Slide 1: Earnings Presentation 2Q 2025
EARNINGS PRESENTATION 2Q 2025 August 7, 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 Second Quarter 2025 Results
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 GAA
Slide 4: GAAP Financial Results
GAAP FINANCIAL RESULTS Net income attributable to common stockholders was $17.0 million in Q2 2025, and $0.10 per share (basic and diluted) (In thousands, except per share data, unaudited) 2Q24 2Q25 Revenues Fee revenue $ 78,605 $ 85,262 Carried interest allocation 288,244 (115,074) Principal invest
Slide 5: Agenda
AGENDA 1 SECTION BUSINESS UPDATE 2 SECTION FINANCIAL RESULTS 3 SECTION EXECUTING THE DIGITAL PLAYBOOK 5
Slide 6: Business Update
1 BUSINESS UPDATE 6
Slide 7: Business Update
BUSINESS UPDATE INVEST In 2Q25, DBRG continued to deliver strong financial results and fundraising aligned with our FUNDRAISE objectives for the year, while continuing to scale our AI ecosystem footprint SCALE - DBRG SCALE FUNDRAISE $ $ INVEST Solid Revenue and Earnings Growth New capital formation
Slide 8: Capital Formation Metrics Positioned to Achieve Targets
CAPITAL FORMATION METRICS POSITIONED TO ACHIEVE TARGETS 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 2025 YTD FUNDRAISING ON FEEU
Slide 9: Investing in Our Latest Data Center Platform: Yondr Overview
INVEST NEW PLATFORMS Investing in exciting new digital platforms poised for 1 GW+ $500M growth while continuing to Potential Capacity Capital Committed fuel the expansion of our Current Leased Capacity from DigitalBridge and ArcLight Data Center Power Infra existing, market-leading 420 MW portfolio
Slide 10: Markets Recovered in 2Q as Macro Concerns Abated and AI Demand Surged
MARKETS RECOVERED IN 2Q AS MACRO CONCERNS ABATED AND AI DEMAND SURGED – AI ROI IS SQUARELY IN FOCUS 10.0% 2025 Hyperscaler Capex has gone from 5.0% $250B a year ago to $380B1, +50%...why? $4T Market Cap 2025 Hyperscale Capex ($B) 1 “at each step along the way so far, we've observed 0.0% Q1 Q2 400 38
Slide 11: Token Growth Is Driving an Inflection in Compute Demand
TOKEN GROWTH IS DRIVING AN INFLECTION IN COMPUTE DEMAND A new AI wave is reshaping computing demand—driving massive investments in chips, data centers, and infrastructure Google Monthly Token Volume 980T 2X in TOKENS are the smallest This time last year, we were processing 90 days Tokens Processed (
Slide 12: AI Ecosystem Continues to See Strong Demand Driven by Inference Workloads
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. THE COMING POWER SURGE: DATA CENTERS RECORD U.S. HYPERSCALE WILL REQUIRE MASSIVE ENERGY INVESTMENT DATA CE
Slide 13: Financial Update
ceatttenttttL DIGITALBRIDGE ) FINANCIAL UPDATE
Slide 14: Second Quarter 2025 Highlights
SECOND QUARTER 2025 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. Financial Fee Related Earnings Highlights ▪ $32.0 million in 2Q25, up 23% year-over-year, consistent with our 2025 guidance, including con
Slide 15: FEEUM Growth Driven by Organic Fundraising
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 InfraBrid
Slide 16: Non-GAAP Financial Results
NON-GAAP FINANCIAL RESULTS ▪ Fee Revenues in 2Q of $85.4 million. ▪ Fee Related Earnings of $32.0 million, with FRE margin at 37% in Q2 2025 ($ 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
