Greetings and welcome to the DigitalBridge Group Inc. third quarter earnings conference call 2025. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. 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, sir. You may begin. Good morning everyone and welcome to DigitalBridge's third quarter 2025 conference call. Speaking on the call today from the company is Marc Ganzi, our CEO, and Thomas Mayrhofer, our CFO. I'll quickly cover the safe harbor. Some of the statements that we make regarding our business operations and financial performance may be considered forward-looking, and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. All information discussed on this call is as of today, October 30th, 2025, and DigitalBridge does not intend and undertakes no duty to update it for future events or circumstances. For information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC for the year ending December 31st, 2024, and our Form 10-Q to be filed with the SEC for the quarter ending September 30, 2025. With that, let's get started. I'll turn the call over to Marc Ganzi, our CEO. Marc, thanks ever and welcome everyone to our third quarter 2025 business update. We appreciate you joining us on the call and look forward to answering your questions. Let's get to the quarter. This quarter really exemplifies what we've been building towards at DigitalBridge, from our near-term financial goals to our longer-term strategic priorities. Let's get started with the key highlights that align with our strategic roadmap. First, financial performance. DigitalBridge delivered another quarter of robust growth with fee revenues reaching $94 million, up 22% year-over-year. Our fee-related earnings grew 43% to $37 million in the third quarter, reflecting continued margin improvement as revenue growth continues to outpace expenses. Second, capital formation raised $1.6 billion in new capital during the quarter, bringing our year to date to $4.1 billion. We are well positioned, thinking through the fourth quarter here as we remain on track to meet our full year objectives. As most of you know, the fourth quarter is historically our strongest quarter. Finally, and this is the most important story of the quarter, the relevance and strategic value of our power bank was on full display. We saw record data center leasing activity across our portfolio that will build and accrue significant value for you, our investors, over time. Our portfolio company, Vantage Data Centers, announced the Frontier Mega Campus in Texas, a $25 billion 1.4-GW development serving the leading AI infrastructure buildout. This was followed up by a second campus dubbed Lighthouse in Wisconsin, a $15 billion+ development to support the expanding OpenAI and Oracle Stargate project. These landmark transactions demonstrate that our years of securing power across the portfolio are now translating into the largest leasing commitments. In data center history. I talked about it last quarter. Having a power bank that is ready to go for our customers is a comparative advantage. Let me put this quarter's performance in a broader context. Continued financial performance and capital formation advances us towards exceeding our full year objectives. What makes this quarter truly distinctive is how our strategic positioning around power is creating differentiated outcomes at the portfolio level. For years we've talked about the importance of power as the critical constraint in the AI era. Today we're seeing that thesis play out in real time and DigitalBridge is leading from the front. Next page please. As I referenced, year-to-date capital formation of $4.1 billion positions the firm to surpass our financial targets. We achieved our $40 billion FEEUM target one quarter ahead of schedule, reaching $40.7 billion as of the third quarter. This milestone reflects both the strength of demand for digital infrastructure and the execution capabilities of the DigitalBridge global platform. The record FEEUM today translates directly into revenue and earnings growth. We're seeing particularly robust activity in co-invest, where third quarter fee rates continue to expand relative to historic levels, up to 70 basis points in Q3. I talked about this earlier this year in multiple quarters. We're very focused on expanding margins in our co-investment program and we're getting it done. That's the key, we're executing. We're finalizing our flagship strategy capital formation targeting over $7 billion in the next few weeks. As we head into the end of the year, our focus has pivoted to the second credit strategy and our new offerings in power, stabilized data centers, and private wealth that'll drive our 2026 capital formation. Having a new product pipeline that sets you up for success is really what it's about in terms of being an alternative asset manager where we have a multi-strategy platform. This is the full effect of DigitalBridge as a full alternative asset manager. This is on display for all of our investors as we push forward into 2026. Next slide please. Now I want to talk about a key component of our private wealth strategy. The partnership we announced with Franklin Templeton in the third quarter to launch our first programmatic private wealth distribution channel. At its heart, the partnership is about democratizing access to institutional-quality, differentiated digital and energy infrastructure investments that were previously reserved for institutions. Franklin Templeton is a $1.6 trillion global investment leader, and their CEO Jenny Johnson has prioritized this initiative as growing alternative investment portfolios. Importantly, Franklin Templeton is building a diversified open-ended infrastructure solution that has the ability to invest across all infrastructure subsectors. They intend to compete head-on with the mainstream supermarket asset managers. On our side, we're bringing our $100 billion+ in assets under management and our position as the leading digital infrastructure specialist across data centers, cell towers, fiber networks, digital energy, and edge infrastructure. We're partnering with our friends at Copenhagen Infrastructure Partners, the world's largest dedicated greenfield energy fund manager with $37 billion in AUM, and Actis, backed by our friends at General Atlantic with their deep sustainable infrastructure expertise. For their part, Franklin will focus their accredited investor product on the mass affluent segment in the market, a difficult segment to access without significant investment in sales infrastructure. They have a sales force of over 600 people, giving them strong distribution capabilities and reach. The strategic rationale here is compelling. Together, we're focused on a massive investment opportunity. There's a $94 trillion global infrastructure need by 2040. We're positioned at a pivotal inflection point as AI, electrification, and connectivity megatrends accelerate infrastructure demand. Now, why does this matter for you, our DigitalBridge shareholders? Look, first, there's three reasons. One, evergreen capital. This is an incremental source of capital and FEEUM that layers over time in a long duration structure. Second, it's an earnings contributor. Fee revenues convert to fee-related earnings as the platform scales. Third, earlier carry realization. The potential private wealth carry is paid as accrued earlier than our traditional institutional structure. This partnership launches exactly at the right time. It supports our strategy of building a multi-channel approach to wealth sales. It enables us to reach multiple client segments across the broader wealth universe. There is a secular migration of wealth management allocations to private infrastructure that is happening. The institutional quality solutions we designed are meant to provide stable, inflation-linked cash flows with resilience through economic cycles. We're capturing what we believe is a massive opportunity, and Franklin Templeton gives us distribution platform and private wealth client access to do it at scale. That's the key component, that we're doing this at scale. Next slide please. Let me bring this all together. What I believe is the defining characteristic of the DigitalBridge portfolio today, our power bank. To be credible and to be honest with our customers today, if you don't have a power bank, you really can't have a conversation in terms of leasing megawatts and GW. Last quarter I highlighted this. We have over 20 GW of total secured power across our data center portfolio. That's not a projection, that's actual power that we can access. It's critical to understand that this is not a Coke dividend or something that we're trying to accomplish. This is power that exists inside of existing land, existing facilities, existing campuses, with our 11 existing platforms. In the third quarter, we put that power bank to work and leased a record 2.6 GW across the DigitalBridge portfolio. To put that in perspective, that represents 1/3 of total record U.S. hyperscale leasing for the quarter. 