Slide 1: Supplemental Financial Report Fourth Quarter 2023
DIGITAL SUPPLEMENTAL FINANCIAL REPORT FOURTH QUARTER 2023 February 20, 2024
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and
Slide 3: Important Note Regarding Non-GAAP Financial Measures
Important Note Regarding Non-GAAP Financial Measures This financial supplemental package includes certain non-GAAP financial measures and operating metrics that are not defined by generally accepted accounting principles, or GAAP. The Company conducts its business through its one reportable segment
Slide 4: Important Note Regarding Non-GAAP Financial Measures
Important Note Regarding Non-GAAP Financial Measures Adjusted EBITDA: Adjusted EBITDA is a supplemental measure derived from DE and generally presents the Company’s core operating performance on a pre-tax basis, based upon recurring revenues and independent of our capital structure and leverage. We
Slide 5: Note Regarding DBRG Reportable Segments / Consolidated and OP Share
Note Regarding DBRG Reportable Segments / Consolidated and OP Share of Consolidated Amounts This presentation includes supplemental financial information for the following segments: Investment Management (IM) This segment represents the Company's global investment management platform, deploying and
Slide 6: Table of Contents
Table of Contents Page I. Financial Overview a. Summary Financial Metrics 7 b. Investment Management & Fund Performance 8-9 II. Financial Results a. Balance Sheet Consolidated & Noncontrolling Interests’ Share 10 b. Consolidated Segment Operating Results 11 c. Noncontrolling Interests’ Share Segment
Slide 7: Ia. Summary Financial Metrics
Ia. Summary Financial Metrics ($ and shares in thousands, except per share data and as 12/31/2023 - 9/30/2023 - 6/30/2023 - 3/31/2023 - 12/31/2022 - 9/30/2022 - 6/30/2022 - 3/31/2022 - noted) (Unaudited) 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Financial Data Total Company Net income (loss) attributa
Slide 8: Ib. Investment Management
Ib. Investment Management ($ in millions) 12/31/23 Annual IM Investment Management FEEUM Fee Rate 12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 DigitalBridge Partners I (DBP I) 1.10% $ 3,571 $ 3,345 $ 3,311 $ 3,180 $ 3,165 $ 2,802 $ 3,048 $ 3,034 DigitalBridge Partners II (DBP II
Slide 9: Ib. Fund Performance
Ib. Fund Performance ($ in millions) Investment Value MOIC (7)(9) IRR (8)(9) Total Invested Available Fund (1) Inception date (2) Commitments Capital (3) Capital (4) Unrealized Realized (5) Total (6) Gross Net Gross Net Value-Add DBP I March-18 $4,059 $4,668 $228 $6,126 $1,140 $7,266 1.6x 1.4x 16.8%
Slide 10: IIa. Financial Results - Balance Sheet
IIa. Financial Results - Balance Sheet ($ in thousands, except per share data) (unaudited) As of December 31, 2023 Noncontrolling Consolidated Interests' Share Assets Cash and cash equivalents $ 345,335 $ 25,922 Restricted cash 4,915 — Investments 2,476,093 616,791 Goodwill 465,991 — Intangible asse
Slide 11: IIb. Financial Results - Consolidated Segment Operating Results
IIb. Financial Results - Consolidated Segment Operating Results Three Months Ended December 31, 2023 Investment Discontinued ($ in thousands) (unaudited) Management Corporate and Other Operations Total Revenues Fee revenue $ 74,394 $ (385) $ — $ 74,009 Carried interest allocation 169,686 — — 169,686
Slide 12: IIc. Financial Results - Noncontrolling Interests' Share Segment Operating Results
IIc. Financial Results - Noncontrolling Interests’ Share Segment Operating Results Three Months Ended December 31, 2023 Investment Discontinued ($ in thousands) (unaudited) Management Corporate and Other Operations Total Revenues Fee revenue $ — $ — $ — $ — Carried interest allocation 7,665 — — 7,66
