DBRG - Earnings call 4 2023 | DigitalBridge Group, Inc.

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Operator

Greetings. Welcome to DigitalBridge Fourth Quarter 2023 Earnings Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce Severin White. begin. Please

Severin White

and DigitalBridge everyone, Earnings Quarter to Call. Conference welcome morning, Fourth the XXXX Good

call started. the of the We're then today Ganzi, the during quickly be on Speaking from cover CFO the as and Tom who can role Wu, we previously transitioning by I'll into our second company and Jacky our year, joined safe CFO. quarter harbor also the Mayrhofer, get will this CEO; Marc is announced.

results today make such regarding business, of number the we Some today, be no future for could or to discussed information and that financial February update circumstances. and duty forward-looking, of that as may statements our performance events XX, to actual uncertainties XXXX, statements does materially. operations of undertakes a is cause and All risks considered and and involve on it this differ DigitalBridge call intend

factors Form the For the the please our XX, XXXX. risk to with filed in be Great. recent more refer SEC ending to December discussed most year information, for XX-K

Marc? going to CEO. start key the and progress that, call our it results on Jacky simplified Marc to we're in over turn to lay our new Ganzi, XXXX summarizing Marc our business Marc back plan. XXXX. our made walk priorities we've will turn the financial out I'll us with through So With over to

Marc Ganzi

Thanks, Severin.

I'd like our XXXX the to ahead on look year. for recap XXXX in digital our to we following playbook, executing summarize Before we priorities section, on third and key delivered how the

broader the way, leading Along because over multiyear read the where successfully investing we digital on my continuing companies. across ecosystem, diversified report the for performance of has years. verticals while on infrastructure. end been the that simplification global value And operating assets and billion look, I estate down business portfolio real for What focused a DigitalBridge, at harvested three of transformation, our transformation grow. have management on As refocusing things context I platform asset the a XX taking we this that and it's shareholders this and a like let's in X put legacy the completed at fundraising, real successfully sale to at say, XXXX, from exclusively digital is to believe $XX infrastructure team matter: DigitalBridge

a our let's up in fourth The and combination start revenues saw year-over-year really contribution over growth new segment activation the fee in Much XX% our So of year-over-year. FEEUM capital fundraising, Management where with This growth. XX% acquisition InfraBridge up terrific formed the Investment new is we year from here of and is today closing at formation, drove earnings of piece that fee-related quarter. industry-leading which $X.X January our in through growth inaugural over was that in are multi-strategy last credit fueled DigitalBridge. new billion strategy, today, capital manager asset including since formation, billion by the capital $X of we of key building

done. to successfully $X And billion. sheet front monetized Vantage up, value win-win. ton and moving balance off by in part this huge We process books. SDC that simultaneously We This deconsolidating segment the both DataBank as of fourth our deleveraging segment a was really operating our and Next over simplify. That's follow discontinued course to enhancing our XXXX, got while quarter, with to a And of disclosure. operating a center of the the much to we easier alternative set, you, investor. the manager for over reporting agree, asset simplified you'll in financial including our peer profile financial I our and understand operations. think realigned the returns year is moved the match And

drives in This and partnering of what drives terms is what portfolio drives What at performance center Lastly, for my interest company and returns. priority, in the particularly level. us LP front growth continued always with we're XXXX, of us across data seeing AI our Infrastructure early the all And demand, ecosystem. verticals. of the impacts In interestingly, generative to Digital of continued platform. across our perform center the third

little over financials. detail, then in to more I'll and cover Let's turn the it to cover these Jacky topics X a

please. slide, Next

So it are track here. that starts AUM right two FEEUM metrics vigorously. and now I

InfraBridge FEEUM, billion, over most successfully into First, earnings in the see recent with revenue driven year-over-year $XX QX, in the up up XX% we as integrated over the activation $XX platform. just to which contribution the our AUM, formation flagship year ended growth by and And you represents strong and rate growth FEEUM, its billion continued or fully driver combination of we can our and $XX XX% organic a which capital strategy. We're billion year acquisition, year-over-year. a key from now with here, of our this

infrastructure In advantage fact, XXXX, we're set industries. provide the the that good platform our in to vector take of InfraBridge will and market us ability adjacent digital confident growth a amplifying opportunities broader across for of a middle

please. slide, Next

including This environment, close a by strong $X growing in year. for $XXX commitments that million our product. capital to all It's fundraising DigitalBridge here that know a formation. last compute. slide billion of see. pleased flagship I'm need in is That's $X.X new since the you historically January billion So since meet and fuel despite to to are, last I wanted initial us the connectivity year-to-date, allows raised new we report challenging FEEUM latest quarter, to led

our first in earlier, over strategy cumulative the its closing mentioned fund credit $X of I As billion with completed commitments. capital successful

unbelievable the done on our want job. we Leslie, next fundraising put Before slide, into to our look, to context because, they've I Kevin, move an team,

of commitments. proud and firm. focus of to necessary key an over XX% is testament FEEUM of an firm team, our and digital our as a strength proud the up to the meet powered was and our is class, the team, I'm New and call infrastructure to This fundraising to XX%. of customers, I'm really in down infrastructure over the our incredible our global the bringing the of meet to asset dedication when a year This resources is accomplishment, really

Next slide, please.

our up, priority quite clear, next Simplify. So was second

Here, successful segment. operating was deconsolidation the the of centerpiece our

our recap balance asset-light by summer sheet. an time value business of million million in but of X manager really capital, this strategic note Since for we operating only sheet $XXX Starting DataBank, back On significant invested the I've in ago, DigitalBridge's that's the successful of the investment. less million made through business the to years and creation than it's the value in we left, the segment, we our doubled which shareholders DigitalBridge value balance the to decision come over successfully rotate we monetized DigitalBridge to highlighted important deconsolidation to almost $XXX not the investment to $XXX deconsolidate XXXX.

which, increased XX% In fact, we're We to just year. edge maintaining the asset it, raise strong the profile, last capital under based XX% fair in set in another fuel of you on to focused DataBank's the future where all that a to of next know, threshold growth, growth while brought value exposure has computing tranche and computing. on is year DataBank's of September deconsolidated as last edge

line, of last The our aspect of the our it $X.X operating deconsolidation balance hard with I debt Consolidating and believe DigitalBridge investment-level moving that we've off investors to crucial evaluate billion deleveraging significant we've was profile. debt was distortion made simplified down million to took debt other shareholders, for segment for consolidated under books. a that investment created unnecessarily level $XXX of DigitalBridge. business We there our from and and understand really is sheet. year that value Bottom appreciate substantial

Next slide, please.

portfolio around sheet So just balance value the the of today billion into of that the not $X from investment, Vantage compared level, give you net equity with of treatment asset year the talking the managers. deconsolidation see it, on really at a few corporate takeaways of here, our as impact level. at can and we're relevant DataBank ago, key simplification you the see consistent the to the sense assets a were call of better at other include you'd movement about, to A assets

our On want liability our debt billion it $X We sheet moved mentioned you. over books. for make I investor Net-net, analysis in off has reduced, the business. the complexity side, significantly the investment to in has of facilitating balance earlier, easy level

as our So course, I advisers talks team and, see Jacky when our thank and deconsolidate well top finance our want of On and you'll comes account financials, not to that the team whole simplicity And of the as and LPs. separate through really stark. legal from to it's for. expensive clarity subsequently then two quite to less and having the that, units is business different Jacky

for So I DataBank. generate changes their hard of on thank savings. partners includes and this Vantage and team our our on that work initiative, enough the at everyone cannot real

