主的產品上，沒有看到贖回增加。

So we're cautiously optimistic that non-traded BDC redemptions will keep coming down, and it appears others are seeing that, too. We're seeing strong flows into our ORENT product. And both ORENT and ODIT have raised their dividend this year. And to that point, performance is strong across our wealth dedicated products. There's been so much focus on the non-traded BDC space.

因此我們審慎樂觀地認為，非交易型 BDC 的贖回將會持續下降，而且看起來其他人也有同樣的觀察。我們看到資金強勁流入我們的 ORENT 產品。而且 ORENT 與 ODIT 今年都提高了股息。就此而言，我們的財富管理專屬產品整體表現強勁。市場對非交易型 BDC 領域的關注非常多。

Looking outside of that, we're running at 10% to 12% annualized return so far this year for OCIC, ORENT, and ODIT. And so let's take a product like ORENT just to double-click on that. Since its launch in September 2022, ORENT has been the top-performing non-traded REIT, putting up a consistent 9% annualized return.

撇開那一塊不談，今年迄今 OCIC、ORENT 與 ODIT 的年化報酬率約在 10% 到 12%。所以以 ORENT 這個產品為例，稍微深入看一下。自 2022 年 9 月推出以來，ORENT 一直是表現最佳的非交易型 REIT，持續繳出 9% 的年化報酬。

It's been a category leader in private evergreen real estate fundraising on both a net and gross basis in just four years. to become the largest -- or second largest, sorry, private REIT in the market with $16 billion of AUM. And look, more broadly in wealth, what we're seeing is financial advisers and home offices have been very supportive of us in our products because they see us continuing to post these strong performance returns.

在短短四年內，它在私募常青型（evergreen）不動產募資方面，無論淨額或總額都屬於類別領先者，並成為市場上最大——或抱歉，第二大——的私募 REIT，資產管理規模（AUM）達 160 億美元。而更廣泛地看財富管理業務，我們看到的是，理財顧問與總部投資辦公室（home offices）對我們及我們的產品非常支持，因為他們看到我們持續交出強勁的績效報酬。

And we've been very transparent with them through the challenging period that we just went through. And we're now seeing a broadening adviser participation across our distribution partners. So just to share what we're seeing and hearing, we've already launched on 13 new platforms this year. So talking about where are we seeing the opportunities in wealth and in growth. We're also slated to launch on 21 more platforms this year.

而在我們剛經歷的那段艱難期間，我們也一直對他們保持高度透明。現在我們看到，透過我們的通路合作夥伴，參與的顧問群正在擴大。分享一下我們看到與聽到的情況：今年我們已經在 13 個新平台上線。所以談到我們在財富管理與成長方面看到的機會。我們也預計今年還會在另外 21 個平台上線。

We continue to see a very steady growth of new advisers allocating to our funds for the first time. And for financial advisers that invested in Owl products in 2Q, 74% are more than one Owl product versus 52% in 2025. So what we're seeing is once advisers allocate capital, we're seeing significant cross-selling opportunity, which is really a testament to continued strong performance. You continue to see that.

我們持續看到，首次將資金配置到我們基金的新理財顧問穩定成長。而在第二季投資 Owl 產品的理財顧問中，有 74% 投資了不只一個 Owl 產品，相較於 2025 年的 52%。因此我們看到的是，一旦顧問開始配置資本，我們就能看到顯著的交叉銷售機會，這也確實證明了持續強勁的績效表現。你們會持續看到這一點。

You continue to hear that theme from us and having built a really diversified product offering for the financial adviser community. So all of this shows us we're really seeing a strong level of financial adviser and investor confidence in Blue Owl. And so internationally, we continue to -- I don't want to say minimize, but we continue to grow our wealth platform across the board. We have very minimal exposure across our wealth products to Asia.

你們也會持續聽到我們強調這個主題：我們為理財顧問社群打造了一個真正多元化的產品組合。所以這些都讓我們看到，理財顧問與投資人對 Blue Owl 的信心水準確實很強。至於國際方面，我們持續——我不想說是淡化——但我們確實在全面擴大我們的財富管理平台。我們的財富管理產品對亞洲的曝險非常有限。

I, one, I think, important point of color coming out of this very tumultuous period or at least narratively tumultuous, which is there's a lot actually to take away about the durability of the wealth channel and its rationality. Recognize the performance numbers speak, I think, for themselves at this point. We continue to deliver and expect we'll continue to deliver very strong performance. That was true before the superstorm of the narrative. It was true during and it's true after.

我認為，從這段非常動盪——至少在敘事上非常動盪——的期間中，有一個重要的補充觀點：其實有很多值得帶走的結論，關於財富通路的韌性與其理性程度。請注意，績效數字我認為此刻已經不言自明。我們持續交付、也預期將持續交付非常強勁的績效。這在那場敘事「超級風暴」之前就成立。在期間內成立，之後也同樣成立。

And I think actually, the channel -- there's a lot to take away that's favorable, even though none of us would have wished this experience, which is First of all, it stayed very concentrated in the products where the narrative and the conversations perhaps got most carried away.

而我認為其實這個通路——即便我們都不希望經歷這一切——仍有很多有利的啟示：首先，它確實高度集中在那些敘事與討論可能最被渲染、最被放大的產品上。

Actually, the Concentric circles away from that, even one circle away go to something like asset-backed, and we continue to see both inflows and very minimal outflows. Go to things like ORENT. Again, they're one of the most successful products in the marketplace, raising dividend. Investors are delineating between asset categories. And even those who -- where the narrative perhaps drove behavior, it actually stayed very concentrated.

實際上，離那個中心同心圓再往外一圈，像是資產擔保（asset-backed）這類，我們仍持續看到資金流入，且資金流出非常有限。再看像 ORENT 這類。同樣地，它們是市場上最成功的產品之一，還提高了股息。投資人正在區分不同資產類別。甚至對於那些——敘事可能驅動其行為的人——其影響其實也維持在非常集中的範圍內。

We made this comment before, but the redemption in our core income product, 90% of the investors didn't ask and we're appreciative of it for a single share back because they know the product is working. So the redemption behavior was narrowed to about 10% of the investors in a very specific product. So you actually look out five years and say, what do we now know about the wealth channel? I actually think what we know is the structures work.