Slide 13: IId. Segment Reconciliation of Net Income to DE and Adjusted EBITDA
IId. Financial Results - Segment Reconciliation of Net Income to DE and Adjusted EBITDA OP pro rata share by segment Amounts Non-IM attributable to DBRG Investment Segment Total OP pro noncontrolling consolidated as ($ in thousands; for the three months ended December 31, 2023; and unaudited) Manage
Slide 14: IId. Segment Reconciliation of Net Income to DE and Adjusted EBITDA
IId. Financial Results - Segment Reconciliation of Net Income to DE and Adjusted EBITDA OP pro rata share by segment Non-IM Segment ($ in thousands; for the three months ended December 31, 2023; and unaudited) Investment Management Adjustments Total OP pro rata share After-tax DE $ 39,085 $ (21,154)
Slide 15: IIIa. Capitalization - Debt and Preferred Stock Summary
IIIa. Capitalization - Debt and Preferred Stock Summary ($ in thousands, except per share data; as of December 31, 2023) WA WA Consolidated & DBRG OP share of debt Payments due by period(1) Fixed/ Interest Remaining 2024 2025 2026 2027 2028 and after Total Variable Rate Term 2021-1, A-1 Variable Fun
Slide 16: IIIb. Capitalization - DBRG Series 2021-1
IIIb. Capitalization - DBRG Series 2021-1 ($ in thousands, as of December 31, 2023) Class A-2 Term Notes Amount outstanding $ 300,000 Interest rate 3.933 % Anticipated Repayment Date (ARD) September 25, 2026 Kroll Rating BBB Class A-1 Variable Funding Notes Maximum Available $ 300,000 (1) Amount out
Slide 17: IV. Other
IV. Other ($ in thousands) Consolidated amount 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 GP affiliated investment in DBP Series $ 406,039 $ 388,169 $ 374,139 $ 345,719 $ 343,137 $ 277,450 $ 284,282 $ 248,663 GP affiliated investment in GIF Series 144,167 134,011 135,857 142,280 — — — — GP affiliated i
Slide 18: V. Cash G&A Expense
V. Cash G&A Expense ($ in thousands) 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Investment Management Cash G&A Cash and equity-based compensation $ 40,702 $ 39,760 $ 45,798 $ 28,182 $ 30,829 $ 22,566 $ 23,230 $ 24,808 Administrative expenses 13,106 9,410 7,953 6,407 7,958 4,517 4,869 4,171 Compensation
Slide 19: Appendices
Appendices DigitalBridge | Supplemental Financial Report 19
Slide 20: Reconciliation of IM FRE to Net Income (Loss)
Reconciliation of IM FRE to Net Income (Loss) ($ in thousands) 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 IM net income (loss) 72,975 100,014 35,177 (2,804) 81,167 46,065 67,995 (9,143) Adjustments: Interest expense (income) 2,027 2,128 2,268 2,411 2,200 2,906 2,771 2,500 Investment-related expense, ne
Slide 21: Reconciliations of DE and Adjusted EBITDA to Net Income (Loss)
Reconciliations of DE and Adjusted EBITDA to Net Income (Loss) ($ in thousands) 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Net income (loss) attributable to common stockholders $ 100,607 $ 261,828 $ (22,411) $ (212,473) $ (19,356) $ (63,273) $ (37,321) $ (262,316) Net income (loss) attributable to nonc
Slide 22: Reconciliations of DE and Adjusted EBITDA to Net Income (Loss)
Reconciliations of DE and Adjusted EBITDA to Net Income (Loss) ($ in thousands) 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 After-tax DE $ 17,931 $ 32,618 $ 5,503 $ (7,430) $ (22,305) $ 26,704 $ (6,752) $ (11,647) Interest expense included in DE 4,524 4,616 4,916 7,272 8,487 10,620 8,674 7,838 Income ta
Slide 23: Definitions
Definitions Assets Under Management (“AUM”) AUM represents the total capital for which we provide investment management services. AUM is generally composed of (a) third party capital managed by the Company and its affiliates, including capital that is not yet fee earning, or not subject to fees and/