(Exact Name of Registrant as Specified in Its Charter) |
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||||||||
Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Exhibit No. | Description | |||||||
Press Release dated May 3, 2023 | ||||||||
Supplemental Financial Disclosure Presentation for the quarter ended March 31, 2023 | ||||||||
Earnings Presentation dated May 3, 2023 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Date: | May 3, 2023 | DIGITALBRIDGE GROUP, INC. | |||||||||
By: | /s/ Jacky Wu | ||||||||||
Jacky Wu | |||||||||||
Executive Vice President, Chief Financial Officer and Treasurer |
March 31, 2023 | December 31, 2022 | |||||||||||||
(unaudited) | ||||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 668,524 | $ | 918,254 | ||||||||||
Restricted cash | 155,690 | 118,485 | ||||||||||||
Investments | 1,226,952 | 1,242,001 | ||||||||||||
Real estate | 5,964,807 | 5,921,298 | ||||||||||||
Goodwill | 907,937 | 761,368 | ||||||||||||
Deferred leasing costs and intangible assets | 1,098,520 | 1,092,167 | ||||||||||||
Other assets | 642,451 | 654,050 | ||||||||||||
Due from affiliates | 67,285 | 45,360 | ||||||||||||
Assets held for disposition | 11,263 | 275,520 | ||||||||||||
Total assets | $ | 10,743,429 | $ | 11,028,503 | ||||||||||
Liabilities | ||||||||||||||
Corporate debt | $ | 569,771 | $ | 568,912 | ||||||||||
Non-recourse investment-level debt | 4,752,050 | 4,587,228 | ||||||||||||
Intangible liabilities | 28,441 | 29,824 | ||||||||||||
Other liabilities | 1,133,568 | 1,272,096 | ||||||||||||
Liabilities related to assets held for disposition | 374 | 380 | ||||||||||||
Total liabilities | 6,484,204 | 6,458,440 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Redeemable noncontrolling interests | 107,413 | 100,574 | ||||||||||||
Equity | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock, $0.01 par value per share; $827,711 and $827,779 liquidation preference; 250,000 shares authorized; 33,108 and 33,111 shares issued and outstanding | 800,303 | 800,355 | ||||||||||||
Common stock, $0.04 par value per share | ||||||||||||||
Class A, 949,000 shares authorized; 161,834 and 159,763 shares issued and outstanding | 6,473 | 6,390 | ||||||||||||
Class B, 1,000 shares authorized; 166 shares issued and outstanding | 7 | 7 | ||||||||||||
Additional paid-in capital | 7,823,722 | 7,818,068 | ||||||||||||
Accumulated deficit | (7,176,706) | (6,962,613) | ||||||||||||
Accumulated other comprehensive income (loss) | (1,478) | (1,509) | ||||||||||||
Total stockholders’ equity | 1,452,321 | 1,660,698 | ||||||||||||
Noncontrolling interests in investment entities | 2,650,893 | 2,743,896 | ||||||||||||
Noncontrolling interests in Operating Company | 48,598 | 64,895 | ||||||||||||
Total equity | 4,151,812 | 4,469,489 | ||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 10,743,429 | $ | 11,028,503 |
Investment Management | Operating | Corporate and Other | ||||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 56,943 | $ | 39,563 | $ | 65,097 | $ | 65,975 | $ | 546,484 | $ | 812,716 | ||||||||||||||||||||||||||
Restricted cash | 2,324 | 2,298 | 152,262 | 114,442 | 1,104 | 1,745 | ||||||||||||||||||||||||||||||||
Investments | 345,826 | 395,327 | 6,804 | 4,638 | 874,322 | 842,036 | ||||||||||||||||||||||||||||||||
Real estate | — | — | 5,964,807 | 5,921,298 | — | — | ||||||||||||||||||||||||||||||||
Goodwill | 444,817 | 298,248 | 463,120 | 463,120 | — | — | ||||||||||||||||||||||||||||||||
Deferred leasing costs and intangible assets | 128,973 | 85,172 | 969,036 | 1,006,469 | 511 | 526 | ||||||||||||||||||||||||||||||||
Other assets | 15,966 | 13,356 | 581,848 | 573,229 | 44,637 | 67,465 | ||||||||||||||||||||||||||||||||
Due from affiliates | 61,455 | 41,458 | — | — | 5,830 | 3,902 | ||||||||||||||||||||||||||||||||
$ | 1,056,304 | $ | 875,422 | $ | 8,202,974 | $ | 8,149,171 | $ | 1,472,888 | $ | 1,728,390 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Corporate debt | $ | 199,033 | $ | 198,677 | $ | 70,246 | $ | 70,120 | $ | 300,492 | $ | 300,115 | ||||||||||||||||||||||||||
Non-recourse investment-level debt | — | — | 4,751,701 | 4,586,765 | 349 | 463 | ||||||||||||||||||||||||||||||||
Intangible liabilities | — | — | 28,441 | 29,824 | — | — | ||||||||||||||||||||||||||||||||
Other liabilities | 218,712 | 342,696 | 721,319 | 725,236 | 193,537 | 204,164 | ||||||||||||||||||||||||||||||||
$ | 417,745 | $ | 541,373 | $ | 5,571,707 | $ | 5,411,945 | $ | 494,378 | $ | 504,742 | |||||||||||||||||||||||||||
Redeemable noncontrolling interests | 1,098 | 680 | — | — | 106,315 | 99,894 | ||||||||||||||||||||||||||||||||
Noncontrolling interests in investment entities (excluding assets held for disposition) | 151,985 | 136,668 | 2,369,836 | 2,463,559 | 127,770 | 113,390 |
Three Months Ended March 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Revenues | |||||||||||||||||
Fee income | $ | 59,126 | $ | 42,837 | |||||||||||||
Carried interest allocation (reversal) | (54,756) | (31,079) | |||||||||||||||
Principal investment income (loss) | 3,562 | 6,454 | |||||||||||||||
Property operating income | 230,927 | 202,511 | |||||||||||||||
Other income | 11,301 | 12,111 | |||||||||||||||
Total revenues | 250,160 | 232,834 | |||||||||||||||
Expenses | |||||||||||||||||
Property operating expense | 97,126 | 84,003 | |||||||||||||||
Interest expense | 67,196 | 44,030 | |||||||||||||||
Investment expense | 5,751 | 9,565 | |||||||||||||||
Transaction-related costs | 8,527 | 165 | |||||||||||||||
Depreciation and amortization | 141,574 | 128,567 | |||||||||||||||
Compensation expense - cash and equity-based | 74,650 | 65,542 | |||||||||||||||
Compensation expense (reversal) - carried interest and incentive fee | (36,831) | (20,352) | |||||||||||||||
Administrative expenses | 26,506 | 27,885 | |||||||||||||||
Total expenses | 384,499 | 339,405 | |||||||||||||||
Other income (loss) | |||||||||||||||||
Other gain (loss), net | (142,745) | (149,881) | |||||||||||||||
Income (loss) before income taxes | (277,084) | (256,452) | |||||||||||||||
Income tax benefit (expense) | (1,042) | 7,413 | |||||||||||||||
Income (loss) from continuing operations | (278,126) | (249,039) | |||||||||||||||
Income (loss) from discontinued operations | (14,218) | (94,645) | |||||||||||||||
Net income (loss) | (292,344) | (343,684) | |||||||||||||||
Net income (loss) attributable to noncontrolling interests: | |||||||||||||||||
Redeemable noncontrolling interests | 6,943 | (11,220) | |||||||||||||||
Investment entities | (84,828) | (63,045) | |||||||||||||||
Operating Company | (16,662) | (22,862) | |||||||||||||||
Net income (loss) attributable to DigitalBridge Group, Inc. | (197,797) | (246,557) | |||||||||||||||
Preferred stock dividends | 14,676 | 15,759 | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | (212,473) | $ | (262,316) | |||||||||||||
Income (loss) per share—basic | |||||||||||||||||
Income (loss) from continuing operations per share—basic | $ | (1.25) | $ | (1.27) | |||||||||||||
Net income (loss) attributable to common stockholders per share—basic | $ | (1.34) | $ | (1.84) | |||||||||||||
Income (loss) per share—diluted | |||||||||||||||||
Income (loss) from continuing operations per share—diluted | $ | (1.25) | $ | (1.27) | |||||||||||||
Net income (loss) attributable to common stockholders per share—diluted | $ | (1.34) | $ | (1.84) | |||||||||||||