我們之前提過，在我們的核心收益產品中，90% 的投資人沒有要求贖回哪怕一股，我們也非常感謝，因為他們知道產品運作良好。因此，贖回行為被收斂到某個非常特定產品中約 10% 的投資人。所以你往後看五年，問我們現在對財富通路了解了什麼？我其實認為，我們知道的是這些結構是有效的。

And we know that actually the market is very much able to discern indeed, when there are narrative moments, we all appreciate it's going to have a slightly different deal in that market where people are going to quickly pull back on inflows and you're going to have to deal with outflows for a period of time. But it's much, much more durable and much more narrow than I think anybody probably thought. And even again, the way I think the narrative is today, there's a lot to like about the wealth channel over the medium and long term.

而且我們也知道，市場其實非常能夠辨識：確實，在出現敘事性事件的時刻，我們都理解那會讓市場的交易行為略有不同，人們會很快縮手、減少資金流入，而你也會在一段時間內需要面對資金流出。但它的韌性遠比任何人可能想像的更強，而且影響範圍也更窄。甚至再一次，就我看目前的敘事走向，中長期來看，財富通路仍有很多值得看好的地方。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

So I appreciate the updated confidence in beating guidance. Great to hear. I think it removes a lot of risks on the story. And just thinking about that and looking at your margin profile, FRE margin, if I did the math correct, it looks like you had about an 80% incremental margin year-on-year. So as you think about the trajectory for the second half of the year and then again into 2027, how are you thinking about maybe the opportunity here to drive a little bit better profitability?

所以我很感謝你們對於超越指引的信心有所提升。很高興聽到。我認為這消除了這個故事中的許多風險。再想想這點並看看你們的利潤率輪廓、FRE 利潤率，如果我算得沒錯，看起來你們的增量利潤率年對年大約有 80%。那麼當你們思考今年下半年、以及再往後到 2027 年的走勢時，你們如何看待在這裡把獲利能力再往上推一點的機會？

Thanks, Bill. I appreciate that. Look, we do continue to feel good and very good about where we are and where we're going with FRE margin. 58.5% was the guide for the year. We've already achieved that in the second quarter of the year. You should continue to expect modest increases as we go out over the next few years, but we feel good about where we are and where we're going there.

謝謝你，Bill。我很感謝。你看，我們對於 FRE 利潤率目前的位置以及未來走向，仍然感覺良好、而且非常好。今年的指引是 58.5%。我們在今年第二季就已經達成了。未來幾年你們應該仍可預期會有溫和的提升，但我們對目前的位置以及未來走向都很有信心。

Okay. So just to clarify, then the opportunity for the meeting or beating expectation is more of a top line story at this point, just so I understand the modeling.

好的。那我再確認一下，所以目前達成或超越預期的機會，更多是來自營收端的故事，對嗎？只是我想確認一下模型的理解。

Yes.

是的。

Brennan Hawken, BMO Capital.

BMO Capital 的 Brennan Hawken。

So, I would love to ask about GP VI. So you mentioned that you're at $10.6 billion to date, I believe that's what you mentioned. What's your updated expectations for size and timing for final close? And then really more importantly, given sort of the expectations for consolidation among mid-market GPs, why aren't there more long term, why are the limitations to growth on this strategy? And what are you hearing from LPs around some of those concerns?

我想請教一下 GP VI。你提到目前為止是 106 億美元，我相信你是這麼說的。你們對最終關帳的規模與時間點，有哪些更新後的預期？然後更重要的是，考量到市場對中型市場 GP 的整併預期，為什麼這個策略在長期上不會有更多成長？成長的限制是什麼？你們從 LP 那邊聽到對這些疑慮的回饋是什麼？

Sure. I'll take the first part of that, Brennan. Since the beginning of fundraise for this vintage in total, we've actually raised about $15 billion when you include this vintage, co-invest and the strip sales that we've done. So $10.6 billion in the flagship and co-invest, specifically $9.7 billion in the vintage and then about $4.5 billion that we've raised over the past two years across the strip sales. We're in the final stretch of the fundraise.

當然。Brennan，我先回答第一部分。自這一檔次（vintage）的募資開始以來，若把這一檔次、共同投資以及我們做過的分拆權益出售（strip sales）都算進去，我們實際上總共募到了約 150 億美元。所以旗艦基金與共同投資合計是 106 億美元；更具體地說，這一檔次是 97 億美元，另外在過去兩年透過分拆權益出售共募到約 45 億美元。我們已經進入募資的最後階段。

We'll see where we wrap up this year, but we will wrap up this year, and we continue to make steady progress towards where we want to be there.

我們會看看今年最後會收在什麼水位，但我們會在今年完成關帳，而且我們持續穩步朝著我們希望達到的目標前進。

The opportunity to add on that side is really more about the evolving marketplace. You have a lot of very important franchise businesses that are of substantial scale and people need to find the proper way to monetize. And fortunately, our GP Stakes business is the singular market leader. If you look at the large end of the market, which is very much where we like to operate, and by the way, I think this environment is reinforcing why we very much want to be in the large end of the market and not in the middle market.

至於那一端的加碼機會，主要來自市場環境的演變。你會看到很多非常重要、具相當規模的特許經營型企業（franchise businesses），而人們需要找到適當的方式來變現。幸運的是，我們的 GP Stakes 業務是唯一的市場領導者。如果你看市場的大型端——這也正是我們喜歡運作的區域——順帶一提，我認為這個環境正在強化我們為何非常希望待在大型端，而不是中型市場。

The middle market as a general matter with some exceptions, we see them in our growth fund is an area where there's a question of like what is the franchise over the long term. The big firms are not -- thankfully, are going to actually consolidate their role as we're all seeing. The bigger are getting bigger. And those owners need to find capital solutions over time to support that growth and support generational transition.

