DigitalBridge : 1Q26-Earnings Presentation

Published: 2026-04-28 17:55:04 ET DBRG

Published on 04/28/2026 at 05:55 pm EDT

EARNINGS

PRESENTATION

1Q 2026

April 28, 2026

DBRG REPORTS FIRST QUARTER 2026 RESULTS

Boca Raton, April 28th, 2026 - DigitalBridge Group, Inc. (NYSE: DBRG) and subsidiaries (collectively, "DigitalBridge," or the "Company") today announced financial results for the first quarter ended March 31, 2026.

The Company reported first quarter 2026 GAAP net income attributable to common stockholders of $5.3 million, or $0.03 per share, and Distributable Earnings of

$13.4 million, or $0.07 per share.

In light of the proposed transaction with SoftBank Group Corp., and as is customary during the pendency of an acquisition, DigitalBridge will not be hosting a conference call or providing detailed financial guidance in conjunction with its first quarter 2026 earnings release. This condensed investor presentation summarizing the quarter's results is available on the Shareholders section of the Company's website at ir.digitalbridge.com.

Common and Preferred Dividends

On April 24, 2026, the Company's Board of Directors declared a cash dividend of $0.01 per common share to be paid on July 15, 2026 to shareholders of record at the close of business on June 30, 2026; and 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, which will be paid on July 15, 2026 to the respective stockholders of record on July 10, 2026.

Proposed Transaction with SoftBank Group Corp.

On December 29, 2025, the Company entered into a definitive agreement pursuant to which SoftBank Group Corp. will acquire all outstanding shares of DigitalBridge common stock for $16.00 per share in an all-cash transaction. The transaction required approval by DBRG's common stockholders, which was received on April 23, 2026, and is subject to certain other closing conditions. For further detail and discussion of the Company's financial performance, please refer to DigitalBridge's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

GAAP FINANCIAL RESULTS

Net income attributable to common stockholders was $5.3 million in Q1 2026, and $0.03 per share (basic and diluted)

(In thousands, except per share data, unaudited)

Revenues Fee revenue

Carried interest allocation (reversal)

Principal investment income Other income

Total revenues Expenses

Compensation expense-cash and equity-based

Compensation expense-incentive fee and carried interest allocation (reversal) Administrative and other expenses

Interest expense Transaction-related costs

Depreciation and amortization Total expenses

Other income (loss) Other gain (loss), net

Income (loss) from continuing operations before income taxes Income tax benefit (expense)

Income (loss) from continuing operations Income (loss) from discontinued operations Net income (loss)

Net income (loss) attributable to noncontrolling interests: Redeemable noncontrolling interests

Investment entities Operating Company

Net income (loss) attributable to DigitalBridge Group, Inc.

1Q25

$ 90,139

(55,464)

5,307

5,465

45,447

46,110

(22,304)

15,946

3,898

4,421

7,226

55,297

(519)

(10,369)

(301)

(10,670)

(4,185)

(14,855)

(748)

(27,882)

(7)

13,782

1Q26

$ 87,309

(44,729)

24,586

5,070

72,236

49,150

(23,140)

19,737

3,543

14,168

5,320

68,778

4,053

7,511

7,519

(5,503)

2,016

1,126

(19,213)

138

19,965

Preferred stock dividends

14,660

Net income (loss) attributable to common stockholders

$ (878)

$ 5,305

Net income (loss) attributable to common stockholders per common share-basic

$ (0.01) $

0.03

Net income (loss) attributable to common stockholders per common share-diluted

$ (0.01) $

0.03

FIRST QUARTER 2026 HIGHLIGHTS

Financial

Highlights

Fee Revenue

$87.5 million in 1Q26, down -3% year-over-year and up +12% year-over-year on an ex-Catch Up Fee basis. Fee Related Earnings

$24.0 million in 1Q26, down -31% year-over-year and up +4% year-over-year on an ex-Catch Up Fee basis. Distributable Earnings

$13.4 million in 1Q26 down -76% year-over-year, as 1Q25 included a principal investment realization at DataBank.

Investment realizations tend to be episodic.

Capital

Metrics

Fee Earning Equity Under Management (FEEUM)

$40.8 billion in 1Q26, increased $3.5 billion or +9% year-over-year.

Corporate

Liquidity

$250 million of available corporate cash as of March 31, 2026, up approximately $110 million over the prior quarter linked to return of capital from warehousing. Full availability of $100 million revolver.

Capital Allocation

Funded $15 million of GP commitments in 1Q26.

Common stock dividend of $0.01 per share declared.

NON-GAAP FINANCIAL RESULTS

Fee Related Earnings of $24.0 million in Q1 2026

Distributable Earnings of $13.4 million in Q1 2026

($ in millions)

1Q25

1Q26

% Change YOY

1Q25 LTM 1Q26 LTM

% Change YOY

Fee Revenue(1)

$90.2

$87.5

(3) %

$347.2 $372.3

+7 %

Cash Compensation(1)

(38.1)

(45.5)

+19 %

(152.5) (171.5)

+12 %

Administrative and Other Expenses(1)

(17.1)

(18.0)

+5 %

(72.2) (69.8)

(3) %

Fee Related Earnings ("FRE")(2)

$35.0

$24.0

(31)%

$122.5 $131.0

+7 %

Realized Carried Interest and Incentive Fees, Net(3)

0.9

n/a

1.1 -

n/a

Realized Principal Investment Income (Loss)

34.9

3.1

(91) %

48.5 (12.3)

n/a

Interest Expense and Preferred Dividends

(18.0)

(17.8)

(1) %

(71.5) (71.8)

- %

Other Income (Expense), Net(4)

2.2

4.1

+77 %

6.4 14.0

+116 %

Income Tax Benefit (Expense)

(0.3)

n/a

(2.0) (5.4)

+170 %

Distributable Earnings ("DE")(2)

$54.7

$13.4

(76)%

$105.0 $55.5

(47)%

FRE Margin

39 %

27 %

35 % 35 %

FRE Per Basic Share

$0.19

$0.13

$0.66 $0.69

After-tax DE Per Basic Share

$0.29

$0.07

$0.56 $0.29

FRE ex Catch-Up Fees(5)

$23.0

$24.0

+4%

$107.2 $115.9

+8%

FRE Margin ex Catch-Up Fees(5)

29%

27%

32% 32%

Amounts determined based upon the definition of FRE and therefore, differ from those presented in GAAP financial results.