1/3. That's not market share, that's market dominance in the most important segment of the data center industry today. Here's what it means in practical terms. When the world's largest technology companies need to deploy AI infrastructure at scale, they come to our portfolio companies. They come because the portfolio companies have a long track record of delivering for them and because they've got the power. In today's environment, power is everything. You cannot build a 1-GW AI campus without 1 GW of power. It's just that simple. Ultimately, the 2.6 GW of third quarter leasing translates directly into new capital formation, fee revenues, carried interest, and long term value creation. These are decade plus contracts with investment grade counterparties. The revenue visibility is exceptional and the returns are improving relative to what we underwrote when the power was originally sourced. As you think about DigitalBridge's positioning today, think about it this way. One, we have the power. Two, we have the platforms. Three, we have the customer relationships. Four, we are executing. That combination is creating outcomes that very few firms in the world can deliver. I would argue we are actually the only firm that can deliver it on a global basis and we're only in the early innings of this cycle. I cannot be more excited about this development. This has been set up, this has been our conversation with you, our investors, for the last three quarters. How would we translate this 20+ GW power bank into comparative advantage? This is as easy as you can see it for investors today. We have the capability, we have the advantage, and we're executing. Next slide please. Now let me put the power bank into broader context of what we're building across the entire DigitalBridge portfolio. Look across our 11 data center platforms, we're deploying significant capital to support the growth of the AI ecosystem on a truly global scale, catalyzing development from hyperscale to private cloud to the edge, spanning North America, Europe, Asia Pacific, and Latin America. The key to this is it's a customer-driven investment model, following the logos to where the hyperscale, enterprise, and cloud customers are demanding capacity. In North America, Switch, Vantage, DataBank, and Expedient are each scaling to meet differentiated customer segments from the largest hyperscale AI workloads to enterprise edge computing. In Europe, Vantage EMEA and Yondr, our newest platform, is building out critical capacity across multiple markets. Vantage Asia Pacific and AIMS are positioning us for rapid growth in Asia Pacific, while Scala continues to lead in Latin America, and AtlasEdge is capturing the emerging opportunities at the intersection of connectivity and compute in Europe, where inferencing will come into full focus in the next decade. We have the products for every type of workload, and we have the products for every type of workload in every geography. This is by far the most unique and differentiated data center platform in the world. What makes us powerful is the diversity and complementarity of these platforms. We're not a one-product shop. We have the right platform for hyperscale GPU compute, for private cloud workloads, for enterprise colocation, edge infrastructure, and of course now we move to inferencing. That breadth means we can serve the full spectrum of AI infrastructure demands. It means our customer relationships deepen as their core requirements evolve. That's what I love. I love evolving with customers just like we did 30 years ago when we evolved with towers from analog to digital into multiple different technologies. Over the last few decades, we're capturing that same business model with our customers today in data centers. The capital we're deploying across these platforms is measured in tens of billions of dollars over the next several years. It's directly tied to contracted customer demand and secured power positions. This is DigitalBridge's competitive advantage at scale. A global platform with local expertise, backed by institutional capital, following customer demand and enabled by our market-leading power bank. With that exciting overview, let me. Turn over the call to Tom to walk you through the financial details, and I'll come back later to wrap it up. Tom. Thanks Marc, and good morning everyone. As a quick reminder, the full earnings presentation is available within the shareholders section of our website. As Marc discussed, we had an exceptionally strong third quarter supported by continued capital formation in our flagship fund series which generates high margin catch up fees. Throughout my remarks, I'll highlight the impact of these catch up fees in order to provide a baseline for our prospective performance once we complete the fundraise for our current flagship fund in the fourth quarter. Starting with the financial highlights, in the third quarter we recorded $93 million of fee revenue, representing an increase of 22% over the third quarter of 2024. Our fee revenue this quarter benefited from the cumulative effect of organic growth in our flagship fund series and co-investments over the last 12 months, with an $8 million contribution from catch up fees in the third quarter. This growth in fee revenue resulted in. $37 million of FRE in the quarter, an increase of 43% over Q3 of last year, and putting us on track to hit or potentially exceed the top end of the range for our 2025 full year FRE guidance. Excluding catch up fees, FRE for the quarter would have been $29 million, an increase of 36% year-over-year. Growth. FRE resulted in distributable earnings of $22 million for the quarter, representing a. Double year-over-year. As of quarter end, our available corporate cash was $173 million, providing material liquidity and flexibility for us as we continue to evaluate both our capital structure and opportunities to invest in and grow our business. We also currently hold $54 million of warehouse investments on our balance sheet to support the launch of new power and private wealth strategies, which we expect to recycle over the next year as we raise third party capital for these products. Moving to the next page, fee-earning equity under management increased to $40.7 billion as of September 30th, representing a 19% increase from last year. This growth is primarily driven by capital formation in the DBP Series and co-investments as well as fees activated upon deployment of previously raised capital. We closed $1.6 billion in new fee-earning commitments during the quarter, led by strong co-investment activity and new commitments to our latest DBP flagship fund. Turning to the next page, which summarizes our non-GAAP financial results, as mentioned earlier, we reported $93 million of fee revenue in the quarter, representing growth of 22% over the same quarter in the prior year. Our LTM FRE margin was 38% as. Of the third quarter. We expect FRE margins to remain elevated through the final close of our flagship fund in the fourth quarter of 2025, supported by the continued contribution from catch up fees. Moving to the next page, which summarizes our carried interest and principal investment income. We reported a $20 million reversal of carried interest during the quarter. As a reminder, the company accrues carried interest based on quarterly changes in the fair value of our fund investments. As discussed previously, many of our vehicles are in the early to middle stages of their life cycle and have not fully worked their way through the J curve to be entirely clear of the preferred return. At this point in their life cycle, small changes in the fair value of the fund assets can have an outsized impact on the quarterly accrued carry interest that we report, including causing reversals as we've seen this quarter, in periods when the appreciation in the portfolio does not exceed the preferred return hurdle for the quarter. As we've discussed in prior quarters, carry interest compensation expense tracks these changes and therefore there was a commensurate reversal of a portion of the unrealized carry interest compensation this quarter. Principal investment income, which represents the mark to market on the company's GP investments in our various funds, was $25 million. Turning to the next page, this chart continues to highlight the stability and consistency in growth, both in revenues and margin that we've experienced over the last two years. We've included this quarter FRE metrics, both gross and net of catch up fees, given the more meaningful contribution from catch up fees this year. As we close out the fundraising