DBRG - Earnings call transcript Q3 2024 | DigitalBridge Group, Inc.

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Operator

Greetings, and welcome to the DigitalBridge Group, Inc.

Third Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Severin White, Managing Director, Head of Public Investor Relations. Thank you.

begin. may You

Severin White

and Conference everyone, DigitalBridge's Quarter Third Good welcome Earnings Call. XXXX morning, to

the the I'll Speaking Ganzi, today call on from and safe Mayrhofer, the our company Tom our cover CFO. quickly harbor. CEO; Marc is

of and our operations regarding cause uncertainties considered and that and and make a or involve be business, information All such today, to may on could statements statements we does performance number Some call the forward-looking is today that and financial materially. of of no for actual XXXX, results as to November X, undertakes this discussed DigitalBridge intend circumstances. not update differ duty future risks events

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

over started. With our call that, CEO. get to let's Marc Ganzi, I'll Marc?

Marc Ganzi

everyone, quarter during the call to to questions and your Thanks, the Severin, answering our look on update. and XXXX We Q&A you us third welcome, forward joining appreciate business session.

get first started with financial today, let's item So performance. the

deliver and Persistent investment growth DigitalBridge XX% and continued earnings FRE DigitalBridge were to fee margins expanding margins our we've deliver revenue to in basis margins to and to was year-on-year faster to This continued continue fee-related than mid-teens expenses. continues XX%. up and FRE another peer-leading grow up XXX are thesis points here. scale. the growth, investment expanding revenues platform quarter central delivered with combined quarter, as We of to revenue growth fee as revenues

was important part Second, formation. and capital probably of this most quarter the

how $X.X minute, to it raised fundraising will a target later will it's well billion those for FRE a you impacts the important and XXXX, shift the date. more note reoccurring in talk Tom about exceed annual our And little some walk impact We'll but timing call. billion through the into and of XXXX. our $X that in-period positioned of commitments bit a already to bit composition that are FRE in this to We with

more capital We're been good deploying new this the Yonder in our capital Vertical It's as both and as an portfolio Tower. the was that behind at put and seeing existing this today. it's growth we're It in In DataBank period, and tower really new platforms opportunities today. and companies environment Third, best center opportunities seeing in simple. to data Putting like well busy J opportunities verticals. capital really deployment. to and work exceptionally market in Bridge quarter capital, into

Let's year. about sets information we're start talking the that us capital how for seeing end by up and in of uptick the the

please. slide, Next

can of X days targets, exceed billion ahead to and less have raised as the $X.X prior has alone, the Last conviction year-to-date. in with have last just is our momentum you, headline has billion quarter. $X And last a XX% the says formation exceed point. target. that we again, tremendous $X we And tracking quarter, picking our to strong line look, year been year. our go And it XX capital up. year in left I'm DigitalBridge see, budget So set billion the we're capital today, you the around. we have pleased were to than want at all. billion with report formation I calendar which in in been with $X.X This same the to we've And reconfirm to months and

and strategy. steady DigitalBridge commitments Since DataBank Partners our AdSuper has report, last around flagship our dominated III been with the by fundraising our co-investment to transaction

us to the approach logos a of year, billion through on gives again, XX and, our the We to global XX to basis meet have ] out exceed end a surgical closing target. very which $X another [

Next slide, please.

this want as how infrastructure One broader markets. that's year investors has of the forces AI been environment. fundraising and some with understand of private the digital dominated a to squares past heightened impacting natural the Investors topics interest in

it. as the the conditions it's well changing heard around DPI, realizations, and It's as macro You've today. shifting globe

can you starting for and growing uptick see respond to a and commitments As noticeable network we're data our investors to to grow the centers in pipeline continues capacity. see, demand fundraising as new

LPs At about to infrastructure matching up beginning fruit. capability. private put, expanding markets Simply Aon and digital with process of see the beginning that are time, is to applications is growing we're an same bear showing the increasing, of their intent educating

capacity and today. on we And focus the play As base required with the that's more dedicates our power growing infrastructure the picks all AI. around the this economy. to is is best to digital is think to globe to owning AI This the true LPs ringing LP shovels of way

building best this momentum been quarter of expect more or $X every quarter formation be to the we've fresh with So year capital and fourth our capital. in billion new we

generates accelerate to from our growth beat growth. formation raised that accelerate will We've periods, $X.X accelerating FM will reoccurring future and which fees we're we is [ for the continue year. turn ] the been to that again achieved, process month have now in has When going X/X of first targets that the and our in that end the to confidence FRE new our as in year billion high it of drive almost our capital

driven a about Next talked global an growing formation is Investor base. investor slide, please. platform year. the Day, I've I've it increasingly about talked at Ultimately, our this with it by capital throughout

at global now our professionals is strategy. basis XX multi-strat over pitching a of importantly, team formation operating is most capital scale and Our on

is point we around that different the around our in the coming is left, from is across and world $X the across can see QX different capital the on solutions. this the you of globe raise capital products. DigitalBridge billion And fact for can As investment that all inflection and formation key

only and big solutions. I great as priority our from head but pace making where last channel, new to quarter Cox out important we progress on a we by a particularly logos re-upgrade fundraising recently we highlighted new wealth we're well is global our of private time. be end that the here not as up and to note us, One at the existing quarter, a other contribution information Andrew logos This thing has dominated for strong been investors, fronts. long-term area North in the capital as in at in is adding Asia, our wealth validation brought to relevant as our same growing LPs This and expect a from by some our both close rapid that's quarter, about year. has America growing the particular, been fourth One

There, with has was quarter, over leading solutions did already our XXXX. by the we the from demand channel, Andrew KKR, success focused $X Andrew wealth firms, including for seen That fit we we the private factored year, about channel team channel. We've and that global end vehicle contributor is are most on we in a key DigitalBridge that designing time. the been early product. at center and business think a $X over raised opportunity private car we'll strategist side Goldman. of recently billion the Lexar which have and at multibillion-dollar last data he was investment investment talked plan that expect have for billion the vertical for products into to and not his this new wealth that

tuned. stay So

capital about new year, super depth to the DigitalBridge channel the part from existing that our We're new and of pipeline, verticals. wealth we're add We're are scaling This is now our our of to this. the of of in ability of plan and super continue looking getting and excited next end scale to our excited terms we that about operate and about at plan the the at level. excited private logos to between products to close

that future perspective in Next page, as of to infrastructure source $X X across with highlight with AI some finish capital in the few please. a billion and our This investment platforms the fresh the will trusted want as be ecosystem. backing new on activity that over returns coming of our years. launching successful platforms transactions continued I most includes well recent

First, portfolio reinforcing remaining deal the purchase $X.X Vertical tower Vertical scale. over Bridge, macro operator increasing by sites, private a operating flagship to billion private signed the as in tower X,XXX Verizon United their footprint its American profile XX%, while at our over tower macro recently company of cell Bridge's owned States, North with largest

excited The growth campuses of Rahul next as growth got DataBank, compute to our incredibly transaction megawatts well equity out edge I in on today. edge we from has add want almost that we're footprint market company's of lead to compute raise the hitting what's the billion a XXX build Rahul are highlight on their to is new key to they now phase cylinders. ] all team tripling execute the brought happening capitalized DataBank, his where about power, the address at [ now fuel X and workloads really that Super capital they're of Australia vision. will of $X next partners go to the And and

platforms Next earlier established also this up, month. we X new

company of with J-Tower. in first, independent We're tower business controlling The this largest honored It's in the operating be management. partnership shareholder the to Japan today.

