Toggle Sidebar
Home
AI Agent
Annotations
Watchlists
Files
Pricing and plans
Help
Blog
About
Contact us
API
MCP
Terms of service
Privacy policy
Get the full experience
We save the real magic for signed-in users.
Sign In
CLNY US
(CLNY US)
Follow
Financials & Metrics
Financials
Charting
Short Interest
Employees
SEC Filings
Select Filings
Financials
(39)
Expand
10-Q
Q2
ended 30 Jun 2026
4 Aug
10-Q
Q1
ended 31 Mar 2026
28 Apr
10-K
FY 2025
ended 31 Dec 2025
26 Feb
10-Q
Q3
ended 30 Sept 2025
31 Oct 2025
10-Q
Q2
ended 30 Jun 2025
8 Aug 2025
10-Q
Q1
ended 31 Mar 2025
1 May 2025
10-K
FY 2024
ended 31 Dec 2024
21 Feb 2025
10-Q
Q3
ended 30 Sept 2024
1 Nov 2024
10-Q
Q2
ended 30 Jun 2024
8 Aug 2024
10-Q
Q1
ended 31 Mar 2024
3 May 2024
10-K
FY 2023
ended 31 Dec 2023
23 Feb 2024
10-Q
Q3
ended 30 Sept 2023
3 Nov 2023
10-Q
Q2
ended 30 Jun 2023
4 Aug 2023
10-Q
Q1
ended 31 Mar 2023
5 May 2023
10-K
FY 2022
ended 31 Dec 2022
27 Feb 2023
Events
(135)
Expand
8-K
Completion of Acquisition or Disposition of Assets
30 Sep
8-K
Results of Operations and Financial Condition
4 Aug
8-K
Unregistered Sales of Equity Securities
29 May
8-K
Entry into a Material Definitive Agreement
27 May
8-K
Entry into a Material Definitive Agreement
15 May
8-K
1 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 EARNINGS PRESENTATION 1Q 2026 April 28, 20262 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 This presentation may contain forward-looking statements within the meaning of the federal securities laws, including statements relating to (i) our strategy, outlook and growth prospects, (ii) our operational and financial targets and (iii) general economic trends and trends in our industry and markets. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the control of DigitalBridge Group, Inc. (the “Company”) and may cause the Company’s actual results to differ significantly from those expressed in any forward-looking statement. Factors that might cause such a difference include, without limitation, uncertainties as to the timing of the merger contemplated by the Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, DigitalBridge Operating Company, LLC (the “Operating Company”), and indirect subsidiaries of SoftBank Group Corp. (TSE: 9984, “SoftBank”) (the “Merger”); the risk that the Merger may not be completed on the anticipated terms in a timely manner or at all; the failure to satisfy any of the conditions to the consummation of the Merger; the effect of the announcement or pendency of the transactions contemplated by the Merger Agreement on the Company’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its operating results and business generally; risks related to diverting management’s attention from the Company’s ongoing business operations as a result of the Merger; certain restrictions during the pendency of the Merger that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; risks that the benefits of the Merger are not realized when and as expected; difficult market and political conditions, including those resulting from inflation, high interest rates, trade barriers, a general economic slowdown or a recession; our ability to raise capital from investors for our Company, our funds and the companies that we manage; the performance of our funds and investments relative to our expectations and the highly variable nature of our revenues, earnings and cash flow; our exposure to risks inherent in the ownership and operation of infrastructure and digital infrastructure assets, including our reliance on third-party suppliers to provide power, network connectivity and certain other services to our managed companies; our exposure to business risks in Europe, Asia, Latin America and other foreign markets; our ability to increase assets under management and expand our existing and new investment strategies while maintaining consistent standards and controls; our ability to appropriately manage conflicts of interest; our ability to expand into new investment strategies, geographic markets and businesses, including through acquisitions in the infrastructure and investment management industries; the impact of climate change and regulatory or societal efforts associated with environmental, social and governance matters; our ability to maintain effective information and cybersecurity policies, procedures and capabilities and the impact of any cybersecurity incident affecting our systems or network or the system and network of any of our managed companies or service providers; uncertainty around, and disruption from, new and emerging technologies, including the adoption and utilization of artificial intelligence; the ability of our portfolio companies to attract and retain key customers and to provide reliable services without disruption; any litigation and contractual claims against us and our affiliates, including potential settlement and litigation of such claims; our ability to obtain and maintain financing arrangements, including securitizations, on favorable or comparable terms or at all; the general volatility of the securities markets in which we participate; the market value of our assets and effects of hedging instruments on our assets; the impact of legislative, regulatory and competitive changes, including those related to privacy and data protection and new Securities and Exchange Commission (“SEC”) rules governing investment advisers; whether we will be able to utilize existing tax attributes to offset taxable income to the extent contemplated; our ability to maintain our exemption from registration as an investment company under the Investment Company Act of 1940, as amended; changes in our board of directors or management team, and availability of qualified personnel; our ability to make or maintain distributions to our stockholders; our understanding of and ability to successfully navigate the competitive landscape in which we and our managed companies operate; and other risks and uncertainties, including those detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 under the heading “Risk Factors,” as such factors may be updated from time to time in the Company’s subsequent periodic filings with the SEC. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Additional information about these and other factors can be found in the Company’s reports filed from time to time with the SEC. The Company cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. The Company is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so. This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company or any investment vehicle managed or advised thereby. This information is not intended to be indicative of future results. Actual performance of the Company may vary materially. The appendices herein contain important information that is material to an understanding of this presentation, including information regarding certain non-GAAP financial measures, and you should read this presentation only with and in context of the appendices. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS3 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 DBRG REPORTS FIRST QUARTER 2026 RESULTS Boca Raton, April 28th, 2026 - DigitalBridge Group, Inc. (NYSE: DBRG) and subsidiaries (collectively, "DigitalBridge," or the "Company") today announced financial results for the first quarter ended March 31, 2026. The Company reported first quarter 2026 GAAP net income attributable to common stockholders of $5.3 million, or $0.03 per share, and Distributable Earnings of $13.4 million, or $0.07 per share. In light of the proposed transaction with SoftBank Group Corp., and as is customary during the pendency of an acquisition, DigitalBridge will not be hosting a conference call or providing detailed financial guidance in conjunction with its first quarter 2026 earnings release. This condensed investor presentation summarizing the quarter's results is available on the Shareholders section of the Company's website at ir.digitalbridge.com. Common and Preferred Dividends On April 24, 2026, the Company's Board of Directors declared a cash dividend of $0.01 per common share to be paid on July 15, 2026 to shareholders of record at the close of business on June 30, 2026; and declared cash dividends with respect to each series of the Company's cumulative redeemable perpetual preferred stock in accordance with the terms of such series, as follows: Series H preferred stock: $0.4453125 per share; Series I preferred stock: $0.446875 per share; and Series J preferred stock: $0.4453125 per share, which will be paid on July 15, 2026 to the respective stockholders of record on July 10, 2026. Proposed Transaction with SoftBank Group Corp. On December 29, 2025, the Company entered into a definitive agreement pursuant to which SoftBank Group Corp. will acquire all outstanding shares of DigitalBridge common stock for $16.00 per share in an all-cash transaction. The transaction required approval by DBRG’s common stockholders, which was received on April 23, 2026, and is subject to certain other closing conditions. For further detail and discussion of the Company's financial performance, please refer to DigitalBridge's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.4 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 (In thousands, except per share data, unaudited) 1Q25 1Q26 Revenues Fee revenue $ 90,139 $ 87,309 Carried interest allocation (reversal) (55,464) (44,729) Principal investment income 5,307 24,586 Other income 5,465 5,070 Total revenues 45,447 72,236 Expenses Compensation expense—cash and equity-based 46,110 49,150 Compensation expense—incentive fee and carried interest allocation (reversal) (22,304) (23,140) Administrative and other expenses 15,946 19,737 Interest expense 3,898 3,543 Transaction-related costs 4,421 14,168 Depreciation and amortization 7,226 5,320 Total expenses 55,297 68,778 Other income (loss) Other gain (loss), net (519) 4,053 Income (loss) from continuing operations before income taxes (10,369) 7,511 Income tax benefit (expense) (301) 8 Income (loss) from continuing operations (10,670) 7,519 Income (loss) from discontinued operations (4,185) (5,503) Net income (loss) (14,855) 2,016 Net income (loss) attributable to noncontrolling interests: Redeemable noncontrolling interests (748) 1,126 Investment entities (27,882) (19,213) Operating Company (7) 138 Net income (loss) attributable to DigitalBridge Group, Inc. 13,782 19,965 Preferred stock dividends 14,660 14,660 Net income (loss) attributable to common stockholders $ (878) $ 5,305 Net income (loss) attributable to common stockholders per common share—basic $ (0.01) $ 0.03 Net income (loss) attributable to common stockholders per common share—diluted $ (0.01) $ 0.03 GAAP FINANCIAL RESULTS Net income attributable to common stockholders was $5.3 million in Q1 2026, and $0.03 per share (basic and diluted)5 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 1 FINANCIAL UPDATE6 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 FIRST QUARTER 2026 HIGHLIGHTS Financial Highlights Fee Revenue • $87.5 million in 1Q26, down -3% year-over-year and up +12% year-over-year on an ex-Catch Up Fee basis. Fee Related Earnings • $24.0 million in 1Q26, down -31% year-over-year and up +4% year-over-year on an ex-Catch Up Fee basis. Distributable Earnings • $13.4 million in 1Q26 down -76% year-over-year, as 1Q25 included a principal investment realization at DataBank. Investment realizations tend to be episodic. Capital Metrics Fee Earning Equity Under Management (FEEUM) • $40.8 billion in 1Q26, increased $3.5 billion or +9% year-over-year. Corporate Liquidity ▪ $250 million of available corporate cash as of March 31, 2026, up approximately $110 million over the prior quarter linked to return of capital from warehousing. Full availability of $100 million revolver. Capital Allocation ▪ Funded $15 million of GP commitments in 1Q26. ▪ Common stock dividend of $0.01 per share declared. Unless otherwise denoted as GAAP financial results, reference to Fee Revenue throughout this presentation refers to FRE Fee Revenue.7 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 NON-GAAP FINANCIAL RESULTS • Fee Related Earnings of $24.0 million in Q1 2026 • Distributable Earnings of $13.4 million in Q1 2026 ($ in millions) 1Q25 1Q26 % Change YOY 1Q25 LTM 1Q26 LTM % Change YOY Fee Revenue(1) $90.2 $87.5 (3)% $347.2 $372.3 +7 % Cash Compensation(1) (38.1) (45.5) +19 % (152.5) (171.5) +12 % Administrative and Other Expenses(1) (17.1) (18.0) +5 % (72.2) (69.8) (3)% Fee Related Earnings ("FRE")(2) $35.0 $24.0 (31)% $122.5 $131.0 +7% Realized Carried Interest and Incentive Fees, Net(3) 0.9 — n/a 1.1 — n/a Realized Principal Investment Income (Loss) 34.9 3.1 (91) % 48.5 (12.3) n/a Interest Expense and Preferred Dividends (18.0) (17.8) (1)% (71.5) (71.8) — % Other Income (Expense), Net(4) 2.2 4.1 +77 % 6.4 14.0 +116 % Income Tax Benefit (Expense) (0.3) — n/a (2.0) (5.4) +170 % Distributable Earnings ("DE")(2) $54.7 $13.4 (76)% $105.0 $55.5 (47)% FRE Margin 39% 27% 35% 35% FRE Per Basic Share $0.19 $0.13 $0.66 $0.69 After-tax DE Per Basic Share $0.29 $0.07 $0.56 $0.29 FRE ex Catch-Up Fees(5) $23.0 $24.0 +4% $107.2 $115.9 +8% FRE Margin ex Catch-Up Fees(5) 29% 27% 32% 32% (1) Amounts determined based upon the definition of FRE and therefore, differ from those presented in GAAP financial results. (2) FRE and DE are presented at the Operating Company level, which is net of amounts attributed to noncontrolling interests. (3) Presented net of expense allocations and includes incentive fees subject to realization events. (4) Other income (expense), net, includes interest, dividend and other income, placement fee and other expense, and other realized gain (loss). (5) FRE ex Catch-Up Fees represents FRE adjusted to exclude out-of-period fees that are charged for periods prior to the beginning of the LTM period on commitments that closed during the LTM period.8 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 Carried Interest ($ in millions) 1Q25 1Q26 % Change YOY 1Q25 LTM 1Q26 LTM % Change YOY Unrealized Carried Interest Allocation (Reversal)(1) ($58.0) ($44.7) (23) % $168.7 ($365.4) n/a Realized Carried Interest Allocation 2.5 — n/a 2.6 — n/a Carried Interest – Revenue (as reported on GAAP Income Statement) (55.5) (44.7) (19) % 171.3 (365.4) n/a Unrealized Carried Interest Expense (Allocation) Reversal 52.1 43.5 (17) % (125.3) 355.2 n/a Realized Carried Interest Expense (Allocation) Reversal (1.6) — n/a (1.7) — n/a Carried Interest Expense (Allocation) Reversal(2) 50.5 43.5 (14) % (127.0) 355.2 n/a Carried Interest Allocation (Reversal), Net ($5.0) ($1.2) (75)% $44.3 ($10.2) n/a Principal Investment Income ($ in millions) 1Q25 1Q26 % Change YOY 1Q25 LTM 1Q26 LTM % Change YOY Unrealized Principal Investment Income (Loss) ($29.7) $21.1 n/a ($18.5) $101.0 n/a Realized Principal Investment Income 35.0 3.5 (90) % 51.0 (8.6) n/a Principal Investment Income (as reported on GAAP Income Statement) 5.3 24.6 363 % 32.5 92.4 184 % Unrealized Minority Interest Allocation (Reversal) (0.1) 4.8 n/a (5.2) 14.7 n/a Realized Minority Interest Allocation (Reversal) (0.1) (0.4) 195 % (2.5) (3.6) 43 % Principal Investment Income Minority Interest Allocation (Reversal) (0.2) 4.4 n/a (7.7) 11.1 n/a Principal Investment Income (Loss), Net $5.1 $29.0 473% $24.8 $103.5 317% • Net carried interest reversal of $1.2 million in Q1 2026 • Net principal investment income of $29.0 million in Q1 2026 CARRIED INTEREST & PRINCIPAL INVESTMENT INCOME (1) When the fair value of fund investments fall below return hurdles or remain constant and preferred returns accumulate on unreturned capital, this may result in a reversal of unrealized carried interest previously recognized.. (2) Represents carried interest expense allocation presented within Compensation expense—incentive fee and carried interest allocation (reversal), and Net income (loss) attributable to noncontrolling interests—investment entities on GAAP income statement. Excludes compensation expense associated with incentive fee income.9 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 LTM Fee Revenue ex catch-up(2) LTM FRE ex catch-up (2) LTM Fee Revenue and FRE Profile(1) $332M $107M $333M $108M $344M $113M $350M $117M $357M $116M 1Q264Q253Q252Q251Q25 LTM Catch-up fees (2) $131M $372M $347M $354M $371M $375M $140M$129M $122M $142M FRE Margin ex catch-up 32% X% 32% 32% 33% 33% DBRG FINANCIAL PROFILE & FEEUM PROGRESSION ($ in Billions) 1Q25 2Q25 3Q25 4Q25 1Q26 Beginning Period Balance $35.5 $37.3 $39.7 $40.7 $41.0 Inflows 2.0 3.4 1.1 1.0 0.2 Outflows/Realizations (0.3) (0.9) (0.1) (0.8) (0.7) Market Activity(3) 0.1 (0.1) (0.0) 0.1 0.3 End of Period Balance $37.3 $39.7 $40.7 $41.0 $40.8 FEEUM Roll-forward (1) Latest twelve-month (LTM) period calculated at Operating Company share. (2) LTM Fee Revenue ex catch-up and LTM FRE ex catch-up represents LTM Fee Revenue and LTM FRE adjusted to exclude fees charged on commitments that closed during the LTM period that pertain to periods prior to the beginning of the LTM period. (3) Market activity includes changes in investment value based on NAV or GAV, and the effect of foreign exchange rates. ex catch-up ex catch-up LTM Fee Revenue LTM FRE LTM Fee Revenue LTM Fee Revenue LTM Fee Revenue LTM Fee Revenue LTM FRE LTM FRE LTM FRE LTM FRE ex catch-up ex catch-up ex catch-up ex catch-up ex catch-up ex catch-up ex catch-up ex catch-up10 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 Key Corporate Assets Key Corporate Liabilities ($ in millions) 3/31/2026 GP Affiliated Investments(1) DBP Series $368 DataBank and Vantage SDC 719 Other Funds & Investments 380 (Credit, Core, InfraBridge, Liquid, Ventures) Total GP Affiliated Investments(1) $1,467 Available Corporate Cash(2) 250 Key Corporate Assets $1,717 ($ in millions) 3/31/2026 Blended Avg. Cost (Per Annum) Corporate Debt Securitized Notes $300 3.9 % Revolver (VFN; $100M Available) — n/a Total Corporate Debt $300 3.9 % Preferred Stock $822 7.1 % Key Corporate Liabilities $1,122 (1) Presented at the Operating Company level, net of noncontrolling interests. (2) Available corporate cash generally represents cash at the Operating Company after allocating cash for certain compensatory liabilities, and excludes cash held at subsidiaries of the Operating Company, including cash maintained to satisfy regulatory capital requirements in applicable foreign jurisdictions. BALANCE SHEET PROFILE11 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 2 SUPPLEMENTAL FINANCIAL DATA12 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 SUMMARY FINANCIAL METRICS 2026 2025 2024 ($ and shares in thousands, except per share data and as noted) 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 GAAP Results GAAP Fee revenue $ 87,309 $ 105,746 $ 93,300 $ 85,262 $ 90,139 $ 101,551 $ 76,582 $ 78,605 Net income (loss) attributable to common stockholders 5,305 50,396 16,753 16,962 (878) (19,711) (883) 76,763 Net income (loss) attributable to common stockholders per basic share(1) 0.03 0.28 0.09 0.10 (0.01) (0.12) (0.01) 0.44 Common dividend per share 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Non-GAAP Results Fee Related Earnings ("FRE") Fee Revenue(2) $ 87,476 $ 105,921 $ 93,524 $ 85,371 $ 90,229 $ 101,641 $ 76,664 $ 78,688 Fee Related Earnings(3) 24,019 37,744 37,294 31,975 34,950 35,424 26,154 25,968 FRE per basic share 0.13 0.20 0.20 0.17 0.19 0.19 0.14 0.14 Distributable Earnings ("DE")(3) 13,390 39,013 21,711 (18,618) 54,704 19,903 10,732 19,629 DE per basic share 0.07 0.21 0.12 (0.10) 0.29 0.11 0.06 0.11 Fee Earning Equity Under Management ("FEEUM") (in billions) $ 40.8 $ 41.0 $ 40.7 $ 39.7 $ 37.3 $ 35.5 $ 34.1 $ 32.7 Balance Sheet and Capitalization Total assets $ 3,334,012 $ 3,419,182 $ 3,490,529 $ 3,408,581 $ 3,439,028 $ 3,513,318 $ 3,542,947 $ 3,502,420 Total debt principal(4) 300,000 300,000 329,547 300,000 300,000 300,000 300,000 300,000 Available corporate cash 250,361 138,984 172,829 158,260 201,310 139,950 126,760 127,260 Perpetual Preferred Equity, $25 per share liquidation preference 821,899 821,899 821,899 821,899 821,899 821,899 821,899 821,899 Share Count FRE and DE weighted average basic shares and OP units(5) 188,571 188,678 188,645 188,497 186,887 186,488 186,906 185,916 Diluted shares and OP units outstanding at period end(5) 188,986 189,163 188,954 188,702 188,594 186,979 188,040 187,218 (1) For purpose of calculating net income (loss) attributable to common stockholders per basic share, net income (loss) attributable to common stockholders is adjusted to deduct dividends attributed to unvested restricted stock and deferred stock units and divided by GAAP weighted average basic shares, which represent the weighted average number of outstanding class A and prior to Q3 2025, class B common stock, during the respective quarters. (2) FRE fee revenue represents recurring fee revenue, including incentive fees, that are not subject to realization events related to underlying fund investments, and does not give effect to elimination of fee revenue from consolidated funds. (3) FRE and DE are presented at the Operating Company level, net of noncontrolling interests. (4) Total debt principal excludes undrawn VFN borrowing availability of $100 million, and prior to a reduction in VFN capacity in Q2 2025, $300 million. (5) FRE and DE weighted average basic shares and OP units are used to calculate FRE per basic share and DE per basic share, representing the GAAP weighted average basic shares outstanding, plus weighted average unvested restricted stock and OP units outstanding during the respective quarters. Diluted shares and OP units outstanding at period end represent the same basic shares and units outstanding at respective quarter ends (not a weighted average), adjusted to include the effect of potentially dilutive share equivalents which are common stock issuable in connection with performance stock units and in-the-money warrants.13 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 FEEUM, FEE RELATED EARNINGS & DISTRIBUTABLE EARNINGS 3/31/26 Blended Fee Rate 2026 2025 2024 ($ in millions) 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 DigitalBridge Partners I (DBP I) 1.11% $ 3,168 $ 3,418 $ 3,534 $ 3,569 $ 3,587 $ 3,587 $ 3,650 $ 3,677 DigitalBridge Partners II (DBP II) 1.18% 7,330 7,330 7,344 7,295 6,986 6,985 6,568 6,269 DigitalBridge Partners III (DBP III) 1.20% 7,078 7,078 6,707 6,402 6,177 5,348 4,530 3,973 Co-Investment Vehicles 0.43% 15,344 15,208 15,324 14,842 12,264 11,539 10,049 9,547 InfraBridge 1.12% 3,558 3,566 3,558 3,701 3,740 3,685 5,051 5,159 Core, Credit and Liquid Strategies 0.75% 3,334 3,231 3,057 2,758 3,371 3,179 3,047 2,862 Separately Capitalized Portfolio Companies 0.84% 1,016 1,168 1,171 1,172 1,172 1,173 1,191 1,174 Fee Earning Equity Under Management (FEEUM) 0.85% $ 40,828 $ 40,999 $ 40,695 $ 39,739 $ 37,297 $ 35,496 $ 34,086 $ 32,661 ($ in thousands) Fee revenue(1) $ 87,476 $ 105,921 $ 93,524 $ 85,371 $ 90,229 $ 101,641 $ 76,664 $ 78,688 Cash compensation(1) (45,461) (49,372) (40,166) (36,459) (38,096) (44,954) (33,774) (35,644) Administrative and other expenses(1) (17,996) (18,805) (16,064) (16,937) (17,183) (21,263) (16,736) (17,076) Fee Related Earnings(2) 24,019 37,744 37,294 31,975 34,950 35,424 26,154 25,968 Realized principal investment income 3,077 18,209 394 (33,957) 34,907 3,903 2,129 7,551 Distributed carried interest and incentive fees subject to realization events, net of associated expense allocation — — — — 864 — — 186 Interest expense and preferred dividends (17,767) (17,935) (18,023) (18,093) (18,010) (18,088) (18,245) (17,177) Other income (expense), net(3) 4,053 5,870 1,825 2,210 2,294 (518) 1,581 3,094 Income tax benefit (expense) 8 (4,875) 221 (753) (301) (818) (887) 7 Distributable Earnings(2) $ 13,390 $ 39,013 $ 21,711 $ (18,618) $ 54,704 $ 19,903 $ 10,732 $ 19,629 (1) These amounts are determined based upon the definition of FRE and therefore, differ from those presented in GAAP financial results. (2) FRE and DE are presented at the Operating Company level, net of noncontrolling interests. (3) Other income (expense), net, includes interest, dividend and other income, placement fee and other expense, and other realized gain (loss).14 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 Certain performance metrics for our key investment funds from inception through March 31, 2026 are presented in the table below. Excluded are funds with less than one year of performance history as of March 31, 2026, funds and separately managed accounts in the liquid strategy, co-investment vehicles and separately capitalized portfolio companies. The historical performance of our funds is not indicative of their future performance nor indicative of the performance of our other existing funds or of any of our future funds. An investment in DBRG is not an investment in any of our funds and these fund performance metrics are not indicative of the performance of DBRG. ($ in millions, as of March 31, 2026) Inception Date (2) Total Commitments Invested Capital (3) Available Capital (4) Investment Value MOIC (8) (10) IRR (9) (10) Fund (1) Unrealized (5) Realized (6) Total (7) Gross Net Gross Net Value-Add DBP I Mar-2018 $ 4,059 $ 4,825 $ 219 $ 4,985 $ 1,763 $ 6,748 1.4x 1.3x 8.6% 7.1% DBP II Nov-2020 8,286 8,158 535 10,450 984 11,434 1.4x 1.3x 9.9% 7.6% Core SAF Nov-2022 1,110 1,045 154 988 138 1,126 1.1x 1.0x 3.0% 1.0% InfraBridge GIF I Mar-2015 1,411 1,514 383 905 1,477 2,382 1.6x 1.4x 8.5% 5.6% GIF II Jun-2018 3,382 3,176 243 2,153 595 2,748 0.9x 0.7x <0% <0% Credit Credit I Dec-2022 697 748 380 413 455 868 1.2x 1.1x 12.0% 8.4% (1) Performance metrics are presented in aggregate for main fund vehicle, its parallel vehicles and alternative investment vehicles. (2) Inception date represents first close date of the fund, except for Credit I which is the first capital call date. The manager/general partner of the InfraBridge funds were acquired in February 2023. (3) Invested capital represents the original cost and subsequent fundings to investments. Invested capital includes financing costs and investment related expenses which are capitalized. With respect to InfraBridge funds, such costs are expensed during the period and excluded from their determination of invested capital. (4) Available capital represents unfunded commitments, including recallable capital. (5) Unrealized value represents total fair value of investments, net of outstanding balance under the fund’s credit facility, if any. (6) Realized value represents proceeds from dispositions that have closed and all earnings from both realized and unrealized investments, including interest, dividend and ticking fees. (7) Total value is the sum of unrealized fair value and realized value of investments. (8) Total gross multiple of invested capital ("MOIC") is calculated as the limited partners' portion of the fair value of unrealized investments, net of outstanding balance funded through the fund's credit facility, if any, plus any accrued but unpaid interest and coupon payments received, and limited partner realized distributions gross of general partner carried interest, divided by total limited partner contributions, without giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). Total net MOIC is calculated as the limited partners' portion of the fund's NAV plus limited partner realized distributions net of carried interest, divided by total limited partner contributions, after giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). MOIC calculations exclude capital not subject to fees and/or carried interest, including general partner and general partner affiliate capital. MOICs are calculated at the fund level and do not reflect MOICs at the individual investor level. (9) Gross internal rate of return ("IRR") represents annualized money-weighted return on invested capital based upon total value of limited partner contributions, that is limited partner realized distributions and limited partner unrealized NAV (based upon fair value of unrealized investments), without giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). Gross IRR is calculated from the date of the first capital call from limited partners (and therefore taking into account the use of any credit facility at the fund level) through the date of limited partner distributions for realized investments. For funds with unrealized investments, gross IRR uses a liquidating distribution equal to the limited partners' portion of the fair value of unrealized investments, net of outstanding amounts funded through the fund's credit facility, if any. Gross IRR is calculated at the fund level and does not reflect gross IRR of any individual investor due to timing of investor level inflows and outflows, among other factors. Net IRR is gross IRR after giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). Net IRR is calculated at the total fee-paying limited partner level and based upon the timing and amount of fee-paying third party limited partner inflows and outflows, and excludes capital not subject to fees and/or carried interest, including the portion of capital attributable to the general partner and general partner affiliate. As fees may vary by individual investor, net IRR does not represent the return of any individual investor. With respect to funds that have utilized borrowings from a credit facility to fund portfolio investments, organization expenses, partnership expenses, management fees, or other amounts in lieu of calling capital from limited partners for such purposes, gross and net IRR of the fund differs from what the IRR would have been if such borrowings or financings had not been utilized. Because IRR is calculated based on the actual dates of capital contributions from, and distributions to, limited partners (rather than based on the timing of when investments were made, for example), the use of such borrowings and financings in lieu or in advance of calling capital delays capital contributions from limited partners, generally resulting in higher IRRs than if such borrowings or financings had not been utilized and capital was called earlier from limited partners.. (10) Our funds generally permit us to recycle certain capital distributed to limited partners during certain time periods. The exclusion of recycled capital generally causes invested and realized amounts to be lower and MOICs to be higher than had recycled capital been included. FUND PERFORMANCE15 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 ($ and shares in thousands, as of March 31, 2026) Securitized Notes - Class A-2 Term Notes Amount Outstanding $ 300,000 Interest Rate (Per Annum) 3.933 % Anticipated Repayment Date September 25, 2026 Kroll Rating BBB Revolver - Class A-1 Variable Funding Notes Maximum Available $ 100,000 Amount Outstanding $ — Interest Rate (Per Annum)(1) Adjusted 1M Term SOFR + 3.00% Fully Extended Anticipated Repayment Date September 25, 2026 Liquidation Preference(2) Shares OutstandingPerpetual Preferred Stock Series H 7.125% Cumulative Redeemable Perpetual Preferred Stock $ 209,870 8,395 Series I 7.15% Cumulative Redeemable Perpetual Preferred Stock 321,668 12,867 Series J 7.125% Cumulative Redeemable Perpetual Preferred Stock 290,361 11,614 Total Preferred Stock $ 821,899 32,876 (1) Adjusted 1-month term SOFR is equivalent to 1-month term SOFR plus 0.11448%. (2) Liquidation preference based on $25 per share. CAPITALIZATION16 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 ($ in thousands) 2026 2025 2024 Consolidated 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 GP Affiliated Investments DBP Series $ 483,426 $ 498,893 $ 528,162 $ 533,397 $ 494,541 $ 496,004 $ 470,937 $ 452,604 DataBank and Vantage SDC 724,706 691,406 663,843 640,000 623,070 682,047 679,335 674,900 Other Funds & Investments (InfraBridge, Core, Credit, Liquid) 529,121 534,773 669,780 494,546 434,130 419,422 443,064 399,066 Total GP Affiliated Investments—Consolidated $ 1,737,253 $ 1,725,072 $ 1,861,785 $ 1,667,943 $ 1,551,741 $ 1,597,473 $ 1,593,336 $ 1,526,570 Operating Company Share GP Affiliated Investments DBP Series $ 367,686 $ 378,608 $ 396,994 $ 401,722 $ 362,469 $ 363,984 $ 339,659 $ 321,917 DataBank and Vantage SDC 719,409 686,120 659,145 635,335 618,461 677,441 674,872 670,463 Other Funds & Investments (InfraBridge, Core, Credit, Liquid) 379,559 385,086 434,764 389,337 347,665 334,962 362,675 356,055 Total GP Affiliated Investments—Net(1) $ 1,466,654 $ 1,449,814 $ 1,490,903 $ 1,426,394 $ 1,328,595 $ 1,376,387 $ 1,377,206 $ 1,348,435 GP AFFILIATED INVESTMENTS (1) Presented at Operating Company level, net of noncontrolling interests. The latter represent limited partners of consolidated funds, a third-party participation interest and management interest in GP entities.17 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 ($ in thousands) December 31, 2025 March 31, 2026 (Unaudited) Assets Cash and cash equivalents $ 382,508 $ 411,327 Restricted cash 12,982 6,063 Investments(1) 2,266,403 2,241,513 Goodwill 465,602 465,602 Intangible assets 48,395 43,396 Other assets 138,914 42,949 Due from affiliates 104,378 123,162 Total assets(2) $ 3,419,182 $ 3,334,012 Liabilities Debt $ 298,804 $ 299,210 Other liabilities(1)(3) 670,155 615,366 Total liabilities 968,959 914,576 Redeemable noncontrolling interests(4) 33,226 34,298 Stockholders’ equity 2,107,297 2,106,898 Noncontrolling interests in investment entities(4) 268,977 239,597 Noncontrolling interests in Operating Company 40,723 38,643 Total liabilities, redeemable noncontrolling interests and equity $ 3,419,182 $ 3,334,012 (1) At December 31, 2025 and March 31, 2026, included in investments is carried interest of $541 million and $504 million, respectively, while carried interest expense allocation of $349 million and $327 million, respectively, is included in other liabilities. (2) At December 31, 2025 and March 31, 2026, included assets held by consolidated funds: cash of $87 million and $82 million, respectively, investments of $236 million and $240 million, respectively, and other assets of $2 million and $3 million, respectively. (3) At December 31, 2025 and March 31, 2026, included other liabilities of consolidated funds of $88 million and $94 million, respectively. (4) Limited