Slide 1: Earnings Presentation 1Q 2025
EARNINGS PRESENTATION 1Q 2025 May 1, 2025 1
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, including statements relating to (i) our strategy, outlook and growth prospects, (ii) our operational and financial targets and (iii)
Slide 3: DBRG Reports First Quarter 2025 Results
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 re
Slide 4: GAAP Financial Results
GAAP FINANCIAL RESULTS Net loss attributable to common stockholders was $0.9 million in Q1 2025, and $0.01 per share (basic and diluted) (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
Slide 5: Agenda
AGENDA 1 SECTION BUSINESS UPDATE 2 SECTION FINANCIAL RESULTS 3 SECTION EXECUTING THE DIGITAL PLAYBOOK 5
Slide 6: Business Update
pF DIGITALBRIDGE BUSINESS UPDATE 1
Slide 7: Business Update
BUSINESS UPDATE INVEST DBRG delivered 1Q25 financial performance and fundraising in line with our objectives and FUNDRAISE continues to benefit from the resilience of digital infrastructure and its diversified portfolio SCALE - DBRG SCALE FUNDRAISE $ $ INVEST Strong Financial Performance with New c
Slide 8: DBRG Outlook on Current Macro Environment
DBRG OUTLOOK ON CURRENT MACRO ENVIRONMENT 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 SHORT-TERM IMPACT LONG-TERM DBRG FUNDRAISING DBRG FUNDRAISING FINA
Slide 9: Infrastructure Has Proven to Be a Resilient Asset Class
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. ATTRACTIVE LOW VOL/ BUILT IN PROTECTION AG
Slide 10: The Benefits of a Diversified Portfolio
DBRG TOWERS THE BENEFITS OF A DIVERSIFIED PORTFOLIO Top 4 Even public markets reflect the defensive, lower vol performance of a diversified Independent Global digital infrastructure portfolio, with a large cap Towers+Data Centers portfolio ‘up Tower Portfolio(1) for the year’, widely outperforming t
Slide 11: Invest – Zayo Announced Acquisition of CCI Fiber Business
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 Zayo CCI TOTAL FOOTPRINT MARCH 2025* 147,000ROUTE MILES OF
Slide 12: Financial Update
‘aul ull DIGITALBRIDGE FINANCIAL UPDATE
Slide 13: First Quarter 2025 Highlights
FIRST QUARTER 2025 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. Financial Fee Related Earnings Highlights $35.0 million in 1Q25, up 79% year-over-year, c
Slide 14: FEEUM Growth Driven by Organic Fundraising
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 InfraBri
Slide 15: Non-GAAP Financial Results
NON-GAAP FINANCIAL RESULTS • Fee Revenues of $90.2 million, including $12.0 million in catch-up fees • Fee Related Earnings of $35.0 million in Q1 2025, with FRE margin at 39%, benefitting from 100% flow-through on catch up fees. ($ in millions) 1Q24 1Q25 % Change YOY 1Q24 LTM 1Q25 LTM % Change YOY
Slide 16: Carried Interest & Principal Investment 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 2025 Carried Interest (
Slide 17: DBRG Financial Profile & FEEUM Progression
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 and FRE Profile(1) $330M $347M $292M $303M LTM Fee Revenue $267M $280M $238M LTM FRE $214M $122M $98M $1
Slide 18: Balance Sheet Profile
BALANCE SHEET PROFILE Key Corporate Assets Key Corporate Liabilities Blended Avg. Cost (Per ($ in millions) 3/31/2025 ($ in millions) 3/31/2025 Annum) GP Affiliated Investments(1) Corporate Debt DBP Series $362 Securitized Notes $300 3.9 % DataBank and Vantage SDC 619 Revolver (VFN; $300M Available)
Slide 19: Executing the Digital Playbook
3 EXECUTING THE DIGITAL PLAYBOOK 19
Slide 20: DigitalBridge Credit: Our Strategy in Focus
DIGITALBRIDGE CREDIT: OUR STRATEGY IN FOCUS KEY INITIATIVES Pipeline stands at ~100 accounts; DBRG has closed $650M in commitments Fundraise to DBC Fund 2 DBRG has closed 4 loans through Apr-25, our goal is to build up to $2.0B in Close Loans in Near Term Pipeline new loans Expand Team and Talent Co
Slide 21: Invest – DBRG Credit Platform Scaling with Deployments
INVEST – DBRG CREDIT PLATFORM SCALING WITH DEPLOYMENTS $500M Debt Facility The DigitalBridge Credit platform continues to scale, activating capital in proprietary opportunities across a Founded in 2003, the company is a regional leader in fiber-optic large and growing addressable market. connectivit
Slide 22: Experienced Team Dedicated to DBRG Credit
EXPERIENCED TEAM DEDICATED TO DBRG CREDIT 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 vehicles DIGITALBRIDGE CREDIT INVEST
Slide 23: 2025 CEO Priorities
2025 CEO PRIORITIES CEO 2025 Checklist FUNDRAISE $40B+ of FEEUM Finalize flagship DBP Series and Credit fundraisings INVEST Launch new digital energy and data center strategies Develop and launch our second ‘private wealth’ offering FUNDRAISE INVEST - PORTFOLIO Deploy $18B+ Support the n
Slide 24: Q&A Session
‘aul ull DIGITALBRIDGE Q&A SESSION
Slide 25: Supplemental Financial Data
5 SUPPLEMENTAL FINANCIAL DATA 25
Slide 26: Summary Financial Metrics
SUMMARY FINANCIAL METRICS 2025 2024 2023 ($ 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 stockholder
Slide 27: FEEUM, Fee Related Earnings & Distributable Earnings
FEEUM, FEE RELATED EARNINGS & DISTRIBUTABLE EARNINGS 2025 2024 2023 3/31/25 Blended ($ in millions) Fee Rate 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
Slide 28: Fund Performance
FUND PERFORMANCE 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-i
Slide 29: Capitalization
CAPITALIZATION ($ 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,
Slide 30: GP Affiliated Investments
GP AFFILIATED INVESTMENTS ($ 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 9
Slide 31: Balance Sheet
BALANCE SHEET December 31, March 31, 2025 ($ in thousands) 2024 (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,
Slide 32: Distributable Earnings & Fee Related Earnings
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 i
Slide 33: Reconciliations
RECONCILIATIONS 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 $ 101,6
Slide 34: Reconciliations
RECONCILIATIONS 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) (7,8
Slide 35: Reconciliations
RECONCILIATIONS 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
Slide 36: Appendix
6 APPENDIX 36
Slide 37: Important Note Regarding Non-GAAP Financial Measures
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.
Slide 38: Important Note Regarding Non-GAAP Financial Measures (Continued)
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 r
Slide 39: Definitions
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
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