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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, 2024
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 valueDBRG
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(b) 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 April 30, 2024, 173,614,726 shares of the Registrant's class A common stock and 166,494 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.


PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
DigitalBridge Group, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
March 31, 2024
(Unaudited)
December 31, 2023
Assets
Cash and cash equivalents$247,354 $345,335 
Restricted cash4,787 4,915 
Investments ($574,532 and $572,749 at fair value)
2,488,826 2,476,093 
Goodwill465,602 465,991 
Intangible assets95,131 103,750 
Other assets73,871 78,953 
Due from affiliates87,666 85,815 
Assets of discontinued operations579 1,698 
Total assets
$3,463,816 $3,562,550 
Liabilities
Debt$366,506 $371,783 
Other liabilities ($67,187 and $124,019 at fair value)
573,961 681,451 
Liabilities of discontinued operations918 153 
Total liabilities
941,385 1,053,387 
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests
19,596 17,862 
Equity
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $821,899 liquidation preference; 250,000 shares authorized; 32,876 shares issued and outstanding
794,670 794,670 
Common stock, $0.01 par value per share
Class A, 237,250 shares authorized; 166,052 and 163,209 shares issued and outstanding
1,660 1,632 
Class B, 250 shares authorized; 166 shares issued and outstanding
2 2 
Additional paid-in capital
7,909,865 7,855,842 
Accumulated deficit
(6,888,452)(6,842,502)
Accumulated other comprehensive income (loss)712 1,411 
Total stockholders’ equity1,818,457 1,811,055 
     Noncontrolling interests in investment entities
610,692 605,311 
     Noncontrolling interests in Operating Company
73,686 74,935 
Total equity
2,502,835 2,491,301 
Total liabilities, redeemable noncontrolling interests and equity
$3,463,816 $3,562,550 

The accompanying notes form 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,
 20242023
Revenues
Fee revenue ($69,811 and $56,389 from affiliates)
$72,955 $59,126 
Carried interest allocation (reversal)(8,478)(54,756)
Principal investment income2,845 3,562 
Other income ($2,486 and $1,253 from affiliates)
7,071 10,564 
Total revenues74,393 18,496 
Expenses
Interest expense5,192 8,131 
Transaction-related costs760 8,527 
Depreciation and amortization9,167 6,875 
Compensation expense—cash and equity-based51,184 47,471 
Compensation expense—incentive fee and carried interest allocation (reversal)(6,714)(36,831)
Administrative and other expenses24,310 20,447 
Total expenses83,899 54,620 
Other income (loss)
Other gain (loss), net(5,894)(144,514)
Income (loss) from continuing operations before income taxes(15,400)(180,638)
Income tax benefit (expense)(1,246)(1,098)
Income (loss) from continuing operations(16,646)(181,736)
Income (loss) from discontinued operations (14,120)(110,608)
Net income (loss)(30,766)(292,344)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests733 6,943 
Investment entities1,467 (84,828)
Operating Company(3,338)(16,662)
Net income (loss) attributable to DigitalBridge Group, Inc. (29,628)(197,797)
Preferred stock dividends14,660 14,676 
Net income (loss) attributable to common stockholders$(44,288)$(212,473)
Income (loss) per share—basic
Income (loss) from continuing operations per common share—basic$(0.20)$(1.19)
Net income (loss) attributable to common stockholders per common share—basic$(0.28)$(1.34)
Income (loss) per share—diluted
Income (Loss) from continuing operations per common share—diluted$(0.20)$(1.19)
Net income (loss) attributable to common stockholders per common share—diluted$(0.28)$(1.34)
Weighted average number of shares
Basic161,043 158,446 
Diluted161,043 158,446 
Dividends declared per common share
$0.01 $0.01 



The accompanying notes form 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,
 20242023
Net income (loss)$(30,766)$(292,344)
Changes in accumulated other comprehensive income (loss) related to:
Equity method investments 318 
Foreign currency translation(754)(231)
Other comprehensive income (loss)(754)87 
Comprehensive income (loss)(31,520)(292,257)
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests733 6,943 
Investment entities1,467 (84,793)
Operating Company(3,392)(16,643)
Comprehensive income (loss) attributable to stockholders$(30,328)$(197,764)

The accompanying notes form 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 Income (Loss)Total Stockholders’ EquityNoncontrolling Interests in Investment EntitiesNoncontrolling Interests in Operating CompanyTotal Equity
 