FRE and DE are presented at the Operating Company level, which is net of amounts attributed to noncontrolling interests.

Presented net of expense allocations and includes incentive fees subject to realization events.

Other income (expense), net, includes interest, dividend and other income, placement fee and other expense, and other realized gain (loss).

FRE ex Catch-Up Fees represents FRE adjusted to exclude out-of-period fees that are charged for periods prior to the beginning of the LTM period on commitments that closed during the LTM period.

CARRIED INTEREST & PRINCIPAL INVESTMENT INCOME

Net carried interest reversal of $1.2 million in Q1 2026

Net principal investment income of $29.0 million in Q1 2026

Carried Interest ($ in millions)

1Q25

1Q26

% Change YOY

1Q25 LTM

1Q26 LTM

% Change YOY

Unrealized Carried Interest Allocation (Reversal)(1)

($58.0)

($44.7)

(23) %

$168.7

($365.4)

n/a

Realized Carried Interest Allocation

2.5

n/a

2.6

n/a

Carried Interest - Revenue (as reported on GAAP Income Statement)

(55.5)

(44.7)

(19) %

171.3

(365.4)

n/a

Unrealized Carried Interest Expense (Allocation) Reversal

52.1

43.5

(17) %

(125.3)

355.2

n/a

Realized Carried Interest Expense (Allocation) Reversal

(1.6)

n/a

(1.7)

n/a

Carried Interest Expense (Allocation) Reversal(2)

50.5

43.5

(14) %

(127.0)

355.2

n/a

Carried Interest Allocation (Reversal), Net

($5.0)

($1.2)

(75)%

$44.3

($10.2)

n/a

Principal Investment Income ($ in millions)

1Q25

1Q26

% Change YOY

1Q25 LTM

1Q26 LTM

% Change YOY

Unrealized Principal Investment Income (Loss)

($29.7)

$21.1

n/a

($18.5)

$101.0

n/a

Realized Principal Investment Income

35.0

3.5

(90) %

51.0

(8.6)

n/a

Principal Investment Income (as reported on GAAP Income Statement)

5.3

24.6

363 %

32.5

92.4

184 %

Unrealized Minority Interest Allocation (Reversal)

(0.1)

4.8

n/a

(5.2)

14.7

n/a

Realized Minority Interest Allocation (Reversal)

(0.1)

(0.4)

195 %

(2.5)

(3.6)

43 %

Principal Investment Income Minority Interest Allocation (Reversal)

(0.2)

4.4

n/a

(7.7)

11.1

n/a

Principal Investment Income (Loss), Net

$5.1

$29.0

473 %

$24.8

$103.5

317 %

When the fair value of fund investments fall below return hurdles or remain constant and preferred returns accumulate on unreturned capital, this may result in a reversal of unrealized carried interest previously recognized.

Represents carried interest expense allocation presented within Compensation expense-incentive fee and carried interest allocation (reversal), and Net income (loss) attributable to noncontrolling interests-investment entities on GAAP income statement. Excludes compensation expense associated with incentive fee income.

DBRG FINANCIAL PROFILE & FEEUM PROGRESSION

LTM Fee

LTM Fee Revenue

$347M

$354M

$332M

ex catch-up

$333M

ex catch-up

$344M

ex catch-up

$350M

ex catch-up

$357M

ex catch-up

LTM FRE

$122M

LTM FRE

$129M

LTM FRE

$140M

LTM FRE

$142M

LTM FRE

$131M

$107M

ex catch-up

$108M

ex catch-up

$113M

ex catch-up

$117M

ex catch-up

$116M

ex catch-up

32%

33%

32%

LTM Fee Revenue and FRE Profile(1)

Revenue

$371M $375M

$372M

FRE Margin ex catch-up

1Q25

2Q25

3Q25

4Q25

1Q26

FEEUM Roll-forward

($ in Billions)

1Q25

2Q25

3Q25

4Q25

1Q26

Beginning Period Balance

$35.5

$37.3

$39.7

$40.7

$41.0

Inflows

2.0

3.4

1.1

1.0

0.2

Outflows/Realizations

(0.3)

(0.9)

(0.1)

(0.8)

(0.7)

Market Activity(3)

0.1

(0.1)

(0.0)

0.1

0.3

End of Period Balance

$37.3

$39.7

$40.7

$41.0

$40.8

Latest twelve-month (LTM) period calculated at Operating Company share.

LTM Fee Revenue ex catch-up and LTM FRE ex catch-up represents LTM Fee Revenue and LTM FRE adjusted to exclude fees charged on commitments that closed during the LTM period that pertain to periods prior to the beginning of the LTM period.

