DigitalBridge : Corporate Overview

Published: 2025-04-23 11:35:11 ET DBRG

DIGITALBRIDGE CORPORATE OVERVIEW

M a r c h 2 0 2 5

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. Reconciliates of these non-GAAP financial measures to net income are set forth in the preceding Supplement Financial Data section. The Company's 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 the Company's peers.

Fee-RelatedEarnings ("FRE"): Beginning in 2024, FRE is reported on a Company-wide basis, consistent with the entirety of the Company's business representing a single reportable segment. In prior periods, the Company had reported Investment Management FRE, which was an FRE measure specific to its previously reported Investment Management segment. The Investment Management segment previously bore only operating costs that were directly attributable or otherwise can be subjected to a reasonable and systematic attribution to the investment management business. Company-wide FRE includes all operating costs of the Company as a whole that fall within the definition of FRE.

FRE is used to assess the extent to which direct base compensation and core operating expenses are covered by recurring fee revenues in a stabilized investment management business. FRE represents recurring fee revenue, including incentive fees, that are not subject to future 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 costs associated with strategic corporate actions and presents costs reimbursable by our managed funds on a net basis (as opposed to a gross-up of other income and administrative costs). Where applicable, FRE is adjusted for Start-Up FRE as defined below.

Fee revenues earned from consolidated funds and other investment vehicles are eliminated in consolidation. However, because the fees are funded by and earned from third party investors in these consolidated vehicles who represent noncontrolling interests, our allocated share of net income from the consolidated funds and other vehicles 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 future realization events. 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 service business.

To reflect a stabilized investment management business, FRE is further adjusted to exclude Start-Up FRE, where applicable. Start-Up FRE is FRE associated with new investment strategies that have 1) not yet held a first close raising FEEUM; or 2) not yet achieved break-even FRE only for investment products that may be terminated solely at the Company's discretion. The Company evaluates new investment strategies on a regular basis and excludes Start-Up FRE until such time as a new strategy is determined to form part of the Company's core investment management business.

We believe that FRE, as a pre-tax measure is useful to investors as it reflects the Company's profitability based upon recurring fee streams that are not subject to future realization events, 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 service business.

Distributable Earnings ("DE"): DE generally represents the 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 when the Company redeems all or a portion of its investment or when the Company receives or is due income such as dividends, interest or distributions of income.

The following items are excluded from DE: transaction-related costs; costs associated with strategic corporate actions; 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 compensation expense; non-cash equity-based compensation costs; and preferred stock redemption gain (loss).

Transaction-related costs are incurred in connection with acquisitions and include costs of unconsummated transactions, while costs associated with strategic corporate actions are related primarily to severance, legal costs and other post-acquisition charges. These costs, along with 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 such as amortization of deferred financing costs and straight-line lease adjustment. 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.

TABLE OF CONTENTS

SECTION

1 OVERVIEW

INTRODUCTION

STRATEGY &

PROFILE

INVESTMENT

THESIS

SECTION

2 FINANCIALS

SECTION

3 APPENDIX

An Alternative Asset Manager Levered to

Secular Growth in The Digital Economy

A Platform Built to Capitalize on

Opportunities Across Digital Infrastructure

AI-Powered

Digital

Simple,

Secular

Infrastructure

High-Growth

Tailwinds

Experts

Roadmap

4

DigitalBridge is a leading

global alternative asset manager dedicated to investing in digital infrastructure.

As an Infrastructure Partner to the Digital Economy, we manage capital on behalf of institutional investors across five key verticals: data centers, cell towers, fiber networks, small cells, and edge infrastructure.

A LEADING GLOBAL DIGITAL INFRASTRUCTURE ASSET MANAGER

$96B

Portfolio AUM1

$36B

Portfolio FEEUM

40+

Portfolio Companies2

25+

Years of Experience

INVESTING ACROSS THE DIGITAL ECOSYSTEM

Data Centers

Hyper-

Edge

Converged

Infrastructure

Digital

Cell Towers

Infrastructure

Small Cells

Fiber Networks

Sector Specialists

High Growth

Asset-Light

25+ year mgmt. track record of building

Revenue and earnings profile

Highly scalable platform addressing capital

digital infra businesses

aligned with secular tailwinds

intensive sector - significant TAM

capital as of the reporting date, including capital funded through third-party financing, and committed capital for funds in their commitment stage. Balance sheet AUM is based upon the carrying value of the Company's balance sheet

investments as of the reporting date.

6

(2) Consists of DBRG managed Companies in the infrastructure sector as of December 31, 2024. Not all logos are shown; includes InfraBridge and Ventures.