中型市場整體而言（當然也有一些例外，我們在成長基金裡就有看到），是一個會被質疑「長期來看這個特許經營到底是什麼」的領域。大型機構並不會——謝天謝地——反而會如大家所見，進一步鞏固它們的地位。大的會變得更大。而那些所有者會隨時間需要資本解決方案，以支持成長並支持世代交替。

So that really makes us the destination for those opportunities. So we definitely see a very strong addressable growing market over time to be able to deploy and deploy very successfully in a way that works for those firms and clearly works for our investors. Again, I think you'll hear this a few times, the results speak for themselves. If you look across the board, and I don't want to go down this road deep on this question, but performance really matters.

因此，這讓我們成為這些機會的首選目的地。所以我們確實看到一個非常強勁、且會隨時間成長的可服務市場（addressable market），能夠以對那些公司有效、也明顯對我們投資人有效的方式去部署，而且部署得非常成功。再說一次，我想你會聽到好幾次：結果會說話。如果你放眼整體——我不想在這個問題上深入太多——但績效真的很重要。

And if you look, we are delivering extremely strong performance in all of our platforms and all of our products. There is an example where we're rated amongst the very best performers in the land of PE. As you know, we've talked about the Dow Jones ranking before, number 1 in the world by that measure. So I think we feel very good that this is a very, very attractive way to participate in the PE landscape.

如果你看，我們在所有平台與所有產品上都交出了極其強勁的績效。有一個例子是，我們在私募股權（PE）領域被評為最頂尖的績效者之一。如你所知，我們之前談過道瓊排名，按那個衡量標準我們是全球第 1。所以我們覺得非常有信心，這是一個參與 PE 版圖非常、非常有吸引力的方式。

And as a note, if you think about what we've been able to do at Blue Owl, listen, there are some wonderful PE firms in the world. And boy, are they good at what they do, and we're lucky enough to do business with a lot of them and lucky enough to own stakes in a lot of them. We've also created our own approach to this asset class.

另外補充一下，如果你想想我們在 Blue Owl 能做到的事：聽著，世界上有一些很棒的 PE 公司。而且天啊，他們真的很擅長他們在做的事；我們很幸運能與其中許多公司做生意，也很幸運能持有其中許多公司的股權。我們也為這個資產類別打造了我們自己的方法。

So we have the GP stakes business, so you can be an owner on the all side as opposed to the LP fee-payer. And we have our BOSE product, which is now a $3 billion product in a rapidly growing market, where we are buying the self-selected, best-of-breed assets, and it is really working.

所以我們有 GP stakes 業務，讓你可以站在「所有者」的一側，而不是作為支付費用的 LP。我們也有 BOSE 產品，現在規模是 30 億美元，處在一個快速成長的市場中；我們在買入自我篩選出的、同類最佳（best-of-breed）資產，而且確實運作得很好。

Our portfolio has come together in excellent form. We're deployed at a really attractive rate. And that product, I think, has a lot of promise in the future. So I think we've developed, again, as you would I think, hopefully expect of us, our own way that's very consistent with our DNA to participate in this, frankly, the biggest asset class in alts without going head-to-head, which is a very different proposition with the many, many good providers in a place where there's already a lot of capital sort of trapped. So I think we've got a couple of very, very good ways to skin that cat.

我們的投資組合已經以非常好的狀態成形。我們的部署速度也在一個非常有吸引力的水準。而我認為那個產品未來很有前景。所以我想我們已經發展出——我希望你也會期待我們如此——一套非常符合我們 DNA 的方式來參與這個坦白說是另類投資中最大的資產類別，而不是正面對決；那會是完全不同的命題，因為市場上有非常非常多優秀的供應者，而且在某些地方已經有大量資本某種程度被困住。所以我認為我們有幾個非常、非常好的方式來處理這件事。

Patrick Devitt, Autonomous Research.

Autonomous Research 的 Patrick Devitt。

The market is still obviously hyper focused on your exposure to retail direct lending, but you have a great track record, clearly have institutional relationships where it looks like demand might actually be leaning in. So what has your hesitancy been to do a big traditional drawdown fund like some of your competitors have? And would you consider launching one to help fill in the capital loss on the retail side?

市場顯然仍高度關注你們在零售直接放貸上的曝險，但你們有很好的往績，而且顯然也有機構關係，看起來需求可能反而正在加碼。那麼，相較於一些競爭對手，你們對於做一檔大型、傳統的 drawdown 基金（承諾制基金）一直比較猶豫的原因是什麼？你們會考慮推出一檔，以協助填補零售端的資金流失嗎？

Sure. Happy to start on that one. So I appreciate the predicate to the question. Performance in our retail direct lending product continues to be, and we expect will continue to be extremely strong. Low loss rates, great strong returns, good diversification.

當然。我很樂意先回答這題。我也感謝你這個問題的前提。我們的零售直接放貸產品的績效持續非常強勁，而且我們預期會持續非常強勁。低損失率、非常好的強勁報酬、良好的分散。

So we feel very good about that product. Again, we do understand two things. We understand that there are legitimate questions that have been raised, although I will tell you that time and deep study have led us to ever-increasing comfort about the manageability of the software concentration question.

所以我們對那個產品感覺非常好。同樣地，我們也理解兩件事。我們理解確實有人提出了合理的問題；不過我可以告訴你，隨著時間與深入研究，我們對於「軟體集中度」這個問題的可管理性，感到越來越放心。

So we appreciate that, that was a valid and remains a valid conversation. But at the same time, these are very diversified portfolios, and they are performing extremely well, and we're built to handle -- very well built to handle when there are the periodic issues that there undoubtedly are will be. We think that channel will recover very nicely. That doesn't mean V-shaped grow rapidly, but we can already see it. But the tone has changed meaningfully.