Market activity includes changes in investment value based on NAV or GAV, and the effect of foreign exchange rates. 9

BALANCE SHEET PROFILE

Key Corporate Assets Key Corporate Liabilities

($ in millions) 3/31/2026

GP Affiliated Investments(1)

($ in millions) 3/31/2026

Corporate Debt

Blended Avg. Cost (Per Annum)

DBP Series

$368

DataBank and Vantage SDC

719

Other Funds & Investments

(Credit, Core, InfraBridge, Liquid, Ventures)

380

Securitized Notes $300 3.9 %

Revolver (VFN; $100M Available) - n/a

Total GP Affiliated Investments(1)

$1,467

Available Corporate Cash(2)

250

Key Corporate Assets

$1,717

Total Corporate Debt

$300

3.9

Preferred Stock

$822

7.1

Key Corporate Liabilities

$1,122

Presented at the Operating Company level, net of noncontrolling interests.

Available corporate cash generally represents cash at the Operating Company after allocating cash for certain compensatory liabilities, and excludes cash held at subsidiaries of the Operating

Company, including cash maintained to satisfy regulatory capital requirements in applicable foreign jurisdictions. 10

2 FINANCIAL DATA

SUMMARY FINANCIAL METRICS

2026

2025

2024

($ and shares in thousands, except per share data and as noted)

1Q26

4Q25

3Q25

2Q25

1Q25

4Q24

3Q24

2Q24

GAAP Results

GAAP Fee revenue

$ 87,309

$ 105,746

$ 93,300

$ 85,262

$ 90,139

$ 101,551

$ 76,582

$ 78,605

Net income (loss) attributable to common stockholders

5,305

50,396

16,753

16,962

(878)

(19,711)

(883)

76,763

Net income (loss) attributable to common stockholders per basic share(1)

0.03

0.28

0.09

0.10

(0.01)

(0.12)

(0.01)

0.44

Common dividend per share

Non-GAAP Results

0.01

Fee Related Earnings ("FRE") Fee Revenue(2)

$ 87,476

$ 105,921

$ 93,524

$ 85,371

$ 90,229

$ 101,641

$ 76,664

$ 78,688

Fee Related Earnings(3)

24,019

37,744

37,294

31,975

34,950

35,424

26,154

25,968

FRE per basic share

0.13

0.20

0.17

0.19

0.14

Distributable Earnings ("DE")(3)

13,390

39,013

21,711

(18,618)

54,704

19,903

10,732

19,629

DE per basic share

0.07

0.21

0.12

(0.10)

0.29

0.11

0.06

0.11

Fee Earning Equity Under Management ("FEEUM") (in billions)

$ 40.8

$ 41.0

$ 40.7

$ 39.7

$ 37.3

$ 35.5

$ 34.1

$ 32.7

Balance Sheet and Capitalization

Total assets

$ 3,334,012

$ 3,419,182

$ 3,490,529

$ 3,408,581

$ 3,439,028

$ 3,513,318

$ 3,542,947

$ 3,502,420

Total debt principal(4)

300,000

329,547

300,000

Available corporate cash

250,361

138,984

172,829

158,260

201,310

139,950

126,760

127,260

Perpetual Preferred Equity, $25 per share liquidation preference

Share Count

821,899

FRE and DE weighted average basic shares and OP units(5)

188,571

188,678

188,645

188,497

186,887

186,488

186,906

185,916

Diluted shares and OP units outstanding at period end(5)

188,986

189,163

188,954

188,702

188,594

186,979

188,040

187,218

For purpose of calculating net income (loss) attributable to common stockholders per basic share, net income (loss) attributable to common stockholders is adjusted to deduct dividends attributed to unvested restricted stock and deferred stock units and divided by GAAP weighted average basic shares, which represent the weighted average number of outstanding class A and prior to Q3 2025, class B common stock, during the respective quarters.

FRE fee revenue represents recurring fee revenue, including incentive fees, that are not subject to realization events related to underlying fund investments, and does not give effect to elimination of fee revenue from consolidated funds.

FRE and DE are presented at the Operating Company level, net of noncontrolling interests.

Total debt principal excludes undrawn VFN borrowing availability of $100 million, and prior to a reduction in VFN capacity in Q2 2025, $300 million.

FRE and DE weighted average basic shares and OP units are used to calculate FRE per basic share and DE per basic share, representing the GAAP weighted average basic shares outstanding, plus weighted average unvested restricted stock and OP units outstanding during the respective quarters. Diluted shares and OP units outstanding at period end represent the same basic shares and units outstanding at respective quarter ends (not a weighted average), adjusted to include the effect of potentially dilutive share equivalents which are common stock issuable in connection with performance stock units and in-the-money warrants.

FEEUM, FEE RELATED EARNINGS & DISTRIBUTABLE EARNINGS

($ in millions)

3/31/26 Blended Fee Rate

2026

1Q26

4Q25

2025

3Q25 2Q25

1Q25

4Q24

2024

3Q24

2Q24

DigitalBridge Partners I (DBP I)

1.11%

$ 3,168

$ 3,418

$ 3,534

$ 3,569

$ 3,587

$ 3,650

$ 3,677

DigitalBridge Partners II (DBP II)

1.18%

7,330

7,344

7,295

6,986

6,985

6,568

6,269

DigitalBridge Partners III (DBP III)

1.20%

7,078

6,707

6,402

6,177

5,348

4,530

3,973

Co-Investment Vehicles

0.43%

15,344

15,208

15,324

14,842

12,264

11,539

10,049

9,547

InfraBridge

1.12%

3,558

3,566

3,558

3,701

3,740

3,685

5,051

5,159

Core, Credit and Liquid Strategies

0.75%

3,334

3,231

3,057

2,758

3,371

3,179

3,047

2,862

Separately Capitalized Portfolio Companies

0.84%

1,016

1,168

1,171

1,172

1,173

1,191

1,174

Fee Earning Equity Under Management (FEEUM)