Slide 17: Carried Interest & Principal Investment Income
CARRIED INTEREST & PRINCIPAL INVESTMENT INCOME ▪ Net carried interest reversal of $11.6 million in Q2 2025(1). ▪ Net principal investment income of $21.5 million in Q2 2025. Carried Interest ($ in millions) 2Q24 2Q25 % Change YOY 2Q24 LTM 2Q25 LTM % Change YOY Unrealized Carried Interest Allocation
Slide 18: 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) $347M $354M $330M $292M $303M LTM Fee Revenue $267M $280M $238M LTM FRE $122M $129M $
Slide 19: Balance Sheet Profile
BALANCE SHEET PROFILE Key Corporate Assets up $109 million, +7% YoY. Key Corporate Liabilities flat YoY. Key Corporate Assets Key Corporate Liabilities Blended Avg. Cost (Per ($ in millions) 6/30/2025 ($ in millions) 6/30/2025 Annum) GP Affiliated Investments (1) Corporate Debt DBP Series $402 Secur
Slide 20: Executing the Digital Playbook
3 EXECUTING THE DIGITAL PLAYBOOK 20
Slide 21: New Initiatives Aligned with Our Long-Term Playbook
1 2 NEW INITIATIVES ALIGNED WITH OUR LONG-TERM PLAYBOOK 3 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 PHASE 1: ESTABLISH PLATFORMS PHASE 2: TRANSFORM AND SCALE PHASE 3: FOLL
Slide 22: The Digital Power Opportunity: DigitalBridge x ArcLight
1 2 THE DIGITAL POWER OPPORTUNITY: DIGITALBRIDGE X ARCLIGHT 3 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 Leading global alternative asset manager Leading a
Slide 23: Takanock Overview
1 2 TAKANOCK OVERVIEW Business Model Footprint: Takanock by the Numbers 3 Develops shovel-ready powered land and onsite power generation solutions enabling hyperscale data centers to deploy faster in power-constrained markets. Solution 27-July-2025 ▪ Patent pending utility yard design Aggregate comm
Slide 24: Yondr Overview and Global Footprint
1 2 INVESTING IN OUR LATEST DATA CENTER PLATFORM WITH EMBEDDED POTENTIAL TO SCALE 3 YONDR OVERVIEW GLOBAL FOOTPRINT 1-Jul-2025 Amsterdam Strategic Investment to London Accelerate Global Hyperscale Berlin Toronto Frankfurt Data Center Growth to Meet Unprecedented AI Demand Northern Tokyo Virginia Hyd
Slide 25: Building Our Next AI Factory
1 2 - BUILDING OUR NEXT AI FACTORY 3 Despite just closing the deal, DigitalBridge has prepared and is implementing Phase II: Transform & Scale EXECUTING THE DIGITALBRIDGE PLAYBOOK: Transform and scale - pairing capital and operating expertise with the right strategic business plan built…. Long Term
Slide 26: Switch Expands Borrowing Base & Revolving Credit Facilities to $10B
1 2 SWITCH EXPANDS ITS BORROWING BASE & SWITCH REVOLVING CREDIT FACILITIES TO $10B 3 TODAY Credit Facilities 15-Jul-2025 (2024–2025) Expanded its Borrowing Base and Revolving Credit BEFORE LOWER-COST CAPITAL TO Facilities to $10 billion Take-Private FUND GROWTH (2022) Deal $20B total IMPROVEMENTS: ✓
Slide 27: AI Factories: Building at Unprecedented Scale
AI FACTORIES: WE ARE BUILDING AT UNPRECEDENTED SCALE FROM THE CORE TO THE EDGE LEVERAGING A MASSIVE, GROWING POWER BANK Our 8 global platforms position DigitalBridge to build the critical infrastructure underpinning the next decade of innovation RAW MATERIAL Public Cloud Hyperscale FOR AI FACTORIES
Slide 28: Translating Scale into Shareholder Value
