Digitalbridge Group, Inc. · NYSE:DBRG

Digitalbridge — Q3 2025 Earnings Presentation

41 slides from Digitalbridge's earnings presentation, Oct 30, 2025

1. Slide 1: Earnings Presentation 3Q 2025

   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, 2025

2. Slide 2: Forward-looking statements

   2 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 t

3. Slide 3: DBRG Reports Third Quarter 2025 Results

   3 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 (collectiv

4. Slide 4: Consolidated statement of operations

   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) (1

5. Slide 5: Agenda

   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 N

6. Slide 6: Business Update

   6 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 UPDATE

7. Slide 7: Business Update: Power Bank Translates to Record Leasing Activity

   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 BUSINESS UPDATE Power Bank Translates to Record Leasing Activity ▪ Vantage “Frontier” TX and “Lighthouse” WI mega campuses led the way with

8. Slide 8: Delivering on Our Capital Formation Objectives

   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

9. Slide 9: Partnership with Franklin Templeton: Private Wealth Channel

   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 PARTNERSHIPINVESTMENT FOCUS AREAS $94T Global Infrastructure Need by 20401 Private Capital Opportunity1 STRATEGIC RATIONALE First Programma

10. Slide 10: Industry Leading Leasing Tied to Our Global Power Bank

    10 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 FACT

11. Slide 11: Global Data Center Businesses: The Power of the Platform

    11 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 APAC

12. Slide 12: Financial Update

    12 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 UPDATE

13. Slide 13: Third Quarter 2025 Highlights

    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 THIRD QUARTER 2025 HIGHLIGHTS Financial Highlights Fee Revenue ▪ $93.5 million in 3Q25, up 22% year-over-year, driven primarily by new cap

14. Slide 14: FEEUM Growth Driven by Organic Fundraising

    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 1

15. Slide 15: Non-GAAP Financial Results

    15 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

16. Slide 16: Carried Interest and Principal Investment Income

    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) (

17. Slide 17: DBRG Financial Profile & FEEUM Progression

    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 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 $324

18. Slide 18: Key Corporate Assets and Liabilities

    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

19. Slide 19: Executing the Digital Playbook

    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 PLAYBOOK

20. Slide 20: The DBRG Development Model

    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 Pair capital and operating expertise with the right strategic business plan built around both greenfield and strategic M&A – Build & Buy C

21. Slide 21: Vantage APAC Platform Investment

    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 co

22. Slide 22: Vantage Data Centers: Frontier and Lighthouse Mega-Campuses

    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-drive

23. Slide 23: Implications for DBRG

    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.

24. Slide 24: DBRG 2025: Key Priorities

    24 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 b

25. Slide 25: Q&A Session

    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 SESSION

26. Slide 26: Supplemental Financial Data

    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 5 SUPPLEMENTAL FINANCIAL DATA

27. Slide 27: Summary Financial Metrics

    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 SUMMARY FINANCIAL METRICS 2025 2024 2023 ($ and shares in thousands, except per share data and as noted) 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q2

28. Slide 28: FEEUM, Fee Related Earnings & Distributable Earnings

    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

29. Slide 29: Key Investment Fund Performance Metrics

    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. Exclu

30. Slide 30: Debt and Preferred Stock

    30 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

31. Slide 31: GP Affiliated Investments

    31 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,

32. Slide 32: Condensed Consolidated Balance Sheet

    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 4,1

33. Slide 33: Reconciliation of Net Income to FRE and DE

    33 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 $ 1

34. Slide 34: FRE Reconciliation Details

    34 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,

35. Slide 35: DE Reconciliation Details

    35 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

36. Slide 36: Weighted Average Shares and GP Affiliated Investments

    36 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 G

37. Slide 37: Appendix

    37 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 APPENDIX

38. Slide 38: Non-GAAP Financial Measures

    38 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”) a

39. Slide 39: Distributable Earnings Definition

    39 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 Compa

40. Slide 40: Definitions: AUM and Catch-up Fees

    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 c

41. Slide 41: R:11 B:92 R:0 B:219 R:73 G:82 B:82 R:91 G:103 B:113

    41 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

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