DBRG

Digital infrastructure investor DigitalBridge Group (NYSE:DBRG) will be reporting earnings this Wednesday after market hours. Here’s what to look for. DigitalBridge missed analysts’ revenue expectations last quarter, reporting revenues of $3.82 million, down 95% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ revenue estimates. Is DigitalBridge a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members. This quarter, the market is expecting DigitalBridge’s revenue to grow 61.5% year on year, a reversal from the 81.1% decrease it recorded in the same quarter last year. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. DigitalBridge has missed Wall Street’s revenue estimates multiple times over the last two years. Looking at DigitalBridge’s peers in the specialty finance segment, some have already reported their Q4 results, giving us a hint as to what we can expect. HA Sustainable Infrastructure Capital delivered year-on-year revenue growth of 12.2%, beating analysts’ expectations by 33.3%, and Capital Southwest reported revenues up 18.2%, topping estimates by 5.3%. HA Sustainable Infrastructure Capital traded up 10.8% following the results while Capital Southwest’s stock price was unchanged. Read our full analysis of HA Sustainable Infrastructure Capital’s results here and Capital Southwest’s results here. Debates over possible tariffs and corporate tax adjustments have raised questions about economic stability in 2025. While some of the specialty finance stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 10% on average over the last month. DigitalBridge’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $16 (compared to the current share price of $15.35). When a company has more cash than it knows what to do with, buying back its own shares can make a lot of sense–as long as the price is right. Luckily, we’ve found one, a low-priced stock that is gushing free cash flow AND buying back shares. Click here to claim your Special Free Report on a fallen angel growth story that is already recovering from a setback.

TPG Inc. (TPG) came out with quarterly earnings of $0.71 per share, beating the Zacks Consensus Estimate of $0.64 per share. This compares to earnings of $0.62 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +10.64%. A quarter ago, it was expected that this company would post earnings of $0.55 per share when it actually produced earnings of $0.53, delivering a surprise of -3.64%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. TPG Inc., which belongs to the Zacks Financial - Investment Management industry, posted revenues of $628.48 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 14.60%. This compares to year-ago revenues of $461.41 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. TPG Inc. shares have lost about 12.1% since the beginning of the year versus the S&P 500's gain of 0.5%. While TPG Inc. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for TPG Inc. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.67 on $563.57 million in revenues for the coming quarter and $3.00 on $2.44 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Management is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. DigitalBridge (DBRG), another stock in the same industry, has yet to report results for the quarter ended December 2025. This provider of asset management services to NorthStar Realty Finance Corp. is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of -27.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. DigitalBridge's revenues are expected to be $100.26 million, down 1.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TPG Inc. (TPG) : Free Stock Analysis Report DigitalBridge Group, Inc. (DBRG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Deutsche Bank met its 2025 targets with a post‑tax RoTE of 10.3%, roughly €32bn of revenue (7% YoY) and lower non‑interest expenses, and reiterated a path to >13% RoTE by 2028 with a target to cut the cost‑income ratio below 60%. Balance sheet and liquidity strengthened: full‑year net interest income was €13.3bn (Q4 NII €3.4bn) with a 2026 NII target of ~€14bn, deposits rose €29bn in Q4, loans grew €5bn, CET1 was 14.2%, LCR 144% and HQLA €260bn, while MREL surplus stood at €23bn. Funding and ratings strategy updated: the bank will reduce senior non‑preferred issuance and drop the DBRS mandate, targets €10–15bn of 2026 issuance, and said recent €1bn Tier‑2 and AT1 deals priced at the tightest spreads for those classes. Interested in Deutsche Bank Aktiengesellschaft? Here are five stocks we like better. Cash Is King: DigitalBridge Is the Ultimate Defensive Play Deutsche Bank Aktiengesellschaft (NYSE:DB) used its fourth-quarter 2025 fixed income call to outline progress against its 2025 financial targets, provide balance sheet and funding updates, and discuss changes to its ratings and issuance strategy. Group Treasurer Richard Stewart led prepared remarks, with CFO James von Moltke and incoming CFO Raja Akram joining for Q&A. Management said the bank