10-Q 1 dbrg-20220331.htm 10-Q dbrg-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-37980
DigitalBridge Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland
 
46-4591526
(State or Other Jurisdiction of
Incorporation or Organization)
 
(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)

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 value
DBRG
New York Stock Exchange
Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par value
DBRG.PRH
New York Stock Exchange
Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par value
DBRG.PRI
New York Stock Exchange
Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par value
DBRG.PRJ
New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None.
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 





Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-Accelerated FilerSmaller Reporting Company
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 pursuant to Section 13(a) of the Exchange Act. Yes     No  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of May 3, 2022, 597,067,803 shares of the Registrant's class A common stock and 665,978 shares of class B common stock were outstanding.


DigitalBridge Group, Inc.
Form 10-Q
Table of Contents
PART I. FINANCIAL INFORMATIONPage
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


3

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
DigitalBridge Group, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
March 31, 2022
(Unaudited)
December 31, 2021
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 receivable (at fair value)504,739 173,921 
     Equity investments ($242,915 and $201,912 at fair value)
940,601 935,153 
     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 assets ($5,176 and $944 at fair value)
746,176 740,395 
     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 liabilities ($4,943 and $0 at fair value)
896,253 928,042 
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 (Note 20)
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 outstanding
854,232 854,232 
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
7 7 
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 

The accompanying notes are an integral part of the consolidated financial statements.
4

DigitalBridge Group, Inc.
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 income (from affiliates)42,837 29,443 
Other income ($3,379 and $519 from affiliates)
6,945 1,282 
Total revenues257,459 220,581 
Expenses
Property operating expense84,003 79,862 
Interest expense44,030 39,780 
Investment expense9,565 6,893 
Transaction-related costs165 1,618 
Depreciation and amortization128,567 139,425 
Compensation expense—cash and equity-based65,542 78,786 
Compensation expense (reversal)—incentive fee and carried interest(20,352)(33)
Administrative expenses27,885 17,796 
Total expenses339,405 364,127 
Other income (loss)
Other loss, net(149,881)(9,350)
Equity method earnings (losses)19,207 (16,417)
Equity method losses—carried interest(31,079)(222)
Loss from continuing operations before income taxes
(243,699)(169,535)
Income tax benefit7,413 23,196 
Loss from continuing operations(236,286)(146,339)
Loss from discontinued operations (107,398)(481,260)
Net loss(343,684)(627,599)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests(11,220)2,449 
Investment entities(63,045)(355,862)
Operating Company(22,862)(27,896)
Net loss attributable to DigitalBridge Group, Inc.(246,557)(246,290)
Preferred stock dividends15,759 18,516 
Net loss attributable to common stockholders$(262,316)$(264,806)
Loss per share—basic
Loss from continuing operations per common share—basic$(0.30)$(0.22)
Net loss attributable to common stockholders per common share—basic$(0.46)$(0.56)
Loss per share—diluted
Loss from continuing operations per common share—diluted$(0.30)$(0.22)
Net loss attributable to common stockholders per common share—diluted$(0.46)$(0.56)
Weighted average number of shares
Basic569,940 474,899 
Diluted569,940 474,899 
The accompanying notes are an integral part of the consolidated financial statements.
5

DigitalBridge Group, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(Unaudited)

 Three Months Ended March 31,
 20222021
Net loss$(343,684)$(627,599)
Changes in accumulated other comprehensive income (loss) related to:
Equity method investments2 (2,708)
Available-for-sale debt securities(6,373)(3,309)
Cash flow hedges 1,285 
Foreign currency translation(37,941)(59,618)
Net investment hedges 4,118 
Other comprehensive income (loss)(44,312)(60,232)
Comprehensive loss(387,996)(687,831)
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests(11,220)2,449 
Investment entities(75,056)(392,518)
Operating Company(25,458)(30,329)
Comprehensive loss attributable to stockholders$(276,262)$(267,433)

The accompanying notes are an integral part of the consolidated financial statements.
6

DigitalBridge Group, Inc.
Consolidated Statements of Equity
(In thousands, except per share data)
(Unaudited)
 Preferred StockCommon StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeTotal Stockholders’ EquityNoncontrolling Interests in Investment EntitiesNoncontrolling Interests in Operating CompanyTotal Equity
 