Weighted average number of shares | |||||||||||||||||
Basic | 158,446 | 142,485 | |||||||||||||||
Diluted | 158,446 | 142,485 |
Investment Management | Operating | Corporate and Other | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Fee income | $ | 60,098 | $ | 43,637 | $ | — | $ | — | $ | (972) | $ | (800) | ||||||||||||||||||||||||||
Carried interest allocation | (54,756) | (31,079) | — | — | — | — | ||||||||||||||||||||||||||||||||
Principal investment income (loss) | 318 | 17 | — | — | 3,244 | 6,437 | ||||||||||||||||||||||||||||||||
Property operating income | — | — | 230,927 | 202,511 | — | — | ||||||||||||||||||||||||||||||||
Other income | 1,169 | 1,256 | 737 | 11 | 9,395 | 10,844 | ||||||||||||||||||||||||||||||||
Total revenues | 6,829 | 13,831 | 231,664 | 202,522 | 11,667 | 16,481 | ||||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||
Property operating expense | — | — | 97,126 | 84,003 | — | — | ||||||||||||||||||||||||||||||||
Interest expense | 2,603 | 2,502 | 59,984 | 36,184 | 4,609 | 5,344 | ||||||||||||||||||||||||||||||||
Investment expense | 536 | 1,140 | 5,203 | 8,016 | 12 | 409 | ||||||||||||||||||||||||||||||||
Transaction-related costs | 5,192 | — | — | — | 3,335 | 165 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 6,409 | 5,276 | 134,699 | 122,891 | 466 | 400 | ||||||||||||||||||||||||||||||||
Compensation expense—cash and equity-based | 28,182 | 24,808 | 27,179 | 19,956 | 19,289 | 20,778 | ||||||||||||||||||||||||||||||||
Compensation expense (reversal)—incentive fee and carried interest | (36,831) | (20,352) | — | — | — | — | ||||||||||||||||||||||||||||||||
Administrative expenses | 6,407 | 4,171 | 7,240 | 6,899 | 12,859 | 16,815 | ||||||||||||||||||||||||||||||||
Total expenses | 12,498 | 17,545 | 331,431 | 277,949 | 40,570 | 43,911 | ||||||||||||||||||||||||||||||||
Other gains (losses), net | 3,082 | (3,055) | 1,769 | 956 | (147,596) | (147,782) | ||||||||||||||||||||||||||||||||
Losses from continuing operations before income taxes | (2,587) | (6,769) | (97,998) | (74,471) | (176,499) | (175,212) | ||||||||||||||||||||||||||||||||
Income tax benefit (expense) | (217) | (2,374) | 56 | 330 | (881) | 9,457 | ||||||||||||||||||||||||||||||||
Loss from continuing operations | (2,804) | (9,143) | (97,942) | (74,141) | (177,380) | (165,755) | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to noncontrolling interests: | ||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | 418 | (3,266) | — | — | 6,525 | (7,954) | ||||||||||||||||||||||||||||||||
Investment entities | (857) | 2,349 | (86,254) | (60,196) | 1,766 | 977 | ||||||||||||||||||||||||||||||||
Operating Company | (167) | (624) | (899) | (1,121) | (14,522) | (14,007) | ||||||||||||||||||||||||||||||||
Loss from continuing operations attributable to DigitalBridge Group, Inc. | $ | (2,198) | $ | (7,602) | $ | (10,789) | $ | (12,824) | $ | (171,149) | $ | (144,771) | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Net income (loss) attributable to common stockholders | $ | (212,473) | $ | (262,316) | ||||||||||
Net income (loss) attributable to noncontrolling common interests in Operating Company | (16,662) | (22,862) | ||||||||||||
Net income (loss) attributable to common interests in Operating Company and common stockholders | (229,135) | (285,178) | ||||||||||||
Adjustments for Distributable Earnings (DE): | ||||||||||||||
Transaction-related and restructuring charges(1) | 18,391 | 24,668 | ||||||||||||
Other (gain) loss, net (excluding realized gain or loss related to digital assets and fund investments in Corporate and Other) | 141,229 | 130,224 | ||||||||||||
Unrealized carried interest (allocation) reversal, net of associated compensation (expense) reversal | 18,240 | 13,078 | ||||||||||||
Compensation expense - equity-based | 16,339 | 18,720 | ||||||||||||
Depreciation and amortization | 141,220 | 130,597 | ||||||||||||
Straight-line rent revenue and expense | (1,727) | (2,548) | ||||||||||||
Amortization of acquired above- and below-market lease values, net | 26 | (248) | ||||||||||||
Impairment reversal (loss) | — | 23,802 | ||||||||||||
Non-revenue enhancing capital expenditures | (8,564) | (1,372) | ||||||||||||
Finance lease interest expense, debt prepayment penalties and amortization of deferred financing costs, debt premiums and discounts | 15,523 | 98,465 | ||||||||||||
Income tax effect on certain of the foregoing adjustments | — | (589) | ||||||||||||
Adjustments attributable to noncontrolling interests in investment entities | (118,563) | (132,237) | ||||||||||||
DE from discontinued operations(4) | 3,656 | (22,446) | ||||||||||||
After-tax DE | $ | (3,365) | $ | (5,064) | ||||||||||
DE per common share / common OP unit(2) | $ | (0.02) | $ | (0.03) | ||||||||||
DE per common share / common OP unit—diluted(2)(3) | $ | (0.02) | $ | (0.03) | ||||||||||
Weighted average number of common OP units outstanding used for DE per common share and OP unit(2) | 173,127 | 157,248 | ||||||||||||
Weighted average number of common OP units outstanding used for DE per common share and OP unit—diluted (2)(3) | 173,127 | 157,248 |
Cautionary Statement Regarding Forward-Looking Statements | ||
DigitalBridge | Supplemental Financial Report |
Important Note Regarding Non-GAAP Financial Measures | ||
DigitalBridge | Supplemental Financial Report |
Note Regarding DBRG Reportable Segments / Consolidated and OP Share of Consolidated Amounts | ||
DigitalBridge | Supplemental Financial Report |
Table of Contents | ||
Page | |||||||||||
I. | Financial Overview | ||||||||||
a. | 6 | ||||||||||
b. | 7 | ||||||||||
II. | Financial Results | ||||||||||
a. | Balance Sheet Consolidated & Noncontrolling Interests’ Share | 8-9 | |||||||||
b. | 10 | ||||||||||
c. | 11 | ||||||||||
d. | Segment Reconciliation of Net Income to DE and Adjusted EBITDA | 12-13 | |||||||||
III. | Capitalization | ||||||||||
a. | Debt Summary | 14 | |||||||||
b. | Secured Fund Fee Revenue Notes and Variable Funding Notes | 15 | |||||||||
c. | Convertible/Exchangeable Notes & Perpetual Preferred Stock | 16 | |||||||||
IV. | Operating | 17-18 | |||||||||
V. | Other | 19 | |||||||||
VI. | Cash G&A Expense | 20 | |||||||||
Appendices | |||||||||||
Reconciliations of IM FRE and Operating Adjusted EBITDA to Net Income (Loss) | 22 | ||||||||||
Reconciliations of DE and Adjusted EBITDA and to Net Income (Loss) | 23-24 | ||||||||||
Definitions | 25 |
DigitalBridge | Supplemental Financial Report | 5 |
Ia. Summary Financial Metrics | ||
($ and shares in thousands, except per share data and as noted) (Unaudited) | 3/31/2023 - 1Q23 | 12/31/2022 - 4Q22 | 9/30/2022 - 3Q22 | 6/30/2022 - 2Q22 | 3/31/2022 - 1Q22 | 12/31/2021 - 4Q21 | 9/30/2021 - 3Q21 | 6/30/2021 - 2Q21 | ||||||||||||||||||
Financial Data | ||||||||||||||||||||||||||
Total Company | ||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (212,473) | $ | (19,356) | $ | (63,273) | $ | (37,321) | $ | (262,316) | $ | (20,686) | $ | 41,036 | $ | (141,260) | ||||||||||
Net income (loss) attributable to common stockholders per basic share(1) | (1.34) | (0.12) | (0.39) | (0.24) | (1.84) | (0.16) | 0.33 | (1.18) | ||||||||||||||||||
Distributable Earnings ("DE") | (3,365) | (18,393) | 32,335 | 603 | (5,064) | (11,636) | (4,886) | (11,794) | ||||||||||||||||||