Balance at December 31, 2022
$800,355 $6,397 $7,818,068 $(6,962,613)$(1,509)$1,660,698 $2,743,896 $64,895 $4,469,489 
Net income (loss)— — — (197,797)— (197,797)(84,828)(16,662)(299,287)
Other comprehensive income (loss)— — — — 33 33 35 19 87 
Common stock repurchases(52)— — — — (52)— — (52)
Equity-based compensation— 99 10,930 — — 11,029 5,542 41 16,612 
Shares canceled for tax withholdings on vested equity awards— (16)(4,847)— — (4,863)— — (4,863)
Contributions from noncontrolling interests— — — — — — 29,684 — 29,684 
Distributions to noncontrolling interests— — — — — — (43,436)(126)(43,562)
Preferred stock dividends— — — (14,676)— (14,676)— — (14,676)
Common stock dividends declared ($0.01 per share)
— — — (1,620)— (1,620)— — (1,620)
Reallocation of equity (Notes 2 and 9)
— — (429)— (2)(431)— 431  
Balance at March 31, 2023$800,303 $6,480 $7,823,722 $(7,176,706)$(1,478)$1,452,321 $2,650,893 $48,598 $4,151,812 

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

DigitalBridge Group, Inc.
Consolidated Statements of Equity (Continued)
(In thousands, except per share data)
(Unaudited)
 Preferred StockCommon StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Total Stockholders’ EquityNoncontrolling Interests in Investment EntitiesNoncontrolling Interests in Operating CompanyTotal Equity
 
Balance at December 31, 2023
$794,670 $1,634 $7,855,842 $(6,842,502)$1,411 $1,811,055 $605,311 $74,935 $2,491,301 
Net income (loss)— — — (29,628)— (29,628)1,467 (3,338)(31,499)
Other comprehensive income (loss)— — — — (700)(700) (54)(754)
Settlement of Wafra contingent consideration (Note 6)
— 10 17,490 — — 17,500 — — 17,500 
Reclassification of warrants (Note 10)
— — 33,000 — — 33,000 — — 33,000 
Exchange of notes for common stock (Note 7)
— 7 5,934 — — 5,941 — — 5,941 
Redemption of OP Units for class A common stock— 1 514 — — 515 — (515) 
Equity-based compensation— 14 8,127 — — 8,141  39 8,180 
Shares canceled for tax withholdings on vested equity awards— (4)(8,299)— — (8,303)— — (8,303)
Contributions from noncontrolling interests— — — — — — 8,609 — 8,609 
Distributions to noncontrolling interests— — — — — — (4,695)(123)(4,818)
Preferred stock dividends— — — (14,660)— (14,660)— — (14,660)
Common stock dividends declared ($0.01 per share)
— — — (1,662)— (1,662)— — (1,662)
Reallocation of equity (Notes 2 and 9)
— — (2,743)— 1 (2,742)— 2,742  
Balance at March 31, 2024$794,670 $1,662 $7,909,865 $(6,888,452)$712 $1,818,457 $610,692 $73,686 $2,502,835 

The accompanying notes form an integral part of the consolidated financial statements.
8

DigitalBridge Group, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
  Three Months Ended March 31,
 20242023
Cash Flows from Operating Activities
Net income (loss)$(30,766)$(292,344)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred financing costs and debt discount and premium, net664 12,182 
Unrealized carried interest allocation8,478 55,313 
Unrealized principal investment income(468)(3,562)
Other equity method (earnings) losses 10,609 
Depreciation and amortization9,167 141,574 
Equity-based compensation8,680 16,612 
Deferred income tax (benefit) expense (734)881 
Other (gain) loss, net19,267 142,644 
Other adjustments, net32 (1,566)
(Increase) decrease in other assets and due from affiliates1,940 20,757 
Increase (decrease) in other liabilities and due to affiliates(43,269)(83,366)
Net cash provided by (used in) operating activities(27,009)19,734 
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments(59,129)(140,998)
Return of capital from equity method investments15,979 52,259 
Proceeds from sale of equity investments23,471 308,254 
Acquisition of and additions to real estate, related intangibles and leasing commissions (163,157)
Investment deposits766 (5,704)
Net receipt (payment) on settlement of derivatives 3,401 
Acquisition of InfraBridge, net of cash acquired (Note 3)
 (313,164)
Purchase of fixed assets(3,055) 
Net cash provided by (used in) investing activities(21,968)(259,109)