Next slide, please.

standout and X%. cells to our our performance X%; deliver at this well. this Towers expand all matter. X XX% be Performance connectivity portfolio. extremely Data performing up was and for customers underpins consistent performance. verticals centers MRR growth organic investment-led with also companies rest our importantly, a Really small verticals, with fiber, good, across of continues combination up Finally, along X%, continue to up for ability MRR our consistent up the the and and and to growth. up compute of Demand again, nearly organic ultimately driven most our growth. and quarter, by portfolio of

over it say Jacky. a I I to Jacky before words want the So few to cover to about turn financials,

his able of heck been and so our first to that attitude, a to partner be of be of want ride. fabric will I last part we've accomplish and Jacky's big the friendship most never the my was partnership, X ethic, operating that highlight as this will one in quit As tireless a together, a know, the Jacky incredible years. been quarter makes capacity last big that part DigitalBridge as Jacky, transformation for his you his It's and unique. remains his CFO. the work

where role, be part Jacky moves I an fabric. of flourish, into he'll to that a As continue know operating he'll

you So course, your the of of Jacky, the and, and all shareholders. Thank from employees goodbye. from partners all

really job, tremendous a done You've and appreciate we you.

Jacky that, the mic hand I with over to Wu. So

Jacky Wu

Marc, Thank everyone. morning, and you, good

this of and within website. in continues Shareholders operating metrics have during filed is grow our Management leading full report a release an Page our our a XXXX, reminder, we segment, industry our As rate. at key to XXXX by supplemental significantly section financial at Investment available the to financial increased which XX, on year of which addition the Starting morning, led earnings,

simplified. end marks at with successful our the our sector-leading corporate and corporate structure quarter This management investment business our scale transformation of

positively. continues earnings to free flow-through distributable superior trend realize distributable and and fund track cash to flow. to and beyond which drives momentum this yield flows and earnings raise significant as the to asset continue this recurring in continue free XXXX foresee returns importantly, and of We cash More powerful off manage, record, company

its XX. the launch first from closing Partners per $X.XX Xst. latest $XX had III, earnings Page company's fund DBP to was new share, revenues November of The million fee DigitalBridge on by or III, Turning our distributable or highlighted which flagship

Assets same from which to quarter, under a growth billion representing management a FEEUM and been InfraBridge the period last management year. period beginning AUM as the fourth acquisition, co-invests $XX the to XXXX. last growth XX% the is raised closed over the XX% equity driven by billion, in as primarily increase capital year. FEEUM our which at paying $XX Fee-earning new in of well increased increased same under strategies and have

strong, with to to DBP making our by Our very flagship progress anticipate dynamic our significant on latest offerings fundraising product and be continues in III, XXXX. commitments pipeline we new built

of results XX, further achieved segment significant deconsolidation management corporate December, In Page reflected the year-over-year discontinued investment improvements. platform, by the company in completed operations. and our digital substantial structure, Vantage operating we in are Moving the with our the from growth streamlined SDC to enhanced

will period deconsolidated remaining higher million, remaining primarily the revenues our XX% reflect presented as products from up fee our similar $XXX This Vantage to in earnings same $XX last associated forward, third the continues an co-investments, be EBITDA $XX year, company and attributable year, Fee fees, digital $XX interest in coal earnings in have investment, incentive year. fee-earning representing XX% in which cover the throughout investment strategies the million, Investment period new will last XX% from investments, the all new same SDC and higher product growth same strong quarter suite, XX. was million same addition increases grow earnings from DBP by by operations. under periods company management on were Management revenues and held prior been from detail the our funds. of was XX% was $XX million period to is the XX% and to of fee-paying noncontrolling segment was million, generated results increased fees pages.Moving in the period method from in its III, liquid excluding DataBank, InfraBridge Total the XXXX. to DBP benefiting segment fundraising by led fee-related The results Financial and distribute we discontinued more respectively. Going Consolidated following adjusted of III. operating which which from interest credit, treatment the to year. with last Page equity equity management were revenues, primarily to last recast

interest revenue a noncontrolling interest XXXX DigitalBridge million $XX generate rate the to Page hurdles, managed before carried return our XQ interest including increases Turning manager. in fair in preferred XX, incentive net exceeds the compared to the due that value at funds was carried period $XX to million year as prior fee income, to of which the

our million the product of our And from rate fee led sheet debt approximately With the uses. sheet. company balance available revenues level from Since our Fee our its debt maturities our page, annualized $XX near-term revolver, to including from increased report run delevered new full XX. million. fund in remains with high-margin to and Page are to target strong Page the level, debt the million And have liquidity, Investment allows maintained $XXX fourth has shareholder to fee XXXX, looking balance company and million side $XXX significantly corporate securitization preferred current million revenues the annual up $XXX accretive our The asset revenues for right $XXX to positioning aligned and equity million and million.Turning of fee-related be for quarter space. by am liquidity to trajectory, achieved corporate earnings to on Turning we no poised $XXX and of Management lines. $XXX to success. nimble have our series alternative long-term perpetual segment continued for adjusting the now more our peers at I upward an pleased now DBP in management DigitalBridge increased XX.

to Moving XX. Page

on million financial in at progress the new net include are end shown our forward. earnings range $XXX guidance to page definition profile. corporate with the company's XXXX reporting are expenses significant simplified presented highlights the line between $XXX XXXX and now overhead be Fee-related to Our earnings and made in projected the million of going

very the performance investment year milestones of our key expecting generate space. are achieved manager year simpler transforming in dynamic with DigitalBridge by driven long-term shareholder III. The in strong XXXX. investment digital summary, our the pleased We We into In leading now in fundraising XXXX, the I fund company infrastructure asset-light latest flagship our journey company's a DBP products much by management a and scaling in is to and new prime are the success in platform. many Marc throughout

in about industry global a equity and seeing year. newest traction to off III, are the some to are our products Our great start fund, a despite DBP with the promising slowdown across in is fundraising, start progress excited we we the

and our DigitalBridge, and I shareholders like Financial employees Executive my our Chief rest last all the Marc leadership Directors, these call Officer experience As of Vice gratitude Board express the my would personal our to been. what years all X remarkable President have for to and of a last of as marks truly today team, earnings of

industrial significant dislocated digits. fast-growing of stock during was asset transformation. have more and and This up of and proud estate our change facilities, now office, medical assets of commercial business low a a should distressed real single We XX% assets of to be other company. all the our comprised company at offices, made tremendous hospitality, seen stakeholders The where XXX% the From senior legacy infrastructure even manager. digital pandemic living a COVID-XX over the

achievements successful has in line but like a rapid the and top healthy.I team strong decline, while the executive The to turn with and for in year you. great And future, veteran Officer. he welcome remarks. final his Chief helm. this team to challenged, the some set be back with we we that, already in persevered proven Marc here and Financial was were a also with endured I metrics to company is bottom-line incoming who DigitalBridge. investment especially addition Thank at we are management the leadership leverage the industry the to proven Tom to now Marc will is space, accomplish record and Our incredible and the and would joined an at Tom as has it track Mayrhofer,