As some you market. know, historically of close Japan a relatively is

was tower successful infrastructure global operating in have platforms our incredibly Owning on the X mission-critical carrier partners experience highlights global bid here. a basis. Our operating relevant a trust basis our in and on

and market years of shareholders. building So we J-Tower customers was management trust its the and approach Japanese in, of time the the those in the and our to put of

again, haul hard cultivate for to That itself transactions was not an easy of and process. some playing our relationship and that DigitalBridge, the through and years we're with at take years years years like Verizon, long work. manifested But

our difficult our are perseverance. through we execute, these patients and it our relationships transactions So do and and to

over of continued of Finally, the key it data businesses as operating we ecosystem center their capacity and gigawatt. center sector. Asia. North megawatts global excited platform A customer relationships hyperscale most X and grow an in be attractive to in America, supporting agreement of potential today, builders operating Yonder center a across and reached capacity XXX our markets to data leveraging We're acquire has over the in recently today the data Europe lease experience of what is growth segments our to great one Yonder.

Tom section. Tom? turn With the to call financial cover over that, to the I'll

Thomas Mayrhofer

good and morning, Marc, Thanks, everyone.

our quarterly is progress informed by non-GAAP update this fundraising covering metrics the a by highlights finish our and reminder, section As on and financial profile. XXXX followed of by start sheet available an of I'll guidance with composition and our within balance website. pace earnings Today, our the our presentation Shareholders

on and Starting up prior with fee year capital the substantially million revenue fee-related $XX over higher We results. quarter period in in recorded $XX base. our million a earnings, third both

same or billion Additionally, we at over fee-earning $X.X of $XX management September XX, a the end year during Marc the which increase period as formed and and visibility $X.X and XXXX. And through into XX% stood XXXX. quarter. the raise on in capital strong pipeline continued under billion earlier, through mentioned to of we've a as represents capital billion, our the October new equity a And have fundraising of

in asset management recurring In benefiting approximately interest the generated earnings, operations and while senior reduced principal we third $XX extinguishing investments from from XXXX distributable also quarter, our also expense from largely after notes. million contributions

capital that financial provide to under of capital the of towards quarters during on clear, hitting previously for and wanted financial our us as to year-to-date We're key year-to-date XXXX respect also to Moving progressing the year with an year-end raised as today, target. of And us we some profile the billion the and which the our have sit well positioned target first giving are activity here and to believe investment provided management. guidance. XXXX metrics has new on next update we our X page. beyond. We We equity in becomes we confidence billion $X close billion fee-earning $X $X.X raising

of of range raise. new likely based and Although year end we capital billion $XX the other end to are $XX billion low offsets to near on to realizations the our original

the perspective, fundraising billion. result, healthy a we forward. and to And to will we growth target the generate and revenue $XX to activity million dividends going FRE this believe as From pay year revised year-over-year continue $XX a that downwards slightly

capital this in we've raised. year skewed catch-up expected committed that result lower on funds is have raised generate we fee capital co-invest on capital will invested XXXX to the fees year than in capital than revenue which that towards capital and that calendar fees, the charge However, more rather

$XXX represent million million and $XXX on LTM come of a be an at an $XXX fee expect greater $XX million $XXX fee versus between year LTM at still of the XXXX, our $XXX in basis to earnings, million, than basis and on between with and which over million XX% end to XX% short million million reported likely year-to-date are million the [indiscernible], of we're increase and will We're of in fee-related XX% to XXXX calendar and respect for $XXX which between of million represent XXXX. $XX revenue $XXX With but meaningful of $XXX million to XXXX. growth would range revenue and

shortfall of raised composition A the timing significant of the to to guidance driver capital this year. and relates

will larger fee more than that we've but our to and to importantly, has over ultimately their this We our a structure an successfully, the the contribution we does into largely raise of that do. As indicator products. in complete fees from generate will confident in catch-up the is commitments all not budgeted, a a funds market XXXX. We're of way this had which and and lower amount I some will believe issue for raises as fund mentioned, strategy pace a that commitments fund absolute XXXX, not capital the are our capital of flagship that co-investment timing roll

On guidance. the the prospects and compared company's original next FRE the give growth XXXX few conviction a you shortfall our slides, as sense in revenue this behind for I'll to our

capital $X.X driven the billion and to fee-earning billion strategies. quarter. new series, translated DBP end our at under second quarter Turning at formation $XX.X the a capital the third from is [indiscernible] the credit billion in management of in growth of the the the page, in of net next quarter $X.X equity $XX.X increase end to This by into formation the billion

As XX, of highlighted near-term strong a of of have forward start start to commitments we've we've And billion look $X.X pipeline September we the in XXXX. earlier, as year and as great we've fee-paying and already of rest raised had XXXX. [indiscernible] the the a fundraising

a the results. generated million, we've to year. XX-month The increased over the earnings quarter, of period to The a million page, FRE $XX marking fee comparable in period. which million third quarter increase and year, last of in same reported the the $XX represents non-GAAP increase the in fee-related reported from our the financial that over the prior XX% next XX% third Moving highest summarizes company revenue LTM period any $XX the

steady and administrative operating as We also revenue and continue growth. compensation see consistent in in improvement to growth expense exceeds margins

XXXX. compared Our to the margin quarter increased and from XX% third XX% when to of

the additional trend several this next as expect we continue We to raise capital over quarters.

We page, which interest expense interest compensation Turning for third of and carry associated principal a reversal to our reversal $XX reported million net the income. gross interests of quarter, the carried next million and which carried the resulted investment to summarizes $X.X in $XX after noncontrolling quarter. million interest in

realization not carried held interest. in the cash across value reminder, classified changes portfolio based a our represent a quarterly company funds investments fair on carried As accrued realized of and does the unless of under it's interest

interest Principal our earned in net $XXX Investment income, invested million, On our compensation the balance was is accrued $X.X $XXX income limited interest of gross of representing on carried million third sheet, carried primarily capital approximately interest, which of DBRG alongside to controlling partners million the and with quarter. we've accrued net shareholders.