DE per basic share(1) | (0.02) | (0.11) | 0.18 | — | (0.03) | (0.08) | (0.04) | (0.09) | ||||||||||||||||||
Adjusted EBITDA | 25,626 | 27,759 | 29,097 | 30,928 | 20,494 | 20,957 | 17,622 | 15,377 | ||||||||||||||||||
Investment Management | ||||||||||||||||||||||||||
Total Assets Under Management ("AUM") (in billions)(2) | $ | 69.3 | $ | 52.8 | $ | 50.3 | $ | 47.9 | $ | 46.6 | $ | 45.3 | $ | 37.8 | $ | 34.9 | ||||||||||
Fee Earning Equity Under Management ("FEEUM") (in billions) | $ | 27.7 | $ | 22.2 | $ | 20.5 | $ | 19.0 | $ | 18.8 | $ | 18.3 | $ | 16.5 | $ | 14.5 | ||||||||||
IM management fee income - DBRG OP share | 59,229 | 45,272 | 42,039 | 36,948 | 29,921 | 38,396 | 35,724 | 33,348 | ||||||||||||||||||
IM FRE - DBRG OP share | 34,512 | 24,228 | 21,498 | 20,759 | 16,989 | 23,757 | 22,922 | 19,470 | ||||||||||||||||||
IM FRE margin % | 58.3% | 53.5% | 51.1% | 56.2% | 56.8% | 61.9% | 64.2% | 58.4% | ||||||||||||||||||
Net realized carried interest and incentive fees | 243 | 12,377 | 20,258 | — | (1,172) | 1,092 | 7 | 1,565 | ||||||||||||||||||
Balance Sheet and Capitalization | ||||||||||||||||||||||||||
Consolidated assets | $ | 10,743,429 | $ | 11,028,503 | $ | 11,740,829 | $ | 11,877,288 | $ | 11,232,157 | $ | 14,197,816 | $ | 15,442,981 | $ | 15,921,346 | ||||||||||
Consolidated debt(3) | 5,449,950 | 5,212,657 | 5,394,134 | 5,612,274 | 5,187,597 | 4,922,722 | 4,621,240 | 3,919,255 | ||||||||||||||||||
DBRG OP Share: | ||||||||||||||||||||||||||
Total Assets | 3,001,644 | 3,334,288 | 3,755,231 | 4,177,806 | 3,561,501 | 6,233,158 | 6,086,259 | 6,929,390 | ||||||||||||||||||
Corporate debt | 578,422 | 578,422 | 578,422 | 648,422 | 578,422 | 638,739 | 800,000 | 545,000 | ||||||||||||||||||
Investment-level debt | 596,085 | 568,230 | 775,358 | 1,097,943 | 880,464 | 727,789 | 591,943 | 528,609 | ||||||||||||||||||
Total Debt(3) | 1,174,507 | 1,146,652 | 1,353,780 | 1,746,365 | 1,458,886 | 1,366,528 | 1,391,943 | 1,073,609 | ||||||||||||||||||
Corporate cash | 449,368 | 733,382 | 423,441 | 55,628 | 813,237 | 986,197 | 606,447 | 396,906 | ||||||||||||||||||
Corporate cash & VFN / Revolver borrowing availability | 749,368 | 1,033,382 | 723,441 | 285,628 | 1,013,237 | 1,186,197 | 806,447 | 751,906 | ||||||||||||||||||
Perpetual Preferred Equity, $25 per share liquidation preference | 827,711 | 827,779 | 827,779 | 883,500 | 883,500 | 883,500 | 947,500 | 1,033,750 | ||||||||||||||||||
Basic shares and OP units outstanding(1) | 174,235 | 172,712 | 175,918 | 176,930 | 162,461 | 155,138 | 136,791 | 136,454 | ||||||||||||||||||
Diluted shares and OP units outstanding(1) | 183,154 | 181,692 | 186,911 | 189,572 | 176,087 | 184,359 | 174,598 | 175,233 | ||||||||||||||||||
Common dividend per share | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | — | $ | — | $ | — | $ | — | $ | — |
DigitalBridge | Supplemental Financial Report | 6 |
Ib. Investment Management | ||
($ in millions) | 3/31/23 | 12/31/22 | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | ||||||||||||||||||||||||
Investment Management AUM (1) | $ | 67,608 | $ | 51,303 | $ | 48,304 | $ | 45,296 | $ | 44,517 | $ | 43,619 | $ | 36,337 | $ | 33,551 | ||||||||||||||||
Investment Management FEEUM | 3/31/23 Annual IM Fee Rate | 3/31/23 | 12/31/22 | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | |||||||||||||||||||||||
DigitalBridge Partners I (DBP I) | 1.10% | $ | 3,180 | $ | 3,165 | $ | 2,802 | $ | 3,048 | $ | 3,034 | $ | 3,215 | $ | 3,040 | $ | 3,081 | |||||||||||||||
DigitalBridge Partners II (DBP II) | 1.18% | 7,996 | 7,996 | 7,996 | 7,996 | 7,996 | 8,001 | 7,146 | 5,519 | |||||||||||||||||||||||
Separately Capitalized Portfolio Companies | 0.75% | 2,187 | 2,512 | 2,370 | 2,401 | 2,372 | 2,148 | 2,576 | 2,576 | |||||||||||||||||||||||
InfraBridge Global Infrastructure Funds (GIF) | 1.24% | 4,355 | — | — | — | — | — | — | — | |||||||||||||||||||||||
InfraBridge Other | 0.66% | 728 | — | — | — | — | — | — | — | |||||||||||||||||||||||
Co-Investment (Sidecar) Capital | 0.49% | 7,000 | 6,525 | 6,310 | 4,651 | 4,370 | 4,105 | 3,184 | 2,817 | |||||||||||||||||||||||
Digital Core, Liquid and Credit Strategies | 0.58% | 2,248 | 2,036 | 1,021 | 933 | 1,013 | 786 | 510 | 512 | |||||||||||||||||||||||
IM FEEUM | 0.91% | $ | 27,694 | $ | 22,234 | $ | 20,499 | $ | 19,029 | $ | 18,785 | $ | 18,255 | $ | 16,456 | $ | 14,505 | |||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
IM FRE | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | 2Q21 | ||||||||||||||||||||||||
Fee income | $ | 58,600 | $ | 44,371 | $ | 41,353 | $ | 44,758 | $ | 43,155 | $ | 43,145 | $ | 37,751 | $ | 33,304 | ||||||||||||||||
Fee income, other (2) | 629 | 901 | 686 | 355 | 523 | 8,787 | 12,809 | 8,996 | ||||||||||||||||||||||||
Other income | 492 | 535 | 386 | 530 | 251 | 273 | 483 | 84 | ||||||||||||||||||||||||
Compensation expense—cash | (19,795) | (17,805) | (18,876) | (17,725) | (17,675) | (16,275) | (16,933) | (14,426) | ||||||||||||||||||||||||
Administrative expenses | (6,329) | (6,417) | (4,450) | (4,794) | (4,012) | (3,446) | (2,675) | (2,337) | ||||||||||||||||||||||||
Exclude: Start-up FRE of certain new strategies | 915 | 2,643 | 2,399 | 2,335 | 2,362 | 2,306 | 2,224 | 2,059 | ||||||||||||||||||||||||
IM FRE (3) | $ | 34,512 | $ | 24,228 | $ | 21,498 | $ | 25,459 | $ | 24,604 | $ | 34,790 | $ | 33,659 | $ | 27,680 | ||||||||||||||||
DBRG OP share of IM FRE(4) | $ | 34,512 | $ | 24,228 | $ | 21,498 | $ | 20,759 | $ | 16,989 | $ | 23,757 | $ | 22,922 | $ | 19,470 |
DigitalBridge | Supplemental Financial Report | 7 |
IIa. Financial Results - Balance Sheet | ||
($ in thousands, except per share data) (unaudited) | As of March 31, 2023 | |||||||||||||
Consolidated | Noncontrolling Interests' Share | |||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 668,524 | $ | 101,965 | ||||||||||
Restricted cash | 155,690 | 132,399 | ||||||||||||
Investments | 1,226,952 | 468,854 | ||||||||||||
Real estate | 5,964,807 | 5,242,549 | ||||||||||||
Goodwill | 907,937 | 412,084 | ||||||||||||
Deferred leasing costs and intangible assets | 1,098,520 | 849,123 | ||||||||||||
Other assets | 642,451 | 534,811 | ||||||||||||
Due from affiliates | 67,285 | — | ||||||||||||
Assets held for disposition | 11,263 | — | ||||||||||||
Total assets | $ | 10,743,429 | $ | 7,741,785 | ||||||||||
Liabilities | ||||||||||||||
Corporate debt | $ | 569,771 | $ | — | ||||||||||
Non-recourse investment-level debt | 4,752,050 | 4,169,621 | ||||||||||||
Intangible liabilities | 28,441 | 24,848 | ||||||||||||
Other liabilities | 1,133,568 | 789,010 | ||||||||||||
Liabilities related to assets held for disposition | 374 | — | ||||||||||||
Total liabilities | 6,484,204 | 4,983,479 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Redeemable noncontrolling interests | 107,413 | 107,413 | ||||||||||||
Equity | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock, $0.01 par value per share; $827,711 liquidation preference; 250,000 shares authorized; 33,108 shares issued and outstanding | 800,303 | — | ||||||||||||
Common stock, $0.04 par value per share | ||||||||||||||
Class A, 949,000 shares authorized; 161,834 shares issued and outstanding | 6,473 | — | ||||||||||||
Class B, 1,000 shares authorized; 166 shares issued and outstanding | 7 | — | ||||||||||||
Additional paid-in capital | 7,823,722 | — | ||||||||||||
