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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2022
DIGITALBRIDGE GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-3798046-4591526
(State or Other Jurisdiction of
Incorporation or Organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
750 Park of Commerce Drive, Suite 210
Boca Raton, Florida 33487
(Address of Principal Executive Offices, Including Zip Code)
(561) 570-4644
Registrant’s telephone number, including area code:
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par valueDBRGNew York Stock Exchange
Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par valueDBRG.PRHNew York Stock Exchange
Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par valueDBRG.PRINew York Stock Exchange
Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par valueDBRG.PRJNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 2.02    Results of Operations and Financial Condition.
On May 5, 2022, DigitalBridge Group, Inc. (the “Company”) issued a press release announcing its financial position as of March 31, 2022 and its financial results for the quarter ended March 31, 2022. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
On May 5, 2022, the Company made available a Supplemental Financial Disclosure Presentation for the quarter ended March 31, 2022 on the Company’s website at www.digitalbridge.com. A copy of the Supplemental Financial Disclosure Presentation is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 7.01    Regulation FD Disclosure.
In connection with the earnings call to be held on May 5, 2022 as referenced in the press release, the Company has prepared a presentation, dated May 5, 2022 (the "Earnings Presentation"), a copy of which is attached as Exhibit 99.3 to this Current Report on Form 8-K and incorporated herein by reference.
The information included in this Current Report on Form 8-K (including Exhibits 99.1, 99.2 and 99.3 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Use of Website to Distribute Material Company Information
The Company’s website address is www.digitalbridge.com. The Company uses its website as a channel of distribution for important company information. Important information, including press releases, analyst presentations and financial information regarding the Company, is routinely posted on and accessible on the Shareholders subpage of its website, which is accessible by clicking on the tab labeled “Shareholders” on the website home page. The Company also uses its website to expedite public access to time-critical information regarding the Company in advance of or in lieu of distributing a press release or a filing with the U.S. Securities and Exchange Commission disclosing the same information. Therefore, investors should look to the Shareholders subpage of the Company’s website for important and time-critical information. Visitors to the Company’s website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Shareholders subpage of the website.
Item 9.01    Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished herewith to this Current Report on Form 8-K.
Exhibit No. Description
 Press Release dated May 5, 2022
 Supplemental Financial Disclosure Presentation for the quarter ended March 31, 2022
 Earnings Presentation dated May 5, 2022
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:
May 5, 2022
DIGITALBRIDGE GROUP, INC.
By:
/s/ Jacky Wu
Jacky Wu
Executive Vice President, Chief Financial Officer and Treasurer






                
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Exhibit 99.1

DIGITALBRIDGE ANNOUNCES FIRST QUARTER 2022 FINANCIAL RESULTS
Regular quarterly common dividend expected to begin in third quarter 2022

Boca Raton, May 5, 2022 - DigitalBridge Group, Inc. (NYSE: DBRG) and subsidiaries (collectively, “DigitalBridge,” or the “Company”) today announced financial results for the first quarter ended March 31, 2022.
A First Quarter 2022 Earnings Presentation and a Supplemental Financial Report are available in the Events & Presentations and Financial Information sections, respectively, of the Shareholders tab on the Company’s website at www.digitalbridge.com. This information has also been furnished to the U.S. Securities and Exchange Commission in a Current Report on Form 8-K.
“We’re off to a great start to the year, already delivering on many of our key 2022 objectives,” said Marc Ganzi, CEO of DigitalBridge. "We’ve announced two important strategic transactions that accelerate and scale our high-performance investment management platform, putting us in a strong position to outperform our financial targets. We also made great progress with new core, credit, and ventures investments that advance our progress towards building a full-stack digital infrastructure investor."
The Company reported first quarter 2022 total revenues of $257 million, GAAP net loss attributable to common stockholders of $(262) million, or $(0.46) per share, and Distributable Earnings ("DE") and AFFO of $1.6 million.
Preferred Dividends
On February 16, 2022, the Company’s Board declared cash dividends with respect to each series of the Company’s cumulative redeemable perpetual preferred stock in accordance with the terms of such series, as follows: Series H preferred stock: $0.4453125 per share; Series I preferred stock: $0.446875 per share; and Series J preferred stock: $0.4453125 per share. Such dividends were paid on April 15, 2022 to the respective stockholders of record on April 12, 2022.
On May 4, 2022, the Company’s Board declared cash dividends with respect to each series of the Company’s cumulative redeemable perpetual preferred stock in accordance with the terms of such series, as follows: Series H preferred stock: $0.4453125 per share; Series I preferred stock: $0.446875 per share; and Series J preferred stock: $0.4453125 per share. Such dividends will be paid on July 15, 2022 to the respective stockholders of record on July 11, 2022.
First Quarter 2022 Conference Call
The Company will conduct an earnings presentation and conference call to discuss the financial results on Thursday, May 5, 2022 at 10:00 a.m. ET. The earnings presentation will be broadcast live over the Internet and can be accessed on the Shareholders section of the Company’s website at ir.digitalbridge.com/events. A webcast of the presentation and conference call will be available on the Company’s website. To participate in the event by telephone, please dial (877) 407-4018 ten minutes prior to the start time (to allow time for registration). International callers should dial (201) 689-8471.
For those unable to participate during the live call, a replay will be available starting May 5, 2022, at 1:00 p.m. ET. To access the replay, dial (844) 512-2921 (U.S.), and use passcode 13728587. International callers should dial (412) 317-6671 and enter the same conference ID number.
About DigitalBridge Group, Inc.
DigitalBridge (NYSE: DBRG) is a leading global digital infrastructure firm. With a heritage of over 25 years investing in and operating businesses across the digital ecosystem including cell towers, data centers, fiber, small cells, and edge infrastructure, the DigitalBridge team manages a $47 billion portfolio of digital infrastructure assets on behalf of its limited partners and shareholders. Headquartered in Boca Raton, DigitalBridge has key offices in New York, Los Angeles, London, and Singapore. For more information, visit: www.digitalbridge.com.







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Cautionary Statement Regarding Forward-Looking Statements
This press release 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 similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.
Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, and may cause the Company’s actual results to differ significantly from those expressed in any forward-looking statement. Factors that might cause such a difference include, without limitation, the duration and severity of the current novel coronavirus (COVID-19) pandemic, driven by, among other factors, the treatment developments and public adoption rates and effectiveness of COVID-19 vaccines against emerging variants of COVID-19 such as the Delta and Omicron variants; the impact of the COVID-19 pandemic on the global market, economic and environmental conditions generally and in the digital and communications technology and investment management sectors; the effect of COVID-19 on the Company's operating cash flows, debt service obligations and covenants, liquidity position and valuations of its real estate investments, as well as the increased risk of claims, litigation and regulatory proceedings and uncertainty that may adversely affect the Company; our status as an owner, operator and investment manager of digital infrastructure and real estate and our ability to manage any related conflicts of interest; our ability to obtain and maintain financing arrangements, including securitizations, on favorable or comparable terms or at all; the impact of initiatives related to our digital transformation, including the strategic investment by Wafra and the formation of certain other investment management platforms, on our growth and earnings profile; whether the transactions with Wafra and AMP Capital will be completed within the time frame and on the terms anticipated or at all, and whether we will realize any of the anticipated benefits from the transactions; whether we will realize any of the anticipated benefits of our strategic partnership with Wafra, including whether Wafra will make additional investments in our Digital IM and Digital Operating segments; our ability to integrate and maintain consistent standards and controls, including our ability to manage our acquisitions in the digital industry effectively; the impact to our business operations and financial condition of realized or anticipated compensation and administrative savings through cost reduction programs; our ability to redeploy the proceeds received from the sale of our non-digital legacy assets within the timeframe and manner contemplated or at all; our business and investment strategy, including the ability of the businesses in which we have a significant investment (such as BRSP) to execute their business strategies; BRSP's trading price and its impact on the carrying value of the Company's investment in BRSP, including whether the Company will recognize further other-than-temporary impairment on its investment in BRSP; performance of our investments relative to our expectations and the impact on our actual return on invested equity, as well as the cash provided by these investments and available for distribution; our ability to grow our business by raising capital for the companies that we manage; our ability to deploy capital into new investments consistent with our digital business strategies, including the earnings profile of such new investments; the availability of, and competition for, attractive investment opportunities; our ability to achieve any of the anticipated benefits of certain joint ventures, including any ability for such ventures to create and/or distribute new investment products; our ability to satisfy and manage our capital requirements; our expected hold period for our assets and the impact of any changes in our expectations on the carrying value of such assets; the general volatility of the securities markets in which we participate; changes in interest rates and the market value of our assets; interest rate mismatches between our assets and any borrowings used to fund such assets; effects of hedging instruments on our assets; the impact of economic conditions on third parties on which we rely; any litigation and contractual claims against us and our affiliates, including potential settlement and litigation of such claims; our levels of leverage; adverse domestic or international economic conditions, including those resulting from the COVID-19 pandemic, supply chain difficulties and possible inflation; the impact of legislative, regulatory and competitive changes; the risks of the transition from a REIT to a C-corporation for tax purposes, and the related liability for corporate and other taxes; whether we will be able to utilize existing tax attributes to offset taxable income to the extent contemplated; our ability to maintain our exemption from registration as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”); changes in our board of directors or management team, and availability of qualified personnel; our ability to make or maintain distributions to our stockholders; and our understanding of our competition; and other risks and uncertainties, including those detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, each under the heading “Risk Factors,” as such factors may be updated from time to time in the Company’s subsequent periodic filings with the U.S. Securities and Exchange Commission (“SEC”). All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Additional information about these and other factors can be found in the Company’s reports filed from time to time with the SEC.
The Company cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. The Company is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so.
Source: DigitalBridge Group, Inc.
Investor Contacts:
Severin White
Managing Director, Head of Public Investor Relations
severin.white@digitalbridge.com
212-547-2777