delivered a post-tax return on tangible equity of 10.3% in 2025, meeting its full-year target of above 10% and framing it as an early step toward a greater than 13% RoTE goal by 2028. → How Long Can Equal-Weighted ETFs Keep Outperforming the S&P 500? Why Smart Money Is Looking Overseas for Bank Stocks Stewart said Deutsche Bank achieved its revenue ambition of around €32 billion in 2025, representing 7% year-over-year growth and 26% growth since 2021. He also highlighted continued cost discipline, with non-interest expenses of €20.7 billion, down 10% year-over-year. The bank kept adjusted costs broadly flat and cited a “material reduction” in non-operating costs due to lower litigation expenses. Stewart said the combination of revenue growth and lower costs drove “significant operating leverage,” including 17% operating leverage in 2025 and a pre-provision profit of €11.4 billion, which he said was up threefold since 2021. → Insiders Rang in the New Year Selling These Stocks, Buyers Beware SoftBank’s Next AI Move? DigitalBridge Rockets 46% on Takeover Buzz On business lines, Stewart said all four operating divisions improved cost-income ratios and profitability versus 2021, resulting in double-digit returns in 2025. Corporate Bank: Stewart said the unit delivered revenue growth of more than 40% since 2021. He said 2025 revenues were stable despite lower rates and FX pressures, supported by actions to increase fee income and a normalized interest-rate environment. Investment Bank: In fixed income and currencies (FIC), Stewart said targeted investments helped drive market-share gains and an 11% increase in client activity in 2025 versus the prior year. He also said the bank is repositioning investment banking and capital markets by investing in sector and product expertise to expand advisory and equity capital markets capabilities while maintaining its debt franchise. Private Bank: Stewart said transformation efforts improved the cost-income ratio to 70% and delivered returns above 10% in 2025. Asset Management (DWS): He said DWS attracted €85 billion of net new assets since 2021, with assets under management surpassing €1 trillion in 2025. Looking ahead, Stewart reiterated management’s plan to improve return on tangible equity to above 13% and lower the cost-income ratio to below 60% from 64% in 2025, driven by focused growth, strict capital discipline, and a scalable operating model. He added that the bank sees upside if the environment develops positively and said 2026 is about executing next steps, citing an “encouraged” view based on the year’s start. → Mag 7 Outlook: What Apple, Microsoft, Meta, and Tesla Just Told Us Stewart said net interest income (NII) across key banking book segments and other funding was €3.4 billion in Q4 and €13.3 billion for the full year, describing the full-year result as in line with plans when adjusted for FX effects. For 2026, the bank expects NII across key banking book segments to increase to around €14 billion, with the increase mainly driven by the structural hedge rollover, expected to yield around €600 million more in 2026 versus the prior year. Stewart said over 90% of that uplift is locked in through existing hedge activity, alongside targeted growth in deposits and loans. On balance sheet trends, Stewart said loans grew by €5 billion in Q4 within operating businesses (adjusted for FX). He described underlying loan book quality as strong, citing growth in FIC financing driven by asset-backed financing, infrastructure lending, and an acquisition of an aviation portfolio, as well as continued growth in corporate bank lending within flow and structured trade finance. In the private bank, he said the bank continued targeted mortgage reductions as part of a “capital-efficient” balance sheet strategy. Deposits rose by €29 billion in Q4 (adjusted for FX), with the largest growth in the Corporate Bank, particularly in sight deposits from corporate clients. Stewart said some normalization is expected in the first quarter, but he characterized the increase as evidence of client engagement and franchise strength. Stewart also highlighted the liquidity position, including a liquidity coverage ratio of 144% and high-quality liquid assets (HQLA) of €260 billion, with 96% held in cash and level one securities. The net stable funding ratio was 119%, with available stable funding at €650 billion. Deutsche Bank’s CET1 ratio was 14.2% in Q4, down 30 basis points quarter-over-quarter. Stewart said one-off effects accounted for 44 basis points of that change, including the discontinuation of the transitional rule for unrealized gains and losses on sovereign debt and an annual update of operational risk RWAs. He added that higher market risk RWAs reduced the ratio by eight basis points as trading activity normalized, while credit risk RWA growth was offset by a securitization. Stewart said capital generation contributed 21 basis points, reflecting strong fourth-quarter earnings net of AT1 coupon and dividend deduction. The bank reported