stability chart, continue to Moving from highlights revenues both to and revenues, outlook, coming third think, over those has in basis. margin margin quarter. here show I This the to expect chart consistent as LTM on this and growth XX% we an to up FRE in the ticked and consistency next LTM quarters. of Based LTM present fundraising page. the margin on fee growth, I XX% in our as the steady and

funds The million inflows, by outflows. of raised third offset primarily and saw slightly billion of co-investments, DBP $XXX capital quarter $X.X in

company and alongside page $X.X capital maintain balance liquidity. continues strong final to of you'll see of partners the billion financial limited section, that with invested a our sheet to the the Turning ample

obligations. We continue structure liquidity Available of appropriate million, total as business, stock September to cash capital including was the XX evaluate $XXX for of the $XXX million. corporate our preferred with current

presentation, financial Marc back the his I'll With remarks. and of our section final wrap up turn it we'll for that, to

Marc Ganzi

we've as outlined our I the like that focused by report I'd the quarter putting covering term. half are context XXXX quarter wrap priorities where longer last on Tom. second to into of up made the we Thanks, as third well on progress

management and First, were Fee operating check up we fee and here. XX%. revenue FRE expanded box over on growth continuing margin revenues up to deliver to over XX%, FRE expansion, growth the peer-leading we XX% margins

As I got to we've noted the the earlier, got to thesis. grow margins and same revenues. our continue to at to new generate delivering here DigitalBridge is grow central We've time, to got FRE,

successfully Two, $X FEAUM. new forming billion in

Here, deliver. we're to track clearly on

committed a today. you of In fact, of I'd to as with exceed over tell position billion capital we're in what $X.X is

We with to just fundraising billion go ahead left and year of X year. remaining with calendar months $X are over the well of last under in

are year timing fees the back commitments. that to Digital expected, expected. we that accelerate and growth to which Tom composition to is co-invest Look, XXXX going our on of half in has III, the is FRE formation, into less Bridge of of the than new deliver as back which fundraising equity later happening and catch-up Third, impacted the in-period noted, had Partners with generates more the we of FRE ability the capital

as We execute silver our to key continue Number the the we've will a here's is those sheet position. new this capital remain reoccurring activated, today's business quarter, that just liquidity balance takeaway in done convicted from call. four, is formation maintain benefit our like here The and and on plan. future Now periods. ability strong key fees lining to

adjacent of again, the release item, accretive box corporate The sheet This cash M&A around with our in balance evaluate managers. as with prior the consistent quarter. asset we last acquisitions check centers five. and can number we Here, both stable

compelling expect to active be year, but to the closed continue We have pipeline anything we a year. in we haven't and this

management's that investment over priorities long-term want to to both turn I highlight focus. Finally, the our strategic underpin call Q&A, key and thesis before I our

want we from delivering margins investor the with committed Doubling results on delivering that super our to mid-XXs. While no make deliver the the every this the important, long-term next to in remain expanding years for is revenue X will XXXX that to targets. plan. we mistake, XXs understands FEAUM sure the in fee Make we

continuing leveraging builders. our as companies our portfolio value heritage to by create Second, at business

third our investment see carried of next quarter. for in cycle you're you, drives beginning that in capital the and interest to drive results, This which the turn shareholders mission here

about redeploying high our on is uses. invested flow allocation. Finally, This generating is on capital return free capital now into the business that cash

First, inform map limited across of and Taking of and, to at the the strategic, we M&A These road the our capital of center alongside to ecosystem our our that structure makes it including capital and X remain compounding partners priorities and deploy our and make capital tuck-in the we infrastructure of optimize decisions of form at OPs. about benefit the right advantage continuing of price. how accretive the our benefit when to course, shareholders. you, [indiscernible] sense

thank So to XXXX. forward we attention with next that, and close on I look I interest DigitalBridge ongoing want as updating progress today. out for you your in our quarter you to

up open to call the please Operator, you Q&A. And thank again.

Operator

from Instructions] The first question [Operator KBW. Rahmani from is Jade

Jade Rahmani

as is in best suited bank mix running does It the which the is deals and exists fundraising positive I at type merchant familiar of think with, co-invest whether like industry the so between the for a rather specifically have last digital that infrastructure, the DigitalBridge funds. about results. shift asset, positive in flow the even toward disappointing that address the yet and things specific out we're news weeks entity few should is come backdrop you seem disconnect flagship all than the question

you relates guess any as outlook. it [indiscernible] fundraising could concerns to the I So if just investor

Marc Ganzi

Thanks, Jade.

a part doing funds. we First right? up -- we of of links the what do, It's It's we're everything of part all, is started. in co-invest our that's And heritage. a to where coinvest flagship

to ability scale the greatly relies outcomes create outsized So and on Jade coinvest.

growing it's did remember, when the deployed that or we physical this say NOI, XX-plus growing immediately primary capital have the EBITDA into like you businesses to being is quarter, So own. we're raising in plant, growing across which we

more the same carried scale force investments So And interest is and inside creates it powerful those on time, it's does multiplier. it at what it a more funds. creates the

big it second, to amount I'll a that ] to spending of program the get you So big the have for a right have the And you is case Jade, vital. to that bookings. in doing give [ have or ability is FT now, customers CapEx which you switch. a don't study get are our coinvest the

capital raised the operators having time, have perform $X since do has We almost years. I candidly, and it, co-investment And Switch, has short Switch data and do it, we've has world How perform billion of in DataBank up that, what for other ability to we've that tripled Scala taken X you add over call it, of period to the platforms customers a do has cannot we've level here a Switch. through earnings to our all data private, Vantage of business show [indiscernible]. Jade? it. at You this that hyperscale it, where, center coinvest. center around continued That's

conviction it's whether our tell I this working, are wealth products the what in fund we ] have I shop. channel, total Jade, have and just me around one velocity our have have strategy, give quarter credit, ago, otic fundraising. flagship [ private and A our we and in simultaneously. is of flagship working our a have credit we Today, can acceleration products working Second, you co-investments. strategy, wealth, we were all these year we private

is the bank. that headline you in quarter, need All working, of are away not walk we're they're merchant those products and That performing. to this with in quarter this a

we are as and We strategies are and the slow of I'm relates of QX And with fundraise. manager all but very this with is are our this where fundraising is are We terms a But unchanged winning of as an are we it lot year. of of asset going. X-year convicted alternative to with strategies going had pleased view frustrated remain performing. takeaway we're timing, in beginning the global multiple given sure this in and around key of year. at quarter. Certainly, the we're in actually are FRE. where quite Again, QX, business impact our performance completely those QX that a you're we That's next from the in velocity and where calendar

fundraising the is pleased fourth billion the got pleased Jade, are extremely strong. dedicated pipeline Not fundraising to possible with result coinvest are the wealth. these and between amalgamate the end we pipeline but again, last now really over of incredibly quarter, strong the with and the where opportunity. for to the over that is of probability private year. Jade, accounts We've of FRE accounts right very high rest that up X $X in And And are the of those and credit, fundraising you. are doing and now, pillars comment flagship, Again, XX

of who We're merchant That's products we're not manager. are. are global we multi-strat, those working, and a a All asset bank.