Marc Ganzi

Well, up what That's bandwidth most Jacky. transformation look, us is DigitalBridge plan that all about. are on the us we've the us focus solutions And fuel platform. scaling Thanks, I is to here And momentum our said strong the today. the we that accelerating AI fundraising, our about starts allows all finishing and of frees that Flywheel. sufficient for up needs. is XXXX thing architecting really business built exclusively as with capital the This our earlier what already to Taking are revolution. form to tailored to look, today, clients' up it DigitalBridge investment excites the

pipeline The over our companies, attractive centers mission-critical DigitalBridge. deployed excited construction. and yields rates verticals. budgets increasingly being the to of rents of three data $XX portfolio today risen our center is the launch back where across next greenfield and call of for for as businesses billion have development CapEx have management risen the teams a our on great I'm new growth investment our second and priority also XXXX of about platforms opportunities success-based at at significant generation This other

products leverage, that and starts great scaling buy management and management we and highest investment strategy driving going it's we the XXXX. know The our this, and that DigitalBridge or haven't for return buying DigitalBridge that redeploying to shareholders. execute build, corporate flows in platforms, in new and third to I all the will opportunities investment been ultimately, cog at operating about into earnings improving corporate shy capital cash flywheel about how whether level is our developing out

incredibly what for finally to look, a ahead on I'm opportunity about lies go offense. It's us So excited this real year. for

So let's cover more detail. a little some of those priorities in

slide, Next please.

Let's start with fundraising.

capital growing in investment platform. in digital New key we're demand To formation infrastructure, multi-strategy targeting AI-powered business. the capital our for our over a that meet seeing for across fresh driver billion we're remains $X

our to to alongside portfolio XX% co-invest years. we growth a demonstrated that last the support our existing of We flagship from which the companies, least have at significant raise come expect X of for strategy,

of in achievable in credit, We strategies, balance representing in difficult Our year-over-year newer the drive XX% are and attractive, growth, over will these particular, targets both capital believe XXXX. environment. our fundraising a formation again,

the ways our of One base. we're this LP through expanding achieving is

As third you grown XXX right, to a lot as to LPs that enters can of are asset our increasingly a primary on its familiar of years, the think investors over LPs and the its with room infrastructure see tailwinds an across in from the LP here, particularly DigitalBridge couple investment XXX the just underpin of our growth, flagship strong We both base DigitalBridge. grow of vintage there's last we've the class, resilience secular team decade. management track record and as digital over

we tail one growth drive itself think this lot excited education our highlighted whom that's And expand we're as time some over growth that These process generative demand emerging that's the long, our thoughtful formation into in and and new going year in fact, manifests demand conversion the with key, a the next that leases particularly of to from call being and are fundraising, LPs new work them created that opportunities excited of is years them long-term with for are investors to a existing strong our more and capital through that's the now partnerships by horizons, investment showing couple seeing AI. with ultimately, up spending In the partners. LPs, And as we're walking the we I'm to LPs long the really our we're team we're new with construction I've leasing. where customers. new organic here. and new

please. slide, Next

build backs data the double We for ecosystem. XX data on gigawatts center new underwriting or going XXX center AI-powered the to infrastructure XX AI gigawatts. decade demand will cover capacity we to over digital take investments, more with across capacity is our and next let's particularly believe that to today to global a of X years, So the that

data data AI input centers becoming As and as we intelligence see with as and factories are output. insights it, the the

some NVIDIA, Microsoft, logos at the the space, look of Just Amazon, leading in Meta.

their capacity one demands take of AI. All customers cloud projected portfolio companies companies edge. of the to meet example I'll stay that current These and and that investments to were whole and of already new gear. ahead these has increasing are now substantially for pushed our trying a And into NVIDIA numbers demand center a to just post data AI the just those interesting a I When their most segment over the simply note It home billion, quarter, find to center. year. important prior to And chips $XX pretty sales they will incredible. chip in X.Xx see up their reported recent tomorrow. were data amazing. to ultimately be what it's need cloud That's

on to So to routes, to got data delivered understand X of building got this opportunity, already This top years. the edge of a experience. pipeline for footprint acquisition, it's latest one next data we've and increasingly sovereignty on is and XXX who what's a advances investors that power, across global fiber XX that permitting, software-defined out future terrestrial DigitalBridge. leading connectivity bring trained a centers land renewables, over proximity data networks the That's the that expertise. of big suboceanic is the We've AI. cloud gigawatts over global and center take over markets basis. cooling We've demand. with and going ready of back technology, meet to got infrastructure, looking in X Today, DigitalBridge

Next slide.

greenfield of delivered. with what cloud in we're $XX real billion portfolio. on centers, at and look aspects mission-critical America the CapEx. is really center towers, active happening today, in see active rest the up committed This the centers accelerating. are data places of CapEx. not actually This our building new putting in centers sampling. so construction from where laying companies new across give data networks. is new a XXXX, and AI many that's global looks And at is the And billion does we're This are world is AI So the we're a digital markets What revolution these This edge billion shovels make of no There fiber today, Europe to here most all in but focused but portfolio we we've mistake, science the and not CapEx I've budgeted revolution And building sense These today really infrastructure $XX that's ultimately, investments. of data We're opportunity of like? is the the critical Well, leading scale. is said, just a North data you are ground, AI got just images next-generation you what trained alone, networks. dominating other our a optic are small and are like $XX wanted world to at least today. for fiction. type

page. Next

on XXXX particularly in and DigitalBridge, me scaling profitability focusing for priority final operating is the So leverage.

management is One couple side the of the at a growing alternative already over progress made to ability the look asset of deconsolidating our of the years. picture past of we've platform benefits clear

you last I'm we've earnings from margins in the and scaling As XXs revenue substantially investment happened only mid-XXs of platform. see we've high-margin, increasing in months. but XX to here, not expanding XXXX. made, the growth, our progress attractive literally that really proud low the This can a asset-light generated

as growth. beyond momentum and and with solid continue XXXX about that excited really I'm we revenue so earnings And

Next please. page,

as past corporate wrap of allocation I in we great use We a earlier optimization ultimately value to made our direct I'm earnings calls. for showed drive corporate the We've delevering the level. I significant sheet past a made up, we In capital priority where This previous from our DigitalBridge another structure company we before We've future. highlight of we've to been deploy highlighted the in X our capital priorities, exposure balance wanted like the priority not compounding alongside big at LPs, business. deconsolidation. about giving Databank portfolio sense talking years. over that's the the get example. earnings has scale to with us. be to to the investments even will shareholders in value years, you a biggest the few allows continue scale plan it of this those Capital finally, think and So just creation you investments we

expand active accretive We digital of think InfraBridge with years in focus, the been of to better-than-expected with an the high-return a our pleased we platform, pipeline business, We and back investment AMP now transaction another is M&A we course, value-add investment couple into up, and Next buying a Wafra of have management opportunities. are synergies our were successfully significant cost XXX% our has investing. ago, today. there attractive mandate acquisition opportunities particularly integrated plus middle expansion digital and of market executed

finalize the share we've Finally, repurchases prominent on share become years. over structure opportunistic next and expect and low we dividends, capital committed as more the to repurchases a to but grow dividend few policy

Next slide, please.