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

9

DigitalBridge Group, Inc.
Consolidated Statements of Cash Flows (Continued)
(In thousands)
(Unaudited)
 Three Months Ended March 31,
 20242023
Cash Flows from Financing Activities
Dividends paid to preferred stockholders$(14,660)$(14,766)
Dividends paid to common stockholders(1,634)(1,599)
Borrowings from investment level debt
 1,241,890 
Repayments of investment level debt
 (1,060,239)
Payment of deferred financing costs and prepayment penalties on investment level debt (29,482)
Contributions from noncontrolling interests9,609 29,684 
Distributions to and redemptions of noncontrolling interests(15,983)(43,839)
Payment of contingent consideration to Wafra
(17,500)(90,000)
Shares canceled for tax withholdings on vested equity awards(8,303)(4,863)
Net cash provided by (used in) financing activities(48,471)26,786 
Effect of exchange rates on cash, cash equivalents and restricted cash(661)64 
Net increase (decrease) in cash, cash equivalents and restricted cash(98,109)(212,525)
Cash, cash equivalents and restricted cash—beginning of period
350,250 1,036,739 
Cash, cash equivalents and restricted cash—end of period
$252,141 $824,214 
    
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Three Months Ended March 31,
20242023
Beginning of period
Cash and cash equivalents$345,335 $855,564 
Restricted cash4,915 4,854 
Assets of discontinued operations—cash and cash equivalents
 62,690 
Assets of discontinued operations—restricted cash
 113,631 
Total cash, cash equivalents and restricted cash—beginning of period
$350,250 $1,036,739 
End of period
Cash and cash equivalents$247,354 $603,427 
Restricted cash4,787 3,428 
Assets of discontinued operations—cash and cash equivalents
 65,097 
Assets of discontinued operations—restricted cash
 152,262 
Total cash, cash equivalents and restricted cash—end of period
$252,141 $824,214 

The accompanying notes form an integral part of the consolidated financial statements.
10

Supplemental Disclosure of Cash Flow Information
Three Months Ended March 31,
(In thousands)20242023
Supplemental Disclosure of Cash Flow Information
Cash paid for interest$5,691 $53,375 
Cash received (paid) for income taxes836 1,463 
Operating lease payments for corporate offices
2,352 2,078 
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations$431 $67,796 
Net cash provided by (used in) investing activities of discontinued operations27 86,817 
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable$16,563 $16,444 
Receivables from asset sales 2,282 
Redemption of OP Units for common stock515  
Exchange of notes into shares of Class A common stock5,941  
Settlement of Wafra contingent consideration through issuance of Class A common stock17,500  
Preferred stock repurchase payable 52 

The accompanying notes form an integral part of the consolidated financial statements.
11

DigitalBridge Group, Inc.
Notes to Consolidated Financial Statements
March 31, 2024
(Unaudited)
1. Business and Organization
DigitalBridge Group, Inc. ("DBRG," and together with its consolidated subsidiaries, the "Company") is a leading global digital infrastructure investment manager. The Company deploys and manages capital on behalf of its investors and shareholders across the digital infrastructure ecosystem, including data centers, cell towers, fiber networks, small cells, and edge infrastructure. The Company's investment management platform is anchored by its flagship value-add digital infrastructure equity offerings, and has expanded to include offerings in core equity, credit, liquid securities, and mid-market global infrastructure equity through InfraBridge (Note 3).
Organization
The Company operates as a taxable C Corporation and conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, DigitalBridge Operating Company, LLC (the "Operating Company" or the "OP"). At March 31, 2024, the Company owned 93% of the OP, as its sole managing member. The remaining 7% is owned primarily by certain current and former employees of the Company as noncontrolling interests.
2. Summary of Significant Accounting Policies
The significant accounting policies of the Company are described below.
Basis of Presentation
The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income (loss) and other comprehensive income (loss) of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. Noncontrolling interests represent predominantly carried interest allocation to certain senior executives of the Company (Note 15), limited partners of consolidated funds, and membership interests in the OP primarily held by certain current and former employees of the Company.
To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, such as investment company accounting applied by the Company's consolidated sponsored funds, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.
Principles of Consolidation
The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements.
Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; and/or (iii) is established with non-substantive voting rights. A VIE is consolidated by its
12

primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. This assessment may involve subjectivity in the determination of which activities most significantly affect the VIE’s performance, and estimates about current and future fair value of the assets held by the VIE and financial performance of the VIE. In assessing its interests in the VIE, the Company also considers interests held by its related parties, including de facto agents. Additionally, the Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the characteristics and size of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, and depends upon facts and circumstances specific to an entity at the time of the assessment.
Voting Interest Entities—Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements.
At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interests in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.
Noncontrolling Interests
Redeemable Noncontrolling Interests—This represents noncontrolling interests in sponsored open-end funds in the liquid securities strategy that are consolidated by the Company. The limited partners of these funds have the ability to withdraw all or a portion of their interests from the funds in cash with advance notice.
Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period to an amount not less than its initial carrying value, except for amounts contingently redeemable which will be adjusted to redemption value only when redemption is probable. Such adjustments will be recognized in additional paid-in capital.
Noncontrolling Interests in Investment Entities—This represents limited partners of consolidated closed-end funds, and carried interest allocation to certain senior executives of the Company (Note 15) and to a lesser extent, to a third party investor, Wafra. Excluding carried interests, allocation of net income or loss is generally based upon relative ownership interests.
Noncontrolling Interests in Operating Company—This represents membership interests in OP held primarily by certain current and former employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based upon their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("OP Units") for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable.
13