Jade Rahmani

the Can discuss a surprise. what carried was drove reversal? also interest That you

Thomas Mayrhofer

that. preferred There that with line of valuations wasn't we're anything really our roughly individually meaningful returns. appreciating It portfolio in in was sort

down driver. a little of up kind but a bit was of there and like there different across and was significant products, of individual little of so number And a bit no funds

Operator

is James. Prentiss Ric Raymond from The next question from

Ric Prentiss

think A couple ours was were where off of questions. on we Marc, composition. I

big composition composition give but guys were magnitude the of with kind through in with us have guys couple happened out where of coming was the a out the Maybe moved can of line back-end the a is times. that kind into and come How the 'XX? fundraising you 'XX? much being how loaded, catch-up Just hit what of walk catch-up And of fees much of You moved in first? composition? on The were how would key. we us does thinking have 'XX we that

Marc Ganzi

but clarity on that. start pretty good I ahead, Tom them, can behind Yes. I'll let have backfill Go and Tom. we

Thomas Mayrhofer

Sure, Ric.

So yet, million. longer accelerate about September the as $XX catch-up in tend the $XX to million of funds market. we fees kind had those XX, about of at We've had

have if and between $X million quarter. wouldn't fourth the I So $XX be surprised in million we

in original million. year, So we had the for our $XX guidance,

of up of and those if with that surprised half of speaking, be something to ended those 'XX, So I 'XX order wouldn't in roughly we rolling on half magnitude.

Marc Ganzi

other the mention, point Okay. co-investment thing and on they an issues And then fees when activate don't just timing is close fees activate your about when Ric, we to investment. when would activate I

that invested, at closes when in and those kick investment the capital point. fees is that So

So when XX the XX deploying we're commitment you our that like over to get of primary capital months. Super a big capital and DataBank, next

as those activate the you the capital, So not invest as capital, you commit fees committed.

in invested, the committed. fees kick co-investment, on So not

So where there's that data a Switch, center from rolling to CapEx to days. quarter bit of to big happening little any takes every are Vantage, capital CapEx, and quarters timing XX X DataBank, that XX the XX of it's there, all Scala, X deploy we're whether the anywhere and calls operators to

strategy, managers. that know, Second, alternative credit our as asset you uninvested. from From other credit a perspective, is also

is take the SMAs. our to it's Ares, So for working an the quite in big are SMAs that's Ric, the where kind Apollo, of our state ourselves, That's a commitment folks credit, credit funds all of credit have don't that really part will pay us fees on fund. well, another committed whether capital. art strategy of we And investor

where Ric, side by deal. a incremental And SMA. managed commit separately discretion side they'll it's have capital in we in account they'll over that, then SMAs, a And like with those

minute Let's say they'll On they residential loan Europe. fiber that XX and U.S. The in that. tower fees like in those that. to commit a closes, deal credit, deal activate. they'll the commit $XX They to like

there so lag there's a in to credit. paid get timing how And as it again, we relates

is channel, capital. committed flagship cadence and So private different than have credit that wealth a our coinvesting on slightly

this We're looks really $XXX wealth -- So significantly that product million. news. good as well That we're we wealth product. quarter. the lot we going well. inside that's were And like flagship a targeting scale product, The working exceed private to our is private

And so as year. of quarter catch the said, will next those up in first Tom fees

Ric Prentiss

at is of what a are side, hard the drive for is that where [ III does and since What Fund catch-up condition timing for fees? should cap III? How And we -- flagship about the on And important. earlier on Fund think that obviously we ]?

Marc Ganzi

Yes.

liberty at We including well So night, we're day, come give flagship. in as have quite had some today. don't we're to specific performing commitments last number coming commitments every think on you literally of the in. I

So strategy, third were cover. in on billion again, targeting we the $X the

that We hard had of feel about on in billion a good targeting. haven't We QX number very year. $X yet. some cap we're That's next We've that our top hitting put conversations kind of limited what with partners.

really in We got good momentum. working room accounts have data XXX on that We over fund. the

could team inside to just but that hit and strong But that to our to again, well well of number Ric. we've number target. a number. goal get strong, And conviction has, billion strategy. of is And we're the hit path way have so definitely that that clear we We're beat of going And QX XX% deliver our on our year. to that, to a that got we're north there, $X next

Ric Prentiss

Okay.

last really there's [ the future. one valuations. stock the to address carried signed the is large you that? prioritization fair carrier or portfolio timing there about a the about ask of how recognition whatever we ] feels recognition interest companies component realized elaborate of of out lot carried I as the been on rumors. in should help. about for some some of has mark-to-market of But just some out there rumors not-so-distant could think So Jay obviously But would of a be But getting can like interest we you there, a of there's the that interest Like some performance, is what is It on obviously, lot think items value accounting me of important. news the were said, of can't

Marc Ganzi

proposition. I a big mean value big, carried is part of look, interest our

$X.X the As $X.X about the sum you we out billion balance laid DigitalBridge to last on of year, know, our billion of targeted sheet. analysis when parts we

on XXX XXX, and FRE, the of of mirror, been can Another of always terms carried some asset based interest off course, what about of then selling On interest, the of see we carried we've very our today. companies. in sum of which what do parts worked transparent very multiple the [indiscernible] valuation portfolio

do come valuable. and will They're lot in assets. don't is assets. inquire you our of around great directly. number platforms. our What I rumors We have marketplace We they buying people the those about tell A address a super rumors of

mark tend the NAV, value to Wildstone, where this Ric assets conservative through that terms compelling find we it's the and sold Towers premium Vantage in in carry position for assets we of versus sold where reversals sold value us how to there Tom previously. you XX% We compelling independence, inside investment is is and our marketing again, team. where our XX% have walked very other our we we If book. and And framework where is we be is which we of a which to quarter.

on not our that committee I'm example, valuation values the assets. For

around that We one investment with process. have the independence on team No that. interferes

And generally around so we assets. conservative validation process. our how mark very that we tend third-party have in to And then be we

That's very we whether in important. The or for the creating to you're that whether hearing are rumor is have be be fact DPI has been they're for that rumors we've with the marketplace to the DPI. related we sale transaction very databank clear IPO, to attractive investors Part some it. of function processes of off, the to they're businesses. kicked be that an also a And rumored rumored whether

things year that year. the for we're of at next doing Vantage this DPI keep Some some has and

so year. and outcomes. Fund assets actively Fund next look some like, for right of that obviously do those when in we there's material we create tell. I or sell at other we to carried create time outcomes will us to go facts, And those generate think interest assets But will we whether to those looking it And obviously rumor in it's opportunities I, will are I, certain

And plan. our been secretive think that. that's we about so I pretty haven't And

right need we've everyone to need world. that we're focused interest multiples right? cooperate, to rates and know at building we Rick, told DPI, there the time, think the the we out best cooperate but are We we're the some on of in I platforms