period for our most recent DBP fund, LTM margin excluding catch up fees has grown to 33% as of September 30th. This quarter we saw $1.1 billion of FEEUM inflows, a significant portion of which was related to the activation of fees on previously raised co-investment capital. These inflows were partially offset by approximately $100 million of outflows. Finally, the company continues to maintain a strong balance sheet with approximately $1.7 billion of corporate assets, largely reflecting our material investments alongside our limited partners and available corporate cash. We're pleased with our results through the first three quarters of the year. We're very excited about the opportunity set that we see ahead of us both in our core business and some of the new initiatives that we're working on. With that, I'll turn the call back over to Marc. Thanks, Tom. Now I want to shift gears and talk about our investment activity and how we're creating value to our portfolio companies. As a reminder of the framework we outlined last quarter, our competitive advantage is built on a three-decade operational framework that delivers repeatable value creation. The DigitalBridge development model has three phases. Phase I, we establish platforms we back. Great CEOs, we build great companies. Identify and acquire the right platform and the team to capitalize on unique digital infrastructure opportunities. This is about pairing capital and operating expertise with the right strategic business plan around both greenfield development and strategic M&A. You've heard me call before. This is the build and buy. We move to the second phase, which is about transforming and scaling. Once we have that platform, we have the right team. We execute operational transformation to improve margins, grow the business, and scale it efficiently. Then phase III. Follow the logos. This is our customer-driven investment framework. We allocate capital and resources to support network growth where our customers are demanding that capacity. We don't build data centers or cell towers or fiber networks on spec. Never have. Haven't done it in 32 years. We wouldn't start now. We follow the logos. We go to where Microsoft or Oracle, any of the hyperscalers, are telling us they need capacity, and we show up for them with strong intention and execution. This framework has delivered repeatable value creation for three decades. It's what's driving the results you're seeing at Vantage, DataBank, Switch, and our other platforms today. We've been applying this playbook consistently and it works. It's worked for a long time now. Let me take you through several new initiatives and transactions that demonstrate this model in action. Next slide, please. In September, we announced that GIC and ADIA, both existing Vantage partners, are investing $1.6 billion to scale the Vantage Asia Pacific platform to 1 GW of capacity. This investment supports the Johor campus acquisition and broader regional expansion across five markets. Let me unpack that for you and why it really matters. Singapore used to be a traditional data center hub in Southeast Asia, but land, power, and regulatory constraints had led to a moratorium at one point, and that leads to limited growth. Now along comes Johor, just across the border in Malaysia, has emerged as a natural overflow market, much like we executed that strategy in Reno, Nevada, when it became clear to us that Santa Clara had the same type of issues. It offers lower cost proximity to Singapore, less than 1 millisecond, and dark fiber connectivity to the Singapore hub. From a customer's perspective, it functions almost like an extension of Singapore, but with better economics and available power. This sounds really familiar, doesn't it? This is exactly what we did with Switch and Reno, where we have today over 1.8 GW of compute available for our customers in Reno. We're running that same playbook here in Johor. The APAC data center market is growing at double-digit growth rates and is expected to reach $77 billion by 2030. 72% of organizations tie their data strategy directly to AI initiatives, which means the demand for data center capacity in the region is only going to accelerate. Using the same playbook, we brought in new leadership last year to position the region for growth. Jeremy Deutsch joined as the President of APAC in October 2024. He previously served as the President of APAC at Equinix, an organization that we have a lot of respect for with over 20 years of operating experience. He expanded Equinix into five countries during his tenure and was the inaugural Chair of the Asia Pacific Data Center Association. Jeremy is exactly the kind of world-class operator I love partnering with and I'm looking forward to building this platform with him. He's doing a great job for us. The strategic growth drivers here are clear. Singapore spillover demand creates a natural customer base. AI-fueled demand is accelerating across the region. We're positioned with the right platform, the right leadership, the right capital partners in GIC and ADIA. The investment is expected to close in the fourth quarter 2025 and it represents another example of how we're following the. Logos in the key markets. Not only in Johor but of course Kuala Lumpur, Melbourne, Sydney, Osaka. These are the growth markets for AI in Asia. Our hyperscale customers are telling us they need capacity in the region and we're getting ready to set to deliver to that at scale. Next slide please. Let me talk about two landmark developments that demonstrate the power of our strategic positioning, Vantage's Frontier and Lighthouse mega campuses representing a combined $40 billion investment and over 2.4 GW of GPU compute capacity. What you're seeing here is DigitalBridge backing the build out of an entirely new generation of compute infrastructure. The AI revolution requires fundamentally different infrastructure than what the cloud era demanded. Higher power density, different cooling technologies, most importantly access to power at giga scale. These campuses represent our response to that transformation. Both are long-term contracted pre-lease facilities, not speculative development. We have long-term commitments from Oracle, OpenAI, and leading cloud providers. The revenue visibility is exceptional, the returns are attractive, and the strategic importance to our customers is undeniable. This is DigitalBridge enabling the infrastructure backbone for the most advanced AI workloads in the world. Frontier is in Texas, $25 billion across 1,200 acres in Shackelford County delivering 1.4 GW of ultra high density racks supporting 250 KW and above. Lighthouse up north in Wisconsin represents $15 billion delivering 1 GW with potential for more with the Stargate program, distinguished by the development of new renewable capacity, the largest behind-the-meter renewable commitment in the United States today. Together these projects create over 9,000 jobs. They represent billions in regional economic impact. More importantly to our investors, they demonstrate that DigitalBridge has the capital, the expertise, the customer relationships, and the power positions to support infrastructure development at scale. Very few platforms in the world can match. Construction is underway with the first deliverables beginning in the second half of 2026. These are mission critical facilities for some of the most important AI initiatives in the world. They validate our thesis that controlling power and backing world-class operators creates differentiation and creates value in the AI area. We're very excited about these two developments and it really catalyzes a lot of hard work. Congratulations to Sureel and the team. Advantage. Next slide please. What do Frontier and Lighthouse mean for DigitalBridge shareholders? Let me spell it out because this is where the value creation happens. First, IRFIC co-invest. The attractive development economics of these projects enabled us to raise additional co-invest capital at advantaged fee rates. We're deploying and activating that co-invest capital as FEEUM over the next 2+ years, which means growing fee streams for the projects and for you, our shareholders. Second, carried interest generation. We're expected to create significant value through carried interest as these developments stabilize over the next three to five years. Think about the math. We're investing in these projects at development yields. They're going to stabilize at much higher valuation and depreciation flows. That has carried interest to DigitalBridge Group Inc. and our shareholders over the next few years. Third, developing our LP base. These projects position our platform to attract institutional capital specifically targeting AI infrastructure exposure. This broadens our LP base beyond traditional