0001679688-22-000139 | 10-Q | XBRL Viewer

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2022

The following table provides the basic and diluted earnings per common share computations.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2022		2021		2022		2021
Net income (loss) allocated to common stockholders
Loss from continuing operations	$	(94,598)	$	(40,935)	$	(384,194)	$	(183,451)
Loss from continuing operations attributable to noncontrolling interests	60,516		34,157		189,096		96,810
Loss from continuing operations attributable to DigitalBridge Group, Inc.	(34,082)		(6,778)		(195,098)		(86,641)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(15,006)		68,135		(122,109)		(221,036)

Preferred stock repurchases/redemptions (Note 9)	1,098		(2,865)		1,098		(2,865)
Preferred dividends	(15,283)		(17,456)		(46,801)		(54,488)
Net income (loss) attributable to common stockholders	(63,273)		41,036		(362,910)		(365,030)
Net income allocated to participating securities	(17)		(736)		(17)		—
Net income (loss) allocated to common stockholders—basic	(63,290)		40,300		(362,927)		(365,030)
Interest expense attributable to convertible and exchangeable notes (1)	—		—		—		—
Net income (loss) allocated to common stockholders—diluted	$	(63,290)	$	40,300	$	(362,927)	$	(365,030)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic	162,398		121,458		153,028		120,041
Weighted average effect of dilutive shares (1)(2)(3)	—		—		—		—
Weighted average number of common shares outstanding—diluted	162,398		121,458		153,028		120,041
Income (loss) per share—basic
Loss from continuing operations	$	(0.30)	$	(0.23)	$	(1.57)	$	(1.20)
Income (loss) from discontinued operations	(0.09)		0.56		(0.80)		(1.84)
Net income (loss) attributable to common stockholders per common share—basic	$	(0.39)	$	0.33	$	(2.37)	$	(3.04)
Income (loss) per share—diluted
Loss from continuing operations	$	(0.30)	$	(0.23)	$	(1.57)	$	(1.20)
Income (loss) from discontinued operations	(0.09)		0.56		(0.80)		(1.84)
Net income (loss) attributable to common stockholders per common share—diluted	$	(0.39)	$	0.33	$	(2.37)	$	(3.04)

__________

(1) With respect to the assumed conversion or exchange of the Company's outstanding senior notes, the following are excluded from the calculation of diluted earnings per share as their inclusion would be antidilutive: (a) for the three months ended September 30, 2022 and 2021, the effect of adding back $4.0 million and $7.6 million of interest expense, respectively, and 11,698,000 and 36,064,800 of weighted average dilutive common share equivalents, respectively; and (b) for the nine months ended September 30, 2022 and 2021, the effect of adding back $133.2 million of debt extinguishment loss (Note 8) and $12.7 million of interest expense, and $23.3 million of interest expense, respectively, and 13,307,000 and 36,090,900 of weighted average dilutive common share equivalents, respectively.

(2) The calculation of diluted earnings per share excludes the effect of the following as their inclusion would be antidilutive: (a) class A common shares that are contingently issuable in relation to performance stock units (Note 17) with weighted average shares of 1,076,000 and 2,472,800 for the three months ended September 30, 2022 and 2021, respectively, and 1,727,000 and 2,792,700 for the nine months ended September 30, 2022 and 2021, respectively; and (b) class A common shares that are issuable to net settle the exercise of warrants (Note 10) with weighted average shares of 1,393,000 and 2,725,900 for the three months ended September 30, 2022 and 2021, respectively, and 2,174,000 and 2,527,800 for the nine months ended September 30, 2022 and 2021, respectively.

(3) OP Units may be redeemed for registered or unregistered class A common stock on a one-for-one basis and are not dilutive. At September 30, 2022 and 2021, 12,629,000 and 12,988,800 of OP Units, respectively, were not included in the computation of diluted earnings per share in the respective periods presented.

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Components of Share-Based Compensation

Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:


	2022 PSU Grants	2021 PSU Grants	2020 PSU Grants
Expected volatility of the Company's class A common stock (1)	32.4%	35.4%	34.1%
Expected annual dividend yield (2)	0.0%	0.0%	9.3%
Risk-free rate (per annum) (3)	2.0%	0.3%	0.4%

__________

(1) Based upon the historical volatility of the Company's stock and those of a specified peer group.

(2) Based upon the Company's expected annualized dividends. Expected dividend yield is zero for the 2022 and 2021 PSU awards as common dividends were suspended beginning the second quarter of 2020 through the second quarter of 2022.

(3) Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the remaining measurement period of the award as of valuation date.

The following assumptions were applied in the Monte Carlo model under a risk-neutral premise:


	2022 LTIP Grant	2019 LTIP Grant (1)
Expected volatility of the Company's class A common stock (2)	34.0%	28.3%
Expected dividend yield (3)	0.0%	8.1%
Risk-free rate (per annum) (4)	3.6%	1.8%

__________

(1) Represents 2.5 million LTIP units granted to the Company's Chief Executive Officer, Marc Ganzi, in connection with the Company's acquisition of Digital Bridge Holdings, LLC in July 2019, with vesting based upon achievement of the Company's class A common stock price closing at or above $40 over any 90 consecutive trading days prior to the fifth anniversary of the grant date.

(2) Based upon historical volatility of the Company's stock and those of a specified peer group.

(3) Based upon the Company's most recently issued dividend prior to grant date and closing price of the Company's class A common stock on grant date. Expected dividend yield is zero for the 2022 award as common dividends were suspended beginning the second quarter of 2020 through the second quarter of 2022.

(4) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the measurement period of the award as of valuation date.

Equity-based compensation expense, excluding amounts related to businesses presented as discontinued operations (Note 12), is as follows. Separately, additional compensation expense was also recorded in connection with the DataBank recapitalization transaction, as described in Note 10.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Compensation expense (including $16, $50, $229 and $1,164 related to dividend equivalent rights)	$	8,576	$	6,914	$	27,226	$	30,593

Nonvested Shares Under Director Stock Plan and Equity Incentive Plan

Changes in the Company’s unvested equity awards are summarized below, after giving effect to the Company's one-for-four reverse stock split in August 2022.


							Weighted Average Grant Date Fair Value
	Restricted Stock	LTIP Units (1)	DSUs	RSUs (2)	PSUs (3)	Total	PSUs		All Other Awards
Unvested shares and units at December 31, 2021	2,047,566	2,615,314	25,437	2,397,391	2,621,850	9,707,558	$	14.74	$	10.05
Granted	1,098,185	125,000	54,217	—	185,674	1,463,076	30.48		25.05
Vested	(1,428,765)	(115,314)	(59,616)	—	(382,589)	(1,986,284)	17.48		18.04
Forfeited	(29,418)	—	—	—	(535,348)	(564,766)	7.31		26.02
Unvested shares and units at September 30, 2022	1,687,568	2,625,000	20,038	2,397,391	1,889,587	8,619,584	17.84		10.92

__________

(1) Represents the number of LTIP units granted subject to vesting upon achievement of market condition. LTIP units that do not meet the market condition within the measurement period will be forfeited.

(2) Represents the number of RSUs granted subject to vesting upon achievement of performance condition. RSUs that do not meet the performance condition at the end of the measurement period will be forfeited.

(3) Number of PSUs granted does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return measured at the end of the performance period. PSUs for which the total shareholder return was not met at the end of the performance period are forfeited.

Business and Organization (Details)	1 Months Ended	9 Months Ended
Business and Organization (Details)	Aug. 31, 2022	Sep. 30, 2022 $ / shares	Aug. 22, 2022 $ / shares	Aug. 21, 2022 $ / shares	Dec. 31, 2021 $ / shares
Business Acquisition [Line Items]
Reverse stock split conversion ratio	0.25
Class A Common Stock
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)		$ 0.04	$ 0.04	$ 0.01	$ 0.04
Class B Common Stock
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)		$ 0.04	$ 0.04	$ 0.01	$ 0.04
DigitalBridge Operating Company \| Certain Employees
Business Acquisition [Line Items]
Senior management ownership percent		7.00%
Parent \| DigitalBridge Operating Company
Business Acquisition [Line Items]
General partner ownership percent		93.00%

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended					3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2022 USD ($) $ / shares shares	Aug. 31, 2022	Nov. 30, 2021 USD ($) $ / shares shares	Aug. 31, 2021 USD ($) $ / shares	Apr. 30, 2015	Sep. 30, 2022 USD ($) votingRightPerShare director quarter $ / shares shares	Sep. 30, 2021 $ / shares	Sep. 30, 2022 USD ($) votingRightPerShare director quarter $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)						$ 25.00		$ 25.00
Minimum period of dividend defaults providing preferred stockholders to voting rights \| quarter						6		6
Number of directors vote entitles \| director						2		2
Minimum affirmative vote required for changes to any series of preferred stock						66.67%		66.67%
Redemption of preferred stock \| $								$ 52,779	$ 86,250
Dividends declared per common share (in dollars per share)						$ 0.01	$ 0	$ 0.01	$ 0
Reverse stock split conversion ratio		0.25
Stock repurchase, authorized amount \| $						$ 200,000		$ 200,000
Subsequent Event
Class of Stock [Line Items]
Dividends paid per common share (in dollars per share)	$ 0.01
Treasury Stock, Preferred
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares						2,228,805
Value of shares repurchased \| $						$ 52,600
Weighted average price per share (in dollars per share)						$ 23.62
Series G Preferred Stock
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)				$ 25.00
Dividend rate per annum, preferred stock				7.50%
Redemption of preferred stock \| $				$ 86,800
Series H
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)			$ 25.00
Dividend rate per annum, preferred stock			7.125%					7.125%
Redemption of preferred stock \| $			$ 64,400
Redemption of preferred stock (in shares) \| shares			2,560,000
Preferred Stock
Class of Stock [Line Items]
Redemption of preferred stock (in shares) \| shares									3,450,000
Class A Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share \| votingRightPerShare						1		1
Common stock conversion ratio for Class A to Class B / OP units					1
Class A common stock acquired under the DRIP Plan (in shares) \| shares								0		0	0
Class A Common Stock \| Treasury Stock, Common
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares						944,570
Value of shares repurchased \| $						$ 13,600
Weighted average price per share (in dollars per share)						$ 14.39
Class A Common Stock \| Treasury Stock, Common \| Subsequent Event
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares	3,250,450
Value of shares repurchased \| $	$ 41,300
Weighted average price per share (in dollars per share)	$ 12.71
Class B Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share \| votingRightPerShare						36.5		36.5

Fair Value (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Realized and Unrealized Gains and Losses on Derivatives Not Designated as Hedges

Realized and unrealized gains and losses on derivative instruments are recorded in other gain (loss) on the consolidated statement of operations, other than interest expense, as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Foreign currency contracts:
Designated contracts
Realized gain transferred from AOCI to earnings	$	8,367	$	—	$	8,367	$	1,520

Non-designated contracts
Realized and unrealized gain (loss) in earnings (1)	(8,689)		1,457		(3,619)		1,129
Interest rate contracts:
Designated contracts
Interest expense (2)	—		—		—		20
Realized loss transferred from AOCI to earnings	—		—		—		(1,328)
Non-designated contracts
Realized and unrealized gain (loss) in earnings	10,258		(13)		11,284		(248)

__________

(1) In 2022, includes unrealized loss on foreign currency contract entered into on behalf of sponsored fund, which has no net impact to the Company's earnings, as discussed in Note 18.

(2) Represents amortization of the cost of designated interest rate caps to interest expense based upon expected hedged interest payments on variable

rate debt.

Summary of Changes in Recurring Level 3 Fair Value

The following table presents changes in recurring Level 3 fair value assets held for disposition. Realized and unrealized gains (losses) are included in AOCI for AFS debt securities, other gain (loss) for loans receivable and equity method losses for equity method investments, all of which are presented in discontinued operations (Note 12).


			Fair Value Option
(In thousands)	AFS Debt Securities Held for Disposition		Loans Held for Disposition		Equity Method Investments Held for Disposition









Fair value at December 31, 2020	$	28,576	$	1,258,539	$	153,259
Purchases, drawdowns, contributions and accretion	11,120		19,070		8
Paydowns, distributions and sales	(2,063)		(436,424)		(8,954)
Change in accrued interest and capitalization of paid-in-kind interest	—		10,506		—
Allowance for credit losses	(194)		—		—
Realized and unrealized losses in earnings, net	—		(91,324)		(22,106)
Deconsolidation of investment entities (Note 21)	—		(330,394)		—
Other	—		(7,088)		—
Other comprehensive income (loss) (1)	(331)		(35,222)		(6,454)
Fair value at September 30, 2021	$	37,108	$	387,663	$	115,753

Net unrealized gains (losses) on instruments held at September 30, 2021
In earnings	$	—	$	(91,849)	$	(23,031)
In other comprehensive loss	$	(331)	N/A		N/A

Fair value at December 31, 2021	$	36,531	$	55,878	$	79,309
Purchases, drawdowns, contributions and accretion	195		—		—
Paydowns, distributions and sales	(36,726)		(54,490)		(903)
Change in accrued interest and capitalization of paid-in-kind interest	—		(1,013)		—

Realized and unrealized losses in earnings, net	—		(375)		(7,155)

Other comprehensive loss (1)	—		—		(11,646)
Fair value at September 30, 2022	$	—	$	—	$	59,605

Net unrealized gains (losses) on instruments held at September 30, 2022
In earnings	$	—	$	—	$	(7,155)
In other comprehensive loss	$	—	N/A		N/A

__________

(1) Amounts recorded in OCI for loans receivable and equity method investments represent foreign currency translation of the Company's foreign subsidiaries that hold the respective foreign currency denominated investments.

The following table presents changes in recurring Level 3 fair value assets held for investment. Realized and unrealized gains (losses) are included in other gain (loss) for loans receivable and equity method earnings (losses) for equity method investments.


			Fair Value Option				Equity Investment of Consolidated Fund
(In thousands)	AFS Debt Securities		Loans Held for Investment		Equity Method Investments









Fair value at December 31, 2020	$	—	$	36,798	$	28,540	$	—
Purchases, originations, drawdowns and contributions	—		61,026		—		—
Paydowns, distributions and sales	—		(78)		(9,174)		—
Change in accounting method for equity interest	—		—		(27,626)		—
Change in accrued interest and capitalization of paid-in-kind interest	—		1,053		—		—
Realized and unrealized gain (loss) in earnings, net	—		(436)		8,260		—
Fair value at September 30, 2021	$	—	$	98,363	$	—	$	—

Net unrealized gain in earnings on instruments held at September 30, 2021	$	—	$	18	$	—	$	—

Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—
Purchases, originations, drawdowns and contributions	50,927		371,415		—		—
Paydowns, distributions and sales	—		(159,501)		—		—
Transfer of warehoused loans to sponsored fund	—		(83,083)		—		—
Consolidation of sponsored fund	—		—		—		10,536
Change in accrued interest and capitalization of paid-in-kind interest	—		4,491		—		—

Realized and unrealized gain (loss) in earnings, net	—		(41,863)		—		673
Fair value at September 30, 2022	$	50,927	$	174,389	$	—	$	11,209

Net unrealized gain (loss) in earnings on instruments held at September 30, 2022	$	—	$	(38,649)	$	—	$	673

Summary of Changes in Recurring Level 3 Fair Values


			Fair Value Option
(In thousands)	AFS Debt Securities Held for Disposition		Loans Held for Disposition		Equity Method Investments Held for Disposition









Fair value at December 31, 2020	$	28,576	$	1,258,539	$	153,259
Purchases, drawdowns, contributions and accretion	11,120		19,070		8
Paydowns, distributions and sales	(2,063)		(436,424)		(8,954)
Change in accrued interest and capitalization of paid-in-kind interest	—		10,506		—
Allowance for credit losses	(194)		—		—
Realized and unrealized losses in earnings, net	—		(91,324)		(22,106)
Deconsolidation of investment entities (Note 21)	—		(330,394)		—
Other	—		(7,088)		—
Other comprehensive income (loss) (1)	(331)		(35,222)		(6,454)
Fair value at September 30, 2021	$	37,108	$	387,663	$	115,753

Net unrealized gains (losses) on instruments held at September 30, 2021
In earnings	$	—	$	(91,849)	$	(23,031)
In other comprehensive loss	$	(331)	N/A		N/A

Fair value at December 31, 2021	$	36,531	$	55,878	$	79,309
Purchases, drawdowns, contributions and accretion	195		—		—
Paydowns, distributions and sales	(36,726)		(54,490)		(903)
Change in accrued interest and capitalization of paid-in-kind interest	—		(1,013)		—

Realized and unrealized losses in earnings, net	—		(375)		(7,155)

Other comprehensive loss (1)	—		—		(11,646)
Fair value at September 30, 2022	$	—	$	—	$	59,605

Net unrealized gains (losses) on instruments held at September 30, 2022
In earnings	$	—	$	—	$	(7,155)
In other comprehensive loss	$	—	N/A		N/A

__________


			Fair Value Option				Equity Investment of Consolidated Fund
(In thousands)	AFS Debt Securities		Loans Held for Investment		Equity Method Investments









Fair value at December 31, 2020	$	—	$	36,798	$	28,540	$	—
Purchases, originations, drawdowns and contributions	—		61,026		—		—
Paydowns, distributions and sales	—		(78)		(9,174)		—
Change in accounting method for equity interest	—		—		(27,626)		—
Change in accrued interest and capitalization of paid-in-kind interest	—		1,053		—		—
Realized and unrealized gain (loss) in earnings, net	—		(436)		8,260		—
Fair value at September 30, 2021	$	—	$	98,363	$	—	$	—

Net unrealized gain in earnings on instruments held at September 30, 2021	$	—	$	18	$	—	$	—

Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—
Purchases, originations, drawdowns and contributions	50,927		371,415		—		—
Paydowns, distributions and sales	—		(159,501)		—		—
Transfer of warehoused loans to sponsored fund	—		(83,083)		—		—
Consolidation of sponsored fund	—		—		—		10,536
Change in accrued interest and capitalization of paid-in-kind interest	—		4,491		—		—

Realized and unrealized gain (loss) in earnings, net	—		(41,863)		—		673
Fair value at September 30, 2022	$	50,927	$	174,389	$	—	$	11,209

Net unrealized gain (loss) in earnings on instruments held at September 30, 2022	$	—	$	(38,649)	$	—	$	673

Summary of Fair Value Information on Financial Instruments Reported at Cost

Fair value of financial instruments reported at amortized cost, excluding those held for disposition, are presented below.


