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Marc Christopher Ganzi: Thanks, Severin. Good morning, everyone, and welcome to our second quarter 2025 business update. We appreciate you joining us. And as always, we appreciate your interest in DigitalBridge. We had another strong quarter of execution across the board, continuing the momentum from the start of the year. The key takeaways for me are simple, and they align with the 3 pillars of our strategy you see here: Fundraise, Invest and Scale. This makes 3 quarters back to back where we've essentially gone out and done exactly what we said we would do. We took care of business. First, let's start with the financial front.

We delivered solid revenue and earnings growth, keeping us firmly on track to meet our full year objectives. Fee revenue growth of 8% year-over-year drove strong fee-related earnings growth of 23% as margins continued to expand. This is the core of the DigitalBridge investment case, scalable growth with expanding margins, and we are delivering on that fundamental premise. Second, on fundraising. We continue to see exceptional demand from LPs to partner with us and invest in the digital economy. We raised another $1.3 billion in the quarter, bringing our year-to-date total of $2.5 billion and making great progress towards our $40 billion FEEUM target for the year. And third, on the investment front, this was an important quarter.

With a built and under construction pipeline of over 5.4 gigawatts, up 50% over the prior year, we're putting $50-plus billion to work over the next few years on contracted data center projects, tethered to our power bank, which we'll talk a little bit about later. We weren't just deploying capital. We were making decisive strategic moves to solve the biggest bottlenecks for our customers in the AI revolution. We established 2 new critical platforms in the quarter, Yondr in hyperscale data centers and Takanock in the digital power strategy, while continuing to fuel the growth of our existing market leaders like Switch and Vantage and the rest of the constellation of the DigitalBridge portfolio companies.

We are building the AI factories that will power the next decade of innovation. Let's dig into capital formation momentum. As you can see, at the midyear point, we are tracking right where we need to be to achieve our full year objectives. Importantly, the fundraising mix is aligned with our budget. And as we get back into the second half of the year, new strategies will start to contribute alongside the final close of our third flagship fund. We're building a multi-strat fundraising platform, and you'll see that on display as the year progresses.

Our flagship DBP III strategy continues to attract capital, and we've raised $6.9 billion year-to-date with a final close in the third quarter that will take the total to over $7-plus billion, which was our new target. This is the bedrock of our platform, providing diversified global exposure to the entire digital infrastructure ecosystem. But what's really exciting and a key indicator of the value that we're creating is the maturation of our co-investment program. We talked about this last year, and we told you exactly where we were going this year. Our market-leading platforms like Vantage and Switch become more critical to the AI ecosystem. Our partners want more direct exposure.

You can see that in the fee rate in our co-investments, which are 30% higher year-to-date, averaging just about 60 basis points compared to our 45 basis point historical average. Again, this was a key component to our strategy and something we talked about last year that we thought we could do a better job at. This is high-quality, high-conviction capital from LPs who know our assets, they know our leadership teams, and they see the performance firsthand. It's a powerful testament to the value we're creating at the portfolio company level. This is incredibly unique to the DigitalBridge story. This all flows ultimately straight into FEEUM, the key metric that drives our earnings.

The activation of new capital from the DigitalBridge Partners series and high-quality co-investments puts us in a great position to exceed our $40 billion FEEUM target for 2025. We are building predictable reoccurring revenue for our shareholders. Next slide, please. So the next question is, we're raising all this capital, where is it going? Where are we putting it to work? Look, it's going directly to work in critical infrastructure that our customers need. This slide is a great snapshot of our investment thesis in action, identifying key new secular trends and establishing platforms to capture them, while simultaneously fueling the growth of our established winners. Let's start with new platforms.

The 2 biggest constraints in the AI build-out today are power and data center capacity. I'm not the only one talking about this. I've been talking about it, in fact, for the last 2 years, and now everyone is talking about it. This quarter, we made moves to extend and establish our leadership position in both verticals, digital power and continuing to light up data center capacity. Let's start with power. We committed up to $500 million alongside of our partners, ArcLight to launch Takanock. This isn't just an investment, it's a new strategy.

We've been talking about it for the last few quarters, where are we going to put our capital to work and where are we going to put our best ideas to work in powering the AI economy. Takanock fits that prototype. It develops powered land, solving the #1 headache for hyperscalers and accelerating their ability to deploy AI capacity. We'll talk more about this in a minute. Second, capacity. We're thrilled to close the multibillion-dollar acquisition of Yondr, a premier global hyperscale developer that is super focused on powered shell.