infrastructure allocators to include technology-focused investors, sovereign wealth funds focused on AI, and other pools of capital that are specifically interested in the sector that have not yet entered. Let me talk about the key strategic considerations because that's what creates our competitive advantage. First, scale advantage. Operating at gigawatt scale generates structural advantages, superior unit economics, access to constrained power, and exclusive positioning for multi-gigawatt hyperscale requirements. Our customers cannot get this kind of scale from anybody else. Second, premium workloads. These campuses are built for the most advanced AI applications. That means higher average pricing and investment-grade hyperscale counterparts. This is the best risk-adjusted business you can do in real estate today. Third, power differentiation. Distributed power delivery at scale is our critical advantage. Frontier represents the largest behind-the-meter power development in the United States today. That didn't happen by accident. That happened because we've been working on power for years. We talked about in our last earnings call the power of our partnership with ArcLight, our digital power strategy, and what we're doing to ultimately put power back into the grid and baseload. Together these $40 billion developments represent watershed investments for Vantage and for DigitalBridge. They deliver unprecedented scale for the build out of cornerstone AI hubs serving hyperscale demand. They demonstrate better than anything I could say in a prepared remark that our power bank strategy is working. I don't need to talk about it. This is the evidence. This is on display. Next slide please. Let me close by putting it. All together, in terms of our context for our 2025 priorities and where we stand heading into the final quarter of the year, what we delivered year to date, we're achieving organic growth with management revenue and fee-related earnings both up 20%. year-over-year, even excluding the impact. Of catch up fees. We achieved our FEEUM target one quarter early, beating our 2025 target in the third quarter and we're tracking to meet or exceed our 2025 metrics on FRE and margins. We launched new investment strategies and channels, specifically our programmatic private wealth strategy, Franklin Templeton. We've continued to maintain a strong balance sheet and liquidity with over $170 million in corporate cash and a growing asset base and we've delivered breakthrough record leasing across our global data center portfolio with 2.6 GW in the third quarter and $40 billion in new development contracted. Looking ahead to our year-end priorities for the fourth quarter, again we're focused on delivering and exceeding our 2025 financial metrics with FRE achieving or exceeding our guidance. We're formally launching our new grid-integrated energy and stabilized data center strategies and we're working to secure initial anchor commitments for one or both. We're building on our early private wealth momentum with targeted asset-specific investment opportunities and we continue to evaluate strategic accretive M&A opportunities centered on adjacent asset managers. Let me wrap it up with the final thoughts before we go into Q&A. This has been an exceptional quarter for DigitalBridge. What a change a year makes from where we were a year ago in terms of our inability to meet our guidance to where we are today, which is to be, to be honest, a little bit on the front foot versus our back foot. Yes, we delivered the strong financial results, but this is beyond the numbers. You have to look through what we're doing here. The quarter really proves out my strategic positioning around power and AI infrastructure. What it's doing is it's creating real, substantial, differentiated value for our portfolio, their customers, and our investor base. Vantage announcements, Frontier and Lighthouse represent over $40 billion of committed developments. These are not speculative projects. These are contracted pre-lease facilities with the world's leading technology companies. They're generating fee streams today, they'll generate carried interest tomorrow, and they will demonstrate that we are having and we've created capabilities that cannot be replicated. The Franklin Templeton partnership opens up a new distribution channel to evergreen capital. The APAC investment positions us to be one of the fastest growing global data center markets where we can grow in Asia Pacific with our key customers. Look, I've been in this business for three decades and I've never seen a more compelling structural advantage than controlling power in the AI era. The demand is massive, the supply is constrained, and we're positioned better than anyone in the world to capitalize on this dynamic. The value that will accrue to our shareholders from this positioning over the next five to 10 years will be substantial. I want to preface this by saying we're literally in the early innings. Let's wrap it up: super simple quarter, strong financial performance, record leasing driven by our power bank advantage, continued capital formation momentum, strategic expansion of our distribution channels, and a clear path to delivering on our long term value objectives. We're executing our plan. I'm excited about what's ahead, and I look forward to updating you on our continued progress. With that, let's open up the line for questions. Thank you very much. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we poll for questions. Our first question comes from Michael Elias, TD Cowen. Please proceed with your question. Great. Thanks for taking the questions and congrats to you and the team, including Severin. On the massive leasing in the quarter. Great job. In the past, Marc, you've talked about $1.55 a share and carried interest for every gigawatt of data center leasing. Can you just help us understand when. In the lifecycle of the data center. That unrealized carried interest is recognized? Is it when it's leased or is it when it's delivered? I'm seeing more of these gigawatt scale deals on the market. I'm curious, as you think of your power bank, how would you describe your ability to take on more of these massive projects? Thanks. Good morning, Michael. Thank you. Let's start with the last part of your question, then we'll come around to the front part. These gigawatt projects are really tough, Michael, and I don't think you're going to see tons and tons of them going forward. I think you're going to see more workloads kind of in that 350 MW- 800 megawatt, more bespoke, a bit more tailored. I think building these 1+ GW campuses are really, really tough. I think it's tough from a capital formation perspective. I think it's tough from a resource perspective. I think a lot of the big gigawatt campuses for LLMs are being delivered now and will be delivered over the next three to five years because remember, these things take about 24 to 48 months to fully build them. What we are seeing an uptake in is across all of our portfolio is this what I would call kind of 250 MW to sort of 500 MW workloads. Our sales funnel has gotten a lot bigger in this quarter. We have over a 7 GW sales funnel right now. When you lease 2.6 GW in a quarter and your sales funnel grows by 7, you obviously can start putting that math together that there's a lot of big, chunky deals sitting in the pipeline. Our pipeline has gotten bigger. We delivered over a third of the leasing for the industry in terms of actual power delivered against our power bank. What was actually delivered by the industry, we probably delivered about 50% of actual delivered capacity in the quarter. These metrics are important because we keep talking about the power bank and that 21 GW of power. Leasing another 2.6, delivering another 2, this is hard to do, but again, we started over 10 years ago doing this and we've been able to really keep our pipeline moving and keep our delivery schedules moving. That's what's giving us massive comparative advantage. I think you'll see other really good quarters from us from a leasing perspective. I just think you're going to see more distributed compute. As we move to inferencing, I think you're going to see a whole generation of deals that are going to get done in that kind of 20 MW- 200 MW range, which will be in the sort of secondary markets which follows what happened in public. Cloud inferencing will really kick in in kind of, you know, 2027 through 2032 as we're still building kind of big LLMs. Nothing kind of slows down. Actually, this quarter we saw acceleration. Kind of the third time I've told you this this year, just when everyone thinks maybe there's a bit of a breather, we're not getting a breather largely because we have this enormous, you know, power bank at these 11 portfolio companies that allows us to