TRANSLATING SCALE INTO SHAREHOLDER VALUE We expect the capacity we are building across our global data center portfolio will generate significant potential embedded value for DigitalBridge shareholders DIGITALBRIDGE Translating a MW into value creation ▪ 100+ Markets CAPACITY BUILT AND Top 3 ▪ ▪ 220
Slide 29: DBRG 2025: Key Priorities
DBRG 2025: KEY PRIORITIES FIRST HALF DELIVERED SECOND HALF PRIORITIES 1. Management Fee Revenue up 10%+ YoY and 1. Deliver key 2025 financial metrics with FRE, Fee-Related Earnings (FRE) up 25%+ YoY, even up 10-20% over prior year and expanding excluding impact of catch-up fees. margins 2. On track
Slide 30: Q&A Session
DIGITALBRIDGE 4 Q&A SESSION
Slide 31: Supplemental Financial Data
5 SUPPLEMENTAL FINANCIAL DATA 31
Slide 32: Summary Financial Metrics
SUMMARY FINANCIAL METRICS 202 5 202 4 202 3 ($ and share s in th ousands, except pe r shar e d ata an d a s noted) 2Q 25 1Q 25 4Q 24 3Q 24 2Q 24 1Q 24 4Q 23 3Q 23 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
Slide 33: FEEUM, Fee Related Earnings & Distributable Earnings
FEEUM, FEE RELATED EARNINGS & DISTRIBUTABLE EARNINGS 202 5 202 4 202 3 6/30/25 Blended ($ in millions) Fee Ra te 2Q 25 1Q 25 4Q 24 3Q 24 2Q 24 1Q 24 4Q 23 3Q 23 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
Slide 34: Fund Performance
FUND PERFORMANCE 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-inv
Slide 35: Capitalization
CAPITALIZATION ($ 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) $ 10
Slide 36: GP Affiliated Investments
GP AFFILIATED INVESTMENTS ($ in thousands) 202 5 202 4 202 3 Consolidated 2Q 25 1Q 25 4Q 24 3Q 24 2Q 24 1Q 24 4Q 23 3Q 23 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) 640,000 623,070 682,047 679,33
Slide 37: Balance Sheet
BALANCE SHEET June 30, 2025 ($ in thousands) December 31, 2024 (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 124,1
Slide 38: Distributable Earnings & Fee Related Earnings
DISTRIBUTABLE EARNINGS & FEE RELATED EARNINGS 202 5 202 4 202 3 ($ in thousands) 2Q 25 1Q 25 4Q 24 3Q 24 2Q 24 1Q 24 4Q 23 3Q 23 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 noncont
Slide 39: Reconciliations
RECONCILIATIONS 202 5 202 4 202 3 ($ in thousands) 2Q 25 1Q 25 4Q 24 3Q 24 2Q 24 1Q 24 4Q 23 3Q 23 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,
Slide 40: Reconciliations
RECONCILIATIONS 202 5 202 4 202 3 ($ in thousands) 2Q 25 1Q 25 4Q 24 3Q 24 2Q 24 1Q 24 4Q 23 3Q 23 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) 29,73
Slide 41: Reconciliations
RECONCILIATIONS 202 5 202 4 202 3 ($ and share s in th ousands) 2Q 25 1Q 25 4Q 24 3Q 24 2Q 24 1Q 24 4Q 23 3Q 23 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 Uni
Slide 42: Appendix
DIGITALBRIDGE 6 APPENDIX 42
Slide 43: Understanding the Value of a MW to DBRG Shareholder
Originally presented in 4Q24 Earnings Presentation UNDERSTANDING THE VALUE OF A MW TO DBRG SHAREHOLDER Megawatts, Gigawatts…what does it mean to the DBRG shareholder?…our investments create embedded value. Illustrative Example BaseCase Operation Capex per MW $10,000,000 a Equity Financing % 50% b Or
Slide 44: 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 45: 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 46: Definitions
DEFINITIONS 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
Slide 47: DigitalBridge
DIGITALBRIDGE