	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
September 30, 2022
Liabilities
Debt at amortized cost
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	291,648
Convertible and exchangeable senior notes	388,750		—		—		388,750		276,411
Investment-level secured debt	—		3,204,921		1,133,868		4,338,789		4,757,556


December 31, 2021
Liabilities
Debt at amortized cost
Secured fund fee revenue notes	$	—	$	—	$	291,394	$	291,394	$	291,394
Convertible and exchangeable senior notes	716,970		—		—		716,970		334,264
Investment-level secured debt	—		3,598,655		655,270		4,253,925		4,234,744

Debt - Securitized Financing Facility Facility (Details) $ in Millions	1 Months Ended
	Apr. 30, 2022 USD ($)	Jul. 31, 2021 USD ($) extension	Sep. 30, 2022 USD ($)
Secured Debt \| Series 2021-1 Class A-2 Notes
Line of Credit Facility [Line Items]
Secured debt		$ 300
Interest rate		3.933%
Principal prepayment, percentage		1.00%
Secured Debt \| VFN Notes
Line of Credit Facility [Line Items]
Percentage of unused amount		0.50%
Number of extensions \| extension		2
Extension term		1 year
Secured Debt \| VFN Notes \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		3.00%
Line of Credit \| VFN Notes
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility		$ 300	$ 300
Increase in line of credit facility	$ 100

Fair Value - Narrative (Details)	1 Months Ended			9 Months Ended
Fair Value - Narrative (Details)	Jun. 30, 2021 USD ($) shares	Jul. 31, 2020 security $ / shares shares	Mar. 31, 2020 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold short—consolidated funds				$ 35,068,000	$ 37,970,000
CLO subordinated notes				50,927,000	0
Derivative assets				30,820,000	944,000
Derivative liabilities				12,493,000	0
Fair value of warrants				24,000,000	0
Decrease in fair value of warrants				57,400,000
Loans receivable (at fair value)				174,389,000	173,921,000
Loans 90 days ore more past due				0	0
Loans on nonaccrual, fair value				5,100,000
Loans on nonaccrual				5,800,000
Equity method investments				$ 724,842,000	673,096,000
Common Stock Warrants \| Class A Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of warrants issued \| security		5
Number of shares called by each warrant (in shares) \| shares		1,338,000
Measurement Input, Price Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and rights outstanding, measurement input				0.394
Measurement Input, Share Price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and rights outstanding, measurement input \| $ / shares				12.51
Measurement Input, Risk Free Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and rights outstanding, measurement input				0.0416
Minimum \| Common Stock Warrants \| Class A Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Strike price (in dollars per share) \| $ / shares		$ 9.72
Maximum \| Common Stock Warrants \| Class A Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Strike price (in dollars per share) \| $ / shares		$ 24.00
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value					173,900,000
Principal Amount Outstanding of Loans Held-in-portfolio					172,400,000
Blackwell Capital LLC Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock contributed			$ 13,230,000
Investments under fair value option (Note 13)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments				$ 0	0
DigitalBridge Operating Company \| Blackwell Capital LLC Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock contributed			14,700,000
Blackwells Capital LLC \| Blackwell Capital LLC Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock contributed			$ 1,470,000
Profit distribution	$ 47,000,000
Shares received from dissolution \| shares	1,490,000
Joint venture other loss	$ 22,800,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold short—consolidated funds				35,100,000	38,000,000
Level 1 \| Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities				150,028,000	201,912,000
Level 1 \| Equity Securities \| Long
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities				150,000,000	201,900,000
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value					$ 91,000,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CLO subordinated notes				$ 50,900,000
Level 3 \| Loan and interest receivable \| Minimum \| Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input					0.089
Level 3 \| Loan and interest receivable \| Minimum \| Discount rate \| Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				0.100
Level 3 \| Loan and interest receivable \| Maximum \| Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input					0.100
Level 3 \| Loan and interest receivable \| Maximum \| Discount rate \| Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				0.109
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value				$ 174,400,000	$ 82,900,000
Principal Amount Outstanding of Loans Held-in-portfolio				198,600,000
Level 3 \| Recurring \| Equity Investment of Consolidated Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Investment				$ 11,209,000	0	$ 0	$ 0
Level 3 \| Recurring \| Discount rate \| Equity Investment of Consolidated Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment measurement input				0.111
Fair Value Measured at Net Asset Value Per Share \| Recurring \| Retail Companies, Real Estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment				$ 45,500,000	44,600,000
Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount				588,000,000	182,300,000
Foreign exchange contracts \| Designated Hedges \| Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets				12,700,000
Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount				$ 210,700,000	$ 2,000,000,000

Discontinued Operations (Details) $ in Thousands	1 Months Ended				3 Months Ended		9 Months Ended
Discontinued Operations (Details) $ in Thousands	Feb. 28, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Mar. 31, 2021 security	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncash divestiture, amount of consideration received							$ 154,992	$ 0
Other income (loss)
Loss from discontinued operations					$ (26,389)	$ (10,429)	(148,558)	(590,595)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.					(15,006)	68,135	(122,109)	(221,036)
BRSP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from termination fee			$ 102,300
Senior Notes 5.375 Percent Due June 2033 \| Senior Notes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest rate	5.375%	5.375%
THL Hotel Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest sold (in percent)				55.60%
Held for disposition
Revenues
Property operating income					0	196,302	69,202	607,172
Interest income					8	4,469	1,073	17,703
Fee income					2,073	12,248	8,280	46,348
Other income					4,294	5,437	10,103	23,963
Revenues from discontinued operations					6,375	218,456	88,658	695,186
Expenses
Property operating expense					0	114,593	36,669	391,418
Interest expense					0	50,376	112,947	216,812
Transaction-related costs and investment expense					4,479	11,800	19,682	29,856
Depreciation and amortization					0	8,909	2,339	91,673
Impairment loss					0	(8,210)	35,985	358,137
Compensation and administrative expense					3,122	21,901	37,614	74,617
Expenses from discontinued operations					7,601	199,369	245,236	1,162,513
Other income (loss)
Gain on sale of real estate					0	514	0	49,232
Other gain, net					7,379	98,286	7,769	40,262
Equity method earnings (losses)					(24,010)	(125,565)	2,675	(189,824)
Loss from discontinued operations before income taxes					(17,857)	(7,678)	(146,134)	(567,657)
Income tax expense					(8,532)	(2,751)	(2,424)	(22,938)
Loss from discontinued operations					(26,389)	(10,429)	(148,558)	(590,595)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.					(15,006)	68,135	(122,109)	(221,036)
Noncontrolling Interests in Investment Entities \| Held for disposition
Other income (loss)
Income (loss) from discontinued operations attributable to:					(10,227)	(85,741)	(16,016)	(346,205)
Noncontrolling Interests in Operating Company \| Held for disposition
Other income (loss)
Income (loss) from discontinued operations attributable to:					$ (1,156)	$ 7,177	$ (10,433)	$ (23,354)
Hospitality
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel portfolios owned prior to sale \| security				6
NRF
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest sold (in percent)	100.00%
NRF \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transaction price	$ 281,000
Proceeds from divestiture of business	126,000
Noncash divestiture, amount of consideration received	155,000
Additional cash distribution	$ 35,000
Maturity	5 years
NRF \| Discontinued Operations, Disposed of by Sale \| Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest sold (in percent)	69.60%
NRF \| Discontinued Operations, Disposed of by Sale \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest sold (in percent)	81.30%
NRF \| Discontinued Operations, Disposed of by Sale \| Sellers Note \| Debt Instrument, Interest Rate Period One
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest rate	5.35%
NRF \| Discontinued Operations, Disposed of by Sale \| Recourse
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncash divestiture, amount of consideration received	$ 2,570,000
NRF \| Discontinued Operations, Disposed of by Sale \| Nonrecourse
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncash divestiture, amount of consideration received	$ 293,700
Other Disposal Group \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of business		$ 443,400
Closing adjustments		$ 31,200
Exit of Hospitality Business \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest sold (in percent)				100.00%
Exit of Hospitality Business \| Hospitality \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel portfolios sold \| security				5

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Summary of Operating Results and Net Investments for Each of Reportable Operating Segment

The following table summarizes results of operations of the Company's reportable segments, including selected income and expense items, reconciled to the consolidated statement of operations.


(In thousands)	Digital Investment Management		Digital Operating		Corporate and Other		Total
Three Months Ended September 30, 2022



Total revenues	$	43,953	$	225,387	$	27,283	$	296,623
Property operating expense	—		100,051		5,936		105,987
Interest expense	2,953		40,770		9,309		53,032
Depreciation and amortization	5,369		130,663		9,562		145,594


Equity method earnings (losses), including carried interest	122,714		—		(53,398)		69,316
Income tax benefit (expense)	(1,263)		5		9,099		7,841

Income (loss) from continuing operations	46,065		(93,772)		(46,891)		(94,598)

Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	24,233		(15,881)		(42,434)		(34,082)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.							(15,006)
Net loss attributable to DigitalBridge Group, Inc.							$	(49,088)

Three Months Ended September 30, 2021



Total revenues	$	53,796	$	194,966	$	3,412	$	252,174
Property operating expense	—		80,226		—		80,226
Interest expense	2,250		29,839		7,806		39,895
Depreciation and amortization	8,242		120,458		486		129,186


Equity method earnings, including carried interest	59,196		—		6,173		65,369
Income tax benefit (expense)	(3,089)		(1,922)		15,984		10,973

Income (loss) from continuing operations	39,272		(71,822)		(8,385)		(40,935)

Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	16,870		(12,142)		(11,506)		(6,778)
Net income from discontinued operations attributable to DigitalBridge Group, Inc.							68,135
Net income attributable to DigitalBridge Group, Inc.							$	61,357


(In thousands)	Digital Investment Management		Digital Operating		Corporate and Other		Total
Nine Months Ended September 30, 2022



Total revenues	$	134,961	$	655,596	$	52,934	$	843,491
Property operating expense	—		278,798		8,482		287,280
Interest expense	8,240		114,187		21,023		143,450
Depreciation and amortization	16,020		399,371		14,122		429,513


Equity method earnings (losses), including carried interest	203,447		—		(7,797)		195,650
Income tax benefit (expense)	(5,643)		174		23,241		17,772

Income (loss) from continuing operations	104,917		(253,341)		(235,770)		(384,194)

Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	37,900		(43,512)		(189,486)		(195,098)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.							(122,109)
Net loss attributable to DigitalBridge Group, Inc.							$	(317,207)

Nine Months Ended September 30, 2021



Total revenues	$	131,789	$	573,261	$	4,892	$	709,942
Property operating expense	—		237,228		—		237,228
Interest expense	2,250		90,243		25,120		117,613
Depreciation and amortization	20,808		368,906		17,126		406,840


Equity method earnings, including carried interest	70,203		—		41,177		111,380
Income tax benefit (expense)	(7,970)		77,134		40,244		109,408

Income (loss) from continuing operations	62,721		(146,932)		(99,240)		(183,451)

Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	35,849		(22,592)		(99,898)		(86,641)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.							(221,036)
Net loss attributable to DigitalBridge Group, Inc.							$	(307,677)

Assets and Equity Method Investments of Reportable Segments

Total assets and equity method investments of reportable segments are summarized as follows:


	September 30, 2022				December 31, 2021
(In thousands)	Total Assets		Equity Method Investments		Total Assets		Equity Method Investments
Digital Investment Management	$	707,915	$	222,140	$	655,152	$	140,027
Digital Operating	8,150,083		—		7,608,451		—
Other	2,810,238		502,702		2,257,598		533,069
	11,668,236		724,842		10,521,201		673,096
Assets held for disposition related to discontinued operations	72,593		69,716		3,676,615		182,552
	$	11,740,829	$	794,558	$	14,197,816	$	855,648

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	20. Commitments and Contingencies Litigation The Company may be involved in litigation in the ordinary course of business. As of September 30, 2022, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Assets and Related Liabilities Held for Disposition (Tables)

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disclosure of Long Lived Assets and Liabilities Held-for-sale

Total assets and related liabilities held for disposition are summarized below, all of which relate to discontinued operations (Note 12). At September 30, 2022, these were composed predominantly of three remaining equity investments excluded from the December 2021 OED sale. At December 31, 2021, also included are assets and liabilities held by NRF Holdco, related primarily to the Wellness Infrastructure business prior to its sale in February 2022.


(In thousands)	September 30, 2022		December 31, 2021

Assets
Restricted cash	$	—	$	65,022
Real estate, net	—		3,079,416
Loans receivable	—		55,878
Equity and debt investments	72,466		250,246
Deferred leasing costs and other intangible assets, net	—		118,300
Other assets	127		100,720
Due from affiliates	—		7,033
Total assets held for disposition	$	72,593	$	3,676,615

Liabilities
Debt, net (1)	$	—	$	2,869,360
Lease intangibles and other liabilities	60		219,339
Total liabilities related to assets held for disposition	$	60	$	3,088,699

__________

(1) Represents debt related to assets held for disposition that was assumed by the acquirer upon sale of the assets. At December 31, 2021, included the 5.375% exchangeable senior notes and junior subordinated debt (as described in Note 14) which were obligations of NRF Holdco as the issuer.

Available-for-sale Securities

At September 30, 2022, the CLO subordinated notes were carried at their recently issued price, which represents their current estimated fair value.


	Amortized Cost without Allowance for Credit Loss		Allowance for Credit Loss		Gross Cumulative Unrealized
(in thousands)					Gains		Losses		Fair Value
September 30, 2022	$	50,927	$	—	$	—	$	—	$	50,927

The balance of N-Star CDO bonds at December 31, 2021, classified as Level 3 fair value, is summarized as follows.


	Amortized Cost without Allowance for Credit Loss		Allowance for Credit Loss		Gross Cumulative Unrealized
(in thousands)					Gains		Losses		Fair Value

December 31, 2021	$	55,041	$	(24,882)	$	6,372	$	—	$	36,531

Summary of Changes in Recurring Level 3 Fair Value


			Fair Value Option
(In thousands)	AFS Debt Securities Held for Disposition		Loans Held for Disposition		Equity Method Investments Held for Disposition









Fair value at December 31, 2020	$	28,576	$	1,258,539	$	153,259
Purchases, drawdowns, contributions and accretion	11,120		19,070		8
Paydowns, distributions and sales	(2,063)		(436,424)		(8,954)
Change in accrued interest and capitalization of paid-in-kind interest	—		10,506		—
Allowance for credit losses	(194)		—		—
Realized and unrealized losses in earnings, net	—		(91,324)		(22,106)
Deconsolidation of investment entities (Note 21)	—		(330,394)		—
Other	—		(7,088)		—
Other comprehensive income (loss) (1)	(331)		(35,222)		(6,454)
Fair value at September 30, 2021	$	37,108	$	387,663	$	115,753

Net unrealized gains (losses) on instruments held at September 30, 2021
In earnings	$	—	$	(91,849)	$	(23,031)
In other comprehensive loss	$	(331)	N/A		N/A

Fair value at December 31, 2021	$	36,531	$	55,878	$	79,309
Purchases, drawdowns, contributions and accretion	195		—		—
Paydowns, distributions and sales	(36,726)		(54,490)		(903)
Change in accrued interest and capitalization of paid-in-kind interest	—		(1,013)		—

Realized and unrealized losses in earnings, net	—		(375)		(7,155)

Other comprehensive loss (1)	—		—		(11,646)
Fair value at September 30, 2022	$	—	$	—	$	59,605

Net unrealized gains (losses) on instruments held at September 30, 2022
In earnings	$	—	$	—	$	(7,155)
In other comprehensive loss	$	—	N/A		N/A

__________


			Fair Value Option				Equity Investment of Consolidated Fund
(In thousands)	AFS Debt Securities		Loans Held for Investment		Equity Method Investments









Fair value at December 31, 2020	$	—	$	36,798	$	28,540	$	—
Purchases, originations, drawdowns and contributions	—		61,026		—		—
Paydowns, distributions and sales	—		(78)		(9,174)		—
Change in accounting method for equity interest	—		—		(27,626)		—
Change in accrued interest and capitalization of paid-in-kind interest	—		1,053		—		—
Realized and unrealized gain (loss) in earnings, net	—		(436)		8,260		—
Fair value at September 30, 2021	$	—	$	98,363	$	—	$	—

Net unrealized gain in earnings on instruments held at September 30, 2021	$	—	$	18	$	—	$	—

Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—
Purchases, originations, drawdowns and contributions	50,927		371,415		—		—
Paydowns, distributions and sales	—		(159,501)		—		—
Transfer of warehoused loans to sponsored fund	—		(83,083)		—		—
Consolidation of sponsored fund	—		—		—		10,536
Change in accrued interest and capitalization of paid-in-kind interest	—		4,491		—		—

Realized and unrealized gain (loss) in earnings, net	—		(41,863)		—		673
Fair value at September 30, 2022	$	50,927	$	174,389	$	—	$	11,209

Net unrealized gain (loss) in earnings on instruments held at September 30, 2022	$	—	$	(38,649)	$	—	$	673

Summary of Changes in Recurring Level 3 Fair Values


			Fair Value Option
(In thousands)	AFS Debt Securities Held for Disposition		Loans Held for Disposition		Equity Method Investments Held for Disposition









Fair value at December 31, 2020	$	28,576	$	1,258,539	$	153,259
Purchases, drawdowns, contributions and accretion	11,120		19,070		8
Paydowns, distributions and sales	(2,063)		(436,424)		(8,954)
Change in accrued interest and capitalization of paid-in-kind interest	—		10,506		—
Allowance for credit losses	(194)		—		—
Realized and unrealized losses in earnings, net	—		(91,324)		(22,106)
Deconsolidation of investment entities (Note 21)	—		(330,394)		—
Other	—		(7,088)		—
Other comprehensive income (loss) (1)	(331)		(35,222)		(6,454)
Fair value at September 30, 2021	$	37,108	$	387,663	$	115,753

Net unrealized gains (losses) on instruments held at September 30, 2021
In earnings	$	—	$	(91,849)	$	(23,031)
In other comprehensive loss	$	(331)	N/A		N/A

Fair value at December 31, 2021	$	36,531	$	55,878	$	79,309
Purchases, drawdowns, contributions and accretion	195		—		—
Paydowns, distributions and sales	(36,726)		(54,490)		(903)
Change in accrued interest and capitalization of paid-in-kind interest	—		(1,013)		—

Realized and unrealized losses in earnings, net	—		(375)		(7,155)

Other comprehensive loss (1)	—		—		(11,646)
Fair value at September 30, 2022	$	—	$	—	$	59,605

Net unrealized gains (losses) on instruments held at September 30, 2022
In earnings	$	—	$	—	$	(7,155)
In other comprehensive loss	$	—	N/A		N/A

__________


			Fair Value Option				Equity Investment of Consolidated Fund
(In thousands)	AFS Debt Securities		Loans Held for Investment		Equity Method Investments









Fair value at December 31, 2020	$	—	$	36,798	$	28,540	$	—
Purchases, originations, drawdowns and contributions	—		61,026		—		—
Paydowns, distributions and sales	—		(78)		(9,174)		—
Change in accounting method for equity interest	—		—		(27,626)		—
Change in accrued interest and capitalization of paid-in-kind interest	—		1,053		—		—
Realized and unrealized gain (loss) in earnings, net	—		(436)		8,260		—
Fair value at September 30, 2021	$	—	$	98,363	$	—	$	—

Net unrealized gain in earnings on instruments held at September 30, 2021	$	—	$	18	$	—	$	—

Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—
Purchases, originations, drawdowns and contributions	50,927		371,415		—		—
Paydowns, distributions and sales	—		(159,501)		—		—
Transfer of warehoused loans to sponsored fund	—		(83,083)		—		—
Consolidation of sponsored fund	—		—		—		10,536
Change in accrued interest and capitalization of paid-in-kind interest	—		4,491		—		—

Realized and unrealized gain (loss) in earnings, net	—		(41,863)		—		673
Fair value at September 30, 2022	$	50,927	$	174,389	$	—	$	11,209

Net unrealized gain (loss) in earnings on instruments held at September 30, 2022	$	—	$	(38,649)	$	—	$	673

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Equity and debt investments, fair value disclosure	$ 206,758	$ 201,912
Other assets, fair value	30,820	944
Accrued and other liabilities, at fair value	$ 196,561	$ 37,970
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 827,779	$ 883,500
Preferred stock, shares authorized (in shares)	250,000	250,000
Preferred stock, shares issued (in shares)	33,111	35,340
Preferred stock, shares outstanding (in shares)	33,111	35,340
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.04	$ 0.04
Common stock, shares authorized (in shares)	949,000	949,000
Common stock, shares issued (in shares)	162,975	142,144
Common stock, shares outstanding (in shares)	162,975	142,144
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.04	$ 0.04
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	166	166
Common stock, shares outstanding (in shares)	166	166

Discontinued Operations

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

11. Assets and Related Liabilities Held for Disposition


(In thousands)	September 30, 2022		December 31, 2021

Assets
Restricted cash	$	—	$	65,022
Real estate, net	—		3,079,416
Loans receivable	—		55,878
Equity and debt investments	72,466		250,246
Deferred leasing costs and other intangible assets, net	—		118,300
Other assets	127		100,720
Due from affiliates	—		7,033
Total assets held for disposition	$	72,593	$	3,676,615

Liabilities
Debt, net (1)	$	—	$	2,869,360
Lease intangibles and other liabilities	60		219,339
Total liabilities related to assets held for disposition	$	60	$	3,088,699

__________

Nonrecurring Fair Value of Assets Classified as Held for Disposition and Discontinued Operations

The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable.