a leverage ratio of 4.6%, flat quarter-over-quarter. Stewart noted a six basis point impact from the end of the transitional OCI filter. He also said a 10 basis point reduction from higher cash and reverse repo was more than offset by a 13 basis point increase tied to a €1 billion AT1 issuance in November 2025 and other CET1 drivers. Stewart added that following an FSB decision to reduce Deutsche Bank’s G-SIB bucket from 1.5% to 1%, the 2026 leverage ratio requirement will be reduced by 25 basis points. On loss-absorbing capacity, Stewart said the bank’s MREL surplus was €23 billion, down €3 billion in the quarter. He said the level remains comfortable and provides flexibility to pause issuing new eligible liabilities for at least one year. In Q&A, von Moltke addressed commercial real estate provisions, saying the bank is “following the new facts on the portfolio” as it builds provisions, including lower appraisals, lease activity changes (such as tenant departures), and market valuations observed between appraisal updates. He said there was one larger single-name event classified as commercial real estate that was outside office. Von Moltke described the focal point as office, particularly West Coast office exposures in Seattle and Los Angeles, and said he remained cautious about calling a floor after what he described as prior “false dawns,” though he added that the bank would “hope” it is at the tail end late in the cycle. Stewart said Deutsche Bank has received two upgrades from each major rating agency since the start of its transformation and cited additional upgrades in 2025, along with Standard & Poor’s raising its outlook to positive in the fourth quarter, which he attributed to improving earnings and greater resilience. He also announced two decisions: The bank will reduce senior non-preferred issuance volumes and will no longer seek to benefit from the notch related to Moody’s Advanced Loss Given Failure (LGF) analysis in its senior non-preferred rating. Stewart said this is a voluntary move intended to optimize the liability stack and cost of funding and aligns the bank with European peers. In Q&A, he said the change allows a rebalancing over time from senior non-preferred to senior preferred and leads to a managed reduction in headroom over TLAC and subordinated MREL requirements, while maintaining appropriate buffers. To streamline efforts and reduce costs, Deutsche Bank will discontinue its DBRS group mandate, focusing on Moody’s, S&P, and Fitch. On funding, Stewart said total issuance in 2025 was €18.7 billion, within a target range of €15 billion to €20 billion, including roughly €3 billion in senior preferred and AT1 issuance in November and December. For 2026, the bank targets €10 billion to €15 billion of issuance, citing lower senior non-preferred volumes as the biggest driver. Stewart said the maturity profile implies “relatively modest” maturities of €11 billion to €12 billion per year over the coming years. He also noted that the bank issued a €1 billion Tier 2 bond in early January and said it, along with the recent €1 billion AT1 security, achieved the tightest spreads since those debt classes were introduced. Stewart referenced an upcoming call decision for a sterling AT1 instrument callable in April 2026, saying the coupon would reset to roughly 8.2% and the decision would be made closer to the call date after considering capital demand, refinancing levels versus reset, FX effects impacting CET1, and market expectations. Finally, he said the bank updated its sustainable instruments framework to allow issuance compliant with the European Green Bond Standard, which it plans to use in coming months. Akram, addressing what it means to become a “European champion,” said management views the 13% RoTE target as an intermediate step toward a longer-term goal, emphasizing market-leading positions in key segments and stronger relative returns versus European peers. He also said the bank aims to be an “AI-powered” institution and a “destination of choice” for talent, adding that management intends to provide progress markers on growth drivers and market share evolution over time. Deutsche Bank Aktiengesellschaft is a global banking and financial services company headquartered in Frankfurt, Germany. Founded in 1870 to support German foreign trade, the firm has grown into a full-service bank offering a wide range of banking, advisory and transaction services to corporate, institutional, and private clients. Over its history the bank has expanded internationally and developed capabilities across capital markets, investment banking, retail and commercial banking, and wealth management. The bank's core business activities include corporate and investment banking—covering financing, advisory, sales and trading, and capital markets services—along with private & commercial banking for individual and small-to-medium enterprise clients. The article "Deutsche Bank Aktiengesellschaft Q4 Earnings Call Highlights" was originally published by MarketBeat.