partners of consolidated funds represent all of redeemable noncontrolling interests, and $100 million at December 31, 2025 and $93 million at March 31, 2026 of noncontrolling interests in investment entities. Remaining noncontrolling interests in investment entities largely represent carried interest expense allocation and minority interest ownership in general partner entities attributed to management and participation interest by a third party investor. BALANCE SHEET19 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 DISTRIBUTABLE EARNINGS & FEE RELATED EARNINGS 2026 2025 2024 ($ in thousands) 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 Net income (loss) attributable to common stockholders $ 5,305 $ 50,396 $ 16,753 $ 16,962 $ (878) $ (19,711) $ (883) $ 76,763 Net income (loss) attributable to noncontrolling interests in Operating Company 138 1,539 563 1,082 (7) (1,355) (50) 5,426 Net income (loss) attributable to Operating Company 5,443 51,935 17,316 18,044 (885) (21,066) (933) 82,189 Adjustments: Transaction-related costs and non-core items(1) 14,391 11,583 (2,374) (4,982) 435 9,465 9,541 5,344 Other (gain) loss, net(2) (3,736) (46,391) (5,821) (8,287) 667 (7,094) (47,906) (13,451) Unrealized principal investment income(3) (25,897) (9,540) (24,872) (55,422) 29,847 4,389 (4,415) (6,322) Unrealized carried interest, net of associated expense (allocation) reversal(4) 1,227 (22,534) 19,808 11,649 5,816 18,165 7,658 (75,065) Equity-based compensation 7,543 7,742 8,976 10,873 7,711 (7) 8,828 17,641 Depreciation and amortization expense 5,320 6,513 7,130 8,585 7,226 8,215 8,227 8,097 Amortization of deferred financing costs, debt premiums and discounts 406 406 406 1,106 524 524 524 584 Adjustments attributable to noncontrolling interests in investment entities(5) 3,191 37,597 1,056 1,462 (822) 651 30,647 (110) OP share of (income) loss from discontinued operations(6) 5,502 1,702 86 (1,646) 4,185 6,661 (1,439) 722 Distributable Earnings (After Tax)(7) 13,390 39,013 21,711 (18,618) 54,704 19,903 10,732 19,629 Realized principal investment income (3,077) (18,209) (394) 33,957 (34,907) (3,903) (2,129) (7,551) Distributed carried interest and incentive fees subject to realization events, net of associated expense allocation(3) — — — — (864) — — (186) Interest expense and preferred dividends 17,767 17,935 18,023 18,093 18,010 18,088 18,245 17,177 Other income (expense), net(8) (4,053) (5,870) (1,825) (2,210) (2,294) 518 (1,581) (3,094) Income tax (benefit) expense (8) 4,875 (221) 753 301 818 887 (7) Fee Related Earnings(7) $ 24,019 $ 37,744 $ 37,294 $ 31,975 $ 34,950 $ 35,424 $ 26,154 $ 25,968 (1) Transaction-related costs are expenses incurred in connection with acquisitions and unconsummated deals. Non-core items primarily include acquisition-related compensation and certain severance costs, as well as litigation and settlement-related matters. These costs are excluded as they are related to discrete items, are not considered part of our ongoing operating cost structure, and are not reflective of our core operating performance. (2) Comprises (i) all unrealized gains and losses; and (ii) realized gains and losses associated with consolidated funds or non-core investments. (3) Unrealized principal investment income represents only the Operating Company's share, net of a third party participation interest. (4) Carried interest is presented net of expense allocation or reversal, representing only the Operating Company's share. The expense component is included within compensation expense—incentive fees and carried interest allocation (reversal), and net income (loss) attributable to noncontrolling interests in investment entities on the GAAP income statement. (5) Adjustments attributable to noncontrolling interests in investment entities pertain to other gain (loss) attributed to limited partners of consolidated funds. Unrealized principal investment income attributed to a third party participation interest is netted against "unrealized principal investment income" for all periods presented (previously presented gross in "adjustments attributable to noncontrolling interests in investment entities" and recasted for periods prior to the first quarter of 2025). (6) OP share of discontinued operations represents primarily residual activities from the Company's former real estate business that had been disposed. (7) DE and FRE are presented at the Operating Company level, net of noncontrolling interests. (8) Other income (expense), net, includes interest, dividend and other income, placement fee and other expense, and other realized gain (loss).20 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 2026 2025 2024 ($ in thousands) 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 FRE Fee Revenue GAAP Fee Revenue $ 87,309 $ 105,746 $ 93,300 $ 85,262 $ 90,139 $ 101,551 $ 76,582 $ 78,605 Consolidated Funds(1) 167 175 224 109 90 90 82 84 Incentive Fees(2) — — — — — — — (1) $ 87,476 $ 105,921 $ 93,524 $ 85,371 $ 90,229 $ 101,641 $ 76,664 $ 78,688 FRE Cash Compensation GAAP Compensation Expense—Cash and Equity-Based $ 49,150 $ 48,023 $ 49,315 $ 47,002 $ 46,110 $ 35,550 $ 43,426 $ 51,661 Equity-Based Compensation (7,397) (7,592) (8,827) (10,725) (7,620) 7 (8,828) (17,641) Compensation Expense—Incentive Fees Not Subject to Realization Event(2) 3,473 9,200 — 506 5 10,286 218 1,238 Reimbursable Costs(3) (299) (259) (320) (324) (309) (163) (135) (27) Non-Core Items(4) 534 — (2) — (90) (726) (907) 413 $ 45,461 $ 49,372 $ 40,166 $ 36,459 $ 38,096 $ 44,954 $ 33,774 $ 35,644 FRE Administrative and Other Expenses GAAP Administrative and Other Expenses $ 19,737 $ 21,743 $ 15,118 $ 11,440 $ 15,946 $ 36,974 $ 27,193 $ 26,508 Placement Fees(5) — (125) (80) (1,075) (675) (3,108) (250) — Equity-Based Compensation (included in Administrative Expense) (146) (150) (149) (148) (91) — — — Reimbursable Costs(3) (988) (1,843) (1,678) (2,267) (2,045) (3,707) (1,980) (3,284) Non-Core Items(6) (607) (820) 2,853 8,987 4,048 (8,896) (8,227) (6,148) $ 17,996 $ 18,805 $ 16,064 $ 16,937 $ 17,183 $ 21,263 $ 16,736 $ 17,076 (1) FRE is presented without giving effect to the elimination of fee revenue from consolidated funds to the extent such fees meet the definition of FRE. (2) Incentive fees earned and related compensation expense are included in FRE to the extent their performance trigger is not based upon realization events related to underlying fund investments, whereas all incentive fees earned and associated compensation expense are included in DE. (3) Reimbursable costs are presented gross as other income and expense under GAAP but presented net for purposes of FRE and DE. (4) Non-core compensation items include primarily acquisition-related compensation and certain severance costs. (5) Placement fees are excluded from FRE but included in DE. (6) Non-core administrative items include primarily costs associated with certain litigation and settlement matters, including any related insurance recoveries. RECONCILIATIONS21 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 2026 2025 2024 ($ in thousands) 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 DE Realized Principal Investment Income GAAP Principal Investment Income $ 24,586 $ 22,050 $ 25,325 $ 20,437 $ 5,307 $ 1,241 $ 9,955 $ 15,982 Unrealized Principal Investment (Income) Loss (21,122) (990) (24,680) (54,256) 29,731 3,930 (7,308) (7,813) Noncontrolling Interests in Realized Principal Investment Income (387) (2,851) (251) (138) (131) (1,268) (518) (618) $ 3,077 $ 18,209 $ 394 $ (33,957) $ 34,907 $ 3,903 $ 2,129 $ 7,551 DE Realized Carried Interest and Incentive Fees Subject to Realization Events, Net of Associated Expense Allocation GAAP Carried Interest Allocation (Reversal) $ (44,729) $ (85,423) $ (120,213) $ (115,074) $ (55,464) $ (45,717) $ (15,799) $ 288,244 GAAP Compensation Expense—Incentive Fee and Carried Interest (Allocation) Reversal 23,140 17,416 54,000 43,372 22,304 18,592 8,474 (178,430) (21,589) (68,007) (66,213) (71,702) (33,160) (27,125) (7,325) 109,814 Unrealized Carried Interest (Allocation) Reversal 44,729 85,423 120,213 115,074 57,934 45,717 15,799 (288,126) Compensation expense—Unrealized Carried Interest Allocation (Reversal) (26,613) (26,616) (54,000) (43,878) (23,908) (28,878) (8,692) 177,272 Incentive Fee Revenue Subject to Realization Event(1) — — — — — — — 1 Compensation Expense—Incentive Fee Not Subject to Realization Event(2) 3,473 9,200 — 506 5 10,286 218 1,238 Noncontrolling Interests in Realized Carried Interest — — — — (7) — — (13) $ — $ — $ — $ — $ 864 $ — $ — $ 186 (1) Incentive fees with a performance trigger based upon realization events of underlying fund investments are excluded from FRE but included in DE. (2) Compensation expense related to incentive fees with performance trigger not based upon realization events of underlying fund investments is already included in FRE. RECONCILIATIONS22 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 2026 2025 2024 ($ and shares in thousands) 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 FRE and DE Weighted Average Basic Shares and OP Units GAAP Weighted Average Basic Shares Outstanding 179,333 178,796 178,183 173,059 171,680 171,254 171,542 170,358 Weighted Average OP Units 5,578 5,795 6,306 11,269 11,919 11,986 12,200 12,291 Weighted Average Unvested Restricted Stock 3,660 4,087 4,156 4,169 3,288 3,248 3,164 3,267 188,571 188,678 188,645 188,497 186,887 186,488 186,906 185,916 GP Affiliated Investments—Consolidated Total Investments on Balance Sheet $ 2,241,513 $ 2,266,403 $ 2,463,476 $ 2,389,801 $ 2,388,618 $ 2,492,268 $ 2,540,029 $ 2,517,653 Accrued Carried Interest (503,842) (540,890) (601,333) (721,545) (836,619) (894,553) (940,271) (956,069) Non-Core Investments (418) (441) (358) (313) (258) (242) (6,422) (35,014) $ 1,737,253 $ 1,725,072 $ 1,861,785 $ 1,667,943 $ 1,551,741 $ 1,597,473 $ 1,593,336 $ 1,526,570 RECONCILIATIONS23 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 3 APPENDIX24 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES This presentation contains the following non-GAAP financial measures attributable to the Operating Company: Fee Related Earnings (“FRE”) and Distributable Earnings (“DE”). FRE and DE are common metrics utilized in the investment management sector. We present FRE and DE at the Operating Company level, which is net of amounts attributed to noncontrolling interests, composed largely of the limited partners' share of our consolidated funds and Wafra's share of earnings attributed to our general partner interest in certain funds. For the same reasons, the Company believes these non-GAAP measures are useful to the Company’s investors and analysts. As we evaluate profitability based upon continuing operations, these non-GAAP measures exclude results from discontinued operations. We believe the non-GAAP financial measures of FRE and DE supplement and enhance the overall understanding of our underlying financial performance and trends, and facilitate comparison among current, past and future periods and to other companies in similar lines of business. We use FRE and DE in evaluating the Company’s ongoing business performance and in making operating decisions. For the same reasons, we believe FRE and DE are useful financial measures to the Company’s investors and analysts. These non-GAAP financial measures should be considered as a supplement to and not an alternative or in lieu of GAAP net income (loss) as measures of operating performance, or to cash flows from operating activities as indicators of liquidity. Our calculation of these non-GAAP measures may differ from methodologies utilized by other companies for similarly titled performance measures and, as a result, may not be fully comparable to those calculated by our peers. Fee-Related Earnings (“FRE”): FRE is used to assess the extent to which direct base compensation and core operating expenses are covered by recurring fee revenues in our investment management business. FRE represents recurring fee revenue, including incentive fees that are not subject to realization events related to underlying fund investments, net of compensation and administrative expenses. Such expenses generally exclude non-cash equity-based compensation, carried interest compensation, and placement fee expense. Also, consistent with DE, FRE excludes non-core items, and presents costs reimbursable by our managed funds on a net basis (as opposed to a gross-up of other income and administrative expenses). Fee revenues earned from consolidated funds are eliminated in consolidation. However, because the fees are funded by and earned from third party investors in these consolidated funds who represent noncontrolling interests, our allocated share of net income from the consolidated funds is increased by the amount of fees that are eliminated. The elimination of these fees, therefore, does not affect net income (loss) attributable to DBRG. Accordingly, FRE is presented without giving effect to the elimination of fee revenue to the extent such fees meet the definition of FRE. FRE does not include distributed carried interest as these are not recurring revenues and are subject to variability given that they are dependent upon realization events related to underlying fund investments. Placement fees are also excluded from FRE as they are inconsistent in amount and frequency depending upon timing of fundraising for our funds. Other items excluded from FRE include realized principal investment income (loss); and interest, dividend and other income, all of which are not core to the investment management fee service business. We believe that FRE is a useful measure to investors as it reflects the Company’s profitability based upon recurring fee streams that are not subject to realization events related to underlying fund investments, and without the effects of income taxes, leverage, non-cash expenses, income (loss) items that are unrealized and other items that may not be indicative of core operating results in an investment management fee service business.25 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES (CONTINUED) Distributable Earnings (“DE”): DE generally represents net realized earnings of the Company and is an indicative measure used by the Company to assess ongoing operating performance and in making decisions related to distributions and reinvestments. Accordingly, we believe DE provides investors and analysts transparency into the measure of performance used by the Company in its decision making. DE is an after-tax measure that reflects the ongoing operating performance of the Company’s core business by including earnings that are realized and generally excluding non-cash expenses, other income (loss) items that are unrealized and items that may not be indicative of core operating results. Realized earnings included in DE are generally comprised of fee revenue, including all incentive fees, realized principal investment income (loss), distributed carried interest, interest and dividend income. Income (loss) on principal investments is realized generally when all or a portion of an investment is disposed, redeemed or repaid or if the Company no longer retains control, or when the Company receives income such as dividends, interest or other distributions of earnings. The following items are excluded from DE: transaction-related costs; non-core items; other gain (loss); unrealized principal investment income (loss); non-cash depreciation and amortization expense, non-cash impairment charges (if any); amortization of deferred financing costs, debt premiums and discounts; our share of unrealized carried interest allocation, net of associated expense; non-cash equity-based compensation costs; and preferred stock redemption gain (loss). Transaction-related costs are incurred in connection with acquisitions and costs of unconsummated transactions. Non-core items primarily include acquisition-related compensation and certain severance costs, as well as litigation and settlement-related matters, which are presented within compensation expense—cash and equity-based, administrative and other expenses, and other gain (loss), net on the GAAP income statement. These costs, along with certain other gain (loss) amounts, are excluded from DE as they are related to discrete items, are not considered part of our ongoing operating cost structure, and are not reflective of our core operating performance. Other items excluded from DE are generally non-cash in nature, including income (loss) items that are unrealized, or otherwise do not represent current or future cash obligations. These items are excluded from DE as they do not contribute to the measurement of DE as a net realized earnings measure that is used in decision making related to distributions and reinvestments. Income taxes applied in the determination of DE generally represents GAAP income tax related to continued operations, and includes the benefit of deductions available to the Company on certain expense items excluded from DE (for example, equity-based compensation). As the income tax benefit arising from these excluded expense items do affect actual income tax paid or payable by the Company in any one period, the Company believes their inclusion in DE is appropriate to more accurately reflect amounts available for distribution.26 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 DEFINITIONS Catch-up Fees Catch-up fees are management fees charged in any given period that pertain to prior periods. With respect to subsequent closing of commitments during the fundraising period, management fees based upon commitments are charged retroactively to the fee activation date at initial closing of the fund through the subsequent close date. Fee-Earning Equity Under Management (“FEEUM”) FEEUM represents the total capital managed by the Company and its affiliates that earns management fees and/or incentive fees or carried interest. FEEUM is generally based upon committed capital, invested capital, net asset value (“NAV”) or gross asset value (“GAV”), pursuant to the terms of each underlying investment management agreement. Fee Related Earnings Margin ("FRE Margin") FRE Margin % represents FRE divided by FRE fee revenue. GP Affiliated Investments GP Affiliated Investments represent principal investments in DBRG’s sponsored funds as general partner and as an affiliate of the general partner, and to a lesser extent, other investments associated with DBRG’s investment management business, including CLO subordinated notes, but excluding carried interest allocation. Investments that are considered to be non-core to DBRG’s investment management business are excluded. Operating Company or OP DigitalBridge Operating Company, LLC, the operating partnership through which DBRG conducts all of its activities and holds substantially all of its assets and liabilities. OP share Represents the Company’s interest through the Operating Company and excludes redeemable noncontrolling interests and noncontrolling interests in investment entities.27 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113
28 Apr
8-K
Submission of Matters to a Vote of Security Holders
23 Apr
8-K
Results of Operations and Financial Condition
25 Feb
8-K
Entry into a Material Definitive Agreement
30 Dec 2025
8-K
Regulation FD Disclosure
29 Dec 2025
8-K
1 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 EARNINGS PRESENTATION 3Q 2025 October 30, 20252 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 This presentation may contain forward-looking statements within the meaning of the federal securities laws, including statements relating to (i) our strategy, outlook and growth prospects, (ii) our operational and financial targets and (iii) general economic trends and trends in our industry and markets. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, and may cause the Company’s actual results to differ significantly from those expressed in any forward-looking statement. Factors that might cause such a difference include, without limitation, difficult market and political conditions, including those resulting from inflation, high interest rates, a general economic slowdown or a recession; our ability to raise capital from investors for our Company, our funds and the companies that we manage; the performance of our funds and investments relative to our expectations and the highly variable nature of our revenues, earnings and cash flow; our exposure to risks inherent in the ownership and operation of infrastructure and digital infrastructure assets, including our reliance on third-party suppliers to provide power, network connectivity and certain other services to our managed companies; our exposure to business risks in Europe, Asia, Latin America and other foreign markets; our ability to increase assets under management and expand our existing and new investment strategies while maintaining consistent standards and controls; our ability to appropriately manage conflicts of interest; our ability to expand into new investment strategies, geographic markets and businesses, including through acquisitions in the infrastructure and investment management industries; the impact of climate change and regulatory or societal efforts associated with environmental, social and governance matters; our ability to maintain effective information and cybersecurity policies, procedures and capabilities and the impact of any cybersecurity incident affecting our systems or network or the system and network of any of our managed companies or service providers; the ability of our portfolio companies to attract and retain key customers and to provide reliable services without disruption; any litigation and contractual claims against us and our affiliates, including potential settlement and litigation of such claims; our ability to obtain and maintain financing arrangements, including securitizations, on favorable or comparable terms or at all; the general volatility of the securities markets in which we participate; the market value of our assets and effects of hedging instruments on our assets; the impact of legislative, regulatory and competitive changes, including those related to privacy and data protection and new Securities and Exchange Commission (“SEC”) rules governing investment advisers; whether we will be able to utilize existing tax attributes to offset taxable income to the extent contemplated; our ability to maintain our exemption from registration as an investment company under the Investment Company Act of 1940, as amended; changes in our board of directors or management team, and availability of qualified personnel; our ability to make or maintain distributions to our stockholders; our understanding of and ability to successfully navigate the competitive landscape in which we and our managed companies operate; and other risks and uncertainties, including those detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 under the heading “Risk Factors,” as such factors may be updated from time to time in the Company’s subsequent periodic filings with the SEC. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Additional information about these and other factors can be found in the Company’s reports filed from time to time with the SEC. While the Company believes that the portfolio companies of its funds or investment vehicles will offer services to support companies engaged in artificial intelligence development and related products ("AI Technologies"), AI Technologies and their current and potential future applications, as well as the legal and regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of current or future technology needs and the risks related thereto. The risk exists that portfolio companies' current technology infrastructure, systems, or products may become obsolete or less competitive due to the emergence of new technologies, innovations, or industry standards. The Company cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. The Company is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so. This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company or any investment vehicle managed or advised thereby. This information is not intended to be indicative of future results. Actual performance of the Company may vary materially. The appendices herein contain important information that is material to an understanding of this presentation, including information regarding certain non-GAAP financial measures, and you should read this presentation only with and in context of the appendices. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS3 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 DBRG REPORTS THIRD QUARTER 2025 RESULTS Boca Raton, October 30th, 2025 - DigitalBridge Group, Inc. (NYSE: DBRG) and subsidiaries (collectively, “DigitalBridge,” or the “Company”) today announced financial results for the third quarter ended September 30, 2025. The Company reported third quarter 2025 GAAP net income attributable to common stockholders of $17 million, or $0.09 per share, and Distributable Earnings of $21.7 million, or $0.12 per share. Common and Preferred Dividends On October 24, 2025, the Company’s Board of Directors declared a cash dividend of $0.01 per common share to be paid on January 15, 2026 to shareholders of record at the close of business on December 31, 2025; and declared cash dividends with respect to each series of the Company’s cumulative redeemable perpetual preferred stock in accordance with the terms of such series, as follows: Series H preferred stock: $0.4453125 per share; Series I preferred stock: $0.446875 per share; and Series J preferred stock: $0.4453125 per share, which will be paid on January 15, 2026 to the respective stockholders of record on January 9, 2026. Third Quarter 2025 Conference Call The Company will conduct an earnings conference call and presentation to discuss the third quarter 2025 financial results on Thursday, October 30, 2025, at 8:00 a.m. Eastern Time (ET). The earnings presentation will be broadcast live over the Internet and a webcast link can be accessed on the Shareholders section of the Company’s website at ir.digitalbridge.com/events. To participate in the event by telephone, please dial (877) 407-4018 ten minutes prior to the start time (to allow time for registration). International callers should dial (201) 689-8471. For those unable to participate during the live call, a replay will be available starting October 30, 2025, at 12:00 p.m. ET. To access the replay, dial (844) 512-2921 (U.S.), and use conference ID 13756038. International callers should dial (412) 317-6671 and enter the same conference ID number. We exceeded our full-year FEEUM target in 3Q—one quarter early—reaching $40.7 billion, while continuing to deliver strong fee-related earnings growth and expanding margins, positioning DBRG to achieve and exceed our full year targets. The third quarter demonstrated the DigitalBridge investment thesis at scale: over 2.6 gigawatts leased across our portfolio—a company record, representing a third of the U.S. hyperscale market—validation that controlling a strategic 20+GW power bank translates to market leadership in AI infrastructure deployments. Ultimately, this momentum translates into substantial value creation for shareholders as these developments stabilize over the next three to five years and we capture share of the historic investment cycle in digital infrastructure. Marc Ganzi Chief Executive Officer “ ”4 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 (In thousands, except per share data, unaudited) 3Q24 3Q25 Revenues Fee revenue $ 76,582 $ 93,300 Carried interest allocation (reversal) (15,799) (120,213) Principal investment income 9,955 25,325 Other income 5,387 5,406 Total revenues 76,125 3,818 Expenses Compensation expense—cash and equity-based 43,426 49,315 Compensation expense—incentive fee and carried interest allocation (reversal) (8,474) (54,000) Administrative and other expenses 27,193 15,118 Interest expense 4,129 4,731 Transaction-related costs 1,771 956 Depreciation and amortization 8,227 7,130 Total expenses 76,272 23,250 Other income (loss) Other gain (loss), net 47,927 6,493 Income (loss) from continuing operations before income taxes 47,780 (12,939) Income tax benefit (expense) (887) 221 Income (loss) from continuing operations 46,893 (12,718) Income (loss) from discontinued operations 1,439 (86) Net income (loss) 48,332 (12,804) Net income (loss) attributable to noncontrolling interests: Redeemable noncontrolling interests 580 1,796 Investment entities 34,024 (46,577) Operating Company (50) 563 Net income (loss) attributable to DigitalBridge Group, Inc. 13,778 31,414 Preferred stock dividends 14,661 14,661 Net income (loss) attributable to common stockholders $ (883) $ 16,753 Net income (loss) attributable to common stockholders per common share—basic $ (0.01) $ 0.09 Net income (loss) attributable to common stockholders per common share—diluted $ (0.01) $ 0.09 GAAP FINANCIAL RESULTS Net income attributable to common stockholders was $16.8 million in Q3 2025, and $0.09 per share (basic and diluted)5 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 AGENDA BUSINESS UPDATES E C T IO N 1 FINANCIAL RESULTSS E C T IO N 2 3 EXECUTING THE DIGITAL PLAYBOOKS E C T IO N6 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 1 BUSINESS UPDATE7 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 BUSINESS UPDATE Power Bank Translates to Record Leasing Activity ▪ Vantage “Frontier” TX and “Lighthouse” WI mega campuses led the way with $40 billion in AI infrastructure buildout supporting leading OpenAI and Oracle Stargate programs. ▪ Record DBRG leasing 2.6 GW+ ▪ Total Capex $14 billion in-flight for 2025 across the AI ecosystem. Record Fee Revenue and Earnings ▪ Fee Revenues of $94 million grew +22% YoY in 3Q25, supported by new FEEUM activation from the DBP Flagship series. ▪ Fee-Related Earnings (FRE) of $37 million grew +43% YoY in 3Q25. ▪ Continued margin improvement with revenue growth outpacing expenses. $$$ Third quarter performance reflects continued execution across our strategic priorities: 22% year-over-year fee growth, 43% FRE expansion, and $1.6 billion in capital formation advancing us towards full year objectives. New capital formation of $4.1B YTD, +$1.6B in 3Q INVESTSCALE FUNDRAISE $4.1 billion YTD 2025 ▪ Well positioned entering historically strong 4Q. Readers should refer to the discussion in the Cautionary Statement Regarding Forward-Looking Statements section at the beginning of this presentation.8 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 Year-to-date capital formation of $4.1 billion positions the firm to surpass our financial targets, including our $40 billion FEEUM target – which we achieved one quarter early – with 3Q co-invest fee rates expanding to 70 basis points YTD, reflecting institutional recognition of platform value and execution capabilities. DELIVERING ON OUR CAPITAL FORMATION OBJECTIVES $40B Target $40.7B 3Q 2025 DBP Series Co-Invest Core, Credit, Liquid 3Q 2025 $4.1 B ▪ 3Q25 capital formation driven by co-invest, supported by additional commitments to DBP Series ▪ New co-invest fee rates continued to support a higher trend over time ▪ Record FEEUM translating to revenue and earnings growth ▪ Achieved target one quarter ahead of schedule 1) Includes sponsor commitments. Note: There can be no assurance that actual amounts will not be materially higher or lower than expectations. Readers should refer to the discussion in the Cautionary Statement Regarding Forward-Looking Statements section at the beginning of this presentation. The Company undertakes no obligation to provide updated projections on a quarterly or other basis. YTD FUNDRAISING ON TRACK TO DBRG GOAL EXCEEDED 2025 FEEUM GUIDE 19 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 PARTNERSHIPINVESTMENT FOCUS AREAS $94T Global Infrastructure Need by 20401 Private Capital Opportunity1 STRATEGIC RATIONALE First Programmatic Approach DigitalBridge's inaugural programmatic private wealth distribution channel, democratizing access to institutional-quality digital infrastructure investments previously reserved for institutions. DBRG Implications • Evergreen capital – Incremental source of capital/FEEUM that layers over time in long-duration structure • Earnings Contributor – Fee revenues convert to fee-related earnings as platform scales • Earlier carry realizations – Potential private wealth ‘carry’ is paid as accrued, earlier than traditional institutional structure Franklin Templeton • $1.6T AUM Global investment leader providing distribution platform and private wealth client access. CEO Jenny Johnson leading initiative. DigitalBridge • $108B AUM Digital infrastructure specialist across data centers, cell towers, fiber networks, digital energy, and edge infrastructure. Copenhagen Infrastructure Partners • $37B AUM World's largest dedicated greenfield energy fund manager. Senior Partner Christian Skakkebæk leading partnership. Actis (General Atlantic) • Sustainable Infrastructure Climate-focused investment strategies with deep sustainable infrastructure expertise. $27B raised since founding. Digital Infrastructure: Data centers, hyperscale development, edge computing Energy Security: Grid infrastructure, renewable energy, battery storage Connectivity: Fiber networks, cell towers, digital power infrastructure Electrification: Power generation and transmission supporting AI/cloud Market Positioning: Partnership launches at pivotal inflection point as AI, electrification, and connectivity megatrends accelerate infrastructure demand. Institutional-quality solutions designed to provide stable, inflation-linked cash flows with resilience through economic cycles. Partnership capitalizes on secular migration of wealth management allocations to private infrastructure, estimated at $15 trillion opportunity through 2040. FRANKLIN TEMPLETON STRATEGIC PARTNERSHIP DISTRIBUTION INNOVATION • PRIVATE WEALTH CHANNEL INVESTMENT HIGHLIGHT | 3Q 2025 $15T Source: 1) G20 Initiative, 2018 - Global Infrastructure Outlook10 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 20.9 GW 5.4 GW BUILT & UNDER CONSTRUCTION 20.9 GW POWER BANK Total Secured Power Across our Data Center Portfolio RAW MATERIAL FOR AI FACTORIES Public Cloud Hyperscale Private Cloud Enterprise Interconnection Edge INDUSTRY LEADING LEASING TIED TO OUR GLOBAL POWER BANK 2.6GW+ of 3Q leasing across the DigitalBridge portfolio – representing one-third of record US hyperscale leasing1 – demonstrated the value of our leading global power bank and the platforms we own and develop. 