Business Combinations
Definition of a Business—The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience to perform a substantive process.
Business Combinations—The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values, except as discussed below. The excess of the consideration transferred over the value of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.
With respect to contract assets and contract liabilities acquired in a business combination, these are not accounted for under the fair value basis at the time of acquisition. Instead, the Company determines the value of these revenue contracts as if it had originated the acquired contracts by evaluating the associated performance obligations, transaction price and relative stand-alone selling price at the original contract inception date or subsequent modification dates.
The estimated fair values and allocation of consideration are subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed at time of acquisition.
Contingent Consideration—Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business or a VIE is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in earnings.
Discontinued Operations
If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations.
A business or asset group acquired in connection with a business combination that meets the criteria to be accounted for as held for sale at the date of acquisition is reported as discontinued operations, regardless of whether it meets the strategic shift criterion.
The Company's discontinued operations in the periods presented herein represent the following:
In 2024 and 2023, the Company's former real estate investments along with an adjacent investment management business, which have predominantly been disposed as part of the Company's transformation into an investment manager with a digital infrastructure focus.
In 2023, the operations of digital infrastructure portfolio companies that represented the Company's former Operating segment prior to their full deconsolidation and qualification as discontinued operations on December 31, 2023. The Operating segment was previously composed of balance sheet equity interests in two digital infrastructure portfolio companies, Vantage SDC and DataBank, a stabilized hyperscale and an edge colocation data center business, respectively. These portfolio companies directly held and operated data centers, earning rental income from providing use of data center space and/or capacity through leases, services and other tenant arrangements. Prior to deconsolidation and reclassification as discontinued operations, a majority of the assets, liabilities and operating results of DataBank and Vantage SDC were attributed to third party investors, presented as noncontrolling interests in investment entities.
In 2023, the Company's equity method investment in BrightSpire Capital, Inc. (NYSE: BRSP), which was sold in March 2023 for net proceeds totaling $201.6 million, with impairment of $9.7 million recorded in 2023 prior to its disposition. The Company's investment in BRSP qualified as discontinued operations in March 2023.
14

Loss from discontinued operations is summarized as follows.
Three Months Ended March 31,
(In thousands)20242023
Revenues$1,832 $233,634 
Expenses(3,068)(335,649)
Other gain (loss)(12,961)(8,647)
Income (Loss) from discontinued operations before income taxes(14,197)(110,662)
Income tax benefit (expense)77 54 
Income (Loss) from discontinued operations(14,120)(110,608)
Income (Loss) from discontinued operations attributable to noncontrolling interests:
Investment entities (85,737)
Operating Company(990)(1,813)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.$(13,130)$(23,058)
Assets and Liabilities of Discontinued Operations
The Company initially measures assets classified as held for disposition at the lower of their carrying amounts or fair value less disposal costs. For bulk sale transactions, the unit of account is the disposal group, with any excess of the aggregate carrying value over estimated fair value less costs to sell allocated to the individual assets within the group.
At March 31, 2024 and December 31, 2023, all assets and related liabilities held for disposition relate to discontinued operations and consisted of remaining equity investments excluded from the December 2021 bulk sale of the Company's real estate related investments.
Reclassifications
As discussed in "—Discontinued Operations," the Company's investment in the portfolio companies previously consolidated in the Company's former Operating segment qualified as discontinued operations in December 2023, and their results of operations have been reclassified to income (loss) from discontinued operations for the three months ended March 31, 2023.
Beginning 2024, investment-related expenses, which primarily include reimbursable costs from affiliates, have been recorded within administrative and other expenses on the consolidated statements of operations. Prior period amounts were immaterial and have been reclassified to conform to current period presentation.
15