(FINANCIAL TABLES FOLLOW)

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CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
March 31, 2022December 31, 2021
(unaudited)
Assets
     Cash and cash equivalents
$1,117,688 $1,602,102 
     Restricted cash
106,332 99,121 
     Real estate, net
5,628,072 4,972,284 
 Loans receivable504,739 173,921 
 Equity and debt investments940,601 935,153 
     Goodwill
761,368 761,368 
     Deferred leasing costs and intangible assets, net
1,225,487 1,187,627 
 Assets held for disposition151,307 3,676,615 
 Other assets746,176 740,395 
     Due from affiliates
50,387 49,230 
Total assets
$11,232,157 $14,197,816 
Liabilities
Debt, net$5,123,246 $4,860,402 
Accrued and other liabilities896,253 928,042 
Intangible liabilities, net
34,459 33,301 
Liabilities related to assets held for disposition758 3,088,699 
Dividends and distributions payable
15,759 15,759 
Total liabilities
6,070,475 8,926,203 
Commitments and contingencies
Redeemable noncontrolling interests
1,038,739 359,223 
Equity
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $883,500 liquidation preference; 250,000 shares authorized; 35,340 shares issued and outstanding854,232 854,232 
Common stock, $0.01 par value per share
Class A, 949,000 shares authorized; 597,480 and 568,577 shares issued and outstanding 5,974 5,685 
Class B, 1,000 shares authorized; 666 shares issued and outstanding
Additional paid-in capital
7,356,363 7,820,807 
Accumulated deficit
(6,838,497)(6,576,180)
Accumulated other comprehensive income
12,753 42,383 
Total stockholders’ equity1,390,832 2,146,934 
     Noncontrolling interests in investment entities
2,688,907 2,653,173 
     Noncontrolling interests in Operating Company
43,204 112,283 
Total equity
4,122,943 4,912,390 
Total liabilities, redeemable noncontrolling interests and equity
$11,232,157 $14,197,816 




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CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data, unaudited)
 Three Months Ended March 31,
 20222021
Revenues
Property operating income$202,511 $189,002 
Interest income5,166 854 
Fee income42,837 29,443 
Other income6,945 1,282 
Total revenues257,459 220,581 
Expenses
Property operating expense84,003 79,862 
Interest expense44,030 39,780 
Investment expense9,565 6,893 
Transaction-related costs165 1,618 
Depreciation and amortization128,567 139,425 
Compensation expense
Cash and equity-based compensation65,542 78,786 
Carried interest and incentive fee compensation(20,352)(33)
Administrative expenses27,885 17,796 
Total expenses339,405 364,127 
Other income (loss)
Other gain (loss), net(149,881)(9,350)
Equity method earnings (losses)19,207 (16,417)
Equity method earnings (losses) - carried interest(31,079)(222)
Income (loss) before income taxes(243,699)(169,535)
     Income tax benefit (expense)7,413 23,196 
Income (loss) from continuing operations(236,286)(146,339)
Income (loss) from discontinued operations (107,398)(481,260)
Net income (loss)(343,684)(627,599)
Net income (loss) attributable to noncontrolling interests:
     Redeemable noncontrolling interests(11,220)2,449 
     Investment entities(63,045)(355,862)
     Operating Company(22,862)(27,896)
Net income (loss) attributable to DigitalBridge Group, Inc.(246,557)(246,290)
Preferred stock redemption— — 
Preferred stock dividends15,759 18,516 
Net income (loss) attributable to common stockholders$(262,316)$(264,806)
Loss per share—basic
Loss from continuing operations per share—basic$(0.30)$(0.22)
Net loss attributable to common stockholders per share—basic$(0.46)$(0.56)
Loss per share—diluted
Loss from continuing operations per share—diluted$(0.30)$(0.22)
Net loss attributable to common stockholders per share—diluted$(0.46)$(0.56)
Weighted average number of shares
Basic569,940 474,899 
Diluted569,940 474,899 

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FUNDS FROM OPERATIONS, CORE FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS
(In thousands, except per share data, unaudited)
Three Months Ended
March 31, 2022March 31, 2021
Net loss attributable to common stockholders$(262,316)$(264,806)
Adjustments for FFO attributable to common interests in Operating Company and common stockholders:
Net loss attributable to noncontrolling common interests in Operating Company(22,862)(27,896)
Real estate depreciation and amortization121,744 184,762 
Impairment of real estate23,799 106,077 
Loss (gain) from sales of real estate(38,102)
Less: Adjustments attributable to noncontrolling interests in investment entities(113,537)(188,496)
FFO attributable to common interests in Operating Company and common stockholders(253,169)(228,461)
Additional adjustments for Core FFO attributable to common interests in Operating Company and common stockholders:
Adjustment to BRSP cash dividend(9,089)55,648 
Equity-based compensation expense18,720 19,299 
Straight-line rent revenue and expense(2,548)17,225 
Amortization of acquired above- and below-market lease values, net(248)6,005 
Debt prepayment penalties and amortization of deferred financing costs and debt premiums and discounts98,465 45,627 
Non-real estate fixed asset depreciation, amortization and impairment11,132 20,563 
Restructuring and transaction-related charges(1)
24,668 34,482 
Non-real estate (gains) losses, excluding realized gains or losses of digital assets within the Corporate and Other segment130,224 267,812 
Net unrealized carried interest13,078 189 
Deferred taxes and tax effect on certain of the foregoing adjustments(589)(17,657)
Less: Adjustments attributable to noncontrolling interests in investment entities(18,700)(218,328)
Less: Core FFO from discontinued operations(9,003)(12,391)
Core FFO attributable to common interests in Operating Company and common stockholders$2,941 $(9,987)
Additional adjustments for AFFO attributable to common interests in Operating Company and common stockholders:
Less: recurring capital expenditures(1,372)(226)
AFFO and DE attributable to common interests in Operating Company and common stockholders$1,569 $(10,213)
Core FFO per common share / common OP unit(2)
$— $(0.02)
Core FFO per common share / common OP unit—diluted(2)(3)
$— $(0.02)
AFFO and DE per common share / common OP unit(2)
$— $(0.02)
AFFO and DE per common share / common OP unit—diluted(2)(3)
$— $(0.02)
Weighted average number of common OP units outstanding used for Core FFO, AFFO and DE per common share and OP unit(2)
628,991 537,033 
Weighted average number of common OP units outstanding used for Core FFO, AFFO and DE per common share and OP unit—diluted (2)(3)
649,399 537,033 