2.6GW+ 3Q LEASING Source: 1) TC Cowen Report, Industry Update October 20, 2025 – Data Center Channel Checks + Preview: Record ~7.4GW of U.S. DC Leasing in 3Q2511 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 11 GLOBAL DATA CENTER BUSINESSES: THE POWER OF THE PLATFORM AMERICAS EMEA APAC12 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 2 FINANCIAL UPDATE13 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 THIRD QUARTER 2025 HIGHLIGHTS Financial Highlights Fee Revenue ▪ $93.5 million in 3Q25, up 22% year-over-year, driven primarily by new capital formation from the DBP series and co-invest. Fee Related Earnings ▪ $37.3 million in 3Q25, up 43% year-over-year, tracking ahead of our 2025 guidance. ▪ $29.0 million in 3Q25 excluding catch-up fees, up 36% year-over-year. LTM FRE ex catch-up fees $112.9 million. Distributable Earnings ▪ $21.7 million in 3Q25, up 102% year-over-year from organic FRE growth. Capital Metrics Fee Earning Equity Under Management (FEEUM) ▪ $40.7 billion in 3Q25, increased $6.6 billion or +19% year-over-year. ▪ FEEUM expected to remain stable through year end as new capital formation and associated FEEUM activation is offset by realizations and return of capital to LPs. New Capital Formation ▪ $1.6 billion during 3Q25, driven principally by new data center co-invest capital formation. Corporate Liquidity ▪ $173 million of available corporate cash as of September 30, 2025. Full availability of $100 million revolver. Capital Allocation ▪ Funded $10 million of GP commitments during the quarter. ▪ Common stock dividend of $0.01 per share declared. Capital Activities ▪ Maintaining $54 million in warehoused investments to support the launch of new power and private wealth strategies Unless otherwise denoted as GAAP financial results, reference to Fee Revenue throughout this presentation refers to FRE Fee Revenue.14 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 $1.1 $1.4 $1.2 $2.4 $0.2 $0.4 FEEUM GROWTH DRIVEN BY ORGANIC FUNDRAISING Fee-Earning Equity Under Management (FEEUM) increased $6.6B, or 19% YoY, to $40.7B as of September 30, 2025, driven by organic capital formation from Co-Invest and the latest DBP flagship fund, offsetting a stepdown from “Committed” to “Invested” capital at InfraBridge. DBP Series Separately Capitalized PortcosCo-Invest NEW CAPITAL FORMATIONFEEUM InfraBridge Core, Liquid, Credit +19% YoY Growth ($ in Billions) ($ in Billions) (1) Includes sponsor commitments. Note: There can be no assurance that actual amounts will not be materially higher or lower than expectations. Readers should refer to the discussion in the Cautionary Statement Regarding Forward-Looking Statements section at the beginning of this presentation. The Company undertakes no obligation to provide updated projections on a quarterly or other basis. (2) Inclusive of all capital committed to DigitalBridge managed investment vehicles, measured as of the year ended June 30, 2025 and September 30, 2025, respectively. 3Q25(2) $4.1 1H25(2) $2.5 +1.6B 2Q25(1) 3Q25(1)3Q24(1) $14.7 $17.3 $17.6 $10.1 $14.8 $15.3 $5.1 $3.7 $3.6 $1.2 $1.2 $1.2 $3.0 $2.8 $3.1 $34.1 $39.7 $40.7 NEW CAPITAL FORMATIONFEEUM +19% YoY Growth ($ in Billions) ($ in Billions) 3Q25(1) $4.1 1H25(1) $2.5 +1.6B 2Q25 3Q253Q2415 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 NON-GAAP FINANCIAL RESULTS • Fee Related Earnings of $37.3 million, with FRE margin at 40% in Q3 2025, and $29.0M excluding catch-up fees • Distributable Earnings of $21.7 million in Q3 2025 ($ in millions) 3Q24 3Q25 % Change YOY 3Q24 LTM 3Q25 LTM % Change YOY Fee Revenue(1) $76.7 $93.5 +22 % $302.5 $370.8 +23 % Cash Compensation(1) (33.8) (40.2) +19 % (137.5) (159.7) +16 % Administrative and Other Expenses(1) (16.7) (16.0) (4)% (66.9) (71.5) +7 % Fee Related Earnings ("FRE")(2) $26.2 $37.3 +43% $98.1 $139.6 +42% Realized Carried Interest and Incentive Fees, net(3) — — n/a 0.3 0.9 +203 % Realized Principal Investment Income (Loss) 2.1 0.4 (81) % 14.1 5.2 (63) % Other Income (Expense)(4) 1.5 1.8 +15 % 10.0 5.9 (42) % Interest Expense and Preferred Dividends (18.2) (18.0) (1)% (73.8) (72.2) (2)% Income Tax Benefit (Expense) (0.9) 0.2 n/a 1.8 (1.7) n/a Distributable Earnings ("DE")(2) $10.7 $21.7 +102 % $50.5 $77.7 +54% FRE Margin 34% 40% 32% 38% FRE Per Basic Share $0.14 $0.20 $0.54 $0.74 After-tax DE Per Basic Share $0.06 $0.12 $0.28 $0.41 FRE ex Catch-Up Fees(5) $21.3 $29.0 +36% $98.1 $112.9 +20% FRE Margin ex Catch-Up Fees(5) 30% 34% 32% 33% (1) Amounts determined based upon the definition of FRE and therefore, differ from those presented in GAAP financial results. (2) FRE and DE are presented at the Operating Company level, which is net of amounts attributed to noncontrolling interests. (3) Presented net of expense allocations and includes incentive fees subject to realization events. (4) Other Income (Expense) includes: interest, dividend and other income, and placement fees and other expenses. (5) FRE ex Catch-Up Fees represents FRE adjusted to exclude out-of-period fees that are charged for periods prior to the beginning of the LTM period on commitments that closed during the LTM period.16 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 Carried Interest ($ in millions) 3Q24 3Q25 % Change YOY 3Q24 LTM 3Q25 LTM % Change YOY Unrealized Carried Interest Allocation (Reversal) ($15.8) ($120.2) 661 % $433.6 ($339.0) n/a Realized Carried Interest Allocation — — n/a 0.1 2.5 1993 % Carried Interest – Revenue (as reported on GAAP Income Statement) (15.8) (120.2) 661 % 433.7 (336.5) n/a Unrealized Carried Interest Expense (Allocation) Reversal 8.1 100.4 1133 % (320.5) 283.5 n/a Realized Carried Interest Expense (Allocation) Reversal — — n/a (0.1) (1.6) 1725 % Carried Interest Expense (Allocation) Reversal(2) 8.1 100.4 1133 % (320.6) 281.9 n/a Carried Interest Allocation (Reversal), Net ($7.7) ($19.8) 159% $113.1 ($54.6) n/a Principal Investment Income ($ in millions) 3Q24 3Q25 % Change YOY 3Q24 LTM 3Q25 LTM % Change YOY Unrealized Principal Investment Income $7.4 $24.7 238 % $109.1 $45.3 (59) % Realized Principal Investment Income 2.6 0.6 (76) % 13.2 7.0 (47) % Principal Investment Income (as reported on GAAP Income Statement) 10.0 25.3 154 % 122.3 52.3 (57) % Unrealized Minority Interest Allocation (3.0) 0.2 n/a (5.9) 0.8 n/a Realized Minority Interest Allocation (0.5) (0.2) (52) % (1.2) (1.8) 47 % Principal Investment Income Minority Interest Allocation (3.5) — (98) % (7.1) (1.0) (86) % Principal Investment Income, Net $6.5 $25.3 286% $115.2 $51.3 (55)% (1) Carried interest reversal is a function of continuing accrual of preferred returns over time at a higher rate than the fair value increase on underlying fund investments for certain limited partners. (2) Represents carried interest expense allocation presented within Compensation expense—incentive fee and carried interest allocation (reversal), Other gain (loss) and Net income (loss) attributable to noncontrolling interests—investment entities on GAAP income statement. Excludes compensation expense associated with incentive fee income. • Net carried interest reversal of $19.8 million in Q3 2025(1) • Net principal investment income of $25.3 million in Q3 2025, principally due to an increase in carrying value at DataBank CARRIED INTEREST & PRINCIPAL INVESTMENT INCOME17 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 LTM Fee Revenue ex catch-up(2) LTM FRE ex catch-up (2) LTM Fee Revenue and FRE Profile(1) $267M $82M $280M $86M $292M $90M $303M $98M $324M $101M $332M $107M $333M $108M $344M $113M 3Q252Q251Q254Q243Q242Q241Q244Q23 LTM Catch-up fees (2) $140M $371M $267M $280M $292M $303M $330M $347M $354M $122M $107M $98M$90M$86M$82M $129M FRE Margin ex catch-up 33% X% 31% 31% 32% 31%31% 32% 32% DBRG FINANCIAL PROFILE & FEEUM PROGRESSION Management Fee Revenue and FRE continue to step higher, driven by FEEUM growth on the back of new capital formation and FEEUM activation ($ in Billions) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Beginning Period Balance $29.9 $32.8 $32.5 $32.7 $34.1 $35.5 $37.3 $39.7 Inflows 4.1 1.4 1.2 1.6 3.2 2.0 3.4 1.1 Outflows/Realizations (1.4) (1.6) (1.0) (0.3) (1.6) (0.3) (0.9) (0.1) Market Activity(3) 0.1 (0.0) (0.1) 0.1 (0.1) 0.1 (0.1) (0.0) End of Period Balance $32.8 $32.5 $32.7 $34.1 $35.5 $37.3 $39.7 $40.7 FEEUM Roll-forward (1) Latest twelve-month period calculated at Operating Company share. (2) LTM Fee Revenue ex catch-up and LTM FRE ex catch-up represents LTM Fee Revenue and LTM FRE adjusted to exclude fees charged on commitments that closed during the LTM period that pertain to periods prior to the beginning of the LTM period. (3) Market activity includes changes in investment value based on NAV or GAV, and the effect of foreign exchange rates.18 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 Key Corporate Assets Key Corporate Liabilities ($ in millions) 9/30/2025 GP Affiliated Investments(1) DBP Series $397 DataBank and Vantage SDC 659 Other Funds & Investments 435 (Credit, Core, InfraBridge, Liquid, Ventures) Total GP Affiliated Investments(1) $1,491 Available Corporate Cash(2) 173 Key Corporate Assets $1,664 ($ in millions) 9/30/2025 Blended Avg. Cost (Per Annum) Corporate Debt Securitized Notes $300 3.9 % Revolver (VFN; $100M Available) — n/a Total Corporate Debt $300 3.9 % Preferred Stock $822 7.1 % Key Corporate Liabilities $1,122 (1) Presented at the Operating Company level, net of minority interests. (2) Available corporate cash generally represents cash at the Operating Company after allocating cash for certain compensatory liabilities, and excludes cash held at subsidiaries of the Operating Company, including cash maintained to satisfy regulatory capital requirements in applicable foreign jurisdictions. BALANCE SHEET PROFILE Key Corporate Assets up $160 million, +11% YoY. Key Corporate Liabilities flat YoY.19 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 3 EXECUTING THE DIGITAL PLAYBOOK20 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 Pair capital and operating expertise with the right strategic business plan built around both greenfield and strategic M&A – Build & Buy Customer-driven investment framework that allocates capital and resources to support network growth PHASE 1: ESTABLISH PLATFORMS PHASE 2: TRANSFORM AND SCALE PHASE 3: FOLLOW THE LOGOS Identify and acquire the right platform and team to capitalize on unique digital infrastructure opportunities OUR COMPETITIVE ADVANTAGE: THE DBRG DEVELOPMENT MODEL Three-decade operational framework delivers repeatable value creation: establish new platforms, operational transformation, and capital deployment that follows customer demand. 1 2 3 1 2 3 New Initiatives – Phase of Development Transaction financial close remains subject to satisfaction of customary closing conditions.21 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 $1.6B Equity Investment 1GW APAC Capacity 5 Markets Singapore Spillover: Johor captures overflow demand with lower costs and dark fiber connectivity to Singapore hub AI-Fueled Demand: APAC market growing 13.5% CAGR to $77B by 2030; 72% of orgs tie data strategy to AI initiatives NEW LEADERSHIP POSITIONED REGION FOR GROWTH Jeremy Deutsch, President APAC (Oct 2024) - Former Equinix APAC President; 20+ years ICT experience; expanded Equinix into 5 new countries; inaugural chair Asia-Pacific Data Centre Association Investment Close: Q4 2025 Investors: GIC and ADIA (existing Vantage partners) VANTAGE APAC PLATFORM INVESTMENT STRATEGIC REGIONAL EXPANSION STRATEGIC GROWTH DRIVERS 1 2 3 September 2025 GIC and ADIA invest $1.6B to scale Vantage's APAC platform to 1GW, supporting Johor campus acquisition and regional expansion Transaction financial close remains subject to satisfaction of customary closing conditions.22 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 Investment Rationale The Frontier and Lighthouse campuses together represent Vantage’s coordinated response to the unprecedented, AI-driven surge in hyperscale infrastructure demand. Designed to support a cloud-trained, edge- delivered AI future, both campuses prioritize power density, scalability, and sustainable design. VANTAGE DATA CENTERS: FRONTIER AND LIGHTHOUSE MEGA-CAMPUSES Technology Both Frontier and Lighthouse are engineered for next-generation AI and GPU-intensive workloads, featuring: • Ultra-high-density racks (250 kW+) • Advanced closed-loop liquid cooling systems 1 2 3 Customer Focus Hyperscale AI infrastructure for Oracle and OpenAI $25B Total Campus Investment 1.4GW GPU Compute Capacity 10 Data Center Buildings 3.7M Total Square Feet $15B Total Campus Investment ~1.0GW GPU Compute Capacity 4 Data Center Buildings 672 Total Acres Shackelford County, Texas, 1,200-acre site in strategic AI corridor Port Washington, Wisconsin (Milwaukee area) 672-acre site in emerging Midwest AI corridor FRONTIER LIGHTHOUSE . Through DigitalBridge’s and Silver Lake’s strategic backing, Vantage is expanding its platform to deliver over 2 GW+ of zero-emission capacity across key regions — including the upper Midwest — positioning the company to meet accelerating hyperscale and enterprise AI workloads with unmatched scale, speed, and efficiency. Construction underway; first delivery in H2 2026 with phased completion by 2028 for both campuses.23 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 IMPLICATIONS FOR DBRG Higher Fee Co-Invest Attractive development economics enable additional co-invest formation at advantaged fee rates. Co-invest capital deployed and activated as FEEUM over next 2+ years. Carried Interest Growth Potential value creation through carried interest as developments stabilize over the next three to five years. LP Base Development Positions platform to attract institutional capital specifically targeting AI infrastructure exposure, broadening LP base beyond traditional infrastructure allocators. KEY CONSIDERATIONS Scale Advantage Operating at gigawatt scale generates structure advantages: superior unit economics, access to constrained power, and exclusive positioning for multi-gigawatt hyperscale requirements. Premium Workloads Built for most advanced AI applications with higher average pricing and investment-grade hyperscaler counterparties. Power Differentiation Distributed power delivery at scale is critical competitive advantage. Largest behind-the-meter development in the United States. $40 Billion Frontier and Lighthouse developments represent watershed investments for Vantage and DigitalBridge, delivering unprecedented scale for the buildout of cornerstone AI hubs serving hyperscale demand. FRONTIER & LIGHTHOUSE: IMPLICATIONS FOR DIGITALBRIDGE VALUE CREATION AND STRATEGIC ADVANTAGES 1 2 324 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 YTD DELIVERED END OF YEAR PRIORITIES/GOALS DBRG 2025: KEY PRIORITIES 1. Organic growth - Management Fee Revenue and Fee-Related Earnings both up 20%+ YoY, even excluding impact of catch-up fees. 2. FEEUM target achieved - Exceeded 2025 FEEUM target in 3Q, tracking to meet or exceed our 2025 metrics on FRE and margins. 3. New investment strategies/channels – Partnered with Franklin Templeton in 3Q to launch private wealth strategy. 4. Continued to maintain strong balance sheet and liquidity position with >$170M in corporate cash and growing asset base. 5. Breakthrough record leasing across our global data center portfolio with 2.6GW+ in 3Q and $40 billion in new development contracted. Note: Readers should refer to the discussion in the Cautionary Statement Regarding Forward-Looking Statements section at the beginning of this presentation. 1Q25 2Q25 4Q25 3Q25 1. Deliver final 2025 financial metrics with FRE achieving or exceeding guidance. 2. Formally launch new digital energy and stabilized data center strategies, securing initial anchor commitments for one or both. 3. Build on early private wealth momentum with targeted, asset-specific investment opportunities. 4. Continue to evaluate strategic, accretive M&A opportunities centered on adjacent asset managers.25 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 4 Q&A SESSION26 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 5 SUPPLEMENTAL FINANCIAL DATA27 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 SUMMARY FINANCIAL METRICS 2025 2024 2023 ($ and shares in thousands, except per share data and as noted) 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 GAAP Results GAAP Fee revenue $ 93,300 $ 85,262 $ 90,139 $ 101,551 $ 76,582 $ 78,605 $ 72,955 $ 74,009 Net income (loss) attributable to common stockholders 16,753 16,962 (878) (19,711) (883) 76,763 (44,288) 100,607 Net income (loss) attributable to common stockholders per basic share(1) 0.09 0.10 (0.01) (0.12) (0.01) 0.44 (0.28) 0.61 Common dividend per share 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Non-GAAP Results Fee Related Earnings ("FRE") Fee Revenue(2) $ 93,524 $ 85,371 $ 90,229 $ 101,641 $ 76,664 $ 78,688 $ 72,791 $ 74,394 Fee Related Earnings(3) 37,294 31,975 34,950 35,424 26,154 25,968 19,563 26,437 FRE per basic share 0.20 0.17 0.19 0.19 0.14 0.14 0.11 0.15 Distributable Earnings ("DE")(3) 21,711 (18,618) 54,704 19,903 10,732 19,629 2,232 17,931 DE per basic share 0.12 (0.10) 0.29 0.11 0.06 0.11 0.01 0.10 Fee Earning Equity Under Management ("FEEUM") (in billions) $ 40.7 $ 39.7 $ 37.3 $ 35.5 $ 34.1 $ 32.7 $ 32.5 $ 32.8 Balance Sheet and Capitalization Total assets $ 3,490,529 $ 3,408,581 $ 3,439,028 $ 3,513,318 $ 3,542,947 $ 3,502,420 $ 3,463,816 $ 3,562,550 Total debt principal(4) 329,547 300,000 300,000 300,000 300,000 300,000 372,422 378,422 Available corporate cash 172,829 158,260 201,310 139,950 126,760 127,260 112,948 175,195 Perpetual Preferred Equity, $25 per share liquidation preference 821,899 821,899 821,899 821,899 821,899 821,899 821,899 821,899 Share Count FRE and DE weighted average basic shares and OP units(5) 188,645 188,497 186,887 186,488 186,906 185,916 176,222 175,946 Diluted shares and OP units outstanding at period end(5) 188,954 188,702 188,594 186,979 188,040 187,218 187,998 186,406 (1) For purpose of calculating net income (loss) attributable to common stockholders per basic share, net income (loss) attributable to common stockholders is adjusted to deduct dividends attributed to unvested restricted stock and deferred stock units and divided by GAAP weighted average basic shares, which represent the weighted average number of outstanding class A and prior to Q3 2025, class B common stock, during the respective quarters. (2) FRE fee revenue represents recurring fee revenue, including incentive fees, that are not subject to realization events related to underlying fund investments, and does not give effect to elimination of fee revenue from consolidated funds. (3) FRE and DE are presented at the Operating Company level, net of noncontrolling interests. (4) Total debt principal excludes undrawn VFN borrowing availability of $100 million, and prior to a reduction in Q2 2025, $300 million. (5) FRE and DE weighted average basic shares and OP units are used to calculate FRE per basic share and DE per basic share, representing the GAAP weighted average basic shares outstanding, plus weighted average unvested restricted stock and OP units outstanding during the respective quarters. Diluted shares and OP units outstanding at period end represent the same shares and units outstanding at respective quarter ends (not a weighted average), adjusted to include the effect of potentially dilutive share equivalents which are common stock issuable in connection with performance stock units, in-the-money warrants and, prior to their exchange/redemption in Q2 2024, exchangeable senior notes.28 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 FEEUM, FEE RELATED EARNINGS & DISTRIBUTABLE EARNINGS 9/30/25 Blended Fee Rate 2025 2024 2023 ($ in millions) 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 DigitalBridge Partners I (DBP I) 1.10% $ 3,534 $ 3,569 $ 3,587 $ 3,587 $ 3,650 $ 3,677 $ 3,687 $ 3,571 DigitalBridge Partners II (DBP II) 1.18% 7,344 7,295 6,986 6,985 6,568 6,269 6,219 6,687 DigitalBridge Partners III (DBP III) 1.18% 6,707 6,402 6,177 5,348 4,530 3,973 3,230 2,671 Co-Investment Vehicles 0.43% 15,324 14,842 12,264 11,539 10,049 9,547 9,863 9,646 InfraBridge 1.12% 3,558 3,701 3,740 3,685 5,051 5,159 5,117 5,121 Core, Credit and Liquid Strategies 0.73% 3,057 2,758 3,371 3,179 3,047 2,862 2,895 2,703 Separately Capitalized Portfolio Companies 0.81% 1,171 1,172 1,172 1,173 1,191 1,174 1,520 2,372 Fee Earning Equity Under Management (FEEUM) 0.84% $ 40,695 $ 39,739 $ 37,297 $ 35,496 $ 34,086 $ 32,661 $ 32,531 $ 32,771 ($ in thousands) Fee revenue(1) $ 93,524 $ 85,371 $ 90,229 $ 101,641 $ 76,664 $ 78,688 $ 72,791 $ 74,394 Cash compensation(1) (40,166) (36,459) (38,096) (44,954) (33,774) (35,644) (36,893) (31,177) Administrative and other expenses(1) (16,064) (16,937) (17,183) (21,263) (16,736) (17,076) (16,335) (17,296) Start-Up FRE — — — — — — — 516 Fee Related Earnings(2)(3) 37,294 31,975 34,950 35,424 26,154 25,968 19,563 26,437 Realized principal investment income(4) 394 (33,957) 34,907 3,903 2,129 7,551 2,301 2,084 Distributed carried interest and incentive fees subject to realization events, net of associated expense allocation — — 864 — — 186 99 — Interest, dividend and other income 3,144 3,369 2,941 4,127 2,828 3,094 4,375 5,806 Interest expense and preferred dividends (18,023) (18,093) (18,010) (18,088) (18,245) (17,177) (19,162) (19,184) Placement fees and other (1,319) (1,159) (647) (4,645) (1,247) — (3,698) (617) Income tax benefit (expense) 221 (753) (301) (818) (887) 7 (1,246) 3,921 Start-up FRE — — — — — — — (516) Distributable Earnings(3) $ 21,711 $ (18,618) $ 54,704 $ 19,903 $ 10,732 $ 19,629 $ 2,232 $ 17,931 (1) These amounts are determined based upon the definition of FRE and therefore, differ from those presented in GAAP financial results. (2) Beginning in 2024, FRE is reported on a Company-wide basis, consistent with the entirety of the Company’s business representing a single reportable segment. In prior periods, the Company had reported Investment Management FRE, which was an FRE measure specific to its previously reported Investment Management segment. The Investment Management segment previously bore only operating costs that were directly attributable or otherwise can be subjected to a reasonable and systematic attribution to the Investment Management segment. Company-wide FRE includes all operating costs of the Company as a whole that fall within the definition of FRE. (3) FRE and DE are presented at the Operating Company level, net of noncontrolling interests. (4) DE included distributions from equity interest in a digital infrastructure portfolio company (in the Company's former Operating segment) prior to 2024.29 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 Certain performance metrics for our key investment funds from inception through September 30, 2025 are presented in the table below. Excluded are funds with less than one year of performance history as of September 30, 2025, funds and separately managed accounts in the liquid strategy, co-investment vehicles and separately capitalized portfolio companies. The historical performance of our funds is not indicative of their future performance nor indicative of the performance of our other existing funds or of any of our future funds. An investment in DBRG is not an investment in any of our funds and these fund performance metrics are not indicative of the performance of DBRG. ($ in millions, as of September 30, 2025) Inception Date (2) Total Commitments Invested Capital (3) Available Capital (4) Investment Value MOIC (8) (10) IRR (9) (10) Fund (1) Unrealized (5) Realized (6) Total (7) Gross Net Gross Net Value-Add DBP I Mar-2018 $ 4,059 $ 4,825 $ 192 $ 6,030 $ 1,451 $ 7,481 1.5x 1.4x 11.2% 8.7% DBP II Nov-2020 8,286 8,108 494 10,181 843 11,024 1.4x 1.3x 10.3% 7.7% Core SAF Nov-2022 1,110 1,045 61 1,148 40 1,188 1.1x 1.1x 6.4% 4.4% InfraBridge GIF I Mar-2015 1,411 1,504 383 982 1,449 2,431 1.6x 1.4x 9.1% 6.4% GIF II Jun-2018 3,382 3,164 192 2,095 507 2,602 0.8x 0.7x <0% <0% Credit Credit I Dec-2022 697 707 265 490 292 782 1.1x 1.1x 10.0% 6.6% (1) Performance metrics are presented in aggregate for main fund vehicle, its parallel vehicles and alternative investment vehicles. (2) Inception date represents first close date of the fund, except for Credit I which is the first capital call date. The manager/general partner of the InfraBridge funds were acquired in February 2023. (3) Invested capital represents the original cost and subsequent fundings to investments. Invested capital includes financing costs and investment related expenses which are capitalized. With respect to InfraBridge funds, such costs are expensed during the period and excluded from their determination of invested capital. (4) Available capital represents unfunded commitments, including recallable capital. (5) Unrealized value represents total fair value of investments, net of outstanding balance under the fund’s credit facility, if any. (6) Realized value represents proceeds from dispositions that have closed and all earnings from both realized and unrealized investments, including interest, dividend and ticking fees. (7) Total value is the sum of unrealized fair value and realized value of investments. (8) Total gross multiple of invested capital ("MOIC") is calculated as the limited partners' portion of the fair value of unrealized investments, net of outstanding balance funded through the fund's credit facility, if any, plus any accrued but unpaid interest and coupon payments received, and limited partner realized distributions gross of general partner carried interest, divided by total limited partner contributions, without giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). Total net MOIC is calculated as the limited partners' portion of the fund's NAV plus limited partner realized distributions net of carried interest, divided by total limited partner contributions, after giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). MOIC calculations exclude capital not subject to fees and/or carried interest, including general partner and general partner affiliate capital. MOICs are calculated at the fund level and do not reflect MOICs at the individual investor level. (9) Gross internal rate of return ("IRR") represents annualized money-weighted return on invested capital based upon total value of limited partner contributions, that is limited partner realized distributions and limited partner unrealized NAV (based upon fair value of unrealized investments), without giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). Gross IRR is calculated from the date of the first capital call from limited partners (and therefore taking into account the use of any credit facility at the fund level) through the date of limited partner distributions for realized investments. For funds with unrealized investments, gross IRR uses a liquidating distribution equal to the limited partners' portion of the fair value of unrealized investments, net of outstanding amounts funded through the fund's credit facility, if any. Gross IRR is calculated at the fund level and does not reflect gross IRR of any individual investor due to timing of investor level inflows and outflows, among other factors. Net IRR is gross IRR after giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). Net IRR is calculated at the total fee-paying limited partner level and based upon the timing and amount of fee-paying third party limited partner inflows and outflows, and excludes capital not subject to fees and/or carried interest, including the portion of capital attributable to the general partner and general partner affiliate. As fees may vary by individual investor, net IRR does not represent the return of any individual investor. With respect to funds that have utilized borrowings from a credit facility to fund portfolio investments, organization expenses, partnership expenses, management fees, or other amounts in lieu of calling capital from limited partners for such purposes, gross and net IRR of the fund differs from what the IRR would have been if such borrowings or financings had not been utilized. Because IRR is calculated based on the actual dates of capital contributions from, and distributions to, limited partners (rather than based on the timing of when investments were made, for example), the use of such borrowings and financings in lieu or in advance of calling capital delays capital contributions from limited partners, generally resulting in higher IRRs than if such borrowings or financings had not been utilized and capital was called earlier from limited partners.. (10) Our funds generally permit us to recycle certain capital distributed to limited partners during certain time periods. The exclusion of recycled capital generally causes invested and realized amounts to be lower and MOICs to be higher than had recycled capital been included. FUND PERFORMANCE30 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 ($ and shares in thousands, as of September 30, 2025) Securitized Notes - Class A-2 Term Notes Amount Outstanding $ 300,000 Interest Rate (Per Annum) 3.933 % Anticipated Repayment Date September 25, 2026 Kroll Rating BBB Revolver - Class A-1 Variable Funding Notes Maximum Available(1) $ 100,000 Amount Outstanding $ — Interest Rate (Per Annum)(2) Adjusted 1M Term SOFR + 3.00% Fully Extended Anticipated Repayment Date September 25, 2026 Liquidation Preference Shares OutstandingPerpetual Preferred Stock Series H 7.125% Cumulative Redeemable Perpetual Preferred Stock $ 209,870 8,395 Series I 7.15% Cumulative Redeemable Perpetual Preferred Stock 321,668 12,867 Series J 7.125% Cumulative Redeemable Perpetual Preferred Stock 290,361 11,614 Total Preferred Stock $ 821,899 32,876 (1) In Q2 2025, Class A-1 VFN maximum available liquidity was reduced from $300M to $100M, pursuant to its terms. (2) Adjusted 1-month term SOFR is equivalent to 1-month term SOFR plus 0.11448%. CAPITALIZATION31 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 ($ in thousands) 2025 2024 2023 Consolidated 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 GP Affiliated Investments DBP Series $ 528,162 $ 533,397 $ 494,541 $ 496,004 $ 470,937 $ 452,604 $ 446,954 $ 446,423 DataBank and Vantage SDC(1) 663,843 640,000 623,070 682,047 679,335 674,900 940,854 931,004 Other Funds & Investments (InfraBridge, Core, Credit, Liquid) 669,780 494,546 434,130 419,422 443,064 399,066 400,887 390,034 Total GP Affiliated Investments—Consolidated $ 1,861,785 $ 1,667,943 $ 1,551,741 $ 1,597,473 $ 1,593,336 $ 1,526,570 $ 1,788,695 $ 1,767,461 Operating Company Share GP Affiliated Investments DBP Series $ 396,994 $ 401,722 $ 362,469 $ 363,984 $ 339,659 $ 321,917 $ 317,530 $ 313,829 DataBank and Vantage SDC 659,145 635,335 618,461 677,441 674,872 670,463 678,359 668,509 Other Funds & Investments (InfraBridge, Core, Credit, Liquid) 434,764 389,337 347,665 334,962 362,675 356,055 369,170 364,879 Total GP Affiliated Investments—Net(2) $ 1,490,903 $ 1,426,394 $ 1,328,595 $ 1,376,387 $ 1,377,206 $ 1,348,435 $ 1,365,059 $ 1,347,217 GP AFFILIATED INVESTMENTS (1) On a consolidated basis, GP affiliated investments reflected the interest of two consolidated Vantage SDC funds, including the fund limited partners’ interests, in 4Q23 and 1Q24, and reflect only DBRG’s interest in Vantage SDC beginning 2Q24 upon deconsolidation of these funds. (2) Presented at Operating Company level, net of noncontrolling interests. The latter represent limited partners of consolidated funds, a third-party participation interest and management interest in GP entities.32 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 ($ in thousands) December 31, 2024 September 30, 2025 (Unaudited) Assets Cash and cash equivalents $ 302,154 $ 358,416 Restricted cash 4,144 5,534 Investments(1) 2,492,268 2,463,476 Goodwill 465,602 465,602 Intangible assets 72,460 54,261 Other assets 52,504 47,290 Due from affiliates 124,186 95,950 Total assets(2) $ 3,513,318 $ 3,490,529 Liabilities Debt $ 296,362 $ 327,945 Other liabilities(1) 725,766 643,442 Total liabilities(3) 1,022,128 971,387 Redeemable noncontrolling interests(4) 24,356 27,028 Stockholders’ equity 1,958,582 2,052,087 Noncontrolling interests in investment entities(4) 430,528 401,005 Noncontrolling interests in Operating Company 77,724 39,022 Total liabilities, redeemable noncontrolling interests and equity $ 3,513,318 $ 3,490,529 (1) At December 31, 2024 and September 30, 2025, included in investments is carried interest of $895 million and $601 million, respectively, while carried interest expense allocation of $493 million and $366 million, respectively, is included in other liabilities. (2) At December 31, 2024 and September 30, 2025, include assets held by consolidated funds: cash of $63 million and $71 million, respectively, investments of $146 million and $339 million, respectively, and other assets of $2 million and $1 million, respectively. (3) Include liabilities of consolidated funds: debt of $30 million at September 30, 2025, and other liabilities of $99 million at September 30, 2025 and $58 million at December 31, 2024. (4) Limited partners of consolidated funds represent all of redeemable noncontrolling interests, and $64 million at December 31, 2024 and $151 million September 30, 2025 of noncontrolling interests in investment entities. Remaining noncontrolling interests in investment entities largely represent carried interest expense allocation and minority interest ownership in general partner entities attributed to management and participation interest by a third party investor. BALANCE SHEET33 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 2025 2024 2023 ($ in thousands) 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 Net income (loss) attributable to common stockholders $ 16,753 $ 