Wildstone and a in a premium price instances We that at So DigitalBridge, we I'm that But everything someone with at and sold to and compelling come And assets. on believe value, few anything Vantage artificially. we've felt course, we to other demonstrated where done us always to at is in sell of does demonstrated going that if right NAV. no first I rush the to sell we we're think on Towers. --

potential sitting there's bunch time So is I think opportunities a there. of out [indiscernible]

own. them assets more where going them remarking our growing terms to them. XX-plus whether every to continue the hold wake raise the to and capital in evaluating kind We're we for to day, up And we're or every day whether of them. they're all they're of or on keep grow of we're going sale coinvest Those are decisions X companies we

Operator

is JPMorgan. Richard The from from Choe next question

Richard Choe

up on just I to wanted capital environment. follow the guess formation I

of kind You're But quarter? of kind closing a we year DPPX questions about an later where of XX to you things are earlier culminating is first next, think some X go kind of saying going do at see year, DPPX of -- Or is kind you kind close it, over this accelerating. it's getting the acceleration of next of a the how next around and as sense into Just this months? starts? the see as I call

Marc Ganzi

culminating. it see don't I Well,

think we're develop to In that And and on DigitalBridge, working. here, we being Richard, a has here firm is, focuses multi-strat into earlier, of out said normal a that are third the all movement shop sort fact, I away they're this is sort which I at that cadence, the products the the one-product ecosystem. of from the here trying That quarter. quarter I taking laid continued in as fourth in think being it

private quite doing wealth credit, working co-investments. flagship, validation for that even we're terms are and are in further fact, products well of In all Those of what us.

product, we're strategy year, flagship form got we're that new next new we'll have call, fourth move launching year, the next year. quarter into certainly Certainly, strategies that more As products detailed capital we've in credit finishing to continue launching will next and up we a conversation the next our of at Bridge. well. QX year. private is strategic year. core SAFX, of ideas market performing looking we're fund asset we're, next then in We're We're certainly put really looking fund. other around early forms at And course, our looking other wealth our Infra products at going to that the

that In continuation capital with fund potential out of of fact, we've invested a that core our strategy. all of

not key, reliant So be on to the flagship. just is Richard

does the all that's opportunity we certainly FRE excited you despite to where of grow take long-term with the to credit, which That's grow that from one now course, because introduce we're to around if products flagship channels, digital is have this it new our us not think for highlight really in take and to we continue are to up the it develop what energy, away to want owning validating. call and being well private the in core, you worked I hard this next grow the in year. really be, that continue around quarter from away really and to next continue months vehicles, and of focus continue that private to sets quarter strategies -- important assets last XX wealth about our

they're So are those there's But perspective, is doing we and validation That's -- quarter a of fundraising, fundraising strong that really are a strategy firms a the from us headline a quarter, are all this validates the successful longer lot now up the no products and being this the we're my strategies of of things perspective. for from shop. one fact multi-strat and that is success. that that key out and key thing setting coming that taking are we're

Richard Choe

data or that's that that And you a expectation class? an million But that, do center Fabwell up nice channel from kind to asset for from $X [ ongoing of going billion. you're and product in sidecar continuous could ], saying the be $XXX that the to is regarding be the assume

Marc Ganzi

really his not of product, billions was No, at raising dollars a he was he billion did built just what products. about multiple it. what I Yes. we're $X build Goldman, excited did KKR year, year. not one at mean Andrew cadence And a

is data the car that. to private really But can we companies, couple fiber out what side idea. like the I investors clients thing that XX%, plug kinds of estate. figured and other Tom, have about channel with verticals take other really could like forms vehicle we get we of we that think There's good go be can platform real of AI. wealth really like you other big AI So really and do into private our they and can we we There's product, co-investment that things and private There's all other access across wealth this, the fast geographies. that about co-invest. XX% a towers, digital center in then can is a where a were about There's that, say last talking wealth doing of

immediately. And by fees generates the that way,

private group see DigitalBridge really here we wealth So at the accelerating.

reliable we be I I'm think what products think have And Andrew, more going an lined executive years that exceptional year for next team new us for you'll the good and and get deliver investors that to going successful. great We here are to is He's a that about. really pedigree up see to as to very build strategies are come. exposure talking really can fundraising in

Operator

Luebchow is Wells question from from next Eric Fargo. The

Eric Luebchow

seen recently Bridge, center data the And some been deal, Verizon active M&A, have we've trunk more large guys the you deal highlighted. you with Towers in J. the some Vertical space. Marc, like other deals air

finding are looks in pipeline where from we you're value So what the environment acquisitions the like? M&A of where and terms

Marc Ganzi

Yes. Thanks, Eric.

at least lofty invest example strategy, that's disclose much, it center great the to out than didn't flagship was going Yonder perspective, from on data value of that quite was well. of multiple Air that. good proceeding it and lower multiple We but we're certainly good a was that. a it So third was multiple, was value. a much It trunk, wasn't the at the

Yonder a we second team ]. in working of Airtron on [ focused sort of lot we AirTrunk I were [ so on found working And had we ], were some was value Yonder think while on because that there a folks

paid it's there a against buyer It's I'm happy for came great a AirTrunk. with in relative as So a great footprint. smart outcome asset. on was that And because got basis, we what a

the X just long thing we've that seeing are things us -- have Japanese on finally like is J-Tower in not be carriers they take that third the traded of think other starting to Historically, strategy, out. are something to the and on why you in I infrastructure a years. carriers shared J. time Japanese the worked for a share These that. you're terror like a proven market our we kind tip infrastructure really that want Tower market, do now has there. to That's in

We're Japanese as think do the that's to that Tower a So first the exciting. the market investor to we're pretty J. being tower operator, with on bullish things and really and we going owner big and platform. foreign

So that's exciting.

of work. around I And and The with about that. Vertical an [indiscernible] that trust co-investor it's are a we're really happy continued It up a Verizon. X-decade It's with of Alex raising through deal, with were it's long-term Bridge hard that lease customer. investment-grade strategy. XX for building outcome. ID continuing when and years a and sites partnership for started just and Investors we're lining And bunch

works if make situation another And it's for well towers mistake, assets again, that's where particular let's Eric. America, investors tower are in that us. best So market, the line no North in up have the really you best we Verizon where think Co-Invest for opportunities, a those assets

like up Q [indiscernible]. and our opportunity to stand win, and that can flocked are When go people you get you merely to say, of and you an to lost like go and have a bunch there I'd

that paid that for taking for paid winning. we And so get get opportunity, We risk. for

And is comes just on good. It it capital. at lower so slightly committed a and in fee comes co-investment in invested

the So I again. like what quarter we did in

win. big a was Verizon think I

what Yonder certainly, then, on And other a and working think Australia things huge pipeline and few of us. Super for a in was remains Tower with with I J. win did DataBank we we're course, the robust.