keep going. For example, later last year, earlier this year we were talking about some of the big deals that Switch was doing. Now we're talking about some of the big deals Vantage is doing, you know, next quarter. Maybe we're talking about DataBank or Yondr or Scala. We don't rely on one platform. I think that's what makes us pretty unique. Why investors need to own our stock is really simple because you don't have to hang your hat on one story. There's a great, you know, look, we have enormous respect for, for DLR and Equinix, great businesses, but those are you're relying on one management team and you're relying on one pipeline. When you buy our shares, you got 11 teams crisscrossing the globe focused on different types of workloads, different types of customer requirements, and most importantly, different designs in different locations. I like our bets. When you play with 11 guys on the field versus one, it kind of gives you a really big leg up. That's why when you're looking at this 21 GW and the 2.6 GW that we delivered, there's nobody even close in AI data centers to DigitalBridge. Right now we're playing the game at just a very different speed and at a very different scale. This quarter really manifested that and it'll continue, I think you'll continue to see that out of us. Now to your question, around carried interest around the, you know, $1.55 per gigawatt. How do you realize that carry? To fully realize that carry takes anywhere from three years to five years. Some of that carry is accrued when you get the entitlements. You get the power. Some of that carry gets accrued when you sign the lease. Some of that carry gets accrued when you deliver the first data hall. Some of that carry gets accrued when you deliver the final data hall. All that carry gets realized if the data center ends up getting purchased, put into a continuation fund, or gets acquired as part of a portfolio deal. Generally speaking, our monetization and our DPI track record in data centers goes back over four years ago. We started returning capital back to investors four or five years ago. Whether it was o`ur DataBank continuation fund with Swiss Life, whether it was the North American Stabilized Data Center Co or Valkyrie, the European Stabilized Data Center Co, we've been a consistent returner of capital to our investors, which then triggers carried interest. The problem with DataBank Advantage was those vehicles were outside of our funds and predated the Colony merger. Now as we get these other companies growing up, whether it's Scala, whether it's Switch, whether it's Vantage, Asia PAC, these are now vehicles that sit in our funds. As you know, Michael, roughly about 28% of the carry across our fund products sits with public investors. That episodic nature of carried interest as we deliver these new facilities doesn't accrue just to the management teams. It now starts accruing to public shareholders. All this hard work that we're doing now, we're accruing that carry, we're building it, but ultimately, we anticipate in the next 24- 36 months to start delivering that carried interest out to our shareholders. In the meantime, the math is holding up. I think that's one of the key things that you could say with a straight face today is the arithmetic that we put in front of investors a year ago in terms of what a megawatt means, what a gigawatt means, that flow through to investors now is really quite clear, really helpful color. Congrats again, guys. Thank you. Thank you. We're very happy, but not content. Our next question comes from Jade Rahmani with KBW. Please proceed with your question. Thank you very much. What's your overarching view on how the new data center projects achieve a stabilized capitalization? Given their size, do you envision they will be owned long term by a combination perhaps of large REITs, infrastructure funds, and hyperscalers themselves? It seems like the DigitalBridge structuring expertise could provide solutions to that eventuality. Yeah, thanks, Jade. Great to hear from you, buddy. How are you? Look, we announced last quarter the formation of a strategy called the Data Center Income Fund. Now that strategy is in flight and we're having a lot of great dialogue with a new set of investors, Jade, that are different from our investors that we had before. Remember, in our flagship funds we're talking to infrastructure allocators. When we're sitting down on the DC product, Jade, we're talking to real estate allocators. For example, last week was the PREA conference in Boston. Our new Head of Capital Formation, the DC product, Wendy Pryce, is up there with Rommel Marseille. We had over 60 meetings with real estate investors and real estate investors are really eager to get allocation, Jade, to these amazing stabilized data centers that we have a deep pipeline in. We're excited about that because for us it's an entirely new swim lane of capital. Every year, there's about $3 trillion of capital that's allocated to real estate, Jade. That's bigger than the $1.7 trillion that's allocated to infrastructure. If you think about swimming pools, that's actually a bigger swimming pool than we swim in today in terms of general infrastructure. We get kind of excited about that. Real estate allocators today are looking at industrial properties, they're looking at shopping centers, they're looking at downtown office buildings, which as you know are kind of a tough asset class. Along come these 15-year investment grade data centers, low incremental CapEx going forward, the tenants rarely call you. It's a pretty hands-off real estate product and most importantly, 95% of the cash flows that we're seeing are investment grade. This is a really hot new development for us. As we've launched that strategy and we're really delighted to bring Wendy on the team, we've got John B and Jon Mauck helping run the strategy. We got a big team working on it. It's an entirely new opportunity for us and it's a new set of investors and it's another way that we're growing our FEEUM, that we're growing our FRE and we're growing our AUM at the same time in a discipline that we know incredibly well. We have the advantage. We know all the developers out there, we know all the other GPs that need liquidity and we're pretty excited about it. I think the key to that is we do have the solution, we do have the team, we have the right pipeline of ideas and product and we've already identified the right set of investors. Everything is lining up to be really successful. Similar to kind of what we've done in Digital Power Jade. A very similar type of approach. Very focused, very surgical and not competing with what we're doing. As we look to the future, 2026 will be driven by this real estate product, our digital power strategy and private wealth. We've lined up three new products for next year and at the same time, as you can see, we'll always be in the market with some sort of co-invest vehicle. Everything is setting up quite well for next year. We love the product set. Thank you. Can you, as a follow up, give some insight into what fund outflows look like for DBP1, 2 and InfraBridge perhaps in 2026? I'm sorry, repeat the question again. What do fund outflows look like for DBP1, 2 and InfraBridge? In other words, how much legacy fund runoff should we expect in 2026? Yeah, thanks, Jade. We don't get into that exactly. We don't give guidance specifically on how we're realizing or monetizing assets. I think as we monetize those assets, we'll report them in our normal cadence. I think obviously fund one is starting to near its natural turning point where you begin to think about monetization. We're thinking through that pretty carefully. At the right time and the right speed, we'll do that. Credit is constantly turning over. That turnover is, you know, loans typically have a 24 to 36 month lifespan. As we're turning over loans and returning capital, we're booking new loans in the second fund. Our SMA strategy and InfraBridge continues to do exactly what we think it should do. In due course, we will continue to monetize assets in InfraBridge 1. As we look forward in the coming years, we'll look at InfraBridge 2. Again, as we monetize stuff, we'll share that with you in the quarter. All of those fund products are moving at the speed at which you'd expect them to move, and we feel good about the speed and the cadence at which we're delivering DPI. Okay, thanks a lot. Our next question comes from Timothy D'Agostino with B. Riley Securities. Please proceed with your question. Good morning. Thanks for taking the question. On the Franklin Templeton strategic partnership in. The deck, you outline the $15 trillion opportunity through 2024. 