16,962 $ (878) $ (19,711) $ (883) $ 76,763 $ (44,288) $ 100,607 Net income (loss) attributable to noncontrolling interests in Operating Company 563 1,082 (7) (1,355) (50) 5,426 (3,338) 7,627 Net income (loss) attributable to Operating Company 17,316 18,044 (885) (21,066) (933) 82,189 (47,626) 108,234 Adjustments: Transaction-related costs and non-core items(1) (2,374) (4,982) 435 9,465 9,541 5,344 7,556 13,448 Other (gain) loss, net(2) (5,821) (8,287) 667 (7,094) (47,906) (13,451) 6,463 2,592 Unrealized principal investment income(3) (24,872) (55,422) 29,847 4,389 (4,415) (6,322) (569) (92,079) Unrealized carried interest, net of associated expense (allocation) reversal(4) 19,808 11,649 5,816 18,165 7,658 (75,065) 2,686 (48,338) Equity-based compensation 8,976 10,873 7,711 (7) 8,828 17,641 9,214 9,796 Depreciation and amortization expense 7,130 8,585 7,226 8,215 8,227 8,097 9,167 9,104 Amortization of deferred financing costs, debt premiums and discounts 406 1,106 524 524 524 584 664 640 Adjustments attributable to noncontrolling interests in investment entities(5) 1,056 1,462 (822) 651 30,647 (110) 557 2,753 OP share of (income) loss from discontinued operations(6) 86 (1,646) 4,185 6,661 (1,439) 722 14,120 11,781 Distributable Earnings (After Tax)(7) 21,711 (18,618) 54,704 19,903 10,732 19,629 2,232 17,931 Realized principal investment income(8) (394) 33,957 (34,907) (3,903) (2,129) (7,551) (2,301) (2,084) Distributed carried interest and incentive fees subject to realization events, net of associated expense allocation(3) — — (864) — — (186) (99) — Interest, dividend and other income (3,144) (3,369) (2,941) (4,127) (2,828) (3,094) (4,375) (5,806) Interest expense and preferred dividends 18,023 18,093 18,010 18,088 18,245 17,177 19,162 19,184 Placement fee and other 1,319 1,159 647 4,645 1,247 — 3,698 617 Income tax (benefit) expense (221) 753 301 818 887 (7) 1,246 (3,921) Start-up FRE — — — — — — — 516 Fee Related Earnings(7) $ 37,294 $ 31,975 $ 34,950 $ 35,424 $ 26,154 $ 25,968 $ 19,563 $ 26,437 (1) Transaction-related costs are expenses incurred in connection with acquisitions and unconsummated deals. Non-core items primarily include acquisition-related compensation and certain severance costs, as well as litigation and settlement-related matters. These costs are excluded as they are related to discrete items, are not considered part of our ongoing operating cost structure, and are not reflective of our core operating performance. (2) Comprises (i) all unrealized gains and losses; and (ii) realized gains and losses associated with consolidated funds or non-core investments. (3) Unrealized principal investment income is presented net of a third party participation interest, representing only the Operating Company's share. (4) Carried interest is presented net of expense allocation or reversal, representing only the Operating Company's share. The expense component is included within compensation expense—incentive fees and carried interest allocation (reversal), other gain (loss), and net income (loss) attributable to noncontrolling interests in investment entities on the GAAP income statement. (5) Adjustments attributable to noncontrolling interests in investment entities pertain to other gain (loss) attributed to limited partners of consolidated funds. Allocation of: (i) unrealized carried interest to management and a third party participation interest; and (ii) unrealized principal investment income to a third party participation interest, are netted against "unrealized carried interest, net of expense (allocation) reversal" and "unrealized principal investment income", respectively, for all periods presented (previously presented gross in "adjustments attributable to noncontrolling interests in investment entities" and recasted for periods prior to the second quarter of 2024 and first quarter of 2025, respectively). (6) OP share of discontinued operations represents primarily operating results of portfolio companies consolidated in the former Operating segment prior to 2024, net of associated noncontrolling interests in investment entities, and residual activities from the Company's former real estate business that had been disposed. (7) DE and FRE are presented at the Operating Company level, net of noncontrolling interests. (8) DE included distributions from equity interest in a digital infrastructure portfolio company (in the Company's former Operating segment) prior to 2024. DISTRIBUTABLE EARNINGS & FEE RELATED EARNINGS34 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 2025 2024 2023 ($ in thousands) 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 FRE Fee Revenue GAAP Fee Revenue $ 93,300 $ 85,262 $ 90,139 $ 101,551 $ 76,582 $ 78,605 $ 72,955 $ 74,009 Consolidated Funds(1) 224 109 90 90 82 84 471 385 Incentive Fees(2) — — — — — (1) (635) — $ 93,524 $ 85,371 $ 90,229 $ 101,641 $ 76,664 $ 78,688 $ 72,791 $ 74,394 FRE Cash Compensation GAAP Compensation Expense—Cash and Equity-Based $ 49,315 $ 47,002 $ 46,110 $ 35,550 $ 43,426 $ 51,661 $ 51,184 $ 49,748 Equity-Based Compensation (8,827) (10,725) (7,620) 7 (8,828) (17,641) (9,214) (9,795) Compensation Expense—Incentive Fees Not Subject to Realization Event(2) — 506 5 10,286 218 1,238 185 1,583 Reimbursable Costs(3) (320) (324) (309) (163) (135) (27) (372) (117) Non-Core Items(4) (2) — (90) (726) (907) 413 (4,890) (10,242) $ 40,166 $ 36,459 $ 38,096 $ 44,954 $ 33,774 $ 35,644 $ 36,893 $ 31,177 FRE Administrative and Other Expenses GAAP Administrative and Other Expenses $ 15,118 $ 11,440 $ 15,946 $ 36,974 $ 27,193 $ 26,508 $ 24,310 $ 27,244 Placement Fees(5) (80) (1,075) (675) (3,108) (250) — (3,698) (30) Equity-Based Cost (included in Administrative Expense) (149) (148) (91) — — — — — Reimbursable Costs(3) (1,678) (2,267) (2,045) (3,707) (1,980) (3,284) (2,143) (6,178) Non-Core Items(6) 2,853 8,987 4,048 (8,896) (8,227) (6,148) (2,134) (3,740) $ 16,064 $ 16,937 $ 17,183 $ 21,263 $ 16,736 $ 17,076 $ 16,335 $ 17,296 (1) FRE is presented without giving effect to the elimination of fee revenue from consolidated funds to the extent such fees meet the definition of FRE. (2) Incentive fees earned and related compensation expense are included in FRE to the extent their performance trigger is not based upon realization events related to underlying fund investments, whereas all incentive fees earned and associated compensation expense are included in DE. (3) Reimbursable costs are presented gross as other income and expense under GAAP but presented net for purposes of FRE and DE. (4) Non-core compensation items include primarily acquisition-related compensation and certain severance costs. (5) Placement fees are excluded from FRE but included in DE. (6) Non-core administrative items include primarily costs associated with certain litigation and settlement matters, including any related insurance recoveries. RECONCILIATIONS35 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 2025 2024 2023 ($ in thousands) 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 DE Realized Principal Investment Income GAAP Principal Investment Income $ 25,325 $ 20,437 $ 5,307 $ 1,241 $ 9,955 $ 15,982 $ 2,845 $ 93,534 Unrealized Principal Investment (Income) Loss (24,680) (54,256) 29,731 3,930 (7,308) (7,813) (468) (93,534) Noncontrolling Interests in Realized Principal Investment Income (251) (138) (131) (1,268) (518) (618) (76) — Other(1) — — — — — — — 2,084 $ 394 $ (33,957) $ 34,907 $ 3,903 $ 2,129 $ 7,551 $ 2,301 $ 2,084 DE Realized Carried Interest and Incentive Fees Subject to Realization Events, Net of Associated Expense Allocation GAAP Carried Interest Allocation (Reversal) $ (120,213) $ (115,074) $ (55,464) $ (45,717) $ (15,799) $ 288,244 $ (8,478) $ 169,686 GAAP Compensation Expense—Incentive Fee and Carried Interest (Allocation) Reversal 54,000 43,372 22,304 18,592 8,474 (178,430) 6,714 (113,920) (66,213) (71,702) (33,160) (27,125) (7,325) 109,814 (1,764) 55,766 Unrealized Carried Interest (Allocation) Reversal 120,213 115,074 57,934 45,717 15,799 (288,126) 8,478 (169,686) Compensation expense—Unrealized Carried Interest Allocation (Reversal) (54,000) (43,878) (23,908) (28,878) (8,692) 177,272 (7,435) 112,337 Incentive Fee Revenue Subject to Realization Event(2) — — — — — 1 635 — Compensation Expense—Incentive Fee Not Subject to Realization Event(3) — 506 5 10,286 218 1,238 185 1,583 Noncontrolling Interests in Realized Carried Interest — — (7) — — (13) — — $ — $ — $ 864 $ — $ — $ 186 $ 99 $ — (1) Amounts in 2023 represent distributions from equity interest in a digital infrastructure portfolio company (in the Company's former Operating segment). (2) Incentive fees with a performance trigger based upon realization events of underlying fund investments are excluded from FRE but included in DE. (3) Compensation expense related to incentive fees with performance trigger not based upon realization events of underlying fund investments is already included in FRE. RECONCILIATIONS36 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 2025 2024 2023 ($ and shares in thousands) 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 FRE and DE Weighted Average Basic Shares and OP Units GAAP Weighted Average Basic Shares Outstanding 178,183 173,059 171,680 171,254 171,542 170,358 161,043 160,664 Weighted Average OP Units 6,306 11,269 11,919 11,986 12,200 12,291 12,338 12,376 Weighted Average Unvested Restricted Stock 4,156 4,169 3,288 3,248 3,164 3,267 2,841 2,906 188,645 188,497 186,887 186,488 186,906 185,916 176,222 175,946 GP Affiliated Investments—Consolidated Total Investments on Balance Sheet $ 2,463,476 $ 2,389,801 $ 2,388,618 $ 2,492,268 $ 2,540,029 $ 2,517,653 $ 2,488,826 $ 2,476,093 Accrued Carried Interest (601,333) (721,545) (836,619) (894,553) (940,271) (956,069) (667,943) (676,421) Non-Core Investments (358) (313) (258) (242) (6,422) (35,014) (32,188) (32,211) $ 1,861,785 $ 1,667,943 $ 1,551,741 $ 1,597,473 $ 1,593,336 $ 1,526,570 $ 1,788,695 $ 1,767,461 Net Accrued Carried Interest(1) Accrued Carried Interest $ 601,333 $ 721,545 $ 836,619 $ 894,553 $ 940,271 $ 956,069 $ 667,943 $ 676,421 Accrued Carried Interest Compensation and Other Liabilities (365,788) (421,494) (466,149) (492,706) (522,320) (531,032) (349,008) (357,011) Accrued Carried Interest Attributabe to Noncontrolling Interests (99,312) (144,010) (202,780) (230,843) (234,565) (237,979) (206,943) (204,731) $ 136,233 $ 156,041 $ 167,690 $ 171,004 $ 183,386 $ 187,058 $ 111,992 $ 114,679 (1) Represents the Operating Company’s share of accrued carried interest net of associated expense allocation and excludes carried interest realized but not yet distributed as of the reporting date. RECONCILIATIONS37 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 6 APPENDIX38 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 This presentation contains the following non-GAAP financial measures attributable to the Operating Company: Fee Related Earnings (“FRE”) and Distributable Earnings (“DE”). FRE and DE are common metrics utilized in the investment management sector. We present FRE and DE at the Operating Company level, which is net of amounts attributed to noncontrolling interests, composed largely of the limited partners' share of our consolidated funds and Wafra's share of earnings attributed to our general partner interest in certain funds. For the same reasons, the Company believes these non-GAAP measures are useful to the Company’s investors and analysts. As we evaluate profitability based upon continuing operations, these non-GAAP measures exclude results from discontinued operations. We believe the non-GAAP financial measures of FRE and DE supplement and enhance the overall understanding of our underlying financial performance and trends, and facilitate comparison among current, past and future periods and to other companies in similar lines of business. We use FRE and DE in evaluating the Company’s ongoing business performance and in making operating decisions. For the same reasons, we believe FRE and DE are useful financial measures to the Company’s investors and analysts. These non-GAAP financial measures should be considered as a supplement to and not an alternative or in lieu of GAAP net income (loss) as measures of operating performance, or to cash flows from operating activities as indicators of liquidity. Our calculation of these non-GAAP measures may differ from methodologies utilized by other companies for similarly titled performance measures and, as a result, may not be fully comparable to those calculated by our peers. Fee-Related Earnings (“FRE”): Beginning in 2024, FRE is reported on a Company-wide basis, consistent with the entirety of the Company's business representing a single reportable segment. In prior periods, the Company had reported Investment Management FRE, which was an FRE measure specific to its previously reported Investment Management segment. The Investment Management segment previously bore only operating costs that were directly attributable or otherwise can be subjected to a reasonable and systematic attribution to the investment management business. Company-wide FRE includes all operating costs of the Company as a whole that fall within the definition of FRE. FRE is used to assess the extent to which direct base compensation and core operating expenses are covered by recurring fee revenues in our investment management business. FRE represents recurring fee revenue, including incentive fees that are not subject to realization events related to underlying fund investments, net of compensation and administrative expenses. Such expenses generally exclude non-cash equity-based compensation, carried interest compensation, and placement fee expense. Also, consistent with DE, FRE excludes non-core items, and presents costs reimbursable by our managed funds on a net basis (as opposed to a gross-up of other income and administrative expenses). Where applicable, FRE is adjusted for Start-Up FRE as defined below. Fee revenues earned from consolidated funds are eliminated in consolidation. However, because the fees are funded by and earned from third party investors in these consolidated funds who represent noncontrolling interests, our allocated share of net income from the consolidated funds is increased by the amount of fees that are eliminated. The elimination of these fees, therefore, does not affect net income (loss) attributable to DBRG. Accordingly, FRE is presented without giving effect to the elimination of fee revenue to the extent such fees meet the definition of FRE. FRE does not include distributed carried interest as these are not recurring revenues and are subject to variability given that they are dependent upon realization events related to underlying fund investments. Placement fees are also excluded from FRE as they are inconsistent in amount and frequency depending upon timing of fundraising for our funds. Other items excluded from FRE include realized principal investment income (loss); and interest, dividend and other income, all of which are not core to the investment management fee service business. To reflect a stabilized investment management business, FRE is further adjusted to exclude Start-Up FRE, where applicable. Start-Up FRE is FRE associated with new investment strategies that have 1) not yet held a first close raising FEEUM; or 2) not yet achieved break-even FRE only for investment products that may be terminated solely at the Company’s discretion. The Company regularly evaluates new investment strategies and exclude Start-Up FRE until such time a new strategy is determined to form part of the Company’s core investment management business. We believe that FRE is a useful measure to investors as it reflects the Company’s profitability based upon recurring fee streams that are not subject to realization events related to underlying fund investments, and without the effects of income taxes, leverage, non-cash expenses, income (loss) items that are unrealized and other items that may not be indicative of core operating results in an investment management fee service business. IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES39 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 Distributable Earnings (“DE”): DE generally represents net realized earnings of the Company and is an indicative measure used by the Company to assess ongoing operating performance and in making decisions related to distributions and reinvestments. Accordingly, we believe DE provides investors and analysts transparency into the measure of performance used by the Company in its decision making. DE is an after-tax measure that reflects the ongoing operating performance of the Company’s core business by including earnings that are realized and generally excluding non-cash expenses, other income (loss) items that are unrealized and items that may not be indicative of core operating results. Realized earnings included in DE are generally comprised of fee revenue, including all incentive fees, realized principal investment income (loss), distributed carried interest, interest and dividend income. Income (loss) on principal investments is realized generally when all or a portion of an investment is disposed, redeemed or repaid or if the Company no longer retains control, or when the Company receives income such as dividends, interest or other distributions of earnings. The following items are excluded from DE: transaction-related costs; non-core items; other gain (loss); unrealized principal investment income (loss); non-cash depreciation and amortization expense, non-cash impairment charges (if any); amortization of deferred financing costs, debt premiums and discounts; our share of unrealized carried interest allocation, net of associated expense; non-cash equity-based compensation costs; and preferred stock redemption gain (loss). Transaction-related costs are incurred in connection with acquisitions and costs of unconsummated transactions. Non-core items primarily include acquisition-related compensation and certain severance costs, as well as litigation and settlement-related matters, which are presented within compensation expense—cash and equity-based, administrative and other expenses, and other gain (loss), net on the GAAP income statement. These costs, along with certain other gain (loss) amounts, are excluded from DE as they are related to discrete items, are not considered part of our ongoing operating cost structure, and are not reflective of our core operating performance. Other items excluded from DE are generally non-cash in nature, including income (loss) items that are unrealized, or otherwise do not represent current or future cash obligations such as amortization of deferred financing costs. These items are excluded from DE as they do not contribute to the measurement of DE as a net realized earnings measure that is used in decision making related to distributions and reinvestments. Income taxes applied in the determination of DE generally represents GAAP income tax related to continued operations, and includes the benefit of deductions available to the Company on certain expense items excluded from DE (for example, equity-based compensation). As the income tax benefit arising from these excluded expense items do affect actual income tax paid or payable by the Company in any one period, the Company believes their inclusion in DE is appropriate to more accurately reflect amounts available for distribution. IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES (CONTINUED)40 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113 Assets Under Management (“AUM”) AUM represents the total capital for which we provide investment management services and general partner capital. AUM is generally composed of third party capital managed by the Company and its affiliates, including capital that is not yet fee earning, or not subject to fees and/or carried interest; and our general partner and general partner affiliate capital committed to our funds. AUM is largely based upon invested capital as of the reporting date, including capital funded through third party financing; and committed capital for funds in their commitment stage. Our AUM is not based upon any definition that may be set forth in the governing documents of our managed funds or other investment vehicles, and not calculated pursuant to any regulatory definition. Catch-up Fees Catch-up fees are management fees charged in any given period that pertain to prior periods. With respect to subsequent closing of commitments during the fundraising period, management fees based upon commitments are charged retroactively to the fee activation date at initial closing of the fund through the subsequent close date. Fee-Earning Equity Under Management (“FEEUM”) FEEUM represents the total capital managed by the Company and its affiliates that earns management fees and/or incentive fees or carried interest. FEEUM is generally based upon committed capital, invested capital, net asset value (“NAV“) or gross asset value (“GAV“), pursuant to the terms of each underlying investment management agreement. Fee Related Earnings Margin ("FRE Margin") FRE Margin % represents FRE divided by FRE fee revenue. GP Affiliated Investments GP Affiliated Investments represent principal investments in DBRG’s sponsored funds as general partner and as an affiliate of the general partner, and to a lesser extent, other investments associated with DBRG’s investment management business, including warehoused investments and CLO subordinated notes, but excluding carried interest allocation. Investments that are considered to be non-core to DBRG’s investment management business are excluded. Operating Company or OP DigitalBridge Operating Company, LLC, the operating partnership through which DBRG conducts all of its activities and holds substantially all of its assets and liabilities. OP share Represents the Company’s interest through the Operating Company and excludes redeemable noncontrolling interests and noncontrolling interests in investment entities. DEFINITIONS41 R:11 G:35 B:65 R:1 G:52 B:75 R:0 G:87 B:122 R:0 G:126 B:92 R:0 G:152 B:99 R:34 G:208 B:129 R:167 G:169 B:180 R:208 G:209 B:219 R:73 G:82 B:82 R:91 G:103 B:113
30 Oct 2025
8-K
1 EARNINGS PRESENTATION 2Q 2025 August 7, 20252 This presentation may contain forward-looking statements within the meaning of the federal securities laws, including statements relating to (i) our strategy, outlook and growth prospects, (ii) our operational and financial targets and (iii) general economic trends and trends in our industry and markets. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, and may cause the Company’s actual results to differ significantly from those expressed in any forward-looking statement. Factors that might cause such a difference include, without limitation, difficult market and political conditions, including those resulting from inflation, high interest rates, a general economic slowdown or a recession; our ability to raise capital from investors for our Company, our funds and the companies that we manage; the performance of our funds and investments relative to our expectations and the highly variable nature of our revenues, earnings and cash flow; our exposure to risks inherent in the ownership and operation of infrastructure and digital infrastructure assets, including our reliance on third-party suppliers to provide power, network connectivity and certain other services to our managed companies; our exposure to business risks in Europe, Asia, Latin America and other foreign markets; our ability to increase assets under management and expand our existing and new investment strategies while maintaining consistent standards and controls; our ability to appropriately manage conflicts of interest; our ability to expand into new investment strategies, geographic markets and businesses, including through acquisitions in the infrastructure and investment management industries; the impact of climate change and regulatory or societal efforts associated with environmental, social and governance matters; our ability to maintain effective information and cybersecurity policies, procedures and capabilities and the impact of any cybersecurity incident affecting our systems or network or the system and network of any of our managed companies or service providers; the ability of our portfolio companies to attract and retain key customers and to provide reliable services without disruption; any litigation and contractual claims against us and our affiliates, including potential settlement and litigation of such claims; our ability to obtain and maintain financing arrangements, including securitizations, on favorable or comparable terms or at all; the general volatility of the securities markets in which we participate; the market value of our assets and effects of hedging instruments on our assets; the impact of legislative, regulatory and competitive changes, including those related to privacy and data protection and new Securities and Exchange Commission (“SEC”) rules governing investment advisers; whether we will be able to utilize existing tax attributes to offset taxable income to the extent contemplated; our ability to maintain our exemption from registration as an investment company under the Investment Company Act of 1940, as amended; changes in our board of directors or management team, and availability of qualified personnel; our ability to make or maintain distributions to our stockholders; our understanding of and ability to successfully navigate the competitive landscape in which we and our managed companies operate; and other risks and uncertainties, including those detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 under the heading “Risk Factors,” as such factors may be updated from time to time in the Company’s subsequent periodic filings with the SEC. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Additional information about these and other factors can be found in the Company’s reports filed from time to time with the SEC. While the Company believes that the portfolio companies of its funds or investment vehicles will offer services to support companies engaged in artificial intelligence development and related products ("AI Technologies"), AI Technologies and their current and potential future applications, as well as the legal and regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of current or future technology needs and the risks related thereto. The risk exists that portfolio companies' current technology infrastructure, systems, or products may become obsolete or less competitive due to the emergence of new technologies, innovations, or industry standards. The Company cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. The Company is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so. This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company or any investment vehicle managed or advised thereby. This information is not intended to be indicative of future results. Actual performance of the Company may vary materially. The appendices herein contain important information that is material to an understanding of this presentation, including information regarding certain non-GAAP financial measures, and you should read this presentation only with and in context of the appendices. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS3 DBRG REPORTS SECOND QUARTER 2025 RESULTS Boca Raton, August 7th, 2025 - DigitalBridge Group, Inc. (NYSE: DBRG) and subsidiaries (collectively, “DigitalBridge,” or the “Company”) today announced financial results for the second quarter ended June 30, 2025. The Company reported second quarter 2025 GAAP net income attributable to common stockholders of $17 million, or $0.10 per share, and Distributable Earnings of negative $18.6 million, or $0.10 loss per share. Common and Preferred Dividends On August 5, 2025, the Company’s Board of Directors declared a cash dividend of $0.01 per common share to be paid on October 15, 2025 to shareholders of record at the close of business on September 30, 2025; and declared cash dividends with respect to each series of the Company’s cumulative redeemable perpetual preferred stock in accordance with the terms of such series, as follows: Series H preferred stock: $0.4453125 per share; Series I preferred stock: $0.446875 per share; and Series J preferred stock: $0.4453125 per share, which will be paid on October 15, 2025 to the respective stockholders of record on October 10, 2025. Second Quarter 2025 Conference Call The Company will conduct an earnings conference call and presentation to discuss the second quarter 2025 financial results on Thursday, August 7, 2025, at 8:00 a.m. Eastern Time (ET). The earnings presentation will be broadcast live over the Internet and a webcast link can be accessed on the Shareholders section of the Company’s website at ir.digitalbridge.com/events. To participate in the event by telephone, please dial (844) 826-3035 ten minutes prior to the start time (to allow time for registration). International callers should dial (412) 317-5195. For those unable to participate during the live call, a replay will be available starting August 7, 2025, at 12:00 p.m. ET. To access the replay, dial (844) 512-2921 (U.S.), and use conference ID 10200580. International callers should dial (412) 317-6671 and enter the same conference ID number. We delivered another solid quarter of growth in the second quarter with fee related earnings up double digits, aligned with our objectives for the year as operating margins continue to scale. We are capitalizing on the powerful secular tailwinds driven by AI, which are demanding an unprecedented build-out of data centers and the energy that powers them. Our recent landmark investments, including the acquisition of Yondr and the launch of our Takanock power infrastructure platform, uniquely position us to provide the full spectrum of large-scale, critical solutions customers need to meet this historic demand. Marc Ganzi Chief Executive Officer “ ”4 (In thousands, except per share data, unaudited) 2Q24 2Q25 Revenues Fee revenue $ 78,605 $ 85,262 Carried interest allocation 288,244 (115,074) Principal investment income 15,982 20,437 Other income 7,505 6,168 Total revenues 390,336 (3,207) Expenses Compensation expense—cash and equity-based 51,661 47,002 Compensation expense—incentive fee and carried interest allocation 178,430 (43,372) Administrative and other expenses 26,508 11,440 Interest expense 3,136 4,570 Transaction-related costs 671 4,208 Depreciation and amortization 8,097 8,585 Total expenses 268,503 32,433 Other income (loss) Other gain (loss), net 8,810 9,063 Income (loss) from continuing operations before income taxes 130,643 (26,577) Income tax benefit (expense) 7 (753) Income (loss) from continuing operations 130,650 (27,330) Income (loss) from discontinued operations (722) 1,646 Net income (loss) 129,928 (25,684) Net income (loss) attributable to noncontrolling interests: Redeemable noncontrolling interests 158 1,397 Investment entities 32,921 (59,785) Operating Company 5,426 1,082 Net income (loss) attributable to DigitalBridge Group, Inc. 91,423 31,622 Preferred stock dividends 14,660 14,660 Net income (loss) attributable to common stockholders $ 76,763 $ 16,962 Net income (loss) attributable to common stockholders per common share—basic $ 0.44 $ 0.10 Net income (loss) attributable to common stockholders per common share—diluted $ 0.44 $ 0.10 GAAP FINANCIAL RESULTS Net income attributable to common stockholders was $17.0 million in Q2 2025, and $0.10 per share (basic and diluted)5 AGENDA BUSINESS UPDATES E C T IO N 1 FINANCIAL RESULTSS E C T IO N 2 3 EXECUTING THE DIGITAL PLAYBOOKS E C T IO N6 1 BUSINESS UPDATE7 BUSINESS UPDATE Building AI factories, continuing to scale and power our leading data center footprint ▪ Closed on multi-billion Yondr data center acquisition, with 400MW+ in place and potential for 1GW+. ▪ Digital Energy investment in Takanock powered- land strategy in partnership with ArcLight. ▪ Significant financings at Switch and Vantage data center platforms to support strong bookings and significant capacity expansion. Solid Revenue and Earnings Growth Continues ▪ Fee Revenues of $85 million grew +8% YoY in 2Q25, supported by new FEEUM activation from the DBP Flagship series. ▪ Fee-Related Earnings (FRE) of $32 million grew +23% YoY in 2Q25. ▪ Continued margin improvement with revenues outpacing expenses, which were nearly flat YoY. $$$ In 2Q25, DBRG continued to deliver strong financial results and fundraising aligned with our objectives for the year, while continuing to scale our AI ecosystem footprint New capital formation of $2.5B YTD, $1.3B in 2Q, on track with 2025 targets INVESTSCALE FUNDRAISE INVEST FUNDRAISE SCALE - DBRG YTD 2025 $2.5 billion ▪ Well positioned entering historically strong 2H.8 2025 YTD FUNDRAISING ON TRACK TO FULL-YEAR OBJECTIVE FEEUM PROGRESS TOWARD 2025 GUIDANCE $40B Target DBP III UPDATE $39.7B $2.5B 2Q 2025 July 31, 2025 DBP Series Co-Invest Core, Credit, Liquid 2Q 2025 $6.6B 6/30/25 $6.9B1 $2.5B CAPITAL FORMATION METRICS POSITIONED TO ACHIEVE TARGETS ▪ Additional 3Q25 capital from DBP Series and contribution from new strategies to continue to drive 2H25 capital formation ▪ Co-invest fee rate 30% higher than average At mid-year, fundraising is tracking to our objectives, from new capital formation to FEEUM growth. Notably, average fees on co-invest expanded as DBRG platforms mature and AI infrastructure continues to attract LPs ▪ Activated FEEUM, key metric to drive revenue and earnings, set to achieve 2025 targets ▪ Raised $6.9 billion to date 1) Includes sponsor commitments. Note: There can be no assurance that actual amounts will not be materially higher or lower than expectations. Readers should refer to the discussion in the Cautionary Statement Regarding Forward-Looking Statements section at the beginning of this presentation. The Company undertakes no obligation to prov ide updated projections on a quarterly or other basis.9 INVEST Investing in exciting new digital platforms poised for growth while continuing to fuel the expansion of our existing, market-leading portfolio companies $20B 1 GW+ Potential Capacity DATA CENTER - PRIVATE CLOUD Capital Committed from DigitalBridge and ArcLight Data Center Power Infra $500M Serving HYPERSCALE DATA CENTERS INVEST FUNDRAISE SCALE - DBRG Current Leased Capacity 420 MW HYPERSCALE DATA CENTERS Raised in Debt across NA, Europe and APAC during Q2’25 HYPERSCALE DATA CENTERS $7B+ AI and Cloud Infra Growth EXISTING PORTFOLIO – FINANCING CAPITAL TO FUEL GROWTH NEW PLATFORMS Capital raised since 2024 to accelerate growth, reduce borrowing costs and retire acquisition-related debt10 -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% MARKETS RECOVERED IN 2Q AS MACRO CONCERNS ABATED AND AI DEMAND SURGED – AI ROI IS SQUARELY IN FOCUS Q1 Q2 IPO $4T Market Cap Tariffs?! Tariff Relief “at each step along the way so far, we've observed the more kind of aggressive assumptions or the fastest assumptions have been the ones that have most accurately predicted what would happen” - Mark Zuckerberg 7/30/25 Re: AI Development “in terms of feeling good about the ROI and the growth rates and the correlation, I feel very good that the spend that we're making is correlated to basically contracted on the books business” - Amy Hood, MSFT CFO 7/31/25 “we now expect to invest approximately $85 billion in CapEx in 2025, up from a previous estimate of $75 billion…Looking out to 2026, we expect a further increase in CapEx due to the demand we’re seeing from customers…” - Anay Anhkenazi, CFO Alphabet/Google 7/23/25 AI Leasing Hyperscale Demand Accelerating 2025 Hyperscaler Capex has gone from $250B a year ago to $380B1, +50%...why? 200 220 240 260 280 300 320 340 360 380 400 1 Yr Ago Beginning of Year Today 2025 Hyperscale Capex ($B)1 +50% 1) Bloomberg August 2025 Note: Readers should refer to the discussion in the Cautionary Statement Regarding Forward -Looking Statements section at the beginning of this presentation. There is no guarantee that margins will expand as expected.11 This time last year, we were processing 9.7 trillion tokens a month across our products and APIs. Now, we’re processing over 480 trillion — that’s 50 times more.” — Sundar Pichai, Google I/O keynote, May 20, 2025 A new AI wave is reshaping computing demand—driving massive investments in chips, data centers, and infrastructure TOKEN GROWTH IS DRIVING AN INFLECTION IN COMPUTE DEMAND Google Monthly Token Volume At I/O in May, we announced that we processed 480 trillion monthly tokens across our surfaces. Since then, we have doubled that number now processing over 980 trillion monthly tokens, a remarkable increase. — Sundar Pichai, Q2 2025 Alphabet Earnings Call, July 23, 2025 50X YoY May 2025May 2024 T o k e n s P ro c e s s e d ( T ri ll io n s ) July 2025 980T 480T 9.7T 2X in 90 days TOKENS are the smallest unit of AI workloads; as tokens explode, so does the need for AI power12 1Q’25 2Q’25 G W (C A P A C IT Y ) 2Q’25 Pipeline RECORD U.S. HYPERSCALE DATA CENTER LEASING PIPELINE The U.S. hyperscale data center leasing pipeline is the largest we have seen in history, standing at ~4.9GW. — TD Cowen report, July 2025 2025 US Hyperscale Leasing (GW) OPENAI ORACLE GOOG META CRWV AMZN ~2.0 GW ~4.9 GW ~1.9 GW THE COMING POWER SURGE: DATA CENTERS WILL REQUIRE MASSIVE ENERGY INVESTMENT 2024 2030 Source: International Energy Agency & Barclays Research T W h Global Data Center Electricity Consumption Forecast (TWh) 946 TWh 416 TWh THE AI ECOSYSTEM CONTINUES TO SEE STRONG DEMAND DRIVEN BY GROWING INFERENCE WORKLOADS Inference is starting to ramp as users and reasoning time compound growth, driving demand for more compute. 