__________
(1) Transaction-related costs primarily represent costs and charges incurred as a result of corporate restructuring and reorganization to implement the digital evolution. These costs and charges include severance, retention, relocation, transition, shareholder settlement and other related restructuring costs, which are not reflective of the Company’s core operating performance.
(2) Calculated based on weighted average shares outstanding including participating securities and assuming the exchange of all common OP units outstanding for common shares.
(3) For the three months ended March 31, 2022, included in the calculations of diluted Core FFO, AFFO and DE per share are Class A common stock or OP units issuable in connection with performance stock units, performance based restricted stock units and Wafra’s warrants, of which the issuance and/or vesting are subject to the performance of the Company's stock price or the achievement of certain Company specific metrics. For the three months ended March 31, 2022, excluded from the calculations of diluted Core FFO, AFFO and DE per share are the effects of adding back interest expense associated with convertible senior notes and weighted average dilutive common share equivalents for the assumed conversion of the convertible senior notes as the effect of including such interest expense and common share equivalents would be antidilutive. For the three months ended March 31, 2021, excluded from the calculations of diluted Core FFO, AFFO and DE per share are Class A common stock or OP units issuable in connection with performance stock units, performance based restricted stock units and Wafra’s warrants, of which the issuance and/or vesting are subject to the performance of the Company's stock price or the achievement of certain Company specific metrics, and the effect of adding back interest expense associated with convertible senior notes and weighted average dilutive common share equivalents for the assumed conversion of the convertible senior notes as the effect of including such interest expense and common share equivalents would be antidilutive.


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Funds From Operations (FFO), Core Funds From Operations (Core FFO), Adjusted Funds From Operations (AFFO) and Distributable Earnings (DE)
The Company calculates funds from operations (FFO) in accordance with standards established by the National Association of Real Estate Investment Trusts, which defines FFO as net income or loss calculated in accordance with GAAP, excluding (i) real estate-related depreciation and amortization; (ii) impairment of depreciable real estate and impairment of investments in unconsolidated ventures directly attributable to decrease in value of depreciable real estate held by the venture; (iii) gain from sale of depreciable real estate; (iv) gain or loss from a change in control in connection with interests in depreciable real estate or in-substance real estate; and (v) adjustments to reflect the Company's share of FFO from investments in unconsolidated ventures. Included in FFO are gains and losses from sales of assets which are not depreciable real estate such as loans receivable, equity investments, and debt securities, as applicable.
The Company computes core funds from operations (Core FFO) by adjusting FFO for the following items, including the Company’s share of these items recognized by its unconsolidated partnerships and joint ventures: (i) equity-based compensation expense; (ii) effects of straight-line rent revenue and expense; (iii) amortization of acquired above- and below-market lease values; (iv) debt prepayment penalties and amortization of deferred financing costs and debt premiums and discounts; (v) non-real estate depreciation, amortization and impairment; (vi) restructuring and transaction-related charges; (vii) non-real estate loss (gain), fair value loss (gain) on interest rate and foreign currency hedges, and foreign currency remeasurements except realized gain and loss from digital assets within the Corporate and Other segment; (viii) net unrealized carried interest; and (ix) tax effect on certain of the foregoing adjustments. The Company’s Core FFO from its interest in BrightSpire Capital, Inc. (NYSE: BRSP) represented the cash dividends declared in the reported period. The Company excluded results from discontinued operations in its calculation of Core FFO and applied this exclusion to prior periods.
The Company computes adjusted funds from operations (AFFO) by adjusting Core FFO for recurring capital expenditures necessary to maintain the operating performance of its properties. The Company's calculation of AFFO is equivalent to Distributable Earnings (DE), the alternative asset manager industry standard metric, which the Company is adopting following its conversion from a REIT to a C-Corp.
The Company uses FFO, Core FFO and AFFO as supplemental performance measures because, in excluding real estate depreciation and amortization and gains and losses, it provides a performance measure that captures trends in occupancy rates, rental rates, and operating costs, and such a measure is useful to investors as it excludes periodic gains and losses from sales of investments that are not representative of its ongoing operations and assesses the Company's ability to meet distribution requirements. The Company also believes that, as widely recognized measures of the performance of REITs, FFO, Core FFO and AFFO will be used by investors as a basis to compare its operating performance and ability to meet distribution requirements with that of other REITs. However, because FFO, Core FFO and AFFO exclude depreciation and amortization and do not capture changes in the value of the Company’s properties that resulted from use or market conditions, which have real economic effect and could materially impact the Company’s results from operations, the utility of FFO, Core FFO and AFFO as measures of the Company’s performance is limited.
FFO, Core FFO and AFFO should not be considered alternatives to GAAP net income as indications of operating performance, or to cash flows from operating activities as measures of liquidity, nor as indications of the availability of funds for our cash needs, including funds available to make distributions. FFO, Core FFO and AFFO should be considered only as supplements to GAAP net income as measures of the Company’s performance and to cash flows from operating activities computed in accordance with GAAP. Additionally, Core FFO and AFFO exclude the impact of certain fair value fluctuations, which, if they were to be realized, could have a material impact on the Company’s operating performance.


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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 similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.

Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, and may cause the Company’s actual results to differ significantly from those expressed in any forward-looking statement. Factors that might cause such a difference include, without limitation, the duration and severity of the current novel coronavirus (COVID-19) pandemic, driven by, among other factors, the treatment developments and public adoption rates and effectiveness of COVID-19 vaccines against emerging variants of COVID-19 such as the Delta and Omicron variants; the impact of the COVID-19 pandemic on the global market, economic and environmental conditions generally and in the digital and communications technology and investment management sectors; the effect of COVID-19 on the Company's operating cash flows, debt service obligations and covenants, liquidity position and valuations of its real estate investments, as well as the increased risk of claims, litigation and regulatory proceedings and uncertainty that may adversely affect the Company; our status as an owner, operator and investment manager of digital infrastructure and real estate and our ability to manage any related conflicts of interest; our ability to obtain and maintain financing arrangements, including securitizations, on favorable or comparable terms or at all; the impact of initiatives related to our digital transformation, including the strategic investment by Wafra and the formation of certain other investment management platforms, on our growth and earnings profile; whether the transactions with Wafra and AMP Capital will be completed within the time frame and on the terms anticipated or at all, and whether we will realize any of the anticipated benefits from the transactions; whether we will realize any of the anticipated benefits of our strategic partnership with Wafra, including whether Wafra will make additional investments in our Digital IM and Digital Operating segments; our ability to integrate and maintain consistent standards and controls, including our ability to manage our acquisitions in the digital industry effectively; the impact to our business operations and financial condition of realized or anticipated compensation and administrative savings through cost reduction programs; our ability to redeploy the proceeds received from the sale of our non-digital legacy assets within the timeframe and manner contemplated or at all; our business and investment strategy, including the ability of the businesses in which we have a significant investment (such as BRSP) to execute their business strategies; BRSP's trading price and its impact on the carrying value of the Company's investment in BRSP, including whether the Company will recognize further other-than-temporary impairment on its investment in BRSP; performance of our investments relative to our expectations and the impact on our actual return on invested equity, as well as the cash provided by these investments and available for distribution; our ability to grow our business by raising capital for the companies that we manage; our ability to deploy capital into new investments consistent with our digital business strategies, including the earnings profile of such new investments; the availability of, and competition for, attractive investment opportunities; our ability to achieve any of the anticipated benefits of certain joint ventures, including any ability for such ventures to create and/or distribute new investment products; our ability to satisfy and manage our capital requirements; our expected hold period for our assets and the impact of any changes in our expectations on the carrying value of such assets; the general volatility of the securities markets in which we participate; changes in interest rates and the market value of our assets; interest rate mismatches between our assets and any borrowings used to fund such assets; effects of hedging instruments on our assets; the impact of economic conditions on third parties on which we rely; any litigation and contractual claims against us and our affiliates, including potential settlement and litigation of such claims; our levels of leverage; adverse domestic or international economic conditions, including those resulting from the COVID-19 pandemic, supply chain difficulties and possible inflation; the impact of legislative, regulatory and competitive changes; the risks of the transition from a REIT to a C-corporation for tax purposes, and the related liability for corporate and other taxes; whether we will be able to utilize existing tax attributes to offset taxable income to the extent contemplated; our ability to maintain our exemption from registration as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”); changes in our board of directors or management team, and availability of qualified personnel; our ability to make or maintain distributions to our stockholders; and our understanding of our competition; and other risks and uncertainties, including those detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, each under the heading “Risk Factors,” as such factors may be updated from time to time in the Company’s subsequent periodic filings with the U.S. Securities and Exchange Commission (“SEC”). All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Additional information about these and other factors can be found in the Company’s reports filed from time to time with the SEC.