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.

2022

At September 30, 2022, there were no assets held for sale that were measured at fair value on a nonrecurring basis.

Impairment loss of $36.0 million was recorded in 2022 primarily based upon the final carrying value of net assets of the Wellness Infrastructure business upon closing of the disposition of NRF Holdco in February 2022.

2021

At December 31, 2021, only real estate held for disposition that pertained to the Wellness Infrastructure business was carried at nonrecurring fair value, having been impaired $313.4 million during the year ended December 31, 2021 based upon the sales price for NRF Holdco.

Other assets that had been impaired during 2021 pertained to real estate, equity investments and intangible assets of the OED and Other IM portfolio that were disposed in December 2021.

Recurring Fair Value of Assets Classified as Held for Disposition and Discontinued Operations

Equity Investments Carried at Net Asset Value ("NAV")—These include equity interest in a private fund and prior to its disposition as part of NRF Holdco in February 2022, investment in a Company-sponsored non-traded REIT, amounting to $2.8 million at September 30, 2022 and $31.2 million at December 31, 2021.

Equity Method Investments under Fair Value Option—Equity method investments under the fair value option of $59.6 million at September 30, 2022 and $79.3 million at December 31, 2021 were measured based upon indicative sales price, classified as Level 3 fair value.

Loans Receivable under Fair Value Option—There were no loans held for disposition at September 30, 2022. At December 31, 2021, the loan held for disposition represents a component of the overall sales price for NRF Holdco, which was disposed in February 2022.

Debt Securities—Prior to the sale of NRF Holdco in February 2022, the Company had investments in debt securities, composed of AFS N-Star CDO bonds, which were subordinate bonds retained by NRF Holdco in its sponsored collateralized debt obligations ("CDOs"). The CDO bonds were collateralized primarily by commercial real estate debt and securities.

The balance of N-Star CDO bonds at December 31, 2021, classified as Level 3 fair value, is summarized as follows.


	Amortized Cost without Allowance for Credit Loss		Allowance for Credit Loss		Gross Cumulative Unrealized
(in thousands)					Gains		Losses		Fair Value

December 31, 2021	$	55,041	$	(24,882)	$	6,372	$	—	$	36,531

Prior to its sale, the fair value of N-Star CDO bonds represents a component of the overall sales price for the disposition of NRF Holdco.

There was no provision for credit loss in 2022 prior to disposition but $0.2 million was recognized in 2021. Credit losses were determined based upon an analysis of the present value of contractual cash flows expected to be collected from the underlying collateral as compared to the amortized cost basis of the security.

Level 3 Recurring Fair Values


			Fair Value Option
(In thousands)	AFS Debt Securities Held for Disposition		Loans Held for Disposition		Equity Method Investments Held for Disposition









Fair value at December 31, 2020	$	28,576	$	1,258,539	$	153,259
Purchases, drawdowns, contributions and accretion	11,120		19,070		8
Paydowns, distributions and sales	(2,063)		(436,424)		(8,954)
Change in accrued interest and capitalization of paid-in-kind interest	—		10,506		—
Allowance for credit losses	(194)		—		—
Realized and unrealized losses in earnings, net	—		(91,324)		(22,106)
Deconsolidation of investment entities (Note 21)	—		(330,394)		—
Other	—		(7,088)		—
Other comprehensive income (loss) (1)	(331)		(35,222)		(6,454)
Fair value at September 30, 2021	$	37,108	$	387,663	$	115,753

Net unrealized gains (losses) on instruments held at September 30, 2021
In earnings	$	—	$	(91,849)	$	(23,031)
In other comprehensive loss	$	(331)	N/A		N/A

Fair value at December 31, 2021	$	36,531	$	55,878	$	79,309
Purchases, drawdowns, contributions and accretion	195		—		—
Paydowns, distributions and sales	(36,726)		(54,490)		(903)
Change in accrued interest and capitalization of paid-in-kind interest	—		(1,013)		—

Realized and unrealized losses in earnings, net	—		(375)		(7,155)

Other comprehensive loss (1)	—		—		(11,646)
Fair value at September 30, 2022	$	—	$	—	$	59,605

Net unrealized gains (losses) on instruments held at September 30, 2022
In earnings	$	—	$	—	$	(7,155)
In other comprehensive loss	$	—	N/A		N/A

__________

12. Discontinued Operations

Discontinued operations represent the following:

•Wellness Infrastructure—operations of the Wellness Infrastructure business, along with other non-core assets held by NRF Holdco prior to the sale of 100% of the equity of NRF Holdco in February 2022. The non-core assets held by NRF Holdco were composed primarily of: (i) the Company's equity interest in and management of NorthStar Healthcare Income, Inc., debt securities collateralized largely by certain debt and preferred equity within the capital structure of the Wellness Infrastructure portfolio, limited partner interests in private equity real estate funds; as well as (ii) the 5.375% exchangeable senior notes, trust preferred securities and corresponding junior subordinated debt, all of which were issued by NRF Holdco who acts as guarantor.

The sales price for 100% of the equity of NRF Holdco was $281 million, composed of $126 million cash and a $155 million unsecured promissory note (the "Seller Note"). In addition, NRF Holdco distributed approximately $35 million of cash to the Company prior to closing. The Seller Note, which is classified as held for investment and carried at fair value under the fair value option, matures five years from closing of the sale, accruing paid-in-kind interest at 5.35% per annum. The sale included the acquirer's assumption of $2.57 billion of consolidated investment level debt on various healthcare portfolios in which the Company owned between 69.6% and 81.3%, and $293.7 million of debt at NRF Holdco.

•Other—operations of substantially all of the Company's OED investments and Other IM business that were previously in the Other segment prior to sale of the Company's equity interests and subsequent deconsolidation of these subsidiaries in December 2021, for which the Company received cash consideration of $443.4 million, net of closing adjustments of $31.2 million. The OED investments and Other IM business are composed of various non-digital real estate, real estate-related equity and debt investments, general partner interests and management rights with respect to these assets, and underlying compensation and administrative costs for managing these assets. Also included in discontinued operations are the economics related to the management of BRSP prior to termination of its management contract, which had resulted in a one-time termination payment of $102.3 million in April 2021.

•Hotel—operations of the Company's Hospitality segment and the THL Hotel Portfolio that was previously in the Other segment. In March 2021, the Company sold 100% of the equity in its hotel subsidiaries holding five of the six portfolios in the Hospitality segment, and the Company's 55.6% interest in the THL Hotel Portfolio which was deconsolidated upon sale. The remaining hotel portfolio that was in receivership was sold by the lender in September 2021.

Income (loss) from discontinued operations is presented below.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Revenues
Property operating income	$	—	$	196,302	$	69,202	$	607,172
Interest income	8		4,469		1,073		17,703
Fee income	2,073		12,248		8,280		46,348
Other income	4,294		5,437		10,103		23,963
Revenues from discontinued operations	6,375		218,456		88,658		695,186
Expenses
Property operating expense	—		114,593		36,669		391,418
Interest expense	—		50,376		112,947		216,812
Transaction-related costs and investment expense	4,479		11,800		19,682		29,856
Depreciation and amortization	—		8,909		2,339		91,673
Impairment loss	—		(8,210)		35,985		358,137
Compensation and administrative expense	3,122		21,901		37,614		74,617
Expenses from discontinued operations	7,601		199,369		245,236		1,162,513
Other income (loss)
Gain on sale of real estate	—		514		—		49,232
Other gain, net	7,379		98,286		7,769		40,262
Equity method earnings (losses)	(24,010)		(125,565)		2,675		(189,824)
Loss from discontinued operations before income taxes	(17,857)		(7,678)		(146,134)		(567,657)
Income tax expense	(8,532)		(2,751)		(2,424)		(22,938)
Loss from discontinued operations	(26,389)		(10,429)		(148,558)		(590,595)
Income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(10,227)		(85,741)		(16,016)		(346,205)
Noncontrolling interests in Operating Company	(1,156)		7,177		(10,433)		(23,354)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.	$	(15,006)	$	68,135	$	(122,109)	$	(221,036)

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value \| Secured Debt
Liabilities
Secured and unsecured debt	$ 4,338,789	$ 4,253,925
Fair Value \| Secured Debt \| Series 2021-1 Notes
Liabilities
Secured and unsecured debt	250,547	291,394
Fair Value \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	388,750	716,970
Carrying Value \| Secured Debt
Liabilities
Secured and unsecured debt	4,757,556	4,234,744
Carrying Value \| Secured Debt \| Series 2021-1 Notes
Liabilities
Secured and unsecured debt	291,648	291,394
Carrying Value \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	276,411	334,264
Level 1 \| Secured Debt
Liabilities
Secured and unsecured debt	0	0
Level 1 \| Secured Debt \| Series 2021-1 Notes
Liabilities
Secured and unsecured debt	0	0
Level 1 \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	388,750	716,970
Level 2 \| Secured Debt
Liabilities
Secured and unsecured debt	3,204,921	3,598,655
Level 2 \| Secured Debt \| Series 2021-1 Notes
Liabilities
Secured and unsecured debt	250,547	0
Level 2 \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 \| Secured Debt
Liabilities
Secured and unsecured debt	1,133,868	655,270
Level 3 \| Secured Debt \| Series 2021-1 Notes
Liabilities
Secured and unsecured debt	0	291,394
Level 3 \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	$ 0	$ 0

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Activity of Preferred and Common Stock

The table below summarizes the share activities of the Company's preferred stock and common stock.


	Number of Shares
(In thousands)	Preferred Stock	Class A Common Stock	Class B Common Stock







Shares outstanding at December 31, 2020	41,350	120,851	183

Redemption of preferred stock	(3,450)	—	—
Shares issued upon redemption of OP Units	—	126	—

Conversion of class B to class A common stock	—	17	(17)
Shares issued pursuant to settlement liability (1)	—	1,488	—
Equity awards issued, net of forfeitures	—	1,550	—
Shares canceled for tax withholding on vested equity awards	—	(669)	—
Shares outstanding at September 30, 2021	37,900	123,363	166

Shares outstanding at December 31, 2021	35,340	142,144	166



Stock repurchase	(2,229)	(945)	—
Exchange of notes for class A common stock	—	6,389	—
Shares issued upon redemption of OP Units	—	100	—

Shares issued for redemption of redeemable noncontrolling interest (Note 10)	—	14,435	—
Equity awards issued, net of forfeitures	—	1,533	—
Shares canceled for tax withholding on vested equity awards	—	(681)	—
Shares outstanding at September 30, 2022	33,111	162,975	166

(1) In 2021, the settlement liability was settled through the reissuance of some of the shares previously repurchased and held in a subsidiary (Note 13). Shares of class A common stock repurchased and not reissued in the settlement of the liability were subsequently cancelled.

The table below summarizes the preferred stock issued and outstanding at September 30, 2022:


Description	Dividend Rate Per Annum		Initial Issuance Date	Shares Outstanding (in thousands)	Par Value (in thousands)		Liquidation Preference (in thousands)		Earliest Redemption Date
Series H	7.125	%	April 2015	8,430	$	84	$	210,756	Currently redeemable
Series I	7.15	%	June 2017	12,989	130		324,728		Currently redeemable
Series J	7.125	%	September 2017	11,692	117		292,295		Currently redeemable
				33,111	$	331	$	827,779

Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders

The following tables present the changes in each component of AOCI attributable to stockholders and noncontrolling interests in investment entities, net of immaterial tax effect. AOCI attributable to noncontrolling interests in Operating Company is immaterial.

Changes in Components of AOCI—Stockholders


(In thousands)	Company's Share in AOCI of Equity Method Investments		Unrealized Gain (Loss) on AFS Debt Securities		Unrealized Gain (Loss) on Cash Flow Hedges		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total




AOCI at December 31, 2020	$	17,718	$	6,072	$	(233)	$	52,832	$	45,734	$	122,123
Other comprehensive income (loss) before reclassifications	(2,948)		(297)		—		(28,950)		1,313		(30,882)
Amounts reclassified from AOCI	(2,998)		—		233		(20,221)		(1,375)		(24,361)
AOCI at September 30, 2021	$	11,772	$	5,775	$	—	$	3,661	$	45,672	$	66,880

AOCI at December 31, 2021	$	2,334	$	5,861	$	—	$	26,502	$	7,686	$	42,383
Other comprehensive income (loss) before reclassifications	(3,790)		—		—		(36,281)		24,477		(15,594)
Amounts reclassified from AOCI	(200)		(5,861)		—		(17,016)		(7,768)		(30,845)

AOCI at September 30, 2022	$	(1,656)	$	—	$	—	$	(26,795)	$	24,395	$	(4,056)

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities


(In thousands)	Unrealized Gain (Loss) on Cash Flow Hedges		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total



AOCI at December 31, 2020	$	(1,030)	$	83,845	$	15,099	$	97,914
Other comprehensive loss before reclassifications	—		(58,995)		—		(58,995)
Amounts reclassified from AOCI	1,030		810		—		1,840
AOCI at September 30, 2021	$	—	$	25,660	$	15,099	$	40,759

AOCI at December 31, 2021	$	—	$	11,057	$	—	$	11,057
Other comprehensive loss before reclassifications	—		(29,551)		—		(29,551)
Amounts reclassified from AOCI	—		(9,819)		—		(9,819)

AOCI at September 30, 2022	$	—	$	(28,313)	$	—	$	(28,313)

Reclassification out of Accumulated Other Comprehensive Income

Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below. Such amounts are included in other gain (loss) in both continuing and discontinued operations on the statements of operations, as applicable, except for amounts related to equity method investments, which are included in equity method losses in discontinued operations.


(In thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
Component of AOCI reclassified into earnings	2022		2021		2022		2021

Relief of basis of AFS debt securities	$	—	$	—	$	5,861	$	—
Release of foreign currency cumulative translation adjustments	(3,664)		—		17,016		20,221

Realized gain on net investment hedges	7,768		—		7,768		1,375
Realized loss on cash flow hedges	—		—		—		(233)

Release of equity in AOCI of equity method investments	—		2,998		200		2,998

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Summary of Consideration and Allocation to Assets Acquired and Liabilities Assumed

The following table summarizes the consideration and allocation to assets acquired, liabilities assumed and noncontrolling interests at acquisition. In an asset acquisition, the cost of assets acquired, which includes capitalized transaction costs, is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill.


	Asset Acquisitions
	2022						2021
(In thousands)	TowerCo		Acquisitions by DataBank / zColo US		Vantage SDC Expansion Capacity		Vantage SDC Expansion Capacity and Add-On Acquisition		Acquisitions by DataBank / zColo US		zColo France







Assets acquired and liabilities assumed

Real estate	$	363,121	$	627,474	$	105,691	$	479,587	$	38,500	$	26,083

Intangible assets	673,218		77,885		18,028		82,603		—		8,702
ROU and other assets	234,462		3,994		—		—		—		9,536

Deferred tax liabilities	(243,223)		—		—		—		—		—
Intangible, lease and other liabilities	(236,324)		(2,839)		—		(56,889)		—		(11,303)
Fair value of net assets acquired	$	791,254	$	706,514	$	123,719	$	505,301	$	38,500	$	33,018

Equity-Based Compensation - Valuation Technique (Details) - $ / shares	1 Months Ended	9 Months Ended
	Jul. 31, 2019	Sep. 30, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LTIP units issued (in shares)		1,463,076
2022 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock		32.40%
Expected annual dividend yield		0.00%
Risk-free rate (per annum)		2.00%
2021 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock		35.40%
Expected annual dividend yield		0.00%
Risk-free rate (per annum)		0.30%
2020 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock		34.10%
Expected annual dividend yield		9.30%
Risk-free rate (per annum)		0.40%
LTIP Units
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LTIP units issued (in shares)	2,500,000	125,000
Target share price for LTIP vesting (in dollars per share)	$ 40
LTIP vesting period, threshold of consecutive trading days	90 days
LTIP Units \| 2022 LTIP Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock		34.00%
Expected annual dividend yield		0.00%
Risk-free rate (per annum)		3.60%
LTIP Units \| 2019 LTIP Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock		28.30%
Expected annual dividend yield		8.10%
Risk-free rate (per annum)		1.80%

Equity and Debt Investments - Summary of Investments and Debt Securities (Details) $ in Thousands, unit in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) shares	Dec. 31, 2021 USD ($) unit shares
Equity method investments
Equity method investments	$ 724,842	$ 673,096
Other equity investments
Total equity investments	999,429	935,153
CLO subordinated notes	50,927	0
Equity and debt investments	1,050,356	935,153
Marketable securities (Note 13) \| Level 1
Other equity investments
Marketable securities (Note 13)	150,028	201,912
BRSP
Equity method investments
Equity method investments	$ 220,793	$ 284,985
Other equity investments
Shares owned in equity method investee (in shares) \| shares	35,000,000
BRSP \| NRF
Other equity investments
Shares owned in equity method investee (in shares) \| shares		461,000
Units owned in equity method investee (in units) \| unit		3.1
Company-sponsored private funds—equity investment in funds
Equity method investments
Equity method investments	$ 305,833	$ 270,737
Company-sponsored private funds—carried interest
Equity method investments
Equity method investments	193,758	111,957
Other
Equity method investments
Equity method investments	4,458	5,417
Other equity investments
Private funds and non-traded REIT	77,270	10,570
Private funds and non-traded REIT
Other equity investments
Private funds and non-traded REIT	$ 47,289	$ 49,575

Restricted Cash, Other Assets and Other Liabilities

9 Months Ended

Sep. 30, 2022

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Restricted Cash, Other Assets and Other Liabilities

7. 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 various securitized debt of the Company and its subsidiaries.

Other Assets

The following table summarizes the Company's other assets:


(In thousands)	September 30, 2022		December 31, 2021
Straight-line rents	$	42,484	$	25,516
Investment deposits and pending deal costs	38,471		22,238
Prefunded capital expenditures for Vantage SDC	3,117		24,293

Derivative assets	30,820		944
Prepaid taxes and deferred tax assets, net	35,091		29,347
Receivables from resolution of investment	10,633		10,463
Operating lease right-of-use asset, net	536,337		349,509
Finance lease right-of-use asset, net	123,173		131,909
Accounts receivable, net (1)	88,126		83,878
Prepaid expenses	22,865		20,303
Other assets	18,992		24,835
Fixed assets, net (2)	14,538		17,160
Total other assets	$	964,647	$	740,395

__________

(1) Includes primarily receivables from tenants.

(2) Net of accumulated depreciation of $23.9 million as of September 30, 2022 and $19.2 million as of December 31, 2021.

Accrued and Other Liabilities

The following table summarizes the Company's accrued and other liabilities:


(In thousands)	September 30, 2022		December 31, 2021
Deferred income (1)	$	57,308	$	37,143
Interest payable	14,682		14,870
Derivative liabilities	12,493		—
Stock repurchase payable	5,604		—
Securities sold short—consolidated funds	35,068		37,970
Current and deferred income tax liability	223,988		2,016
Contingent consideration payable (Note 10)	125,000		—
Warrants issued to Wafra (Note 10)	24,000		—
Operating lease liability	513,200		342,510
Finance lease liability	137,458		142,777
Accrued compensation	46,213		64,100
Accrued incentive fee and carried interest compensation	90,888		67,258
Accrued real estate and other taxes	27,261		10,523
Payable for Vantage SDC expansion capacity (Note 3)	99,917		55,896
Accounts payable and accrued expenses	188,658		121,931

Other liabilities	60,868		31,048
Accrued and other liabilities	$	1,662,606	$	928,042

__________

(1) Represents primarily prepaid rental income, upfront payment received for data center installation services, and deferred investment management fees. Deferred investment management fees of $5.6 million at September 30, 2022 and $6.0 million at December 31, 2021 are expected to be recognized as fee income over a weighted average period of 3.3 years and 3.2 years, respectively. Deferred investment management fees recognized as income of $0.6 million and $0.1 million in the three months ended September 30, 2022 and 2021, respectively, and $3.1 million and $0.3 million in the nine months ended September 30, 2022 and 2021, respectively, pertain to the deferred management fee balance at the beginning of each respective period.