0.85%

$ 40,828 $

40,999 $

40,695 $

39,739 $

37,297 $

35,496 $

34,086 $

32,661

($ in thousands)

Fee revenue(1)

$ 87,476

$ 105,921

$ 93,524

$ 85,371

$ 90,229

$ 101,641

$ 76,664

$ 78,688

Cash compensation(1)

(45,461)

(49,372)

(40,166)

(36,459)

(38,096)

(44,954)

(33,774)

(35,644)

Administrative and other expenses(1)

(17,996)

(18,805)

(16,064)

(16,937)

(17,183)

(21,263)

(16,736)

(17,076)

Fee Related Earnings(2)

24,019

37,744

37,294

31,975

34,950

35,424

26,154

25,968

Realized principal investment income

3,077

18,209

394

(33,957)

34,907

3,903

2,129

7,551

Distributed carried interest and incentive fees subject to

realization events, net of associated expense allocation

864

186

Interest expense and preferred dividends

(17,767)

(17,935)

(18,023)

(18,093)

(18,010)

(18,088)

(18,245)

(17,177)

Other income (expense), net(3)

4,053

5,870

1,825

2,210

2,294

(518)

1,581

3,094

Income tax benefit (expense)

(4,875)

221

(753)

(301)

(818)

(887)

Distributable Earnings(2)

$ 13,390

$ 39,013

$ 21,711

$ (18,618)

$ 54,704

$ 19,903

$ 10,732

$ 19,629

These amounts are determined based upon the definition of FRE and therefore, differ from those presented in GAAP financial results.

FRE and DE are presented at the Operating Company level, net of noncontrolling interests.

Other income (expense), net, includes interest, dividend and other income, placement fee and other expense, and other realized gain (loss).

FUND PERFORMANCE

Certain performance metrics for our key investment funds from inception through March 31, 2026 are presented in the table below. Excluded are funds with less than one year of performance history as of March 31, 2026, funds and separately managed accounts in the liquid strategy, co-investment vehicles and separately capitalized portfolio companies. The historical performance of our funds is not indicative of their future performance nor indicative of the performance of our other existing funds or of any of our future funds. An investment in DBRG is not an investment in any of our funds and these fund performance metrics are not indicative of the performance of DBRG.

($ in millions, as of March 31, 2026)

Fund (1)

Inception Date (2)

Total Commitments

Invested Capital (3)

Available Capital (4)

Investment Value

MOIC (8) (10)

IRR (9) (10)

Unrealized (5)

Realized (6)

Total (7)

Gross

Net

Gross

Net

Value-Add

DBP I

Mar-2018

$ 4,059

$ 4,825

$ 219

$ 4,985

$ 1,763

$ 6,748

1.4x

1.3x

8.6%

7.1%

DBP II

Core

Nov-2020

8,286

8,158

535

10,450

984

11,434

1.4x

1.3x

9.9%

7.6%

SAF

Nov-2022

1,110

1,045

154

988

138

1,126

1.1x

1.0x

3.0%

1.0%

InfraBridge

GIF I

Mar-2015

1,411

1,514

383

905

1,477

2,382

1.6x

1.4x

8.5%

5.6%

GIF II

Credit

Jun-2018

3,382

3,176

243

2,153

595

2,748

0.9x

0.7x

<0%

Credit I

Dec-2022

697

748

380

413

455

868

1.2x

1.1x

12.0%

8.4%

Performance metrics are presented in aggregate for main fund vehicle, its parallel vehicles and alternative investment vehicles.

Inception date represents first close date of the fund, except for Credit I which is the first capital call date. The manager/general partner of the InfraBridge funds were acquired in February 2023.

Invested capital represents the original cost and subsequent fundings to investments. Invested capital includes financing costs and investment related expenses which are capitalized. With respect to InfraBridge funds, such costs are expensed during the period and excluded from their determination of invested capital.

Available capital represents unfunded commitments, including recallable capital.

Unrealized value represents total fair value of investments, net of outstanding balance under the fund's credit facility, if any.

Realized value represents proceeds from dispositions that have closed and all earnings from both realized and unrealized investments, including interest, dividend and ticking fees.

Total value is the sum of unrealized fair value and realized value of investments.

Total gross multiple of invested capital ("MOIC") is calculated as the limited partners' portion of the fair value of unrealized investments, net of outstanding balance funded through the fund's credit facility, if any, plus any accrued but unpaid interest and coupon payments received, and limited partner realized distributions gross of general partner carried interest, divided by total limited partner contributions, without giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized).

Total net MOIC is calculated as the limited partners' portion of the fund's NAV plus limited partner realized distributions net of carried interest, divided by total limited partner contributions, after giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized).

MOIC calculations exclude capital not subject to fees and/or carried interest, including general partner and general partner affiliate capital. MOICs are calculated at the fund level and do not reflect MOICs at the individual investor level.

Gross internal rate of return ("IRR") represents annualized money-weighted return on invested capital based upon total value of limited partner contributions, that is limited partner realized distributions and limited partner unrealized NAV (based upon fair value of unrealized investments), without giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). Gross IRR is calculated from the date of the first capital call from limited partners (and therefore taking into account the use of any credit facility at the fund level) through the date of limited partner distributions for realized investments. For funds with unrealized investments, gross IRR uses a liquidating distribution equal to the limited partners' portion of the fair value of unrealized investments, net of outstanding amounts funded through the fund's credit facility, if any. Gross IRR is calculated at the fund level and does not reflect gross IRR of any individual investor due to timing of investor level inflows and outflows, among other factors.