Recently Adopted Accounting Pronouncements
There were no recently adopted accounting pronouncements that had a material effect on the Company's consolidated financial statements.
Future Accounting Standards
Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which expands the breadth and frequency of segment disclosures to require all annual disclosures on an interim basis and provide for incremental disclosures, including the following:
Category and amount of significant segment expenses that are regularly provided to (even if not regularly reviewed by) the chief operating decision maker ("CODM") and included in each reported segment profit (loss) measure, otherwise the nature of expense information (for example, consolidated, forecasted, budgeted) used by the CODM;
An amount (without individual quantification) for other segment items (represents difference between segment revenue less segment expense disclosed and reported segment profit (loss) measure), including description of the composition, nature and type of the other segment items;
Description of how CODM uses each reported segment profit (loss) measure to assess segment performance and determine resource allocation; and
Title and position of individual or name of group or committee identified as CODM.
The ASU changes current guidance by permitting multiple measures of segment profit (loss) to be reported provided that the measure most consistent with GAAP is reported. The ASU also clarifies that a single reportable segment entity is subject to segment disclosures in its entirety, which would require reporting of segment profit (loss) measure that is not a consolidated GAAP measure and not clearly evident from existing disclosures. The ASU does not change existing guidance around identification of operating segments and determination of reportable segments. The requirements under this ASU are to be applied retrospectively to all prior periods presented unless impracticable.
The ASU is effective for fiscal years beginning January 1, 2024 (that is, Form 10-K as of and for the year ending December 31, 2024), and interim periods within fiscal years beginning January 1, 2025 (that is, Form 10-Q as of and for the three months ending March 31, 2025). Early adoption is permitted. The Company will adopt this ASU for its 2024 fiscal year with the filing of its Form 10-K as of and for the year ending December 31, 2024, and is currently evaluating the effects of this new guidance with respect to segment disclosures.
Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which enhances existing annual income tax disclosures, primarily disaggregation of: (i) effective tax rate reconciliation using both percentages and amounts into specific categories, with further disaggregation by nature and/or jurisdiction of certain categories that meet the threshold of 5% of expected tax; and (ii) income taxes paid (net of refunds received) between federal, state/local and foreign, with further disaggregation by jurisdiction if 5% or more of total income taxes paid (net of refunds received). The ASU also eliminates existing disclosures related to: (a) reasonably possible significant changes in total amount of unrecognized tax benefits within 12 months of reporting date; and (b) cumulative amount of each type of temporary difference for which deferred tax liability has not been recognized (due to exception to recognizing deferred taxes related to subsidiaries and corporate joint ventures).
This ASU is effective January 1, 2025, with early adoption permitted in the interim or annual periods. Transition is prospective with the option to apply retrospective application. The Company is currently evaluating the effects of this new guidance with respect to annual income tax disclosures.
3. Business Combinations
InfraBridge
In February 2023, the Company acquired the global infrastructure equity investment management business of AMP Capital Investors International Holdings Limited, which was rebranded as InfraBridge at closing. Consideration for the acquisition consisted of $314.3 million cash consideration (net of cash assumed), subject to customary post-closing working capital adjustments, plus a contingent amount based upon achievement of future fundraising targets for InfraBridge's new global infrastructure funds. The estimated fair value of the contingent consideration is subject to remeasurement each reporting period, as discussed in Note 10.
16

The following table summarizes the total consideration and allocation to assets acquired and liabilities assumed. The initial cash consideration was determined, in part, based upon estimated net working capital of the acquired entities at closing. The Company finalized the purchase price allocation in the first quarter of 2024, as presented below.
(In thousands)As Reported
At December 31, 2023
Measurement Period Adjustments
As Reported
At March 31, 2024
Consideration
Cash$365,440 $365,440 
Estimated fair value of contingent consideration10,874 10,874 
$376,314 $376,314 
Assets acquired and liabilities assumed
Cash51,174 51,174 
Principal investments112,310 112,310 
Intangible assets50,800 50,800 
Other assets34,699 16 34,715 
Deferred tax liabilities(10,198)(10,198)
Other liabilities(30,214)373 (29,841)
Fair value of net assets acquired 208,571 208,960 
Goodwill167,743 (389)167,354 
$376,314 $376,314 
Principal investments represent acquired interests in InfraBridge funds, valued at their most recent NAV at closing.
The intangible assets of InfraBridge were composed of the following:
Management contracts were valued based upon estimated net cash flows expected to be generated from the contracts, with remaining term of the contracts ranging between 1 and 4 years, discounted at 8.0%.
Investor relationships represent the fair value of potential future investment management fees, net of operating costs, to be generated from repeat InfraBridge investors in future sponsored vehicles, with a weighted average estimated useful life of 12 years, discounted at 14.0%.
Deferred tax liabilities were recognized for the book-to-tax basis difference of identifiable intangible assets acquired, net of deferred tax assets assumed.
Other assets acquired and liabilities assumed include management fee receivable and compensation payable associated with the pre-acquisition period, amounts due to InfraBridge funds and receivable from seller.
Goodwill is the value of the business acquired that is not already captured in identifiable assets, largely represented by the potential synergies from combining the capital raising resources of DBRG and the mid-market infrastructure specialization of the InfraBridge team.
17