INFRASTRUCTURE PARTNER TO THE DIGITAL ECONOMY

The DBRG roadmap is designed to give us the global scale that drives efficiency, growth, and presence where customers need it

Top 3

Top 4

Data Center Provider

Independent Global

in the World(2)

Tower Portfolio(3)

Global Data

Data

Global

Tower

Total Owned and

Active

Markets1

Secured

Companies

Master Lease

Countries1

7 Center Platforms1

200+ Centers1 90+

96K+ Sites1 15+

16GW Power

10 Globally1

500K+ Tower Sites1

As of December 2024, proforma for Yondr acquisition. Completion of the acquisition of Yondr by a DigitalBridge managed fund remains subject to satisfaction of customary conditions precedent, and there can be no assurance that the transaction will be completed in the timeframe anticipated o r at all. Sources: Company websites

and Data Center Map as of December 2024, reflecting: Digital Realty 300+ data centers; Equinix 260+ data centers; DigitalBridge global data center portco count 200+ data centers; NTT Data Centers 150+; Iron Mountain 30+ data centers; CoreSite 30+ data centers. Ranking based on DigitalBridge internal analysis.

As of December 2024. Sources: TowerXchange Q4 2024 Tower League Table, excluding China and Company websites as of November 2024, reflecting: Summit Digitel 175,000 operational sites; Altius (Summit Digitel) 257,000, American Tower 149,000+, Cellnex Telecom 110,162, DigitalBridge 96,000+, Crown Castle 40,000, SBA

Communications 38,082. Ranking based on DigitalBridge internal analysis.

7

WHY DIGITAL

INFRASTRUCTURE?

'Pick & Shovel' exposure to powerful AI and Cloud thematics

Mission-critical, essential infrastructure

Mobile-First engagement across consumers and enterprises

Resilient, defensible and uncorrelated asset class

D i g i t a l I n f r a s t r u c t u r e

DALL·E 3

Sora

Attractive sector characteristics position Digital Infrastructure as a growing asset class benefiting from secular tailwinds

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1 OVERVIEW

STRATEGY & PROFILE

9

A LEADING GLOBAL DIGITAL INFRASTRUCTURE ASSET MANAGER

An Alternative Asset Manager Focused on Digital

DigitalBridge is a leading alternative asset manager levered to the powerful tailwinds driving global investment in digital infrastructure.

As a Partner of Choice to large institutional investors, DigitalBridge leverages our deep domain expertise to deliver long-duration investment solutions that create value across the digital ecosystem.

Digital Infrastructure Specialists

25+ year mgmt. track record of building value in digital infra

At-a-Glance

Founded:

1991

Public Listing:

NYSE - DBRG

AUM:

$96 Billion(1)

FEEUM:

$36 Billion(1)

Business Investment management fees and profits participation

Model (carried interest)

Financial Growing, high-visibility earnings stream backed by

Profile investment-grade clients

Note: All figures as of December 31, 2024, unless otherwise specified

(1) Includes digital and non-digital DBRG managed companies.

Our Platform

Positioned to deliver long-duration investment solutions across digital asset classes with a scalable, asset-light business model

DIGITAL

CREDIT

CORE

INFRASTRUCTURE

LIQUID

VENTURES

Financing the

PLUS

EQUITY

Public

Software

Digital

Long-Duration,

'Value-Add' Digital Infrastructure

Market

Powering

Economy

Investing

Next-Gen

Equity Investing on a Global Basis

Stabilized

Networks

Assets

Built to Capitalize on Opportunities Across The Sector

Mature, Stabilized, Yield-Focused

Business Building / Growth Phase

10

DBRG ROADMAP - PRIMED TO GENERATE LONG-TERM SHAREHOLDER VALUE BY SCALING OUR LEADING DIGITAL INFRA PLATFORM

1 DBRG TRANSFORMATION

2 SCALING THE PLATFORM

COMPLETE

With our transformation complete, the Business Strategy is focused on building momentum within the

DigitalBridge flywheel, scaling our platform to support the accelerating global demand for digital infrastructure

Rotated over $80+ billion of assets as part of digital transition

Harvested $2B of legacy equity value

Transitioned from REIT to simplified, asset management business model

INVEST

FUNDRAISE

▪ Form the capital to fuel the AI Revolution

▪ Expanding investment solutions tailored to our LPs needs

INVEST - PORTFOLIO COMPANIES

▪ Support growing compute and connectivity demands of

world's leading technology and telcos providers

FUNDRAISE

▪ Creating value at scale with 'Buy and Build' expertise

SCALE - DBRG

▪ Create 'serial compounder' through reinvestment of

earnings and cash flows

▪ Drive corporate operating leverage

SCALE - DBRG

Positioned to capitalize on AI, digital

transformation, 5G and next-gen network cycles

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Disclaimer

Digitalbridge Group Inc. published this content on April 23, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2025 at 15:34 UTC.