Deferred Income Tax

As a result of the Company’s transition to a C-Corporation (as discussed in Note 1), a deferred tax asset was recognized as of January 1, 2022 related to the outside basis difference in the Company's investment in certain partnerships, and capital loss and NOL carryforwards. Concurrently, a full valuation allowance was established on this deferred tax asset due to uncertainties in future realization of the tax benefits in consideration of the Company’s history of cumulative operating losses. The Company will continue to assess the realizability of this deferred tax asset at each reporting period and as circumstances change. As of September 30, 2022, there was no change in the expected realizability of the net deferred tax asset, which remains subject to a full valuation allowance.

For the nine months ended September 30, 2022, net income tax benefit of $17.8 million reflects the tax effect of activities in the Company's previously designated TRS in the normal course of business.

Accrued Incentive Fee and Carried Interest Compensation

Incentive fee and carried interest compensation represent a portion of incentive fees and carried interest allocated to certain employees. Incentive fee and carried interest compensation are accrued as the related incentive fees and carried interest are recognized in earnings. Carried interest compensation may be reversed if there is a decline in the cumulative carried interest amounts previously recognized by the Company. Incentive fee and carried interest compensation are generally not paid to employees until the related incentive fees and carried interest amounts are distributed by the funds to the Company. If the related carried interest distributions received by the Company are subject to clawback, the previously distributed carried interest compensation would be similarly subject to clawback from employees. The Company generally withholds a portion of the distribution of carried interest compensation to employees to satisfy their potential clawback obligation. The amount withheld resides in entities outside of the Company.

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Operating Company	Class A Common Stock	Class A Common Stock Total Stockholders’ Equity	Class A Common Stock Common Stock	Class A Common Stock Additional Paid-in Capital	Class A Common Stock Noncontrolling Interests in Operating Company
Beginning balance at Dec. 31, 2020	$ 6,984,590	$ 2,501,471	$ 999,490	$ 4,841	$ 7,570,473	$ (6,195,456)	$ 122,123	$ 4,327,372	$ 155,747
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(630,048)	(246,290)				(246,290)		(355,862)	(27,896)
Other comprehensive income (loss)	(60,232)	(21,143)					(21,143)	(36,656)	(2,433)
Deconsolidation of investment entities (Note 21)	(22,413)							(22,413)
Redemption of OP Units for common stock										$ 0	$ 16		$ 16	$ (16)
Equity awards issued, net of forfeitures	18,200	16,584		48	16,536			308	1,308
Shares canceled for tax withholdings on vested equity awards	(7,718)	(7,718)		(11)	(7,707)
Contributions from noncontrolling interests	113,213							113,213
Distributions to noncontrolling interests	(26,739)							(26,739)	0
Preferred stock dividends	(18,516)	(18,516)				(18,516)
Reallocation of equity (Notes 2 and 10)	0	(2,369)			(2,445)		76	4,682	(2,313)
Ending balance at Mar. 31, 2021	6,350,337	2,222,035	999,490	4,878	7,576,873	(6,460,262)	101,056	4,003,905	124,397
Beginning balance at Dec. 31, 2020	6,984,590	2,501,471	999,490	4,841	7,570,473	(6,195,456)	122,123	4,327,372	155,747
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(118,250)
Adjustment of redeemable noncontrolling interest to fair value (Note 10)	0
Reclassification of carried interest allocated to redeemable noncontrolling interest to noncontrolling interests in investment entities (Note 10)	0
Redemption of OP Units for common stock	0
Ending balance at Sep. 30, 2021	5,688,270	2,055,857	916,105	4,941	7,625,552	(6,557,621)	66,880	3,515,888	116,525
Beginning balance at Mar. 31, 2021	6,350,337	2,222,035	999,490	4,878	7,576,873	(6,460,262)	101,056	4,003,905	124,397
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(101,108)	(122,744)				(122,744)		36,616	(14,980)
Other comprehensive income (loss)	(9,638)	(15,818)					(15,818)	7,805	(1,625)
Shares issued pursuant to settlement liability	47,042	47,042		60	46,982
Deconsolidation of investment entities (Note 21)	(202,341)	546			2,028		(1,482)	(202,887)
Redemption of OP Units for common stock										0	1		1	(1)
Equity awards issued, net of forfeitures	11,571	10,196		2	10,194			308	1,067
Shares canceled for tax withholdings on vested equity awards	(9,179)	(9,179)		(13)	(9,166)
Contributions from noncontrolling interests	24,540							24,540
Distributions to noncontrolling interests	(33,678)							(33,678)
Preferred stock dividends	(18,516)	(18,516)				(18,516)
Reallocation of equity (Notes 2 and 10)	0	(4,611)			(4,530)		(81)		4,611
Ending balance at Jun. 30, 2021	6,059,030	2,108,952	999,490	4,927	7,622,382	(6,601,522)	83,675	3,836,609	113,469
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(58,633)	61,357				61,357		(124,301)	4,311
Other comprehensive income (loss)	(38,515)						(16,822)	(19,921)	(1,772)
Other comprehensive income (loss)	(38,515)	(16,822)
Redemption of preferred stock (Note 9)	(86,250)	(86,250)	(83,385)		(2,865)
Deconsolidation of investment entities (Note 21)	(149,515)							(149,515)
Redemption of OP Units for common stock										0	1,090	$ 5	1,085	(1,090)
Equity awards issued, net of forfeitures	8,574	7,363		12	7,351			308	903
Shares canceled for tax withholdings on vested equity awards	(1,673)	(1,673)		(3)	(1,670)
Contributions from noncontrolling interests	24,292							24,292
Distributions to noncontrolling interests	(51,584)							(51,584)
Preferred stock dividends	(17,456)	(17,456)				(17,456)
Reallocation of equity (Notes 2 and 10)	0	(704)			(731)		27	0	704
Ending balance at Sep. 30, 2021	5,688,270	2,055,857	916,105	4,941	7,625,552	(6,557,621)	66,880	3,515,888	116,525
Beginning balance at Dec. 31, 2021	4,912,390	2,146,934	854,232	5,692	7,820,807	(6,576,180)	42,383	2,653,173	112,283
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(332,464)	(246,557)				(246,557)		(63,045)	(22,862)
Other comprehensive income (loss)	(44,312)	(29,705)					(29,705)	(12,011)	(2,596)
Exchange of notes for common stock (Note 8)	177,818	177,818		256	177,562
Adjustment of redeemable noncontrolling interest to fair value (Note 10)	(690,000)	(690,000)			(690,000)
Deconsolidation of investment entities (Note 21)	(176,856)	0						(176,856)
Redemption of OP Units for common stock	(32,076)							(32,076)		0	$ 2		2	(2)
Equity awards issued, net of forfeitures	18,625	14,336		50	14,286			2,734	1,555
Shares canceled for tax withholdings on vested equity awards	(11,410)	(11,410)		(17)	(11,393)
Contributions from noncontrolling interests	343,006							343,006
Distributions to noncontrolling interests	(26,018)							(26,018)
Preferred stock dividends	(15,760)	(15,760)				(15,760)
Reallocation of equity (Notes 2 and 10)	0	45,174			45,099		75	0	(45,174)
Ending balance at Mar. 31, 2022	4,122,943	1,390,832	854,232	5,981	7,356,363	(6,838,497)	12,753	2,688,907	43,204
Beginning balance at Dec. 31, 2021	4,912,390	2,146,934	854,232	5,692	7,820,807	(6,576,180)	42,383	2,653,173	112,283
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(89,880)
Adjustment of redeemable noncontrolling interest to fair value (Note 10)	725,026
Reclassification of carried interest allocated to redeemable noncontrolling interest to noncontrolling interests in investment entities (Note 10)	(4,087)
Redemption of OP Units for common stock	(862,276)
Ending balance at Sep. 30, 2022	4,608,689	1,654,659	800,355	6,526	7,793,492	(6,941,658)	(4,056)	2,890,162	63,868
Beginning balance at Mar. 31, 2022	4,122,943	1,390,832	854,232	5,981	7,356,363	(6,838,497)	12,753	2,688,907	43,204
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(53,754)	(21,562)				(21,562)		(29,102)	(3,090)
Other comprehensive income (loss)	(20,044)	(11,346)					(11,346)	(7,772)	(926)
Adjustment of redeemable noncontrolling interest to fair value (Note 10)	(35,026)	(35,026)			(35,026)
Shares issued for redemption of redeemable noncontrolling interest (Note 10)	348,759	348,759		577	348,182
Transaction costs incurred in connection with redemption of redeemable noncontrolling interest	(7,137)	(7,137)			(7,137)
Reclassification of carried interest allocated to redeemable noncontrolling interest to noncontrolling interests in investment entities (Note 10)	4,087							4,087
Deconsolidation of investment entities (Note 21)	11,047							11,047
Redemption of OP Units for common stock		339		4						$ 0			$ 335	$ (339)
Equity awards issued, net of forfeitures	9,169	7,517		9	7,508			1,061	591
Shares canceled for tax withholdings on vested equity awards	(5,067)	(5,067)		(7)	(5,060)
Contributions from noncontrolling interests	215,790							215,790
Distributions to noncontrolling interests	(13,490)							(13,490)
Preferred stock dividends	(15,758)	(15,758)				(15,758)
Reallocation of equity (Notes 2 and 10)	0	(18,265)			(18,313)		48		18,265
Ending balance at Jun. 30, 2022	4,561,519	1,633,286	854,232	6,564	7,646,852	(6,875,817)	1,455	2,870,528	57,705
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(114,545)	(49,088)				(49,088)		(60,623)	(4,834)
Other comprehensive income (loss)	(25,524)	(5,512)					(5,512)	(19,587)	(425)
Stock repurchases	(66,391)	(66,391)	(53,877)	(38)	(12,476)
DataBank recapitalization (Note 10)	0	170,770			170,770			(170,770)
Equity awards issued, net of forfeitures	19,041	9,869		2	9,867			8,861	311
Shares canceled for tax withholdings on vested equity awards	(1,535)	(1,535)		(2)	(1,533)
Cost of DataBank recapitalization	(29,996)	(8,749)			(8,749)			(21,247)
Contributions from noncontrolling interests	1,502,454							1,502,454
Distributions to noncontrolling interests	(1,219,581)							(1,219,454)	(127)
Preferred stock dividends	(15,117)	(15,117)				(15,117)
Common stock dividend declared ($0.01 per share)	(1,636)	(1,636)				(1,636)
Reallocation of equity (Notes 2 and 10)	0	(11,238)			(11,239)		1		11,238
Ending balance at Sep. 30, 2022	$ 4,608,689	$ 1,654,659	$ 800,355	$ 6,526	$ 7,793,492	$ (6,941,658)	$ (4,056)	$ 2,890,162	$ 63,868

Goodwill, Deferred Leasing Costs and Other Intangibles

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Deferred Leasing Costs and Other Intangibles

6. Goodwill, Deferred Leasing Costs and Other Intangibles

Goodwill

Goodwill balance by reportable segment at both September 30, 2022 and December 31, 2021 is as follows.




(In thousands)
Digital Investment Management (1)	$	298,248
Digital Operating	463,120
Total goodwill	$	761,368

__________

(1) Remaining goodwill deductible for income tax purposes was $125.0 million at September 30, 2022 and $133.0 million at December 31, 2021.

Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities

Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for disposition, are as follows.


	September 30, 2022						December 31, 2021
(In thousands)	Carrying Amount (Net of Impairment)(1)		Accumulated Amortization(1)		Net Carrying Amount(1)		Carrying Amount (Net of Impairment)(1)		Accumulated Amortization(1)		Net Carrying Amount(1)
Deferred Leasing Costs and Intangible Assets
Deferred leasing costs and lease-related intangible assets (2)	$	1,294,228	$	(362,943)	$	931,285	$	1,148,441	$	(256,987)	$	891,454
Investment management intangibles (3)	164,189		(76,609)		87,580		164,189		(61,435)		102,754
Customer relationships and service contracts (4)	774,422		(62,846)		711,576		218,064		(44,496)		173,568
Trade names	26,400		(14,559)		11,841		26,400		(11,266)		15,134
Other (5)	6,818		(3,540)		3,278		6,818		(2,101)		4,717
Total deferred leasing costs and intangible assets	$	2,266,057	$	(520,497)	$	1,745,560	$	1,563,912	$	(376,285)	$	1,187,627
Intangible Liabilities
Lease intangible liabilities (2)	$	46,630	$	(15,326)	$	31,304	$	44,076	$	(10,775)	$	33,301

__________

(1) Amounts are presented net of impairments and write-offs.

(2) Lease intangible assets are composed of in-place leases, above-market leases and tenant relationships. Lease-intangible liabilities are composed of below-market leases.

(3) Composed of investment management contracts and investor relationships.

(4) In connection with tower assets and data center services provided in the colocation data center business.

(5) Represents primarily the value of an acquired domain name and assembled workforce in an asset acquisition.

Amortization of Intangible Assets and Liabilities

The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021



Net increase (decrease) to rental income (1)	$	(3)	$	(726)	$	172	$	(2,169)



Amortization expense
Deferred leasing costs and lease-related intangibles	$	34,834	$	40,251	$	118,941	$	126,418
Investment management intangibles	5,066		8,056		15,176		20,284
Customer relationships and service contracts	7,754		7,671		18,554		23,421
Trade name	1,098		1,645		3,294		20,408
Other	477		477		1,431		1,405
	$	49,229	$	58,100	$	157,396	$	191,936

__________

(1) Represents the net effect of amortizing above- and below-market leases.

The following table presents the future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets and liabilities held for disposition.


	Year Ending December 31,
(In thousands)	Remaining 2022		2023		2024		2025		2026		2027 and thereafter		Total



Net increase (decrease) to rental income	$	(303)	$	(979)	$	(1,700)	$	(1,603)	$	(1,623)	$	238	$	(5,970)







Amortization expense	49,687		170,345		139,506		127,447		121,125		1,100,176		1,708,286

Transactions with Affiliates

9 Months Ended

Sep. 30, 2022

Transactions with Affiliates

18. Transactions with Affiliates

Affiliates include (i) private funds and other investment vehicles that the Company manages or sponsors, and in which the Company may have an equity interest or co-invests with; (ii) the Company's investments in unconsolidated ventures; and (iii) directors, senior executives and employees of the Company (collectively, "employees").

Amounts due from and due to affiliates consist of the following, excluding amounts related to discontinued operations that are presented as assets held for disposition (Note 11):


(In thousands)	September 30, 2022		December 31, 2021
Due from Affiliates
Investment vehicles, portfolio companies and unconsolidated ventures
Fee income	$	34,751	$	41,859
Cost reimbursements and recoverable expenses	10,866		7,317
Derivative obligation	12,493		—

Employees and other affiliates	2,001		54
	$	60,111	$	49,230

Significant transactions with affiliates include the following:

Fee Income—Fee income earned from investment vehicles that the Company manages and/or sponsors, and may have an equity interest or co-investment, are presented in Note 16, except for amounts included within discontinued operations (Note 12) and assets held for disposition (Note 11). Substantially all fee income are from affiliates, other than fees from sub-advisory accounts.

Cost Reimbursements—The Company receives reimbursements related largely to costs incurred in performing investment due diligence for funds and other investment vehicles managed by the Company.

Such cost reimbursements, included in other income, totaled $1.0 million and $3.1 million for the three months ended September 30, 2022 and 2021, respectively, and $5.7 million and $4.6 million for the nine months ended September 30, 2022 and 2021, respectively.

Separately, reimbursements of direct and indirect operating costs for managing the operations of BRSP prior to termination of the BRSP management agreement in April 2021 are reflected in other income within discontinued operations (Note 12) and related receivable is reflected as amounts due from affiliates within assets held for disposition (Note 11).

Recoverable Expenses—The Company pays organization and offering costs associated with the formation and capital raising of investment vehicles sponsored by the Company, for which the Company recovers from these investment vehicles up to specified thresholds, as applicable.

Warehoused Investments—The Company may acquire and temporarily warehouse investments on behalf of prospective sponsored investment vehicles that are actively fundraising. The warehoused investments are transferred to the investment vehicle when sufficient third party capital, including debt, is raised. The Company is generally paid a fee by the investment vehicle, akin to an interest charge, typically calculated as a percentage of the acquisition price of the investment, to compensate the Company for its cost of holding the investment during the warehouse period. The terms of such arrangements may differ for each sponsored investment vehicle or by investment.

During the third quarter of 2022, the Company transferred three warehoused loans to its sponsored digital credit fund, with the transfer of one remaining loan expected to be completed in the fourth quarter of 2022. The Company's cost basis for the transferred loans totaled $83.7 million.

Derivative Obligations of Sponsored Fund—In the third quarter of 2022, the Company, in its capacity as general partner and for the benefit of its sponsored fund, entered into foreign currency forward contracts to economically hedge the foreign currency exposure of an investment commitment of its sponsored fund (Note 13). The investment committee of the sponsored fund has ratified the fund's responsibility and obligation to assume all resulting liabilities and benefits from the foreign currency contracts effective from trade date through the date the contracts are novated to the fund. At September 30, 2022, the foreign currency contracts were in an unrealized loss position. The Company recorded a $12.5 million receivable in due from affiliates to reflect the fund's obligation to assume the resulting liability from the foreign currency contracts, with a corresponding gain recorded in the consolidated income statement. Accordingly, there is no net effect to the Company's earnings resulting from these foreign currency contracts.

Digital Real Estate Acquisitions—Marc Ganzi, Chief Executive Officer of the Company, and Ben Jenkins, President and Chief Investment Officer of the Company, were former owners of Digital Bridge Holdings, LLC ("DBH") prior to its merger into the Company in July 2019. Messrs. Ganzi and Jenkins had retained their equity investments and general partner interests in the portfolio companies of DBH, which include DataBank and Vantage.

As a result of the personal investments made by Messrs. Ganzi and Jenkins in DataBank and Vantage SDC prior to the Company’s acquisition of DBH, additional investments made by the Company in DataBank and Vantage SDC subsequent to their initial acquisitions may trigger future carried interest payments to Messrs. Ganzi and Jenkins upon the occurrence of future realization events. Such investments made by the Company include ongoing payments for the build-out of expansion capacity, including lease-up of the expanded capacity and existing inventory, in Vantage SDC (Note 3) and the acquisition of additional interest in DataBank from an existing investor in January 2022 (Note 10).

Carried Interest Allocation from Sponsored Investment Vehicles—With respect to investment vehicles sponsored by the Company for which Messrs. Ganzi and Jenkins are invested in their capacity as former owners of DBH, and not in their capacity as employees of the Company, any carried interest entitlement attributed to such investments by Messrs. Ganzi and Jenkins as general partner are not subject to continuing vesting provisions and do not represent compensatory arrangements to the Company. Such carried interest allocation to Messrs. Ganzi and Jenkins that are unrealized or realized but unpaid are included in noncontrolling interests on the balance sheet, in the amount of $48.8 million at September 30, 2022 and $20.8 million at December 31, 2021. Carried interest allocated is recorded as net income attributable to noncontrolling interests totaling $13.8 million and $18.3 million for the three months ended September 30, 2022 and 2021, respectively, and $43.5 million and $19.0 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, in connection with the DataBank recapitalization (Note 10), Messrs. Ganzi and Jenkins received realized carried interest in the form of equity interest in vehicles that invest in DataBank, of which $86.1 million in aggregate is not deemed a compensatory arrangement. Such equity interest represent noncontrolling interests in DataBank. A portion of such equity interest was sold by Messrs. Ganzi and Jenkins in connection with the recapitalization transaction.