X top XXXX. my covers that for So priorities

meet our see Infrastructure Ecosystem. across we're in continue DigitalBridge on checklist, secure can CEO recap. quick two, billion you to the fresh One, $X the to here As of demand there, the in the building we'll a CapEx, out fundraising, stages AI-powered year get have seeing early of investing out in Number those portfolio. let's all capital alone, gigawatts a by over strategy. new deploy our keep latest This success-based fueled on growing demand. $XX to greenfield megawatts means billion opportunities This flagship capitalizing meet also and pipeline customer

Day high-return at an reinvesting for the earnings corporate forward Finally, Investor leverage that scheduling best higher May about, the into you to Delevering level. we're earnings. investments what DigitalBridge. after we updating those operating year, and with QX talked effectively look scaling margins including the I just throughout the

you we section. thank And that, hand interest and the I'll With again tuned. you. in and stay support it begin can look, the operator, over DigitalBridge. to your So for continued Thank Q&A

Operator

[Operator Instructions].

with Elias TD Michael from Cowen. comes question first Our

Michael Elias

if I Two, may.

challenging First, in year talked a Marc, XXXX. fundraising historically about you

we of the Curious data globally, that Just curious, are level? digital think year, evolve? seen of for play thoughts ensuring just that infrastructure. center the of you see at see level? data part how long-term more And talent that, access is you're the enter come to there. sector. the great what the availability at LPs power curious, side, of power. as the But And you've how your environment to the into grid company with deploying you of about access I'm the CapEx we incremental portfolio the the from on as then your thinking one fundraising headwinds center the as about tables appetite state you're to the you ability second, back seeing to Are seeing

Marc Ganzi

fundraising. tough. we've got Look, the would say calendar of and in investors the weeks I've through on is products got Investor road environment us, they're the Engagement on-site high. there. lot is with whether deep I been various fundraising deep we're of working terms. is interest the year due whether investor The room data a a strong. in interest diligence or doing start South whether with and here out plenty that are meetings, We've negotiating is final Let's X Florida, with is they're first the pipeline.

investors mentioned current time, As on our engaged have XXX I we last over flagship strategy.

new I product. flagship there. trajectory would particularly very of our Nothing has well, is about say, the feel in So products And up fundraising good the as interest credit. for really then changed we

we that co-invest went Intel. we're raise Xx. We Xx had things of Digital going Some oversubscribed to We and fantastic the some partnership to co-investments. were capital well, of quite our Ventures tune is out around to in particularly the a with doing group

months. returning We've is And DPI. billion ideas, more a last year. the certainly, good investors $X of with record investors returning to returned one products, to had XX in which execution. great this capital finish We've track of I'll capital good We're to good capital So investors. over thing,

in series We of closings have and a strategic a are assets that of series review.

a listening. So really we've done good job

I good in environment, think patient you course, patient think deliver to you patience. and two have you're the returns pushy, you listen if And be and you're deliver been come. this I And particularly results been we've words very in I due think matter, rewarded. DPI, and not we've and

prepared sizes be cadence XX and to piece days different to a course, new check. take few sizes and second maybe is prepared check later, then, higher. take surprises patients XX%. some it are of be later, days where We have a commitment between later, came down just a logos. XX you a And that have and XX requires XX% So in anywhere did to smaller patients, a days level you of and should Check just little

and the about multi-strategy great on things is team access various having we're logos. depth shows, of three products And to what out It global really basis approach in One the where now, doing, right our really a we as have strategies and getting mentioned shows in ecosystem market. different we're it having that the I a flywheel. earlier, prosecutes of goes XX-person more a

is happy. So We're well the X. pretty X.X new things for working are us.

quarter. more that to going a to round you goals we've of So capital and constructive trying tough get feel $X up, around close And this we our said, we billion and remain year, inside hit to some We're as I in capital. like this tape. we closed positive

KKR to shape. so from want Carlyle, pretty probably which good haven't perspective like Brookfield, or And But is things I that peers are or from you is heard our what our trickier today. fundraising don't Blackstone overstate in

a so And have just we different playbook.

have We cadence. different a

far, pretty it's us. so well for working And out

I Michael, I On the don't X this and for have meet grid you this is been center ago the anything the demands that X issue, to talking I was data of insufficient years. think growth. highlighted about new. power years

at that. we on, if in or done by center going example, at you weren't up a in Quebec slightly We on Milan example, when at City, were we've we you you take So got a what capacity look where to Warsaw. down I perhaps sometimes a in Reno. road done started designing what going, where focused look will-serve you X the a others in we've scrum. other look at Quebec not mean, take against or markets out what is different Cardiff, whether at to Wales skate getting and data did that we've done in you the board what is By focused everyone Berlin letters people or ago, puck years where in weren't look

And digital always ahead. always step this to so and tried infrastructure the be leader as infrastructure, be we've in a tried business we've to

investment energy. that energy started and fact to we've But being of our is a that, do fact waking have sources us. transmission gigawatts years how that adjacent that's And been now again, We're we mission in source for in case centers. that know grid power to that. And People for data contemplated, study are a all we very energy the addition was switch issue. working our sources to The center just hard of have platforms remains front up center So to X that X currently big our a that. that working ago. across really on hard renewable on renewable we data the develop and independence

you X and You or into the and just a A tourist. between probably a business. jumped in ago months lot in the people have XX weren't business of paying the attention weren't difference the native being years last

preparing we you've to sure formation. really, really, making to investors, that the focused So teams, to got look, management for do we're great And capital have have we're tell really that, got you on future.

You have a bring have is you Hernandez, ideas. in been our work to team. that to and investment of board good is sources to energy to management multi-decade in knows Alex formerly energy We space have done of CEO veteran the sources who renewable transition to centers. Alex of energy alternative data how just Talent, the that. executives have And brought on there have

to it in and further was energy AMP to that InfraBridge, energy and working Belady. brought also excited converted working when And working And transition team on big we Christian with And issue. going internal we here our that's team to so we that the we're on have said that, to a with industry him InfraBridge expert, be bought transition. it

concert To ultimately next the good is comes honest, said most the infrastructure, from going be on our for We with narrative an we customer most consistently And on not different compliant. that's us. is thinking but And have perspective their the understands renewable as be a you're building source to in a important. new just importantly, industry to if before, table of customers. energy so Having perspective, as to that Christian, in renewable sources amazing from said needs energy and understanding centers, this everyone And energy record understands it's provider energy, how of again, do of energy I've in renewable efficiency isn't knows that track why renewable that generation it the So X we're looks something ago. stakes. Microsoft cooling an Michael, data years has ESG and just digital the T-shirt differently.

that on is, with have joined We a firm, so something think as I've see a for have that to ideas to. always been have open we're to continue evolve I and focused the we're not you our and prosecuting a and team, again, the people very been narrative. that's this new while. And This