Looking back on specialty finance stocks’ Q3 earnings, we examine this quarter’s best and worst performers, including DigitalBridge (NYSE:DBRG) and its peers. Specialty finance companies provide targeted lending or financial services for specific industries or needs. They benefit from expertise in particular sectors, often reduced competition in specialized niches, and tailored underwriting that can yield higher margins. Challenges include concentration risk in specific industries, difficulty achieving scale efficiencies, and potential vulnerability during sector-specific downturns affecting their specialized markets. The 9 specialty finance stocks we track reported a mixed Q3. As a group, revenues missed analysts’ consensus estimates by 3%. In light of this news, share prices of the companies have held steady as they are up 1.1% on average since the latest earnings results. Transforming from a traditional real estate investor to a digital-focused powerhouse in 2021, DigitalBridge Group (NYSE:DBRG) is a global digital infrastructure investment firm that manages capital and operates assets across data centers, cell towers, fiber networks, and edge infrastructure. DigitalBridge reported revenues of $3.82 million, down 95% year on year. This print fell short of analysts’ expectations by 96.2%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ EBITDA and revenue estimates. DigitalBridge delivered the weakest performance against analyst estimates and slowest revenue growth of the whole group. Unsurprisingly, the stock is down 14% since reporting and currently trades at $10.94. Read our full report on DigitalBridge here, it’s free for active Edge members. Operating in the often misunderstood world of debt collection since 1999, Encore Capital Group (NASDAQ:ECPG) purchases portfolios of defaulted consumer debt at deep discounts and works with individuals to recover these obligations while helping them toward financial recovery. Encore Capital Group reported revenues of $460.4 million, up 25.4% year on year, outperforming analysts’ expectations by 11.9%. The business had an incredible quarter with a beat of analysts’ EPS and revenue estimates. The market seems happy with the results as the stock is up 15.8% since reporting. It currently trades at $49.60. Is now the time to buy Encore Capital Group? Access our full analysis of the earnings results here, it’s free for active Edge members. Created by Congress in 1987 to build a bridge between Wall Street and rural America, Farmer Mac (NYSE:AGM) provides a secondary market for agricultural and rural loans, helping lenders increase their liquidity and lending capacity to serve rural America. Farmer Mac reported revenues of $94.96 million, up 11.1% year on year, falling short of analysts’ expectations by 6%. It was a softer quarter as it posted a significant miss of analysts’ revenue estimates. Interestingly, the stock is up 3.3% since the results and currently trades at $162.86. Read our full analysis of Farmer Mac’s results here. With a proprietary "CarbonCount" metric that quantifies the environmental impact of each dollar invested, HA Sustainable Infrastructure Capital (NYSE:HASI) is an investment firm that finances and develops climate-positive infrastructure projects across renewable energy, energy efficiency, and ecological restoration. HA Sustainable Infrastructure Capital reported revenues of $139.2 million, up 51.5% year on year. This number surpassed analysts’ expectations by 58.5%. It was a stunning quarter as it also recorded an impressive beat of analysts’ revenue estimates and a solid beat of analysts’ EBITDA estimates. HA Sustainable Infrastructure Capital delivered the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is up 18.3% since reporting and currently trades at $33.80. Read our full, actionable report on HA Sustainable Infrastructure Capital here, it’s free for active Edge members. Named after the mythological hero known for his strength, Hercules Capital (NYSE:HTGC) is a business development company that provides debt financing to venture capital-backed and growth-stage technology and life sciences companies. Hercules Capital reported revenues of $138.1 million, up 10.3% year on year. This print met analysts’ expectations. Aside from that, it was a mixed quarter as it also logged EPS in line with analysts’ estimates but revenue in line with analysts’ estimates. The stock is up 2% since reporting and currently trades at $17.96. Read our full, actionable report on Hercules Capital here, it’s free for active Edge members. In response to the Fed’s rate hikes in 2022 and 2023, inflation has been gradually trending down from its post-pandemic peak, trending closer to the Fed’s 2% target. Despite higher borrowing costs, the economy has avoided flashing recessionary signals. This is the much-desired soft landing that many investors hoped for. The recent rate cuts (0.5% in September and 0.25% in November 2024) have bolstered the stock market, making 2024 a strong year for equities. Donald Trump’s presidential win in November sparked additional market gains, sending indices to record highs in the days following his victory. However, debates continue over possible tariffs and corporate tax adjustments, raising questions about economic stability in 2025. Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.

DigitalBridge’s third quarter results reflected robust growth across key financial metrics, including fee revenue and fee-related earnings, with management emphasizing strong progress in core business areas. CEO Marc Ganzi pointed to record data center leasing activity, successful capital formation, and a significant increase in fee-earning equity under management as the primary drivers behind the company’s operational momentum. He noted, “This quarter really exemplifies what we've been building towards at DigitalBridge... the relevance and strategic value of our power bank was on full display.” Is now the time to buy DBRG? Find out in our full research report (it’s free for active Edge members). Revenue: $3.82 million vs analyst estimates of $101.8 million (95% year-on-year decline, 96.2% miss) EPS (GAAP): $0.09 vs analyst expectations of $0.10 (12.9% miss) Adjusted EBITDA: -$7.57 million vs analyst estimates of $31.3 million (-198% margin, significant miss) Operating Margin: -360%, down from 7.6% in the same quarter last year Market Capitalization: $2.13 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Michael Elias (TD Cowen) asked about the recognition timeline for carried interest from data center leasing. CEO Marc Ganzi explained that full realization typically occurs over three to five years and is tied to project milestones and eventual monetization events. Jade Rahmani (KBW) inquired about the long-term ownership structure of new data center projects and fund outflows. Ganzi described a new Data Center Income Fund attracting real estate allocators and noted that legacy fund monetization will proceed at a disciplined pace, without providing specific guidance. Timothy D'Agostino (B. Riley Securities) questioned the exclusivity and long-term potential of the Franklin Templeton partnership. Ganzi stated that DigitalBridge is open to additional partnerships and values the ability to pair varied investment structures with different investor types. Rick Prentiss (Raymond James) sought clarity on the cadence of carried interest monetization and the stability of future returns. Ganzi and CFO Thomas Mayrhofer emphasized that a steady cadence of realizations can be expected as flagship funds mature, but that some exits have been delayed by attractive reinvestment opportunities. Eric Luebchow (Wells Fargo) asked about the split between behind-the-meter and grid-connected power in the energy strategy. Ganzi detailed the importance of microgrids, battery storage, and dynamic grid relationships, highlighting that the approach supports both data center needs and broader energy transition trends. Looking ahead, the StockStory team will be monitoring (1) the pace at which new data center developments like Frontier and Lighthouse translate into fee-earning revenue, (2) progress in raising capital for new digital energy and private wealth products, and (3) the achievement of initial anchor commitments in the Asia Pacific and European markets. The impact of these initiatives on margin trends and the realization of carried interest will be critical indicators of execution. DigitalBridge currently trades at $11.67, down from $12.73 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free for active Edge members). Trump’s April 2025 tariff bombshell triggered a massive market selloff, but stocks have since staged an impressive recovery, leaving those who panic sold on the sidelines. Take advantage of the rebound by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today. StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.