2x13 2 FINANCIAL UPDATE14 SECOND QUARTER 2025 HIGHLIGHTS Financial Highlights Fee Revenue ▪ $85.4 million in 2Q25, up 8% year-over-year. ▪ Driven primarily by new capital formation in our DBP series of funds. Fee Related Earnings ▪ $32.0 million in 2Q25, up 23% year-over-year, consistent with our 2025 guidance, including continued margin expansion. Distributable Earnings ▪ $18.6 million loss in 2Q25, due to a $40 million realized loss from an InfraBridge fund investment. No impact to cash flows in 2Q25. Capital Metrics Fee Earning Equity Under Management (FEEUM) ▪ $39.7 billion, up 21% year-over-year, increased $7.0 billion year-over-year and $2.4 billion over prior quarter. End-of- quarter FEEUM activation will contribute to Fee Revenue growth in subsequent quarters. New Capital Formation ▪ $1.3 billion during 2Q25, driven principally by new data center co-invest capital formation. Corporate Liquidity ▪ $158 million of available corporate cash as of June 30, 2025. Full availability of $100 million revolver. Capital Allocation ▪ Funded $48.2 million of GP commitments and $32.7 million of seed investments for new initiatives in 2Q25. ▪ Common stock dividend of $0.01 per share declared. Capital Activities ▪ Elected to reduce revolver availability from $300 million to $100 million, cost savings and strong liquidity. Unless otherwise denoted as GAAP financial results, reference to Fee Revenue throughout this presentation refers to FRE Fee Revenue.15 $0.7 $0.2 $0.3 $1.1 $0.1 FEEUM GROWTH DRIVEN BY ORGANIC FUNDRAISING Fee-Earning Equity Under Management (FEEUM) increased $7.0B, or 21% YoY, to $39.7B as of June 30, 2025, driven by organic capital formation from Co-Invest and the latest DBP flagship, offsetting a stepdown from “Committed” to “Invested” capital at InfraBridge. DBP Series Separately Capitalized PortcosCo-Invest NEW CAPITAL FORMATIONFEEUM InfraBridge Core, Liquid, Credit +21% YoY Growth ($ in Billions) ($ in Billions) (1) Inclusive of all capital committed to DigitalBridge managed investment vehicles, measured as of June 30, 2024 and June 30, 2025, respectively. 2Q25(1) $1.3 2Q24(1) $1.2 +17% 1Q25 2Q252Q24 $13.9 $16.7 $17.3 $9.5 $12.3 $14.8 $5.2 $3.7 $3.7 $1.2 $1.2 $1.2 $2.9 $3.4 $2.8 $32.7 $37.3 $39.716 ($ in millions) 2Q24 2Q25 % Change YOY 2Q24 LTM 2Q25 LTM % Change YOY Fee Revenue(1) $78.7 $85.4 +8 % $291.9 $353.9 +21 % Cash Compensation(1) (35.6) (36.5) +2 % (138.0) (153.3) +11 % Administrative and Other Expenses(1) (17.1) (16.9) (1) % (63.5) (72.1) +14 % Fee Related Earnings ("FRE")(2) $26.0 $32.0 +23 % $90.4 $128.5 +42 % Realized Carried Interest and Incentive Fees, net(3) 0.2 — n/a 28.2 0.9 (97)% Realized Principal Investment Income (Loss) 7.6 (34.0) n/a 13.9 7.0 (50)% Other Income (Expense)(4) 3.0 2.3 (29)% 12.1 5.5 (54)% Interest Expense and Preferred Dividends (17.2) (18.1) +5 % (74.8) (72.4) (3) % Income Tax Benefit (Expense) — (0.8) n/a 2.6 (2.8) n/a Distributable Earnings ("DE")(2) $19.6 ($18.6) n/a $72.4 $66.7 (8) % FRE Margin 33 % 37 % 31 % 36 % FRE Per Basic Share $0.14 $0.17 $0.51 $0.69 After-tax DE Per Basic Share $0.11 ($0.10) $0.41 $0.36 (1) Amounts determined based upon the definition of FRE and therefore, differ from those presented in GAAP financial results. (2) FRE and DE are presented at the Operating Company level, which is net of amounts attributed to noncontrolling interests. (3) Presented net of expense allocations and includes incentive fees subject to realization events. (4) Other Income (Expense) includes: interest, dividend and other income, and placement fees and other expenses ▪ Fee Revenues in 2Q of $85.4 million. ▪ Fee Related Earnings of $32.0 million, with FRE margin at 37% in Q2 2025 NON-GAAP FINANCIAL RESULTS17 Carried Interest ($ in millions) 2Q24 2Q25 % Change YOY 2Q24 LTM 2Q25 LTM % Change YOY Unrealized Carried Interest Allocation (Reversal) $288.1 ($115.1) n/a $590.3 ($234.6) n/a Realized Carried Interest Allocation 0.1 — n/a 28.0 2.5 (91)% Carried Interest – Revenue (as reported on GAAP Income Statement) 288.2 (115.1) n/a 618.3 (232.1) n/a Unrealized Carried Interest Expense (Allocation) Reversal (213.0) 103.5 n/a (444.7) 191.3 n/a Realized Carried Interest Expense (Allocation) Reversal (0.1) — n/a (0.1) (1.6) 1725 % Carried Interest Expense (Allocation) Reversal(2) (213.1) 103.5 n/a (444.8) 189.7 n/a Carried Interest Allocation (Reversal), Net $75.1 ($11.6) n/a $173.5 ($42.4) n/a Principal Investment Income ($ in millions) 2Q24 2Q25 % Change YOY 2Q24 LTM 2Q25 LTM % Change YOY Unrealized Principal Investment Income(3) $7.8 $54.2 594 % $119.8 $27.9 (77)% Realized Principal Investment Income (Loss)(3) 8.2 (33.8) n/a 10.5 9.0 (14)% Principal Investment Income (as reported on GAAP Income Statement) 16.0 20.4 28 % 130.3 36.9 (72)% Unrealized Minority Interest Allocation (1.7) 1.2 n/a (9.6) (2.2) (76)% Realized Minority Interest Allocation (0.6) (0.1) (78)% (0.7) (2.1) 195 % Principal Investment Income Minority Interest Allocation (2.3) 1.1 n/a (10.3) (4.3) (58)% Principal Investment Income, Net $13.7 $21.5 57 % $120.0 $32.6 (73)% (1) Carried interest reversal is a function of continuing accrual of preferred returns over time outpacing fair value changes on underlying fund investments. (2) Represents carried interest expense allocation presented within Compensation expense—incentive fee and carried interest allocation (reversal), Other gain (loss) and Net income (loss) attributable to noncontrolling interests— investment entities on GAAP income statement. Excludes compensation expense associated with incentive fee income. (3) Realized principal investment loss of ($35.1) million in 2Q25 and ($1.1) million in 2Q25 LTM were each accompanied by the reversal of a corresponding amount of unrealized principal investment income in 2Q25 and 2Q25 LTM, respectively, resulting in no net impact to total principal investment income in the respective periods. ▪ Net carried interest reversal of $11.6 million in Q2 2025(1). ▪ Net principal investment income of $21.5 million in Q2 2025. CARRIED INTEREST & PRINCIPAL INVESTMENT INCOME18 DBRG FINANCIAL PROFILE & FEEUM PROGRESSION Management Fee Revenue and FRE continue to step higher, driven by FEEUM growth on the back of new capital formation and FEEUM activation LTM Fee Revenue LTM FRE ($ in Billions) 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Beginning Period Balance $29.1 $29.9 $32.8 $32.5 $32.7 $34.1 $35.5 $37.3 Inflows 1.1 4.1 1.4 1.2 1.6 3.2 2.0 3.4 Outflows/Realizations (0.2) (1.4) (1.6) (1.0) (0.3) (1.6) (0.3) (0.9) Market Activity (0.1) 0.1 (0.0) (0.1) 0.1 (0.1) 0.1 (0.1) End of Period Balance $29.9 $32.8 $32.5 $32.7 $34.1 $35.5 $37.3 $39.7 LTM Fee Revenue and FRE Profile(1) FEEUM Roll-forward (1) Latest twelve-month period calculated at Operating Company share. (2) Market activity includes changes in investment value based on NAV or GAV, and the effect of foreign exchange rates. $238M $267M $280M $292M $303M $330M $347M $354M $63M $82M $86M $90M $98M $107M $122M $129M 27% 31% 31% 31% 32% 32% 35% 36% 2Q251Q254Q243Q242Q241Q244Q233Q2319 Key Corporate Assets Key Corporate Liabilities ($ in millions) 6/30/2025 GP Affiliated Investments(1) DBP Series $402 DataBank and Vantage SDC 635 Other Funds & Investments 389 (Credit, Core, InfraBridge, Liquid, Ventures) Total GP Affiliated Investments(1) $1,426 Available Corporate Cash(2) 158 Key Corporate Assets $1,584 ($ in millions) 6/30/2025 Blended Avg. Cost (Per Annum) Corporate Debt Securitized Notes $300 3.9 % Revolver (VFN; $100M Available) — n/a Total Corporate Debt $300 3.9 % Preferred Stock $822 7.1 % Key Corporate Liabilities $1,122 (1) Presented at the Operating Company level, net of minority interests. (2) Available corporate cash generally represents cash at the Operating Company after allocating cash for certain compensatory liabilities, and excludes cash held at subsidiaries of the Operating Company, including cash maintained to satisfy regulatory capital requirements in applicable foreign jurisdictions. BALANCE SHEET PROFILE Key Corporate Assets up $109 million, +7% YoY. Key Corporate Liabilities flat YoY.20 3 EXECUTING THE DIGITAL PLAYBOOK21 Pair capital and operating expertise with the right strategic business plan built around both greenfield and strategic M&A – Build & Buy Customer-driven investment framework that allocates capital and resources to support network growth PHASE 1: ESTABLISH PLATFORMS PHASE 2: TRANSFORM AND SCALE PHASE 3: FOLLOW THE LOGOS Identify and acquire the right platform and team to capitalize on unique digital infrastructure opportunities NEW INITIATIVES ALIGNED WITH OUR LONG-TERM PLAYBOOK In 2025, new initiatives and investments we have been developing leverage our deep domain expertise and represent great examples of ‘executing the digital playbook’ 1 2 3 1 2 3 New Initiatives – Phase of Development22 Leading alternative asset manager serving the power and electrification infrastructure sectors ▪ Founded in 2001, today an established leader in managing and operating electric power, renewables, battery storage and natural gas infrastructure ▪ Providing investors advantaged access to real assets indispensable to the energy transition and digital economy Leading global alternative asset manager dedicated to digital infrastructure ▪ 30-year track record building mission-critical digital infrastructure for leading technology companies ▪ 8 global data center platforms with 5.4GW in place or development today. Land and power bank of 20.9GW Two leading investors with deep, complementary sector expertise partner to support the launch of Takanock as AI and Energy sectors converge. Straight out of ‘Backing Great Teams’ playbook THE DIGITAL POWER OPPORTUNITY: DIGITALBRIDGE X ARCLIGHT ▪ AUM: $106 billion ▪ 45+ Digital Portfolio Companies ▪ Builders of mission-critical digital infrastructure in partnership with the largest enterprises and technology companies in the world INFRA PARTNER TO THE DIGITAL ECONOMY 1 2 3 ▪ $80B Total Enterprise Value of Investments ▪ 65GW Power Infrastructure Owned ▪ 47K Pipeline Miles Owned POWERING THE DIGITAL ECONOMY23 Business Model Develops shovel-ready powered land and onsite power generation solutions enabling hyperscale data centers to deploy faster in power-constrained markets. Solution ▪ Patent pending utility yard design ▪ Highly reliable (99.999%) on-site power ▪ Enables faster grid connection timelines ▪ Eliminates need for diesel generators Markets ▪ Focus on Tier I and Tier II markets ▪ Northern Virginia, Phoenix, and more Differentiators ▪ Faster time-to-power ▪ Fully entitled sites Leadership: CEO Kenneth Davies (ex-Google/Microsoft) Strategic Edge: ▪ Accelerates time to power ▪ Prime power and backup ▪ Flexible commercial structures ▪ Fully-integrated model (land + power) Selected Near-Term Project • Phoenix, AZ: 1H’28 Ready-for-Service Aggregate commitment to invest up to $500M in data center power infrastructure solutions provider 27-July-2025 TAKANOCK OVERVIEW Footprint: Takanock by the Numbers 1 2 3 Playbook: Backing Great Teams24 1 2 3 INVESTING IN OUR LATEST DATA CENTER PLATFORM WITH EMBEDDED POTENTIAL TO SCALE Toronto Northern Virginia London Amsterdam Frankfurt Johor 450MW Built …1GW+ of Development Capacity Strategic Investment to Accelerate Global Hyperscale Data Center Growth to Meet Unprecedented AI Demand 1-Jul-2025 ▪ Global hyperscale data-center developer/operator ▪ ~1 GW Landbank ▪ Strengthens DigitalBridge’s global hyperscale portfolio YONDR OVERVIEW GLOBAL FOOTPRINT Berlin Mumbai Hyderabad Tokyo Jakarta * Yondr announced the sale of its stake in EverYondr on July 29, 2025. *25 - BUILDING OUR NEXT AI FACTORY EXECUTING THE DIGITALBRIDGE PLAYBOOK: Transform and scale - pairing capital and operating expertise with the right strategic business plan built…. Optimizing Yondr’s Footprint ▪ Refocused Global Footprint: July 29 Divested EverYondr (India) to streamline Yondr’s presence ▪ Proceeds will be reinvested into development projects in tier 1 markets 1 2 3 New Senior Leadership Appointed ▪ Aaron Wangenheim (ex-T5) as CEO ▪ Sandip Mahajan (Finance veteran) as CFO AI-CLOUD CAPABLE CAMPUSES IN SCALABLE MARKETS DEEP OPERATING AND FINANCIAL EXPERTISE TO DRIVE A SHARPENED BUSINESS PLAN FOCUSED ON SCALABLE GROWTH Long Term Investment Capital ▪ Partnering with leading long-term investors ▪ Significant opportunity to deploy primary capital as platform builds 1GW+ pipeline ▪ Future – Strategically tap into the debt capital markets bring to support growth and enhance returns Despite just closing the deal, DigitalBridge has prepared and is implementing Phase II: Transform & Scale26 SWITCH EXPANDS ITS BORROWING BASE & REVOLVING CREDIT FACILITIES TO $10B Source: Switch July 2025, company website IMPROVEMENTS: ✓ Broadening of instruments ✓ Issuer-friendly amendments ✓ First-ever ABS to be rated under S&P’s new data center methodology Switch has significantly expanded its key customer base and access to capital in partnership with DigitalBridge, and its financial strength positions it to meet the strong demand for data centers fueled by AI. Expanded its Borrowing Base and Revolving Credit Facilities to $10 billion 15-Jul-2025 ▪ Support AI growth ▪ Reduce its cost of capital ▪ Retire 100% of the bank debt incurred during its 2022 take- private transaction SWITCH TODAY Credit Facilities (2024–2025) LOWER-COST CAPITAL TO FUND GROWTH 1 2 3 $20B total raised since 2024 Revolver + term loans; ESG-linked structures, Project finance, Borrowing-base facilities, ABS, CMBS BEFORE Take-Private (2022) Deal Size Pricing Structure $11B (incl. debt) M&A deal; fixed premium Phase III: Follow The Logos27 20.9 GW 5.4 GW BUILT & UNDER CONSTRUCTION 20.9 GW POWER BANK AI FACTORIES: WE ARE BUILDING AT UNPRECEDENTED SCALE FROM THE CORE TO THE EDGE LEVERAGING A MASSIVE, GROWING POWER BANK Total Secured Power Across our Data Center Portfolio RAW MATERIAL FOR AI FACTORIES DigitalBridge PORTFOLIO CAPEX $43B 2025-2026 Our 8 global platforms position DigitalBridge to build the critical infrastructure underpinning the next decade of innovation Public Cloud Hyperscale Private Cloud Enterprise Interconnection Edge28 ‘Value of a MW’ Framework2 4Q24 Illustrative Example ▪ 100+ Markets ▪ 220+ Data Centers ▪ 8 Global Data Center Companies Top 3 Data Center Provider in the World1 SCALE 1MW 1GW CAPEX $10M $10B EQUITY REQUIRED $5M $5B ILLUSTRATIVE CARRY ~$300K ~$300M June 30 BUILT CAPACITY June 30 5.4 GW 2.1 GW UNDER CONSTRUCTION 3.2 GW CAPACITY BUILT AND UNDER CONSTRUCTION 1. As of July 2025. Sources: Company websites and Data Center Map as of July 2025, reflecting: Digital Realty 300+ data centers; Equinix 260+ data centers; DigitalBridge and InfraBridge global data center portco count 220+ data centers; NTT Data Centers 150+; Iron Mountain 30+ data centers; CoreSite 30+ data centers. Ranking is a product DB’s in-house research and does not reflect a rating formulated by a third party. Includes leased capacity. Ranking based on DigitalBridge internal analysis. There is no guarantee that DigitalBridge or its investment vehicles will work with any of the firms or businesses whose logos are included herein in the future. Compensation was not provided directly or indirectly in connection with obtaining or using the third-party ratings and rankings mentioned on this slide. 2. The illustrative example detailed above is a hypothetical example designed to highlight the importance of incremental MW expansion at portfolio companies managed by DigitalBridge funds and is not intended to imply expected returns for DigitalBridge or any of its managed vehicles or portfolio companies. The assumptions used in the model are not indicative of DBRG expectations, and DBRG makes no guarantee of any returns on such investments. See the “Value of a MW Framework” slide included in the appendix section of this presentation for the calculations and assumptions underlying this illustrative example. TRANSLATING SCALE INTO SHAREHOLDER VALUE We expect the capacity we are building across our global data center portfolio will generate significant potential embedded value for DigitalBridge shareholders Translating a MW into value creationDIGITALBRIDGE29 FIRST HALF DELIVERED SECOND HALF PRIORITIES DBRG 2025: KEY PRIORITIES 1. Management Fee Revenue up 10%+ YoY and Fee-Related Earnings (FRE) up 25%+ YoY, even excluding impact of catch-up fees. 2. On track to deliver key 2025 financial metrics on FRE and FEEUM growth 3. New investment strategies – digital energy, stabilized data centers and private wealth developed, with early anchor outreach 4. Corporate simplification with Class B share retirement and revolver size reduction given strong liquidity position 5. Achieved key milestone, DBRG platform now manages $100B in portfolio AUM 1. Deliver key 2025 financial metrics with FRE, up 10-20% over prior year and expanding margins 2. Successfully form capital to take DBRG FEEUM over $40B across our multi-strategy asset management platform 3. Successfully launch new investment strategies with initial commitments to digital energy, stabilized data centers, and private wealth. 4. Continue to maintain a strong balance sheet and liquidity position 5. Continue to evaluate strategic, accretive M&A opportunities centered on adjacent asset managers Note: Readers should refer to the discussion in the Cautionary Statement Regarding Forward -Looking Statements section at the beginning of this presentation. 1Q25 2Q25 4Q25 3Q2530 4 Q&A SESSION31 5 SUPPLEMENTAL FINANCIAL DATA32 2025 2024 2023 ($ and shares in thousands, except per share data and as noted) 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 GAAP Results GAAP Fee revenue $ 85,262 $ 90,139 $ 101,551 $ 76,582 $ 78,605 $ 72,955 $ 74,009 $ 65,240 Net income (loss) attributable to common stockholders 16,962 (878) (19,711) (883) 76,763 (44,288) 100,607 261,828 Net income (loss) attributable to common stockholders per basic share(1) 0.10 (0.01) (0.12) (0.01) 0.44 (0.28) 0.61 1.60 Common dividend per share 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Non-GAAP Results Fee Related Earnings ("FRE") Fee Revenue(2) $ 85,371 $ 90,229 $ 101,641 $ 76,664 $ 78,688 $ 72,791 $ 74,394 $ 66,058 Fee Related Earnings(3) 31,975 34,950 35,424 26,154 25,968 19,563 26,437 18,404 FRE per basic share 0.17 0.19 0.19 0.14 0.14 0.11 0.15 0.10 Distributable Earnings ("DE")(3) (18,618) 54,704 19,903 10,732 19,629 2,232 17,931 32,618 DE per basic share (0.10) 0.29 0.11 0.06 0.11 0.01 0.10 0.19 Fee Earning Equity Under Management ("FEEUM") (in billions) $ 39.7 $ 37.3 $ 35.5 $ 34.1 $ 32.7 $ 32.5 $ 32.8 $ 29.9 Balance Sheet and Capitalization Total assets $ 3,408,581 $ 3,439,028 $ 3,513,318 $ 3,542,947 $ 3,502,420 $ 3,463,816 $ 3,562,550 $ 6,872,091 Total debt principal(4) 300,000 300,000 300,000 300,000 300,000 372,422 378,422 383,082 Available corporate cash 158,260 201,310 139,950 126,760 127,260 112,948 175,195 230,300 Perpetual Preferred Equity, $25 per share liquidation preference 821,899 821,899 821,899 821,899 821,899 821,899 821,899 821,899 Share Count FRE and DE weighted average basic shares and OP units(5) 188,497 186,887 186,488 186,906 185,916 176,222 175,946 175,874 Diluted shares and OP units outstanding at period end(5) 188,702 188,594 186,979 188,040 187,218 187,998 186,406 185,943 (1) For purpose of calculating net income (loss) attributable to common stockholders per basic share, net income (loss) attributable to common stockholders is adjusted to deduct dividends attributed to unvested restricted stock and deferred stock units and divided by GAAP weighted average basic shares, which represent the weighted average number of class A and class B common stock outstanding during the respective quarters. (2) FRE fee revenue represents recurring fee revenue, including incentive fees, that are not subject to realization events related to underlying fund investments, and does not give effect to elimination of fee revenue from consolidated funds. (3) FRE and DE are presented at the Operating Company level, net of noncontrolling interests. (4) For all periods presented, total debt principal excludes $100 million of undrawn VFN borrowing availability, and $300 million prior to the Q2 2025 reduction in VFN borrowing availability. (5) FRE and DE weighted average basic shares and OP units are used to calculate FRE per basic share and DE per basic share, representing the GAAP weighted average basic shares outstanding, plus weighted average unvested restricted stock and OP units outstanding during the respective quarters. Diluted shares and OP units outstanding at period end represent the same shares and units outstanding at respective quarter ends (not a weighted average), adjusted to include the effect of potentially dilutive share equivalents which are common stock issuable in connection with performance stock units, in-the-money warrants and, prior to their exchange/redemption in Q2 2024, exchangeable senior notes. SUMMARY FINANCIAL METRICS33 6/30/25 Blended Fee Rate 2025 2024 2023 ($ in millions) 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 DigitalBridge Partners I (DBP I) 1.10% $ 3,569 $ 3,587 $ 3,587 $ 3,650 $ 3,677 $ 3,687 $ 3,571 $ 3,345 DigitalBridge Partners II (DBP II) 1.18% 7,295 6,986 6,985 6,568 6,269 6,219 6,687 7,996 DigitalBridge Partners III (DBP III) 1.18% 6,402 6,177 5,348 4,530 3,973 3,230 2,671 — Co-Investment Vehicles 0.43% 14,842 12,264 11,539 10,049 9,547 9,863 9,646 8,519 InfraBridge 1.12% 3,701 3,740 3,685 5,051 5,159 5,117 5,121 5,083 Core, Credit and Liquid Strategies 0.73% 2,758 3,371 3,179 3,047 2,862 2,895 2,703 2,591 Separately Capitalized Portfolio Companies 0.81% 1,172 1,172 1,173 1,191 1,174 1,520 2,372 2,402 Fee Earning Equity Under Management (FEEUM) 0.84% $ 39,739 $ 37,297 $ 35,496 $ 34,086 $ 32,661 $ 32,531 $ 32,771 $ 29,936 ($ in thousands) Fee revenue(1) $ 85,371 $ 90,229 $ 101,641 $ 76,664 $ 78,688 $ 72,791 $ 74,394 $ 66,058 Cash compensation(1) (36,459) (38,096) (44,954) (33,774) (35,644) (36,893) (31,177) (34,316) Administrative and other expenses(1) (16,937) (17,183) (21,263) (16,736) (17,076) (16,335) (17,296) (14,493) Start-Up FRE — — — — — — 516 1,155 Fee Related Earnings(2)(3) 31,975 34,950 35,424 26,154 25,968 19,563 26,437 18,404 Realized principal investment income(4) (33,957) 34,907 3,903 2,129 7,551 2,301 2,084 1,994 Distributed carried interest and incentive fees subject to realization events, net of associated expense allocation — 864 — — 186 99 — 27,927 Interest, dividend and other income 3,369 2,941 4,127 2,828 3,094 4,375 5,806 6,436 Interest expense and preferred dividends (18,093) (18,010) (18,088) (18,245) (17,177) (19,162) (19,184) (19,261) Placement fee and other expenses (1,159) (647) (4,645) (1,247) — (3,698) (617) (1,668) Income tax benefit (expense) (753) (301) (818) (887) 7 (1,246) 3,921 (59) Start-up FRE — — — — — — (516) (1,155) Distributable Earnings(3) $ (18,618) $ 54,704 $ 19,903 $ 10,732 $ 19,629 $ 2,232 $ 17,931 $ 32,618 (1) These amounts are determined based upon the definition of FRE and therefore, differ from those presented in GAAP financial results. (2) Beginning in 2024, FRE is reported on a Company-wide basis, consistent with the entirety of the Company’s business representing a single reportable segment. In prior periods, the Company had reported Investment Management FRE, which was an FRE measure specific to its previously reported Investment Management segment. The Investment Management segment previously bore only operating costs that were directly attributable or otherwise can be subjected to a reasonable and systematic attribution to the Investment Management segment. Company-wide FRE includes all operating costs of the Company as a whole that fall within the definition of FRE. (3) FRE and DE are presented at the Operating Company level, net of noncontrolling interests. (4) DE included distributions from equity interest in a digital infrastructure portfolio company (in the Company's former Operating segment) prior to 2024. FEEUM, FEE RELATED EARNINGS & DISTRIBUTABLE EARNINGS34 Certain performance metrics for our key investment funds from inception through June 30, 2025 are presented in the table below. Excluded are funds with less than one year of performance history as of June 30, 2025, funds and separately managed accounts in the liquid strategy, co-investment vehicles and separately capitalized portfolio companies. The historical performance of our funds is not indicative of their future performance nor indicative of the performance of our other existing funds or of any of our future funds. An investment in DBRG is not an investment in any of our funds and these fund performance metrics are not indicative of the performance of DBRG. ($ in millions, as of June 30, 2025) Incept ion Date (2) Total Commitments Invested Capital (3) Available Capital (4) Investment Value MOIC (8) (10) IRR (9) (10) Fund (1) Unrealized (5) Realized (6) Total (7) Gross Net Gross Net Value-Add DBP I Mar-2018 $ 4,059 $ 4,825 $ 206 $ 6,123 $ 1,417 $ 7,540 1.6x 1.4x 12.0% 9.0% DBP II Nov-2020 8,286 8,057 570 10,085 843 10,928 1.4x 1.2x 11.0% 8.0% Core SAF Nov-2022 1,110 994 102 1,105 25 1,130 1.1x 1.1x 6.8% 4.7% InfraBridge GIF I Mar-2015 1,411 1,504 383 989 1,449 2,438 1.6x 1.4x 9.3% 6.6% GIF II Jun-2018 3,382 3,160 192 2,104 507 2,611 0.8x 0.7x <0% <0% Credit Credit I Dec-2022 697 635 325 420 279 699 1.1x 1.1x 9.7% 6.5% (1) Performance metrics are presented in aggregate for main fund vehicle, i ts parallel vehicles and alternative investment vehicles. (2) Inception date represents first close date of the fund, except for Credit I which is the first capital call date. The manager/general partner of the InfraBridge funds were acquired in February 2023. (3) Invested capital represents the original cost and subsequent fundings to investments. Invested capital includes financing costs and investment related expenses which are capi tal ized. With respect to InfraBridge funds, such costs are expensed during the period and excluded from their determination of invested capi tal . (4) Available capital represents unfunded commitments, including recallable capital. (5) Unrealized value represents total fair value of investments, net of outstanding balance under the fund’s credit facility, if any. (6) Realized value represents proceeds from dispositions that have closed and all earnings from both real ized and unrealized investments, including interest, dividend and ticking fees. (7) Total value is the sum of unrealized fair value and realized value of investments. (8) Total gross multiple of invested capital ("MOIC") is calculated as the limited partners' portion of the fair value of unreali zed investments, net of outstanding balance funded through the fund's credit facil ity, if any, plus any accrued but unpaid inter est and coupon payments received, and limited partner realized distributions gross of general partner carried interest, divided by total limited partner contributions, without giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). Total net MOIC is calculated as the limited partners' portion of the fund's NAV plus limited partner realized distributions net of carried interest, div ided by total limited partner contributions, after giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). MOIC calculations exclude capital not subject to fees and/or carried interest, including general partner and general partner affiliate capital. MOICs are calculated at the fund level and do not reflect MOICs at the individual investor level. (9) Gross internal rate of return ("IRR") represents annualized money-weighted return on invested capital based upon total value of limited partner contributions, that is limited partner realized distributions and limited partner unrealized NAV (based upon fair value of unrealized investments), without giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). Gross IRR is calculated from the date of the first capital call from limited partners (and the refore taking into account the use of any credi t facility at the fund level) through the date of limited partner distributions for realized investments. For funds with unrealized investments, gross IRR uses a liquidating distribution equal to the limited partners' portion of the fair value of unrealized investments, net of outstanding amounts funded through the fund's credit facility, if any. Gross IRR is calculated at the fund level and does not reflect gross IRR of any individual investor due to timing of investor level inflows and outflows, among other factors. Net IRR is gross IRR after giving effect to the al location of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). Net IRR is calculated at the total fee -paying limited partner level and based upon the timing and amount of fee- paying third party l imited partner inflows and outflows, and excludes capital not subject to fees and/or carried interest, in cluding the portion of capital attributable to the general partner and general partner affiliate. As fees may vary by individual investor, net IRR does not represent the return of any individual investor. With respect to funds that have util ized borrowings from a credi t facility to fund portfolio investments, organization expenses, partnership expenses, management fees, or other amounts in lieu of calling capital from limited partners for such purposes, gross and net IRR of the fund differs from what the IRR would have been if such borrowings or financings had not been utilized. Because IRR is calculated based on the actual dates of capi tal contributions from, and distributions to, limited partners (rather than based on the timing of when i nvestments were made, for example), the use of such borrowings and financings in l ieu or in advance of calling capi tal delays capital contributions from limited partners, generally resulting in higher IRRs than if such borrowings or financings had not been utilized and capital was cal led earlier from limited partners.. (10) Our funds generally permit us to recycle certain capital distributed to limited partners during certain time periods. The exc lusion of recycled capi tal generally causes invested and realized amounts to be lower and MOICs to be higher than had recycled capital been included. FUND PERFORMANCE35 ($ and shares in thousands, as of June 30, 2025) Securitized Notes - Class A-2 Term Notes Amount Outstanding $ 300,000 Interest Rate (Per Annum) 3.933 % Anticipated Repayment Date September 25, 2026 Kroll Rating BBB Revolver - Class A-1 Variable Funding Notes Maximum Available(1) $ 100,000 Amount Outstanding $ — Interest Rate (Per Annum)(2) Adjusted 1M Term SOFR + 3.00% Fully Extended Anticipated Repayment Date(3) September 25, 2026 Liquidation Preference Shares OutstandingPerpetual Preferred