Balance at December 31, 2020$999,490 $4,841 $7,570,473 $(6,195,456)$122,123 $2,501,471 $4,327,372 $155,747 $6,984,590 
Net loss— — — (246,290)— (246,290)(355,862)(27,896)(630,048)
Other comprehensive loss— — — — (21,143)(21,143)(36,656)(2,433)(60,232)
Deconsolidation of investment entities (Note 21)
— — — — — — (22,413)— (22,413)
Redemption of OP Units for class A common stock— — 16 — — 16 — (16)— 
Equity awards issued, net of forfeitures— 48 16,536 — — 16,584 308 1,308 18,200 
Shares canceled for tax withholdings on vested equity awards— (11)(7,707)— — (7,718)— — (7,718)
Contributions from noncontrolling interests
— — — — — — 113,213 — 113,213 
Distributions to noncontrolling interests
— — — — — — (26,739) (26,739)
Preferred stock dividends
— — — (18,516)— (18,516)— — (18,516)
Reallocation of equity (Notes 2 and 10)
— — (2,445)— 76 (2,369)4,682 (2,313)— 
Balance at March 31, 2021$999,490 $4,878 $7,576,873 $(6,460,262)$101,056 $2,222,035 $4,003,905 $124,397 $6,350,337 

Balance at December 31, 2021$854,232 $5,692 $7,820,807 $(6,576,180)$42,383 $2,146,934 $2,653,173 $112,283 $4,912,390 
Net loss— — — (246,557)— (246,557)(63,045)(22,862)(332,464)
Other comprehensive loss— — — — (29,705)(29,705)(12,011)(2,596)(44,312)
Exchange of notes for common stock (Note 8)
— 256 177,562 — — 177,818 — — 177,818 
Adjustment to fair value of redeemable noncontrolling interests (Note 10)
— — (690,000)— — (690,000)— — (690,000)
Deconsolidation of investment entities (Note 21)
— — — — —  (176,856)— (176,856)
Redemption of OP Units for class A common stock— — 2 — — 2 — (2)— 
Equity awards issued, net of forfeitures— 50 14,286 — — 14,336 2,734 1,555 18,625 
Shares canceled for tax withholdings on vested equity awards— (17)(11,393)— — (11,410)— — (11,410)
Acquisition of noncontrolling interest (Note 10)
— — — — — — (32,076)— (32,076)
Contributions from noncontrolling interests— — — — — — 343,006 — 343,006 
Distributions to noncontrolling interests— — — — — — (26,018)— (26,018)
Preferred stock dividends— — — (15,760)— (15,760)— — (15,760)
Reallocation of equity (Notes 2 and 10)
— — 45,099 — 75 45,174  (45,174)— 
Balance at March 31, 2022$854,232 $5,981 $7,356,363 $(6,838,497)$12,753 $1,390,832 $2,688,907 $43,204 $4,122,943 

The accompanying notes are an integral part of the consolidated financial statements.
7

DigitalBridge Group, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
  Three Months Ended March 31,
 20222021
Cash Flows from Operating Activities
Net loss$(343,684)$(627,599)
Adjustments to reconcile net loss to net cash provided by operating activities:
Paid-in-kind interest added to loan principal, net of interest received(1,144)(4,267)
Straight-line rent income(4,530)18,800 
Amortization of above- and below-market lease values, net(132)6,098 
Amortization of deferred financing costs and debt discount and premium, net96,279 43,729 
Equity method (gains) losses(116)111,519 
Distributions of income from equity method investments 520 
Allowance for doubtful accounts 205 
Impairment of real estate and related intangibles and right-of-use asset23,802 123,760 
Depreciation and amortization130,906 190,305 
Equity-based compensation18,719 19,319 
Gain on sales of real estate, net (45,750)
Deferred income tax benefit(9,040)(34,480)
Loss on extinguishment of exchangeable notes133,173  
Other loss, net17,332 213,661 
(Increase) decrease in other assets and due from affiliates(4,186)(31,721)
Increase (decrease) in accrued and other liabilities and due to affiliates(55,136)(7,460)
Other adjustments, net(986)(576)
Net cash provided by (used in) operating activities1,257 (23,937)
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments(215,040)(117,776)
Return of capital from equity method investments11,829 2,253 
Acquisition of loans receivable and debt securities(101,607)(9,697)
Net disbursements on originated loans(205,507)(3,631)
Repayments of loans receivable15,845 8,798 
Proceeds from sales of loans receivable and debt securities126,644  
Acquisition of and additions to real estate, related intangibles and leasing commissions(822,368)(74,024)
Proceeds from sales of real estate96,660 143,328 
Cash and restricted cash assumed by buyer in sales of real estate investment holding entities(189,453)(78,520)