Slide 1: Earnings Presentation 4Q 2025
EARNINGS PRESENTATION 4Q 2025 February 25, 2026 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 Fourth Quarter and Full Year 2025 Results
DBRG REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS Boca Raton, February 25th, 2026 - DigitalBridge Group, Inc. (NYSE: DBRG) and subsidiaries (collectively, "DigitalBridge," or the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2025. The Compa
Slide 4: GAAP Financial Results
GAAP FINANCIAL RESULTS Net income attributable to common stockholders was $50.4 million, $0.28 per basic share and $0.27 per diluted share in Q4 2025 and $83.2 million, $0.46 per share (basic and diluted) for the year ended 2025. (In thousands, except per share data, unaudited) 4Q24 4Q25 2024 2025 R
Slide 5: Financial Update
anttautiil DIGITALBRIDGE FINANCIAL UPDATE
Slide 6: Fourth Quarter and Full Year 2025 Highlights
FOURTH QUARTER AND FULL YEAR 2025 HIGHLIGHTS Fee Revenue • $105.9 million in 4Q25, up 4% year-over-year, and $375.0 million for full year 2025, up 14% year-over-year, driven primarily by new capital formation from the DBP series and co-invest. Fee Related Earnings Financial • $37.7 million in 4Q25,
Slide 7: Non-GAAP Financial Results
NON-GAAP FINANCIAL RESULTS • Fee Related Earnings of $37.7 million, with FRE margin at 36%, and $31.8M excluding catch-up fees in Q4 2025 • Distributable Earnings of $39.0 million in Q4 2025 ($ in millions) 4Q24 4Q25 % Change YOY 2024 2025 % Change YOY Fee Revenue(1) $101.6 $105.9 +4 % $329.8 $375.0
Slide 8: Carried Interest & Principal Investment Income
CARRIED INTEREST & PRINCIPAL INVESTMENT INCOME • Net carried interest allocation of $22.5 million in Q4 2025 • Net principal investment income of $27.7 million in Q4 2025 Carried Interest ($ in millions) 4Q24 4Q25 % Change YOY 2024 2025 % Change YOY Unrealized Carried Interest Allocation (Reversal)(
Slide 9: 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 $371M $375M $347M $354M $330M LTM Fee Revenue and FRE Profile(1) $292M $303M $332M $333M $344M $350M $280M $324M $303M $
Slide 10: Balance Sheet Profile
BALANCE SHEET PROFILE Key Corporate Assets Key Corporate Liabilities Blended Avg. Cost (Per ($ in millions) 12/31/2025 ($ in millions) 12/31/2025 Annum) GP Affiliated Investments(1) Corporate Debt DBP Series $379 Securitized Notes $300 3.9 % DataBank and Vantage SDC 686 Revolver (VFN; $100M Availabl
Slide 11: Supplemental Financial Data
2 SUPPLEMENTAL FINANCIAL DATA 11
Slide 12: Summary Financial Metrics
SUMMARY FINANCIAL METRICS 2025 2024 ($ and shares in thousands, except per share data and as noted) 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 GAAP Results GAAP Fee revenue $ 105,746 $ 93,300 $ 85,262 $ 90,139 $ 101,551 $ 76,582 $ 78,605 $ 72,955 Net income (loss) attributable to common stockholders 50
Slide 13: FEEUM, Fee Related Earnings & Distributable Earnings
FEEUM, FEE RELATED EARNINGS & DISTRIBUTABLE EARNINGS 2025 2024 12/31/25 Blended ($ in millions) Fee Rate 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 DigitalBridge Partners I (DBP I) 1.11% $ 3,418 $ 3,534 $ 3,569 $ 3,587 $ 3,587 $ 3,650 $ 3,677 $ 3,687 DigitalBridge Partners II (DBP II) 1.18% 7,330 7,344
Slide 14: Fund Performance
FUND PERFORMANCE Certain performance metrics for our key investment funds from inception through December 31, 2025 are presented in the table below. Excluded are funds with less than one year of performance history as of December 31, 2025, funds and separately managed accounts in the liquid strategy
Slide 15: Capitalization
CAPITALIZATION ($ and shares in thousands, as of December 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(1)
Slide 16: GP Affiliated Investments
GP AFFILIATED INVESTMENTS ($ in thousands) 2025 2024 Consolidated 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 GP Affiliated Investments DBP Series $ 498,893 $ 528,162 $ 533,397 $ 494,541 $ 496,004 $ 470,937 $ 452,604 $ 446,954 DataBank and Vantage SDC(1) 691,406 663,843 640,000 623,070 682,047 679,335 6
Slide 17: Balance Sheet
BALANCE SHEET ($ in thousands) December 31, 2024 December 31, 2025 Assets Cash and cash equivalents $ 302,154 $ 382,508 Restricted cash 4,144 12,982 Investments(1) 2,492,268 2,266,403 Goodwill 465,602 465,602 Intangible assets 72,460 48,395 Other assets 52,504 138,914 Due from affiliates 124,186 104
Slide 18: Distributable Earnings & Fee Related Earnings
DISTRIBUTABLE EARNINGS & FEE RELATED EARNINGS 2025 2024 ($ in thousands) 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Net income (loss) attributable to common stockholders $ 50,396 $ 16,753 $ 16,962 $ (878) $ (19,711) $ (883) $ 76,763 $ (44,288) Net income (loss) attributable to noncontrolling interests
Slide 19: Reconciliations
RECONCILIATIONS 2025 2024 ($ in thousands) 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 FRE Fee Revenue GAAP Fee Revenue $ 105,746 $ 93,300 $ 85,262 $ 90,139 $ 101,551 $ 76,582 $ 78,605 $ 72,955 Consolidated Funds(1) 175 224 109 90 90 82 84 471 Incentive Fees(2) — — — — — — (1) (635) $ 105,921 $ 93,524 $
Slide 20: Reconciliations
RECONCILIATIONS 2025 2024 ($ in thousands) 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 DE Realized Principal Investment Income GAAP Principal Investment Income $ 22,050 $ 25,325 $ 20,437 $ 5,307 $ 1,241 $ 9,955 $ 15,982 $ 2,845 Unrealized Principal Investment (Income) Loss (990) (24,680) (54,256) 29,731
Slide 21: Reconciliations
RECONCILIATIONS 2025 2024 ($ and shares in thousands) 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 FRE and DE Weighted Average Basic Shares and OP Units GAAP Weighted Average Basic Shares Outstanding 178,796 178,183 173,059 171,680 171,254 171,542 170,358 161,043 Weighted Average OP Units 5,795 6,306 11,
Slide 22: Appendix
DIGITALBRIDGE 3 APPENDIX 22
Slide 23: 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 24: 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 25: Definitions
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 initi
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