Net IRR is gross IRR after giving effect to the allocation of management fee expense, other fund expenses and general partner carried interest (both distributed and unrealized). Net IRR is calculated at the total fee-paying limited partner level and based upon the timing and amount of fee-paying third party limited partner inflows and outflows, and excludes capital not subject to fees and/or carried interest, including the portion of capital attributable to the general partner and general partner affiliate. As fees may vary by individual investor, net IRR does not represent the return of any individual investor.

With respect to funds that have utilized borrowings from a credit facility to fund portfolio investments, organization expenses, partnership expenses, management fees, or other amounts in lieu of calling capital from limited partners for such purposes, gross and net IRR of the fund differs from what the IRR would have been if such borrowings or financings had not been utilized. Because IRR is calculated based on the actual dates of capital contributions from, and distributions to, limited partners (rather than based on the timing of when investments were made, for example), the use of such borrowings and financings in lieu or in advance of calling capital delays capital contributions from limited partners, generally resulting in higher IRRs than if such borrowings or financings had not been utilized and capital was called earlier from limited partners..

Our funds generally permit us to recycle certain capital distributed to limited partners during certain time periods. The exclusion of recycled capital generally causes invested and realized amounts to be lower and MOICs to be higher than had recycled capital been included.

CAPITALIZATION

($ and shares in thousands, as of March 31, 2026)

Securitized Notes - Class A-2 Term Notes

Amount Outstanding

300,000

Interest Rate (Per Annum)

3.933 %

Anticipated Repayment Date

September 25, 2026

Kroll Rating

BBB

Revolver - Class A-1 Variable Funding Notes

Maximum Available

100,000

Amount Outstanding

Interest Rate (Per Annum)(1)

Adjuste

d 1M Term SOFR + 3.00%

Fully Extended Anticipated Repayment Date September 25, 2026

Perpetual Preferred Stock

Liquidation Preference(2)

Shares Outstanding

Series H 7.125% Cumulative Redeemable Perpetual Preferred Stock

$ 209,870

8,395

Series I 7.15% Cumulative Redeemable Perpetual Preferred Stock

321,668

12,867

Series J 7.125% Cumulative Redeemable Perpetual Preferred Stock

290,361

11,614

Total Preferred Stock $ 821,899 32,876

Adjusted 1-month term SOFR is equivalent to 1-month term SOFR plus 0.11448%.

Liquidation preference based on $25 per share.

GP AFFILIATED INVESTMENTS

2026

2025

2024

1Q26

4Q25

3Q25

2Q25

1Q25

4Q24

3Q24

2Q24

($ in thousands)

DBP Series

$ 483,426

$ 498,893

$ 528,162

$ 533,397

$ 494,541

$ 496,004

$ 470,937

$ 452,604

DataBank and Vantage SDC

724,706

691,406

663,843

640,000

623,070

682,047

679,335

674,900

Other Funds & Investments (InfraBridge, Core, Credit, Liquid)

529,121

534,773

669,780

494,546

434,130

419,422

443,064

399,066

Total GP Affiliated Investments-Consolidated

$ 1,737,253 $

1,725,072 $

1,861,785 $

1,667,943 $

1,551,741 $

1,597,473 $

1,593,336 $

1,526,570

DBP Series

$ 367,686

$ 378,608

$ 396,994

$ 401,722

$ 362,469

$ 363,984

$ 339,659

$ 321,917

DataBank and Vantage SDC

719,409

686,120

659,145

635,335

618,461

677,441

674,872

670,463

Other Funds & Investments (InfraBridge, Core, Credit, Liquid)

379,559

385,086

434,764

389,337

347,665

334,962

362,675

356,055

Total GP Affiliated Investments-Net(1)

$ 1,466,654 $

1,449,814 $

1,490,903 $

1,426,394 $

1,328,595 $

1,376,387 $

1,377,206 $

1,348,435

Presented at Operating Company level, net of noncontrolling interests. The latter represent limited partners of consolidated funds, a third-party participation interest and management interest in GP entities.

BALANCE SHEET

March 31, 2026

($ in thousands)

December 31, 2025

(Unaudited)

Assets

Cash and cash equivalents

$ 382,508

$ 411,327

Restricted cash

12,982

6,063

Investments(1)

2,266,403

2,241,513

Goodwill

465,602

Intangible assets

48,395

43,396

Other assets

138,914

42,949

Due from affiliates

104,378

123,162

Total assets(2)

$ 3,419,182

$ 3,334,012

Liabilities

Debt

$ 298,804

$ 299,210

Other liabilities(1)(3)

670,155

615,366

Total liabilities

968,959

914,576

Redeemable noncontrolling interests(4)

33,226

34,298

Stockholders' equity

2,107,297

2,106,898

Noncontrolling interests in investment entities(4)

268,977

239,597

Noncontrolling interests in Operating Company

40,723

38,643

Total liabilities, redeemable noncontrolling interests and equity

$ 3,419,182

$ 3,334,012

At December 31, 2025 and March 31, 2026, included in investments is carried interest of $541 million and $504 million, respectively, while carried interest expense allocation of $349 million and $327

million, respectively, is included in other liabilities.

At December 31, 2025 and March 31, 2026, included assets held by consolidated funds: cash of $87 million and $82 million, respectively, investments of $236 million and $240 million, respectively, and other assets of $2 million and $3 million, respectively.

At December 31, 2025 and March 31, 2026, included other liabilities of consolidated funds of $88 million and $94 million, respectively.

Limited partners of consolidated funds represent all of redeemable noncontrolling interests, and $100 million at December 31, 2025 and $93 million at March 31, 2026 of noncontrolling interests in investment entities. Remaining noncontrolling interests in investment entities largely represent carried interest expense allocation and minority interest ownership in general partner entities attributed to management and participation interest by a third party investor.