The Company cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. The Company is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so.

This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company. This information is not intended to be indicative of future results. Actual performance of the Company may vary materially.

The appendices herein contain important information that is material to an understanding of this presentation and you should read this presentation only with and in context of the
appendices.
DigitalBridge | Supplemental Financial Report


Important Note Regarding Non-GAAP Financial Measures
This supplemental package includes certain “non-GAAP” supplemental measures that are not defined by generally accepted accounting principles, or GAAP, including the financial metrics defined below, of which the calculations may differ from methodologies utilized by other REITs for similar performance measurements, and accordingly, may not be comparable to those of other REITs.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA): The Company calculates Adjusted EBITDA by adjusting Core FFO to exclude cash interest expense, preferred dividends, tax expense or benefit, earnings from equity method investments, placement fees, realized carried interest and incentive fees and revenues and corresponding costs related to installation services. The Company uses Adjusted EBITDA as a supplemental measure of our performance because they eliminate depreciation, amortization, and the impact of the capital structure from its operating results. However, because Adjusted EBITDA is calculated before recurring cash charges including interest expense and taxes and are not adjusted for capital expenditures or other recurring cash requirements, their utilization as a cash flow measurement is limited.

FFO, Core FFO, AFFO and Distributable Earnings:
The Company calculates funds from operations (FFO) in accordance with standards established by the National Association of Real Estate Investment Trusts, which defines FFO as net income or loss calculated in accordance with GAAP, excluding (i) real estate-related depreciation and amortization; (ii) impairment of depreciable real estate and impairment of investments in unconsolidated ventures directly attributable to decrease in value of depreciable real estate held by the venture; (iii) gain from sale of depreciable real estate; (iv) gain or loss from a change in control in connection with interests in depreciable real estate or in-substance real estate; and (v) adjustments to reflect the Company's share of FFO from investments in unconsolidated ventures. Included in FFO are gains and losses from sales of assets which are not depreciable real estate such as loans receivable, equity investments, and debt securities, as applicable.
The Company computes core funds from operations (Core FFO) by adjusting FFO for the following items, including the Company’s share of these items recognized by its unconsolidated partnerships and joint ventures: (i) equity-based compensation expense; (ii) effects of straight-line rent revenue and expense; (iii) amortization of acquired above- and below-market lease values; (iv) debt prepayment penalties and amortization of deferred financing costs and debt premiums and discounts; (v) non-real estate depreciation, amortization and impairment; (vi) restructuring and transaction-related charges; (vii) non-real estate loss (gain), fair value loss (gain) on interest rate and foreign currency hedges, and foreign currency remeasurements except realized gain and loss from digital assets within the Corporate and Other segment; (viii) net unrealized carried interest; and (ix) tax effect on certain of the foregoing adjustments. The Company’s Core FFO from its interest in BrightSpire Capital, Inc. (NYSE: BRSP) represented the cash dividends declared in the reported period. The Company excluded results from discontinued operations in its calculation of Core FFO and applied this exclusion to prior periods.
The Company computes adjusted funds from operations (AFFO) by adjusting Core FFO for recurring capital expenditures necessary to maintain the operating performance of its properties. The Company's calculation of AFFO is equivalent to Distributable Earnings (DE), the alternative asset manager industry standard metric, which the Company is adopting following its conversion from a REIT to a C-Corp.
The Company uses FFO, Core FFO and AFFO as supplemental performance measures because, in excluding real estate depreciation and amortization and gains and losses, it provides a performance measure that captures trends in occupancy rates, rental rates, and operating costs, and such a measure is useful to investors as it excludes periodic gains and losses from sales of investments that are not representative of its ongoing operations and assesses the Company's ability to meet distribution requirements. The Company also believes that, as widely recognized measures of the performance of REITs, FFO, Core FFO and AFFO will be used by investors as a basis to compare its operating performance and ability to meet distribution requirements with that of other REITs. However, because FFO, Core FFO and AFFO exclude depreciation and amortization and do not capture changes in the value of the Company’s properties that resulted from use or market conditions, which have real economic effect and could materially impact the Company’s results from operations, the utility of FFO, Core FFO and AFFO as measures of the Company’s performance is limited.
FFO, Core FFO and AFFO should not be considered alternatives to GAAP net income as indications of operating performance, or to cash flows from operating activities as measures of liquidity, nor as indications of the availability of funds for our cash needs, including funds available to make distributions. FFO, Core FFO and AFFO should be considered only as supplements to GAAP net income as measures of the Company’s performance and to cash flows from operating activities computed in accordance with GAAP. Additionally, Core FFO and AFFO exclude the impact of certain fair value fluctuations, which, if they were to be realized, could have a material impact on the Company’s operating performance.





DigitalBridge | Supplemental Financial Report


Important Note Regarding Non-GAAP Financial Measures
Digital Operating Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) and Adjusted EBITDA: The Company calculates EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts, which defines EBITDAre as net income or loss calculated in accordance with GAAP, excluding interest, taxes, depreciation and amortization, gains or losses from the sale of depreciated property, and impairment of depreciated property. The Company calculates Adjusted EBITDA by adjusting EBITDAre for the effects of straight-line rental income/expense adjustments and amortization of acquired above- and below-market lease adjustments to rental income, revenues and corresponding costs related to the delivery of installation services, equity-based compensation expense, restructuring and transaction related costs, the impact of other impairment charges, gains or losses from sales of undepreciated land, gains or losses from foreign currency remeasurements, and gains or losses on early extinguishment of debt and hedging instruments. The Company uses EBITDAre and Adjusted EBITDA as supplemental measures of our performance because they eliminate depreciation, amortization, and the impact of the capital structure from its operating results. EBITDAre represents a widely known supplemental measure of performance, EBITDA, but for real estate entities, which we believe is particularly helpful for generalist investors in REITs. EBITDAre depicts the operating performance of a real estate business independent of its capital structure, leverage and non-cash items, which allows for comparability across real estate entities with different capital structure, tax rates and depreciation or amortization policies. Additionally, exclusion of gains on disposition and impairment of depreciated real estate, similar to FFO, also provides a reflection of ongoing operating performance and allows for period-over-period comparability. However, because EBITDAre and Adjusted EBITDA are calculated before recurring cash charges including interest expense and taxes and are not adjusted for capital expenditures or other recurring cash requirements, their utilization as a cash flow measurement is limited.

Digital Investment Management Fee Related Earnings (FRE): The Company calculates FRE for its investment management business within the digital segment as base management fees, other service fee income, and other income inclusive of cost reimbursements, less compensation expense excluding equity-based compensation, carried interest and incentive compensation, administrative expenses (excluding fund raising placement agent fee expenses), and other operating expenses related to the investment management business. The Company's calculation of FRE excludes expenses related to new strategies which have 1) not yet held a first close raising FEEUM or 2) for products which may be terminated solely at the Company’s discretion and have never achieved break-even FRE, in which case related revenues are also excluded (both collectively the “Start-up Net G&A”). The Company uses FRE as a supplemental performance measure as it may provide additional insight into the profitability of the overall digital investment management business.

In evaluating the information presented throughout this financial supplemental report see the appendices to this presentation for definitions and reconciliations of non-GAAP financial measures to GAAP measures. For purposes of comparability, historical data in this presentation may include certain adjustments from prior reported data at the historical period.
DigitalBridge | Supplemental Financial Report


Note Regarding DBRG Reportable Segments / Consolidated and OP Share of Consolidated Amounts

This presentation includes supplemental financial information for the following segments:

Digital Investment Management (Digital IM)
This business encompasses the investment and stewardship of third party capital in digital infrastructure and real estate. The Company's flagship opportunistic strategy is conducted through DBP I, DBP II and separately capitalized vehicles while other strategies, including digital credit and public equities, will be or are conducted through other investment vehicles. The Company earns management fees, generally based on the amount of assets or capital managed in investment vehicles, and has the potential to earn carried interest and incentive fees based on the performance of such investment vehicles subject to achievement of minimum return hurdles.