4. Investments
The Company's equity and debt investments are represented by the following:
(In thousands)March 31, 2024December 31, 2023
Equity method investments
Principal investments$1,213,517 $1,194,417 
Carried interest allocation667,943 676,421 
Marketable equity securities32,188 17,487 
Other equity investments35,559 53,930 
CLO subordinated notes49,791 50,927 
1,998,998 1,993,182 
Equity investments of consolidated funds
Marketable equity securities73,214 66,297 
Other investments416,614 416,614 
$2,488,826 $2,476,093 
Equity Method Investments
Principal Investments
Principal investments represent investments in the Company's sponsored investment vehicles, accounted for as equity method investments as the Company exerts significant influence in its role as general partner. The Company typically has a small percentage interest in its sponsored funds as general partner or special limited partner. The Company also has additional investment as general partner affiliate alongside the funds' limited partners, primarily with respect to the Company's flagship value-add funds, InfraBridge funds and funds invested in DataBank.
The Company's proportionate share of net income (loss) from investments in its sponsored investment vehicles, primarily unrealized gain (loss) from changes in fair value of the underlying fund investments, and any distributions received therefrom, are recorded in principal investment income on the consolidated statements of operations.
Carried Interest Allocation
Carried interest allocation represents a disproportionate allocation of returns to the Company, as general partner or special limited partner (which may be paid to the special limited partner entity owned by the Company in place of the general partner entity), based upon the extent to which cumulative performance of a sponsored fund exceeds minimum return hurdles. Carried interest allocation generally arises when appreciation in value of the underlying investments of the fund exceeds the minimum return hurdles, after factoring in a return of invested capital and a return of certain costs of the fund pursuant to terms of the governing documents of the fund. The amount of carried interest allocation recognized is based upon the cumulative performance of the fund if it were liquidated as of the reporting date. Unrealized carried interest allocation is driven primarily by changes in fair value of the underlying investments of the fund, which may be affected by various factors, including but not limited to: the financial performance of the portfolio company, economic conditions, foreign exchange rates, comparable transactions in the market, and equity prices for publicly traded securities. For funds that have exceeded the minimum return hurdle but have not returned all capital to the limited partners, unrealized carried interest allocation may be subject to reversal over time as preferred returns continue to accrue on unreturned capital. Realization of carried interest allocation occurs upon disposition of all underlying investments of the fund, or in part with each disposition.
Generally, carried interest allocation is distributed upon profitable disposition of an investment if at the time of distribution, cumulative returns of the fund exceed minimum return hurdles. Depending on the final realized value of all investments at the end of the life of a fund (and, with respect to certain funds, periodically during the life of the fund), if it is determined that cumulative carried interest allocation distributed has exceeded the final carried interest allocation amount earned (or amount earned as of the calculation date), the Company is obligated to return the excess carried interest allocation received. Therefore, carried interest allocation distributed may be subject to clawback if decline in investment values results in cumulative performance of the fund falling below minimum return hurdles in the interim period. If it is determined that the Company has a clawback obligation, a liability would be established based upon a hypothetical liquidation of the net assets of the fund at reporting date. The actual determination and required payment of any clawback obligation would generally occur after final disposition of the investments of the fund or otherwise as set forth in the governing documents of the fund.
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Carried interest allocation on the balance sheet date represents unrealized carried interest allocation in connection with sponsored funds that are currently in the early stage of their lifecycle. Carried interest allocation is presented gross of management allocation.
Carried Interest Distributed
There was no carried interest allocation distributed in the first quarter of 2024, with an immaterial amount distributed and recognized in revenues in the first quarter of 2023.
Clawback Obligation
The Company did not have a liability for clawback obligations on carried interest allocation distributed as of March 31, 2024 and December 31, 2023.
With respect to funds that have distributed carried interest, if in the event all of their investments are deemed to have no value, the likelihood of which is remote, all of the carried interest distributed to-date of $180.9 million would be subject to clawback as of March 31, 2024, of which $120.6 million would be the responsibility of the employee/former employee recipients and Wafra. For this purpose, a portion of carried interest distributed is generally held back from employees and former employees at the time of distribution. The amount withheld resides in entities outside of the Company. Generally, the Company, through the OP, has guaranteed the clawback obligation of its subsidiaries that act as general partner or special limited partner of its respective sponsored funds, for the benefit of these funds and their limited partners.