Operator

with Our next Jade KBW. question from is Rahmani

Jade Rahmani

In terms outlook, that in outlook? say slowdown increased competition extent also factor in verticals To there's of targets? fundraising a alongside is fundraising what would a that that the your you the in DigitalBridge

Marc Ganzi

across out One this to management and go for set. business. we dimensions two asset our is alternative we compete there's capital Remember, product

I demonstrated be quarter, compete. we out every So this ability we to think, our And compete. class. day we've and got I punched to And above to weight think our honest, go inside

look at terms of fundraising. of performance some the the asset managers in If their you alternative other of

at the level, we've portfolio for been Second, company competing down XX years.

year BTS like playing owners. comfortable on. I think in growth cash year out cell organic you today, for experienced our go and center new that for our Switch X%, out new And macro, Zayo had as of plan. new all in a up deliver had data capacity. down tough level, stewardship like winning. and company competing our demonstrating a at very up turnaround. that four bookings. I portfolio year-over-year tremendous in compete verticals. So get great first regard, to terms the feel new and across orders. a we heard like going I capability are a And a portfolio flow competing I competing small EBITDA companies that's business under I field for an and X% incredible there ultimately

compete going portfolio we're to compete look, every at We company So day. level. the

We have customers. to for compete

the not comes concept, requires amount it's edge is the AI to data to I'm XX tailwinds across it, of edge robust cloud that and home the the I solutions me power, fair comes a building gives growing. is want here that big have center edge building ability the decade requires bit wallet look piece And always that guys And bring you not take next which tailwinds I new compute delivered. as what X optimism done X, for a went at efficiency, the AI had the massive power that that X, with And data requires we've going even we and workloads that next similar to We're us understand mean, in as is cloud centers, we've that of last front which is the a an over then compete the center cloud. even you when beyond set in done public through there's look think years, of we're and delivery year a in you wallet to for, design. of the cloud, see go said, we to edge we public data I out connectivity we that what years delivery that trained because that, it's ecosystem. X blueprint all follows to as whole we keep pounding ecosystem out, that for

going solutions a few small talking those to controlled that, for We're the or to deliver deliver you were offload a what's about, this how the centers. accidental. have keep infrastructure? bandwidth AI airport real-world you similar have edge about about Do data stadium because we the power generative give talking happening. compute ago applications. big When and years capability it's It's not themes to an ability is to X have we into think Do tower we in cell or can you of have experience and do the you types to very have the Do infrastructure? you do infrastructure? where you station So environment which X the a have train like Do have have you fiber? Wi-Fi you

But that is maybe delivering so tourists, we're from for our we're couple an a to like is bit a that. quarters ahead differentiated what we of we're customers. doing ecosystem crowd have I keep or say. as the And of of today And doing delivering the solutions set competitors. to And

evolving have taking keep and to really keep have we important. It's wallet. We outsized to

Jade Rahmani

of XXXX. for guidance the In FEEUM last provided the you $XX believe terms to I range, was beyond billion looking target XXXX, what

more billion reasonable along now be for fundraising. of rate XXXX? of lines target in $X the So is Should a thinking we billion the $XX growth organic billion, as $XX

Marc Ganzi

year. done Look, out around we parameters specific we a this deliver have will we put What of feel we set haven't given targets. what is those

presentation. I was think the earnings from pretty clear that

into this our we've is like transition reporting made As asset final transition from diversified alternative this of group. peer REIT now part year manager, that

going and And to the so what way bit run set is rate, of in reported, you more space, old now a does actuals. on asset little which alternative maybe our on was have and flush based a we to actually more which management to recadence reporting the peer

May. we have here to you date Day, ultimately, plan Investor we show hope we're and down that for way. investors you March, show In on planning level that our you'll up come virtually person shortly. We'll in which comfort so or for of up to And can give either

a the instructive with and very our of investors analyst course, be it all I of and, you will for community. with day think us in

forward So look that. to we

Jade Rahmani

in of a there could reacceleration? Well, there capital. growth reason say, that that for confidence would headwind is in in moderate for any LP investor reacceleration to rates a part say, the you let's and Is subsides, add a potential deploying XXXX,

Marc Ganzi

amplified us be earnings. FRE leads and look, for VM to ultimately and that acceleration would an Because Well, distributable fundraising.

any the versus 'XX I this versus to given year. flows we've fundraising you rest guide 'XX It billion know there's metrics magic 'XX. $X that our very evenly the a you for of about to key don't through think So business.

I cadence capital how investors. think for key DPI, a back terms returning products which we're existing steady on that to in of we're delivering metric is very in investors,

think if understand investors investors, it is then that in are to your hawkish can you linked ability But I becoming more return more them. heavily think to around commitments, for I capital. for And you giving back needs new to of everyone ask perform DPI. capital to new terms a lot

now flagship have InfraBridge that we progression credit that to $X for And that clear, in tell exits this 'XX. the the be today. obviously, as and very And our that the asset we focused we're the a adjacencies about. and left there's of not on quiver have to We that logical launch talked in focused not products do billion M&A in strategy, ability fundraising the that We're for, digital focused, when very from this as and on cadence alternative do gives we outcomes new company want We're products. pattern fundraise and go start recognition, year. right there's on you portfolio three this our have year, from then So think you can we we're to for off notice investors. planned can Also, year delivering I management 'XX table you us for and in great in out performance.

that, have new standing So there. ability base, not or an platform we're teams up and it's do we're about whether to of thoughtfully out targets how like and going lots it's buying did going grow We're as existing and grow to afraid go and that, different whether to an organically ideas think asset our M&A InfraBridge. to to we we with use

to get capital to 'XX, I really elixir. the ask not deliver we're new at management So that alternative done running in to capital year. are interest the have that what in It's the returning of back are want is this the is end Everyone magic interest and the not. elixir serious rate company seems with a opportunity serious the asset CEO point 'XX. that investors. to outperformance organizations capital rates of to the commitments. acceleration a think organizations matters. be trying there me bring DPI The space, day, the for to for you, LPs driven. That clear is the focal if you're Because ability and to it's

Jade Rahmani

interest reasonable? rate FRE you if know it. only not basis, ask distributable it it's might about point to to comfortable don't looking I think great at a be wanted and I range a translating EPS be the you'd follow-up. what answering do a share But That's driven. per

Jacky Wu

not given I right guiding this earnings not EPS, down we're matter juncture, expense obviously, preferred that distal point now. from to well other at that at to to FRE But or will interest be it as factors We're Yes. drive and to other equity. this earnings that guiding in things pro mean, the EPS point our realizations and EPS. the just as

Operator

question James. from Rick Prentiss is Raymond next with Our

Ric Prentiss

Great.

and return capital of took we Marc, I billion to First, the story. that simpler longer capital us know that like II, on, piece Jacky, it of fresh then box should realization, And thoughts topic. too XXXX, should question to great our And like? follow obviously, pacing that and hats of appreciate we first, think 'XX to $X I, to that fundraising guidance. of in to want investors and busy term, DPI also about how through year the look the work year you How one? the thank off. you And you, thanks returning key for the DBP on getting should about the better. welcome is calendar next beginning with was the pacing year those I we for and lot 'XX, one, is know think been capital working about what should When with we DBP too. on a Tom affect 'XX? how on important. it think said, the it's in calendar the XXXX is getting We check guidance a as a

Marc Ganzi

think to So correlation direct I there's sure bring between there's back DPI I investors us. don't to don't want like feel specific you make guys algorithm a and a what there.

that we've $X delivered about a billion little of think DPI. over I

$X.X it's last in XX months. the of DPI think billion I

funds, we this returning DigitalBridge had billion of It some X. We have of capital right some that the some a There's of could It's scheduled exits. to InfraBridge little focused There's deliver are We'll Fund now. in couple funds another bit go year. exits higher. DPI really legacy $X on a our continuation see.