Accumulated deficit | (7,176,706) | — | ||||||||||||
Accumulated other comprehensive income (loss) | (1,478) | — | ||||||||||||
Total stockholders’ equity | 1,452,321 | — | ||||||||||||
Noncontrolling interests in investment entities | 2,650,893 | 2,650,893 | ||||||||||||
Noncontrolling interests in Operating Company | 48,598 | — | ||||||||||||
Total equity | 4,151,812 | 2,650,893 | ||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 10,743,429 | $ | 7,741,785 |
DigitalBridge | Supplemental Financial Report | 8 |
IIa. Financial Results - Balance Sheet | ||
($ in thousands) (unaudited) | As of March 31, 2023 | |||||||||||||||||||
Investment Management | Operating | Corporate and Other | ||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 56,943 | $ | 65,097 | $ | 546,484 | ||||||||||||||
Restricted cash | 2,324 | 152,262 | 1,104 | |||||||||||||||||
Investments | 345,826 | 6,804 | 874,322 | |||||||||||||||||
Real estate | — | 5,964,807 | — | |||||||||||||||||
Goodwill | 444,817 | 463,120 | — | |||||||||||||||||
Deferred leasing costs and intangible assets | 128,973 | 969,036 | 511 | |||||||||||||||||
Other assets | 15,966 | 581,848 | 44,637 | |||||||||||||||||
Due from affiliates | 61,455 | — | 5,830 | |||||||||||||||||
Total assets | $ | 1,056,304 | $ | 8,202,974 | $ | 1,472,888 | ||||||||||||||
Liabilities | ||||||||||||||||||||
Corporate debt | $ | 199,033 | $ | 70,246 | $ | 300,492 | ||||||||||||||
Non-recourse investment-level debt | — | 4,751,701 | 349 | |||||||||||||||||
Intangible liabilities | — | 28,441 | — | |||||||||||||||||
Other liabilities | 218,712 | 721,319 | 193,537 | |||||||||||||||||
Total liabilities | 417,745 | 5,571,707 | 494,378 | |||||||||||||||||
Redeemable noncontrolling interests | 1,098 | — | 106,315 | |||||||||||||||||
Noncontrolling interests in investment entities | 151,985 | 2,369,836 | 127,770 |
DigitalBridge | Supplemental Financial Report | 9 |
IIb. Financial Results - Consolidated Segment Operating Results | ||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
($ in thousands) (unaudited) | Investment Management | Operating | Corporate and Other | Discontinued Operations | Total | ||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Fee income | $ | 60,098 | $ | — | $ | (972) | $ | — | $ | 59,126 | |||||||||||||||||||
Carried interest allocation (reversal) | (54,756) | — | — | — | (54,756) | ||||||||||||||||||||||||
Principal investment income (loss) | 318 | — | 3,244 | — | 3,562 | ||||||||||||||||||||||||
Property operating income | — | 230,927 | — | — | 230,927 | ||||||||||||||||||||||||
Other income | 1,169 | 737 | 9,395 | — | 11,301 | ||||||||||||||||||||||||
Total revenues | 6,829 | 231,664 | 11,667 | — | 250,160 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Property operating expense | — | 97,126 | — | — | 97,126 | ||||||||||||||||||||||||
Interest expense | 2,603 | 59,984 | 4,609 | — | 67,196 | ||||||||||||||||||||||||
Investment expense | 536 | 5,203 | 12 | — | 5,751 | ||||||||||||||||||||||||
Transaction-related costs | 5,192 | — | 3,335 | — | 8,527 | ||||||||||||||||||||||||
Depreciation and amortization | 6,409 | 134,699 | 466 | — | 141,574 | ||||||||||||||||||||||||
Compensation expense - cash and equity-based | 28,182 | 27,179 | 19,289 | — | 74,650 | ||||||||||||||||||||||||
Compensation expense (reversal) - carried interest and incentive fee | (36,831) | — | — | — | (36,831) | ||||||||||||||||||||||||
Administrative expenses | 6,407 | 7,240 | 12,859 | — | 26,506 | ||||||||||||||||||||||||
Total expenses | 12,498 | 331,431 | 40,570 | — | 384,499 | ||||||||||||||||||||||||
Other gain (loss), net | 3,082 | 1,769 | (147,596) | — | (142,745) | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (2,587) | (97,998) | (176,499) | — | (277,084) | ||||||||||||||||||||||||
Income tax benefit (expense) | (217) | 56 | (881) | — | (1,042) | ||||||||||||||||||||||||
Income (loss) from continuing operations | (2,804) | (97,942) | (177,380) | — | (278,126) | ||||||||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | (14,218) | (14,218) | ||||||||||||||||||||||||
Net income (loss) | (2,804) | (97,942) | (177,380) | (14,218) | (292,344) | ||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests: | |||||||||||||||||||||||||||||
Redeemable noncontrolling interests | 418 | — | 6,525 | — | 6,943 | ||||||||||||||||||||||||
Investment entities | (857) | (86,254) | 1,766 | 517 | (84,828) | ||||||||||||||||||||||||
Operating Company | (167) | (899) | (14,522) | (1,074) | (16,662) | ||||||||||||||||||||||||
Net income (loss) attributable to DigitalBridge Group, Inc. | (2,198) | (10,789) | (171,149) | (13,661) | (197,797) | ||||||||||||||||||||||||
Preferred stock dividends | — | — | 14,676 | — | 14,676 | ||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (2,198) | $ | (10,789) | $ | (185,825) | $ | (13,661) | $ | (212,473) |
DigitalBridge | Supplemental Financial Report | 10 |
IIc. Financial Results - Noncontrolling Interests’ Share Segment Operating Results | ||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
($ in thousands) (unaudited) | Investment Management | Operating | Corporate and Other | Discontinued Operations | Total | ||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Fee income | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Carried interest allocation (reversal) | (1,310) | — | — | — | (1,310) | ||||||||||||||||||||||||
Principal investment income (loss) | 174 | — | 712 | — | 886 | ||||||||||||||||||||||||
Property operating income | $ | — | $ | 203,516 | $ | — | $ | — | 203,516 | ||||||||||||||||||||
Other income | — | 659 | 603 | — | 1,262 | ||||||||||||||||||||||||
Total revenues | (1,136) | 204,175 | 1,315 | — | 204,354 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Property operating expense | — | 85,639 | — | — | 85,639 | ||||||||||||||||||||||||
Interest expense | — | 52,199 | 14 | — | 52,213 | ||||||||||||||||||||||||
Investment expense | — | 4,529 | — | — | 4,529 | ||||||||||||||||||||||||
Transaction-related costs | — | — | — | — | — | ||||||||||||||||||||||||
Depreciation and amortization | — | 118,590 | — | — | 118,590 | ||||||||||||||||||||||||
Compensation expense - cash and equity-based | — | 23,520 | — | — | 23,520 | ||||||||||||||||||||||||
Compensation expense (reversal) - carried interest and incentive fee | — | — | — | — | — | ||||||||||||||||||||||||
Administrative expenses | — | 6,259 | 289 | — | 6,548 | ||||||||||||||||||||||||
Total expenses | — | 290,736 | 303 | — | 291,039 | ||||||||||||||||||||||||
Other gain (loss), net | 623 | 1,569 | 7,328 | — | 9,520 | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (513) | (84,992) | 8,340 | — | (77,165) | ||||||||||||||||||||||||
Income tax benefit (expense) | — | 50 | — | — | 50 | ||||||||||||||||||||||||
Income (loss) from continuing operations | (513) | (84,942) | 8,340 | — | (77,115) | ||||||||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | 517 | 517 | ||||||||||||||||||||||||
Net income (loss) | (513) | (84,942) | 8,340 | 517 | (76,598) | ||||||||||||||||||||||||
Non-pro rata allocation of income (loss) to noncontrolling interests | 74 | (1,312) | (49) | — | (1,287) | ||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | $ | (439) | $ | (86,254) | $ | 8,291 | $ | 517 | $ | (77,885) |
DigitalBridge | Supplemental Financial Report | 11 |