Digital Operating
This business is composed of balance sheet equity interests in digital infrastructure and real estate operating companies, which generally earns rental income from providing use of space and/or capacity in or on digital assets through leases, services and other agreements. The Company currently owns interests in two companies, DataBank's enterprise data centers, including zColo, and Vantage stabilized hyperscale data centers, which are also portfolio companies under Digital IM for the equity interests owned by third party capital.

Corporate and Other
This segment is composed of the Company's remaining non-core activities and corporate level activities.

Non-core activities are composed of the Company's equity interests in: (i) digital investment vehicles, the largest of which is the Company’s investments and commitments to DBP flagship funds, and seed investments in various strategies such as digital liquid and digital credit; and (ii) remaining non-digital investments, primarily the Company’s interest in BrightSpire Capital, Inc. (BRSP), that are expected to be monetized over an extended period beyond the near term. These non-core activities generate largely equity method earnings or losses and to a lesser extent, revenues in the form of interest income or dividend income from warehoused investments and consolidated investment vehicles. Effective the third quarter of 2021, non-core activities are no longer presented separately as the Digital Other and Other segments, which is consistent with and reflects management's focus on its core digital operations and overall simplification of the Company's business.

Corporate level activities include corporate level cash and corresponding interest income, corporate level financing and related interest expense and preferred dividends, corporate level transaction costs, costs in connection with unconsummated investments, costs incurred as manager of the Company's investment vehicles and income for reimbursement of these costs, fixed assets for administrative use, compensation expense not directly attributable to reportable segments, corporate level administrative and overhead costs, and adjustments to eliminate intercompany fees. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic allocation, have been allocated to each of the reportable segments. Elimination adjustment pertains to fee income earned by the Digital Investment Management segment from third party capital in investment vehicles managed by the Company and consolidated within the Digital Operating segment and in Corporate and Other.



Throughout this presentation, consolidated figures represent the interest of both the Company (and its subsidiary DigitalBridge Operating Company, LLC or the “DBRG OP”) and noncontrolling interests. Figures labeled as DBRG OP share represent the Company’s pro-rata share.
DigitalBridge | Supplemental Financial Report


Table of Contents
Page
I.
Financial Overview
a.
6
II.
Financial Results
a.
Balance Sheet Consolidated & Noncontrolling Interests’ Share
7
b.
8
c.
9
d.
10-11
III.
Capitalization
a.
Debt Summary
12
b.
Secured Fund Fee Revenue Notes and Variable Funding Notes
13
c.
Convertible/Exchangeable Notes & Perpetual Preferred Stock
14
d.
Organization Structure
15
IV.
Assets Under Management
16
V.
Digital Investment Management
17
VI.
Digital Operating
18-20
VII.
Other
21
Appendices
Reconciliations of Digital IM Adjusted EBITDA/FRE and Digital Operating Adjusted EBITDA to Net Income (Loss)23
Reconciliations of Core FFO, AFFO, DE and Adjusted EBITDA to Net Income (Loss)24-25
Definitions26
 DigitalBridge | Supplemental Financial Report
5

Ia. Summary Financial Metrics
($ and shares in thousands, except per share data and as noted) (Unaudited)
3/31/2022 - 1Q2212/31/2021 - 4Q219/30/2021 - 3Q216/30/2021 - 2Q213/31/2021 - 1Q2112/31/2020 - 4Q209/30/2020- 3Q206/30/2020 - 2Q20
Financial Data
Net income (loss) attributable to common stockholders$(262,316)$(20,686)$41,036$(141,260)$(264,806)$(140,575)$(205,784)$(2,042,790)
Net income (loss) attributable to common stockholders per basic share(0.46)(0.04)0.08(0.29)(0.56)(0.30)(0.44)(4.33)
Core FFO2,941(4,255)2,049(4,814)(9,987)(25,140)(30,710)(29,250)
Core FFO per basic share(0.01)(0.01)(0.02)(0.05)(0.06)(0.05)
AFFO and Distributable Earnings ("DE")1,569(5,352)700(5,578)(10,213)(25,373)(31,010)(29,470)
AFFO and DE per basic share(0.01)(0.01)(0.02)(0.05)(0.06)(0.05)
Adjusted EBITDA20,49420,95717,62215,37712,538(2,444)(5,519)(5,236)
Balance Sheet, Capitalization and Trading Statistics
Total consolidated assets$11,232,157$14,197,816$15,442,981$15,921,346$16,625,250$20,200,560$19,043,050$16,183,534
 DBRG OP share of consolidated assets3,561,5016,233,1586,086,2596,929,3907,324,78410,119,83410,087,80810,622,322
Total consolidated debt(1)
5,187,5974,922,7224,621,2403,919,2557,023,2267,931,4587,165,8599,612,525
 DBRG OP share of consolidated debt(1)
1,458,8861,366,5281,391,9431,073,6093,392,6203,853,6423,683,6607,147,356
Basic shares and OP units outstanding(2)
649,845620,553547,162545,815538,908535,217535,473535,201
Liquidation preference of perpetual preferred equity883,500883,500947,5001,033,7501,033,7501,033,7501,033,7501,033,750
Insider ownership of shares and OP units3.6%3.5%4.0%4.0%9.4%9.4%10.0%9.9%
Digital Assets Under Management ("AUM") (in billions)$46.6$45.3$37.8$34.9$32.0$30.0$23.3$21.6
Digital Fee Earning Equity Under Management ("FEEUM") (in billions)$18.8$18.3$16.5$14.5$12.9$12.8$8.6$7.7
Digital Key Metrics
Digital IM FRE24,60434,79033,65927,68020,1386,41510,73110,530
Digital IM FRE - DBRG OP share16,98923,75722,92219,47013,5833,8938,14810,531
Digital Operating Adjusted EBITDA88,65984,52980,88681,99582,28759,71645,17716,453
Digital Operating Adjusted EBITDA - DBRG OP share15,49714,20013,63613,77613,9489,6206,9143,294
Digital and Corporate Debt5,187,5974,856,2224,617,2403,919,2553,869,3383,758,3453,077,8611,517,507
Digital and Corporate Debt - DBRG OP share1,458,8861,300,0281,387,9431,073,6091,027,5201,059,881886,7651,105,605
Other digital net carrying value672,130532,969503,106424,345353,776353,194256,451161,287
Other digital net carrying value - DBRG OP share495,825358,178339,634269,488243,726254,718210,396144,388
Number of BRSP shares owned by DigitalBridge34,99134,99134,99144,47844,47444,47444,47344,473
Digital and Corporate net assets & other non-digital assets net carrying value - DBRG OP share1,053,6401,085,397654,576439,747283,133493,388330,965876,926
Notes:
(1)    Represents principal balance and excludes debt issuance costs, discounts and premiums.
(2)     Includes common shares and OP units outstanding, vested and unvested restricted stock and vested director share units. Based on the performance of the Company's class A common stock price during the three months ended March 31, 2022 and the results of certain Company-specific metrics as of March 31, 2022, excluded are class A common shares that are contingently issuable in relation to performance stock units and unvested shares related to LTIP units of 8.7 million and net settlement for the exercise of warrants held by Wafra of 11.8 million. Also excluded are class A shares issuable in relation to an assumed exchange of the Company's remaining 5.75% senior notes of 34.1 million.
 DigitalBridge | Supplemental Financial Report
6