XX on. new fund as strategy. the incredibly we're of fund. at opportunities active well. flagship out We've We're I over of we're incredibly active the of first investing as said, we're ideas out at looking working over $XX There's dispositions in also, And got sitting the billion

an all, puts of little from there's Eric. we bit in takes finding value, and So all perspective, And M&A are a here.

think I data it's to find centers, hard value.

honest. be Let's

value. to find they're if also investment-grade Towers, good really assets, hard

Bridge continues We a much did and not Frontier. X deal the some air turns, active. seen we trade turns argue data world. you've multiples Timo could in saw be basis and the with and trade, you pockets the moved to saw market retreated. come with ] did. think AirTrunk saw deal fiber mean is I fiber the The Towers to X obviously I with have that X on up really centers, Verizon deal [ value. tower to X but of Vertical assets haven't around Maybe the private other you really

think You can where is But but assets, trade find to find you good the multiple. going they're area for also really trade we can good value, do up and at the a It's high fiber. value you where centers, just who an in customers your about about careful got data and be to and might you be little you a harder from towers investment-grade noninvestment got most careful and perspective. importantly, to

in the So with investment-grade this that and along with know we stuck to customer we best hemisphere go decided Verizon.

Eric Luebchow

And Great. follow-up. just one

your in correctly. the mentioned remarks you heard quarter, if expected asset think in I prepared you I that fourth manager that close to acquisitions on some

acquisitions? a these are are kind transactions? looking equity access access these Is So What LPs, underwriting of little more kind to energy that you for additional it expertise, new to of traditional looking distribution, at criteria what geographic when with like a maybe private on you're elaborate you could the products bit.

Marc Ganzi

answered my You Eric. just you. question, Thank

All of above. the

profile. M&A financial and it has So fit foremost, first our us, for to

a our want returns. -- want don't on we're in balance looking We're least X.Xx infrastructure returns. at for returns more money. looking we're for sheet, I private I So our equity return when in investing

we protected. sheet, background the Tom's [indiscernible] So balance of private stewards equity, Carlyle ], [ the

of XX% And so and we're north looking of for returns X.X. north

big of the some big And some are management and so multiples. in kind We've land moment. seen frothy trades multiples at asset

to being find management, selective right the the and find value right pockets we're right? we're So of and to trying

an when you're people. to got buying asset right you buy manager, mean, the I

been we So accretive accretive most be scale price. to X importantly, day it that that, our ideas want we credit actioning accretive actually to we to has pretty very is share to to be accretive. looking be really clear at has and platform. and our our that That's shareholders on And we've right X. day are everything that good It have that, focused been on some now. very, we're We've

next my love over credit of can period, There's maturing we away. a AUM to in $XX idea So $XX months. we think is credit in get I to, digital I in credit, been going billion offer over XX we it's the going ambition that We'd the infrastructure not credit. think business there. And Private love you build in and for deeper of that's a time billion LOPA scaling. X-year fact, would for

We get continue to bigger.

that's we platform So themselves quarter speak. things they that what we're this this clear. are and not on the are really focused scale we is Whether closing our scaling priority with we And inside for I focused But platform. Tom on not, high is that. and manifest say our credit it's a those year happening are could how as myself Ben and would credit or

do a hit There's It's equity. conversations natural bunch we've always number said diligence, digital out do be that spectrum. of that to you've the we clearly like. again. on adjacency in We've the head interesting nail because some shopping cable, is equity We've there private a great that the with. probably to of had equity our firms two firms would be Second, of us. private do It's telcos, It list. is on private

like. these And there's And of a really that happen deals couple we fast. don't again, targets so

or founder the some to ultimately, a somebody guys Eric, actually strategy to decades relationships, than of a decades. running with decade X that been in been or business who's the usually talking have for fund have You is that I'm build or who we're transacting because business X

our that's people feel private We've we we've ethic, But will enter. our we definitely to we on also have our say in sometime partners. find We like M&A. build side, own right discussed attitude, want inorganically I the find want product. that work always entering space where a the it our through And kind doing equity that's we year, up would about about not that next and So talked easy. the to of culture right

alternative do as next that interesting thing. are been not energy of that own. I a the will carry. But some M&A same fee We've subscale, world produce transition There's go but we to don't fundraising strategies in too, all folks That's FRE and energy projects itself rates. fund by going if We've sort even GPs manifest trying to maybe call scale out have scale you of lot AUM. of higher afraid Energy, our breakeven, to building want building some year also been little go are like around energy $XX the and alternative really $X of they're organically. it billion billion to that them we're modestly and $XX very well. energy, do form you're Their is billion, hard in There's breakeven, a to are subscale and energy to and a space. fundraising the out the GP for at in that few it's space, than

of X seeing that wind like spending project same really we're time we've they and identified takes space. relationships some or a we're it. X doing in folks a at again, we projects how the project with that a targets time. them, We're these it time, in or building or microgrid. We're So some operate solar At testing

side, us. we're on for deploying GPs we're other that of them know figure good and the lot a with energy things and fit So deploying out things to A getting

So really equity our to the looking areas got be to being I again, use private on. first. energy I'd about third prudent we IRR are credit money. say X say a sheet. the X.Xx day close it's that a we're focused XX% and it's it's And be would transition. Those how X, with balance north second want for of We accretive

very but throughout M&A, think what can't hearing very doing. under have clear the now very today me a we've of terms year, severe think from more do we're table. than I going and what in to We you're I I telegraph very is specific intimating verticals. that kicking the targets metrics, And we're path been that without specific specific

right on M&A stand we now. where that's So

Operator

Markets. question Atkin is from RBC Jonathan next Capital The from

Jonathan Atkin

couple A my side. from

been some of would You sell? earlier and wondering if the assets were had minority what indicated latest funds that by to companies those on stakes underappreciated market. center monetizing you be I'm data use just the any in interest GP of have DigitalBridge's thoughts your and

Marc Ganzi

the balance our little maybe or assets private fine-tune are of sheet terms assets, question in again, a bit. So

Jonathan Atkin

balance assets. the Yes. Yes, sheet

Marc Ganzi

look, there's GP are on value. got X we've advantage. the the sheet, really in stake. then pillars Databank balance There So And the obviously, positions of

and DataBank at could at the So maybe at Today, advantage. rest holding where holding of our with XXX as we we terms $XXX -- in Series advantage just we're of million. stakes XXX. we DigitalBridge the DataBank the start are We're GP then see Partners

talked can some be DataBank. manage in I $X SDC assets, think we will on DataBank the just that. involved billion for over There about raising secondary

not first I secondary market That the how in next bring consultation quarter secondary some We sort if database. are Board. will and excited. happen we later closing the much of capital we're back we in But want raised with our money plan, to do given on with deciding where quarter, reknown Tom the Jonathan super, year.

that, work. I if to think that's you our a foundation hard And want good feel know, don't I to. and of comment Tom, on free

Thomas Mayrhofer

components X series. the funds, The which DBP it, GP in there's think I regular you Look, investments way articulated. Yes. the to

of our that will I will commitments of have continue commitments to the making just think positions to the on those next or and the without kind balance realizations continuous one extent there any transaction to churn was fund fund a related promises large a kind of on meaningful on those the and churn sheet.