所以我們理解那點，那是一個合理、而且仍然合理的討論。但同時，這些都是非常分散的投資組合，而且表現極其出色；而且我們的架構——非常有能力去應對——在不可避免會出現的週期性問題發生時，我們也非常有能力處理。我們認為那個通路會相當不錯地復甦。這不代表會呈現 V 型、快速成長，但我們已經看得到復甦跡象。而且市場語氣已經明顯改變。

And we even acknowledge high levels, we already saw our redemption requests come down in Q2, and we see a tone continuing to settle and people realize these products really work. And in fact, in a rising rate environment, which apparently now is the new norm from six months ago, direct lending is exactly the place to be, and I think investors appreciate that. Institutions do.

我們甚至也承認在高水位的情況下，我們已經看到第二季的贖回申請下降，而且我們看到市場情緒持續趨於穩定，人們也意識到這些產品確實有效。事實上，在升息環境下——顯然相較於六個月前，這如今已成為新常態——直接放貸正是最適合配置的地方，我認為投資人也很欣賞這一點。機構投資人也是。

We absolutely have seen meaningful uptick in institutional engagement. Timing is always a little trickier with things like big SMAs, but we expect to post some really attractive results on fundraising in total in Q3, but including the credit side on the institutional side. As for drawdown, not drawdown, we do have a product called ODL, which actually is a drawdown structure but have some nuances to make it slightly different from a traditional one. We have no hesitation to launch a drawdown product.

我們確實看到機構端參與度明顯上升。像大型 SMA 這類產品在時點上總是比較棘手一些，但我們預期第三季在整體募資上（包含機構端的信貸業務）會交出一些非常亮眼的成果。至於提撥式（drawdown）與非提撥式，我們確實有一個名為 ODL 的產品，它其實是提撥式架構，但有一些細節設計，使其與傳統提撥式略有不同。我們對推出提撥式產品毫不猶豫。

And in fact, I expect we will, if that's where people want to put the capital. We're never trying to force feed people a structure for our purposes. We want to meet them where they want to be. So it seems quite logical that we would actually launch the right drawdown -- traditional drawdown structure. And it's less about kind of offsetting retail as I think retail will indeed already show signs of recovery, not rapidly.

事實上，如果投資人希望把資金放在那裡，我預期我們會推出。我們從來不會為了我們自己的目的，硬要投資人接受某種架構。我們希望在他們想要的位置與他們對接。因此，看起來相當合乎邏輯的是，我們確實會推出合適的提撥式——傳統提撥式架構。這與其說是要抵消零售端，我認為零售端確實已經出現復甦跡象，只是不會很快。

We're not trying to get anybody ahead of themselves in this market. It takes time for -- after hurricane blows through to clean back up again.

我們不想讓任何人在這個市場上操之過急。颶風過境後，要把環境清理恢復原狀是需要時間的。

But we feel good about retail. We also do feel good about institutional, and we'll absolutely -- we're absolutely open-minded to creating a drawdown project. In fact we certainly talked about it actually and imagine we will, if that's where our investors want to be. And finally, let's again just go back to the rate environment we're in is exactly when you want to be in direct lending, individual or institutional alike. I mean how many years in a row has it been now that everyone is sure rates are about to come down and everyone is wrong every time.

但我們對零售端感到樂觀。我們也對機構端感到樂觀，而且我們絕對——我們對打造提撥式產品保持非常開放的態度。事實上，我們當然也談過，而且如果投資人希望如此，我們也預期會推出。最後，再回到目前的利率環境：這正是你想要配置在直接放貸的時候，不論是個人投資人或機構投資人都一樣。我的意思是，現在已經連續多少年了，每個人都確信利率就要下降，但每次都錯。

And so I'm sure it will be true eventually. But the point being a product that insulates and provides for that is a really good place for any type of investor, insurance, institutional or retail alike.

所以我相信終究有一天會成真。但重點是：能夠隔離風險並為此提供配置的產品，對任何類型的投資人——不論是保險資金、機構或零售——都是非常好的去處。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

I appreciate the full-year outlook. Just want to connect kind of the credit deployment theme. You guys mentioned direct lending activities consistent with the moderate sponsor M&A environment that's pretty consistent with the data we're tracking right now as well. The flip side, alternative credit, investment-grade credit, some of the other newer strategies are growing pretty quickly from smaller bases. So just trying to think about credit fee-paying AUM growth, maybe looking out a little bit further, maybe the next 18 months or so.

我很感謝你們提供全年展望。我想把話題連到信貸投放（deployment）的主題。你們提到直接放貸活動與溫和的贊助商主導併購（M&A）環境一致，這也與我們目前追蹤的數據相當一致。另一方面，另類信貸、投資級信貸，以及其他一些較新的策略，正從較小的基礎快速成長。因此我想從收取費用的信貸 AUM 成長角度來思考，可能把視野拉長一點，看未來大約 18 個月。

Do we need to see a more meaningful acceleration in kind of the broader sponsor-led M&A backdrop? Or are some of the newer strategies large enough or becoming large enough to move the needle? And just more broadly on that sponsor kind of M&A backdrop, what are you seeing there as well? I just want to get some of the puts and takes.

我們是否需要看到更明顯的、整體贊助商主導併購背景加速？或者一些較新的策略是否已經夠大、或正在變得夠大，足以帶來實質影響？另外更廣泛地，就贊助商主導的併購背景而言，你們也看到了什麼？我只是想了解其中的利弊權衡。

Yes. So look, the underpinning to our thinking and to what Alan has commented on, he can add anything here that is additional, is not about a rapid recovery in the sponsor activity market. Now that day will come, and we're hopeful and frankly, kind of the math tells you eventually capital gets deployed and eventually assets have to go back. But that's not the predicate for what we're talking about. We have all these other strategies, as you know, that are growing very substantially.

是的。所以你看，我們的思考基礎，以及 Alan 所評論的內容——他也可以補充任何額外的觀點——並不是建立在贊助商活動市場快速復甦之上。那一天終究會到來，我們也抱持希望；坦白說，從數學上看，資金終究會被投放，資產終究也必須回到市場。但那不是我們所談論內容的前提。如你所知，我們還有許多其他策略正在非常顯著地成長。

And that, as Alan noted, is really what we're looking at when we talk about driving the growth. When there is a more meaningful cyclic recovery or secular recovery, whatever the case may be, in private equity, that should give us some additional wind in our sales. So it is not predicated on a meaningful rebound that indeed would be additive helpful, supportive. I do think it will happen.