Marketable Equity Securities
Marketable equity securities at March 31, 2024 includes a previously non-traded healthcare REIT at December 31, 2023 that became publicly traded through an initial public offering in February 2024. The Company is restricted from liquidating its holdings in the new publicly traded securities, which had a fair value of $18.1 million at March 31, 2024, until expiration of the underwriters' lock-up in August 2024.
Dividends or other distributions from marketable equity securities are recorded in other income, while changes in fair value are recorded in other gain (loss) on the consolidated statements of operations.
Other Equity Investments
Other equity investments include investments warehoused potentially for future sponsored funds and an investment in a managed account.
Warehoused investments are generally carried at fair value or under the measurement alternative, which is at cost, adjusted for impairment and observable price changes. Changes in the value of these investments are recorded in other gain (loss) on the consolidated statements of operations.
Debt Investments
Interest income on debt investments is recorded in other income.
CLO Subordinated Notes
In the third quarter of 2022, bank syndicated loans that the Company previously warehoused were transferred into a third party warehouse entity at their acquisition price, and securitized through the issuance of CLO securities. The CLO is sponsored and managed by the third party. The Company acquired all of the subordinated notes of the CLO, which are classified as available-for-sale ("AFS") debt securities. The CLO has a stated legal final maturity of 2035.
Following the end of the non-call period in October 2024, the subordinated notes may be redeemed (in whole, not in part) at the option of the collateral manager or the Company with consent of the collateral manager, if there is sufficient proceeds from sale of collateral assets, including payment of expenses therewith. The redemption price for the subordinated notes is equal to the excess interest and principal proceeds payable at the time of redemption.
The balance of the CLO subordinated notes is summarized as follows:
Amortized Cost without Allowance for Credit Loss
Allowance for Credit LossGross Cumulative Unrealized
(in thousands)GainsLosses
Fair Value
March 31, 2024$49,791 $ $ $ $49,791 
December 31, 202350,927    50,927 
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In estimating fair value of the CLO subordinated notes, the Company used a benchmarking approach by looking to the implied credit spreads derived from observed prices on recent comparable CLO issuances, and also considering the current size and diversification of the CLO collateral pool, and projected return on the subordinated notes. Based upon these data points, the Company determined that the issued price of the subordinated notes was a reasonable representation of its fair value at March 31, 2024, net of capital distributions, and December 31, 2023, classified as Level 3 of the fair value hierarchy.
Equity Investments of Consolidated Funds
The Company consolidates sponsored funds in which it has more than an insignificant equity interest in the fund as general partner, as discussed in Note 14. Equity investments of consolidated funds are composed primarily of marketable equity securities held by funds in the liquid securities strategy and equity investments in digital infrastructure portfolio companies held by single asset funds. Equity investments of consolidated funds are carried at fair value with changes in fair value recorded in other gain (loss) on the consolidated statements of operations.
5. Goodwill and Intangible Assets
Goodwill
The following table presents changes in goodwill.
Three Months Ended March 31,
(In thousands)20242023
Beginning balance$465,991 $298,248 
Business combination (Note 3)
(389)146,569 
Ending balance (1)
$465,602 $444,817 
__________
(1)    Remaining goodwill deductible for income tax purposes was $109.2 million at March 31, 2024 and $111.8 million at December 31, 2023.
Intangible Assets
Intangible assets are composed of the following:
March 31, 2024December 31, 2023
(In thousands)
Carrying Amount (1)(2)
Accumulated Amortization(1)(2)
Net Carrying Amount(1)
Carrying Amount (1)(2)
Accumulated Amortization(1)(2)
Net Carrying Amount(1)
Investment management contracts$138,797 $(79,720)$59,077 $150,835 $(84,824)$66,011 
Investor relationships53,419 (20,578)32,841 53,572 (19,190)34,382 
Trade name4,300 (2,014)2,286 4,300 (1,907)2,393 
Other (3)
1,518 (591)927 1,518 (554)964 
$198,034 $(102,903)$95,131 $210,225 $(106,475)$103,750 
__________
(1)    Presented net of impairments and write-offs, if any.
(2)    Exclude intangible assets that were fully amortized in prior years.
(3)    Represents primarily the value of an acquired domain name.
Amortization expense for finite-lived intangible assets totaled $8.3 million and $6.2 million in the three months ended March 31, 2024 and 2023, respectively. There was no impairment of identifiable intangible assets in the periods presented.
Future Amortization of Intangible Assets
The following table presents the expected future amortization of finite-lived intangible assets:
Year Ending December 31,