I used like and capital that we amount preferred or down to structure that pay think is something the that. we evaluate an a

them something of significant the have not business, next part to back in were going a buckets, uses house investments little sort transaction singular always is go Those the [indiscernible] the have of are itself. more of different just would X time, there part look probably we're to But data I the unique GP bit kind are some at at in which a future. them. It's to investments will the investments in in feeding if advantage like that point, of

Marc Ganzi

Yes.

SDC really Vantage on very are I unique assets those proving be think to also defensible. and

you are of kind and remember, those really check And most much which rents where rents were sitting accruing here up that and asset owns the as by really if Jonathan, the years the I of in Tom, Santa and of X, it's direct. probably be some data done, that SDC, We're we market coming in to now where market, now and you lot sort some are are own, So there's valuable X accruing centers renewals there strategic Clara ago. those like locations that Vantage very a higher. sit that

organic assets, got before value to really But on the money, X DataBank our assets day. exactly extract double-digit like high-quality are to the So manage we'd any we've steady and at Vantage SEC, growth end on maximum certainly And sheet that SDC consistent comes returns high be what monetization our investment-grade generating the thinking and about it doing in look, of teens. and should that's back for plan. balance

So positions. we're very those comfortable with

to premiums, through back that, I the think a an it's we'll the premium I secondary -- valuation return the or a you NAV, thoughtfully. billion off premium table. area where do old very are capital going will to compelling. it prove whether we Tom, large opportunity small balance and take it's the when to raise, some is The would and say, there's plus we $X sheet, an to super And fund can again, at

Jonathan Atkin

maybe I Latin little you your quick X I an us and a expansion, of AI-driven of could new with centers and investments investments, through kind primarily Zayo, to Fiber America, of guess, forth deploy suppose. on and towers or appetite then a taken data around bit just the just seeing Maybe just of there. fiber And capital lot you're if maybe update give so routes demand what Zayo ones. in

Marc Ganzi

They down Well, power. let's importantly, was week. mean, in I America exciting quarter We a and the fast. has I the down particularly guy logos had of things exciting. more just a very really Brazil lot start in Scala. Pretty good the to last happening. with Brazil. in key Latin has win continue region

companies micro the to like and got In the our we're to megawatts in you've Jonathan, the So substation, Scala, Tambor continuous up XXX power United in ], in much go built, exciting. is have bringing pretty that And new really new from that getting data I've you've have States, got microgrid our in right our power we've [ lighting you've which and it in XXX% microcredit grid there bright-shining got to actually renewable power have another got one locations. got pretty cool centers. where and portfolio to sort those of because is that that's powers the chance is Scala a see all hydro that of north energy

transmission from infrastructure. that leased hydro Brazilian We We bring that from [indiscernible].

And so renewable. Brazil XX% of the is power in

Bogota, those So great looking from about what there it's we're market, markets at uptake excited a challenger a Paulo, in the seeing and Mexico like we're City, and we're we're but significant really Sao in markets. hyperscalers doing Santiago,

continue has Scotland. bright about support to and So it. data going America been the to centers stars in We're very of Latin one excited we're

We're Our fiber performing other It's operator. We've business is of a Chile. for We'll ahead got down infrastructure fiber wholesale region there. one folks. are plan well. in business in reoperate the

on what's We we're and like really going excited. there,

Mexico We pace But double high was the ATP, have Peru. Colombia, which them region, digits. of digits, guys X as a sites. It's it's Chile, XX% organic take-up really standout colo call, X%, kind region, exciting the, [ market, between super big positive XX% not we're of sort and are amendments just post posting of XX% consistent somewhere densification single well is Andean organic We're And tower on overlays Highline growth companies there. of steady. XG, for the XG predicting the to for of growth would of to a is growth see sort massive Those in XG us. starting all very sort in and is year. in market kind ] in in low this Brazil doing what I but

growth the XX%. So X% the like of rates now, looks given there, right with organic more -- about we're that delivering kind growth escalators, pre delivering in XX%, to rate escalators, inflation X% we're Mexico

will year. So active high quite BTS between in be alone customers. X,XXX X in well. tower line towers We've High performing at to got businesses region, We've unlike towers of this our construction all good X,XXX deliver over the build-to-suit they're all line. got pipeline an MTPA

going standards, constructive with America So on good right and you a there's exactly which but SBA a -- think We're good nice a customer, And for lot And last think assets I of we're Millicom, really not BTS Latin all go is week, densification deal, an now. in went you did the set to paid crash go, in tough saw they it tower by price for do the Tower first ] time through paid generally out really where America, where that's while a they do towers the in industry, is to way, and they is when I tower XG back work investment-grade for of Central there. needed to which, customer. America the not the Latin seeing the its Mexico. see They good SBA dotcom to [ they a did breaking went go? look the way to American you sheet balance times

with [ 'XX. and American Nextel was the Tower some deals challenges 'XX that Tower ever navigate deal did. It that one And American ] best helped was customer good of dollar-based, really in

SBA tower that America believe supports industry. that important to we that view Latin that a So We continue for remain the is really America. we constructive view. view. support American incredibly that Latin market towers Tower in supports on

Jonathan Atkin

And Unity compression -- out then long been What's it perspective some a and also lot of there's investment? lumen headlines of kind on I of on trends U.S. haul. guess hyperscale was driving demand, fiber because your fiber, maybe the so

Marc Ganzi

lot alt presents there's each fiber, a that different nets And detail, I on payments think some but see pushed and into to got their a be shakeout interest the of can't make We won't Europe, or vehicles. a restructured into Look, I happening, happening. go and opportunities, bit other having challenges theater right? granular you've of

in with the high in we very a debt. has lot valuations of trade a Germany, in So the at cleanup altnets there of space, And U.K. lot all-net of be particularly saw kind to a

rationalization. it a works in the great cleanup to be country probably and of So there but in some rest bit little needs a the is the France, fiber-to-the-home Europe, model of

we We're really watching Europe, good We're in Fiber [indiscernible], up I all think numbers. EU watching continue networks. Eurofiber, Enterprise on watching to Zayo. on we're put be

know, of and best the of us is is. Zayo's quite connectivity Jonathan, constructive conducting flat as built you I long-haul markets. are All of think, performing are, really routes A [indiscernible] data Those well. some center routes that lot recently that, the

and those are to and want in North in value. good routes, U.S. routes. continued to For America. the slow on cautiously we're those investments example, on in our cloud The constructive we've fiber-to-the-home, really make Asia, of say in I'd like here Dublin at hyperscalers great back Europe Paris, generally connectivity and but data center

And bookings And enterprise long of mentioned, dark that you traditional side, competitive. we're see ever haul, they data constructive obviously be focus. on of connectivity center fiber, continuing the is are areas to stream own those that all Jonathan, to increased things proving

competitors overbuilders. because legacy we're got fair generally their telcos, got just we're fair cable picked. fiber you competitive. our super you've fiber with you've just think U.S., we still share that of you've got really residential but geographies And Jonathan, careful, It's the companies of of fiber got [indiscernible] and on and winning enterprise we're the constructive our I are the on winning logos, some cautious in and share