IIa. Financial Results - Balance Sheet

($ in thousands, except per share data) (unaudited)As of March 31, 2022
ConsolidatedNon Controlling Interests' Share
Assets
Cash and cash equivalents$1,117,688 $253,766 
Restricted cash106,332 84,351 
Real estate, net5,628,072 4,673,487 
Loans receivable504,739 6,643 
Equity and debt investments940,601 346,796 
Goodwill761,368 739,303 
Deferred leasing costs and intangible assets, net1,225,487 975,113 
Assets held for disposition151,307 — 
Other assets746,176 615,929 
Due from affiliates50,387 (24,732)
Total assets$11,232,157 $7,670,656 
Liabilities
Debt, net$5,123,246 $3,686,080 
Accrued and other liabilities896,253 227,974 
Intangible liabilities, net34,459 28,956 
Liabilities related to assets held for disposition758 — 
Dividends and distributions payable15,759 — 
Total liabilities6,070,475 3,943,010 
Commitments and contingencies
Redeemable noncontrolling interests1,038,739 1,038,739 
Equity
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $883,500 liquidation preference; 250,000 shares authorized; 35,340 shares issued and outstanding854,232 — 
Common stock, $0.01 par value per share
Class A, 949,000 shares authorized; 597,480 shares issued and outstanding5,974 — 
Class B, 1,000 shares authorized; 666 shares issued and outstanding— 
Additional paid-in capital7,356,363 — 
Accumulated deficit(6,838,497)— 
Accumulated other comprehensive income12,753 — 
Total stockholders’ equity1,390,832 — 
Noncontrolling interests in investment entities2,688,907 2,688,907 
Noncontrolling interests in Operating Company43,204 — 
Total equity4,122,943 2,688,907 
Total liabilities, redeemable noncontrolling interests and equity$11,232,157 $7,670,656 
 DigitalBridge | Supplemental Financial Report
7

IIb. Financial Results - Consolidated Segment Operating Results
Three Months Ended March 31, 2022
($ in thousands) (unaudited)Digital Investment ManagementDigital OperatingCorporate and OtherDiscontinued OperationsTotal
Revenues
Property operating income$— $202,511 $— $— $202,511 
Interest income5,162 — 5,166 
Fee income43,637 — (800)— 42,837 
Other income1,254 5,682 — 6,945 
 Total revenues44,893 202,522 10,044 — 257,459 
Expenses
Property operating expense— 84,003 — — 84,003 
Interest expense2,502 36,184 5,344 — 44,030 
Investment expense1,140 8,016 409 — 9,565 
Transaction-related costs— — 165 — 165 
Depreciation and amortization5,276 122,891 400 — 128,567 
Compensation expense
Cash and equity-based compensation24,808 19,956 20,778 — 65,542 
Carried interest and incentive fee compensation(20,352)— — — (20,352)
Administrative expenses4,171 6,899 16,815 — 27,885 
 Total expenses17,545 277,949 43,911 — 339,405 
Other income (loss)
Gain on sale of real estate assets— — — — — 
Other gain (loss), net(3,055)956 (147,782)— (149,881)
Equity method earnings (loss)17 — 19,190 — 19,207 
Equity method earnings (loss) - carried interest(31,079)— — — (31,079)
Income (loss) before income taxes(6,769)(74,471)(162,459)— (243,699)
Income tax benefit (expense)(2,374)330 9,457 — 7,413 
Income (loss) from continuing operations(9,143)(74,141)(153,002)— (236,286)
Income (loss) from discontinued operations— — — (107,398)(107,398)
Net income (loss)(9,143)(74,141)(153,002)(107,398)(343,684)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests(3,266)— (7,954)— (11,220)
Investment entities2,349 (60,196)977 (6,175)(63,045)
Operating Company(624)(1,121)(12,982)(8,135)(22,862)
Net income (loss) attributable to DigitalBridge Group, Inc.(7,602)(12,824)(133,043)(93,088)(246,557)
Preferred stock redemption— — — — — 
Preferred stock dividends— — 15,759 — 15,759 
Net income (loss) attributable to common stockholders$(7,602)$(12,824)$(148,802)$(93,088)$(262,316)



 DigitalBridge | Supplemental Financial Report
8

IIc. Financial Results - Noncontrolling Interests’ Share Segment Operating Results
Three Months Ended March 31, 2022
($ in thousands) (unaudited)Digital Investment ManagementDigital OperatingCorporate and OtherDiscontinued OperationsTotal
Revenues
Property operating income$— $166,128 $— $— $166,128 
Interest income18 — 20 
Fee income13,717 — — — 13,717 
Other income558 280 — 845 
 Total revenues14,276 166,136 298 — 180,710 
Expenses
Property operating expense— 68,797 — — 68,797 
Interest expense— 29,150 47 — 29,197 
Investment expense359 6,852 — 7,217 
Depreciation and amortization1,655 101,584 — — 103,239 
Compensation expense
Cash and equity-based compensation5,732 15,055 — — 20,787 
Carried interest and incentive fee compensation4,007 — — — 4,007 
Administrative expenses1,299 5,324 302 — 6,925 
 Total expenses13,052 226,762 355 — 240,169 
Other income (loss)
Other gain (loss), net(569)830 (8,774)— (8,513)
Equity method earnings (loss)— 1,853 — 1,860 
Equity method earnings (loss) - carried interest7,863 — — — 7,863 
Income (loss) before income taxes8,525 (59,796)(6,978)— (58,249)
Income tax benefit (expense)(25)266 — — 241 
Net income (loss)8,500 (59,530)(6,978)— (58,008)
Income (loss) from discontinued operations— — (6,174)— (6,174)
Non-pro rata allocation of income (loss) to NCI(9,417)(666)— — (10,083)
Net income (loss) attributable to noncontrolling interests$(917)$(60,196)$(13,152)$— $(74,265)

 DigitalBridge | Supplemental Financial Report
9

IId. Financial Results - Segment Reconciliation of Net Income to FFO, Core FFO, AFFO, DE and Adjusted EBITDA

OP pro rata share by segmentAmounts
attributable to
noncontrolling interests
DBRG consolidated as reported
($ in thousands; for the three months ended March 31, 2022; and unaudited)Digital IMDigital OperatingCorporate and OtherDiscontinued OperationsTotal OP pro rata share
Net income (loss) attributable to common stockholders$(7,602)$(12,824)$(148,802)$(93,088)$(262,316)$— $(262,316)
Net income (loss) attributable to noncontrolling common interests in Operating Company(624)(1,121)(12,982)(8,135)(22,862)— (22,862)
Net income (loss) attributable to common interests in Operating Company and common stockholders(8,226)(13,945)(161,784)(101,223)(285,178)— (285,178)
Adjustments for FFO:
Real estate depreciation and amortization— 20,343 2,279 804 23,426 98,318 121,744 
Impairment of real estate— — — 8,577 8,577 15,222 23,799 
Gain from sales of real estate— — — (3)
Less: Adjustments attributable to noncontrolling interests in investment entities— — — — — (113,537)(113,537)
FFO$(8,226)$6,398 $(159,505)$(91,836)$(253,169)$— $(253,169)
Additional adjustments for Core FFO:
Adjustment to BRSP cash dividend— — (8,399)(690)(9,089)— (9,089)
Equity-based compensation expense2,652 465 5,878 6,619 15,614 3,106 18,720 
Straight-line rent revenue and expense122 152 (856)(942)(1,524)(1,024)(2,548)
Amortization of acquired above- and below-market lease values, net— 22 — (338)(316)68 (248)
Debt prepayment penalties and amortization of deferred financing costs and debt premiums and discounts309 817 423 87,819 89,368 9,097 98,465 
Non-real estate fixed asset depreciation, amortization and impairment69 964 400 781 2,214 8,918 11,132 
Restructuring and transaction-related charges(1)
3,432 — 14,520 6,205 24,157 511 24,668 
Non-real estate (gains) losses, excluding realized gains or losses of digital assets within the Corporate and Other segment(185)(125)133,293 1,385 134,368 (4,144)130,224 
Net unrealized carried interest10,643 — — — 10,643 2,435 13,078 
Deferred taxes and tax effect on certain of the foregoing adjustments(259)(63)— — (322)(267)(589)
Less: Adjustments attributable to noncontrolling interests in investment entities— — — — — (18,700)(18,700)
Less: Core FFO from discontinued operations— — — (9,003)(9,003)— (9,003)
Core FFO$8,557 $8,630 $(14,246)$— $2,941 $— $2,941 
Additional adjustments for AFFO:
Recurring capital expenditures— (1,372)— — (1,372)— (1,372)
AFFO and DE$8,557 $7,258 $(14,246)$— $1,569 $— $1,569 