Investment in Managed Investment Vehicles—Subject to the Company's related party policies and procedures, senior management, investment professionals and certain other employees may invest on a discretionary basis in investment vehicles sponsored by the Company, either directly in the vehicle or indirectly through the general partner entity. These investments are generally not subject to management fees, but otherwise bear their proportionate share of other operating expenses of the investment vehicles. At September 30, 2022 and December 31, 2021, such investments in consolidated investment vehicles and general partner entities totaled $15.7 million and $19.5 million, respectively, reflected in redeemable noncontrolling interests and noncontrolling interests on the balance sheet. Their share of net income was $0.4 million and $0.6 million for the three months ended September 30, 2022 and 2021, respectively, and $0.1 million and $1.1 million for the nine months ended September 30, 2022 and 2021, respectively. These amounts are reflected in net income (loss) attributable to noncontrolling interests and exclude their share of carried interest allocation, which is reflected in compensation expense (reversal)—carried interest.

Aircraft—Pursuant to Mr. Ganzi’s employment agreement, as amended, the Company has agreed to reimburse Mr. Ganzi for certain variable operational costs of business travel on a chartered or private jet (including any aircraft that Mr. Ganzi may partially or fully own), provided that the Company will not reimburse the allocable share (based on the number of passengers) of variable operational costs for any passenger on such flight who is not traveling on Company business. Additionally, the Company has also agreed to reimburse Mr. Ganzi for certain defined fixed costs of any aircraft owned by Mr. Ganzi. The fixed cost reimbursements will be made based on an allocable portion of an aircraft’s annual budgeted fixed cash operating costs, based on the number of hours the aircraft will be used for business purposes. At least once a year, the Company will reconcile the budgeted fixed operating costs with the actual fixed operating costs of the aircraft, and the Company or Mr. Ganzi, as applicable, will make a payment for any difference. The Company reimbursed Mr. Ganzi $0.7 million and $0.5 million for the three months ended September 30, 2022 and 2021, respectively, and $1.8 million and $2.6 million for the nine months ended September 30, 2022 and 2021, respectively.

Advancement of Expenses—Effective April 1, 2021, Thomas J. Barrack stepped down as Executive Chairman of the Company and in July 2021, resigned as a member of the Company's Board of Directors. In October 2021, the Company entered into an Agreement Regarding Advancement of Certain Expenses ("Advancement Agreement") with Mr. Barrack, which is generally consistent with the Company’s obligations and Mr. Barrack’s rights regarding advancement of expenses under the terms of a January 2017 Indemnification Agreement between the Company and Mr. Barrack, and under the Company’s Bylaws. The Advancement Agreement (a) memorializes the parties’ disagreement as to the Company’s obligations and Mr. Barrack’s rights under the earlier Indemnification Agreement and the Bylaws, and (b) obligates Mr. Barrack to reimburse the Company for such advanced expenses under certain circumstances. Pursuant to the Advancement Agreement, the Company expensed $7.5 million and $17.2 million in the three and nine months ended September 30, 2022, respectively.

Equity-Based Compensation - Components of Share-Based Compensation (Details) - Compensation expense - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (including $16, $50, $229 and $1,164 related to dividend equivalent rights)	$ 8,576	$ 6,914	$ 27,226	$ 30,593
Amortization of fair value of dividend equivalent right	$ 16	$ 50	$ 229	$ 1,164

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	22. Subsequent Events Other than as disclosed elsewhere, no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the accompanying notes.

Supplemental Disclosure of Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2022

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures


	Nine Months Ended September 30,
(In thousands)	2022		2021
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $1,674 and $1,025	$	163,646	$	332,703
Cash received for income tax refunds, net	5,782		7,913
Operating lease payments	50,584		51,088
Finance lease payments	11,750		11,481
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	$	(16,038)	$	165,178
Net cash provided by (used in) investing activities of discontinued operations	(32,815)		676,579
Net cash used in financing activities of discontinued operations	(12,503)		(528,035)
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable	$	16,527	$	16,899
Improvements in operating real estate in accrued and other liabilities	65,405		29,324
Receivable from loan repayments and asset sales	12,373		53,948
Operating lease right-of-use assets and lease liabilities established	16,840		23,366

Finance lease payments accrued	—		5,401
Redemption of OP Units for common stock	341		1,107
Redemption of redeemable noncontrolling interest for common stock	348,759		—

Exchange of notes into shares of Class A common stock	60,317		—







Debt assumed by buyer in sale of real estate	—		44,148






Seller Note received in sale of NRF Holdco equity	154,992		—
Loan receivable relieved in exchange for equity investment acquired	20,676		—

Assets disposed in sale of equity of investment entities or sale by receiver (Note 12)	3,420,783		3,572,825
Liabilities disposed in sale of equity of investment entities or sale by receiver (Note 12)	3,144,700		3,644,226
Assets of investment entities deconsolidated (1)	—		351,022

Noncontrolling interests of investment entities deconsolidated (1)	204,730		374,815

__________

(1) Represents deconsolidation of noncontrolling interests upon sale of the Company's equity interests in investment entities (Note 12).

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, beginning balance, shares outstanding (in shares)	35,340
Preferred stock, ending balance, shares outstanding (in shares)	33,111
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, beginning balance, shares outstanding (in shares)	35,340	41,350
Redemption of preferred stock (in shares)		(3,450)
Stock repurchase (in shares)	(2,229)
Preferred stock, ending balance, shares outstanding (in shares)	33,111	37,900
Class A Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Stock repurchase (in shares)	(945)
Common stock, beginning balance, shares outstanding (in shares)	142,144	120,851
Exchange of notes for class A common stock (in shares)	6,389
Conversion of class B to class A common stock (in shares)		17
Shares issued pursuant to settlement liability (in shares)		1,488
Equity awards issued, net of forfeitures (in shares)	1,533	1,550
Shares canceled for tax withholding on vested stock awards (in shares)	(681)	(669)
Common stock, ending balance, shares outstanding (in shares)	162,975	123,363
Class A Common Stock \| OP Units
Share Activities Of Preferred And Common Stock [Roll Forward]
Shares issued upon redemption of OP Units (in shares)	100	126
Class A Common Stock \| Redeemable noncontrolling interests
Share Activities Of Preferred And Common Stock [Roll Forward]
Shares issued upon redemption of OP Units (in shares)	14,435
Class B Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, beginning balance, shares outstanding (in shares)	166	183
Conversion of class B to class A common stock (in shares)		17
Common stock, ending balance, shares outstanding (in shares)	166	166

Debt - Schedule of Convertible and Exchangeable Senior Notes (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	2 Months Ended	6 Months Ended	9 Months Ended
	Mar. 31, 2022	Nov. 30, 2021	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Principal of 5.75% Exchangeable Notes Exchanged				$ 60,317	$ 0
Cash Paid				$ 14,237	$ 31,502
5.75% Exchangeable Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate				5.75%
Principal of 5.75% Exchangeable Notes Exchanged			$ 221,578
Class A Common Stock Issued (in shares)			24,730
Cash Paid			$ 13,887
5.75% Exchangeable Senior Notes \| Senior Notes \| March 2022 Exchange
Debt Instrument [Line Items]
Principal of 5.75% Exchangeable Notes Exchanged	$ 60,317
Class A Common Stock Issued (in shares)	6,389
Cash Paid	$ 13,887
5.75% Exchangeable Senior Notes \| Senior Notes \| October And November 2021 Exchange
Debt Instrument [Line Items]
Principal of 5.75% Exchangeable Notes Exchanged		$ 161,261
Class A Common Stock Issued (in shares)		18,341
Cash Paid		$ 0

Restricted Cash, Other Assets and Other Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Income tax benefit	$ 7,841	$ 10,973	$ 17,772	$ 109,408

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Acquisitions - Narrative (Details) € in Millions, $ in Millions, $ in Millions		1 Months Ended								3 Months Ended			9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) tenantLease	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	May 31, 2022 USD ($)	Mar. 31, 2022 USD ($) dataCenter	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Feb. 28, 2021 USD ($) dataCenter	Dec. 31, 2022 USD ($)	Dec. 31, 2022 AUD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) tenantLease	Dec. 31, 2021 USD ($) tenantLease
Business Acquisition [Line Items]
Discount rate for projected net cash flow													6.80%
AMP Capital Investors International Holdings Limited \| Forecast
Business Acquisition [Line Items]
Acquisition price										$ 314.0	$ 458
Business combination, contingent consideration										$ 125.0	$ 180
Minimum \| In-Place Lease
Business Acquisition [Line Items]
Discount rate for projected net cash flow													4.75%
Useful life													1 year
Minimum \| Above and Below Market Lease
Business Acquisition [Line Items]
Discount rate for projected net cash flow													6.00%
Useful life													1 year
Minimum \| Customer relationships and service contracts
Business Acquisition [Line Items]
Discount rate for projected net cash flow													4.75%
Useful life													5 years
Minimum \| Building
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life													35 years
Minimum \| Site improvements
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life													15 years
Minimum \| Data center infrastructure
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life													11 years
Minimum \| Customer relationships and service contracts
Business Acquisition [Line Items]
Useful life													19 years
Minimum \| Customer Contracts
Business Acquisition [Line Items]
Useful life													1 year
Minimum \| Towers And Equipment
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life													11 years
Maximum \| In-Place Lease
Business Acquisition [Line Items]
Discount rate for projected net cash flow													6.80%
Useful life													15 years
Maximum \| Above and Below Market Lease
Business Acquisition [Line Items]
Discount rate for projected net cash flow													11.25%
Useful life													4 years
Maximum \| Customer relationships and service contracts
Business Acquisition [Line Items]
Discount rate for projected net cash flow													11.50%
Useful life													15 years
Maximum \| Building
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life													50 years
Maximum \| Site improvements
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life													20 years
Maximum \| Data center infrastructure
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life													20 years
Maximum \| Customer relationships and service contracts
Business Acquisition [Line Items]
Useful life													45 years
Maximum \| Customer Contracts
Business Acquisition [Line Items]
Useful life													15 years
Maximum \| Towers And Equipment
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life													71 years
Vantage SDC Expansion Capacity
Business Acquisition [Line Items]
Purchase price								$ 404.5
Asset acquisition, contingent consideration	$ 204.0
Vantage SDC Santa Clara
Business Acquisition [Line Items]
Asset acquisition, contingent consideration								$ 56.9
zColo Colocation Data Centers
Business Acquisition [Line Items]
Purchase price						$ 17.6			$ 33.0
Number of data centers acquired \| dataCenter					4				5
DataBank Data Centers
Business Acquisition [Line Items]
Purchase price					$ 87.0		$ 32.0
DataBank Data Centers \| DataBank
Business Acquisition [Line Items]
Purchase price				$ 10.9	670.0
Debt assumed					262.5
Equity consideration transferred					$ 407.5
TowerCo
Business Acquisition [Line Items]
Purchase price		$ 791.3	€ 740.1
Debt assumed		326.1
Equity consideration transferred \| €			€ 278.1
DataBank And zColo United States
Business Acquisition [Line Items]
Purchase price												$ 38.5
Affiliated Entity
Business Acquisition [Line Items]
Number of tenant leases \| tenantLease	11												11	11
Affiliated Entity \| Vantage SDC Expansion Capacity
Business Acquisition [Line Items]
Purchase price													$ 123.7	$ 100.8
Investor \| TowerCo
Business Acquisition [Line Items]
Equity consideration transferred		$ 213.8

Acquisitions - Allocation of Consideration Transferred (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
TowerCo
Asset Acquisition [Line Items]
Real estate	$ 363,121
Intangible assets	673,218
ROU and other assets	234,462
Deferred tax liabilities	(243,223)
Intangible, lease and other liabilities	(236,324)
Fair value of net assets acquired	791,254
DataBank And zColo United States
Asset Acquisition [Line Items]
Real estate	627,474	$ 38,500
Intangible assets	77,885	0
ROU and other assets	3,994	0
Deferred tax liabilities	0	0
Intangible, lease and other liabilities	(2,839)	0
Fair value of net assets acquired	706,514	38,500
Vantage SDC Expansion Capacity
Asset Acquisition [Line Items]
Real estate	105,691	479,587
Intangible assets	18,028	82,603
ROU and other assets	0	0
Deferred tax liabilities	0	0
Intangible, lease and other liabilities	0	(56,889)
Fair value of net assets acquired	$ 123,719	505,301
zColo France
Asset Acquisition [Line Items]
Real estate		26,083
Intangible assets		8,702
ROU and other assets		9,536
Deferred tax liabilities		0
Intangible, lease and other liabilities		(11,303)
Fair value of net assets acquired		$ 33,018

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Assets	$ 11,740,829	$ 14,197,816
Equity Method Investments	724,842	673,096
Equity Method Investments, including discontinued operations	794,558	855,648
Held for disposition
Segment Reporting Information [Line Items]
Total Assets	72,593	3,676,615
Equity Method Investments	69,716	182,552
Operating Segments \| Digital Investment Management
Segment Reporting Information [Line Items]
Total Assets, excluding discontinued operations	707,915	655,152
Equity Method Investments	222,140	140,027
Operating Segments \| Digital Operating
Segment Reporting Information [Line Items]
Total Assets, excluding discontinued operations	8,150,083	7,608,451
Equity Method Investments	0	0
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total Assets, excluding discontinued operations	2,810,238	2,257,598
Equity Method Investments	502,702	533,069
Operating Segments And Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total Assets, excluding discontinued operations	11,668,236	10,521,201
Equity Method Investments	$ 724,842	$ 673,096

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill [Line Items]
Total goodwill	$ 761,368	$ 761,368
Goodwill deductible for tax purposes	125,000	133,000
Digital Investment Management
Goodwill [Line Items]
Total goodwill	298,248	298,248
Digital Operating
Goodwill [Line Items]
Total goodwill	$ 463,120	$ 463,120

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill balance by reportable segment at both September 30, 2022 and December 31, 2021 is as follows.




(In thousands)
Digital Investment Management (1)	$	298,248
Digital Operating	463,120
Total goodwill	$	761,368

__________

(1) Remaining goodwill deductible for income tax purposes was $125.0 million at September 30, 2022 and $133.0 million at December 31, 2021.

Schedule of Deferred Leasing Costs and Other Intangibles

Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for disposition, are as follows.


	September 30, 2022						December 31, 2021
(In thousands)	Carrying Amount (Net of Impairment)(1)		Accumulated Amortization(1)		Net Carrying Amount(1)		Carrying Amount (Net of Impairment)(1)		Accumulated Amortization(1)		Net Carrying Amount(1)
Deferred Leasing Costs and Intangible Assets
Deferred leasing costs and lease-related intangible assets (2)	$	1,294,228	$	(362,943)	$	931,285	$	1,148,441	$	(256,987)	$	891,454
Investment management intangibles (3)	164,189		(76,609)		87,580		164,189		(61,435)		102,754
Customer relationships and service contracts (4)	774,422		(62,846)		711,576		218,064		(44,496)		173,568
Trade names	26,400		(14,559)		11,841		26,400		(11,266)		15,134
Other (5)	6,818		(3,540)		3,278		6,818		(2,101)		4,717
Total deferred leasing costs and intangible assets	$	2,266,057	$	(520,497)	$	1,745,560	$	1,563,912	$	(376,285)	$	1,187,627
Intangible Liabilities
Lease intangible liabilities (2)	$	46,630	$	(15,326)	$	31,304	$	44,076	$	(10,775)	$	33,301

__________

(1) Amounts are presented net of impairments and write-offs.

(2) Lease intangible assets are composed of in-place leases, above-market leases and tenant relationships. Lease-intangible liabilities are composed of below-market leases.

(3) Composed of investment management contracts and investor relationships.

(4) In connection with tower assets and data center services provided in the colocation data center business.

(5) Represents primarily the value of an acquired domain name and assembled workforce in an asset acquisition.

Schedule of Amortization of Intangible Assets and Liabilities

The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021



Net increase (decrease) to rental income (1)	$	(3)	$	(726)	$	172	$	(2,169)



Amortization expense
Deferred leasing costs and lease-related intangibles	$	34,834	$	40,251	$	118,941	$	126,418
Investment management intangibles	5,066		8,056		15,176		20,284
Customer relationships and service contracts	7,754		7,671		18,554		23,421
Trade name	1,098		1,645		3,294		20,408
Other	477		477		1,431		1,405
	$	49,229	$	58,100	$	157,396	$	191,936

__________

(1) Represents the net effect of amortizing above- and below-market leases.

Schedule of Estimated Annual Amortization Expense


	Year Ending December 31,
(In thousands)	Remaining 2022		2023		2024		2025		2026		2027 and thereafter		Total



Net increase (decrease) to rental income	$	(303)	$	(979)	$	(1,700)	$	(1,603)	$	(1,623)	$	238	$	(5,970)







Amortization expense	49,687		170,345		139,506		127,447		121,125		1,100,176		1,708,286

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Goodwill, Deferred Leasing Costs and Other Intangibles - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Net decrease to rental income	$ (3)	$ (726)	$ 172	$ (2,169)
Amortization expense	49,229	58,100	157,396	191,936
Deferred leasing costs and lease-related intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	34,834	40,251	118,941	126,418
Investment management intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	5,066	8,056	15,176	20,284
Customer relationships and service contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	7,754	7,671	18,554	23,421
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,098	1,645	3,294	20,408
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 477	$ 477	$ 1,431	$ 1,405

Assets and Related Liabilities Held for Disposition - Summary of N-Star CDO Bonds (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost without Allowance for Credit Loss	$ 50,927
Allowance for Credit Loss	0
Gross cumulative unrealized gains	0
Gross cumulative unrealized losses	0
Fair Value	$ 50,927
N-Star CDO Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost without Allowance for Credit Loss		$ 55,041
Allowance for Credit Loss		(24,882)
Gross cumulative unrealized gains		6,372
Gross cumulative unrealized losses		0
Fair Value		$ 36,531

Fair Value - Schedule of Realized and Unrealized Gain (Loss) on Derivatives not Designated as Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Foreign exchange contracts \| Net Investment Hedging \| Designated Hedges \| Other gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain transferred from AOCI to earnings	$ 8,367	$ 0	$ 8,367	$ 1,520
Foreign exchange contracts \| Net Investment Hedging \| Non-Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gain (loss) in earnings	(8,689)	1,457	(3,619)	1,129
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) transferred from AOCI to earnings and interest expense on interest rate contracts	0	0	0	(1,328)
Realized and unrealized loss in earnings	10,258	(13)	11,284	(248)
Interest rate contracts \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) transferred from AOCI to earnings and interest expense on interest rate contracts	$ 0	$ 0	$ 0	$ 20

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due from affiliates	$ 60,111	$ 49,230
Fee income
Related Party Transaction [Line Items]
Due from affiliates	34,751	41,859
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	10,866	7,317
Derivative obligation
Related Party Transaction [Line Items]
Due from affiliates	12,493	0
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	$ 2,001	$ 54

Fee Income (Tables)

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Schedule of Asset Management and Other Fees

The following table presents the Company's fee income by type, excluding amounts classified as discontinued operations (Note 12).