IId. Financial Results - Segment Reconciliation of Net Income to DE and Adjusted EBITDA | ||
OP pro rata share by segment | Amounts attributable to noncontrolling interests | DBRG consolidated as reported | |||||||||||||||||||||||||||||||||||||||
($ in thousands; for the three months ended March 31, 2023; and unaudited) | IM | Operating | Corporate and Other | Discontinued Operations | Total OP pro rata share | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (2,198) | $ | (10,789) | $ | (185,825) | $ | (13,661) | $ | (212,473) | $ | — | $ | (212,473) | |||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling common interests in Operating Company | (167) | (899) | (14,522) | (1,074) | (16,662) | — | (16,662) | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common interests in Operating Company and common stockholders | (2,365) | (11,688) | (200,347) | (14,735) | (229,135) | — | (229,135) | ||||||||||||||||||||||||||||||||||
Adjustments for Distributable Earnings (DE): | |||||||||||||||||||||||||||||||||||||||||
Transaction-related and restructuring charges(1) | 9,682 | 32 | 8,870 | 9 | 18,593 | (202) | 18,391 | ||||||||||||||||||||||||||||||||||
Other (gain) loss, net (excluding realized gain or loss related to digital assets and fund investments in Corporate and Other) | (3,082) | (194) | 144,539 | 10,774 | 152,037 | (10,808) | 141,229 | ||||||||||||||||||||||||||||||||||
Unrealized carried interest (allocation) reversal, net of associated compensation (expense) reversal | 16,606 | — | — | — | 16,606 | 1,634 | 18,240 | ||||||||||||||||||||||||||||||||||
Compensation expense - equity-based | 3,898 | 581 | 6,872 | 23 | 11,374 | 4,965 | 16,339 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | 6,409 | 15,490 | 466 | 266 | 22,631 | 118,589 | 141,220 | ||||||||||||||||||||||||||||||||||
Straight-line rent revenue and expense | 77 | (198) | (352) | (9) | (482) | (1,245) | (1,727) | ||||||||||||||||||||||||||||||||||
Amortization of acquired above- and below-market lease values, net | — | 10 | — | — | 10 | 16 | 26 | ||||||||||||||||||||||||||||||||||
Non-revenue enhancing capital expenditures | — | (1,054) | — | — | (1,054) | (7,510) | (8,564) | ||||||||||||||||||||||||||||||||||
Finance lease interest expense, debt prepayment penalties and amortization of deferred financing costs, debt premiums and discounts | 291 | 1,715 | 377 | 16 | 2,399 | 13,124 | 15,523 | ||||||||||||||||||||||||||||||||||
Adjustments attributable to noncontrolling interests in investment entities | — | — | — | — | — | (118,563) | (118,563) | ||||||||||||||||||||||||||||||||||
DE from discontinued operations | — | — | — | 3,656 | 3,656 | — | 3,656 | ||||||||||||||||||||||||||||||||||
After-tax DE | $ | 31,516 | $ | 4,694 | $ | (39,575) | $ | — | $ | (3,365) | $ | — | $ | (3,365) |
DigitalBridge | Supplemental Financial Report | 12 |
IId. Financial Results - Segment Reconciliation of Net Income to DE and Adjusted EBITDA | ||
OP pro rata share by segment | ||||||||||||||||||||||||||||||||
($ in thousands; for the three months ended March 31, 2023; and unaudited) | IM | Operating | Corporate and Other | Discontinued Operations | Total OP pro rata share | |||||||||||||||||||||||||||
After-tax DE | $ | 31,516 | $ | 4,694 | $ | (39,575) | $ | — | $ | (3,365) | ||||||||||||||||||||||
Interest expense included in DE | 2,247 | 6,070 | 4,232 | — | 12,549 | |||||||||||||||||||||||||||
Income tax expense (benefit) included in DE | 217 | (6) | 881 | — | 1,092 | |||||||||||||||||||||||||||
Preferred dividends | — | — | 14,676 | — | 14,676 | |||||||||||||||||||||||||||
Principal investment income (loss) | (144) | — | (133) | — | (277) | |||||||||||||||||||||||||||
Realized carried interest (allocation) reversal, net of associated compensation (expense) reversal | (243) | — | — | — | (243) | |||||||||||||||||||||||||||
Investment costs and non-revenue enhancing capital expenditures in DE | 4 | 1,190 | — | — | 1,194 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 33,597 | $ | 11,948 | $ | (19,919) | $ | — | $ | 25,626 |
DigitalBridge | Supplemental Financial Report | 13 |
IIIa. Capitalization - Debt Summary | ||
($ in thousands; as of March 31, 2023) | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated debt | Payments due by period(1) | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2024 | 2025 | 2026 | 2027 and after | Total | |||||||||||||||||||||||||||||||||||||||
Investment-level debt: | ||||||||||||||||||||||||||||||||||||||||||||
Operating - Fixed | $ | 2,985 | $ | 600,753 | $ | 700,000 | $ | 1,519,690 | $ | 1,685,000 | $ | 4,508,428 | ||||||||||||||||||||||||||||||||
Operating - Variable | 100,000 | 262,500 | — | — | — | 362,500 | ||||||||||||||||||||||||||||||||||||||
Other - Variable | — | 600 | — | — | — | 600 | ||||||||||||||||||||||||||||||||||||||
Total Investment-level debt | 102,985 | 863,853 | 700,000 | 1,519,690 | 1,685,000 | 4,871,528 | ||||||||||||||||||||||||||||||||||||||
Corporate debt: | ||||||||||||||||||||||||||||||||||||||||||||
2021-1, A-1 Variable Funding Notes | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
2021-1, Class A-2 Term Notes | — | — | — | 300,000 | — | 300,000 | ||||||||||||||||||||||||||||||||||||||
Convertible/exchangeable senior notes | 200,000 | (2) | — | 78,422 | — | — | 278,422 | |||||||||||||||||||||||||||||||||||||
Total debt - consolidated | $ | 302,985 | $ | 863,853 | $ | 778,422 | $ | 1,819,690 | $ | 1,685,000 | $ | 5,449,950 | ||||||||||||||||||||||||||||||||
Fixed/Variable | WA Interest Rate | WA Remaining Term | ||||||||||||||||||||||||||||||||||||||||||
DBRG OP share of debt | Payments due by period(1) | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2024 | 2025 | 2026 | 2027 and after | Total | |||||||||||||||||||||||||||||||||||||||
Investment-level debt: | ||||||||||||||||||||||||||||||||||||||||||||
Operating - Fixed | $ | 392 | $ | 78,879 | $ | 91,910 | $ | 178,653 | $ | 206,154 | $ | 555,988 | Fixed | 3.1% | 3.4 | |||||||||||||||||||||||||||||
Operating - Variable | 11,020 | 28,928 | — | — | — | 39,948 | Variable | 8.7% | 0.8 | |||||||||||||||||||||||||||||||||||
Other - Variable | — | 149 | — | — | — | 149 | Variable | 6.4% | 1.4 | |||||||||||||||||||||||||||||||||||
Total Investment-level debt | 11,412 | 107,956 | 91,910 | 178,653 | 206,154 | 596,085 | ||||||||||||||||||||||||||||||||||||||
Corporate debt: | ||||||||||||||||||||||||||||||||||||||||||||
2021-1, A-1 Variable Funding Notes | — | — | — | — | — | — | Variable | n/a | 3.5 | |||||||||||||||||||||||||||||||||||
2021-1, Class A-2 Term Notes | — | — | — | 300,000 | — | 300,000 | Fixed | 3.9% | 3.5 | |||||||||||||||||||||||||||||||||||
Convertible/exchangeable senior notes | 200,000 | (2) | — | 78,422 | — | — | 278,422 | Fixed | 5.2% | 0.7 | ||||||||||||||||||||||||||||||||||
Total debt - DBRG OP share | $ | 211,412 | $ | 107,956 | $ | 170,332 | $ | 478,653 | $ | 206,154 | $ | 1,174,507 | ||||||||||||||||||||||||||||||||
Net corporate debt | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents - consolidated | $ | 668,524 | ||||||||||||||||||||||||||||||||||||||||||
less: Noncontrolling interests | (101,965) | |||||||||||||||||||||||||||||||||||||||||||
less: Investment level cash - DBRG OP share | (117,191) | |||||||||||||||||||||||||||||||||||||||||||
Corporate cash - DBRG OP share | 449,368 | |||||||||||||||||||||||||||||||||||||||||||