Notes:
(1)    Restructuring and non-recurring items primarily represent costs and charges incurred as a result of corporate restructuring and reorganization to implement the digital evolution. These costs and charges include severance, retention, relocation, transition, shareholder settlement and other related restructuring costs, which are not reflective of the Company’s core operating performance.
 DigitalBridge | Supplemental Financial Report
10

IId. Financial Results - Segment Reconciliation of Net Income to FFO, Core FFO, AFFO, DE and Adjusted EBITDA

OP pro rata share by segment
($ in thousands; for the three months ended March 31, 2022; and unaudited)Digital IMDigital OperatingCorporate and OtherDiscontinued OperationsTotal OP pro rata share
Core FFO$8,557 $8,630 $(14,246)$— $2,941 
Less: Earnings of equity method investments(9)— (6,682)— (6,691)
Plus: Preferred dividends— — 15,759 — 15,759 
Plus: Core interest expense(1)
2,193 6,216 4,871 — 13,280 
Plus: Core tax expense(1)
2,608 — (9,457)— (6,849)
Plus: Non pro-rata allocation of income (loss) to NCI231 — — — 231 
Less: Net realized carried interest, incentive fees, and other adjustments1,172 — — — 1,172 
Plus: Digital Operating installation services, transaction, investment and servicing costs— 651 — — 651 
Adjusted EBITDA (DBRG OP Share)$14,752 $15,497 $(9,755)$— $20,494 





























Notes:
(1)    Excludes components that are included in adjustments for Core FFO.
 DigitalBridge | Supplemental Financial Report
11

IIIa. Capitalization - Debt Summary
($ in thousands; as of March 31, 2022)
Consolidated debt
Payments due by period(1)
20222023202420252026 and afterTotal
Investment-level debt:
Digital Operating - Fixed$4,673 $219,792 $600,753 $700,000 $2,119,690 $3,644,908 
Digital Operating - Variable— 271,500 15,750 446,517 100,000 $833,767 
Total Digital Operating4,673 491,292 616,503 1,146,517 2,219,690 4,478,675 
Corporate and Other debt:
2021-1, A-1 Variable Funding Notes— — — — — — 
2021-1, Class A-2 Term Notes— — — — 300,000 300,000 
Other (2)
— 119,000 11,500 — — 130,500 
Convertible/exchangeable senior notes— 200,000 — 78,422 — 278,422 
Total consolidated debt (3)
$4,673 $810,292 $628,003 $1,224,939 $2,519,690 $5,187,597 
Fixed/VariableWA Interest RateWA Remaining Term
DBRG OP share of debt
Payments due by period(1)
20222023202420252026 and afterTotal
Investment-level debt:
Digital Operating - Fixed$614 $28,859 $78,879 $91,910 $379,462 $579,724 Fixed2.4%3.9
Digital Operating - Variable— 57,843 3,148 89,259 19,990 $170,240 Variable5.0%2.8
Total Digital Operating614 86,702 82,027 181,169 399,452 749,964 3.0%3.7
Corporate and Other debt:
2021-1, A-1 Variable Funding Notes— — — — — — VariableN/A4.5
2021-1, Class A-2 Term Notes— — — — 300,000 300,000 Fixed3.9%4.5
Other (2)
— 119,000 11,500 — — 130,500 Variable2.1%1.4
Convertible/exchangeable senior notes— 200,000 — 78,422 — 278,422 Fixed5.2%1.7
Total DBRG share of debt (3)
$614 $405,702 $93,527 $259,591 $699,452 $1,458,886 
Digital and Corporate Net AssetsConsolidated amountDBRG OP share of
consolidated amount
Cash and cash equivalents, restricted cash and other assets$1,967,303 $1,099,320 
Accrued and other liabilities and dividends payable903,419 286,083 
Net assets$1,063,884 $813,237 

Notes:
(1)    Maturity dates are based on initial maturity dates or extended maturity dates, where applicable, the extension option is at the Company’s discretion and if the criteria to extend have been met as of the reporting date.
(2)    In the third quarter of 2021, the Company entered into a credit facility to fund the acquisition of loans that are warehoused for a future securitization vehicle.
(3)    Excluded from above presentation is debt of assets which are presented under discontinued operations.
 DigitalBridge | Supplemental Financial Report
12

IIIb. Capitalization - DBRG Series 2021-1
($ in thousands, as of March 31, 2022)
Class A-2 Term Notes
Amount outstanding$300,000 
Interest rate3.933 %
Anticipated Repayment Date (ARD)September 25, 2026
Kroll RatingBBB
Class A-1 Variable Funding Notes
Maximum Available$300,000 
(1)
Amount outstanding$— 
Interest Rate 1M Term SOFR + 3.00%
(1)
Fully extended Anticipated Repayment Date (ARD)(2)
September 25, 2026
Financial covenants:Covenant level
Debt Service Coverage Ratio(3)
Minimum 1.75x
Loan to Value Ratio(4)
Less than 35.0%
Investment Management Expense Ratio(5)
Less than 60.0%
Company status: As of May 4, 2022, DBRG is meeting all required covenant threshold levels.









Notes:
(1)    Effective April 1, 2022, the maximum principal amount of the Series 2021-1 Class A-1 Variable Funding Notes increased to $300 million and Term SOFR replaced LIBOR as the benchmark for accruing interest on the Series 2021-1 Class A-1 Variable Funding Notes.
(2)    Anticipated Repayment Date is September 25, 2026 including two 1-year extension options subject to 1) either rating agency confirmation and consent of VFN noteholders are obtained or DSCR exceeding 1.75x, 2) term notes rating not less than BBB- 3) the payment of a 0.05% extension fee and 4) other customary conditions.
(3)    Debt service coverage ratio covenant thresholds: minimum of 1.75x for ability to borrow from the VFN; below 1.75x to 1.50x = 50% cash trap; below 1.50x to 1.20x = 100% cash trap; and below 1.20x = cash sweep.
(4)    100% cash sweep until LTV is less than 35%.
(5)    50% cash sweep until ratio is less than 60%.
 DigitalBridge | Supplemental Financial Report
13

IIIc. Capitalization - Convertible/Exchangeable Notes & Perpetual Preferred Stock
($ in thousands; except per share data; as of March 31, 2022)
Convertible/exchangeable debt
DescriptionOutstanding principal
Final due date(1)
Interest rateConversion price (per share of common stock)Conversion ratioConversion shares
5.75% Exchangeable senior notes$78,422 July 15, 20255.75% fixed$2.30 434.7826 34,097 
5.0% Convertible senior notes200,000 April 15, 20235.00% fixed15.76 63.4700 12,694 
Total convertible debt$278,422 


Perpetual preferred stock
DescriptionLiquidation
preference
Shares outstanding (In thousands)Callable period
Series H 7.125% cumulative redeemable perpetual preferred stock223,500 8,940 Callable
Series I 7.15% cumulative redeemable perpetual preferred stock345,000 13,800 On or after June 5, 2022
Series J 7.125% cumulative redeemable perpetual preferred stock315,000 12,600 On or after September 22, 2022
Total preferred stock$883,500 35,340 



















Notes:
(1)    Callable at principal amount only if DBRG common stock has traded at least 130% of the conversion price for 20 of 30 consecutive trading days: on or after July 21, 2023, for the 5.75% exchangeable senior notes and on or after April 22, 2020, for the 5.0% convertible senior notes.
 DigitalBridge | Supplemental Financial Report
14

IIId. Capitalization - Organization Structure



dbrg1q22legalorgcharta.jpg
 DigitalBridge | Supplemental Financial Report
15

IV. Assets Under Management
($ in millions)DBRG OP Share
Segment3/31/2212/31/219/30/216/30/213/31/2112/31/209/30/206/30/20
Digital Investment Management$44,517 $43,619 $36,337 $33,551 $30,711 $28,577 $22,237 $21,015 
Digital Operating1,460 1,233 1,157 1,093 1,073 1,087 724 300 
Other (1)
1,848 6,427 11,880 13,790 14,397 22,300 23,853 24,392 
Total AUM$47,825 $51,279 $49,374 $48,434 $46,181 $51,964 $46,814 $45,707 





