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Management fees	$	40,697	$	47,719	$	126,447	$	115,185
Incentive fees	—		1,313		2		6,396
Other fees	566		1,194		1,969		3,245
Total fee income	$	41,263	$	50,226	$	128,418	$	124,826

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations, Net Income (Loss)

Income (loss) from discontinued operations is presented below.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Revenues
Property operating income	$	—	$	196,302	$	69,202	$	607,172
Interest income	8		4,469		1,073		17,703
Fee income	2,073		12,248		8,280		46,348
Other income	4,294		5,437		10,103		23,963
Revenues from discontinued operations	6,375		218,456		88,658		695,186
Expenses
Property operating expense	—		114,593		36,669		391,418
Interest expense	—		50,376		112,947		216,812
Transaction-related costs and investment expense	4,479		11,800		19,682		29,856
Depreciation and amortization	—		8,909		2,339		91,673
Impairment loss	—		(8,210)		35,985		358,137
Compensation and administrative expense	3,122		21,901		37,614		74,617
Expenses from discontinued operations	7,601		199,369		245,236		1,162,513
Other income (loss)
Gain on sale of real estate	—		514		—		49,232
Other gain, net	7,379		98,286		7,769		40,262
Equity method earnings (losses)	(24,010)		(125,565)		2,675		(189,824)
Loss from discontinued operations before income taxes	(17,857)		(7,678)		(146,134)		(567,657)
Income tax expense	(8,532)		(2,751)		(2,424)		(22,938)
Loss from discontinued operations	(26,389)		(10,429)		(148,558)		(590,595)
Income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(10,227)		(85,741)		(16,016)		(346,205)
Noncontrolling interests in Operating Company	(1,156)		7,177		(10,433)		(23,354)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.	$	(15,006)	$	68,135	$	(122,109)	$	(221,036)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 205
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		33,111	35,340
Par Value		$ 331
Liquidation Preference		$ 827,779	$ 883,500
Series H
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%	7.125%
Preferred stock, shares outstanding (in shares)		8,430
Par Value		$ 84
Liquidation Preference		$ 210,756
Series I
Class of Stock [Line Items]
Dividend Rate Per Annum		7.15%
Preferred stock, shares outstanding (in shares)		12,989
Par Value		$ 130
Liquidation Preference		$ 324,728
Series J
Class of Stock [Line Items]
Dividend Rate Per Annum		7.125%
Preferred stock, shares outstanding (in shares)		11,692
Par Value		$ 117
Liquidation Preference		$ 292,295

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Net increase (decrease) to rental income
Remaining 2022	$ (303)
2023	(979)
2024	(1,700)
2025	(1,603)
2026	(1,623)
2027 and thereafter	238
Total	(5,970)
Amortization expense
Remaining 2022	49,687
2023	170,345
2024	139,506
2025	127,447
2026	121,125
2027 and thereafter	1,100,176
Total	$ 1,708,286

Fee Income

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Fee Income

16. Fee Income

The Company's digital investment management platform manages capital on behalf of a diverse, global investor base, including but not limited to, sovereign wealth funds, public and private pensions, asset managers, insurance companies, and endowments, for which the Company earns fee income.

The following table presents the Company's fee income by type, excluding amounts classified as discontinued operations (Note 12).


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Management fees	$	40,697	$	47,719	$	126,447	$	115,185
Incentive fees	—		1,313		2		6,396
Other fees	566		1,194		1,969		3,245
Total fee income	$	41,263	$	50,226	$	128,418	$	124,826

Management Fees—The Company earns management fees for providing investment management services to its sponsored private funds and other investment vehicles, portfolio companies and managed accounts. Management fees are calculated generally at annual rates ranging from 0.2% to 1.5% of investors' committed capital during the commitment period of the vehicle, and thereafter, contributed or invested capital; or net asset value for vehicles in the liquid securities strategy.

Incentive Fees—The Company is entitled to incentive fees from sub-advisory accounts in its liquid securities strategy. Incentive fees are determined based upon the performance of the respective accounts, subject to the achievement of specified return thresholds in accordance with the terms set out in their respective governing agreements. A portion of the incentive fees earned by the Company is allocable to senior management, investment professionals, and certain other employees of the Company, included in carried interest and incentive fee compensation expense.

Other Fee Income—Other fees include primarily service fees for information technology, facilities and operational support provided to portfolio companies.

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	$ 25,908	$ 4,657	$ (170,229)	$ (31,734)
Equity method earnings (losses)	(52,382)	6,987	(5,748)	42,051
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity method earnings (losses)	0	2,998	200	2,998
Other gain (loss), net \| Relief of basis of AFS debt securities \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	0	0	5,861	0
Other gain (loss), net \| Release of foreign currency cumulative translation adjustments \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	(3,664)	0	17,016	20,221
Other gain (loss), net \| Realized gain on net investment hedges \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	7,768	0	7,768	1,375
Other gain (loss), net \| Realized loss on cash flow hedges \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amount reclassified into earnings	$ 0	$ 0	$ 0	$ (233)

Supplemental Disclosure of Cash Flow Information

9 Months Ended

Sep. 30, 2022

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure of Cash Flow Information

21. Supplemental Disclosure of Cash Flow Information


	Nine Months Ended September 30,
(In thousands)	2022		2021
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $1,674 and $1,025	$	163,646	$	332,703
Cash received for income tax refunds, net	5,782		7,913
Operating lease payments	50,584		51,088
Finance lease payments	11,750		11,481
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	$	(16,038)	$	165,178
Net cash provided by (used in) investing activities of discontinued operations	(32,815)		676,579
Net cash used in financing activities of discontinued operations	(12,503)		(528,035)
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable	$	16,527	$	16,899
Improvements in operating real estate in accrued and other liabilities	65,405		29,324
Receivable from loan repayments and asset sales	12,373		53,948
Operating lease right-of-use assets and lease liabilities established	16,840		23,366

Finance lease payments accrued	—		5,401
Redemption of OP Units for common stock	341		1,107
Redemption of redeemable noncontrolling interest for common stock	348,759		—

Exchange of notes into shares of Class A common stock	60,317		—







Debt assumed by buyer in sale of real estate	—		44,148






Seller Note received in sale of NRF Holdco equity	154,992		—
Loan receivable relieved in exchange for equity investment acquired	20,676		—

Assets disposed in sale of equity of investment entities or sale by receiver (Note 12)	3,420,783		3,572,825
Liabilities disposed in sale of equity of investment entities or sale by receiver (Note 12)	3,144,700		3,644,226
Assets of investment entities deconsolidated (1)	—		351,022

Noncontrolling interests of investment entities deconsolidated (1)	204,730		374,815

__________

(1) Represents deconsolidation of noncontrolling interests upon sale of the Company's equity interests in investment entities (Note 12).

Debt - Convertible and Exchangeable Senior Notes (Details) $ / shares in Units, shares in Thousands	1 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes, outstanding principal		$ 338,739,000		$ 278,422,000
Exchange of notes into shares of Class A common stock				60,317,000	$ 0
Loss on extinguishment of exchangeable notes	$ 133,200,000			$ 133,173,000	$ 0
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount				100.00%
Convertible and Exchangeable Senior Notes \| 5.00% Convertible Senior Notes
Debt Instrument [Line Items]
Interest rate				5.00%
Conversion or Exchange Price (in dollars per share) \| $ / shares				$ 63.02
Conversion or Exchange Ratio (in shares)				15.8675
Conversion or Exchange Shares (in shares) \| shares				3,174
Convertible and exchangeable senior notes, outstanding principal		200,000,000		$ 200,000,000
Convertible and Exchangeable Senior Notes \| 5.75% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest rate				5.75%
Conversion or Exchange Price (in dollars per share) \| $ / shares				$ 9.20
Conversion or Exchange Ratio (in shares)				108.6956
Conversion or Exchange Shares (in shares) \| shares				8,524
Convertible and exchangeable senior notes, outstanding principal		138,739,000		$ 78,422,000
Exchange of notes into shares of Class A common stock			$ 221,578,000
Conversion ratio	0.1086960
Conversion expense		$ 25,100,000
Convertible and exchangeable senior notes
Debt Instrument [Line Items]
Exchange of notes into shares of Class A common stock				$ 1,000

Assets and Related Liabilities Held for Disposition

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

11. Assets and Related Liabilities Held for Disposition


(In thousands)	September 30, 2022		December 31, 2021

Assets
Restricted cash	$	—	$	65,022
Real estate, net	—		3,079,416
Loans receivable	—		55,878
Equity and debt investments	72,466		250,246
Deferred leasing costs and other intangible assets, net	—		118,300
Other assets	127		100,720
Due from affiliates	—		7,033
Total assets held for disposition	$	72,593	$	3,676,615

Liabilities
Debt, net (1)	$	—	$	2,869,360
Lease intangibles and other liabilities	60		219,339
Total liabilities related to assets held for disposition	$	60	$	3,088,699

__________

Nonrecurring Fair Value of Assets Classified as Held for Disposition and Discontinued Operations

The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable.

2022

At September 30, 2022, there were no assets held for sale that were measured at fair value on a nonrecurring basis.

2021

Other assets that had been impaired during 2021 pertained to real estate, equity investments and intangible assets of the OED and Other IM portfolio that were disposed in December 2021.

Recurring Fair Value of Assets Classified as Held for Disposition and Discontinued Operations

The balance of N-Star CDO bonds at December 31, 2021, classified as Level 3 fair value, is summarized as follows.


	Amortized Cost without Allowance for Credit Loss		Allowance for Credit Loss		Gross Cumulative Unrealized
(in thousands)					Gains		Losses		Fair Value

December 31, 2021	$	55,041	$	(24,882)	$	6,372	$	—	$	36,531

Prior to its sale, the fair value of N-Star CDO bonds represents a component of the overall sales price for the disposition of NRF Holdco.

Level 3 Recurring Fair Values


			Fair Value Option
(In thousands)	AFS Debt Securities Held for Disposition		Loans Held for Disposition		Equity Method Investments Held for Disposition









Fair value at December 31, 2020	$	28,576	$	1,258,539	$	153,259
Purchases, drawdowns, contributions and accretion	11,120		19,070		8
Paydowns, distributions and sales	(2,063)		(436,424)		(8,954)
Change in accrued interest and capitalization of paid-in-kind interest	—		10,506		—
Allowance for credit losses	(194)		—		—
Realized and unrealized losses in earnings, net	—		(91,324)		(22,106)
Deconsolidation of investment entities (Note 21)	—		(330,394)		—
Other	—		(7,088)		—
Other comprehensive income (loss) (1)	(331)		(35,222)		(6,454)
Fair value at September 30, 2021	$	37,108	$	387,663	$	115,753

Net unrealized gains (losses) on instruments held at September 30, 2021
In earnings	$	—	$	(91,849)	$	(23,031)
In other comprehensive loss	$	(331)	N/A		N/A

Fair value at December 31, 2021	$	36,531	$	55,878	$	79,309
Purchases, drawdowns, contributions and accretion	195		—		—
Paydowns, distributions and sales	(36,726)		(54,490)		(903)
Change in accrued interest and capitalization of paid-in-kind interest	—		(1,013)		—

Realized and unrealized losses in earnings, net	—		(375)		(7,155)

Other comprehensive loss (1)	—		—		(11,646)
Fair value at September 30, 2022	$	—	$	—	$	59,605

Net unrealized gains (losses) on instruments held at September 30, 2022
In earnings	$	—	$	—	$	(7,155)
In other comprehensive loss	$	—	N/A		N/A

__________

12. Discontinued Operations

Discontinued operations represent the following:

Income (loss) from discontinued operations is presented below.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Revenues
Property operating income	$	—	$	196,302	$	69,202	$	607,172
Interest income	8		4,469		1,073		17,703
Fee income	2,073		12,248		8,280		46,348
Other income	4,294		5,437		10,103		23,963
Revenues from discontinued operations	6,375		218,456		88,658		695,186
Expenses
Property operating expense	—		114,593		36,669		391,418
Interest expense	—		50,376		112,947		216,812
Transaction-related costs and investment expense	4,479		11,800		19,682		29,856
Depreciation and amortization	—		8,909		2,339		91,673
Impairment loss	—		(8,210)		35,985		358,137
Compensation and administrative expense	3,122		21,901		37,614		74,617
Expenses from discontinued operations	7,601		199,369		245,236		1,162,513
Other income (loss)
Gain on sale of real estate	—		514		—		49,232
Other gain, net	7,379		98,286		7,769		40,262
Equity method earnings (losses)	(24,010)		(125,565)		2,675		(189,824)
Loss from discontinued operations before income taxes	(17,857)		(7,678)		(146,134)		(567,657)
Income tax expense	(8,532)		(2,751)		(2,424)		(22,938)
Loss from discontinued operations	(26,389)		(10,429)		(148,558)		(590,595)
Income (loss) from discontinued operations attributable to:
Noncontrolling interests in investment entities	(10,227)		(85,741)		(16,016)		(346,205)
Noncontrolling interests in Operating Company	(1,156)		7,177		(10,433)		(23,354)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.	$	(15,006)	$	68,135	$	(122,109)	$	(221,036)

Acquisitions

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

3. Acquisitions

Asset Acquisitions

Vantage SDC Hyperscale Data Centers

In connection with the Company's acquisition of Vantage Data Centers Holdings, LLC's ("Vantage") portfolio of stabilized hyperscale data centers (“Vantage SDC”) in July 2020, the Company had an option to purchase an additional data center in Santa Clara, California. In September 2021, the Company exercised the option and purchased the data center for $404.5 million in cash, funded through borrowings by Vantage SDC, with a deferred amount of $56.9 million to be paid upon future lease-up, and additional consideration contingent on lease-up of the remaining capacity.

The Company and its co-investors also committed to acquire the future build-out of expansion capacity, along with lease-up of the expanded capacity and existing inventory, the costs of which are borne by the previous owners of Vantage SDC. As of September 30, 2022, the remaining consideration for the incremental lease-up acquisitions is estimated to be approximately $204 million. Most, if not all, of the cost of the expansion capacity has been or will be funded by Vantage SDC from borrowings under its credit facilities and/or cash from operations. Pursuant to this arrangement, Vantage SDC had 11 new tenant leases that commenced in the nine months ended September 30, 2022, and 11 new tenant leases that commenced in 2021 related to a portion of the expansion capacity, for aggregate consideration of $123.7 million and $100.8 million, respectively.

All of these payments were made to the previous owners of Vantage SDC and are treated as asset acquisitions.

Acquisitions by DataBank

2022

•In May 2022, the Company's edge colocation data center subsidiary, DataBank, acquired a data center in Atlanta, Georgia for $10.9 million.

•In March 2022, DataBank acquired four colocation data centers in Houston, Texas for $670 million. The acquisition was funded by a combination of $262.5 million of debt and $407.5 million of equity, of which the Company's share was $87.0 million.

•In February 2022, DataBank acquired a data center in Denver that was previously leased by its zColo subsidiary for $17.6 million.

2021

•In February 2021, DataBank acquired five data centers in its zColo portfolio in France for $33.0 million.

•In the third quarter of 2021, DataBank and its zColo subsidiary each acquired a building in the U.S. for a combined $38.5 million, to be redeveloped into data centers.

Tower Assets

In June 2022, the Company acquired the mobile telecommunications tower business (“TowerCo”) of Telenet Group Holding NV (Euronext Brussels: TNET) for €740.1 million or $791.3 million (including transaction costs). The assets acquired included owned tower sites, tower sites subject to third party leases, equipment, and customer relationships. The third party leases give rise to right-of-use lease assets and corresponding lease liabilities. The customer relationships intangible primarily relates to a master lease agreement with Telenet as lessee. The acquisition was funded through $326.1 million of debt, $278.1 million of equity from the Company, and $213.8 million in third party equity. In addition to the purchase price, the funds were used to finance transaction costs, debt issuance costs, working capital and as operating cash. This investment is intended to be transferred to a new investment vehicle to be sponsored by the Company and is presented within Corporate and Other in Note 19.

Allocation of Consideration Transferred


	Asset Acquisitions
	2022						2021
(In thousands)	TowerCo		Acquisitions by DataBank / zColo US		Vantage SDC Expansion Capacity		Vantage SDC Expansion Capacity and Add-On Acquisition		Acquisitions by DataBank / zColo US		zColo France







Assets acquired and liabilities assumed

Real estate	$	363,121	$	627,474	$	105,691	$	479,587	$	38,500	$	26,083

Intangible assets	673,218		77,885		18,028		82,603		—		8,702
ROU and other assets	234,462		3,994		—		—		—		9,536

Deferred tax liabilities	(243,223)		—		—		—		—		—
Intangible, lease and other liabilities	(236,324)		(2,839)		—		(56,889)		—		(11,303)
Fair value of net assets acquired	$	791,254	$	706,514	$	123,719	$	505,301	$	38,500	$	33,018

•Real estate was valued based upon (i) current replacement cost for buildings in an as-vacant state and improvements, estimated using construction cost guidelines; (ii) current replacement cost for data center infrastructure by applying an estimated cost per kilowatt based upon current capacity of each location and also considering the associated indirect costs such as design, engineering, construction and installation; (iii) current replacement cost for towers in consideration of their remaining economic life; and (iv) recent comparable sales or current listings for land. Useful lives of real estate acquired range from 35 to 50 years for buildings and improvements, 15 to 20 years for site improvements, 11 to 71 years for towers and related equipment, and 11 to 20 years for data center infrastructure.

•Lease-related intangibles for real estate acquisitions were composed of the following:

•In-place leases reflect the value of rental income forgone if the properties had been acquired vacant, and the leasing commissions, legal and marketing costs that would have been incurred to lease up the properties, discounted at rates between 4.75% and 6.8%, with remaining lease terms ranging between 1 and 15 years.

•Above- and below-market leases represent the rent differential for the remaining lease term between contractual rents of acquired leases and market rents at the time of acquisition, discounted at rates between 6.0% and 11.25% with remaining lease terms ranging between 1 and 4 years.

•Tenant relationships represent the estimated net cash flows attributable to the likelihood of lease renewal by an existing tenant relative to the cost of obtaining a new lease, taking into consideration the estimated time it would require to execute a new lease or backfill a vacant space, discounted at rates between 4.75% and 11.5%, with estimated useful lives between 5 and 15 years.

•Customer service contracts were valued based upon estimated net cash flows generated from the zColo customer service contracts that would have been forgone if such contracts were not in place, taking into consideration the time it would require to execute a new contract, with remaining term of the contracts ranging between 1 and 15 years.

•Customer relationship intangible assets for towers were valued as the estimated future cash flows to be generated over the life of the tenant relationships based upon rental rates, operating costs, expected renewal terms and attrition, discounted at 6.8%, with estimated useful lives between 19 and 45 years.

•Deferred tax liabilities were recognized for the book-to-tax basis difference associated with the TowerCo acquisition.

•Other assets acquired and liabilities assumed include primarily lease ROU assets associated with leasehold data centers and ground space hosting tower communication sites, along with corresponding lease liabilities. Lease liabilities were measured based upon the present value of future lease payments over the lease term, discounted at the incremental borrowing rate of the respective acquiree entities. Other liabilities in 2021 also included a deferred purchase consideration associated with the Vantage SDC add-on acquisition.

Purchase Commitment

Infrastructure Investment Management Platform

In April 2022, the Company entered into a definitive agreement to acquire the global infrastructure equity investment management business of AMP Capital Investors International Holdings Limited ("AMP Capital"). Consideration for the acquisition consists of: (i) an upfront amount of A$458 million ($314 million at September 30, 2022 spot rate), subject to certain customary adjustments; and (ii) a contingent amount of up to A$180 million ($125 million at September 30, 2022 spot rate), primarily based upon future fundraising for AMP Capital's global infrastructure funds. The transaction is expected to close in the fourth quarter of 2022, subject to customary closing conditions, including regulatory approvals. There is no assurance that the acquisition will close in the timeframe contemplated or on the terms anticipated, if at all.

Real Estate (Tables)

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Schedule of Components of Real Estates

The following table summarizes the Company's real estate held for investment.