而正如 Alan 所提到的，當我們談到推動成長時，真正著眼的就是這些。當私募股權出現更有意義的景氣循環復甦或結構性復甦——不論是哪一種——那應該會為我們的銷售帶來額外助力。因此，我們並不以顯著反彈為前提；那確實會是額外的幫助與支持。我確實認為它會發生。

But there's no point getting ahead of ourselves on that either. It's not happened yet. That's apparent. We can all look and see in the M&A market on the PE side. It's a tepid environment. That all said, with the -- let's call it, the storm this industry went through the last six months and a very tepid PE environment, we grew our business 9%. And as Alan talked about, we see sequential improvement now coming in three and four and into 2027. So I think those other things would be very nice to have, a meaningful recovery in retail, it would be nice to have, recovery of PE act be nice to have. And those would all be nice additive and reinforcing forces.

但同樣地，也沒有必要在這件事上操之過急。它還沒發生。這很明顯。我們都可以看看私募股權端的併購市場。環境相當疲弱。即便如此，在過去六個月這個產業經歷——姑且稱之為——風暴、且私募股權環境非常疲弱的情況下，我們的業務仍成長了 9%。而如 Alan 所說，我們現在看到第三季、第四季一路到 2027 年都有逐季改善。所以我認為，那些因素若能出現會非常好：零售端顯著復甦會很好，私募股權活動復甦也會很好。而這些都會是很好的額外增益與相互強化的力量。

The only thing I would add here is we would expect, as I think you would, a natural improvement in the growth rates as we see deployment continue over time as we see that start to come back at some point in the future. And the net flow picture gets better. We commented on the net flows. We've seen that build since the month of April, the May 1 closing. We've seen it build since then.

我唯一想補充的是：我想你也會同意，隨著時間推移、投放持續進行，並在未來某個時間點開始回升，我們預期成長率自然會改善。而淨流入的情況也會變得更好。我們也評論過淨流入。自四月以來、以及 5 月 1 日結算（closing）之後，我們看到它逐步累積。從那之後我們就看到它持續累積。

It's built nicely. We have a long ways to go there, but it has built nicely. And if I pull the lens back a little bit more than that, overall, when we talk about, I guess, this question and the last question, institutional fundraising, we commented that overall, we do see that remaining strong in the second half of the year. And overall, we do think fundraising for the second half, we think, could be better than the first half. So we continue to be cautiously optimistic about where we're sitting.

累積得相當不錯。我們距離理想狀態還有很長一段路，但確實累積得不錯。如果我把視角再拉遠一點，整體而言，當我們談到——我想——這個問題以及上一個問題時，關於機構募資，我們提到整體在下半年仍會保持強勁。而整體來看，我們也認為下半年的募資可能會優於上半年。因此，我們對目前所處的位置仍保持審慎樂觀。

Well, at the end of the day, look, mathematically, we have $31 billion of capital that's not yet paid fees. That $380 million that's coming into the P&L, again, without trying to take a position on exactly when activity levels rise, that is forthcoming. So I think we're trying to take a very realistic approach and not counting on exogenous variables to carry the day. That would -- those will come, and they will be helpful and additive.

歸根結底，從數學上看，我們有 310 億美元的資本尚未開始收取費用。那 3.8 億美元將會進入損益表（P&L）；同樣地，我們不試圖對活動水準何時上升做出精確判斷，但這是即將到來的。所以我認為我們正試圖採取非常務實的方式，不把外生變數當作決勝關鍵。那些因素終究會到來，而且會帶來幫助與額外增益。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

On digital infrastructure, your data center business has definitely been a significant growth area for you and your focus has been on the infrastructure. Can you just discuss further opportunities there? Do you see chips financing as being an additional place where you could add to this area and one that you'd be interested in over the intermediate long term?

關於數位基礎建設，你們的資料中心業務顯然一直是重要的成長領域，而你們的重點也放在基礎設施上。你能否進一步談談那裡的其他機會？你們是否認為晶片融資會是另一個可以擴展此領域的方向，並且是你們在中長期會感興趣的？

Yes. Digital infrastructure is a really important growth opportunity. And I don't think we're scratching the surface because we're amongst the leaders in these hyperscale projects. But you're absolutely correct. There are areas that surround that, some of which we already touch and do well. And we've been involved in fiber that surrounds the data centers very successfully. Power is clearly an area that is both capital intensive and becoming endemic.

是的。數位基礎建設是一個非常重要的成長機會。我不認為我們已經觸及表面，因為我們在這些超大規模（hyperscale）專案中屬於領先者之一。但你說得完全正確。在其周邊確實還有一些領域，其中有些我們已經涉足且做得很好。我們在圍繞資料中心的光纖（fiber）方面參與得非常成功。電力顯然也是一個資本密集、且正變得日益普遍的領域。

As you know, behind-the-meter power solutions are becoming a part of the data center solution as opposed to leveraging the grid in many markets. So that brings us ever more proximate and engaged in the power side of the equation. So we absolutely continue to see, look and believe we're in a pretty distinctive position by virtue of being the partner of choice and therefore, helping in partnership with these wonderful companies control the project that gives us access to a lot of the other opportunities beyond the data centers.

如你所知，在許多市場中，表後（behind-the-meter）電力解決方案正逐漸成為資料中心解決方案的一部分，而不是依賴電網。因此，這讓我們在這個等式的電力端更加貼近並更深度參與。所以我們絕對持續看到、持續關注並相信，憑藉我們作為首選合作夥伴的地位，我們處於相當獨特的位置；因此，透過與這些優秀公司合作，協助掌控專案，讓我們得以接觸到資料中心以外的許多其他機會。

You asked specifically about chip financing. We already do participate in chip financing, not in our ODIT product, not in triple-net lease because remember, those are about very long-dated arrangements with extremely strong counterparties. But we already do in our lending business, participate in chip finance.