DISTRIBUTABLE EARNINGS & FEE RELATED EARNINGS

($ in thousands)

2026

1Q26

4Q25

3Q25

2025

2Q25

1Q25

4Q24

2024

3Q24

2Q24

Net income (loss) attributable to common stockholders

$ 5,305

$ 50,396

$ 16,753

$ 16,962

$ (878)

$ (19,711)

$ (883)

$ 76,763

Net income (loss) attributable to noncontrolling interests in Operating Company

138

1,539

563

1,082

(7)

(1,355)

(50)

5,426

Net income (loss) attributable to Operating Company

5,443

51,935

17,316

18,044

(885)

(21,066)

(933)

82,189

Adjustments:

Transaction-related costs and non-core items(1)

14,391

11,583

(2,374)

(4,982)

435

9,465

9,541

5,344

Other (gain) loss, net(2)

(3,736)

(46,391)

(5,821)

(8,287)

667

(7,094)

(47,906)

(13,451)

Unrealized principal investment income(3)

(25,897)

(9,540)

(24,872)

(55,422)

29,847

4,389

(4,415)

(6,322)

Unrealized carried interest, net of associated expense (allocation) reversal(4)

1,227

(22,534)

19,808

11,649

5,816

18,165

7,658

(75,065)

Equity-based compensation

7,543

7,742

8,976

10,873

7,711

(7)

8,828

17,641

Depreciation and amortization expense

5,320

6,513

7,130

8,585

7,226

8,215

8,227

8,097

Amortization of deferred financing costs, debt premiums and discounts

406

1,106

524

584

Adjustments attributable to noncontrolling interests in investment entities(5)

3,191

37,597

1,056

1,462

(822)

651

30,647

(110)

OP share of (income) loss from discontinued operations(6)

5,502

1,702

(1,646)

4,185

6,661

(1,439)

722

Distributable Earnings (After Tax)(7)

13,390

39,013

21,711

(18,618)

54,704

19,903

10,732

19,629

Realized principal investment income

(3,077)

(18,209)

(394)

33,957

(34,907)

(3,903)

(2,129)

(7,551)

Distributed carried interest and incentive fees subject to realization events, net of associated

expense allocation(3)

(864)

(186)

Interest expense and preferred dividends

17,767

17,935

18,023

18,093

18,010

18,088

18,245

17,177

Other income (expense), net(8)

(4,053)

(5,870)

(1,825)

(2,210)

(2,294)

518

(1,581)

(3,094)

Income tax (benefit) expense

(8)

4,875

(221)

753

301

818

887

(7)

Fee Related Earnings(7)

$ 24,019

$ 37,744

$ 37,294

$ 31,975

$ 34,950

$ 35,424

$ 26,154

$ 25,968

Transaction-related costs are expenses incurred in connection with acquisitions and unconsummated deals. Non-core items primarily include acquisition-related compensation and certain severance costs, as well as litigation and settlement-related matters. These costs are excluded as they are related to discrete items, are not considered part of our ongoing operating cost structure, and are not reflective of our core operating performance.

Comprises (i) all unrealized gains and losses; and (ii) realized gains and losses associated with consolidated funds or non-core investments.

Unrealized principal investment income represents only the Operating Company's share, net of a third party participation interest.

Carried interest is presented net of expense allocation or reversal, representing only the Operating Company's share. The expense component is included within compensation expense-incentive fees and carried interest allocation (reversal), and net income (loss) attributable to noncontrolling interests in investment entities on the GAAP income statement.

Adjustments attributable to noncontrolling interests in investment entities pertain to other gain (loss) attributed to limited partners of consolidated funds. Unrealized principal investment income attributed to a third party participation interest is netted against "unrealized principal investment income" for all periods presented (previously presented gross in "adjustments attributable to noncontrolling interests in investment entities" and recasted for periods prior to the first quarter of 2025).

OP share of discontinued operations represents primarily residual activities from the Company's former real estate business that had been disposed.

DE and FRE are presented at the Operating Company level, net of noncontrolling interests.

Other income (expense), net, includes interest, dividend and other income, placement fee and other expense, and other realized gain (loss).

RECONCILIATIONS

($ in thousands)

2026

1Q26

4Q25

2025

3Q25

2Q25

1Q25

4Q24

2024

3Q24

2Q24

FRE Fee Revenue

GAAP Fee Revenue

$ 87,309

$ 105,746

$ 93,300

$ 85,262

$ 90,139

$ 101,551

$ 76,582

$ 78,605

Consolidated Funds(1)

167

175

224

109

Incentive Fees(2)

(1)

$ 87,476

$ 105,921

$ 93,524

$ 85,371

$ 90,229

$ 101,641

$ 76,664

$ 78,688

FRE Cash Compensation

GAAP Compensation Expense-Cash and Equity-Based

$ 49,150

$ 48,023

$ 49,315

$ 47,002

$ 46,110

$ 35,550

$ 43,426

$ 51,661

Equity-Based Compensation

(7,397)

(7,592)

(8,827)

(10,725)

(7,620)

(8,828)

(17,641)

Compensation Expense-Incentive Fees Not Subject to Realization Event(2)

3,473

9,200

506

10,286

218

1,238

Reimbursable Costs(3)

(299)

(259)

(320)

(324)

(309)

(163)

(135)

(27)

Non-Core Items(4)

534

(2)

(90)

(726)

(907)

413

$ 45,461

$ 49,372

$ 40,166

$ 36,459

$ 38,096

$ 44,954

$ 33,774

$ 35,644

FRE Administrative and Other Expenses

GAAP Administrative and Other Expenses

$ 19,737

$ 21,743

$ 15,118

$ 11,440

$ 15,946

$ 36,974

$ 27,193

$ 26,508

Placement Fees(5)

(125)

(80)

(1,075)

(675)

(3,108)

(250)

Equity-Based Compensation (included in Administrative Expense)

(146)

(150)

(149)

(148)

(91)

Reimbursable Costs(3)

(988)

(1,843)

(1,678)

(2,267)

(2,045)

(3,707)

(1,980)

(3,284)

Non-Core Items(6)

(607)

(820)

2,853

8,987

4,048

(8,896)

(8,227)

(6,148)

$ 17,996

$ 18,805

$ 16,064

$ 16,937

$ 17,183

$ 21,263

$ 16,736

$ 17,076

FRE is presented without giving effect to the elimination of fee revenue from consolidated funds to the extent such fees meet the definition of FRE.