This article first appeared on GuruFocus. Release Date: October 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. DigitalBridge Group Inc (NYSE:DBRG) reported a 22% year-over-year increase in fee revenues, reaching $94 million. Fee-related earnings grew by 43% to $37 million, indicating improved margins as revenue growth outpaced expenses. The company raised $1.6 billion in new capital during the quarter, bringing the year-to-date total to $4.1 billion. DBRG achieved its $40 billion fee-earning equity under management target one quarter ahead of schedule, reaching $40.7 billion. The company announced significant data center projects, including the Frontier mega campus in Texas and the Lighthouse campus in Wisconsin, with long-term commitments from major tech companies like Oracle and OpenAI. There was a $20 million reversal of carried interest during the quarter due to changes in the fair value of fund investments. The company faces challenges in executing large gigawatt-scale data center projects due to capital and resource constraints. Despite strong financial performance, the stock price does not fully reflect the potential value of carried interest. The presence of new entrants in the data center market could increase competition and pressure margins. The company must navigate credit risks associated with newer hyperscale tech companies that are not yet profitable. Warning! GuruFocus has detected 8 Warning Signs with DBRG. Is DBRG fairly valued? Test your thesis with our free DCF calculator. Q: Can you explain when in the life cycle of a data center the unrealized carried interest is recognized? Is it when it's leased or when it's delivered? Also, how would you describe your ability to take on more massive projects with your power bank? A: (Mark Ganzy, CEO) The recognition of carried interest occurs at various stages: when entitlements and power are secured, when leases are signed, and when data halls are delivered. Full realization can take 3 to 5 years. Regarding massive projects, while gigawatt-scale projects are challenging, we are seeing more demand for 250 to 500 megawatt workloads. Our sales funnel has grown significantly, indicating a strong pipeline of large deals. Q: What's your view on how new data center projects achieve stabilized capitalization given their size? Will they be owned long-term by a combination of large REITs, infrastructure funds, and hyperscalers? A: (Mark Ganzy, CEO) We have launched the Data Center Income Fund, targeting real estate allocators, which is a new capital pool for us. Real estate investors are eager to allocate to stabilized data centers due to their long-term investment grade cash flows. This strategy opens up a larger capital pool than traditional infrastructure funds. Q: Regarding the Franklin Templeton strategic partnership, is this a one-time partnership, or could we see more of these in the future? A: (Mark Ganzy, CEO) The partnership with Franklin Templeton is not exclusive. We have other partnerships and intend to continue expanding our private wealth offerings. The $15 trillion opportunity in private infrastructure allocations by 2040 is significant, and we plan to capitalize on it with multiple partners. Q: Can you provide more insight into the Evergreen capital structure and why it's attractive? A: (Mark Ganzy, CEO) We offer both open-ended and closed-end fund structures to cater to different investor preferences. Open-ended structures are familiar to real estate and private wealth investors, while closed-end funds appeal to pension and sovereign wealth funds. Our multi-strategy platform allows us to match the right product with the right allocator. Q: How do you view the credit risk of newer hyperscale tech companies backing new builds, given their rapid growth but lack of profitability? A: (Mark Ganzy, CEO) We are selective about the credits we work with, focusing on established hyperscalers and AI providers. Our scale allows us to diversify across customers and workloads, reducing reliance on any single entity. This diversity is crucial in managing credit risk effectively. For the complete transcript of the earnings call, please refer to the full earnings call transcript.