你特別問到晶片融資。我們確實已經參與晶片融資，但不是透過我們的 ODIT 產品，也不是透過三重淨租賃（triple-net lease），因為請記得，那些是期限非常長、且對手方極其強健的安排。但我們在放貸業務中，已經有參與晶片融資。

For example, we participated in a meaningful financing a while back for xAI, which I guess now is part of SpaceX. And we -- so this is an area -- yes, that's an area of opportunity. It has to be done structurally right. It's a different proposition from triple net. But again, a good example of where as a firm, by being very integrated as we are and staying focused on this choice -- partner of choice for capital solutions, long-dated capital solutions, absolutely. Chips continue to be an area of opportunity in our lending business in particular.

例如，我們先前曾參與 xAI 一筆具相當規模的融資，我想它現在已經成為 SpaceX 的一部分。而我們——所以這是一個領域——是的，那是一個機會領域。必須在結構設計上做對。它與三重淨租賃是不同的命題。但同樣地，這是很好的例子：作為一家機構，透過像我們這樣高度整合並持續聚焦於這個定位——作為資本解決方案、長天期資本解決方案的首選合作夥伴，絕對如此。晶片仍然是我們放貸業務中特別重要的機會領域。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

I was hoping we can double-click into the wealth channel outside of the non-traded BDCs for both the alt credit fund and the ODIT. You guys seeing nice pickup in flows, as you talked about. I think there's a good chunk of them that still have fee waivers attached or incentives attached to them.

我希望我們可以更深入探討非上市 BDC 之外的財富通路，涵蓋另類信貸基金與 ODIT。你們如同先前提到的，看到資金流入有不錯的回升。我認為其中有相當一部分仍附帶費用減免或激勵措施。

So help us maybe think through how those flows turn into management fees over the kind of next 12 months -- and then more broadly, are there other retail dedicated products you're thinking about and kind of what's in the lab, what's in the pipeline?

所以能否協助我們思考，這些資金流入在未來大約 12 個月內如何轉化為管理費——以及更廣泛地說，你們是否還在考慮其他面向零售端的專屬產品？目前實驗室裡有什麼、產品管線裡有什麼？

Sure. Alex, thanks for the question. Look, we continue to be encouraged by the flows that we're seeing certainly ORENT as well, but your focus for the question at least OWLCX and ODIT. We're particularly excited about the growth opportunity in alternative credit. We've done a lot there already.

當然。Alex，謝謝你的提問。你看，我們對目前看到的資金流入仍感到鼓舞，當然也包括 ORENT，但就你的問題焦點而言，至少是 OWLCX 和 ODIT。我們對另類信貸的成長機會特別興奮。我們在那方面已經做了很多。

We have a big pipeline. We have a 20-plus year track record there. We think this is one of the biggest interval funds out there already, and we're only one year out. So the opportunity set there is very large for us. And the management fees will continue. We have -- I think in 4Q, the offset goes down to 0. You'll see a partial offset for the interval fund in 3Q.

我們有很大的管線。我們在那方面有超過 20 年的實績。我們認為這已經是市場上最大的區間基金（interval funds）之一，而我們才推出一年。所以對我們而言，那裡的機會集合非常大。而管理費也將持續。我們——我想在第四季，抵減（offset）會降到 0。你會在第三季看到該區間基金的部分抵減。

And then as you roll this out, we do see wealth products coming to market over the next 6, 12, 18 months. There's some interesting things that we've been working on that we'll talk more about in the coming quarters, but we are very focused on expanding our presence there. We already have a diversified set of products there, and it's only going to become more diversified. So we're encouraged there.

接著，隨著你把這些推出，我們確實看到未來 6、12、18 個月會有財富產品上市。我們正在推進一些有趣的事情，未來幾季會再多談，但我們非常專注於擴大我們在那裡的布局。我們在那裡已經有一套多元化的產品組合，而且只會變得更為多元。所以我們對此感到鼓舞。

And I think it's important to note that when we look at products like OWLCX and ODIT, they're very small today in terms of inflows. Now they've been very successful in terms of the total capital raise. They're big participants in the market, so they're important. But actually, the funds flows there, just to clarify, are very modest. In fact, dare say inconsequential in the context of our business today.

我認為重要的是要注意，當我們看像 OWLCX 和 ODIT 這類產品時，就資金流入而言，它們目前其實非常小。當然，就總募資金額而言，它們非常成功。它們是市場中的重要參與者，所以很重要。但實際上，那裡的基金資金流動——澄清一下——非常有限。事實上，甚至可以說在我們目前的業務脈絡下微不足道。

But what's happening to be more specific is we are broadening now the distribution of those products. Safe to say the first six months of this year, we're not the time the platforms are saying, great, this will be a really neat time to go out and roll out some new products. So that's what's starting to kind of build back up again is the broadening of that distribution, the broadening of the product suite, as you asked. You'll see us, I think, come with some equity-related products.

但更具體地說，正在發生的是：我們現在正在擴大這些產品的通路分銷。可以說今年前六個月，並不是各平台會說「太好了，現在正是推出一些新產品的好時機」的時點。所以現在開始逐步回升的是分銷的擴張、以及如你所問的產品組合的擴張。我想你會看到我們推出一些與股權相關的產品。

I mentioned BOSE before as an example of a place where we have a really distinctive capability that is so on trend with where market currently is allocated PE dollars. So it's much more about the forward opportunity set than it is on anything we're experiencing today. And that again speaks more to the acceleration opportunity going forward, not about today's results.

我先前提到 BOSE，作為一個例子：我們在那裡具備非常獨特的能力，而且非常符合目前市場私募股權（PE）資金配置的趨勢。所以這更多是關於未來的機會集合，而不是我們今天正在經歷的任何事情。而這也再次更偏向於談未來的加速機會，而不是今天的結果。

Mike Brown, KBW.