Stock Series H 7.125% Cumulative Redeemable Perpetual Preferred Stock $ 209,870 8,395 Series I 7.15% Cumulative Redeemable Perpetual Preferred Stock 321,668 12,867 Series J 7.125% Cumulative Redeemable Perpetual Preferred Stock 290,361 11,614 Total Preferred Stock $ 821,899 32,876 (1) In Q2 2025, Class A-1 VFN maximum available liquidity was reduced from $300M to $100M, pursuant to its terms. (2) Adjusted 1-month term SOFR is equivalent to 1-month term SOFR plus 0.11448% (3) Incorporates a one-year extension option subject to 1) either rating agency confirmation and consent of VFN noteholders or DSCR exceeding 1.75x, 2) Class A-2 term notes rating not less than BBB-, and 3) other customary conditions. Extension requires a 0.05% extension fee. Extension exercised in July 2025 CAPITALIZATION36 ($ in thousands) 2025 2024 2023 Consolidated 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 GP Affiliated Investments DBP Series $ 533,397 $ 494,541 $ 496,004 $ 470,937 $ 452,604 $ 446,954 $ 446,423 $ 442,991 DataBank and Vantage SDC(1)(2) 640,000 623,070 682,047 679,335 674,900 940,854 931,004 434,666 Other Funds & Investments (InfraBridge, Core, Credit, Liquid, Ventures) 494,546 434,130 419,422 443,064 399,066 400,887 390,034 438,086 Total GP Affiliated Investments—Consolidated $ 1,667,943 $ 1,551,741 $ 1,597,473 $ 1,593,336 $ 1,526,570 $ 1,788,695 $ 1,767,461 $ 1,315,743 Operating Company Share GP Affiliated Investments DBP Series $ 401,722 $ 362,469 $ 363,984 $ 339,659 $ 321,917 $ 317,530 $ 313,829 $ 300,096 DataBank and Vantage SDC(1) 635,335 618,461 677,441 674,872 670,463 678,359 668,509 434,666 Other Funds & Investments (InfraBridge, Core, Credit, Liquid, Ventures) 389,337 347,665 334,962 362,675 356,055 369,170 364,879 334,818 Total GP Affiliated Investments—Net(3) $ 1,426,394 $ 1,328,595 $ 1,376,387 $ 1,377,206 $ 1,348,435 $ 1,365,059 $ 1,347,217 $ 1,069,580 (1) DBRG’s interest in DataBank and Vantage SDC are reflected as GP affiliated investments only upon deconsolidation of these portfolio companies in 3Q23 and4Q23, respectively, other than DBRG’s GP interest in an unconsolidated Vantage SDC fund which is reflected as a GP affiliate investment in all periods presented. (2) On a consolidated basis, GP affiliated investments reflected the interest of two consolidated Vantage SDC funds, including the fund limited partners’ interests, in 4Q23 and 1Q24, and reflect only DBRG’s interest in Vantage SDC beginning 2Q24 upon deconsolidation of these funds. (3) Presented at Operating Company level, net of noncontrolling interests. The latter represent limited partners of consolidated funds, a third-party participation interest and management interest in GP entities. GP AFFILIATED INVESTMENTS37 ($ in thousands) December 31, 2024 June 30, 2025 (Unaudited) Assets Cash and cash equivalents $ 302,154 $ 340,698 Restricted cash 4,144 4,323 Investments(1) 2,492,268 2,389,801 Goodwill 465,602 465,602 Intangible assets 72,460 61,099 Other assets 52,504 47,048 Due from affiliates 124,186 100,010 Total assets(2) $ 3,513,318 $ 3,408,581 Liabilities Debt $ 296,362 $ 297,992 Other liabilities(1) 725,766 659,761 Total liabilities(3) 1,022,128 957,753 Redeemable noncontrolling interests(4) 24,356 25,032 Stockholders’ equity 1,958,582 2,018,531 Noncontrolling interests in investment entities(4) 430,528 357,216 Noncontrolling interests in Operating Company 77,724 50,049 Total liabilities, redeemable noncontrolling interests and equity $ 3,513,318 $ 3,408,581 (1) At December 31, 2024 and June 30, 2025, included in investments is carried interest of $895 million and $722 million, respectively, while carried interest expense allocation of $493 million and $421 million, respectively, is included in other liabilities. (2) At December 31, 2024 and June 30, 2025, include assets held by consolidated funds: cash of $63 million and $65 million, respectively, investments of $146 million and $180 million, respectively, and other assets of $1 million at both periods. (3) Includes other liabilities of consolidated funds of $58 million at December 31, 2024 and $73 million at June 30, 2025. (4) Limited partners of consolidated funds represent all of redeemable noncontrolling interests and $64 million at December 31, 2024 and $49 million June 30, 2025 of noncontrolling interests in investment entities. Remaining noncontrolling interests in investment entities largely represent carried interest expense allocation and minority interest ownership in general partner entities attributed to management and participation interest by a third party investor. BALANCE SHEET38 2025 2024 2023 ($ in thousands) 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 Net income (loss) attributable to common stockholders $ 16,962 $ (878) $ (19,711) $ (883) $ 76,763 $ (44,288) $ 100,607 $ 261,828 Net income (loss) attributable to noncontrolling interests in Operating Company 1,082 (7) (1,355) (50) 5,426 (3,338) 7,627 19,918 Net income (loss) attributable to Operating Company 18,044 (885) (21,066) (933) 82,189 (47,626) 108,234 281,746 Adjustments: Transaction-related costs and non-core items(1) (4,982) 435 9,465 9,541 5,344 7,556 13,448 6,515 Other (gain) loss, net(2) (8,287) 667 (7,094) (47,906) (13,451) 6,463 2,592 (256,439) Unrealized principal investment income(3) (55,422) 29,847 4,389 (4,415) (6,322) (569) (92,079) (12,188) Unrealized carried interest, net of associated expense (allocation) reversal (4) 11,649 5,816 18,165 7,658 (75,065) 2,686 (48,338) (24,874) Equity-based compensation 10,873 7,711 (7) 8,828 17,641 9,214 9,796 14,340 Depreciation and amortization expense 8,585 7,226 8,215 8,227 8,097 9,167 9,104 9,319 Amortization of deferred financing costs, debt premiums and discounts 1,106 524 524 524 584 664 640 660 Preferred stock redemption (gain) loss — — — — — — — — Adjustments attributable to noncontrolling interests in investment entities(5) 1,462 (822) 651 30,647 (110) 557 2,753 (512) OP share of (income) loss from discontinued operations(6) (1,646) 4,185 6,661 (1,439) 722 14,120 11,781 14,051 Distributable Earnings (After Tax)(7) (18,618) 54,704 19,903 10,732 19,629 2,232 17,931 32,618 Realized principal investment income(8) 33,957 (34,907) (3,903) (2,129) (7,551) (2,301) (2,084) (1,994) Distributed carried interest and incentive fees subject to realization events, net of associated expense allocation(3) — (864) — — (186) (99) — (27,927) Interest, dividend and other income (3,369) (2,941) (4,127) (2,828) (3,094) (4,375) (5,806) (6,436) Interest expense and preferred dividends 18,093 18,010 18,088 18,245 17,177 19,162 19,184 19,261 Placement fee and other expenses 1,159 647 4,645 1,247 — 3,698 617 1,668 Income tax (benefit) expense 753 301 818 887 (7) 1,246 (3,921) 59 Start-up FRE — — — — — — 516 1,155 Fee Related Earnings(7) $ 31,975 $ 34,950 $ 35,424 $ 26,154 $ 25,968 $ 19,563 $ 26,437 $ 18,404 (1) Transaction-related costs are expenses incurred in connection with acquisitions and unconsummated deals. Non-core i tems primari ly include acquisition-related compensation and certain severance costs, as well as litigation and settlement-related matters. These costs are excluded from DE as they are related to discrete i tems, are not considered part of our ongoing operating cost structure, and are not reflectiv e of our core operating performance. (2) Comprises (i) all unrealized gains and losses; and (ii) realized gains and losses recorded by consol idated funds or associate d with non-core investments. (3) Unrealized principal investment income is presented net of a thi rd party participation interest, representing only the Operating Company's share. (4) Carried interest and incentive fees are presented net of expense al location or reversal , representing only the Operating Company's share. The expense component is included within compensation expense—incentive fees and carried interest allocation (reversal), other gain (loss), and net income (loss) attributable to noncontroll ing interests in investment enti ties on the GAAP income statement. (5) Adjustments attributable to noncontrolling interests in investment entities pertain to other gain (loss) attributed to limite d partners of consolidated funds. Allocation of: (i) unrealized carried interest to management and a third party participation interest; and (ii ) unreal ized principal investment income to a thi rd party participation interest, are netted against "unrealized carried interest, net of expense (allocation) reversal" and "unrealized principal investment income", respectively, for all periods presented (previously presented gross in "adjustments attributable to noncontrolling interests in investment entities" and recasted for periods prior to the second quarter of 2024 and first quarter of 2025, respectively). (6) OP share of discontinued operations represents primarily operating resul ts of portfol io companies consolidated in the former Operating segment prior to 2024, net of associated noncontroll ing interests in investment enti ties, and residual activities from the Company's former real estate business that had been disposed. (7) DE and FRE are presented at the Operating Company level, net of noncontroll ing interests. (8) DE included distributions from equity interest in a digital infrastructure portfolio company (in the Company's former Operating segment) prior to 2024. DISTRIBUTABLE EARNINGS & FEE RELATED EARNINGS39 2025 2024 2023 ($ in thousands) 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 FRE Fee Revenue GAAP Fee Revenue $ 85,262 $ 90,139 $ 101,551 $ 76,582 $ 78,605 $ 72,955 $ 74,009 $ 65,240 Consolidated Funds(1) 109 90 90 82 84 471 385 818 Incentive Fees(2) — — — — (1) (635) — — $ 85,371 $ 90,229 $ 101,641 $ 76,664 $ 78,688 $ 72,791 $ 74,394 $ 66,058 FRE Cash Compensation GAAP Compensation Expense—Cash and Equity-Based $ 47,002 $ 46,110 $ 35,550 $ 43,426 $ 51,661 $ 51,184 $ 49,748 $ 53,116 Equity-Based Compensation (10,725) (7,620) 7 (8,828) (17,641) (9,214) (9,795) (14,340) Compensation Expense—Incentive Fees Not Subject to Realization Event(2) 506 5 10,286 218 1,238 185 1,583 — Reimbursable Costs(3) (324) (309) (163) (135) (27) (372) (117) (667) Non-Core Items(4) — (90) (726) (907) 413 (4,890) (10,242) (3,793) $ 36,459 $ 38,096 $ 44,954 $ 33,774 $ 35,644 $ 36,893 $ 31,177 $ 34,316 FRE Administrative and Other Expenses GAAP Administrative and Other Expenses $ 11,440 $ 15,946 $ 36,974 $ 27,193 $ 26,508 $ 24,310 $ 27,244 $ 17,741 Placement Fees(5) (1,075) (675) (3,108) (250) — (3,698) (30) (15) Equity-Based Compensation (included in Administrative Expense) (148) (91) — — — — — — Reimbursable Costs(3) (2,267) (2,045) (3,707) (1,980) (3,284) (2,143) (6,178) (781) Non-Core Items(6) 8,987 4,048 (8,896) (8,227) (6,148) (2,134) (3,740) (2,452) $ 16,937 $ 17,183 $ 21,263 $ 16,736 $ 17,076 $ 16,335 $ 17,296 $ 14,493 (1) FRE is presented without giving effect to the elimination of fee revenue from consolidated funds to the extent such fees meet the definition of FRE. (2) Incentive fees earned and related compensation expense are included in FRE to the extent their performance trigger is not based upon realization events related to underlying fund investments, whereas all incentive fees earned and associated compensation expense are included in DE. (3) Reimbursable costs are presented as gross expense under GAAP but such expenses are netted against other income for purposes of FRE and DE presentation. (4) Non-core compensation items include primarily acquisition-related compensation and certain severance costs. (5) Placement fees are excluded from FRE but included in DE. (6) Non-core administrative items include primarily costs associated with certain litigation and settlement matters, including any related insurance recoveries. RECONCILIATIONS40 2025 2024 2023 ($ in thousands) 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 DE Realized Principal Investment Income GAAP Principal Investment Income $ 20,437 $ 5,307 $ 1,241 $ 9,955 $ 15,982 $ 2,845 $ 93,534 $ 17,943 Unrealized Principal Investment (Income) Loss (54,256) 29,731 3,930 (7,308) (7,813) (468) (93,534) (17,943) Noncontrolling Interests in Realized Principal Investment Income (138) (131) (1,268) (518) (618) (76) — — Other(1) — — — — — — 2,084 1,994 $ (33,957) $ 34,907 $ 3,903 $ 2,129 $ 7,551 $ 2,301 $ 2,084 $ 1,994 DE Realized Carried Interest and Incentive Fees Subject to Realization Events, Net of Associated Expense Allocation GAAP Carried Interest Allocation (Reversal) $ (115,074) $ (55,464) $ (45,717) $ (15,799) $ 288,244 $ (8,478) $ 169,686 $ 168,891 GAAP Compensation Expense—Incentive Fee and Carried Interest (Allocation) Reversal 43,372 22,304 18,592 8,474 (178,430) 6,714 (113,920) (72,865) (71,702) (33,160) (27,125) (7,325) 109,814 (1,764) 55,766 96,026 Unrealized Carried Interest (Allocation) Reversal 115,074 57,934 45,717 15,799 (288,126) 8,478 (169,686) (140,964) Compensation expense—Unrealized Carried Interest Allocation (Reversal) (43,878) (23,908) (28,878) (8,692) 177,272 (7,435) 112,337 72,865 Incentive Fee Revenue Subject to Realization Event(2) — — — — 1 635 — — Compensation Expense—Incentive Fee Not Subject to Realization Event(3) 506 5 10,286 218 1,238 185 1,583 — Noncontrolling Interests in Realized Carried Interest — (7) — — (13) — — — $ — $ 864 $ — $ — $ 186 $ 99 $ — $ 27,927 (1) Amounts in 2023 represent distributions from equity interest in a digital infrastructure portfolio company (in the Company's former Operating segment). (2) Incentive fees with a performance trigger based upon realization events of underlying fund investments are excluded from FRE but included in DE. (3) Compensation expense related to incentive fees with performance trigger not based upon realization events of underlying fund investments is already included in FRE. RECONCILIATIONS41 2025 2024 2023 ($ and shares in thousands) 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 FRE and DE Weighted Average Basic Shares and OP Units GAAP Weighted Average Basic Shares Outstanding 173,059 171,680 171,254 171,542 170,358 161,043 160,664 160,564 Weighted Average OP Units 11,269 11,919 11,986 12,200 12,291 12,338 12,376 12,376 Weighted Average Unvested Restricted Stock 4,169 3,288 3,248 3,164 3,267 2,841 2,906 2,934 188,497 186,887 186,488 186,906 185,916 176,222 175,946 175,874 GP Affiliated Investments—Consolidated Total Investments on Balance Sheet $ 2,389,801 $ 2,388,618 $ 2,492,268 $ 2,540,029 $ 2,517,653 $ 2,488,826 $ 2,476,093 $ 1,879,981 Accrued Carried Interest (721,545) (836,619) (894,553) (940,271) (956,069) (667,943) (676,421) (506,736) Non-Core Investments (313) (258) (242) (6,422) (35,014) (32,188) (32,211) (57,502) $ 1,667,943 $ 1,551,741 $ 1,597,473 $ 1,593,336 $ 1,526,570 $ 1,788,695 $ 1,767,461 $ 1,315,743 Net Accrued Carried Interest(1) Accrued Carried Interest $ 721,545 $ 836,619 $ 894,553 $ 940,271 $ 956,069 $ 667,943 $ 676,421 $ 506,736 Accrued Carried Interest Compensation and Other Liabilities (421,494) (466,149) (492,706) (522,320) (531,032) (349,008) (357,011) (243,328) Accrued Carried Interest Attributabe to Noncontrolling Interests (144,010) (202,780) (230,843) (234,565) (237,979) (206,943) (204,731) (197,066) $ 156,041 $ 167,690 $ 171,004 $ 183,386 $ 187,058 $ 111,992 $ 114,679 $ 66,342 (1) Represents the Operating Company’s share of accrued carried interest net of associated expense allocation and excludes carried interest realized but not yet distributed as of the reporting date. RECONCILIATIONS42 6 APPENDIX43 BaseCase Operation Capex per MW $10,000,000 a Equity Financing % 50% b Original Equity Invested $5,000,000 c (a*b) Pricing (Monthly $/Kw) $135.6 d Annual Revenue/MW $1,627,200 e (d*1,000*12) Incremental EBITDA Margin 50% f EBITDA/MW $813,600 g (e*f) EBITDA Multiple 20.0x h Market Value of Leased MW $16,272,000 i (g*h) Debt Repayment (principal+interest) $5,900,000 j ((a-c) + (a-c)*6%*3) Net Equity Value per MW $10,372,000 k (j-i) MOIC 2.1x l (k/c) Equity Profit per MW $5,372,000 m (k-c) Carry % (DBRG Profits Interest) 20% n Carry $ $1,074,400 o (m*n) DBRG Shareholder % of Carry 27% p DBRG Shareholder Value per MW $290,088 q (o*p) WHAT ABOUT A GIG? 1MW --> 1GW $290,088,000 r (q X 1,000) # of Shares (millions) 187.0 s DBRG $ Value/Share/GW $1.55 t (s/r) UNDERSTANDING THE VALUE OF A MW TO DBRG SHAREHOLDER Megawatts, Gigawatts…what does it mean to the DBRG shareholder?…our investments create embedded value. Simple analysis, using market- based assumptions, suggests substantial value creation for DBRG shareholders via carried interest… …$290K/MW turns into $290M in potential DBRG shareholder carry when you are building at Gigawatt scale like some of our platforms…representing potentially over $1.50 of value per share per GW. 1 Pricing assumes 50% Hyperscale @~$115/kw/mth, 25% enterprise @~180/kw/mth and 25% wholesale @~$130/kw/mth ; CBRE, GreenStreet, DBRG 2 Simple interest accrues @ 6% over 3 year build out and lease up period 3 Represents average DBRG flagship carried interest % 4 Represents blended average DBRG shareholder % of carried interest,~25% historical, 40% go -forward, per DBRG 2024 Investor Day 1 2 4 3 Illustrative Example Original Equity Invested of $5 million/MW turns into Net Equity Value of $10.4 million/MW by Year 3 Value creation accrues to DBRG shareholders via participation in carried interest At GW scale, significant potential for value creation Notably, analysis utilizes conservative incremental margins Note: The illustrative example detailed above is a hypothetical example designed to highlight the importance of incremental MW expansion at portfolio companies managed by DigitalBridge funds and is not intended to imply expected returns for DigitalBridge or any of its managed vehicles or portfolio companies. The assumptions used in the model are not indicative ofDBRG expectations, and DBRG makes no guarantee of any returns on such investments. Originally presented in 4Q24 Earnings Presentation44 This presentation contains the following non-GAAP financial measures attributable to the Operating Company: Fee Related Earnings (“FRE”) and Distributable Earnings (“DE”). FRE and DE are common metrics utilized in the investment management sector. We present FRE and DE at the Operating Company level, which is net of amounts attributed to noncontrolling interests, composed largely of the limited partners' share of our consolidated funds and Wafra's share of earnings attributed to our general partner interest in certain funds. For the same reasons, the Company believes these non-GAAP measures are useful to the Company’s investors and analysts. As we evaluate profitability based upon continuing operations, these non-GAAP measures exclude results from discontinued operations. We believe the non-GAAP financial measures of FRE and DE supplement and enhance the overall understanding of our underlying financial performance and trends, and facilitate comparison among current, past and future periods and to other companies in similar lines of business. We use FRE and DE in evaluating the Company’s ongoing business performance and in making operating decisions. For the same reasons, we believe FRE and DE are useful financial measures to the Company’s investors and analysts. These non-GAAP financial measures should be considered as a supplement to and not an alternative or in lieu of GAAP net income (loss) as measures of operating performance, or to cash flows from operating activities as indicators of liquidity. Our calculation of these non-GAAP measures may differ from methodologies utilized by other companies for similarly titled performance measures and, as a result, may not be fully comparable to those calculated by our peers. Fee-Related Earnings (“FRE”): Beginning in 2024, FRE is reported on a Company-wide basis, consistent with the entirety of the Company's business representing a single reportable segment. In prior periods, the Company had reported Investment Management FRE, which was an FRE measure specific to its previously reported Investment Management segment. The Investment Management segment previously bore only operating costs that were directly attributable or otherwise can be subjected to a reasonable and systematic attribution to the investment management business. Company-wide FRE includes all operating costs of the Company as a whole that fall within the definition of FRE. FRE is used to assess the extent to which direct base compensation and core operating expenses are covered by recurring fee revenues in our investment management business. FRE represents recurring fee revenue, including incentive fees that are not subject to realization events related to underlying fund investments, net of compensation and administrative expenses. Such expenses generally exclude non-cash equity-based compensation, carried interest compensation, and placement fee expense. Also, consistent with DE, FRE excludes non-core items, and presents costs reimbursable by our managed funds on a net basis (as opposed to a gross-up of other income and administrative expenses). Where applicable, FRE is adjusted for Start-Up FRE as defined below. Fee revenues earned from consolidated funds are eliminated in consolidation. However, because the fees are funded by and earned from third party investors in these consolidated funds who represent noncontrolling interests, our allocated share of net income from the consolidated funds is increased by the amount of fees that are eliminated. The elimination of these fees, therefore, does not affect net income (loss) attributable to DBRG. Accordingly, FRE is presented without giving effect to the elimination of fee revenue to the extent such fees meet the definition of FRE. FRE does not include distributed carried interest as these are not recurring revenues and are subject to variability given that they are dependent upon realization events related to underlying fund investments. Placement fees are also excluded from FRE as they are inconsistent in amount and frequency depending upon timing of fundraising for our funds. Other items excluded from FRE include realized principal investment income (loss); and interest, dividend and other income, all of which are not core to the investment management fee service business. To reflect a stabilized investment management business, FRE is further adjusted to exclude Start-Up FRE, where applicable. Start-Up FRE is FRE associated with new investment strategies that have 1) not yet held a first close raising FEEUM; or 2) not yet achieved break-even FRE only for investment products that may be terminated solely at the Company’s discretion. The Company regularly evaluates new investment strategies and exclude Start-Up FRE until such time a new strategy is determined to form part of the Company’s core investment management business. We believe that FRE is a useful measure to investors as it reflects the Company’s profitability based upon recurring fee streams that are not subject to realization events related to underlying fund investments, and without the effects of income taxes, leverage, non-cash expenses, income (loss) items that are unrealized and other items that may not be indicative of core operating results in an investment management fee service business. IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES45 Distributable Earnings (“DE”): DE generally represents net realized earnings of the Company and is an indicative measure used by the Company to assess ongoing operating performance and in making decisions related to distributions and reinvestments. Accordingly, we believe DE provides investors and analysts transparency into the measure of performance used by the Company in its decision making. DE is an after-tax measure that reflects the ongoing operating performance of the Company’s core business by including earnings that are realized and generally excluding non-cash expenses, other income (loss) items that are unrealized and items that may not be indicative of core operating results. Realized earnings included in DE are generally comprised of fee revenue, including all incentive fees, realized principal investment income (loss), distributed carried interest, interest and dividend income. Income (loss) on principal investments is realized generally when all or a portion of an investment is disposed, redeemed or repaid or if the Company no longer retains control, or when the Company receives income such as dividends, interest or other distributions of earnings. The following items are excluded from DE: transaction-related costs; non-core items; other gain (loss); unrealized principal investment income (loss); non-cash depreciation and amortization expense, non-cash impairment charges (if any); amortization of deferred financing costs, debt premiums and discounts; our share of unrealized carried interest allocation, net of associated expense; non-cash equity-based compensation costs; and preferred stock redemption gain (loss). Transaction-related costs are incurred in connection with acquisitions and costs of unconsummated transactions. Non-core items primarily include acquisition-related compensation and certain severance costs, as well as litigation and settlement-related matters, which are presented within compensation expense—cash and equity-based, administrative and other expenses, and other gain (loss), net on the GAAP income statement. These costs, along with certain other gain (loss) amounts, are excluded from DE as they are related to discrete items, are not considered part of our ongoing operating cost structure, and are not reflective of our core operating performance. Other items excluded from DE are generally non-cash in nature, including income (loss) items that are unrealized, or otherwise do not represent current or future cash obligations such as amortization of deferred financing costs. These items are excluded from DE as they do not contribute to the measurement of DE as a net realized earnings measure that is used in decision making related to distributions and reinvestments. Income taxes applied in the determination of DE generally represents GAAP income tax related to continued operations, and inc ludes the benefit of deductions available to the Company on certain expense items excluded from DE (for example, equity-based compensation). As the income tax benefit arising from these excluded expense items do affect actual income tax paid or payable by the Company in any one period, the Company believes their inclusion in DE is appropriate to more accurately reflect amounts available for distribution. IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES (CONTINUED)46 Assets Under Management (“AUM”) AUM represents the total capital for which we provide investment management services and general partner capital. AUM is gene rally composed of third party capital managed by the Company and its affiliates, including capital that is not yet fee earning, or not subject to fees and/or carried interest; and our general partner and general partner affiliate capital committed to our funds. AUM is largely based upon invested capital as of the reporting date, including capital funded through third party financing; and committed capital for funds in their commitment stage. Our AUM is not based upon any definition that may be set forth in the governing documents of our managed funds or other investment vehicles, and not calculated pursuant to any regulatory definition. Fee-Earning Equity Under Management (“FEEUM”) FEEUM represents the total capital managed by the Company and its affiliates that earns management fees and/or incentive fees or carried interest. FEEUM is generally based upon committed capital, invested capital, net asset value (“NAV“) or gross asset value (“GAV“), pursuant to the terms of each underlying investment management agreement. Fee Related Earnings Margin ("FRE Margin") FRE Margin % represents FRE divided by FRE fee revenue. GP Affiliated Investments GP Affiliated Investments represent principal investments in DBRG’s sponsored funds as general partner and as an affiliate of the general partner, and to a lesser extent, other investments associated with DBRG’s investment management business, including warehoused investments and CLO subordinated notes, but excluding carried interest allocation. Investments that are considered to be non-core to DBRG’s investment management business are excluded. Operating Company or OP DigitalBridge Operating Company, LLC, the operating partnership through which DBRG conducts all of its activities and holds substantially all of its assets and liabilities. OP share Represents the Company’s interest through the Operating Company and excludes redeemable noncontrolling interests and noncontrolling interests in investment entities. DEFINITIONS47
7 Aug 2025
8-K
Submission of Matters to Shareholder Vote
29 May 2025
8-K
1 EARNINGS PRESENTATION 1Q 2025 May 1, 20252 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of the federal securities laws, including statements relating to (i) our strategy, outlook and growth prospects, (ii) our operational and financial targets and (iii) general economic trends and trends in our industry and markets. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, and may cause the Company’s actual results to differ significantly from those expressed in any forward-looking statement. Factors that might cause such a difference include, without limitation, difficult market and political conditions, including those resulting from inflation, high interest rates, a general economic slowdown or a recession; our ability to raise capital from investors for our Company, our funds and the companies that we manage; the performance of our funds and investments relative to our expectations and the highly variable nature of our revenues, earnings and cash flow; our exposure to risks inherent in the ownership and operation of infrastructure and digital infrastructure assets, including our reliance on third-party suppliers to provide power, network connectivity and certain other services to our managed companies; our exposure to business risks in Europe, Asia, Latin America and other foreign markets; our ability to increase assets under management and expand our existing and new investment strategies while maintaining consistent standards and controls; our ability to appropriately manage conflicts of interest; our ability to expand into new investment strategies, geographic markets and businesses, including through acquisitions in the infrastructure and investment management industries; the impact of climate change and regulatory or societal efforts associated with environmental, social and governance matters; our ability to maintain effective information and cybersecurity policies, procedures and capabilities and the impact of any cybersecurity incident affecting our systems or network or the system and network of any of our managed companies or service providers; the ability of our portfolio companies to attract and retain key customers and to provide reliable services without disruption; any litigation and contractual claims against us and our affiliates, including potential settlement and litigation of such claims; our ability to obtain and maintain financing arrangements, including securitizations, on favorable or comparable terms or at all; the general volatility of the securities markets in which we participate; the market value of our assets and effects of hedging instruments on our assets; the impact of legislative, regulatory and competitive changes, including those related to privacy and data protection and new Securities and Exchange Commission (“SEC”) rules governing investment advisers; whether we will be able to utilize existing tax attributes to offset taxable income to the extent contemplated; our ability to maintain our exemption from registration as an investment company under the Investment Company Act of 1940, as amended; changes in our board of directors or management team, and availability of qualified personnel; our ability to make or maintain distributions to our stockholders; our understanding of and ability to successfully navigate the competitive landscape in which we and our managed companies operate; and other risks and uncertainties, including those detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 under the heading “Risk Factors,” as such factors may be updated from time to time in the Company’s subsequent periodic filings with the SEC. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Additional information about these and other factors can be found in the Company’s reports filed from time to time with the SEC. While the Company believes that the portfolio companies of its funds or investment vehicles will offer services to support companies engaged in artificial intelligence development and related products ("AI Technologies"), AI Technologies and their current and potential future applications, as well as the legal and regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of current or future technology needs and the risks related thereto. The risk exists that portfolio companies' current technology infrastructure, systems, or products may become obsolete or less competitive due to the emergence of new technologies, innovations, or industry standards. The Company cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. The Company is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so. This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company or any investment vehicle managed or advised thereby. This information is not intended to be indicative of future results. Actual performance of the Company may vary materially. The appendices herein contain important information that is material to an understanding of this presentation, including information regarding certain non-GAAP financial measures, and you should read this presentation only with and in context of the appendices.3 DBRG REPORTS FIRST QUARTER 2025 RESULTS Boca Raton, May 1st, 2025 - DigitalBridge Group, Inc. (NYSE: DBRG) and subsidiaries (collectively, “DigitalBridge,” or the “Company”) today announced financial results for the first quarter ended March 31, 2025. The Company reported first quarter 2025 total revenues of $45 million, GAAP net loss attributable to common stockholders of $1 million, or $0.01 per share, and Distributable Earnings of $55 million, or $0.29 per share. Common and Preferred Dividends On April 25, 2025, the Company’s Board of Directors declared a cash dividend of $0.01 per common share to be paid on July 15, 2025 to shareholders of record at the close of business on June 30, 2025; and declared cash dividends with respect to each series of the Company’s cumulative redeemable perpetual preferred stock in accordance with the terms of such series, as follows: Series H preferred stock: $0.4453125 per share; Series I preferred stock: $0.446875 per share; and Series J preferred stock: $0.4453125 per share, which will be paid on July 15, 2025 to the respective stockholders of record on July 10, 2025. First Quarter 2025 Conference Call The Company will conduct an earnings conference call and presentation to discuss the first quarter 2025 financial results on Thursday, May 1, 2025, at 8:00 a.m. Eastern Time (ET). The earnings presentation will be broadcast live over the Internet and a webcast link can be accessed on the Shareholders section of the Company’s website at ir.digitalbridge.com/events. To participate in the event by telephone, please dial (877) 407-4018 ten minutes prior to the start time (to allow time for registration). International callers should dial (201) 689-8471. For those unable to participate during the live call, a replay will be available starting May 1, 2025, at 12:00 p.m. ET. To access the replay, dial (844) 512-2921 (U.S.), and use conference ID 13751121. International callers should dial (412) 317-6671 and enter the same conference ID number. We’re pleased with the strong financial performance and fundraising we delivered in the first quarter. These results are consistent with our objectives for 2025 as well as our long-term goals to drive persistent double-digit revenue growth and expanding margins. We believe digital infrastructure is one of the most resilient, durable asset classes, positioning our portfolio to perform through market cycles, underpinned by the secular demand for ‘more, better, faster’ compute and connectivity. Marc Ganzi Chief Executive Officer “ ”4 (In thousands, except per share data, unaudited) 1Q24 1Q25 Revenues Fee revenue $ 72,955 $ 90,139 Carried interest allocation (8,478) (55,464) Principal investment income 2,845 5,307 Other income 7,071 5,465 Total revenues 74,393 45,447 Expenses Compensation expense—cash and equity-based 51,184 46,110 Compensation expense—incentive fee and carried interest allocation (6,714) (22,304) Administrative and other expenses 24,310 15,946 Interest expense 5,192 3,898 Transaction-related costs 760 4,421 Depreciation and amortization 9,167 7,226 Total expenses 83,899 55,297 Other income (loss) Other gain (loss), net (5,894) (519) Income (loss) from continuing operations before income taxes (15,400) (10,369) Income tax benefit (expense) (1,246) (301) Income (loss) from continuing operations (16,646) (10,670) Income (loss) from discontinued operations (14,120) (4,185) Net income (loss) (30,766) (14,855) Net income (loss) attributable to noncontrolling interests: Redeemable noncontrolling interests 733 (748) Investment entities 1,467 (27,882) Operating Company (3,338) (7) Net income (loss) attributable to DigitalBridge Group, Inc. (29,628) 13,782 Preferred stock dividends 14,660 14,660 Net income (loss) attributable to common stockholders $ (44,288) $ (878) Net income (loss) attributable to common stockholders per common share—basic $ (0.28) $ (0.01) Net income (loss) attributable to common stockholders per common share—diluted $ (0.28) $ (0.01) GAAP FINANCIAL RESULTS Net loss attributable to common stockholders was $0.9 million in Q1 2025, and $0.01 per share (basic and diluted)5 AGENDA BUSINESS UPDATESE CT IO N 1 FINANCIAL RESULTSSE CT IO N 2 EXECUTING THE DIGITAL PLAYBOOKSE CT IO N 36 1 BUSINESS UPDATE7 BUSINESS UPDATE (1) Inclusive of all capital committed to DigitalBridge managed investment vehicles, measured as of March 31, 2025. Strategic Growth Across Our Portfolio • DigitalBridge portfolio company Zayo announced $4.5 billion acquisition of Crown Castle Fiber business • Transaction will position Zayo to serve growing AI-led connectivity demand, particularly in key metro markets • Accretive transaction lowers effective entry multiple Strong Financial Performance with Solid Revenue and Earnings Growth • Fee Revenues of $90 million grew +24% YoY in 1Q25, supported by fundraising for DBP Flagship. • Fee-Related Earnings (FRE) of $35 million +79% YoY in 1Q25. • Continued margin improvement, supported by catch-up fee flow-through. $$$ DBRG delivered 1Q25 financial performance and fundraising in line with our objectives and continues to benefit from the resilience of digital infrastructure and its diversified portfolio Note: Readers should refer to the discussion in the Cautionary Statement Regarding Forward-Looking Statements section at the beginning of this presentation. There is no guarantee that margins will expand as expected. Diversification is not a guarantee against risk of loss. New capital formation of $1.2b in 1Q25 • Led by continuing commitments to our flagship DBP III of $0.8 billion representing 72% of total. INVESTSCALE FUNDRAISE INVEST FUNDRAISE SCALE - DBRG $0.8 DBP Series Co-Invest Core, Credit, Liquid 1Q 2025(1) Average Fee Rate of >1% DBP $1.2 billion8 LONG-TERM DBRG OUTLOOK ON CURRENT MACRO ENVIRONMENT SHORT-TERM IMPACT Current macro conditions have both short- and long-term implications, while also bringing into focus the resilience and durability of the DBRG business model and digital infrastructure sector TRADE POLICY/ TARIFFS FINANCIAL MARKET VOLATILITY Impact on Investment Decisions Supply Chain M&A Activity Access to Capital Markets Customers pause to assess impacts Supply chain – DC build cost potentially +3-7% (assuming 10-20% tariffs) PORTCO New Businesses / CAPEX DBRG FUNDRAISING LP decision making delays De-minimus, activity subject to steady, long-term contracts Infrastructure is inflation- protected asset class Existing Businesses PORTCO DBRG FUNDRAISING Ability to highlight asset class resilience, attracts capital through cycles Durable DBRG business model…. We believe will generate YoY earnings growth even in fully de-risked scenario Long duration contracts protect businesses...this is why investors like digital infra Secular demand…Need for more compute and connectivity Digital services not a ‘trade deficit issue’ like imported goods DBRG portcos have opportunity to differentiate and highlight benefits of scale + experience Similar challenges have been addressed before in covid, financial crisis, etc. New Businesses / CAPEX Existing Businesses9 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Private Equity Private Credit Private Infrastructure Private Real Estate Global Bonds Global Equities Annualized Return Volatility (LHS) Asset Class Performance Relative to Volatility(1) (2004 – 2023) INFRASTRUCTURE HAS PROVEN TO BE A RESILIENT ASSET CLASS Performance across market cycles, including during periods of macro uncertainty, combined with lower volatility and an uncorrelated profile make the infrastructure asset class highly attractive to LPs. BUILT IN PROTECTION AGAINST PERIODS OF LOW GROWTH Contracted, long-term cash flows, protect against periods of low growth. ATTRACTIVE LOW VOL/ HIGH RETURN PROFILE INFRASTRUCUTURE IS AN UNCORRELATED ASSET CLASS Inelastic/contracted demand profile stabilizes cash flows even during downturns. 0.30 -0.01 -1.00 -0.50 0.00 0.50 1.00 Listed Infrastructure Earnings Growth(2) Stocks Bonds Low Correlation to Stocks & Bonds (2006-2024) Source: Preqin, FactSet, S&P Cap IQ Global Equities Earnings Growth(2) (1) Data as at 12/30/2023. Private Real Estate modeled using the Cambridge Associates Real Estate Index. Private Infrastructure modeled using the Cambridge Associates Infrastructure Index. Private Equity modeled using the Cambridge Associates Private Equity Index. Private Credit modeled using the Cliffwater Direct Lending Index. Source: KKR GBR. (2) Source: CBRE Investment Management as of 11/30/2023. Listed Infrastructure and Global Equities is represented by the FTSE Global Core Infrastructure 50/50 Index and the ACWI ETF, respectively, as of 11/30/2023 Private infrastructure offers relatively low volatility without sacrificing returns, even in low growth cycles. Av er ag e An nu al R et ur n 8.7% 8.4% 7.7% 7.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2021 2022 2023 2024 46.1% 2.1% 0.0% 10.6% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 2021 2022 2023 202410 60 70 80 90 100 110 120 130 January-25 February-25 March-25 April-25 S&P 500 MS AI Index Towers Data Centers Digital REIT THE BENEFITS OF A DIVERSIFIED PORTFOLIO Even public markets reflect the defensive, lower vol performance of a diversified digital infrastructure portfolio, with a large cap Towers+Data Centers portfolio ‘up for the year’, widely outperforming the broader market and AI-centric indices 1) As of December 2024. Sources: TowerXchange Q4 2024 Tower League Table (excluding China) and Company websites as of December 2024, reflecting: Altius (Summit Digitel) 257,000, American Tower 149,000+, Cellnex Telecom 110,162, DigitalBridge 96,000+, Crown Castle 40,000, SBA Communications 38,082. 2) As of December 2024, proforma for Yondr acquisition. Completion of the acquisition of Yondr by a DigitalBridge managed fund remains subject to satisfaction of customary conditions precedent, and there can be no assurance that the transaction will be completed in the timeframe anticipated or at all. Sources: Company websites and Data Center Map as of December 2024, reflecting: Digital Realty 300+ data centers; Equinix 260+ data centers; DigitalBridge global data center portco count 200+ data centers; NTT Data Centers 150+; Iron Mountain 30+ data centers; CoreSite 30+ data centers. Ranking based on DigitalBridge internal analysis. +18% -6% -11% -21% S&P 500 +6% + IN D EX T O 12 /3 1/ 24 Global Data Center Platforms Data Centers Markets 7 200+ 90+ 16GW Global Secured Power DBRG TOWERS DBRG DATA CENTERS Tower Companies Globally Active Sites CountriesTotal Owned and Master Lease Tower Sites 10 500K+ 96K+ 15+ Top 4 Independent Global Tower Portfolio(1) Top 3 Data Center Provider in the World(2) Source: Bloomberg; Towers: AMT, CCI, SBAC, Data Centers: DLR, EQIX, Digital REIT: AMT, CCI, DLR, EQIX, SBAC Note: An investment in DBRG is not a direct investment in any of our portfolio companies Note: Diversification is not a guarantee against risk of loss.11 INVEST – ZAYO ANNOUNCED ACQUISTION OF CCI FIBER BUSINESS DigitalBridge continues to support the strategic growth of its portfolio platforms. Crown Castle’s metro-focused fiber network is highly complementary to Zayo’s long-haul fiber network Dec 2021 Mar 2025 DBRG & EQT led acquisition of Crown Castle Fiber business MARCH 2025* $4.5B Fiber Acquisition Strategic Rationale • Serve customers - expansion in key markets • Support growing AI and Cloud workloads from training (high-bandwidth) to inference (high-speed, low-latency) • Accretive transaction lowers entry multiple Highly complementary footprint including key metros: Chicago, LA, Silicon Valley, Atlanta and Mid-Atlantic Region. A transformative acquisition adding +40% in fiber mileage, enhancing Zayo’s ability to serve AI and cloud demand.” Adding approximately 90,000 route miles of fiber to Zayo’s network and increasing its overall reach to more than 70,000 on-net locations. Zayo 147,000 ROUTE MILES OF FIBER CCI 90,000 ROUTE MILES OF FIBER TOTAL FOOTPRINT 237,000+ ROUTE MILES OF FIBER *Date Announced Zayo Group includes Zayo North America, Zayo Europe, and Zayo Global Reach Completion of the transaction remains subject to satisfaction of customary conditions precedent, and there can be no assurance that the acquisition will be completed in the timeframe anticipated or at all.12 2 FINANCIAL UPDATE13 FIRST QUARTER 2025 HIGHLIGHTS Financial Highlights Fee Revenue $90.2 million in 1Q25, up 24% year-over-year (including $12.0 million of catch-up fees). Driven primarily by new capital formation in our DBP series of funds. Fee Related Earnings $35.0 million in 1Q25, up 79% year-over-year, consistent with our 2025 guidance. Distributable Earnings $54.7 million in 1Q25, up $52.5 million year-over-year, due to 1Q25 DataBank principal investment realization. Capital Metrics Fee Earning Equity Under Management (FEEUM) $37.3 billion, up 15% year-over-year, increased $4.8 billion year-over-year and $1.8 billion over prior quarter. New Capital Formation $1.2 billion during 1Q25 Driven by commitments to the latest DBP series, co-investments, and credit strategy. Corporate Liquidity $201 million of available corporate cash as of March 31, 2025. Full availability of $300 million revolver. Capital Allocation Funded $9.0 million of GP commitments in 1Q25. Common stock dividend of $0.01 per share declared for the quarter. Unless otherwise denoted as GAAP financial results, reference to Fee Revenue throughout this presentation refers to FRE Fee Revenue.14 $0.6 $0.8 $0.1 $0.1 $0.4 $0.2 FEEUM GROWTH DRIVEN BY ORGANIC FUNDRAISING Fee-Earning Equity Under Management (FEEUM) increased $4.8B, or 15% YoY, to $37.3B as of March 31, 2025, driven by organic capital formation from Co-Invest and the latest DBP flagship, offsetting a stepdown from “Committed” to “Invested” capital at InfraBridge. DBP Series Co-Invest Separately Capitalized Portcos Core, Liquid, Credit NEW CAPITAL FORMATIONFEEUM InfraBridge +15% YoY Growth ($ in Billions) ($ in Billions) (1) Inclusive of all capital committed to DigitalBridge managed investment vehicles, measured as of March 31, 2024 and March 31, 2025, respectively. 1Q25(1) $1.2 1Q24(1) $1.1 +2% 4Q24 1Q251Q24 $13.1 $15.9 $16.7 $9.9 $11.5 $12.3 $5.1 $3.7 $3.7 $1.5 $1.2 $1.2 $2.9 $3.2 $3.4 $32.5 $35.5 $37.315 NON-GAAP FINANCIAL RESULTS ($ in millions) 1Q24 1Q25 % Change YOY 1Q24 LTM 1Q25 LTM % Change YOY Fee Revenue(1) $72.8 $90.2 +24 % $279.8 $347.2 +24 % Cash Compensation(1) (36.9) (38.1) +3 % (134.3) (152.5) +14 % Administrative and Other Expenses(1) (16.3) (17.1) +5 % (59.5) (72.2) +21 % Fee Related Earnings ("FRE")(2) $19.6 $35.0 +79% $86.0 $122.5 +42% Realized Carried Interest and Incentive Fees, net(3) 0.1 0.9 +773 % 28.0 1.1 (96) % Realized Principal Investment Income (Loss) 2.3 34.9 +1,417 % 8.5 48.5 +473 % Other Income (Expense)(4) 0.6 2.2 +239 % 13.2 6.4 (51) % Interest Expense and Preferred Dividends (19.2) (18.0) (6)% (77.2) (71.5) (7)% Income Tax Benefit (Expense) (1.2) (0.3) (76) % (0.2) (2.0) +1,198 % Distributable Earnings ("DE")(2) $2.2 $54.7 +2,351 % $58.3 $105.0 +80% FRE Margin 27% 39% 31% 35% FRE Per Basic Share $0.11 $0.19 $0.49 $0.66 After-tax DE Per Basic Share $0.01 $0.29 $0.33 $0.56 (1) Amounts determined based upon the definition of FRE and therefore, differ from those presented in GAAP financial results. (2) FRE and DE are presented at the Operating Company level, which is net of amounts attributed to noncontrolling interests. (3) Presented net of expense allocations and includes incentive fees subject to realization events. (4) Other Income (Expense) includes: interest, dividend and other income, and placement fees and other expenses • Fee Revenues of $90.2 million, including $12.0 million in catch-up fees • Fee Related Earnings of $35.0 million in Q1 2025, with FRE margin at 39%, benefitting from 100% flow-through on catch up fees.16 Carried Interest ($ in millions) 1Q24 1Q25 % Change YOY 1Q24 LTM 1Q25 LTM % Change YOY Unrealized Carried Interest Allocation (Reversal) ($8.5) ($58.0) 583 % $381.5 $168.7 (56) % Realized Carried Interest Allocation — 2.5 n/a 27.9 2.6 (91) % Carried Interest – Revenue (as reported on GAAP Income Statement) (8.5) (55.5) 554 % 409.4 171.3 (58) % Unrealized Carried Interest Expense (Allocation) Reversal 5.8 52.1 800 % (300.9) (125.2) (58) % Realized Carried Interest Expense (Allocation) Reversal — (1.6) n/a (0.3) (1.7) 452 % Carried Interest Expense (Allocation) Reversal(2) 5.8 50.5 772 % (301.2) (126.9) (58) % Carried Interest Allocation (Reversal), Net ($2.7) ($5.0) 84% $108.2 $44.4 (59)% Principal Investment Income ($ in millions) 1Q24 1Q25 % Change YOY 1Q24 LTM 1Q25 LTM % Change YOY Unrealized Principal Investment Income (Loss) $0.5 ($29.7) n/a $142.4 ($18.5) (113) % Realized Principal Investment Income 2.3 35.0 1374 % 2.3 51.0 2047 % Principal Investment Income (as reported on GAAP Income Statement) 2.8 5.3 87 % 144.7 32.5 (78) % Unrealized Minority Interest Allocation 0.2 (0.1) n/a (14.1) (5.2) (63) % Realized Minority Interest Allocation (0.1) (0.1) 68 % (0.1) (2.5) 3150 % Principal Investment Income Minority Interest Allocation 0.1 (0.2) n/a (14.2) (7.7) (46) % Principal Investment Income (Loss), Net $2.9 $5.1 76% $130.5 $24.8 (81)% (1) Carried interest reversal is a function of continuing accrual of preferred returns over time at a higher rate than the fair value increase on underlying fund investments for certain limited partners. (2) Represents carried interest expense allocation presented within Compensation expense—incentive fee and carried interest allocation (reversal), Other gain (loss) and Net income (loss) attributable to noncontrolling interests—investment entities on GAAP income statement. Excludes compensation expense associated with incentive fee income. CARRIED INTEREST & PRINCIPAL INVESTMENT INCOME • Realized net carried interest of $0.9 million, including unrealized, nets to a reversal of $5.0 million in Q1 2025(1) • Realized net principal investment income of $34.9 million, including unrealized, nets to $5.1 million in Q1 202517 DBRG FINANCIAL PROFILE & FEEUM PROGRESSION Management Fee Revenue and FRE continue to step higher, driven by FEEUM growth on the back of new capital formation and FEEUM activation LTM Fee Revenue LTM FRE ($ in Billions) 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Beginning Period Balance $27.7 $29.1 $29.9 $32.8 $32.5 $32.7 $34.1 $35.5 Inflows 1.4 1.1 4.1 1.4 1.2 1.6 3.2 2.0 Outflows/Realizations (0.1) (0.2) (1.4) (1.6) (1.0) (0.3) (1.6) (0.3) Market Fluctuations 0.0 (0.1) 0.1 (0.0) (0.1) 0.1 (0.1) 0.1 End of Period Balance $29.1 $29.9 $32.8 $32.5 $32.7 $34.1 $35.5 $37.3 LTM Fee Revenue and FRE Profile(1) FEEUM Roll-forward (1) Latest twelve-month period calculated at Operating Company Share $214M $238M $267M $280M $292M $303M $330M $347M $51M $63M $82M $86M $90M $98M $107M $122M 1Q254Q243Q242Q241Q244Q233Q23 35% 32%32%31%31%31%27%24% 2Q2318 Key Corporate Assets Key Corporate Liabilities ($ in millions) 3/31/2025 GP Affiliated Investments(1) DBP Series $362 DataBank and Vantage SDC 619 Other Funds & Investments 348 (Credit, Core, InfraBridge, Liquid, Ventures) Total GP Affiliated Investments(1) $1,329 Available Corporate Cash(2) 201 Key Corporate Assets $1,530 ($ in millions) 3/31/2025 Blended Avg. Cost (Per Annum) Corporate Debt Securitized Notes $300 3.9 % Revolver (VFN; $300M Available) — n/a Total Corporate Debt $300 3.9 % Preferred Stock $822 7.1 % Key Corporate Liabilities $1,122 (1) Presented at the Operating Company level, net of minority interests. (2) Available corporate cash generally represents cash at the Operating Company after allocating cash for certain compensatory liabilities, and excludes cash held at subsidiaries of the Operating Company, including cash maintained to satisfy regulatory capital requirements in applicable foreign jurisdictions. BALANCE SHEET PROFILE19 3 EXECUTING THE DIGITAL PLAYBOOK20 DIGITALBRIDGE CREDIT: OUR STRATEGY IN FOCUS Fundraise Pipeline stands at ~100 accounts; DBRG has closed $650M in commitments to DBC Fund 2 Close Loans in Near Term Pipeline DBRG has closed 4 loans through Apr-25, our goal is to build up to $2.0B in new loans Expand Team and Talent Continue to recruit and retain top private credit talent Use SMAs to Scale AUM / Loan Book Focus on DBRG’s global network of LPs to co-underwrite loans and close new SMAs to onboard commitments to our loan book and program Continue to Build ‘Top of Funnel’ Pipeline Strong pipeline totals over 90 discrete opportunities $13.0 billion KEY INITIATIVES Business Unit Goal is to Grow Loan AUM up to $2B in 2025 Note: There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Readers should refer to the discussion in the Cautionary Statement Regarding Forward- Looking Statements section at the beginning of this presentation. The Company undertakes no obligation to provide updated projections on a quarterly or other basis.21 INVEST – DBRG CREDIT PLATFORM SCALING WITH DEPLOYMENTS DBRG PIPELINE The DigitalBridge Credit platform continues to scale, activating capital in proprietary opportunities across a large and growing addressable market. CREDIT OPPORTUNITY • Providing financial sponsors with skill capital that leverages the DBRG ecosystem • Check sizes between $50M -$1B • Full spectrum credit solutions: first lien, senior secured debt to preferred equity $50M-$1B DEAL SIZE RANGESINVESTMENT STRATEGY ~$65B TAM ~$13B Estimated weighted par amount, actionable in the next 12-18 months $500M Debt Facility Date: Transaction closed on April 18 Profile: One of the largest pure-play fiber providers in the Midwest and Southwest U.S., serves over 45 communities across Nebraska, Colorado, Arizona, Missouri, Iowa, and Kansas. Investment Characteristics: Strong recurring revenues base and low churn favorable competitive dynamics strong and experienced management team sponsor with a lengthy track record of executing Proceeds: Refinancing and growth capex towards new fiber builds. Founded in 2003, the company is a regional leader in fiber-optic connectivity, delivering high-speed communications and entertainment Note: DBRG Credit does not expect to invest in the full number of actionable pipeline opportunities; opportunities will be evaluated on a case-by-case basis.22 Robb Kalkstein Fund Accounting EXPERIENCED TEAM DEDICATED TO DBRG CREDIT DIGITALBRIDGE CREDIT INVESTMENT MANAGEMENT LEVERAGING PRIVATE EQUITY SECTOR EXPERTISE Geneviève Maltais-Boisvert Managing Director Manjari Govada Managing Director Jon Mauck Senior Managing Director DATA CENTERS ADDITIONAL INVESTMENT SUPPORT Kristen Whealon Chief Compliance Officer Jonathan Friesel Managing Director FIBER & SMALL CELLS Geoffrey Goldschein Chief Legal Officer & Secretary Dean Criares Managing Director Head of Credit Joshua Parrish Managing Director, Structuring & Underwriting H.K. Hallett Principal Structuring & Underwriting Michael Zupon Co-Chair of Investment Committee Chris Moon Managing Director Origination Francisco Sorrentino Chief People Officer Tiara Tingle Senior Associate Structuring & Underwriting, Origination Hannah Lopez Associate Structuring & Underwriting 30+ OPERATING PARTNERS AND SENIOR ADVISORS ~30 AVERAGE YEARS OF INDUSTRY EXPERIENCE Horace Zona Managing Director Origination The Digital Bridge Credit Team is a deeply experienced and has execution capabilities to scale the business unit 20+ years of originating digital infra loans The team has managed over $25B in AUM across 40+ investment vehicles23 2025 CEO PRIORITIES CEO 2025 Checklist FUNDRAISE $40B+ of FEEUM Finalize flagship DBP Series and Credit fundraisings Launch new digital energy and data center strategies Develop and launch our second ‘private wealth’ offering INVEST - PORTFOLIO Deploy $18B+ Support the next phase of AI buildout, edge and rest-of-network SCALE-DBRG Double digit revenue growth Continue expanding margins SUPPORT THE ACCELERATING GROWTH OF AI, CLOUD, AND MOBILE INVEST FUNDRAISE SCALE - DBRG24 4 Q&A SESSION25 5 SUPPLEMENTAL FINANCIAL DATA26 SUMMARY FINANCIAL METRICS 2025 2024 2023 ($ and shares in thousands, except per share data and as noted) 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 GAAP Results GAAP Fee revenue $ 90,139 $ 101,551 $ 76,582 $ 78,605 $ 72,955 $ 74,009 $ 65,240 $ 65,742 Net income (loss) attributable to common stockholders (878) (19,711) (883) 76,763 (44,288) 100,607 261,828 (22,411) Net income (loss) attributable to common stockholders per basic share(1) (0.01) (0.12) (0.01) 0.44 (0.28) 0.61 1.60 (0.14) Common dividend per share 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Non-GAAP Results Fee Related Earnings ("FRE") Fee Revenue(2) $ 90,229 $ 101,641 $ 76,664 $ 78,688 $ 72,791 $ 74,394 $ 66,058 $ 66,598 Fee Related Earnings(3) 34,950 35,424 26,154 25,968 19,563 26,437 18,404 21,607 FRE per basic share 0.19 0.19 0.14 0.14 0.11 0.15 0.10 0.12 Distributable Earnings ("DE")(3) 54,704 19,903 10,732 19,629 2,232 17,931 32,618 5,503 DE per basic share 0.29 0.11 0.06 0.11 0.01 0.10 0.19 0.03 Fee Earning Equity Under Management ("FEEUM") (in billions) $ 37.3 $ 35.5 $ 34.1 $ 32.7 $ 32.5 $ 32.8 $ 29.9 $ 29.1 Balance Sheet and Capitalization Total assets $ 3,439,028 $ 3,513,318 $ 3,542,947 $ 3,502,420 $ 3,463,816 $ 3,562,550 $ 6,872,091 $ 10,757,065 Total debt principal(4) 300,000 300,000 300,000 300,000 372,422 378,422 383,082 404,222 Available corporate cash 201,310 139,950 126,760 127,260 112,948 175,195 230,300 204,508 Perpetual Preferred Equity, $25 per share liquidation preference 821,899 821,899 821,899 821,899 821,899 821,899 821,899 821,899 Share Count FRE and DE weighted average basic shares and OP units(5) 186,887 186,488 186,906 185,916 176,222 175,946 175,874 173,636 Diluted shares and OP units outstanding at period end(5) 188,594 186,979 188,040 187,218 187,998 186,406 185,943 185,506 (1) For purpose of calculating net income (loss) attributable to common stockholders per basic share, net income (loss) attributable to common stockholders is adjusted to deduct dividends attributed to unvested restricted stock and deferred stock units and divided by GAAP weighted average basic shares, which represent the weighted average number of class A and class B common stock outstanding during the respective quarters. (2) FRE fee revenue represents recurring fee revenue, including incentive fees, that are not subject to realization events related to underlying fund investments, and does not give effect to elimination of fee revenue from consolidated funds. (3) FRE and DE are presented at the Operating Company level, net of noncontrolling interests. (4) For all periods presented, total debt principal excludes $300 million of undrawn VFN borrowing availability. (5) FRE and DE weighted average basic shares and OP units are used to calculate FRE per basic share and DE per basic share, representing the GAAP weighted average basic shares outstanding, plus weighted average unvested restricted stock and OP units outstanding during the respective quarters. Diluted shares and OP units outstanding at period end represent the same shares and units outstanding at respective quarter ends (not a weighted average), adjusted to include the effect of potentially dilutive share equivalents which are common stock issuable in connection with performance stock units, in-the-money warrants and, prior to their exchange/redemption in Q2 2024, exchangeable senior notes.27 FEEUM, FEE RELATED EARNINGS & DISTRIBUTABLE EARNINGS 3/31/25 Blended Fee Rate 2025 2024 2023 ($ in millions) 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 DigitalBridge Partners I (DBP I) 1.10% $ 3,587 $ 3,587 $ 3,650 $ 3,677 $ 3,687 $ 3,571 $ 3,345 $ 3,311 DigitalBridge Partners II (DBP II) 1.18% 6,986 6,985 6,568 6,269 6,219 6,687 7,996 7,996 DigitalBridge Partners III (DBP III) 1.17% 6,177 5,348 4,530 3,973 3,230 2,671 — — Co-Investment Vehicles 0.46% 12,264 11,539 10,049 9,547 9,863 9,646 8,519 7,990 InfraBridge 1.11% 3,740 3,685 5,051 5,159 5,117 5,121 5,083 5,112 Core, Credit and Liquid Strategies 0.65% 3,371 3,179 3,047 2,862 2,895 2,703 2,591 2,383 Separately Capitalized Portfolio Companies 0.81% 1,172 1,173 1,191 1,174 1,520 2,372 2,402 2,267 Fee Earning Equity Under Management (FEEUM) 0.87% $ 37,297 $ 35,496 $ 34,086 $ 32,661 $ 32,531 $ 32,771 $ 29,936 $ 29,059 ($ in thousands) Fee revenue(1) $ 90,229 $ 101,641 $ 76,664 $ 78,688 $ 72,791 $ 74,394 $ 66,058 $ 66,598 Cash compensation(1) (38,096) (44,954) (33,774) (35,644) (36,893) (31,177) (34,316) (31,882) Administrative and other expenses(1) (17,183) (21,263) (16,736) (17,076) (16,335) (17,296) (14,493) (14,274) Start-Up FRE — — — — — 516 1,155 1,165 Fee Related Earnings(2)(3) 34,950 35,424 26,154 25,968 19,563 26,437 18,404 21,607 Realized principal investment income(4) 34,907 3,903 2,129 7,551 2,301 2,084 1,994 2,087 Distributed carried interest and incentive fees subject to realization events, net of associated expense allocation 864 — — 186 99 — 27,927 — Interest, dividend and other income 2,941 4,127 2,828 3,094 4,375 5,806 6,436 10,720 Interest expense and preferred dividends (18,010) (18,088) (18,245) (17,177) (19,162) (19,184) (19,261) (19,592) Placement fee and other expenses (647) (4,645) (1,247) — (3,698) (617) (1,668) (5,384) Income tax benefit (expense) (301) (818) (887) 7 (1,246) 3,921 (59) (2,770) Start-up FRE — — — — — (516) (1,155) (1,165) Distributable Earnings(3) $ 54,704 $ 19,903 $ 10,732 $ 19,629 $ 2,232 $ 17,931 $ 32,618 $ 5,503 (1) These amounts are determined based upon the definition of FRE and therefore, differ from those presented in GAAP financial results. (2) Beginning in 2024, FRE is reported on a Company-wide basis, consistent with the entirety of the Company’s business representing a single reportable segment. In prior periods, the Company had reported Investment Management FRE, which was an FRE measure specific to its previously reported Investment Management segment. The Investment Management segment previously bore only operating costs that were directly attributable or otherwise can be subjected to a reasonable and systematic attribution to the Investment Management segment. Company-wide FRE includes all operating costs of the Company as a whole that fall within the definition of FRE. (3) FRE and DE are presented at the Operating Company level, net of noncontrolling interests. (4) DE included distributions from equity interest in a digital infrastructure portfolio company (in the Company's former Operating segment) prior to 2024.28 Certain performance metrics for our key investment funds from inception through March 31, 2025 are presented in the table below. Excluded are funds with less than one year of performance history as of March 31, 2025, funds and separately managed accounts in the liquid strategy, co-investment vehicles and separately capitalized portfolio companies. The historical performance of our funds is not indicative of their future performance nor indicative of the performance of our other existing funds or of any of our future funds. An investment in DBRG is not an investment in any of our funds and these fund performance metrics are not indicative of the performance of DBRG. ($ in millions, as of March 31, 2025) Inception Date (2) Total Commitments Invested Capital (3) Available Capital (4) Investment Value MOIC (8) (10) IRR (9) (10) Fund (1) Unrealized (5) Realized (6) Total (7) Gross Net Gross Net Value-Add DBP I Mar-2018 $ 4,059 $ 4,825 $ 206 $ 6,245 $ 1,417 $ 7,662 1.6x 1.4x 13.1% 9.5% DBP II Nov-2020 8,286 7,732 920 9,662 825 10,487 1.4x 1.2x 11.5% 8.1% Core SAF Nov-2022 1,110 951 148 1,027 23 1,050 1.1x 1.1x 5.8% 3.5% InfraBridge GIF I Mar-2015 1,411 1,504 388 1,241 1,130 2,371 1.6x 1.4x 8.3% 6.4% GIF II Jun-2018 3,382 3,154 28 2,239 301 2,540 0.8x 0.7x <0% <0% Credit Credit I Dec-2022 697 543 338 396 208 604 1.1x 1.1x 10.6% 6.9% (1) Performance metrics are presented in aggregate for main fund vehicle, its parallel vehicles and alternative investment vehicles. (2) Inception date represents first close date of the fund, except for Credit I which is the first capital call date. The manager/general partner of the InfraBridge funds were acquired in February 2023. (3) Invested capital represents the original cost and subsequent fundings to investments. Invested capital includes financing costs and investment related expenses which are capitalized. With respect to InfraBridge funds, such costs are expensed during the period and excluded from their determination of invested capital. (4) Available capital represents unfunded commitments, including recallable capital. (5) Unrealized value represents total fair value of investments, net of outstanding balance under the fund’s credit facility, if any. (6) Realized value represents proceeds from dispositions that have closed and all earnings from both realized and unrealized investments, including interest, dividend and ticking fees. (7) Total value is the sum of unrealized fair value and realized value of investments. (8) Total gross multiple of invested capital ("MOIC") is calculated as the limited partners' portion of the fair value of unrealized investments, net of outstanding balance funded through the fund's credit facility, if any, plus any accrued but unpaid interest and coupon payments received, and limited partner realized distributions gross of general partner carried interest, divided by total limited partner contributions, without giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). Total net MOIC is calculated as the limited partners' portion of the fund's NAV plus limited partner realized distributions net of carried interest, divided by total limited partner contributions, after giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). MOIC calculations exclude capital not subject to fees and/or carried interest, including general partner and general partner affiliate capital. MOICs are calculated at the fund level and do not reflect MOICs at the individual investor level. (9) Gross internal rate of return ("IRR") represents annualized money-weighted return on invested capital based upon total value of limited partner contributions, that is limited partner realized distributions and limited partner unrealized NAV (based upon fair value of unrealized investments), without giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized).Gross IRR is calculated from the date of first capital call from limited partners (and therefore taking into account the use of any credit facility at the fund level) through the date of limited partner distributions for realized investments. For funds with unrealized investments, gross IRR uses a liquidating distribution equal to the limited partners' portion of the fair value of unrealized investments, net