(In thousands)Remaining 202420252026202720282029 and thereafterTotal
Amortization expense$22,549 $25,165 $17,572 $11,975 $7,881 $9,989 $95,131 
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6. Restricted Cash, Other Assets and Other Liabilities
Restricted Cash
Restricted cash represents principally cash reserves that are maintained pursuant to the governing agreements of the securitized debt of the Company.
Other Assets
The following table summarizes the Company's other assets.
(In thousands)March 31, 2024December 31, 2023
Prepaid taxes and deferred tax assets, net$12,718 $14,059 
Operating lease right-of-use asset for corporate offices
31,311 33,898 
Accounts receivable, net 7,135 8,919 
Prepaid expenses1,156 2,952 
Other assets10,895 11,893 
Fixed assets, net (1)
10,656 7,232 
Total other assets$73,871 $78,953 
__________
(1)    Net of accumulated depreciation of $8.2 million at March 31, 2024 and $7.3 million at December 31, 2023.
Other Liabilities
The following table summarizes the Company's other liabilities:
(In thousands)March 31, 2024December 31, 2023
Deferred investment management fees (1)
$11,331 $10,250 
Interest payable on corporate debt
1,130 2,293 
Common and preferred stock dividends payable16,563 16,477 
Securities sold short—consolidated funds
44,249 38,481 
Due to custodians—consolidated funds
8,966 9,415 
Current and deferred income tax liability
9,133 8,403 
Contingent consideration payable—InfraBridge (Note 10)
11,338 11,338 
Contingent consideration payable—Wafra (2)
 35,000 
Warrants issued to Wafra (Note 9)
11,600 39,200 
Operating lease liability for corporate offices
46,072 49,035 
Accrued compensation22,005 63,761 
Accrued incentive fee and carried interest compensation347,834 356,316 
Accounts payable and accrued expenses28,961 13,844 
Due to affiliates (Note 15)
10,809 10,664 
Other liabilities3,970 16,974 
Other liabilities$573,961 $681,451 
__________
(1)    Deferred investment management fees are expected to be recognized as fee revenue over a weighted average period of 3.0 years as of March 31, 2024 and December 31, 2023. Deferred investment management fees recognized as income of $1.2 million and $1.4 million in the three months ended March 31, 2024 and 2023, respectively, pertain to the deferred management fee balance at the beginning of each respective period.
(2)    In connection with the 2022 redemption of Wafra's investment in the Company's investment management business, contingent consideration was payable to Wafra based upon the Company achieving certain fundraising targets through December 31, 2023. The contingent amount was fully paid out, with $90 million paid in cash in March 2023, and remaining $35 million in March 2024, settled 50% each in shares of the Company's Class A common stock and in cash.
Deferred Income Taxes
The Company has significant deferred tax assets, related principally to capital loss carryforwards, outside basis difference in DBRG's interest in the OP, outside basis difference in investment in partnerships and net operating losses generated by a taxable U.S. subsidiary. As of March 31, 2024 and December 31, 2023, a full valuation allowance has been established as the realizability of these deferred tax assets did not meet the more-likely-than-not threshold. As a result, income tax expense in 2024 and 2023 generally reflects the income tax effect of foreign subsidiaries.
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7. Debt
The Company's corporate debt is composed of a securitized financing facility and, prior to their full exchange or redemption in March and April 2024, senior notes issued by the OP that are recourse to the Company, as discussed further below.
March 31, 2024December 31, 2023
(In thousands)PrincipalPremium (Discount), netDeferred Financing CostAmortized CostPrincipalPremium (Discount), netDeferred Financing CostAmortized Cost
Securitized financing facility$300,000 $ $(5,209)$294,791 $300,000 $ $(5,733)$294,267 
Exchangeable senior notes72,422 (632)(75)71,715 78,422 (810)(96)77,516 
$372,422 $(632)$(5,284)$366,506 $378,422 $(810)$(5,829)$371,783 
Securitized Financing Facility
In July 2021, special-purpose subsidiaries of the OP (the "Co-Issuers") issued Series 2021-1 Secured Fund Fee Revenue Notes, composed of: (i) $300 million aggregate principal amount of 3.933% Secured Fund Fee Revenue Notes, Series 2021-1, Class A-2 (the “Class A-2 Notes”); and (ii) up to $300 million (following a $100 million increase in April 2022) Secured Fund Fee Revenue Variable Funding Notes, Series 2021-1, Class A-1 (the “VFN” and, together with the Class A-2 Notes, the “Series 2021-1 Notes”). The VFN allow the Co-Issuers to borrow on a revolving basis. The Series 2021-1 Notes were issued under an Indenture dated July 2021, as amended in April 2022, that allows the Co-Issuers to issue additional series of notes in the future, subject to certain conditions. The Series 2021-1 Notes replaced the Company's previous corporate credit facility.
The Series 2021-1 Notes represent obligations of the Co-Issuers and certain other special-purpose subsidiaries of DBRG, and neither DBRG, the OP nor any of its other subsidiaries are liable for the obligations of the Co-Issuers. The Series 2021-1 Notes are secured by net investment management fees earned by subsidiaries of DBRG, equity interests in certain sponsored funds and portfolio companies held by subsidiaries of DBRG, as collateral.
The following table summarizes certain key terms of the securitized financing facility:
($ in thousands)Outstanding Principal
 Interest Rate
(Per Annum)(1)
Anti