Notes:
(1)    March 31, 2022 includes $1.2 billion of non-digital assets.
 DigitalBridge | Supplemental Financial Report
16

V. Digital Investment Management

($ in millions)
AUM DBRG OP Share3/31/2212/31/219/30/216/30/213/31/2112/31/209/30/206/30/20
DigitalBridge Partners I$5,766 $6,180 $6,180 $6,003 $5,931 $6,089 $5,686 $5,665 
DigitalBridge Partners II10,687 10,430 8,005 6,431 4,775 3,241 — — 
Separately Capitalized Portfolio Companies7,111 6,882 10,147 10,254 9,893 8,947 8,273 9,556 
Co-Investment (Sidecar) Capital19,907 19,311 11,417 10,273 9,591 9,857 8,181 5,692 
Liquid and Other Strategies1,046 816 588 590 521 443 97 102 
Digital IM AUM$44,517 $43,619 $36,337 $33,551 $30,711 $28,577 $22,237 $21,015 
FEEUM DBRG OP Share3/31/2212/31/219/30/216/30/213/31/2112/31/209/30/206/30/20
DigitalBridge Partners I$3,034 $3,215 $3,040 $3,081 $3,179 $3,756 $3,756 $3,756 
DigitalBridge Partners II7,996 8,001 7,146 5,519 3,964 3,217 — — 
Separately Capitalized Portfolio Companies2,372 2,148 2,576 2,576 2,534 2,777 2,603 3,019 
Co-Investment (Sidecar) Capital4,370 4,105 3,184 2,817 2,744 2,655 2,042 841 
Liquid and Other Strategies1,013 786 510 512 432 437 153 127 
Digital IM FEEUM (3/31/22 Annual IM Fee Rate = 0.93%)$18,785 $18,255 $16,456 $14,505 $12,853 $12,842 $8,554 $7,743 
($ in thousands)
Digital IM FRE1Q224Q213Q212Q211Q214Q203Q202Q20
Fee income$43,155 $43,145 $37,751 $33,304 $28,917 $24,191 $19,172 $18,987 
Fee income, other (1)
523 8,787 12,809 8,996 2,148 862 876 1,306 
Other income251 273 483 84 54 183 87 552 
Compensation expense—cash(17,675)(16,275)(16,933)(14,426)(10,852)(18,353)(9,414)(9,208)
Administrative expenses(4,012)(3,446)(2,675)(2,337)(2,067)(2,310)(1,832)(2,330)
Exclude: Start-up Net G&A of certain new strategies2,362 2,306 2,224 2,059 1,938 1,842 1,842 1,223 
Digital IM FRE (2)
$24,604 $34,790 $33,659 $27,680 $20,138 $6,415 $10,731 $10,530 
DBRG OP share of Digital IM FRE(3)
$16,989 $23,757 $22,922 $19,470 $13,583 $3,893 $8,148 $10,531 



Notes:
(1)    Includes service fee income and one time catch-up fees earned, which are customary fees paid on newly raised 3rd party capital as if it were raised on the first closing date.
(2)    For reconciliations of net income / (loss) to FRE, please refer to the Appendices section of this presentation.
(3)    In July 2020, the Company closed on a strategic investment from Wafra for a 31.5% ownership stake in the Digital Investment Management business. Represents the Company interest after deducting Wafra's 31.5% interest.
 DigitalBridge | Supplemental Financial Report
17

VI. Digital Operating

($ in millions, unless otherwise noted)
Portfolio Overview3/31/2212/31/219/30/216/30/213/31/2112/31/209/30/206/30/20
Consolidated amount
Asset(1)
$8,397 $7,624 $7,211 $6,736 $6,633 $6,248 $4,925 $1,496 
Debt(2)(3)
(4,479)(4,217)(3,817)(3,374)(3,369)(3,227)(2,546)(515)
Net Carrying Value - Consolidated$3,918 $3,407 $3,394 $3,362 $3,264 $3,021 $2,379 $981 
DBRG OP share of consolidated amount
Asset(1)
$1,460 $1,233 $1,157 $1,093 $1,073 $1,087 $724 $300 
Debt(2)(3)
(746)(661)(588)(529)(528)(536)(355)(103)
Net Carrying Value - DBRG OP share$714 $572 $569 $564 $545 $551 $369 $197 
DBRG net carrying value % interest18 %17 %17 %17 %17 %18 %16 %20 %
($ in millions, unless otherwise noted)
Operating Metrics (4)
3/31/2022 - 1Q2212/31/2021 - 4Q219/30/2021 - 3Q216/30/2021 - 2Q213/31/2021 - 1Q2112/31/2020 - 4Q209/30/2020- 3Q206/30/2020 - 2Q20
Number of Data Centers7878767676323220
Max Critical I.T. Square Feet1,980,3171,949,1441,819,9461,809,9431,791,7811,138,0481,137,866456,649
Leased Square Feet1,608,3781,552,5171,467,4201,439,2911,423,322967,879945,640316,697
% Utilization Rate81.2%79.7%80.6%79.5%79.4%85.0%83.1%69.4%
MRR (Annualized)$812.3$790.4$773.1$750.2$743.0$442.0$374.0$171.4
Bookings (Annualized)$14.2$15.3$16.6$16.4$23.0$6.0$9.4$6.6
Quarterly Churn (% of Prior Quarter MRR).9%1.9%1.3%1.3%1.3%.8%.8%1.7%













Notes:
(1)    Includes all components related to real estate assets, including tangible real estate and lease-related intangibles and cash.
(2)    Represents unpaid principal balance.
(3)    For the first quarter 2022, in addition to debt presented, the Digital Operating segment has $141 million consolidated, or $27 million DBRG OP share, of finance lease obligations, which represents the present value of payments on leases classified as finance leases, in the Other Liabilities line item on the Company’s Balance Sheet.
(4)    Operating metrics presented include assets owned entirely during the presented period. Data of assets acquired within a quarter are included in the following quarter.
 DigitalBridge | Supplemental Financial Report
18

VI. Digital Operating

($ in thousands)
Digital Operating Adjusted EBITDA1Q224Q213Q212Q211Q214Q203Q202Q20
Consolidated amount
Total revenues$202,522 $189,938 $194,966 $189,093 $189,202 $127,546 $98,549 $42,021 
Property operating expenses(84,003)(78,950)(80,226)(77,140)(79,862)(47,224)(37,544)(18,055)
Compensation and administrative expenses(26,855)(28,879)(29,766)(28,488)(25,947)(16,982)(11,863)(10,464)
Investment, servicing and commission expenses(8,016)(5,153)(4,862)(5,255)(6,565)(3,329)(2,362)(696)
Other gain/loss, net956 (1,226)285 (349)(3)(200)(45)— 
EBITDAre:$84,604 $75,730 $80,397 $77,861 $76,825 $59,811 $46,735 $12,806 
Straight-line rent expenses and amortization of above- and below-market lease intangibles(377)370 482 (98)(399)(2,607)(2,106)1,837 
Compensation expense—equity-based752 1,918 308 308 308 728 148 296 
Installation services— 2,097 (4,058)576 880 429 (65)493 
Transaction, restructuring & integration costs4,636 3,188 4,042 2,999 4,670 1,155 420 1,021 
Other gain/loss, net(956)1,226 (285)349 200 45 — 
Digital Operating Adjusted EBITDA - Consolidated (1)
$88,659 $84,529 $80,886 $81,995 $82,287 $59,716 $45,177 $16,453 
DBRG OP share of consolidated amount
Total revenues$36,882 $32,464 $33,771 $32,624 $32,741 $21,013 $15,600 $8,413 
Property operating expenses(15,614)(13,740)(14,115)(13,690)(14,165)(7,911)(6,026)(3,615)
Compensation and administrative expenses(5,752)(5,457)(5,615)(5,350)(4,888)(3,276)(2,310)(2,095)
Investment, servicing and commission expenses(1,169)(732)(709)(819)(1,090)(433)(290)(139)
Other gain/loss, net125 (238)61 (69)(1)(26)(6)— 
EBITDAre:$14,472 $12,297 $13,393 $12,696 $12,597 $9,367 $6,968 $2,564