So we've got up, teed we'll of that a bunch continue DPI. quarter stuff as you and deliver we update to each

be think billion clear this I will of that the the $X we've that year, been flagship. on pretty bulk

scheduled this that big of for closings closing a month. got end we've So March. for are We've the scheduled got

rolling pretty remember, have XX Rick, closings, We a shop. longer And much product one days. no we're every

continuation co-investments, ample flagship got we've of So time. products product, vehicles, our between credit a our at strategy, closing an amount the venture in point strategy, some growth that market late-stage always in happening the there's

guys you then the how objectives. just much So ultimately, the is against quarterly annual about on to a And that how raised offsets quarter. that we our key basis inside updating

start as the good February far, up strong. is seems So be lining And have we very planned is to lining everything up pretty good March January. year, to good. it.

fee days XX keyword As weeks for wait got all for of Whether I X is signature, Rick, you to to a patients. mentioned there's wait earlier, got one you this, which to letter. just a

we You days story listeners, wait need need come. XX results to to an good are, to We and we be reconstitute itself. and got issue, for which has a investment patient, Every be an just will are. committee we the place and to which

this that is conviction in very be and and continue II, you with deliver we results our this up why feel grow that for we XX we later in story very, Fund products what We and continue to just delivered here launch for 'XX strategy year good year. 'XX. And flagship level have a the the and for have products. will if we're to doing can we we new already We've the today and the sit lined I out our which That got then 'XX. on Fund to

group. of that liquid out. pretty InfraBridge. funds between today a mean about setup flagship fund have product, growth, late-stage two thought our having venture which we specific very the the well news I The is credit, set securities in good our continuation and So have everything our and core SAP, goals is objectives. And multi-strat we

may And portfolio out products middle forget, can big keep the of grow, don't Rick, a growing. enough the companies in our we there as co-investment. have year, We that announce

our like, outperforming. and quietly Europe we in equity say, that success-based from?" say, out I'm the the quarter for where may sudden, not raise an or "Oh, ends Vantage uncommon of on pick and wow, did from the it very let's of Scholar all a going to Switch let's of us pops middle up one not year or LPs, So next to company, go It's Well, but to do in you're all came come that up CapEx.

or a rich of got Vertical again, Europe history Line we've it's doing or Scholar whether Bridge, that. whether High companies taking so the they're And require on whether when it's it's Vantage and or And whether all outsized to to LPs easy it's and they're succeeding, capital. wallet equity. share, hat top-up ask pass these and And a co-invest it's for of go

co-investment ability the see does don't the equity it. We capital. so So quarter, our model to that. does so strategy guys expect around best management our capital Each But and you'll form some Perhaps companies in grow, see as don't you bring teams. new a it. table you'll portfolio

Ric Prentiss

the sales? as Not in is the extensive are seeing the the far versus DigitalBridge lowers people alt What alt in you pros others at or world. as far as look you're there And think you've the asset market do sounds be Tom, DigitalBridge? call. like a missing little what and background times of the you on so experience got It premature, but on

Tom Mayrhofer

what differentiates probably for it's us. little that to premature me area So comment to expertise a have DigitalBridge we But and is focus specifically. that me of attracted a on an that

important And attracted me think what's that's I so when fundamentally think capital. you And what here. investing that's about

Ric Prentiss

no lot the giving is simpler longer been yet years. you are the what credit a XX, market story? obviously cons And do what are and with think you not in the XX you've pros for on now guys Marc, many. other What you

Marc Ganzi

can doing quite for I the asset-light been being bit our even evangelist X wallet love out you core, love portfolio that. brain an and jump-balls an And you win heart, years, go wallet. key at I our quicker player. our competing capital alternative you're our can digital like because to you're I and is the And this And and skin, a asset Rick, you been if form you and And deep a love little taken think no big we've an asset AI to of when the a going business. and compete light, can management for go of your can I've little move operator. have a form in make table it go quicker, pounding faster. capillaries, to our we've though when take infrastructure go I you're Well, I companies got asset-light, mistake infrastructure, And at conferences now we when that can of Rick, some capital. we

GIC. with which capital can why and away their they deal from we're Equinix the you DLR, only likes of Equinix It's survive, and the is did And there So out from they're doing their public tell why deal to out there that. as with have balance DLR trying did sheet the form Blackstone because they to. way can

we're way crossover. what A investor infrastructure. positive is it's infrastructure, is digital thinking more in think which doing has I in new why that base invest evolved some proof to our the

again, are But interesting. manager, that will unique conference You things for scarcity not you're we I appropriate goes management this folks obviously, grow most Rick, alternative first we customer see, And in in last is the But infrastructure investors fact KKRs TMT and unique, they in moving These that say understand space. is yet. to I a financials centric. asset our importantly, then we voice industry-leading that We're Blackstones days and the traditional hold because are share your what on of, We're attend what have still so think we're asset flywheel, fees, today, in because unique. our have into a Because And at now beginning Carlyle we'll our asset stock price. of revenue, and other even we see on, alternative an and the do what business. and big you managers happens be our as the multiple to in think see focused, time alternative your doing the in lean us our centric, conference. product next-gen the the what world XX which our are world. earnings

I the multiple is we unique. more industry what think think do my I have goal highest is the to in because

we sticky. what a I think do bit is little more

our today case. talk longer. think we to I the to fee bit going services to do of little going we're streams conferences, like a financial what on go ability our AUM, one do, are the out And credit, hits and that investors and it's get that by space, circuit of competitors' tailwind we hits do, that grow that securities our the hits in of your core, our management secular we're as hits CM durability we InfraBridge, the the that unique That very liquid of FRE make at we fees, that flagship, to scalability because funds. uniqueness a what hits fueled is

curated, concepts perhaps are what selling. our and these of than products peers different are unique, All tailored, ideas

that Tom focused specialist want understands somebody Investors invest that's focus. industry with be opportunities. an They to And being how in so and matters. these want said, secular as to

industrial focused are the success. same folks Rick, have think some I background. thing, that seeing seeing the that's you're into renewables. pile that of why And You're that Investors in

there decade for in at there public, it, wasn't some are now expect the carried a And today, is to do they class. on in big now I went investors just leadership when of appreciation carried best elephant remember friends carried Blackstone over basis, really about their great the interest. senior quarterly and interest. well. they They're interest deliver do room talking think I I And to it and a ago. they our Now, a think the Rick, Blackstone, valuation, mine who

And that so of same got is now, we chunk right get can company. investors public to where a that need for And into valued cadence, carried for we've trust And big get we delivery. at all. the the carriers interest don't our

X go your earn we earning that's But a got that's earned, and the opportunity. that, just plan do Rick. something to earning big Investor to And Trust. that's last like So trust I years We've that. spent

the delivery on carried spend to X interest side for the We earning our years the X will next shareholders. trust

Operator

from question is with next Choe Richard JPMorgan. Our

Richard Choe

think just on to return up center the the this little they And in follow sustainability see? turn your expecting we I what environment. data entering peak Great. we're a some that you there's know should CapEx. from out rate little demand bit bit kind I those don't data Can billion about worry What pipelines wanted center of you over pipeline. should talk went the that $XX always I on be But in a to be. you past, investments?