Corporate debt - DBRG OP share | (578,422) | |||||||||||||||||||||||||||||||||||||||||||
Net corporate debt - DBRG OP share | $ | (129,054) |
DigitalBridge | Supplemental Financial Report | 14 |
IIIb. Capitalization - DBRG Series 2021-1 | ||
($ in thousands, as of March 31, 2023) | |||||||||||
Class A-2 Term Notes | |||||||||||
Amount outstanding | $ | 300,000 | |||||||||
Interest rate | 3.933 | % | |||||||||
Anticipated Repayment Date (ARD) | September 25, 2026 | ||||||||||
Kroll Rating | BBB | ||||||||||
Class A-1 Variable Funding Notes | |||||||||||
Maximum Available | $ | 300,000 | (1) | ||||||||
Amount outstanding | $ | — | |||||||||
Interest Rate | 1M Term SOFR + 3.00% | (1) | |||||||||
Fully extended Anticipated Repayment Date (ARD)(2) | September 25, 2026 | ||||||||||
Financial covenants: | Covenant level | ||||||||||
Debt Service Coverage Ratio(3) | Minimum 1.75x | ||||||||||
Loan to Value Ratio(4) | Less than 35.0% | ||||||||||
Investment Management Expense Ratio(5) | Less than 60.0% | ||||||||||
Company status: As of May 2, 2023, DBRG is meeting all required covenant threshold levels. |
DigitalBridge | Supplemental Financial Report | 15 |
IIIc. Capitalization - Convertible/Exchangeable Notes & Perpetual Preferred Stock | ||
($ in thousands; except per share data; as of March 31, 2023) | ||||||||||||||||||||||||||||||||||||||
Convertible/exchangeable debt | ||||||||||||||||||||||||||||||||||||||
Description | Outstanding principal | Final due date(1) | Interest rate | Conversion price (per share of common stock) | Conversion ratio | Conversion shares | ||||||||||||||||||||||||||||||||
5.75% Exchangeable senior notes | $ | 78,422 | July 15, 2025 | 5.75% fixed | $ | 9.20 | 108.6956 | 8,524 | ||||||||||||||||||||||||||||||
5.0% Convertible senior notes | 200,000 | (2) | April 15, 2023 | 5.00% fixed | 63.02 | 15.8675 | 3,174 | |||||||||||||||||||||||||||||||
Total convertible debt | $ | 278,422 |
Perpetual preferred stock | ||||||||||||||||||||
Description | Liquidation preference | Shares outstanding (In thousands) | Callable period | |||||||||||||||||
Series H 7.125% cumulative redeemable perpetual preferred stock | 210,731 | 8,429 | Callable | |||||||||||||||||
Series I 7.15% cumulative redeemable perpetual preferred stock | 324,710 | 12,988 | Callable | |||||||||||||||||
Series J 7.125% cumulative redeemable perpetual preferred stock | 292,270 | 11,691 | Callable | |||||||||||||||||
Total preferred stock | $ | 827,711 | 33,108 |
DigitalBridge | Supplemental Financial Report | 16 |
IV. Operating | ||
($ in millions) | |||||||||||||||||||||||||||||
Portfolio Net Carrying Value | 3/31/23 | 12/31/22 | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | |||||||||||||||||||||
Consolidated amount | |||||||||||||||||||||||||||||
Asset(1) | $ | 8,920 | $ | 8,704 | $ | 8,515 | $ | 8,429 | $ | 8,397 | $ | 7,624 | $ | 7,211 | $ | 6,736 | |||||||||||||
Debt(2) | (4,870) | (4,634) | (4,506) | (4,477) | (4,479) | (4,217) | (3,817) | (3,374) | |||||||||||||||||||||
Net Carrying Value - Consolidated | $ | 4,050 | $ | 4,070 | $ | 4,009 | $ | 3,952 | $ | 3,918 | $ | 3,407 | $ | 3,394 | $ | 3,362 | |||||||||||||
DBRG OP share of consolidated amount | |||||||||||||||||||||||||||||
Asset(1) | $ | 1,077 | $ | 1,052 | $ | 1,133 | $ | 1,466 | $ | 1,460 | $ | 1,233 | $ | 1,157 | $ | 1,093 | |||||||||||||
Debt(2) | (596) | (568) | (598) | (746) | (746) | (661) | (588) | (529) | |||||||||||||||||||||
Net Carrying Value - DBRG OP share | $ | 481 | $ | 484 | $ | 535 | $ | 720 | $ | 714 | $ | 572 | $ | 569 | $ | 564 | |||||||||||||
DBRG net carrying value % interest | 12 | % | 12 | % | 13 | % | 18 | % | 18 | % | 17 | % | 17 | % | 17 | % |
($ in thousands) | |||||||||||||||||||||||||||||
Operating Adjusted EBITDA | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | 2Q21 | |||||||||||||||||||||
Consolidated amount | |||||||||||||||||||||||||||||
Total revenues | $ | 231,664 | $ | 229,278 | $ | 225,387 | $ | 227,687 | $ | 202,522 | $ | 189,938 | $ | 194,966 | $ | 189,093 | |||||||||||||
Property operating expenses | (97,126) | (97,457) | (100,051) | (94,744) | (84,003) | (78,950) | (80,226) | (77,140) | |||||||||||||||||||||
Compensation and administrative expenses | (34,419) | (27,452) | (37,974) | (29,139) | (26,855) | (28,879) | (29,766) | (28,488) | |||||||||||||||||||||
Investment expenses | (5,203) | (5,547) | (5,288) | (5,487) | (8,016) | (5,153) | (4,862) | (5,255) | |||||||||||||||||||||
Straight-line rent expenses and amortization of above- and below-market lease intangibles | (1,221) | (1,749) | (2,827) | (236) | (377) | 370 | 482 | (98) | |||||||||||||||||||||
Compensation expense—equity-based | 5,275 | (95) | 10,852 | 752 | 752 | 1,918 | 308 | 308 | |||||||||||||||||||||
Installation services | — | — | — | — | — | 2,097 | (4,058) | 576 | |||||||||||||||||||||
Transaction-related and restructuring charges | 184 | 1,574 | 1,105 | 2,400 | 4,636 | 3,188 | 4,042 | 2,999 | |||||||||||||||||||||
Operating Adjusted EBITDA - Consolidated (3) | $ | 99,154 | $ | 98,552 | $ | 91,204 | $ | 101,233 | $ | 88,659 | $ | 84,529 | $ | 80,886 | $ | 81,995 | |||||||||||||
DBRG OP share of consolidated amount | |||||||||||||||||||||||||||||
Total revenues | $ | 27,481 | $ | 27,927 | $ | 38,305 | $ | 41,448 | $ | 36,882 | $ | 32,464 | $ | 33,771 | $ | 32,624 | |||||||||||||
Property operating expenses | (11,487) | (11,794) | (17,096) | (17,649) | (15,614) | (13,740) | (14,115) | (13,690) | |||||||||||||||||||||
Compensation and administrative expenses | (3,787) | (3,106) | (7,348) | (6,246) | (5,752) | (5,457) | (5,615) | (5,350) | |||||||||||||||||||||
Investment expenses | (674) | (716) | (729) | (793) | (1,169) | (732) | (709) | (819) | |||||||||||||||||||||
Straight-line rent expenses and amortization of above- and below-market lease intangibles | (198) | (263) | (227) | 246 | 195 | 244 | 295 | 247 | |||||||||||||||||||||
Compensation expense—equity-based | 581 | (11) | 2,092 | 164 | 164 | 384 | 62 | 62 | |||||||||||||||||||||
Installation services | — | — | — | — | — | 419 | (812) | 115 | |||||||||||||||||||||
Transaction-related and restructuring charges | 32 | 77 | 175 | 473 | 791 | 618 | 759 | 587 | |||||||||||||||||||||
Operating Adjusted EBITDA - DBRG OP share | $ | 11,948 | $ | 12,114 | $ | 15,172 | $ | 17,643 | $ | 15,497 | $ | 14,200 | $ | 13,636 | $ | 13,776 |
DigitalBridge | Supplemental Financial Report | 17 |
IV. Operating | ||
Operating Capital Expenditures | |||||||||||||||||||||||||||||
Consolidated amount | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | 2Q21 | |||||||||||||||||||||
Non-revenue enhancing capital expenditures | $ | 8,564 | $ | 14,775 | $ | 10,992 | $ | 13,377 | $ | 7,418 | $ | 6,410 | $ | 7,387 | $ | 4,423 | |||||||||||||
Revenue enhancing capital expenditures | 129,710 | 135,506 | 147,046 | 101,100 | 84,668 | 94,018 | 42,841 | 40,460 | |||||||||||||||||||||
Total capital expenditures | $ | 138,274 | $ | 150,281 | $ | 158,038 | $ | 114,477 | $ | 92,086 | $ | 100,428 | $ | 50,228 | $ | 44,883 | |||||||||||||
Leasing Commissions | $ | 2,204 | $ | 2,194 | $ | 2,146 | $ | 2,660 | $ | 1,266 | $ | 1,535 | $ | 1,233 | $ | 5,024 | |||||||||||||
DBRG OP share of consolidated amount | |||||||||||||||||||||||||||||
Non-revenue enhancing capital expenditures | $ | 1,054 | $ | 1,746 | $ | 1,878 | $ | 2,571 | $ | 1,372 | $ | 1,097 | $ | 1,349 | $ | 764 | |||||||||||||