Mike Brown，KBW。

Thinking about the $31 billion here, can you talk a little bit about how the deployment will be kind of different in credit versus real assets? In real assets, I guess maybe focus a little more there since you already touched on the credit side. And then with digital infrastructure Fund IV coming through, can you maybe just touch on the cadence of the closes, fee activation, and then any potential co-investment demand there?

就這裡的 310 億美元而言，你能否談談在信貸與實體資產之間，資金部署會有哪些不同？在實體資產方面，我想可以多聚焦一些，因為你已經提到信貸端。另外，隨著數位基礎建設基金 IV 推進，你能否談談各次關帳（closes）的節奏、費用啟動（fee activation），以及那裡是否有任何潛在的共同投資需求？

Sure. We're certainly seeing -- we've been doing -- we continue to see a lot of co-invest interest in what we're doing in Digital Infrastructure and what we're doing specifically in data centers. We've continued to close a number of SMAs and co-invest vehicles alongside some of our existing fundraise vintages. As we continue to go here, we've pointed to back end of this year, back half of this year for the first close of the next vintage. That fundraising will go through 2027, I would expect into early 2028.

當然。我們確實看到——我們一直在做——我們持續看到對我們在數位基礎建設、以及更具體在資料中心所做事情的共同投資興趣很高。我們持續在一些既有募資梯次（vintages）旁邊，完成多個 SMA 與共同投資載具的關帳。隨著我們繼續推進，我們先前指出下一個梯次的首次關帳會在今年年底、今年下半年。我預期該募資將持續到 2027 年，並可能延伸到 2028 年初。

And so that will have its normal cadence. We continue to be excited about that. We continue to have $10 billion as our goal that we think is achievable. In deployment in net lease or the $31 billion, that breaks out mostly across credit, direct lending, alt credit, and net lease. The net lease, we're actively -- I touched on that, as you pointed out. We are actively doing capital calls.

因此它會有其正常的節奏。我們對此仍然感到興奮。我們仍以 100 億美元為目標，且我們認為可達成。至於淨租賃或這 310 億美元的部署，主要分布在信貸、直接放貸、另類信貸與淨租賃。淨租賃方面，我們正在積極——如你所指出，我剛剛也提到——我們正在積極進行資本催繳（capital calls）。

We have line of sight for Fund VI to be fully called. We've already been doing calls on the existing current vintage. Direct lending, we're going to continue to see. It's going to matter where the deployment happens across our direct lending vehicles. Right now, we're running at roughly net zero deployment, not different than what we're seeing out across our peers. And we'll see what the M&A environment looks like over the next 6, 12 months. But as that picks up over time, you'll certainly see our net deployment continue to pick up.

我們對基金 VI 能夠被完全催繳（fully called）已有明確能見度。我們也已經對現有、目前這個梯次進行催繳。直接放貸方面，我們將持續看到——部署會落在哪些直接放貸載具上，將會很重要。目前我們的淨部署大約接近零，這與同業看到的情況並無不同。而我們也會觀察未來 6 到 12 個月的併購（M&A）環境會如何。但隨著時間推進、當那邊回升時，你肯定會看到我們的淨部署持續回升。

Maybe more overall, Mike, just to think about the dialogue today, your question and some other questions. We are certainly seeing an inflection point in our business today. Again, just broad picture here, we saw redemptions down in 2Q versus 1Q. We saw inflows trough for our May 1 close. We still have a ways to go there, but progress.

Mike，也許更整體地來看今天的對話、你的問題以及其他一些問題。我們確實看到我們業務在今天出現一個拐點。再次從大方向來看，我們看到第二季的贖回相較第一季下降。我們看到 5 月 1 日那次關帳的資金流入觸底。我們仍有一段路要走，但已有進展。

We touched on already today quarter-over-quarter sequential growth in our management fees in 3Q and in 4Q. We see the growth rate for management fees higher in 2027 than in 2026. And we just touched on this, we see a lot happening with our fundraises across our platforms. We've got follow-on vintages, new products, new strategies. We really are seeing a lot of success here. We just touched on deployment. Deployment is strong in net lease and digital infrastructure and alternative credit.

我們今天已經談到，第三季與第四季我們的管理費呈現季對季的連續成長。我們預期 2027 年的管理費成長率將高於 2026 年。而我們也剛提到，我們在各平台的募資方面有很多進展。我們有後續期次（follow-on vintages）、新產品、新策略。我們確實看到這裡取得了很多成功。我們也剛談到資金部署。在淨租賃、數位基礎設施與另類信貸方面，部署表現強勁。

And most importantly, and Marc touched on this in his opening remarks, we continue to see strong performance returns for products across our platforms. So look, generally, we're pretty sober about where we are today in the last six or eight months. We are optimistic about growth increasing as we go from here.

最重要的是，正如 Marc 在開場致詞中提到的，我們持續看到各平台產品的績效報酬表現強勁。所以你看，整體而言，對於過去六到八個月我們目前所處的位置，我們是相當審慎的。但我們對於從現在開始成長加速抱持樂觀。

Benjamin Budish, Barclays Capital.

Benjamin Budish，巴克萊資本。

This is another quarter of pretty strong administrative and transaction fees despite a more muted direct lending environment. It looks like real assets, I think the messaging was like maybe Q1 was a little elevated, but it looks like that was strong again in Q2. And then in GP Capital, you had a little bit of a sequential step-up. So just curious if you could talk about what's going on there. And obviously, on the credit side, maybe that will be more dependent on what's going on in the direct lending market.

在直接放貸環境較為低迷的情況下，本季的行政與交易費用仍相當強勁。看起來在實體資產方面，我想先前的訊息是第一季可能稍微偏高，但第二季似乎又同樣強勁。另外在 GP Capital，你們出現了一些季對季的上升。所以想請教能否談談那邊發生了什麼事。當然，在信貸端，可能會更取決於直接放貸市場的狀況。

But should we otherwise be seeing more of a structural step-up going forward? If you could talk a little bit about what you're seeing in the other segments of the business, that would be helpful.