Marc Ganzi

question. the asking Yes. you're No, Richard, right

peak, be trough. I concerned think not always we at the should the

actually I been cell think, for towers rental I've peaks leasing a around go take so have the mean, think watched Richard, probably I've agree fiber. small in with having have think and is you watched a third two the the this market it I you'd since at rates, like decades, data me, valleys And specific. will the peak. in inception And where we're I watched cells, very sector view centers. of and the cycles up. continue in now watching to I cycle I industry now will we're that and Richard, three do

operator, got to global Asia, we We've the America, U.S. Africa, we continents, got operate Given clear. are operations Europe. be and different in Latin do a just in operations that in five

have certain up rates Richard, what's purview we XX%. happening rates good XX%, availability. heavily power Certain so markets, are And a lease there. to lease up out of markets, And, power pretty And correlated XX%, and XX%, it's are XX%.

into advantage. example, has now as get gigawatt X capacity. to so Northern advantage our we're important, are it we pipeline letters we context, we prepared gigawatts. last I use in land, markets will-serve Santa really number year, landlord is deliver markets to this for And X.X the we put Hillsboro, X-gigawatt the these of capacity-constrained have or strategy proper won't last respects you where what our markets that was But is like, the and that and pipeline how have the have flat qualified permits, Richard, super or Virginia that That time it's appropriate. not just in certain year, Clara, do, the even or And pricing and

up So is our over pipeline Xx.

is year And what to unique through we data lead that pipeline on. that as platforms. we'll center so different And goes also again, have our six is story the

cloud not is compute Hyper big we're So Hyper AMES Edge building U.S. here Hyper just Asia. in myopically on DataBank is Southeast focused the hyperscale Edge Edge is in Edge in campuses. building Atlas Europe. building

and XXX% renewable resonate unique, very switch, private with sovereignty big to really results. focused data another differentiated on secure. So on a Brazil Scala's doing what Switch compute are step customers, a year very companies logos. of and back, that a customers a protection. are very vertical in Vantage some XXX certain cloud, differentiated, results product, not campuses Switch government Fortune and again, look but specific cloud least, we agencies last poised things and doing customers the have fantastic very is delivering focused But of highly customers. and These Colombia. particularly deliver what on and three a at focused Edge certain that in a It's hyperscale logos set big and is that had at are Take product. big that at we're cloud AI first Tier scale, and X. is and data Santiago We've There, Then look year

have incredibly these be building the local end and lined different DigitalBridge and show already the act So and up. again, the have up That's up, land customer the we can Advantage day. permits where the lined at already having the six companies already have surgical of and lined with up power

signed. you this that's And CapEx so to that's when spend, $XX.X year an center we on present billion new committed, number for data

do convert XX X.X through year XX what maybe that and releases months work between were leasing, X hopefully, somewhere X-gigawatt we'll and of that And those ago, this we is gigawatts months ago. new pipeline, we'll more. So signed

the what have, customer we the the to we're XX a confident elasticity, We'll X on We'll moat and but across year, sales have power. operating That, doing we around the this markets Our the teams and have. at we in being companies. the gigawatts months the wait and of that permits ahead end could strategic is that the price our we land, the portfolio we're we think are all of of it, power relationships from our see. I as see pretty defensibility competition terms surpass in, we of position is of first be me, the permits but the you day leasing updated punchline see keep could share the

Operator

with Our is from Wells Luebchow next question Fargo. Eric

Eric Luebchow

could touch transaction on across your maybe buy verticals. multiples to versus It like more XXXX. you're changes on you've across via the I greenfield so seemed building focused industry any CapEx if and equation verticals. you And build Marc, your in seen confirm in key wanted key

Marc Ganzi

Yes. building. Look, we're versus M&A or bearish not bullish on

we inevitably, I achieve skate the IRR. where can best we think we to think

firms centers, data to for who and so expensive, existing something. are tight because the need be claim center or X it's And data in built. incredibly are to Buying now, infrastructure returns right incredibly X digital buy platforms up and infrastructure show in

we so performed well. race a we in. where play It's not And place particularly not that's a

and power-source building building So platforms really we've us. been building partnerships this magic been for providers. importantly, our construction years, X most the is these our why pipeline, That's and with for

lane, swim in that greenfield. we're So focused on

we don't and and discretely towers, quietly, opportunity there's value some found I multiples think we've to bit, at you produce do much of tower little not as look And seen a been do where some we've we our tuck-in if and M&A. an we but lot retreat dipped that it opportunities toe in, fanfare. a

BTSRs, engaging of So monster new we're we pipeline executing are also with countries but in big buying towers in Asia. in Vertical of towers Bridge of big has they're M&A. building a a in our X with Edge are and a towers, America. at but Europe for pipeline pipeline of couple all also Point got And friends We've and in DT. towers. MTP GD thousand Southeast over ATP Latin has Highline BTS different customers down a Towers

I towers say towers Latin X,XXX XX,XXX Asia, globe, amalgamate the and that around And different the somewhere all Again, America, we in XX,XXX today companies business, theaters. truthy around in the build-to-suit pipeline when between light, M&A and between the actually X somewhere U.S. Europe we're tower told. tower work you the doing I pipeline different we're across is think global then So acquisition all the be busy. operate and X,XXX would is very M&A our might in

So we're busy. pretty

to Moving fiber. on

deals band. down the I in further would retreat the fiber, today say on team. think the seen over in you've down and teens, Enterprise kind XXx the biggest We that this treated in think trade I days the minds. week, in fiber-to-the-home XXx in enterprise saw high We that for the of on XXx done teens. the But kind where of management is business mid-XXs. some trading and last multiples. retreated is model. days range. market, was our even a XXx multiples those depends of the good into to a just Florida to the were COVID there in again, again, got blew in you're sponsor low a And mid-XXs. It Fiber-to-the-home, I to just XXx fiber degradation that And the it in go-go business to seeing the crazy depends

just my certain mark bid pricing. couple have was fiber seen the holding the auctions different bid. like, And certain failed been I'm and outliers at models It's XX because are this all of where the well and a bids a there auctions book a or sufficient at already I are were to situations there because and to got XX. wasn't sponsor look, proceed out pricing fiber we've no So

continue shakeout landscape. has and fiber pricing in to the pretty carefully. a So track still And I in space that think M&A we'll