Revenue enhancing capital expenditures | 14,337 | 15,053 | 25,118 | 21,249 | 17,578 | 18,090 | 8,315 | 7,538 | |||||||||||||||||||||
Total capital expenditures | $ | 15,391 | $ | 16,799 | $ | 26,996 | $ | 23,820 | $ | 18,950 | $ | 19,187 | $ | 9,664 | $ | 8,302 | |||||||||||||
Leasing Commissions | $ | 243 | $ | 244 | $ | 367 | $ | 489 | $ | 308 | $ | 307 | $ | 213 | $ | 756 | |||||||||||||
Operating Metrics | 3/31/2023 - 1Q23 | 12/31/2022 - 4Q22 | 9/30/2022 - 3Q22 | 6/30/2022 - 2Q22 | 3/31/2022 - 1Q22 | 12/31/2021 - 4Q21 | 9/30/2021 - 3Q21 | 6/30/2021 - 2Q21 | |||||||||||||||||||||
Number of Data Centers | 83 | 84 | 82 | 82 | 78 | 78 | 76 | 76 | |||||||||||||||||||||
Max Critical I.T. Square Feet | 2,405,353 | 2,405,387 | 2,349,827 | 2,317,827 | 1,980,317 | 1,949,144 | 1,819,946 | 1,809,943 | |||||||||||||||||||||
Leased Square Feet | 1,913,007 | 1,887,659 | 1,852,321 | 1,817,101 | 1,608,378 | 1,552,517 | 1,467,420 | 1,439,291 | |||||||||||||||||||||
% Utilization Rate | 79.5% | 78.5% | 78.8% | 78.4% | 81.2% | 79.7% | 80.6% | 79.5% | |||||||||||||||||||||
MRR (Annualized) | $ | 907.4 | $ | 913.4 | $ | 889.0 | $ | 892.0 | $ | 812.3 | $ | 790.4 | $ | 773.1 | $ | 750.2 | |||||||||||||
Bookings (Annualized) | $ | 20.6 | $ | 18.2 | $ | 22.4 | $ | 56.5 | $ | 14.2 | $ | 15.3 | $ | 16.6 | $ | 16.4 | |||||||||||||
Quarterly Churn (% of Prior Quarter MRR) | 1.7% | 1.3% | 1.0% | 1.7% | 0.9% | 1.9% | 1.3% | 1.3% |
DigitalBridge | Supplemental Financial Report | 18 |
V. Other | ||
($ in thousands) | |||||||||||||||||||||||||||||
Consolidated amount | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | 2Q21 | |||||||||||||||||||||
GP Co-investment in DBP I and II Investments | $ | 345,719 | $ | 343,137 | $ | 277,450 | $ | 284,282 | $ | 248,663 | $ | 242,856 | $ | 230,972 | $ | 225,411 | |||||||||||||
GP Co-investment in GIF Investment | 142,280 | — | — | — | — | — | — | — | |||||||||||||||||||||
Equity interests in digital investment vehicles and warehouse / seed investments | 346,774 | 316,299 | 769,431 | 906,076 | 423,467 | 290,113 | 272,134 | 198,934 | |||||||||||||||||||||
Other - digital assets net carrying value | $ | 834,773 | $ | 659,436 | $ | 1,046,881 | $ | 1,190,358 | $ | 672,130 | $ | 532,969 | $ | 503,106 | $ | 424,345 | |||||||||||||
DBRG OP share of consolidated amount | |||||||||||||||||||||||||||||
GP Co-investment in DBP I and II Investments | $ | 272,395 | $ | 270,400 | $ | 215,872 | $ | 217,504 | $ | 187,247 | $ | 183,612 | $ | 173,732 | $ | 171,012 | |||||||||||||
GP Co-investment in GIF Investment | 142,280 | — | — | — | — | — | — | — | |||||||||||||||||||||
Equity interests in digital investment vehicles and warehouse / seed investments | 184,938 | 178,379 | 467,014 | 591,066 | 308,578 | 174,566 | 165,902 | 98,476 | |||||||||||||||||||||
Other - digital assets net carrying value | $ | 599,613 | $ | 448,779 | $ | 682,886 | $ | 808,570 | $ | 495,825 | $ | 358,178 | $ | 339,634 | $ | 269,488 |
DigitalBridge | Supplemental Financial Report | 19 |
VI. Cash G&A Expense | ||
($ in thousands) | |||||||||||||||||||||||||||||
1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | 2Q21 | ||||||||||||||||||||||
Investment Management Cash G&A | |||||||||||||||||||||||||||||
Cash and equity-based compensation | $ | 28,182 | $ | 30,829 | $ | 22,566 | $ | 23,230 | $ | 24,808 | $ | 20,802 | $ | 21,606 | $ | 16,262 | |||||||||||||
Administrative expenses | 6,407 | 7,958 | 4,517 | 4,869 | 4,171 | 4,387 | 5,820 | 9,345 | |||||||||||||||||||||
Compensation expense—equity-based | (3,898) | (7,939) | (2,654) | (3,361) | (3,190) | (2,011) | (2,046) | (1,785) | |||||||||||||||||||||
Administrative expenses—straight-line rent | (77) | (66) | (68) | (76) | (159) | (75) | (74) | (50) | |||||||||||||||||||||
Administrative expenses—placement agent fee | — | — | — | — | — | (880) | (3,069) | (6,959) | |||||||||||||||||||||
Transaction-related and restructuring charges | (4,490) | (6,560) | (1,035) | (2,143) | (3,943) | (2,502) | (2,629) | (50) | |||||||||||||||||||||
Investment Management Cash G&A | 26,124 | 24,222 | 23,326 | 22,519 | 21,687 | 19,721 | 19,608 | 16,763 | |||||||||||||||||||||
Corporate & Other Cash G&A | |||||||||||||||||||||||||||||
Cash and equity-based compensation | 19,289 | 10,804 | 12,404 | 9,333 | 20,778 | 12,084 | 15,200 | 13,061 | |||||||||||||||||||||
Administrative expenses | 12,859 | 23,373 | 17,992 | 12,574 | 16,815 | 21,171 | 12,474 | 9,548 | |||||||||||||||||||||
Compensation expense—equity-based | (6,872) | 329 | (5,171) | (4,840) | (5,878) | (3,837) | (4,651) | (5,721) | |||||||||||||||||||||
Administrative expenses—straight-line rent | 352 | 485 | 660 | 741 | 856 | 1,195 | 602 | 375 | |||||||||||||||||||||
Administrative expenses—noncontrolling interests | (289) | (248) | (338) | (327) | (302) | (377) | (332) | (255) | |||||||||||||||||||||
Transaction-related and restructuring charges | (6,273) | (18,443) | (10,549) | (2,828) | (14,352) | (14,229) | (5,027) | (1,399) | |||||||||||||||||||||
Corporate & Other Cash G&A | 19,066 | 16,300 | 14,998 | 14,653 | 17,917 | 16,007 | 18,266 | 15,609 | |||||||||||||||||||||
DBRG Cash G&A excluding Portfolio Company G&A | $ | 45,190 | $ | 40,522 | $ | 38,324 | $ | 37,172 | $ | 39,604 | $ | 35,728 | $ | 37,874 | $ | 32,372 | |||||||||||||
Corporate & Other EBITDA | |||||||||||||||||||||||||||||
EBITDA, excluding Cash G&A | $ | (853) | $ | 10,360 | $ | 9,825 | $ | 9,414 | $ | 8,162 | $ | 1,273 | $ | 1,515 | $ | (239) | |||||||||||||
Cash G&A | (19,066) | (16,300) | (14,998) | (14,653) | (17,917) | (16,007) | (18,266) | (15,609) | |||||||||||||||||||||
Corporate & Other EBITDA | $ | (19,919) | $ | (5,940) | $ | (5,173) | $ | (5,239) | $ | (9,755) | $ | (14,734) | $ | (16,751) | $ | (15,848) |
DigitalBridge | Supplemental Financial Report | 20 |
DigitalBridge | Supplemental Financial Report | 21 |
Reconciliations of IM FRE and Operating Adjusted EBITDA to Net Income (Loss) | ||
($ in thousands) | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | 2Q21 | |||||||||||||||||||||
IM net income (loss) | (2,804) | 81,167 | 46,065 | 67,995 | (9,143) | 28,194 | 39,272 | 15,786 | |||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Interest expense (income) | 2,411 | 2,200 | 2,906 | 2,771 | 2,500 | 2,499 | 2,250 | — | |||||||||||||||||||||
Investment expense, net of reimbursement | 51 | 156 | 230 | (200) | 138 | (12) | — | — | |||||||||||||||||||||
Depreciation and amortization | 6,409 | 6,135 | 5,369 | 5,375 | 5,276 | 5,928 | 8,242 | 6,298 | |||||||||||||||||||||
Compensation expense—equity-based | 3,898 | 6,639 | 2,654 | 3,361 | 3,191 | 2,011 | 2,046 | 1,786 | |||||||||||||||||||||
Compensation expense—carried interest and incentive | (36,831) | 92,738 | 80,831 | 49,069 | (20,352) | 25,921 | 31,736 | 8,266 | |||||||||||||||||||||
Administrative expenses—straight-line rent | 77 | 1,541 | 68 | 76 | 159 | 75 | 74 | 50 | |||||||||||||||||||||
Administrative expenses—placement agent fee | — | — | — | — | — | 880 | 3,069 | 6,959 | |||||||||||||||||||||
Transaction-related and restructuring charges | 9,682 | 8,101 | 2,317 | 4,042 | 3,942 | 2,516 | 2,627 | 51 | |||||||||||||||||||||
Incentive/performance fee income | 53,887 | (176,944) | (121,698) | (110,779) | 31,119 | (5,720) | (1,313) | (4,489) | |||||||||||||||||||||