2040. Sorry. With wealth management allocations to private infrastructure. I was wondering if this strategic partnership. Is this sort of a one-time partnership, or could we see more of these down the road? Sorry, we lost the beginning of what you said. Could you repeat the beginning of your question? Thanks. Okay, yeah, sure. With wealth management allocations to private. Infrastructure estimated at $15 trillion through 2040. I was wondering if the Franklin Templeton. Strategic partnership is sort of like a. One time thing, or if we could see more partnerships like this down the road. Yeah, look, I mean for this particular product alongside Actis and CIP, it's a strategy that they've launched on their platform. We have other partners in private wealth. We did a fantastic product offering last year with Goldman that was really successful. It was wildly oversubscribed. We do intend to be on other platforms and have other partnerships. That is something that will reveal in due course. We are not exclusive nor limited just to the Franklin Templeton platform. We are working with other allocators and we agree with your arithmetic. It's a $15 trillion opportunity. It's really big and there's a lot of great partnerships to be had and we're excited about it. For right now, we love what we're doing with Jenny and her team. They're fantastic partners and so far it's been a really successful launch. Great question and we'll reveal more next year. Right now my focus is supporting Franklin Templeton and making sure that product is wildly successful and oversubscribed. Great. As a quick follow up. Could you provide a little bit more? Color on the evergreen capital, on the long term, on the long duration, and then kind of why the structure is so attractive to you all. Thanks. I think, you know, we have both types of structures across our product set. We don't believe that you have to be all permanent capital, nor do we believe you have to have, you know, 10, 11 year closed end funds. Commingled funds work well for certain allocators, particularly pension funds and other types of sovereign wealth funds. They like that because there's a finite end to what they're doing. I think other allocators like the open ended structure, for example, like real estate investors, that's something they're quite familiar with. Private wealth clients are very familiar with that structure as well. Our continuation funds, the things that we're doing around the real estate asset class, the stuff we're doing around private wealth can be open ended and be permanent in nature. Our flagship vehicles tend to be closed end in nature along with our digital power strategy. That tends to be a strategy that would lend itself to being closed end. I think that the great thing about DigitalBridge today is that we're a multi-strategy platform. We have multiple strategies really focused on allocators very specifically and then pairing that allocation with the right products, the products that investors want, whether it's a data center platform, a tower platform, a stabilized asset, an energy project that's tethered to the economy, these are the things that investors really want today. We have the right products and the right structures. Having that multi-strategy capability is really what differentiates DigitalBridge today. Great, thank you so much. Thank you. Our next question comes from Ric Prentiss with Raymond James. Please proceed with your question. Great, thanks. Morning everybody. Hey, Ric. Couple of them. First, I want to follow up on Michael's question a little bit. I mean Marc, you guys as an. Alt asset manager, but focused on digital infrastructure AI. Good to see you. Communicate numbers, hit numbers, achieve numbers, maybe exceed numbers. The piece that seems to be missing from the stock price is really recognition of carried interest. You touched on it a little bit to Michael's question. Help us understand the pacing as your portfolio companies now ballpark 50 companies or so. I guess, how should we think about a stable, consistent kind of monetization path into the future to try and get some of this value realized? Because clearly AI is hot. Power banks are hot. Data centers are hot. You're not getting the credit for that. Just trying to think through how. Do we see that monetization path play? To help the realization of that. I'll come back with a question for Tom on that. The book and impact. Yeah, I'll let Tom handle the bookend piece. I'll just stick to 50,000 ft and then flip it over to him so he gets the hard part. I get to answer the easy part. He's smiling at me right now. Look, I would say, you know, Ric, what I said earlier with Michael, which is it's really important to note that we have certain fund products that have now turned the corner and they're entering into that phase where we begin to monetize. You go back to a 2019 vintage fund where we invested that fund in 2020 and 2021. It's logical to assume that realizations begin happening in 2026, 2027, and 2028. That's really where our first flagship fund sits. Logically, you can start thinking about how we exit some stuff in fund two. I'm not going to on a call speculate which companies are going to have those realizations, but what I can tell you is we're now in a steady cadence where we have certain portfolio companies going through strategic reviews. I think that we believe just by the timeline and nature of our original legacy flagship funds, you can begin to see a steady unwinding of those funds and return of capital. Along with that return of capital comes the realization of carried interest. Now, fund two has a little more carried interest for investors. The third flagship fund has a little more carried interest for our investors. I think as time goes on, you're going to see not only more frequency in carried interest, but you'll see more carried interest. We're going to work on that pretty hard next year. I think that'll be one of the differentiators about next year versus this year, that you are going to see more realizations next year than this year. The other thing that I would say is, on our data center business, across the 11 platforms, we have been pretty creative around creating DPI and creating carried interest. When you've got great vehicles that are in permanent capital vehicles like Data bank or now Managed North America, and some of the growth metrics around some of these other businesses, we have to recycle capital, return capital. When we do that, that also triggers carried interest as well. Data centers is an area where we think we can do quite well and I think, you know, stay tuned. We do believe that it's reasonable to assume that given the age and vintage of some of these fund products, you can begin to count on carried interest instead of it being episodic. I don't know, Tom, if you want to add anything to that. No, I mean, you really covered it. The only thing I'd add is sort of on the margins. If you had sort of backed up four years ago and projected a bell curve of where we would be distribution wise, I would say probably over the last few years, there's been a more significant and extraordinary opportunity to continue investing in some of our portfolio companies than maybe you would have thought four or five years ago. That may have pushed out exits that you several years ago would have thought were happening, in 2025 maybe. We've continued to invest in some of those companies because the opportunity there is extraordinary. I wouldn't add anything different than what Marc said in terms of the bell curve and the vintages. The way the book works, I think you touched on that in your prepared remarks a little bit about the J curve and where you're at on it. It does confuse people, I think, sometimes when they look at the book carrying value. You're not marking it to market on transactions that are occurring. Things in the marketplace. You're literally looking at your asset by asset. Because some people, I think, look at. How come the book doesn't show more? Maybe just elaborate a little bit more on that. Yeah, look, I think there's sort of two main components to the performance and how we mark things. Marc talked a bit about kind of our investment playbook, making sure we make the right investments, that we are focused on the customers, deliver for the customers, drive operating performance of the companies. That is one significant contributor to the performance, and you've seen some of that to date. I would say the second material contributor to performance and accrued carry or realized carry is the exit process and selling the companies well. That's where you capture kind of the second stage of value. I would say we're sort of in between those two kind of step functions right now where we've achieved real value and real performance at the company level. We will capture kind of the second step of value as we create distributions and liquidity and realize kind of the full value of the companies, if