DigitalBridge Group Files Q3 2024 10-Q

Ticker: DBRG-PJ · Form: 10-Q · Filed: Nov 1, 2024 · CIK: 1679688

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

TL;DR

DBRG Q3 24 10-Q filed. Financials and ops details out.

AI Summary

DigitalBridge Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This 10-Q filing provides investors with crucial financial and operational insights into DigitalBridge Group's performance for the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health and operational risks.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is for the quarter ended September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on November 1, 2024.

What was DigitalBridge Group, Inc.'s former company name?

DigitalBridge Group, Inc. was formerly known as Colony Capital, Inc. and Colony NorthStar, Inc.

What is the fiscal year end for DigitalBridge Group, Inc.?

The fiscal year end for DigitalBridge Group, Inc. is December 31.

What is the SEC file number for DigitalBridge Group, Inc.?

The SEC file number for DigitalBridge Group, Inc. is 001-37980.

Filing Stats: 4,850 words · 19 min read · ~16 pages · Grade level 17.8 · Accepted 2024-11-01 16:05:49

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION Page

PART I. FINANCIAL INFORMATION Page

Financial Statements

Item 1. Financial Statements 4 Consolidated Balance Sheets 4 Consolidated Statements of Operations 5 Consolidated Statements of Comprehensive Income (Loss) 6 Consolidated Statements of Equity 7 Consolidated Statements of Cash Flows 11

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements: 14 1. Business and Organization 14 2. Summary of Significant Accounting Policies 14 3. Business Combinations 18 4. Investments 20 5. Goodwill and Intangible Assets 22 6. Restricted Cash, Other Assets and Other Liabilities 23 7. Debt 24 8. Stockholders' Equity 25 9. Noncontrolling Interests 27 10. Fair Value 28 11. Earnings per Share 33 12. Fee Revenue 33 13. Equity-Based Compensation 34 14. Variable Interest Entities 36 15. Transactions with Affiliates 38 16. Segment Reporting 39 17. Commitments and Contingencies 40 18. Subsequent Events 40

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 42

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 58

Controls and Procedures

Item 4. Controls and Procedures 59

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 61

Risk Factors

Item 1A. Risk Factors 61

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 61

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 61

Other Information

Item 5. Other Information 61

Exhibits

Item 6. Exhibits 62

SIGNATURES

SIGNATURES 63 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. DigitalBridge Group, Inc. Consolidated Balance Sheets (In thousands, except per share data) September 30, 2024 (Unaudited) December 31, 2023 Assets Cash and cash equivalents $ 294,416 $ 345,335 Restricted cash 4,060 4,915 Investments ($ 334,801 and $ 572,749 at fair value) 2,540,029 2,476,093 Goodwill 465,602 465,991 Intangible assets 81,747 103,750 Other assets 62,912 78,953 Due from affiliates 93,693 85,815 Assets of discontinued operations 488 1,698 Total assets $ 3,542,947 $ 3,562,550 Liabilities Debt $ 295,838 $ 371,783 Other liabilities ($ 58,517 and $ 124,019 at fair value) 740,570 681,451 Liabilities of discontinued operations 215 153 Total liabilities 1,036,623 1,053,387 Commitments and contingencies (Note 17) Redeemable noncontrolling interests 23,527 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; 174,015 and 163,209 shares issued and outstanding 1,740 1,632 Class B, 250 shares authorized; 166 shares issued and outstanding 2 2 Additional paid-in capital 7,996,632 7,855,842 Accumulated deficit ( 6,816,051 ) ( 6,842,502 ) Accumulated other comprehensive income (loss) 3,313 1,411 Total stockholders' equity 1,980,306 1,811,055 Noncontrolling interests in investment entities 421,860 605,311 Noncontrolling interests in Operating Company 80,631 74,935 Total equity 2,482,797 2,491,301 Total liabilities, redeemable noncontrolling interests and equity $ 3,542,947 $ 3,562,550 The accompanying notes form an integral part of the consolidated financial statements. 4 Table of Contents DigitalBridge Group, Inc. Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended September 30, Nine Months Ended Sep

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements September 30, 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 September 30, 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 result

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