(In thousands)	September 30, 2022		December 31, 2021
Land	$	257,499	$	206,588
Buildings and improvements	1,555,396		1,295,204

Data center infrastructure	4,302,733		3,785,561

Towers and equipment	332,797		—
Construction in progress	341,760		77,014
	6,790,185		5,364,367
Less: Accumulated depreciation	(648,770)		(392,083)
Real estate assets, net	$	6,141,415	$	4,972,284

Schedule of Components of Property Operating Income

Components of property operating income are as follows.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Lease income:
Fixed lease income	$	195,701	$	153,173	$	537,213	$	454,560
Variable lease income	29,453		22,065		86,668		68,152
	225,154		175,238		623,881		522,712
Data center service revenue	19,182		19,616		57,217		50,129
	$	244,336	$	194,854	$	681,098	$	572,841

Earnings per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per Share

15. Earnings per Share

The following table provides the basic and diluted earnings per common share computations.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2022		2021		2022		2021
Net income (loss) allocated to common stockholders
Loss from continuing operations	$	(94,598)	$	(40,935)	$	(384,194)	$	(183,451)
Loss from continuing operations attributable to noncontrolling interests	60,516		34,157		189,096		96,810
Loss from continuing operations attributable to DigitalBridge Group, Inc.	(34,082)		(6,778)		(195,098)		(86,641)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(15,006)		68,135		(122,109)		(221,036)

Preferred stock repurchases/redemptions (Note 9)	1,098		(2,865)		1,098		(2,865)
Preferred dividends	(15,283)		(17,456)		(46,801)		(54,488)
Net income (loss) attributable to common stockholders	(63,273)		41,036		(362,910)		(365,030)
Net income allocated to participating securities	(17)		(736)		(17)		—
Net income (loss) allocated to common stockholders—basic	(63,290)		40,300		(362,927)		(365,030)
Interest expense attributable to convertible and exchangeable notes (1)	—		—		—		—
Net income (loss) allocated to common stockholders—diluted	$	(63,290)	$	40,300	$	(362,927)	$	(365,030)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic	162,398		121,458		153,028		120,041
Weighted average effect of dilutive shares (1)(2)(3)	—		—		—		—
Weighted average number of common shares outstanding—diluted	162,398		121,458		153,028		120,041
Income (loss) per share—basic
Loss from continuing operations	$	(0.30)	$	(0.23)	$	(1.57)	$	(1.20)
Income (loss) from discontinued operations	(0.09)		0.56		(0.80)		(1.84)
Net income (loss) attributable to common stockholders per common share—basic	$	(0.39)	$	0.33	$	(2.37)	$	(3.04)
Income (loss) per share—diluted
Loss from continuing operations	$	(0.30)	$	(0.23)	$	(1.57)	$	(1.20)
Income (loss) from discontinued operations	(0.09)		0.56		(0.80)		(1.84)
Net income (loss) attributable to common stockholders per common share—diluted	$	(0.39)	$	0.33	$	(2.37)	$	(3.04)

__________

Fair Value - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Available-for-Sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	$ 0	$ 0
Purchases, originations, drawdowns and contributions	50,927	0
Paydowns, distributions and sales	0	0
Transfer of warehoused loans to sponsored fund	0
Consolidation of sponsored fund	0
Change in accounting method for equity interest		0
Change in accrued interest and capitalization of paid-in-kind interest	0	0
Realized and unrealized gain (loss) in earnings, net	0	0
Fair value, ending	50,927	0
Net unrealized gains (losses) in earnings on instruments held	0	0
Loans held for investment, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	82,930	36,798
Purchases, originations, drawdowns and contributions	371,415	61,026
Paydowns, distributions and sales	(159,501)	(78)
Transfer of warehoused loans to sponsored fund	83,083
Consolidation of sponsored fund	0
Change in accounting method for equity interest		0
Change in accrued interest and capitalization of paid-in-kind interest	4,491	1,053
Realized and unrealized gain (loss) in earnings, net	(41,863)	(436)
Fair value, ending	174,389	98,363
Net unrealized gains (losses) in earnings on instruments held	(38,649)	18
Equity Method Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	0	28,540
Purchases, originations, drawdowns and contributions	0	0
Paydowns, distributions and sales	0	(9,174)
Transfer of warehoused loans to sponsored fund	0
Consolidation of sponsored fund	0
Change in accounting method for equity interest		(27,626)
Change in accrued interest and capitalization of paid-in-kind interest	0	0
Realized and unrealized gain (loss) in earnings, net	0	8,260
Fair value, ending	0	0
Net unrealized gains (losses) in earnings on instruments held	0	0
Equity Investment of Consolidated Fund
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	0	0
Purchases, originations, drawdowns and contributions	0	0
Paydowns, distributions and sales	0	0
Transfer of warehoused loans to sponsored fund	0
Consolidation of sponsored fund	10,536
Change in accounting method for equity interest		0
Change in accrued interest and capitalization of paid-in-kind interest	0	0
Realized and unrealized gain (loss) in earnings, net	673	0
Fair value, ending	11,209	0
Net unrealized gains (losses) in earnings on instruments held	$ 673	$ 0

Segment Reporting - Narrative (Details) $ in Millions	3 Months Ended		5 Months Ended	9 Months Ended
Segment Reporting - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	May 31, 2022	Sep. 30, 2022 USD ($) segment portfolioCompany	Sep. 30, 2021 USD ($)	Dec. 31, 2021
Segment Reporting Information [Line Items]
Number of reportable segments \| segment				2
Number of companies in which the company has equity interest \| portfolioCompany				2
Digital Investment Management \| Investor
Segment Reporting Information [Line Items]
Revenue, percentage of earnings			31.50%
Digital Investment Management \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Property management fee revenue \| $	$ 0.8	$ 1.6		$ 2.4	$ 4.9
Digital Operating \| zColo Colocation Data Centers
Segment Reporting Information [Line Items]
Ownership percentage	13.50%			13.50%		20.00%
Digital Operating \| Vantage SDC Expansion Capacity
Segment Reporting Information [Line Items]
Ownership percentage	13.00%			13.00%		13.00%

Equity-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

17. Equity-Based Compensation

The DigitalBridge Group, Inc. 2014 Omnibus Stock Incentive Plan (the "Equity Incentive Plan") provides for the grant of restricted stock, performance stock units ("PSUs"), Long Term Incentive Plan ("LTIP") units, restricted stock units ("RSUs"), deferred stock units ("DSUs"), options, warrants or rights to purchase shares of the Company's common stock, cash incentives and other equity-based awards to the Company's officers, directors (including non-employee directors), employees, co-employees, consultants or advisors of the Company or of any parent or subsidiary who provides services to the Company. Shares reserved for the issuance of awards under the Equity Incentive Plan are subject to equitable adjustment upon the occurrence of certain corporate events, provided that this number automatically increases each January 1st by 2% of the outstanding number of shares of the Company’s class A common stock on the immediately preceding December 31st. At September 30, 2022, an aggregate 21.3 million shares of the Company's class A common stock were reserved for the issuance of awards under the Equity Incentive Plan.

Restricted Stock—Restricted stock awards in the Company's class A common stock are granted to senior executives, directors and certain employees, generally subject to a service condition only, with annual time-based vesting in equal tranches over a three-year period. Restricted stock is entitled to dividends declared and paid on the Company's class A common stock and such dividends are not forfeitable prior to vesting of the award. Restricted stock awards are valued based on the Company's class A common stock price on grant date and equity-based compensation expense is recognized on a straight-line basis over the requisite service period.

Restricted Stock Units—RSUs in the Company's class A common stock are subject to a performance condition. Vesting of performance-based RSUs occur upon achievement of certain Company-specific metrics over a performance measurement period. Only vested RSUs are entitled to accrued dividends declared and paid on the Company's class A common stock during the time period the RSUs are outstanding. Fair value of RSUs are based on the Company's class A common stock price on grant date. Equity-based compensation expense is recognized when it becomes probable that the performance condition will be met.

Performance Stock Units—PSUs are granted to senior executives and certain employees, and are subject to both a service condition and a market condition. Following the end of the measurement period, the recipients of PSUs who remain employed will vest in, and be issued a number of shares of the Company's class A common stock, generally

ranging from 0% to 200% of the number of PSUs granted and determined based upon the performance of the Company's class A common stock relative to that of a specified peer group over a three-year measurement period (such measurement metric the "total shareholder return"). In addition, recipients of PSUs whose employment is terminated after the first anniversary of their PSU grant are eligible to vest in a portion of the PSU award following the end of the measurement period based upon achievement of the total shareholder return metric applicable to the award. PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period.

Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:


	2022 PSU Grants	2021 PSU Grants	2020 PSU Grants
Expected volatility of the Company's class A common stock (1)	32.4%	35.4%	34.1%
Expected annual dividend yield (2)	0.0%	0.0%	9.3%
Risk-free rate (per annum) (3)	2.0%	0.3%	0.4%

__________

(1) Based upon the historical volatility of the Company's stock and those of a specified peer group.

(3) Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the remaining measurement period of the award as of valuation date.

Fair value of PSU awards, excluding dividend equivalent rights, is recognized on a straight-line basis over their measurement period as compensation expense, and is not subject to reversal even if the market condition is not achieved. The dividend equivalent right is accounted for as a liability-classified award. The fair value of the dividend equivalent right is recognized as compensation expense on a straight-line basis over the measurement period, and is subject to adjustment to fair value at each reporting period.

LTIP Units—LTIP units are units in the Operating Company that are designated as profits interests for federal income tax purposes. Unvested LTIP units that are subject to market conditions do not accrue distributions. Each vested LTIP unit is convertible, at the election of the holder (subject to capital account limitation), into one common OP Unit and upon conversion, subject to the redemption terms of OP Units (Note 9).

LTIP units issued have either (1) a service condition only, valued based upon the Company's class A common stock price on grant date; or (2) both a service condition and a market condition based upon the Company's class A common stock achieving a target price over a predetermined measurement period, subject to continuous employment to the time of vesting, and valued using a Monte Carlo simulation.

The following assumptions were applied in the Monte Carlo model under a risk-neutral premise:


	2022 LTIP Grant	2019 LTIP Grant (1)
Expected volatility of the Company's class A common stock (2)	34.0%	28.3%
Expected dividend yield (3)	0.0%	8.1%
Risk-free rate (per annum) (4)	3.6%	1.8%

__________

(2) Based upon historical volatility of the Company's stock and those of a specified peer group.

(4) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the measurement period of the award as of valuation date.

Equity-based compensation cost on LTIP units is recognized on a straight-line basis either over (1) the service period for awards with a service condition only; or (2) the derived service period for awards with both a service condition and a market condition, irrespective of whether the market condition is satisfied. The derived service period is a service period that is inferred from the application of the simulation technique used in the valuation of the award, and represents the median of the terms in the simulation in which the market condition is satisfied.

Deferred Stock Units—Certain non-employee directors may elect to defer the receipt of annual base fees and/or restricted stock awards, and in lieu, receive awards of DSUs. DSUs awarded in lieu of annual base fees are fully vested on their grant date, while DSUs awarded in lieu of restricted stock awards vest one year from their grant date. DSUs are entitled to a dividend equivalent, in the form of additional DSUs based on dividends declared and paid on the Company's class A common stock, subject to the same restrictions and vesting conditions, where applicable. Upon separation of service from the Company, vested DSUs will be settled in shares of the Company’s class A common stock. Fair value of DSUs are determined based on the price of the Company's class A common stock on grant date and recognized immediately if fully vested upon grant, or on a straight-line basis over the vesting period as equity based compensation expense and equity.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Compensation expense (including $16, $50, $229 and $1,164 related to dividend equivalent rights)	$	8,576	$	6,914	$	27,226	$	30,593

Changes in the Company’s unvested equity awards are summarized below, after giving effect to the Company's one-for-four reverse stock split in August 2022.


							Weighted Average Grant Date Fair Value
	Restricted Stock	LTIP Units (1)	DSUs	RSUs (2)	PSUs (3)	Total	PSUs		All Other Awards
Unvested shares and units at December 31, 2021	2,047,566	2,615,314	25,437	2,397,391	2,621,850	9,707,558	$	14.74	$	10.05
Granted	1,098,185	125,000	54,217	—	185,674	1,463,076	30.48		25.05
Vested	(1,428,765)	(115,314)	(59,616)	—	(382,589)	(1,986,284)	17.48		18.04
Forfeited	(29,418)	—	—	—	(535,348)	(564,766)	7.31		26.02
Unvested shares and units at September 30, 2022	1,687,568	2,625,000	20,038	2,397,391	1,889,587	8,619,584	17.84		10.92

__________

Fair value of equity awards that vested, determined based upon their respective fair values at vesting date, was $4.2 million and $7.5 million for the three months ended September 30, 2022 and 2021, respectively, and $53.3 million and $61.1 million for the nine months ended September 30, 2022 and 2021, respectively.

At September 30, 2022, aggregate unrecognized compensation cost for all unvested equity awards was $41.8 million, which is expected to be recognized over a weighted average period of 2.1 years. This excludes $25.1 million of unvested RSUs that are not currently probable of achieving their performance conditions and have a remaining performance measurement period of 1.6 years.

Awards Granted by Managed Companies

Prior to the termination of the Company’s management agreement with BRSP on April 30, 2021, BRSP granted equity awards to the Company and certain of the Company's employees ("managed company awards") that typically vest over a three-year period, subject to service conditions. Generally, the Company granted the managed company awards that it received in its capacity as manager to its employees with substantially the same terms and service requirements. Such grants were made at the discretion of the Company, and the Company may consult with the board of directors or compensation committee of BRSP as to final allocation of awards to its employees.

Managed company awards granted to the Company, pending grant by the Company to its employees, are recognized based upon their fair value at grant date as other asset and other liability on the consolidated balance sheet. The deferred revenue liability is amortized into other income as the awards vest to the Company.

Managed company awards granted to employees, either directly or through the Company, are recorded as other asset and other liability, and amortized on a straight-line basis as equity-based compensation expense and as other income, respectively, as the awards vest to the employees. The other asset and other liability associated with managed company awards granted to employees are subject to adjustment to fair value at each reporting period, with changes reflected in equity-based compensation and other income, respectively.The BRSP equity awards granted by the Company to its employees fully vested and accelerated upon termination of the management contract in April 2021. Equity-based compensation expense related to managed company awards was $5.3 million in 2021, with a corresponding amount recognized in other income, all of which were reflected in discontinued operations (Note 12).

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fixed lease income
Revenue from External Customer [Line Items]
Income	$ 195,701	$ 153,173	$ 537,213	$ 454,560
Variable lease income
Revenue from External Customer [Line Items]
Income	29,453	22,065	86,668	68,152
Lease income:
Revenue from External Customer [Line Items]
Income	225,154	175,238	623,881	522,712
Data center service revenue
Revenue from External Customer [Line Items]
Income	19,182	19,616	57,217	50,129
Property operating income
Revenue from External Customer [Line Items]
Income	$ 244,336	$ 194,854	$ 681,098	$ 572,841

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Real Estate - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Real Estate - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue Benchmark \| Customer Concentration Risk \| Parent
Real Estate [Line Items]
Tenant concentration			8.00%	8.00%
Tenant \| Revenue Benchmark \| Customer Concentration Risk
Real Estate [Line Items]
Tenant concentration			18.00%	16.00%
Property operating income \| Held for investment
Real Estate [Line Items]
Depreciation	$ 91.3	$ 69.7	$ 257.7	$ 211.3

Fee Income - Summary of Fee Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Management fees
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 40,697	$ 47,719	$ 126,447	$ 115,185
Other fees
Related Party Transaction [Line Items]
Revenue from contract with customer	566	1,194	1,969	3,245
Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	41,263	50,226	128,418	124,826
Affiliated Entity \| Incentive fees
Related Party Transaction [Line Items]
Revenue from contract with customer	0	1,313	2	6,396
Affiliated Entity \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 40,350	$ 49,934	$ 125,757	$ 120,332

- Definition

+ References

+ Details

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	14. Variable Interest Entities A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. The following discusses the Company's involvement with VIEs where the Company is the primary beneficiary and consolidates the VIEs or where the Company is not the primary beneficiary and does not consolidate the VIEs. Operating Subsidiary The Company's operating subsidiary, OP, is a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in OP, acts as the managing member of OP and exercises full responsibility, discretion and control over the day-to-day management of OP. The noncontrolling interests in OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render OP to be a VIE. The Company, as managing member, has the power to direct the core activities of OP that most significantly affect OP's performance, and through its majority interest in OP, has both the right to receive benefits from and the obligation to absorb losses of OP. Accordingly, the Company is the primary beneficiary of OP and consolidates OP. As the Company conducts its business and holds its assets and liabilities through OP, the total assets and liabilities of OP represent substantially all of the total consolidated assets and liabilities of the Company. Company-Sponsored Private Funds The Company sponsors private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and carried interest. These private funds are established as limited partnerships or equivalent structures. Limited partners of the private funds do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of limited partners or by a single limited partner. Accordingly, the absence of such rights, which represent voting rights in a limited partnership, results in the private funds being considered VIEs. The nature of the Company's involvement with its sponsored funds comprise fee arrangements and general partner and limited partner equity interests. The fee arrangements are commensurate with the level of management services provided by the Company, and contain terms and conditions that are customary to similar at-market fee arrangements. Consolidated Company-Sponsored Private Funds—The Company currently consolidates sponsored private funds in which it has more than an insignificant equity interest in the fund as general partner. As a result, the Company is considered to be acting in the capacity of a principal of the sponsored private fund and is therefore the primary beneficiary of the fund. The Company’s exposure is limited to the value of its outstanding investment in the consolidated private funds of $46.5 million at September 30, 2022 and $53.1 million at December 31, 2021. The Company, as general partner, is not obligated to provide any financial support to the consolidated private funds. At September 30, 2022 and December 31, 2021, the consolidated private funds had total assets of $228.8 million and $230.6 million, respectively, and total liabilities of $87.0 million and $63.0 million, respectively, made up primarily of cash, marketable equity securities, unsettled trades, other equity investment and debt. Unconsolidated Company-Sponsored Private Funds—The Company does not consolidate its sponsored private funds where it has insignificant direct equity interests or capital commitments to these funds as general partner. The Company may invest alongside certain of its sponsored private funds through joint ventures between the Company and these funds, or the Company may have capital commitments to its sponsored private funds that are satisfied directly through the co-investment joint ventures as an affiliate of the general partner. In these instances, the co-investment joint ventures are consolidated by the Company. As the Company's direct equity interests in its sponsored private funds as general partner absorb insignificant variability, the Company is considered to be acting in the capacity of an agent of these funds and is therefore not the primary beneficiary of these funds. The Company accounts for its equity interests in unconsolidated sponsored private funds under the equity method. The Company's maximum exposure to loss is limited to the carrying value of its investment in the unconsolidated sponsored private funds, totaling $499.6 million at September 30, 2022 and $382.7 million at December 31, 2021, included in equity investments, and $1.1 million at September 30, 2022 and $45.4 million at December 31, 2021, included within assets held for disposition. Securitizations The Company previously securitized loans receivable and CRE debt securities using VIEs. Upon securitization, the Company had retained beneficial interests in the securitization vehicles, usually in the form of equity tranches or subordinate securities. The securitization vehicles were structured as pass-through entities that receive principal and interest on the underlying loans or debt securities and distribute those payments to the holders of the notes, certificates or bonds issued by the securitization vehicles. The loans and debt securities were transferred into securitization vehicles such that these assets were restricted and legally isolated from the creditors of the Company, and therefore were not available to satisfy the Company's obligations but only the obligations of the securitization vehicles. The obligations of the securitization vehicles did not have any recourse to the general credit of the Company and its other subsidiaries. The Company also acquired securities issued by securitization trusts that are VIEs. Unconsolidated Securitizations—The Company does not consolidate the assets and liabilities of CLOs or CDOs in which the Company has an interest but does not retain the collateral management function. The Company’s exposure to loss is limited to its investment in these CLOs of $50.9 million at September 30, 2022, or CDOs of $30.2 million at December 31, 2021, previously presented as debt securities within assets held for disposition prior to disposition of the CDOs in February 2022 (Note 11). Trusts Prior to the sale of NRF Holdco in February 2022, wholly-owned subsidiaries of NRF Holdco that were formed as statutory trusts, NorthStar Realty Finance Trust I through VIII (the “Trusts”), previously issued trust preferred securities ("TruPS") in private placement offerings and used the proceeds to purchase junior subordinated notes to evidence loans made to NRF Holdco. The sole assets of the Trusts consisted of a like amount of junior subordinated notes issued by the Issuer at the time of the offerings (the "Junior Notes"). Neither the Company nor the OP was an obligor or guarantor on the Junior Notes or the TruPS. The Company had owned all of the common stock of the Trusts but did not consolidate the Trusts as the holders of the preferred securities issued by the Trusts were the primary beneficiaries of the Trusts. The Company had accounted for its interest in the Trusts under the equity method and its maximum exposure to loss was limited to its investment carrying value of $3.7 million at December 31, 2021. The Trusts were recorded as equity investments and the junior subordinated notes as debt, both previously classified as held for disposition (Note 11)