that makes sense. Yeah, it does. You're not marking to what transactions might be, you're not marking to comps. Until you actually achieve sale, basically. Look, if you think the valuations and performance are 100% quantitative, there's always a bit of qualitative to them. We do our best to mark to where we think the assets are worth, but there's always a bit of uncertainty in how much of that you will actually realize in a sale. You're always including some sort of a contingency to address that. Right. Marc, one of the interesting things we saw this quarter was the story that Elon Musk is now following you. Can you give us a little background color? Did that happen? How did it happen? What's your kind of relationship with Elon? Yeah, thanks, Ric. I don't comment about social media stuff. It just kind of unfortunately becomes like water cooler banter. What I will say is I've got a lot of respect for him. Yes, I do know him. Not particularly well, but we know each other and he's an important customer. He's a very important customer. He uses a lot of our different portfolio companies and we serve, you know, Starlink, we serve SpaceX, we serve Tesla, we serve xAI, and we use his batteries at some of our data centers for storage. It's a really super important customer that we think can get bigger over time and that can be a lot more strategic. Anything we can do to work with him and support what he's doing, I'm very supportive of him and I'm always happy to put capital into his businesses through infrastructure or side by side with him. A lot of deep respect there. I think he's one of the great, great minds of our generation. If he chose to follow me, that's great. I'm super focused on servicing him and trying to figure out how we can help enable his businesses to go faster. Makes sense. Thanks, guys. Thank you. Our next question comes from Richard Choe with J.P. Morgan. Please proceed with your question. Hi. I know you spent a decent amount of time on it, but I think it's important to kind of go through it a little bit more with Vantage and these, the Frontier C ampus and Lighthouse campus. These are two really big deals. Over the past few months, we've seen a lot of companies come out and say that they have a lot of power and that they have a lot of capacity deliverable, but you've actually won these leases. Can you take us through the process a little bit? What gave DigitalBridge the advantage over the other companies in winning this deal? I think that, you know, we continue to believe that. This industry. Will be unfortunately marked by a lot of amateurs and a lot of tourists in the next 24 to 36 months. You know, people that do certainly know how to buy land and how to get entitlements and certainly how to reflect that they have some source of power. I think it's a different level up when you actually build a data center and you're responsible for delivering something at a tier 3, tier 4, tier 5 standard and that you've done it for a decade plus. Customers know the difference between, you know, people that are new to the sector and someone that's a trusted set of hands that has over 400 data centers and 11 different companies. Differentiation isn't about press releases. Differentiation is about execution and the ability to show up for a customer and deliver on time. You know, we don't get a lot of credit in our share price for being around for 30 + years as executors. What we have to do is we have to go out, we have to deliver an order like this. We have to deliver a quarter where we clearly demonstrate leasing volumes that are differentiated, a power bank that's differentiated. Most importantly to the metrics, Richard, that you now know that we're judged on, which is FEEUM, fee-related earnings, AUM, all of the things that we're being judged on. We know who our peer set is now. We're an alternative asset manager. The most important thing that we now need to do is just like we've been executing for customers, we now need to execute for our public shareholders. The framework and the prism that Tom and I are judged on is by other alternative asset managers. You know, when I said in the earnings call what a difference a year makes, we had a very tough last year, third quarter, Tom and I thought long and hard about it. What we tried to do this year was deliver something that is, you know, that we can, investors know they can count on us and that we're credible around the numbers that really matter. I think execution is critical. Executing for our public shareholders is critical. Executing for our customers like Oracle and OpenAI is important. We're executing for hundreds of other customers this quarter. We just don't have enough time or pages in a deck, Tom, to sort of share all of those wins for all those customers. You know, we're delivering dark fiber routes, we're delivering towers, we're delivering small cell infrastructure, we're delivering Wi-Fi offload. There are so many things that we're delivering right now that we don't have time to talk about. We just have to keep delivering for our logos. That's really what is differentiating about us right now. I think at the end of the day, customers not only vote with their wallet, but they vote with the integrity of their network. I think one thing that we've proven to be for a long time is a very trusted set of hands and hopefully that will work out well. I think that few people are actually turning on capacity right now. We are, we're turning on capacity and that's because we started planning this eight, 10 years ago. We didn't say a year ago, an investment committee, because we thought it was a hot idea to get into data centers. That's not how we're built. We're built differently. We'll be here, we'll be here tomorrow, we'll be here in 10 years. We were here 20 years ago. I think it's that consistency that customers really like. When it gets down to choosing, having great teams like Surreal, who knows how to deliver for a customer, that's what it is. We're very fortunate to have Sureel and Jeff Tench and Dana Adams. That entire team is just a bunch of pros, adults that have been there, been doing it for a long time and thankfully Surreal is our partner. We're fortunate to have a great management team that was able to deliver for the customer. You mentioned it a little bit. Will these projects be meaningfully contributing to FEEUM early in 2026, or is it more later in 2026 and into 2027? No, 100%. It'll be a big contributor in two years. We took in a lot of new capital, co-invest capital specifically to these two projects. We get paid on that capital, on that committed capital, and so there will be an immediate impact when you have really good co-invest. Tom said it earlier in the year, you know, we've got. To improve our margins. Both Tom and I committed to that. Tom's been working on the cost, I've been working on making sure we get our fees up and co-invest, and I think we can look at each other in the eye and say we've delivered. Tom's done a great job on the cost side. We've done a great job at improving our margins on co-invest. When you put those two things together, you get a result like this in the third quarter, which is improved margins. Incredible year-over-year growth as you can see. I mean just looking at fee-related earnings, roughly 43% year-over-year. I don't think there's another publicly traded alternative asset manager that's up 43% year-over-year. This has been a lot of hard work and we're not done. I think there's a sharp focus on. What we got to keep doing. The fees build as we build, as we keep leasing megawatts and we keep deploying capital. Our fee and raise go up, and so does our FEEUM go up. We're heading into a historically strong fourth quarter, and I think Tom and I are excited to continue to work hard between now and the end of the year. I don't know, Tom, if you have any voiceover on that. No, I think you covered it all. Great, thank you. Thank you, Richard. See you soon. Our next question comes from Eric Luebchow at Wells Fargo, please proceed with your question. Great. Thanks for squeezing me in. Marc, I'm curious about your data center power bank that you've been highlighting the last few quarters. Maybe you could talk about the split you're seeing between kind of behind-the-meter power solutions versus more direct grid-connected power, and perhaps how that behind-the-meter opportunity seems to be much bigger today. Kind of ties into the size and scope of the energy fund you're fundraising for. The energy strategy is super important and it's a big part of what we're doing in the back half of this year, but more importantly, Eric, what we're doing next year. We've already closed a couple of deals in that strategy. Tacnach is one of them where we provide digital power solutions for our customers and to other data center developers. We've