(2)

Incentive fees earned and related compensation expense are included in FRE to the extent their performance trigger is not based upon realization events related to underlying fund investments, whereas all incentive fees earned and associated compensation expense are included in DE.

Reimbursable costs are presented gross as other income and expense under GAAP but presented net for purposes of FRE and DE.

Non-core compensation items include primarily acquisition-related compensation and certain severance costs.

Placement fees are excluded from FRE but included in DE.

Non-core administrative items include primarily costs associated with certain litigation and settlement matters, including any related insurance recoveries.

RECONCILIATIONS

2026

2025

2024

($ in thousands)

1Q26

4Q25

3Q25

2Q25

1Q25

4Q24

3Q24

2Q24

DE Realized Principal Investment Income

GAAP Principal Investment Income

$ 24,586

$ 22,050

$ 25,325

$ 20,437

$ 5,307

$ 1,241

$ 9,955

$ 15,982

Unrealized Principal Investment (Income) Loss

(21,122)

(990)

(24,680)

(54,256)

29,731

3,930

(7,308)

(7,813)

Noncontrolling Interests in Realized Principal Investment Income

(387)

(2,851)

(251)

(138)

(131)

(1,268)

(518)

(618)

$ 3,077

$ 18,209

$ 394

$ (33,957)

$ 34,907

$ 3,903

$ 2,129

$ 7,551

DE Realized Carried Interest and Incentive Fees Subject to Realization Events, Net of Associated Expense Allocation

GAAP Carried Interest Allocation (Reversal)

$ (44,729)

$ (85,423)

$ (120,213)

$ (115,074)

$ (55,464)

$ (45,717)

$ (15,799)

$ 288,244

GAAP Compensation Expense-Incentive Fee and Carried Interest (Allocation)

Reversal

23,140

17,416

54,000

43,372

22,304

18,592

8,474

(178,430)

(21,589)

(68,007)

(66,213)

(71,702)

(33,160)

(27,125)

(7,325)

109,814

Unrealized Carried Interest (Allocation) Reversal

44,729

85,423

120,213

115,074

57,934

45,717

15,799

(288,126)

Compensation expense-Unrealized Carried Interest Allocation (Reversal)

(26,613)

(26,616)

(54,000)

(43,878)

(23,908)

(28,878)

(8,692)

177,272

Incentive Fee Revenue Subject to Realization Event(1)

Compensation Expense-Incentive Fee Not Subject to Realization Event(2)

3,473

9,200

506

10,286

218

1,238

Noncontrolling Interests in Realized Carried Interest

(7)

(13)

$ -

$ 864

$ -

$ 186

Incentive fees with a performance trigger based upon realization events of underlying fund investments are excluded from FRE but included in DE.

Compensation expense related to incentive fees with performance trigger not based upon realization events of underlying fund investments is already included in FRE.

RECONCILIATIONS

2026

1Q26

2025

4Q25

3Q25

2Q25

1Q25

4Q24

2024

3Q24

2Q24

($ and shares in thousands)

GAAP Weighted Average Basic Shares Outstanding 179,333

178,796

178,183

173,059

171,680

171,254

171,542

170,358

Weighted Average OP Units 5,578

5,795

6,306

11,269

11,919

11,986

12,200

12,291

Weighted Average Unvested Restricted Stock 3,660

4,087

4,156

4,169

3,288

3,248

3,164

3,267

188,571

188,678

188,645

188,497

186,887

186,488

186,906

185,916

GP Affiliated Investments-Consolidated

Total Investments on Balance Sheet

$ 2,241,513

$ 2,266,403

$ 2,463,476

$ 2,389,801

$ 2,388,618

$ 2,492,268

$ 2,540,029

$ 2,517,653

Accrued Carried Interest

(503,842)

(540,890)

(601,333)

(721,545)

(836,619)

(894,553)

(940,271)

(956,069)

Non-Core Investments

(418)

(441)

(358)

(313)

(258)

(242)

(6,422)

(35,014)

IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES

This presentation contains the following non-GAAP financial measures attributable to the Operating Company: Fee Related Earnings ("FRE") and Distributable Earnings ("DE"). FRE and DE are common metrics utilized in the investment management sector. We present FRE and DE at the Operating Company level, which is net of amounts attributed to noncontrolling interests, composed largely of the limited partners' share of our consolidated funds and Wafra's share of earnings attributed to our general partner interest in certain funds. For the same reasons, the Company believes these non-GAAP measures are useful to the Company's investors and analysts. As we evaluate profitability based upon continuing operations, these non-GAAP measures exclude results from discontinued operations.

We believe the non-GAAP financial measures of FRE and DE supplement and enhance the overall understanding of our underlying financial performance and trends, and facilitate comparison among current, past and future periods and to other companies in similar lines of business. We use FRE and DE in evaluating the Company's ongoing business performance and in making operating decisions. For the same reasons, we believe FRE and DE are useful financial measures to the Company's investors and analysts.