但除此之外，未來我們是否應該看到更具結構性的上台階（step-up）？如果你能稍微談談你在其他業務分部看到的情況，會很有幫助。

Sure, of course. We continue to see good -- as we do in direct lending, you see transaction fees come through. That's been modest this year. That goes along with the ultimately gross deployment that you see. We continue to see interesting opportunities in real estate credit.

當然，沒問題。我們持續看到不錯的——就像在直接放貸一樣，你會看到交易費用進來。今年這部分一直較為溫和。這與你看到的最終總部署規模相一致。我們也持續在不動產信貸看到有趣的機會。

So very similar on the direct -- very similar as direct lending on the real estate credit side. We have transaction opportunities there. 1Q, we had a good quarter. 2Q, we, I think, put up relatively similar results. You could see that building a little bit over time as we go here. We continue to see good opportunities in the marketplace.

所以在不動產信貸端的情況與直接放貸非常相似。我們在那裡有交易機會。第一季我們表現不錯。第二季我們，我想，交出了相對類似的結果。隨著時間推進，你可能會看到這部分逐步累積、略有提升。我們持續在市場上看到不錯的機會。

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

Could you talk a little bit about fee-paying AUM and credit? Curious why we saw that go down a little bit given the dry powder? And do you see opportunities to offset outflows by leaning into institutional fundraising?

能否談談收費 AUM（fee-paying AUM）以及信貸？好奇為什麼在有乾粉（dry powder）的情況下，我們看到它小幅下降？你是否看到透過加大機構募資來抵消資金流出（outflows）的機會？

Sure. So for fee-paying AUM, we raised a lot of institutional dollars in 2Q, Wilma. So about 75% of our fundraise in the quarter was institutional. That goes generally straight over to AUM Not Yet Earning Fees, which we've seen increase by about $3 billion since year-end. So that incremental $3 billion since year-end, that's about $55 million of annualized management fees that gets put into that queue for as we deploy it, that starts to get opened up, if you will.

當然。Wilma，就收費 AUM 而言，我們在第二季募集了大量機構資金。因此，本季募資約 75% 來自機構。這通常會直接進入「尚未開始收費的 AUM」（AUM Not Yet Earning Fees），而自年末以來我們看到該項增加了約 30 億美元。所以，自年末以來新增的這 30 億美元，約相當於 5,500 萬美元的年化管理費，會先被放入那個佇列中；當我們把資金部署出去後，這些費用就會開始逐步釋放（如果你願意這麼說）。

So direct lending, obviously, net deployment has been light. In net lease, we saw the capital call activity. We've talked about that. So that is starting to get deployed. But overall, when you see a lot of institutional dollars raised, that goes generally straight over to the AUM not yet earning fees.

至於直接放貸，顯然淨部署一直偏輕。在淨租賃方面，我們看到資本催繳（capital call）活動。我們已經談過這點。所以那部分正在開始部署。但整體而言，當你看到大量機構資金募入時，通常會直接進入「尚未開始收費的 AUM」。

And then as it gets deployed, that starts getting put into the management fee growth rate.

然後隨著資金被部署出去，它就會開始反映到管理費的成長率上。

And we are indeed seeing good institutional interest in private credit and direct lending. So to your point, again, we look to build both versus sort of, so to speak, the offset and expect we can build both on the individual side and on institutional. But institutional, we have some quite large mandates that are very advanced. So yes, institutional interest has picked up, and we expect that to benefit us.

而且我們確實看到機構對私募信貸與直接放貸有良好的興趣。所以如你所說，我們希望兩邊都能成長，而不是說一邊只是用來抵消另一邊；我們預期個人端與機構端都能成長。但在機構端，我們有一些相當大型、進展非常深入的委託案（mandates）。所以是的，機構興趣已經回升，我們預期這將對我們有利。

And that concludes our question-and-answer session. I will now turn the call back over to Mr. Marc Lipschultz for some final closing comments.

以上為我們的問答環節。接下來我將把電話交回給 Marc Lipschultz 先生，請他做最後的結語。

Thank you very much. I think for us, look, we are excited about the inflection from here. We're pleased with the results for this quarter, but considering the atmospherics that have surrounded it. And most importantly, performance of the underlying products is extremely strong. Job one is to deliver for our LPs.

非常感謝。我想對我們而言，你看，我們對於從現在開始的轉折點感到振奮。我們對本季的結果感到滿意，尤其是在周遭氛圍的影響之下。而最重要的是，底層產品的績效表現極為強勁。首要任務是為我們的 LP（有限合夥人）交出成果。

We will never lose sight of job one and job one will lead to great results for our shareholders. Diversification, you can see the power of how many new businesses we have built successfully to real scale. We like the direct lending business. But remember, it's now 35% of our assets.

我們永遠不會忽視首要任務，而首要任務也將為我們的股東帶來優異成果。多元化方面，你可以看到我們成功打造了多少新業務並擴展到真正的規模，其力量非常明顯。我們喜歡直接放貸業務。但請記得，它現在只占我們資產的 35%。

And the products that have been kind of most acute focus that have probably been 90% of the narrative are actually 11% of our fee-paying assets, which is the wealth products in direct lending. And so you can see the benefits and power of the diversification across our three platforms, and that brings to durability of the firm in total with both the results we have and the results we see forthcoming.

而那些一直是最受關注、可能占了敘事 90% 的產品，實際上只占我們收費資產的 11%，也就是直接放貸中的財富管理產品。因此你可以看到我們三大平台多元化所帶來的效益與力量，這也提升了公司整體的韌性——不論是我們已取得的成果，或我們預期即將到來的成果。

So we'll continue to push forward on managing that, which is controllable. And when exogenous things are helpful, that we look forward to that be additive. But we are excited looking into the back half and into 2027 from here, and appreciate the time today.

所以我們會持續推進、管理那些我們能控制的事項。而當外生因素（exogenous things）帶來助益時，我們也期待它能成為額外的加分。但我們對於下半年以及從現在展望到 2027 年感到振奮，也感謝大家今天撥冗參與。

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

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。