got another project where we're tethering a specific power solution to an existing DigitalBridge data center where we're adding 500 MW of power. What I love about what we're doing in digital power, Eric, is these aren't ideas. These are very, very focused solutions in very specific locations tethered to very specific outcomes for customers. That's what makes it so unique, a lot like what we're doing in the data center space, we're doing in the power space. We're not taking risk. We're entering into long-term contracts with counterparties, investment grade counterparties. We know that the offtake is in place. I think what's interesting, Eric, is as we've been doing this for about two years, we've also learned that the grid doesn't go away and you have to learn how to use the grid. You got to learn how to work with the grid. You've got to have battery storage capabilities inside your microgrids. You've got to be able to build up that power during the day, sell some of that into the grid. You're basically an off taker into the grid and putting power back into baseload, Eric. During the nighttime when baseload is more available, you can buy back from the grid. It's a very fluid relationship in a microgrid. The key to that is interconnection and being interconnected into that state's public utility commission grid and having an active relationship with the utility. What we're doing is not in contrast or in competition with our utility partners in each state. In fact, we are a trading partner with those utilities. A lot of like what we do in interconnection and fiber, we're doing the same thing actually in power. It's a really interesting business model and we've had a lot of good early success so far. Someone once told me, I think I was listening to another alternative asset manager, I think it was Brookfield that said it, but there's $7 trillion in AI. There's a $7 trillion CapEx AI spend. If you think about the power that's required, the incremental power to deliver, 300 GW, Eric, there's another $1.3 trillion in power to be built. We look at that again, that swimming pool is $1.3 trillion. We look at the opportunity there. Investors are really excited about it. I've been on the road talking about digital power, talking about micro grids and how we're delivering these power solutions to customers. As you can probably imagine, LPs get really excited. If you look at the fundraising this year in infrastructure, Eric, infrastructure is having a record year in fundraising. I think there'll be over $200 billion of capital raised in infrastructure. If you take a look at that, someone has their microphone on and needs to turn it off. Know who that is? Plus 1 8. Anyway. Hello? Yep. Eric, can you hear us? Yeah, I've got you, Marc. Okay, thank you. Sorry about that technical glitch. Anyway, when you look at the total $200+ billion of fundraising in infrastructure this year, over 50% of that is to energy transition, not data centers, not digital. It's really interesting to me that allocators are really focused on this issue of power. We really see that as a big opportunity because if we think about building large scale campuses and if you're going to spend $11 million- $12 million per megawatt building a data center, you could end up spending $3 million- $5 million in grid independent power to that data center. We really look at this as a $0.30 to $0.50 incremental spend on power because we're taking that risk and building the data center. We know how to build our micro grid infrastructure. We know how to source LNG, best solar, wind, hydro, and most importantly, use the grid. I think everyone gets obsessed a little bit, Eric, with oh, you're either on the grid or you're off the grid. It's not that way actually. If you're going to really build at scale and you look, for example, at the last two big projects that we've done, we do use the grid and at certain points of the day we're putting power back into the grid and then at certain points of the day we're taking power from the grid. It's a fairly dynamic and fluid relationship between a micro grid and the actual grid itself. I think other people are finally figuring out what we're doing. It makes a lot of sense. We've got great industrial partners, we've got a big pipeline of projects that we're building and we're excited to talk more about it next year. It'll be a big part of what we're doing. In 2026, as I said, three new strategies for next year. Digital power is one of those strategies. When you and I get together next time in person, Eric, we'll do a little bit of a digital power teaching whenever you're ready. That would be great. I appreciate it. I guess just one follow up, Marc. You know, some of these mega deals we've seen, including the ones Vantage did, obviously there's a lot of kind of newer hyperscale tech like LLMs that are directly or indirectly backing some of these new builds. How do you think about kind of the, you know, pricing, the lease terms, the credit risk of some of these newer players that are obviously not profitable today, but growing incredibly fast? There's certainly been a lot of industry chatter about, you know, some of the LLMs, their ability, you know, to pay for some of the future commitments they've made. Just curious how you guys think about it at the infrastructure level. Yeah, look, I think that there's different types of LLMs, Eric. Right. There's different types of quality of credit tenants. We look at some of the neo cloud business models and we've chosen not to put our equity capital to work there. We've been very selective about those types of credits. I think, again, when you've got a really substantial power bank and you've got on demand capacity ready to go, it does allow you to be a little selective about what we can do. I think it's pretty unique, our ability to choose customers we want to work with. I do get a little worried about some of the credit profile risk around neo cloud versus AI providers versus the hyperscalers. We've been very cautious about not overweighting one particular customer or one particular story. I think what's unique about our platform is given the scale of our platform, we're invested across all these customers and all across these workloads so that we're not beholden to one customer or one technology or one LLM. I think that's where scale matters. Eric, we talk a lot about scale in the alternative asset management space. In our specific swim lane, we have a lot of scale and we have a lot of customers. That diversity in customers is what's really important. We've been able to demonstrate that we can lease to a lot of different logos at the same time. I think at the end of the day, having a diverse set of cash flows and a diverse set of customers and a diverse set of data centers is really where you want to put your capital today. Again, same thing we talked about, buying our stock as a proxy for that. Right. You're not making one bet on one specific data center platform. You're making a bet on a global portfolio of 11 platforms, 21 GW and record leasing. That flow through will come through in a function of FRE, FEEUM and carried interest. Appreciate it, Marc. Thank you. Yeah, thanks, Eric. There are no further questions at this time. I would now like to turn the floor back over to Marc Ganzi for closing comments. Thank you. Appreciate all the thoughtful questions from the analyst community. We look forward to engaging with all of you over the next couple of days to bring more clarity to the quarter. Let me finish in thanking our team. We have an incredible team. I want to bring focus back to third quarter last year against third quarter this year. Specifically want to thank my CFO, Tom Mayrhofer, for delivering a very clean quarter and delivering on the promises that we made to you, our public investors. Again, fee revenue up 22%, FRE up 43%, distributable earnings up 102%, and fee-earning equity under management, FEEUM, up 19%. This was a clean quarter. This was a quarter that, to be candid, we felt capable of delivering and we owe it to our investors to deliver results like this in a quarter like this. We have strong liquidity, we're allocating capital, raising money. We've got a great suite of new products that we'll come to market with here in 2026, and we're well positioned to be the leader in digital infrastructure and the power that's required to fuel it. Really looking forward to the end of this year and looking forward to catching up with all of you on the road as we hit different investor conferences. Please follow up with Severin and our team to get access to the team. We're always happy to have a conversation with you and thank you for your continued interest and your ownership in DigitalBridge shares. We appreciate it. Have a great day. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.