Principal investment income (loss) | (318) | (2,072) | (1,016) | (1,016) | (17) | (31,608) | (59,196) | (11,203) | |||||||||||||||||||||
Other (gain) loss, net | (3,082) | (248) | 110 | 424 | 3,055 | (52) | (461) | (119) | |||||||||||||||||||||
Income tax (benefit) expense | 217 | 2,172 | 1,263 | 2,006 | 2,374 | 1,852 | 3,089 | 2,236 | |||||||||||||||||||||
IM Adjusted EBITDA | $ | 33,597 | $ | 21,585 | $ | 19,099 | $ | 23,124 | $ | 22,242 | $ | 32,484 | $ | 31,435 | $ | 25,621 | |||||||||||||
Exclude: Start-up FRE of certain new strategies | 915 | 2,643 | 2,399 | 2,335 | 2,362 | 2,306 | 2,224 | 2,059 | |||||||||||||||||||||
IM FRE | $ | 34,512 | $ | 24,228 | $ | 21,498 | $ | 25,459 | $ | 24,604 | $ | 34,790 | $ | 33,659 | $ | 27,680 | |||||||||||||
Wafra’s 31.5% ownership | — | — | — | (4,700) | (7,615) | (11,033) | (10,737) | (8,210) | |||||||||||||||||||||
DBRG OP share of IM FRE | $ | 34,512 | $ | 24,228 | $ | 21,498 | $ | 20,759 | $ | 16,989 | $ | 23,757 | $ | 22,922 | $ | 19,470 | |||||||||||||
1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | 2Q21 | ||||||||||||||||||||||
Operating net income (loss) from continuing operations | (97,942) | (76,990) | (93,772) | (85,428) | (74,141) | (83,909) | (71,822) | (10,850) | |||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Interest expense | 59,984 | 45,222 | 40,770 | 37,233 | 36,184 | 35,144 | 29,839 | 29,272 | |||||||||||||||||||||
Income tax (benefit) expense | (56) | 509 | (5) | 161 | (330) | (1,941) | 1,922 | (66,788) | |||||||||||||||||||||
Depreciation and amortization | 134,699 | 133,269 | 130,663 | 145,817 | 122,891 | 126,436 | 120,458 | 126,227 | |||||||||||||||||||||
Straight-line rent expenses and amortization of above- and below-market lease intangibles | (1,221) | (1,749) | (2,827) | (236) | (377) | 370 | 482 | (98) | |||||||||||||||||||||
Compensation expense—equity-based | 5,275 | (95) | 10,852 | 752 | 752 | 1,918 | 308 | 308 | |||||||||||||||||||||
Installation services | — | — | — | — | — | 2,097 | (4,058) | 576 | |||||||||||||||||||||
Transaction-related and restructuring charges | 184 | 1,574 | 1,105 | 2,400 | 4,636 | 3,188 | 4,042 | 2,999 | |||||||||||||||||||||
Other gain/loss, net | (1,769) | (3,188) | 4,418 | 534 | (956) | 1,226 | (285) | 349 | |||||||||||||||||||||
Operating Adjusted EBITDA | $ | 99,154 | $ | 98,552 | $ | 91,204 | $ | 101,233 | $ | 88,659 | $ | 84,529 | $ | 80,886 | $ | 81,995 |
DigitalBridge | Supplemental Financial Report | 22 |
Reconciliations of DE and Adjusted EBITDA to Net Income (Loss) | ||
($ in thousands) | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | 2Q21 | |||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (212,473) | $ | (19,356) | $ | (63,273) | $ | (37,321) | $ | (262,316) | $ | (20,686) | $ | 41,036 | $ | (141,260) | |||||||||||||
Net income (loss) attributable to noncontrolling common interests in Operating Company | (16,662) | (1,583) | (4,834) | (3,090) | (22,862) | (1,946) | 4,311 | (14,980) | |||||||||||||||||||||
Net income (loss) attributable to common interests in Operating Company and common stockholders | (229,135) | (20,939) | (68,107) | (40,411) | (285,178) | (22,632) | 45,347 | (156,240) | |||||||||||||||||||||
Adjustments for Distributable Earnings (DE): | |||||||||||||||||||||||||||||
Transaction-related and restructuring charges | 18,391 | 23,772 | 23,249 | 29,300 | 24,668 | 29,977 | 19,501 | 5,174 | |||||||||||||||||||||
Other (gain) loss, net (excluding realized gain or loss related to digital assets and fund investments in Corporate and Other) | 141,229 | (16,050) | (7,211) | 15,134 | 130,224 | (52,611) | 11,319 | (151,773) | |||||||||||||||||||||
Unrealized carried interest (allocation) reversal, net of associated compensation (expense) reversal | 18,240 | (70,541) | (1,228) | (58,775) | 13,078 | (7,375) | (27,953) | (6,485) | |||||||||||||||||||||
Compensation expense - equity-based | 16,339 | 7,549 | 18,619 | 9,344 | 18,720 | 19,416 | 9,038 | 11,642 | |||||||||||||||||||||
Depreciation and amortization | 141,220 | 148,508 | 146,810 | 153,548 | 130,597 | 145,031 | 137,602 | 167,114 | |||||||||||||||||||||
Straight-line rent revenue and expense | (1,727) | (7,063) | (8,895) | (2,956) | (2,548) | (1,986) | (1,925) | (2,309) | |||||||||||||||||||||
Amortization of acquired above- and below-market lease values, net | 26 | 100 | 80 | (10) | (248) | (333) | (172) | (1,498) | |||||||||||||||||||||
Impairment loss | — | — | — | 12,184 | 23,802 | (40,732) | (8,210) | 242,903 | |||||||||||||||||||||
Gain from sales of real estate | — | — | — | — | — | (197) | (514) | (2,969) | |||||||||||||||||||||
Non-revenue enhancing capital expenditures | (8,564) | (14,774) | (10,992) | (13,377) | (1,372) | (1,097) | (1,349) | (764) | |||||||||||||||||||||
Finance lease interest expense, debt prepayment penalties and amortization of deferred financing costs, debt premiums and discounts | 15,523 | 5,572 | 5,627 | 5,238 | 98,465 | 36,685 | 7,651 | 10,196 | |||||||||||||||||||||
Preferred share redemption (gain) loss | — | — | — | — | — | 2,127 | 2,865 | — | |||||||||||||||||||||
Income tax effect on certain of the foregoing adjustments | — | 55 | — | — | (589) | 8,195 | 1,663 | (42,536) | |||||||||||||||||||||
Adjustments attributable to noncontrolling interests in investment entities | (118,563) | (69,810) | (136,338) | (91,676) | (132,237) | (105,150) | (83,074) | (15,334) | |||||||||||||||||||||
DE from discontinued operations | 3,656 | (4,772) | 70,721 | (16,940) | (22,446) | (20,954) | (116,675) | (68,915) | |||||||||||||||||||||
After-tax DE | $ | (3,365) | $ | (18,393) | $ | 32,335 | $ | 603 | $ | (5,064) | $ | (11,636) | $ | (4,886) | $ | (11,794) |
DigitalBridge | Supplemental Financial Report | 23 |
Reconciliations of DE and Adjusted EBITDA to Net Income (Loss) | ||
($ in thousands) | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | 2Q21 | |||||||||||||||||||||
After-tax DE | $ | (3,365) | $ | (18,393) | $ | 32,335 | $ | 603 | $ | (5,064) | $ | (11,636) | $ | (4,886) | $ | (11,794) | |||||||||||||
Interest expense included in DE | 12,549 | 13,756 | 16,348 | 14,142 | 13,280 | 13,775 | 14,160 | 11,834 | |||||||||||||||||||||
Income tax expense (benefit) included in DE | 1,092 | 30,616 | (7,839) | (2,662) | (6,849) | 631 | (12,638) | (8,224) | |||||||||||||||||||||
Preferred dividends | 14,676 | 14,765 | 15,283 | 15,759 | 15,759 | 16,139 | 17,456 | 18,516 | |||||||||||||||||||||
Principal Investment Income (Loss) | (277) | (1,860) | (9,303) | — | (58) | (157) | (198) | — | |||||||||||||||||||||
Placement fee expense | — | — | — | — | — | 603 | 2,102 | 4,767 | |||||||||||||||||||||
Realized carried interest (allocation) reversal, net of associated compensation (expense) reversal | (243) | (12,377) | (20,258) | — | 1,172 | (1,092) | (7) | (1,565) | |||||||||||||||||||||
Investment costs and non-revenue enhancing capital expenditures in DE | 1,194 | 1,252 | 2,531 | 3,086 | 2,023 | 2,463 | 1,402 | 1,620 | |||||||||||||||||||||
Non pro-rata allocation of income (loss) to noncontrolling interests | — | — | — | — | 231 | 231 | 231 | 223 | |||||||||||||||||||||
Adjusted EBITDA | $ | 25,626 | $ | 27,759 | $ | 29,097 | $ | 30,928 | $ | 20,494 | $ | 20,957 | $ | 17,622 | $ | 15,377 |
DigitalBridge | Supplemental Financial Report | 24 |
Definitions | ||
DigitalBridge | Supplemental Financial Report | 25 |