of outstanding amounts funded through the fund's credit facility, if any. Gross IRR is calculated at the fund level and does not reflect gross IRR of any individual investor due to timing of investor level inflows and outflows, among other factors. Net IRR is gross IRR after giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). Net IRR is calculated at the total fee-paying limited partner level and based upon the timing and amount of fee-paying third party limited partner inflows and outflows, and excludes capital not subject to fees and/or carried interest, including the portion of capital attributable to the general partner and general partner affiliate. As fees may vary by individual investor, net IRR does not represent the return of any individual investor. With respect to funds that have utilized borrowings from a credit facility to fund portfolio investments, organization expenses, partnership expenses, management fees, or other amounts in lieu of calling capital from limited partners for such purposes, gross and net IRR of the fund differs from what the IRR would have been if such borrowings or financings had not been utilized. Because IRR is calculated based on the actual dates of capital contributions from, and distributions to, limited partners (rather than based on the timing of when investments were made, for example), the use of such borrowings and financings in lieu or in advance of calling capital delays capital contributions from limited partners, generally resulting in higher IRRs than if such borrowings or financings had not been utilized and capital was called earlier from limited partners.. (10) Our funds generally permit us to recycle certain capital distributed to limited partners during certain time periods. The exclusion of recycled capital generally causes invested and realized amounts to be lower and MOICs to be higher than had recycled capital been included. FUND PERFORMANCE29 ($ and shares in thousands, as of March 31, 2025) Securitized Notes - Class A-2 Term Notes Amount Outstanding $ 300,000 Interest Rate (Per Annum) 3.933 % Anticipated Repayment Date September 25, 2026 Kroll Rating BBB Revolver - Class A-1 Variable Funding Notes Maximum Available $ 300,000 Amount Outstanding $ — Interest Rate (Per Annum)(1) Adjusted 1M Term SOFR + 3.00% Fully Extended Anticipated Repayment Date(2) September 25, 2026 Liquidation Preference Shares OutstandingPerpetual Preferred Stock Series H 7.125% Cumulative Redeemable Perpetual Preferred Stock $ 209,870 8,395 Series I 7.15% Cumulative Redeemable Perpetual Preferred Stock 321,668 12,867 Series J 7.125% Cumulative Redeemable Perpetual Preferred Stock 290,361 11,614 Total Preferred Stock $ 821,899 32,876 (1) Adjusted 1-month term SOFR is equivalent to 1-month term SOFR plus 0.11448%. (2) Incorporates a one-year extension option subject to 1) either rating agency confirmation and consent of VFN noteholders or DSCR exceeding 1.75x, 2) Class A-2 term notes rating not less than BBB-, and 3) other customary conditions. Extension requires a 0.05% extension fee. CAPITALIZATION30 ($ in thousands) 2025 2024 2023 Consolidated 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 GP Affiliated Investments DBP Series $ 494,541 $ 496,004 $ 470,937 $ 452,604 $ 446,954 $ 446,423 $ 442,991 $ 427,188 DataBank and Vantage SDC(1)(2) 623,070 682,047 679,335 674,900 940,854 931,004 434,666 204 Other Funds & Investments (InfraBridge, Core, Credit, Liquid, Ventures) 434,130 419,422 443,064 399,066 400,887 390,034 438,086 431,511 Total GP Affiliated Investments—Consolidated $ 1,551,741 $ 1,597,473 $ 1,593,336 $ 1,526,570 $ 1,788,695 $ 1,767,461 $ 1,315,743 $ 858,903 Operating Company Share GP Affiliated Investments DBP Series $ 362,469 $ 363,984 $ 339,659 $ 321,917 $ 317,530 $ 313,829 $ 300,096 $ 290,782 DataBank and Vantage SDC(1) 618,461 677,441 674,872 670,463 678,359 668,509 434,666 204 Other Funds & Investments (InfraBridge, Core, Credit, Liquid, Ventures) 347,665 334,962 362,675 356,055 369,170 364,879 334,818 332,222 Total GP Affiliated Investments—Net(3) $ 1,328,595 $ 1,376,387 $ 1,377,206 $ 1,348,435 $ 1,365,059 $ 1,347,217 $ 1,069,580 $ 623,208 GP AFFILIATED INVESTMENTS (1) DBRG’s interest in DataBank and Vantage SDC are reflected as GP affiliated investments only upon deconsolidation of these portfolio companies in 3Q23 and 4Q23, respectively, other than DBRG’s GP interest in an unconsolidated Vantage SDC fund which is reflected as a GP affiliate investment in all periods presented. (2) On a consolidated basis, GP affiliated investments reflected the interest of two consolidated Vantage SDC funds, including the fund limited partners’ interests, in 4Q23 and 1Q24, and reflect only DBRG’s interest in Vantage SDC beginning 2Q24 upon deconsolidation of these funds. (3) Presented at Operating Company level, net of noncontrolling interests. The latter represent limited partners of consolidated funds, a third-party participation interest and management interest in GP entities.31 ($ in thousands) December 31, 2024 March 31, 2025 (Unaudited) Assets Cash and cash equivalents $ 302,154 $ 349,912 Restricted cash 4,144 4,194 Investments(1) 2,492,268 2,388,618 Goodwill 465,602 465,602 Intangible assets 72,460 66,531 Other assets 52,504 57,385 Due from affiliates 124,186 106,786 Total assets(2) $ 3,513,318 $ 3,439,028 Liabilities Debt $ 296,362 $ 296,886 Other liabilities(1) 725,766 677,377 Total liabilities(3) 1,022,128 974,263 Redeemable noncontrolling interests(4) 24,356 24,100 Stockholders’ equity 1,958,582 1,960,767 Noncontrolling interests in investment entities(4) 430,528 402,780 Noncontrolling interests in Operating Company 77,724 77,118 Total liabilities, redeemable noncontrolling interests and equity $ 3,513,318 $ 3,439,028 (1) Included in investments is carried interest of $895 million and $837 million while carried interest expense allocation of $487 million and $461 million is included in other liabilities at December 31, 2024 and March 31, 2025, respectively. (2) Includes assets held by consolidated funds: cash of $63 million and $64 million, investments of $146 million and $150 million and other assets of $1 million at both December 31, 2024 and March 31, 2025. (3) Includes other liabilities of consolidated funds of $58 million and $65 million at December 31, 2024 and March 31, 2025, respectively. (4) Limited partners of consolidated funds represent all of redeemable noncontrolling interests and $49 million of noncontrolling interests in investment entities at both December 31, 2024 and March 31, 2025. Remaining noncontrolling interests in investment entities largely represent carried interest expense allocation and minority interest ownership in general partner entities attributed to management and participation interest by a third party investor. BALANCE SHEET32 DISTRIBUTABLE EARNINGS & FEE RELATED EARNINGS 2025 2024 2023 ($ in thousands) 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 Net income (loss) attributable to common stockholders $ (878) $ (19,711) $ (883) $ 76,763 $ (44,288) $ 100,607 $ 261,828 $ (22,411) Net income (loss) attributable to noncontrolling interests in Operating Company (7) (1,355) (50) 5,426 (3,338) 7,627 19,918 (1,745) Net income (loss) attributable to Operating Company (885) (21,066) (933) 82,189 (47,626) 108,234 281,746 (24,156) Adjustments: Transaction-related costs and non-core items(1) 435 9,465 9,541 5,344 7,556 13,448 6,515 6,611 Other (gain) loss, net(2) 667 (7,094) (47,906) (13,451) 6,463 2,592 (256,439) 11,739 Unrealized principal investment income(3) 29,847 4,389 (4,415) (6,322) (569) (92,079) (12,188) (25,081) Unrealized carried interest, net of associated expense (allocation) reversal(4) 5,816 18,165 7,658 (75,065) 2,686 (48,338) (24,874) (9,974) Equity-based compensation 7,711 (7) 8,828 17,641 9,214 9,796 14,340 20,691 Depreciation and amortization expense 7,226 8,215 8,227 8,097 9,167 9,104 9,319 11,353 Amortization of deferred financing costs, debt premiums and discounts 524 524 524 584 664 640 660 690 Preferred stock redemption (gain) loss — — — — — — — (927) Adjustments attributable to noncontrolling interests in investment entities(5) (822) 651 30,647 (110) 557 2,753 (512) (1,248) OP share of (income) loss from discontinued operations(6) 4,185 6,661 (1,439) 722 14,120 11,781 14,051 15,805 Distributable Earnings (After Tax)(7) 54,704 19,903 10,732 19,629 2,232 17,931 32,618 5,503 Realized principal investment income(8) (34,907) (3,903) (2,129) (7,551) (2,301) (2,084) (1,994) (2,087) Distributed carried interest and incentive fees subject to realization events, net of associated expense allocation(3) (864) — — (186) (99) — (27,927) — Interest, dividend and other income (2,941) (4,127) (2,828) (3,094) (4,375) (5,806) (6,436) (10,720) Interest expense and preferred dividends 18,010 18,088 18,245 17,177 19,162 19,184 19,261 19,592 Placement fee and other expenses 647 4,645 1,247 — 3,698 617 1,668 5,384 Income tax (benefit) expense 301 818 887 (7) 1,246 (3,921) 59 2,770 Start-up FRE — — — — — 516 1,155 1,165 Fee Related Earnings(7) $ 34,950 $ 35,424 $ 26,154 $ 25,968 $ 19,563 $ 26,437 $ 18,404 $ 21,607 (1) Transaction-related costs are expenses incurred in connection with acquisitions and unconsummated deals. Non-core items primarily include acquisition-related compensation and certain severance costs, as well as litigation and settlement-related matters. These costs are excluded from DE as they are related to discrete items, are not considered part of our ongoing operating cost structure, and are not reflective of our core operating performance. (2) Comprises (i) all unrealized gains and losses; and (ii) realized gains and losses recorded by consolidated funds or associated with non-core investments. (3) Unrealized principal investment income is presented net of a third party participation interest. (4) Carried interest and incentive fees are presented net of expense allocation or reversal. The expense component is included within compensation expense—incentive fees and carried interest allocation (reversal), other gain (loss), and net income (loss) attributable to noncontrolling interests in investment entities on the GAAP income statement. (5) Adjustments attributable to noncontrolling interests in investment entities pertain to other gain (loss) attributed to limited partners of consolidated funds. Allocation of: (i) unrealized carried interest to management and a third party participation interest; and (ii) unrealized principal investment income to a third party participation interest, are netted against "unrealized carried interest, net of expense (allocation) reversal" and "unrealized principal investment income", respectively, for all periods presented (previously presented gross in "adjustments attributable to noncontrolling interests in investment entities" and recasted for periods prior to the second quarter of 2024 and first quarter of 2025, respectively). (6) OP share of discontinued operations represents primarily operating results of portfolio companies consolidated in the former Operating segment prior to 2024, net of associated noncontrolling interests in investment entities, and residual activities from the Company's former real estate business that had been disposed. (7) DE and FRE are presented at the Operating Company level, net of noncontrolling interests. (8) DE included distributions from equity interest in a digital infrastructure portfolio company (in the Company's former Operating segment) prior to 2024.33 2025 2024 2023 ($ in thousands) 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 FRE Fee Revenue GAAP Fee Revenue $ 90,139 $ 101,551 $ 76,582 $ 78,605 $ 72,955 $ 74,009 $ 65,240 $ 65,742 Consolidated Funds(1) 90 90 82 84 471 385 818 856 Incentive Fees(2) — — — (1) (635) — — — $ 90,229 $ 101,641 $ 76,664 $ 78,688 $ 72,791 $ 74,394 $ 66,058 $ 66,598 FRE Cash Compensation GAAP Compensation Expense—Cash and Equity-Based $ 46,110 $ 35,550 $ 43,426 $ 51,661 $ 51,184 $ 49,748 $ 53,116 $ 56,557 Equity-Based Compensation (7,620) 7 (8,828) (17,641) (9,214) (9,795) (14,340) (20,691) Compensation Expense—Incentive Fees Not Subject to Realization Event(2) 5 10,286 218 1,238 185 1,583 — 619 Reimbursable Costs(3) (309) (163) (135) (27) (372) (117) (667) (253) Non-Core Items(4) (90) (726) (907) 413 (4,890) (10,242) (3,793) (4,350) $ 38,096 $ 44,954 $ 33,774 $ 35,644 $ 36,893 $ 31,177 $ 34,316 $ 31,882 FRE Administrative and Other Expenses GAAP Administrative and Other Expenses $ 15,946 $ 36,974 $ 27,193 $ 26,508 $ 24,310 $ 27,244 $ 17,741 $ 21,505 Placement Fees(5) (675) (3,108) (250) — (3,698) (30) (15) (3,653) Equity-Based Compensation (included in Administrative Expense) (91) — — — — — — (228) Reimbursable Costs(3) (2,045) (3,707) (1,980) (3,284) (2,143) (6,178) (781) (1,139) Non-Core Items(6) 4,048 (8,896) (8,227) (6,148) (2,134) (3,740) (2,452) (2,211) $ 17,183 $ 21,263 $ 16,736 $ 17,076 $ 16,335 $ 17,296 $ 14,493 $ 14,274 (1) FRE is presented without giving effect to the elimination of fee revenue from consolidated funds to the extent such fees meet the definition of FRE. (2) Incentive fees earned and related compensation expense are included in FRE to the extent their performance trigger is not based upon realization events related to underlying fund investments, whereas all incentive fees earned and associated compensation expense are included in DE. (3) Reimbursable costs are presented as gross expense under GAAP but such expenses are netted against other income for purposes of FRE and DE presentation. (4) Non-core compensation items include primarily acquisition-related compensation and certain severance costs. (5) Placement fees are excluded from FRE but included in DE. (6) Non-core administrative items include primarily costs associated with certain litigation and settlement matters, including any related insurance recoveries. RECONCILIATIONS34 2025 2024 2023 ($ in thousands) 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 DE Realized Principal Investment Income GAAP Principal Investment Income $ 5,307 $ 1,241 $ 9,955 $ 15,982 $ 2,845 $ 93,534 $ 17,943 $ 30,409 Unrealized Principal Investment (Income) Loss 29,731 3,930 (7,308) (7,813) (468) (93,534) (17,943) (30,409) Noncontrolling Interests in Realized Principal Investment Income (131) (1,268) (518) (618) (76) — — — Other(1) — — — — — 2,084 1,994 2,087 $ 34,907 $ 3,903 $ 2,129 $ 7,551 $ 2,301 $ 2,084 $ 1,994 $ 2,087 DE Realized Carried Interest and Incentive Fees Subject to Realization Events, Net of Associated Expense Allocation GAAP Carried Interest Allocation (Reversal) $ (55,464) $ (45,717) $ (15,799) $ 288,244 $ (8,478) $ 169,686 $ 168,891 $ 79,254 GAAP Compensation Expense—Incentive Fee and Carried Interest (Allocation) Reversal 22,304 18,592 8,474 (178,430) 6,714 (113,920) (72,865) (36,076) (33,160) (27,125) (7,325) 109,814 (1,764) 55,766 96,026 43,178 Unrealized Carried Interest (Allocation) Reversal 57,934 45,717 15,799 (288,126) 8,478 (169,686) (140,964) (79,254) Compensation expense—Unrealized Carried Interest Allocation (Reversal) (23,908) (28,878) (8,692) 177,272 (7,435) 112,337 72,865 35,457 Incentive Fee Revenue Subject to Realization Event(2) — — — 1 635 — — — Compensation Expense—Incentive Fee Not Subject to Realization Event(3) 5 10,286 218 1,238 185 1,583 — 619 Noncontrolling Interests in Realized Carried Interest (7) — — (13) — — — — $ 864 $ — $ — $ 186 $ 99 $ — $ 27,927 $ — (1) Amounts in 2023 represent distributions from equity interest in a digital infrastructure portfolio company (in the Company's former Operating segment). (2) Incentive fees with a performance trigger based upon realization events of underlying fund investments are excluded from FRE but included in DE. (3) Compensation expense related to incentive fees with performance trigger not based upon realization events of underlying fund investments is already included in FRE. RECONCILIATIONS35 2025 2024 2023 (shares in thousands) 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 FRE and DE Weighted Average Basic Shares and OP Units GAAP Weighted Average Basic Shares Outstanding 171,680 171,254 171,542 170,358 161,043 160,664 160,564 158,089 Weighted Average OP Units 11,919 11,986 12,200 12,291 12,338 12,376 12,376 12,543 Weighted Average Unvested Restricted Stock 3,288 3,248 3,164 3,267 2,841 2,906 2,934 3,004 186,887 186,488 186,906 185,916 176,222 175,946 175,874 173,636 ($ in thousands) GP Affiliated Investments—Consolidated Total Investments on Balance Sheet $ 2,388,618 $ 2,492,268 $ 2,540,029 $ 2,517,653 $ 2,488,826 $ 2,476,093 $ 1,879,981 $ 1,288,877 Accrued Carried Interest (836,619) (894,553) (940,271) (956,069) (667,943) (676,421) (506,736) (365,771) Non-Core Investments (258) (242) (6,422) (35,014) (32,188) (32,211) (57,502) (64,203) $ 1,551,741 $ 1,597,473 $ 1,593,336 $ 1,526,570 $ 1,788,695 $ 1,767,461 $ 1,315,743 $ 858,903 ($ in thousands) Net Accrued Carried Interest(1) Accrued Carried Interest $ 836,619 $ 894,553 $ 940,271 $ 956,069 $ 667,943 $ 676,421 $ 506,736 $ 365,771 Accrued Carried Interest Compensation and Other Liabilities (466,149) (492,706) (522,320) (531,032) (349,008) (357,011) (243,328) (169,675) Accrued Carried Interest Attributabe to Noncontrolling Interests (202,780) (230,843) (234,565) (237,979) (206,943) (204,731) (197,066) (154,627) $ 167,690 $ 171,004 $ 183,386 $ 187,058 $ 111,992 $ 114,679 $ 66,342 $ 41,469 (1) Represents the Operating Company’s share of accrued carried interest net of associated expense allocation and excludes carried interest realized but not yet distributed as of the reporting date. RECONCILIATIONS36 6 APPENDIX37 IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES This presentation contains the following non-GAAP financial measures attributable to the Operating Company: Fee Related Earnings (“FRE”) and Distributable Earnings (“DE”). FRE and DE are common metrics utilized in the investment management sector. We present FRE and DE at the Operating Company level, which is net of amounts attributed to noncontrolling interests, composed largely of the limited partners' share of our consolidated funds and Wafra's share of earnings attributed to our general partner interest in certain funds. For the same reasons, the Company believes these non-GAAP measures are useful to the Company’s investors and analysts. As we evaluate profitability based upon continuing operations, these non-GAAP measures exclude results from discontinued operations. We believe the non-GAAP financial measures of FRE and DE supplement and enhance the overall understanding of our underlying financial performance and trends, and facilitate comparison among current, past and future periods and to other companies in similar lines of business. We use FRE and DE in evaluating the Company’s ongoing business performance and in making operating decisions. For the same reasons, we believe FRE and DE are useful financial measures to the Company’s investors and analysts. These non-GAAP financial measures should be considered as a supplement to and not an alternative or in lieu of GAAP net income (loss) as measures of operating performance, or to cash flows from operating activities as indicators of liquidity. Our calculation of these non-GAAP measures may differ from methodologies utilized by other companies for similarly titled performance measures and, as a result, may not be fully comparable to those calculated by our peers. Fee-Related Earnings (“FRE”): Beginning in 2024, FRE is reported on a Company-wide basis, consistent with the entirety of the Company's business representing a single reportable segment. In prior periods, the Company had reported Investment Management FRE, which was an FRE measure specific to its previously reported Investment Management segment. The Investment Management segment previously bore only operating costs that were directly attributable or otherwise can be subjected to a reasonable and systematic attribution to the investment management business. Company-wide FRE includes all operating costs of the Company as a whole that fall within the definition of FRE. FRE is used to assess the extent to which direct base compensation and core operating expenses are covered by recurring fee revenues in our investment management business. FRE represents recurring fee revenue, including incentive fees that are not subject to realization events related to underlying fund investments, net of compensation and administrative expenses. Such expenses generally exclude non-cash equity-based compensation, carried interest compensation, and placement fee expense. Also, consistent with DE, FRE excludes non-core items, and presents costs reimbursable by our managed funds on a net basis (as opposed to a gross-up of other income and administrative expenses). Where applicable, FRE is adjusted for Start-Up FRE as defined below. Fee revenues earned from consolidated funds are eliminated in consolidation. However, because the fees are funded by and earned from third party investors in these consolidated funds who represent noncontrolling interests, our allocated share of net income from the consolidated funds is increased by the amount of fees that are eliminated. The elimination of these fees, therefore, does not affect net income (loss) attributable to DBRG. Accordingly, FRE is presented without giving effect to the elimination of fee revenue to the extent such fees meet the definition of FRE. FRE does not include distributed carried interest as these are not recurring revenues and are subject to variability given that they are dependent upon realization events related to underlying fund investments. Placement fees are also excluded from FRE as they are inconsistent in amount and frequency depending upon timing of fundraising for our funds. Other items excluded from FRE include realized principal investment income (loss); and interest, dividend and other income, all of which are not core to the investment management fee service business. To reflect a stabilized investment management business, FRE is further adjusted to exclude Start-Up FRE, where applicable. Start-Up FRE is FRE associated with new investment strategies that have 1) not yet held a first close raising FEEUM; or 2) not yet achieved break-even FRE only for investment products that may be terminated solely at the Company’s discretion. The Company regularly evaluates new investment strategies and exclude Start-Up FRE until such time a new strategy is determined to form part of the Company’s core investment management business. We believe that FRE is a useful measure to investors as it reflects the Company’s profitability based upon recurring fee streams that are not subject to realization events related to underlying fund investments, and without the effects of income taxes, leverage, non-cash expenses, income (loss) items that are unrealized and other items that may not be indicative of core operating results in an investment management fee service business.38 IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES (CONTINUED) Distributable Earnings (“DE”): DE generally represents net realized earnings of the Company and is an indicative measure used by the Company to assess ongoing operating performance and in making decisions related to distributions and reinvestments. Accordingly, we believe DE provides investors and analysts transparency into the measure of performance used by the Company in its decision making. DE is an after-tax measure that reflects the ongoing operating performance of the Company’s core business by including earnings that are realized and generally excluding non-cash expenses, other income (loss) items that are unrealized and items that may not be indicative of core operating results. Realized earnings included in DE are generally comprised of fee revenue, including all incentive fees, realized principal investment income (loss), distributed carried interest, interest and dividend income. Income (loss) on principal investments is realized when the Company redeems all or a portion of its investment or when the Company receives or is due income such as dividends, interest or distributions of earnings. The following items are excluded from DE: transaction-related costs; non-core items; other gain (loss); unrealized principal investment income (loss); non-cash depreciation and amortization expense, non-cash impairment charges (if any); amortization of deferred financing costs, debt premiums and discounts; our share of unrealized carried interest allocation, net of associated expense; non-cash equity-based compensation costs; and preferred stock redemption gain (loss). Transaction-related costs are incurred in connection with acquisitions and costs of unconsummated transactions. Non-core items primarily include acquisition-related compensation and certain severance costs, as well as litigation and settlement-related matters, which are presented within compensation expense—cash and equity-based, administrative and other expenses, and other gain (loss), net on the GAAP income statement. These costs, along with certain other gain (loss) amounts, are excluded from DE as they are related to discrete items, are not considered part of our ongoing operating cost structure, and are not reflective of our core operating performance. Other items excluded from DE are generally non-cash in nature, including income (loss) items that are unrealized, or otherwise do not represent current or future cash obligations such as amortization of deferred financing costs. These items are excluded from DE as they do not contribute to the measurement of DE as a net realized earnings measure that is used in decision making related to distributions and reinvestments. Income taxes applied in the determination of DE generally represents GAAP income tax related to continued operations, and includes the benefit of deductions available to the Company on certain expense items excluded from DE (for example, equity-based compensation). As the income tax benefit arising from these excluded expense items do affect actual income tax paid or payable by the Company in any one period, the Company believes their inclusion in DE is appropriate to more accurately reflect amounts available for distribution.39 DEFINITIONS Assets Under Management (“AUM”) AUM represents the total capital for which we provide investment management services and general partner capital. AUM is generally composed of third party capital managed by the Company and its affiliates, including capital that is not yet fee earning, or not subject to fees and/or carried interest; and our general partner and general partner affiliate capital committed to our funds. AUM is largely based upon invested capital as of the reporting date, including capital funded through third party financing; and committed capital for funds in their commitment stage. Our AUM is not based upon any definition that may be set forth in the governing documents of our managed funds or other investment vehicles, and not calculated pursuant to any regulatory definition. Fee-Earning Equity Under Management (“FEEUM”) FEEUM represents the total capital managed by the Company and its affiliates that earns management fees and/or incentive fees or carried interest. FEEUM is generally based upon committed capital, invested capital, net asset value (“NAV“) or gross asset value (“GAV“), pursuant to the terms of each underlying investment management agreement. Fee Related Earnings Margin ("FRE Margin") FRE Margin % represents FRE divided by FRE fee revenue. GP Affiliated Investments GP Affiliated Investments represent principal investments in DBRG’s sponsored funds as general partner and as an affiliate of the general partner, and to a lesser extent, other investments associated with DBRG’s investment management business, including warehoused investments and CLO subordinated notes, but excluding carried interest allocation. Investments that are considered to be non-core to DBRG’s investment management business are excluded. Operating Company or OP DigitalBridge Operating Company, LLC, the operating partnership through which DBRG conducts all of its activities and holds substantially all of its assets and liabilities. OP share Represents the Company’s interest through the Operating Company and excludes redeemable noncontrolling interests and noncontrolling interests in investment entities.40
1 May 2025
8-K
123456789101112131415161718192021222324252627282930313233343536373839404142434445464748
20 Feb 2025
Insider Ownership
(503)
Expand
3
Initial statement of beneficial ownership
13 Oct
3
Initial statement of beneficial ownership
13 Oct
3
Initial statement of beneficial ownership
13 Oct
4
Statement of changes in beneficial ownership
2 Oct
4
Statement of changes in beneficial ownership
2 Oct
4
Statement of changes in beneficial ownership
2 Oct
4
Statement of changes in beneficial ownership
2 Oct
4
Statement of changes in beneficial ownership
2 Oct
4
Statement of changes in beneficial ownership
2 Oct
4
Statement of changes in beneficial ownership
2 Oct
4
Statement of changes in beneficial ownership
2 Oct
4
Statement of changes in beneficial ownership
2 Oct
4
Statement of changes in beneficial ownership
2 Oct
4
Statement of changes in beneficial ownership
2 Oct
4
Statement of changes in beneficial ownership
2 Oct
Beneficial Ownership
(81)
Expand
SC 13G/A
DigitalBridge Group, Inc.
13 Aug
SC 13G
DigitalBridge Group, Inc.
29 Apr
SC 13G/A
DigitalBridge Group, Inc.
27 Apr
SC 13G
DigitalBridge Group, Inc.
27 Mar
SC 13G/A
DigitalBridge Group, Inc.
26 Mar
SC 13G
DigitalBridge Group, Inc.
17 Feb
SC 13G/A
DigitalBridge Group, Inc.
17 Feb
SC 13G
DigitalBridge Group, Inc.
11 Feb
SC 13G/A
DigitalBridge Group, Inc.
13 Aug 2025
SC 13G
DigitalBridge Group, Inc.
15 May 2025
SC 13G
DigitalBridge Group, Inc.
14 Nov 2024
SC 13G/A
DigitalBridge Group, Inc.
12 Nov 2024
SC 13G/A
DigitalBridge Group, Inc.
4 Nov 2024
SC 13D
Blade Air Mobility, Inc.
12 Jul 2024
SC 13G/A
DigitalBridge Group, Inc.
6 Mar 2024
Other Ownership
(31)
Expand
13F-HR
Quarterly report (institutional investment manager holdings)
14 Aug
13F-HR
Quarterly report (institutional investment manager holdings)
14 May
13F-HR
Quarterly report (institutional investment manager holdings)
12 Feb
13F-HR
Quarterly report (institutional investment manager holdings)
18 Nov 2025
13F-HR
Quarterly report (institutional investment manager holdings)
13 Aug 2025
13F-HR
Quarterly report (institutional investment manager holdings)
15 May 2025
13F-HR/A
Quarterly report (institutional investment manager holdings, amendment)
19 Feb 2025
13F-HR
Quarterly report (institutional investment manager holdings)
13 Feb 2025
13F-HR
Quarterly report (institutional investment manager holdings)
12 Nov 2024
13F-HR
Quarterly report (institutional investment manager holdings)
14 Aug 2024
13F-HR
Quarterly report (institutional investment manager holdings)
13 May 2024
13F-HR
Quarterly report (institutional investment manager holdings)
9 Feb 2024
13F-HR/A
Quarterly report (institutional investment manager holdings, amendment)
6 Dec 2023
13F-HR/A
Quarterly report (institutional investment manager holdings, amendment)
6 Dec 2023
13F-HR
Quarterly report (institutional investment manager holdings)
13 Nov 2023
Proxies
(42)
Expand
N-PX
Annual report of proxy voting record
21 Aug
ARS
Annual report to security holders
28 Apr
DEF 14A
Definitive proxy statement
27 Apr
DEFM14A
Definitive proxy statement (merger)
24 Mar
PREM14A
Preliminary proxy statement (merger)
6 Mar
DEFA14A
Definitive additional materials
30 Dec 2025
DEFA14A
Definitive additional materials
30 Dec 2025
DEFA14A
Definitive additional materials
29 Dec 2025
DEFA14A
Definitive additional materials
29 Dec 2025
DEFA14A
Definitive additional materials
29 Dec 2025
DEFA14A
Definitive additional materials
29 Dec 2025
N-PX
Annual report of proxy voting record
18 Aug 2025
ARS
Annual report to security holders
18 Apr 2025
DEF 14A
Definitive proxy statement
17 Apr 2025
N-PX
Annual report of proxy voting record
22 Aug 2024
Registrations
(66)
Expand
15-12G
Notice of suspension of duty to file
23 Oct
15-12G
Notice of suspension of duty to file
13 Oct
S-8 POS
Post-effective amendment (employee benefit plan)
30 Sep
S-8 POS
Post-effective amendment (employee benefit plan)
30 Sep
S-8 POS
Post-effective amendment (employee benefit plan)
30 Sep
S-8 POS
Post-effective amendment (employee benefit plan)
30 Sep
S-8 POS
Post-effective amendment (employee benefit plan)
30 Sep
S-8 POS
Post-effective amendment (employee benefit plan)
30 Sep
S-8 POS
Post-effective amendment (employee benefit plan)
30 Sep
S-8 POS
Post-effective amendment (employee benefit plan)
30 Sep
25-NSE
Notification of removal from listing
30 Sep
S-8
Registration statement (employee benefit plan)
29 May
S-8
Registration statement (employee benefit plan)
29 Apr 2024
424B7
Prospectus filing (Rule 424(b)(7))
22 Apr 2024
424B3
Prospectus filing (Rule 424(b)(3))
5 Apr 2023
Filing Review Correspondence
(13)
Expand
CORRESP
Filing review correspondence
30 Nov 2023
CORRESP
Filing review correspondence
12 Sep 2023
CORRESP
Filing review correspondence
1 Jul 2021
CORRESP
Filing review correspondence
2 Sep 2020
CORRESP
Filing review correspondence
31 Dec 2019
UPLOAD
Filing review upload
3 Dec 2019
UPLOAD
Filing review upload
3 Dec 2019
CORRESP
Filing review correspondence
11 Apr 2019
CORRESP
Filing review correspondence
25 Apr 2018
CORRESP
Filing review correspondence
17 Nov 2016
CORRESP
Filing review correspondence
14 Nov 2016
CORRESP
Filing review correspondence
17 Oct 2016
CORRESP
Filing review correspondence
14 Sep 2016
SEC Orders And Notices
(4)
Expand
40-APP/A
Application for order (amendment)
26 Sep 2018
40-APP/A
Application for order (amendment)
9 Mar 2018
EFFECT
Notice of effectiveness
18 Jan 2017
EFFECT
Notice of effectiveness
18 Nov 2016
Tender Offers And Going Private
(3)
Expand
SC TO-I/A
Tender offer statement (issuer, amendment)
25 Sep 2020
SC TO-I/A
Tender offer statement (issuer, amendment)
2 Sep 2020
SC TO-I
Tender offer statement (issuer)
27 Aug 2020
Exempt Offerings
(1)
Expand
D
06b
25 Jan 2017
Other
(5)
Expand
25
25
22 Sep
CERTNYS
AUTO-GENERATED PAPER DOCUMENT
22 Sep 2017
CERTNYS
AUTO-GENERATED PAPER DOCUMENT
6 Jun 2017
CERTNYS
AUTO-GENERATED PAPER DOCUMENT
10 Jan 2017
8-K12B
8-K12B
10 Jan 2017
Ask in Filing