I is we space very haven't interesting densification. think because cell XG the hit quite small

of particularly to as So the space into delivery devices. think have phase going in of growth we applications AI, small generative in need the see move I edge next multiples those move that you're kicks where up mobile and to in cell low leasing, because to you really latency

you XXXX. do a through I in think see pickup in small 'XX infrastructure cell

small see that's lot X-year of cells. We a think in pocket. I a being demand

that there in businesses So didn't up And cell have in any XX trades couple There sponsor last to sale assets. have they wanted, been haven't months. valuable price sector the those that the the of get been been a pulled back. for are it small so material

time a cell as There's to versus business pay. a a tell. what bit market spread for think will wants wants small between And the so and I sponsor infrastructure to sell, what

interest a rates enough we that small being, that the that. up are trading and data don't know just bid-ask down. reconcile trading But or growth for suggest have will We cells time think I material spread. there's to time So

the meantime, So good. cell greenfield versus that's greenfield Small my okay. In on brownfield. is greenfield picture fiber is

positive centers delivering the numbers growth. data delivering from clearly that our those Both are still verticals year. saw across we've seen last growth But certainly and not towers. demand You year-over-year

Eric Luebchow

large Great. just of between And alternative And within touch tuck-in manager the and mean I year other may what and asset pipeline M&A we maybe a on you think could your consolidation in this look come saw GIP. more there's like earlier terms opportunities announced space. asset and management you transaction if M&A BlackRock platforms. to opportunity wondering

Marc Ganzi

I questions. to wondering when going two those was were Good come.

trades, a don't trade first TPG's the the look the then activity Angelo take down. you I of on look you in that Gordon, you General and if pattern the see a I the do and slows at M&A two trade mean, think one, So acquisition BlackRock of at Atlantic sector.

I continue. think will that

system, one are asset have reporting, accounting one I recognizing have fundraising think is one one you team. you that platform, SEC good what platform, people a when management

their or do product example is you're get very You own good learned you whether whether approach different and you're do bigger. do economies it. competitors standing growing And is to They're having that team. comfortable scale you And the Blackstone, at by up What new get a playbook. choose different economies. we've really is our through Apollo of ways. Blackstone, get of as Ares, multi-strategy a

see And you through as doing done They've You M&A done what into Ares done BlackRock see they what and it then greenfield. has in ways. both alternatives. move is they've obviously,

subscale realize it of it building get X this this that can't in are they hard an there. that a GPs to tough way It's think continue. to I they IPO I to middle-market will We there's have learned public. number where at And years of the do is. route, get infrastructure business looked think going

that see I pretty was the go in year space. BlackRock. We of think multiple low in will XXs, hot deliver The Multiples the FRE more will M&A And so GIP activity CM rich. figure was think impact full are pretty it now. GIP the for right for somewhere and this you

team And to did of So thing a we do products clients. think smart General Bill Atlantic what it their that Larry and acquisition, transition. BlackRock is gives with to new of energy Ford whole the trying same a sell in and terms suite in to

industrial what good has everyone logic so we're And to doing.

on Our pipeline, comment won't we it.

right that some executing number ideas we a feel course, of now, of due have We comfortable that in and will, we're those we execute ideas.

Operator

Bank. Our next Deutsche question is Niknam with from Matt

Matthew Niknam

assets? fiber one how for into question, Marc, about about activity more obviously of you translate reference is of one to data impact talked demand. Gen the maybe in and AI see main there when on margin. appears if housekeeping, question, And catch-up a you and just Can this tied this late the for the center seeing wondering you of I year. million it's $XXX in to around It included $XX fees for year. pure revenue then in guide just the footnotes One million housekeeping. I'm may directly million edge talk, that's demand On the think in AI much $XXX leasing your was early fee

Marc Ganzi

nomenclature it's late, fees, on a catch-up on first So when business that because joins have committed a for our capital. we the LP fund ability it's

ability And Jacky a to build team of Tom so. we those and do good have and fees, job the and We do doing the that.

question, The Tom's for again benefit? repeat can you the Jacky question second and second

Matthew Niknam

Yes, if million to the it's revenue guidance. included fee million $XXX in $XXX

Jacky Wu

already included, with peers. that's benchmark It's consistent yes. And our

Marc Ganzi

question, first sorry? of the part the And

Matthew Niknam

Yes.

AI. First on was just question

data seeing you're obviously, it center in leasing. So

Just can -- wondering maybe you

Marc Ganzi

I What AI pipeline you last ecosystem. is say today, across about pipeline. a of AI AI if year, X-gigawatt workloads say would I our XX% probably today, was would look constitute Yes. and

impacting can say to So it our probably already and will that, somebody it's that. pipeline. or as arm an fiber relates or weave tell about NVIDIA of edge, fiber. whether a when I core it's XX% you an then today, And impact I'd or like it it's

that workloads center driven are that's So seeing data we connectivity of and by fiber that being is AI those already into. conduit demand some selling we're existing

data new into that is route going centers. Some of DigitalBridge existing architecture

some that's And center self-performed fiber de going by is of that a brand data being new a that's to novo customer.

to important So and close never customers to the on has fiber there. before and pretty side, AI be it more cloud busy our been we're

sensitive clear. On pretty I we're the of is less AI little into more leasing on what I would we've focused Edge edge models are to been big that latency say, language-based told. years concept, is leasing actually workload. X and probably power big to a big, now, the out, they're be X density mean delivery but right

data need don't XXX mean, XXX So in be of megawatts the They models, they center power. need gig megawatts, I to language-based don't They be be I initial other in think to markets ally. can places. in Europe. flat of these in

more sensitivity, opportunity less fiber. us building it a also workloads for But customers. with for So to we're build good represent our that those of does some

So I something be the 'XX, that but 'XX that's AI really will 'XX more edge, in think story. at starting and probably or generative side 'XX, on of edge AI like delivery

Operator

end to the of have question-and-answer session. Ganzi turn Marc for We would reached comments. our like I closing over back floor to the

Marc Ganzi

left into we're your you, our We and appreciate circuit, those friendship. Jacky of of this into I'm transition patience investors, to you Jacky, doing, and doing the my I which important all here. to all, besides call in partnership have the results want thank roster. as appreciate for new of excited forward all to involved is us first and of part of forward. visibility joined this look shareholders. and going quarter for And again, thank you, delivery is advantage shareholder excited about And with what giving that. in us, Investor Jacky that you're you your What we most to last the and about our know continued you looking roots get Well, move in forward. teams, little of something likes. and doing. That's made he's We're and excited down what for he's our about. always which the assets. Really quite support. to he starts back weeds of with we've of the performance Jacky those to be you to companies, take hope upcoming and all bunch a is meeting passionate deal his a we're will you the bit story new a the I we speaking of telling more Day. today vital our portfolio the I And for

DigitalBridge with And can welcome be exciting. shareholders transformed to to to And the Tom, you so story. Welcome looking useful conversation, forward partnering really the new is and our he where to aligning his room. passion with telling

on day. you. thank the our you concludes comments, out conference you. seeing That a Thank all looking to forward Have circuit. I'm So and Take great of care.

Operator

This will conference. conclude our

participation. disconnect time, may You for your lines you your this at thank and

DigitalBridge (DBRG) 20 Feb 242023 Q4 Earnings call transcript