These non-GAAP financial measures should be considered as a supplement to and not an alternative or in lieu of GAAP net income (loss) as measures of operating performance, or to cash flows from operating activities as indicators of liquidity. Our calculation of these non-GAAP measures may differ from methodologies utilized by other companies for similarly titled performance measures and, as a result, may not be fully comparable to those calculated by our peers.

Fee-Related Earnings ("FRE"): FRE is used to assess the extent to which direct base compensation and core operating expenses are covered by recurring fee revenues in our investment management business. FRE represents recurring fee revenue, including incentive fees that are not subject to realization events related to underlying fund investments, net of compensation and administrative expenses. Such expenses generally exclude non-cash equity-based compensation, carried interest compensation, and placement fee expense. Also, consistent with DE, FRE excludes non-core items, and presents costs reimbursable by our managed funds on a net basis (as opposed to a gross-up of other income and administrative expenses).

Fee revenues earned from consolidated funds are eliminated in consolidation. However, because the fees are funded by and earned from third party investors in these consolidated funds who represent noncontrolling interests, our allocated share of net income from the consolidated funds is increased by the amount of fees that are eliminated. The elimination of these fees, therefore, does not affect net income (loss) attributable to DBRG. Accordingly, FRE is presented without giving effect to the elimination of fee revenue to the extent such fees meet the definition of FRE.

FRE does not include distributed carried interest as these are not recurring revenues and are subject to variability given that they are dependent upon realization events related to underlying fund investments. Placement fees are also excluded from FRE as they are inconsistent in amount and frequency depending upon timing of fundraising for our funds. Other items excluded from FRE include realized principal investment income (loss); and interest, dividend and other income, all of which are not core to the investment management fee service business.

We believe that FRE is a useful measure to investors as it reflects the Company's profitability based upon recurring fee streams that are not subject to realization events related to underlying fund investments, and without

the effects of income taxes, leverage, non-cash expenses, income (loss) items that are unrealized and other items that may not be indicative of core operating results in an investment management fee service business.

IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES

(CONTINUED)

Distributable Earnings ("DE"): DE generally represents net realized earnings of the Company and is an indicative measure used by the Company to assess ongoing operating performance and in making decisions related to distributions and reinvestments. Accordingly, we believe DE provides investors and analysts transparency into the measure of performance used by the Company in its decision making.

DE is an after-tax measure that reflects the ongoing operating performance of the Company's core business by including earnings that are realized and generally excluding non-cash expenses, other income (loss) items that are unrealized and items that may not be indicative of core operating results.

Realized earnings included in DE are generally comprised of fee revenue, including all incentive fees, realized principal investment income (loss), distributed carried interest, interest and dividend income. Income (loss) on principal investments is realized generally when all or a portion of an investment is disposed, redeemed or repaid or if the Company no longer retains control, or when the Company receives income such as dividends, interest or other distributions of earnings.

The following items are excluded from DE: transaction-related costs; non-core items; other gain (loss); unrealized principal investment income (loss); non-cash depreciation and amortization expense, non-cash impairment charges (if any); amortization of deferred financing costs, debt premiums and discounts; our share of unrealized carried interest allocation, net of associated expense; non-cash equity-based compensation costs; and preferred stock redemption gain (loss).

Transaction-related costs are incurred in connection with acquisitions and costs of unconsummated transactions. Non-core items primarily include acquisition-related compensation and certain severance costs, as well as litigation and settlement-related matters, which are presented within compensation expense-cash and equity-based, administrative and other expenses, and other gain (loss), net on the GAAP income statement. These costs, along with certain other gain (loss) amounts, are excluded from DE as they are related to discrete items, are not considered part of our ongoing operating cost structure, and are not reflective of our core operating performance.

Other items excluded from DE are generally non-cash in nature, including income (loss) items that are unrealized, or otherwise do not represent current or future cash obligations. These items are excluded from DE as they do not contribute to the measurement of DE as a net realized earnings measure that is used in decision making related to distributions and reinvestments.

Income taxes applied in the determination of DE generally represents GAAP income tax related to continued operations, and includes the benefit of deductions available to the Company on certain expense items excluded from DE (for example, equity-based compensation). As the income tax benefit arising from these excluded expense items do affect actual income tax paid or payable by the Company in any one period, the Company believes their inclusion in DE is appropriate to more accurately reflect amounts available for distribution.

DEFINITIONS

Catch-up Fees

Catch-up fees are management fees charged in any given period that pertain to prior periods. With respect to subsequent closing of commitments during the fundraising period, management fees based upon commitments are charged retroactively to the fee activation date at initial closing of the fund through the subsequent close date.

Fee-Earning Equity Under Management ("FEEUM")

FEEUM represents the total capital managed by the Company and its affiliates that earns management fees and/or incentive fees or carried interest. FEEUM is generally based upon committed capital, invested capital, net

asset value ("NAV") or gross asset value ("GAV"), pursuant to the terms of each underlying investment management agreement.

Fee Related Earnings Margin ("FRE Margin")

FRE Margin % represents FRE divided by FRE fee revenue.

GP Affiliated Investments

GP Affiliated Investments represent principal investments in DBRG's sponsored funds as general partner and as an affiliate of the general partner, and to a lesser extent, other investments associated with DBRG's

investment management business, including CLO subordinated notes, but excluding carried interest allocation. Investments that are considered to be non-core to DBRG's investment management business are excluded.

Operating Company or OP

DigitalBridge Operating Company, LLC, the operating partnership through which DBRG conducts all of its activities and holds substantially all of its assets and liabilities.

OP share

Represents the Company's interest through the Operating Company and excludes redeemable noncontrolling interests and noncontrolling interests in investment entities.

Disclaimer

Digitalbridge Group Inc. published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:55 UTC.