I as investment KKR, that's what shareholders, made look it's said, some Oak outcome happened happened trade today, at, And there. Verizon, an think again, in earlier Frontier at a we look at T-Mobile outcome We think obviously, and great But Hans with you with then Hill. a for what good comments in Frontier, friends Verizon. our for did strong for what

in fiber like air to is little So if be data to good think I Jonathan. connectivity growth market we and consistent, long-haul That's in well. as center pocket M&A Asia. heat bit, up not another fiber for continue And the a certainly of going us

Operator

next Truist The Securities. from question from is Anthony Hau

Anthony Hau

out property out? private center the built has products been econo wealth built just that wasn't Sicard I the product? was [ ] fully the team. platform this And Is and platform data been curious, with

Marc Ganzi

way FRE on Kevin I contribution it's a up Private Andrew. channels, easy. and about that we that is the XX-plus required it Smith investment The pretty professionals Yes. of getting on XXX% wealth, marketing that Golden. a we We're by mean, wealth little headed SG&A. run loved What flow-through He global contribution. of built in basis team terms margin private our joins literally team product and product Leslie we hired no

to course, double budget to last due the can are those in hire is want goal Andrew's versus year is to X X FTEs XXXX I what kind the think do. year. cadence So think and -- we he in did budget next In things we of to his

private we incredibly wealth profitable. is so the And think channel

at billion points So turns if very with out product a I fee a team. us rate to be, small billion we that XXX can profitable raise year $X $X of our very with to average basis think, a

we're that ] about important cannot just And the [ this Ares to new So excited really we've and that. our by developed has eyes. Apollo reiterate how I it Again, channel. opened That way, in that is well. this product and and KKR digital other managers are and and we were performing performing asset Blackstone specialist, well quite And now we a alternative we're that vertical. this have immediately the quite listening

it. a products So to perform It's very we're about excited for are going and profitable venture us, well. extremely these

Anthony Hau

from billion And like plan didn't $X wealth in XXXX factor mentioned the that raised Marc, that private platform. you

in your formation? terms below sell expectation capital products which of So

Marc Ganzi

year. in this the out do fast. higher exact not year, give But next of sort you, going quite little Kevin number we'll going XXXX. sort very should billion when call launch just an higher. to next attractive But our go to we Well, Andrew are to we're raise bit $X designing that quarterly into if be I'm I to is look, QX guidance we're lay we'll now not for much a the think next over telegraphed you we that that get the fundraising year, they're and I which going right consistent take and going in products to we of of how and I next they're for pretty think year that

And this very honest, exceeding little business than be more, took QX expected call and you got of this next surprised and plan out I'm we've excited be a and of how to product for private my uptake year. very bit for on a so fast the sort on think, lot products the We'll I faster next runway. expectations. early our I wealth couple year the in a We're lay prescriptive a was

Anthony Hau

for guys the quota-bearing recently one last me. Just that you Has rep yet? sales generating revenue started hired

Marc Ganzi

Actually, last X yes. It was accounts days. X in the

So we're excited.

market has some really in of I with is great some understands in And so that this Switzerland Germany where Erson the funds pension in great. think relationships we've well. Austria. been He really developed and

well many And not team Asia sales so that team had just a so And look, that on effort, quarter. performing are it's so him, right? our we're folks in performing there's area. We this it's one in logos a And region, in closed And of around is globe. -- the out call. important this and the laid think last earnings right? quarter. we not just bunch night I it's all that It's really

it there to a lot The North Gulf perform to is is to week. a of back momentum America they're to regions There's We're is headline there's QX. our of that in will core far quarter. that perform X are regions there. producing capital. producing 'XX X all into the next All capital and And important. by now results mentioned from things see for in extremely I the we've real from emphasize that got products Europe. and disappointed of out we're I QX, our throughout carrying 'XX. you enough. on that closing go out QX going of quite performing year, here The XXXX. this in seen that green just be accounts laid I starting Asia of the X are X we've QX for in Again, well focused can't and days marketing here turn in now are rest performing I quarter, and If going shoots best well. lot all are us

credit Wealth Private Co-invest, inflection.

are are those to regions products commitments, the leading now conviction and in all of of have producing taking we end All why that's up X all the right commitments in this year fundraising.

Operator

I to no a further Ganzi for Next comments. the are at would from question time. like over is Marc questions closing KBW. Jade There follow-up Rahmani this to back from turn floor

Marc Ganzi

Tom the attention Obviously, our everyone. Well, really is we of that look, of DigitalBridge display and transition what cities. flagship-only exceeding Fundraising a X, have But kind is firm I That of a on of that the appreciate X ] digital this that way would from for last think the better. and firm FRE singular-focused have thanks, is hard at quarter. year. set. quarter, has been delivery I and multi-strat what infrastructure most is headline -- put conviction own but quarter think, here on the our liked print. it in little is We time this bit in for a is I validation we to of confidence in and happening XX and we big, to work exciting I certainly tale a to think your our do [ importantly, the

I of certainly but quarters, continuing that I thing focus going first fourth would talked the think and really itself X little the as is, in you're of about last say second most in but revenue, a on and basis to better. I now, are The quarter on points. We Tom, and We are costs that And we on see XXX can mining the improving margin things to manifest margins. he improvement focused focusing chair do profitability. the the to importantly, in begin bit quarter, generate

next We do terms and profitability. margins of will year going to in we're our better, produce better

drive to good those and focus smartly that's growth compound the our take continue focus, through exit going our So exist, we're to shots, we'll to acutely, manage opportunities value. core continue there's continue really if and is revenue Our right? not, that assets fundraising, to grow where

quarter and opportunity to fourth into delivered the next would get quarter margins. here capital of manifest catch-up say that manifest in we products that that all that based the improve some in fee-bearing as the then last QX and in scale next this these as fees quickly. us. begin big into see I year and in invested to for And QX itself And are the QX. on on That's year we we've of the bring capital, you'll is in fundraising a itself see and QX turned this fourth certainly products certainly, thing year And we the you'll we

every So the of all you. connecting comment our one each look and We our to forward for We're of to always open investors. that's focus. sit with opportunity and with

next I exceptional where capital we plan. team, And results entire remain preorders to gives exceptional the forward we formation delivering in we they're our we're our sales close you delivering want and conviction us really a good with traveling, about Leslie thank job the They're propel into remiss quarter, and delivering our working the now meeting the with and very commitments. We And I here X-year it quarter, to than want to year, saying deliver Kevin, this and going most particularly quarter entire clients would significant are if team hard, market, I we're around to were totally in dialogue marketing around thank but be and I'd continue the plan. results in continuing they're to convicted tough doing more next and team, team. didn't I to that's our a importantly, excited going look and today us say and we're are our X-year results.

forward Have care. of and with great to Take connecting weekend. you. you, look thank a I all So

Operator

This concludes today's teleconference.

You lines your at time. this Thank your you participation. for may disconnect

DigitalBridge (DBRG) 1 Nov 242024 Q3 Earnings call transcript