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued and Other Liabilities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred income	$ 57,308,000		$ 57,308,000		$ 37,143,000
Interest payable	14,682,000		14,682,000		14,870,000
Derivative liabilities	12,493,000		12,493,000		0
Stock repurchase payable	5,604,000		5,604,000		0
Securities sold short—consolidated funds	35,068,000		35,068,000		37,970,000
Current and deferred income tax liability	223,988,000		223,988,000		2,016,000
Contingent consideration payable (Note 10)	125,000,000		125,000,000		0
Warrants issued to Wafra (Note 10)	24,000,000		24,000,000		0
Operating lease liability	513,200,000		513,200,000		342,510,000
Finance lease liability	137,458,000		137,458,000		142,777,000
Accrued compensation	46,213,000		46,213,000		64,100,000
Accrued incentive fee and carried interest compensation	90,888,000		90,888,000		67,258,000
Accrued real estate and other taxes	27,261,000		27,261,000		10,523,000
Payable for Vantage SDC expansion capacity (Note 3)	99,917,000		99,917,000		55,896,000
Accounts payable and accrued expenses	188,658,000		188,658,000		121,931,000
Other liabilities	60,868,000		60,868,000		31,048,000
Accrued and other liabilities	1,662,606,000		1,662,606,000		928,042,000
Deferred asset management fee income	5,600,000		5,600,000		$ 6,000,000
Deferred investment management fees recognized	$ 600,000	$ 100,000	$ 3,100,000	$ 300,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fee income, weighted-average recognition period					3 years 2 months 12 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fee income, weighted-average recognition period	3 years 3 months 18 days		3 years 3 months 18 days

Noncontrolling Interests

9 Months Ended

Sep. 30, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interests

10. Noncontrolling Interests

Redeemable Noncontrolling Interests

The following table presents the activity in redeemable noncontrolling interests in the Company's digital investment management business through redemption in May 2022, as discussed below, and in open-end funds sponsored and consolidated by the Company.


	Nine Months Ended September 30,
(In thousands)	2022		2021
Redeemable noncontrolling interests
Beginning balance	$	359,223	$	305,278
Contributions	11,650		41,014
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(20,119)		(13,865)
Net income (loss)	(31,989)		15,743
Adjustment of Wafra's interest to redemption value and warrants held by Wafra to fair value	725,026		—
Redemption of Wafra's interest	(862,276)		—
Reclassification of warrants held by Wafra to liability in May 2022 (Note 7)	(81,400)		—
Reclassification of Wafra's carried interest allocation to noncontrolling interests in investment entities in May 2022	(4,087)		—

Ending balance	$	96,028	$	348,170

Redeemable Noncontrolling Interest in the Company's Digital Investment Management Business

Strategic Investment in 2020

In July 2020, the Company formed a strategic partnership with affiliates of Wafra, Inc. (collectively, "Wafra"), a private investment firm and a global partner for alternative asset managers, in which Wafra made a minority investment in substantially all of the Company's Digital IM business. The investment entitled Wafra to participate in approximately 31.5% of the net management fees and carried interest generated by the Digital IM business.

Pursuant to this strategic partnership, Wafra assumed directly and also indirectly through a participation interest $124.9 million of the Company's commitments to DBP I, and has a $125.0 million commitment to DBP II that has been partially funded to-date. Wafra had also agreed to make commitments to the Company's future digital funds and investment vehicles on a pro rata basis with the Company based on Wafra's percentage interest in the Digital IM business, subject to certain caps.

In addition, the Company issued Wafra five warrants to purchase up to an aggregate of 5% of the Company’s class A common stock (5% at the time of the transaction, on a fully-diluted, post-transaction basis). Each warrant entitles Wafra to purchase up to 1,338,000 shares of the Company's class A common stock at staggered strike prices between $9.72 and $24.00 each, exercisable through July 17, 2026. No warrants have been exercised to-date.

Wafra paid cash consideration of $253.6 million at closing in exchange for its investment in the Digital IM business and for the warrants. As previously agreed, Wafra paid additional consideration of $29.9 million in April 2021 based upon the Digital IM business having achieved a minimum run-rate of earnings before interest, tax, depreciation and amortization (as defined for the purpose of this computation) of $72.0 million as of December 31, 2020. The Compensation Committee of the Board of Directors had approved an allocation of 50% of the contingent consideration received from Wafra as additional bonus compensation to management, to be paid on behalf of certain employees to fund a portion of their share of capital contributions to the DBP funds as capital calls are made for these funds. Compensation expense is recognized over time based upon an estimated timeline for deployment of capital by the funds, which will correspond to the timing of capital calls to be funded by the Company on behalf of management.

Wafra had customary minority rights and certain other structural protections designed to protect its interests, including redemption rights with respect to its investment in the Digital IM business and its funded commitments in certain digital funds. Wafra's redemption rights were subject to triggering events, including key person or cause events under the governing documents of certain digital funds.

Redemption of Strategic Investment in 2022

On May 23, 2022, pursuant to a purchase and sale agreement ("PSA") entered into with Wafra in April 2022: (a) the Company acquired Wafra's 31.5% interest in the Digital IM business; (b) Wafra’s entitlement to carried interest in DBP II was reduced from 12.6% to 7%; and (c) with certain limited exceptions, Wafra sold or gave up its right to invest in, or

receive carried interest from, future investment management products, but except as otherwise provided, retained its investment in and its allocation of carried interest from existing investment management products.

Consideration for the redemption of Wafra's interest consisted of: (i) an upfront payment of $388.5 million in cash (after certain net cash adjustments) and 14,435,399 shares of the Company's Class A common stock valued at $348.8 million based upon the closing price of the Company's class A common stock on May 23, 2022; and (ii) the right to earn a contingent amount between $90 million and $125 million if the Company raises fee earning equity under management (as defined in the PSA) between $4 billion and $6 billion during the period from December 31, 2021 to December 31, 2023, payable in March 2023 and/or March 2024, with up to 50% payable in shares of the Company's Class A common stock at the Company's election.

The carrying value of Wafra's redeemable noncontrolling interest was adjusted to fair value prior to redemption, initially based upon an estimate of consideration payable at March 31, 2022 when redemption was deemed to be probable, including the maximum potential contingent amount of $125 million. This adjustment resulted in an allocation from additional paid-in capital to redeemable noncontrolling interests on the consolidated balance sheet.

Additionally, the unrealized carried interest earnings allocated to Wafra that was retained and no longer subject to redemption was reclassified in May 2022 to permanent equity, included in noncontrolling interests in investment entities.

In connection with the redemption, the terms of the warrants previously issued to Wafra were amended, among other things, to provide for net cash settlement upon exercise of the warrants, at election of either the Company or Wafra, if such exercise would result in Wafra beneficially owning in excess of 9.8% of the issued and outstanding shares of the Company's class A common stock. Inclusion of the cash settlement feature changed the classification of the warrants from equity to liability. The warrants were remeasured to fair value prior to reclassification in May 2022, with the increase in value recorded in equity to reduce additional paid-in capital. Subsequent changes in fair value of the warrant liability is recorded in earnings (Note 13).

Following the redemption, the Chief Investment Officer of Wafra, Adel Alderbas, will serve as a senior advisor to the Company for a period of three years.

Noncontrolling Interests in Investment Entities

DataBank Additional Investment

In January 2022, a shareholder of DataBank sold its equity interest to the Company and an existing investor, resulting in an additional $32.0 million investment by the Company in DataBank. Following this transaction and additional equity funded by the shareholders of DataBank in connection with its data center acquisition in March 2022 (Note 3), the Company's interest in DataBank increased from 20% to 21.8%.

DataBank Recapitalization

The first stage of the recapitalization of DataBank closed in August 2022, with a sale of the equity interest in DataBank to new investors for $1.5 billion in cash. The Company's ownership interest in DataBank decreased from 21.8% to 13.5%. The Company's share of proceeds from the sale was $317.8 million, including its share of carried interest net of allocation to employees.

As the transaction involved a change in ownership of a consolidated subsidiary, it was accounted for as an equity transaction. After the August 2022 closing, the difference between the book value of the Company's interest and its ownership based upon the current value of DataBank resulted in a reallocation from noncontrolling interests in investment entities to additional paid-in capital of $170.8 million.

In October 2022, there was a second closing of the recapitalization, with additional equity interests sold to new investors for $220.2 million. The Company's share of proceeds was $47.8 million, including its share of carried interest net of allocation to employees. The Company's ownership interest in DataBank further decreased to 12.4%.

The recapitalization transaction triggered an accelerated vesting of certain profits interest units that had been issued by DataBank to its employees. As a result, $10 million of additional equity based compensation was recorded in the third quarter of 2022 based upon DataBank's original grant date fair value of these awards, of which $7.8 million was attributed to noncontrolling interests in investment entities.

Noncontrolling Interests in Operating Company

Certain current and former employees of the Company directly or indirectly own interests in OP, presented as noncontrolling interests in the Operating Company. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s 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 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.Redemption of OP Units—The Company redeemed 100,220 OP Units during the nine months ended September 30, 2022 and 501,341 during the year ended December 31, 2021 through the issuance of an equal number of shares of class A common stock on a one-for-one basis

Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares
Net income (loss) allocated to common stockholders
Loss from continuing operations	$ (94,598)	$ (40,935)	$ (384,194)	$ (183,451)
Loss from continuing operations attributable to noncontrolling interests	60,516	34,157	189,096	96,810
Loss from continuing operations attributable to DigitalBridge Group, Inc.	(34,082)	(6,778)	(195,098)	(86,641)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(15,006)	68,135	(122,109)	(221,036)
Preferred stock repurchases/redemptions (Note 9)	(1,098)	2,865	(1,098)	2,865
Preferred dividends	(15,283)	(17,456)	(46,801)	(54,488)
Net income (loss) attributable to common stockholders	(63,273)	41,036	(362,910)	(365,030)
Net income allocated to participating securities	(17)	(736)	(17)	0
Net income (loss) allocated to common stockholders—basic	(63,290)	40,300	(362,927)	(365,030)
Interest expense attributable to convertible and exchangeable notes	0	0	0	0
Net income (loss) allocated to common stockholders—diluted	$ (63,290)	$ 40,300	$ (362,927)	$ (365,030)
Weighted average common shares outstanding
Weighted average number of common shares outstanding - basic (in shares) \| shares	162,398,000	121,458,000	153,028,000	120,041,000
Weighted average effect of dilutive shares (in shares) \| shares	0	0	0	0
Weighted average number of common shares outstanding - diluted (in shares) \| shares	162,398,000	121,458,000	153,028,000	120,041,000
Income (loss) per share—basic
Loss from continuing operations (in dollars per share) \| $ / shares	$ (0.30)	$ (0.23)	$ (1.57)	$ (1.20)
Income (loss) from discontinued operations (in dollars per share) \| $ / shares	(0.09)	0.56	(0.80)	(1.84)
Net income (loss) attributable to common stockholders per common share - basic (in dollars per share) \| $ / shares	(0.39)	0.33	(2.37)	(3.04)
Income (loss) per share—diluted
Loss from continuing operations (in dollars per share) \| $ / shares	(0.30)	(0.23)	(1.57)	(1.20)
Income (loss) from discontinued operations (in dollars per share) \| $ / shares	(0.09)	0.56	(0.80)	(1.84)
Net income (loss) attributable to common stockholders per common share - diluted (in dollars per share) \| $ / shares	$ (0.39)	$ 0.33	$ (2.37)	$ (3.04)
Conversion ratio			1
Convertible Debt Securities
Income (loss) per share—diluted
Interest expense on convertible note excluded from diluted EPS	$ 4,000	$ 7,600	$ 12,700	$ 23,300
Weighted average dilutive common share (in shares) \| shares	11,698,000	36,064,800	13,307,000	36,090,900
Debt extinguishment loss excluded from diluted EPS			$ 133,200
Performance Shares
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	1,076,000	2,472,800	1,727,000	2,792,700
Common Stock Warrants
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	1,393,000	2,725,900	2,174,000	2,527,800
OP Units
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares			12,629,000	12,988,800

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
OP units to common stock, conversion ratio	1

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,912,390	$ 6,984,590
Ending balance	4,608,689	5,688,270
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	42,383	122,123
Other comprehensive loss before reclassifications	(15,594)	(30,882)
Amounts reclassified from AOCI	(30,845)	(24,361)
Ending balance	(4,056)	66,880
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	2,334	17,718
Other comprehensive loss before reclassifications	(3,790)	(2,948)
Amounts reclassified from AOCI	(200)	(2,998)
Ending balance	(1,656)	11,772
Unrealized Gain (Loss) on AFS Debt Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	5,861	6,072
Other comprehensive loss before reclassifications	0	(297)
Amounts reclassified from AOCI	(5,861)	0
Ending balance	0	5,775
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(233)
Other comprehensive loss before reclassifications	0	0
Amounts reclassified from AOCI	0	233
Ending balance	0	0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	26,502	52,832
Other comprehensive loss before reclassifications	(36,281)	(28,950)
Amounts reclassified from AOCI	(17,016)	(20,221)
Ending balance	(26,795)	3,661
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	7,686	45,734
Other comprehensive loss before reclassifications	24,477	1,313
Amounts reclassified from AOCI	(7,768)	(1,375)
Ending balance	24,395	45,672
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	11,057	97,914
Other comprehensive loss before reclassifications	(29,551)	(58,995)
Amounts reclassified from AOCI	(9,819)	1,840
Ending balance	(28,313)	40,759
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(1,030)
Other comprehensive loss before reclassifications	0	0
Amounts reclassified from AOCI	0	1,030
Ending balance	0	0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	11,057	83,845
Other comprehensive loss before reclassifications	(29,551)	(58,995)
Amounts reclassified from AOCI	(9,819)	810
Ending balance	(28,313)	25,660
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	15,099
Other comprehensive loss before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Ending balance	$ 0	$ 15,099

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 636,366	$ 1,602,102
Restricted cash	134,024	99,121
Real estate, net	6,141,415	4,972,284
Loans receivable (at fair value)	174,389	173,921
Equity and debt investments ($206,758 and $201,912 at fair value)	1,050,356	935,153
Goodwill	761,368	761,368
Deferred leasing costs and intangible assets, net	1,745,560	1,187,627
Assets held for disposition	72,593	3,676,615
Other assets ($30,820 and $944 at fair value)	964,647	740,395
Due from affiliates	60,111	49,230
Total assets	11,740,829	14,197,816
Liabilities
Debt, net	5,325,615	4,860,402
Accrued and other liabilities ($196,561 and $37,970 at fair value)	1,662,606	928,042
Intangible liabilities, net	31,304	33,301
Liabilities related to assets held for disposition	60	3,088,699
Dividends and distributions payable	16,527	15,759
Total liabilities	7,036,112	8,926,203
Commitments and contingencies (Note 20)
Redeemable noncontrolling interests	96,028	359,223
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $827,779 and $883,500 liquidation preference; 250,000 shares authorized; 33,111 and 35,340 shares issued and outstanding	800,355	854,232
Additional paid-in capital	7,793,492	7,820,807
Accumulated deficit	(6,941,658)	(6,576,180)
Accumulated other comprehensive income	(4,056)	42,383
Total stockholders’ equity	1,654,659	2,146,934
Noncontrolling interests in investment entities	2,890,162	2,653,173
Noncontrolling interests in Operating Company	63,868	112,283
Total equity	4,608,689	4,912,390
Total liabilities, redeemable noncontrolling interests and equity	11,740,829	14,197,816
Class A Common Stock
Stockholders’ equity:
Common stock, $0.04 par value per share	6,519	5,685
Class B Common Stock
Stockholders’ equity:
Common stock, $0.04 par value per share	$ 7	$ 7

Equity and Debt Investments

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Equity and Debt Investments

5. Equity and Debt Investments

The Company's equity and debt investments, excluding investments held for disposition (Note 11), are represented by the following:


(In thousands)	September 30, 2022		December 31, 2021
Equity investments
Equity method investments
BrightSpire Capital, Inc. (BRSP) (1)	$	220,793	$	284,985
Company-sponsored private funds—equity investment in funds	305,833		270,737
Company-sponsored private funds—carried interest	193,758		111,957
Other	4,458		5,417

	724,842		673,096
Other equity investments
Marketable securities (Note 13)	150,028		201,912
Private funds and non-traded REIT	47,289		49,575
Other	77,270		10,570
Total equity investments	999,429		935,153

Debt securities
CLO subordinated notes	50,927		—

Equity and debt investments	$	1,050,356	$	935,153

__________

(1) At December 31, 2021, excluded approximately 461,000 shares and 3.1 million units in BRSP held by NRF Holdco that were included in assets held for disposition (Note 11). NRF Holdco was sold in February 2022.

Equity Investments

The Company's equity investments represent noncontrolling equity interests in various entities, primarily BRSP, interests in the Company's sponsored digital investment vehicles, and marketable securities held largely by private open-end liquid funds sponsored and consolidated by the Company.

For equity method investments, the liabilities of the investment entities may only be settled using the assets of these entities and there is no recourse to the general credit of the Company for the obligations of these entities. The Company is not required to provide financial or other support in excess of its capital commitments, where applicable, and its exposure is limited to its investment balance.

The Company evaluates its equity method investments for other-than-temporary impairment ("OTTI") at each reporting period. In 2021, OTTI was recorded only on equity method investments held for disposition, as discussed in Note 11.

BrightSpire Capital, Inc. (NYSE: BRSP)

At September 30, 2022, the Company owned approximately 35.0 million shares in BRSP for a 27.1% interest in BRSP (29.0% at December 31, 2021, including BRSP shares and units held by NRF Holdco that were disposed in February 2022), accounted for under the equity method as it exercises significant influence over BRSP's operating and financial policies through its substantial ownership interest. In connection with the internalization of BRSP in April 2021, the Company had entered into a stockholders agreement with BRSP, pursuant to which the Company agreed, for so long as the Company owns at least 10% of BRSP's outstanding common shares, to vote in BRSP director elections as recommended by BRSP’s board of directors at any stockholders' meeting that occurs prior to BRSP's 2023 annual stockholders' meeting. In addition, the Company is subject to customary standstill restrictions, including an obligation not to initiate or make stockholder proposals, nominate directors or participate in proxy solicitations, until the beginning of the advance notice window for BRSP's 2023 annual meeting. Except as aforementioned, the Company may vote its shares in its sole discretion in any votes of BRSP’s stockholders and is prohibited from acquiring additional BRSP shares.

Disposition—In August 2021, the Company sold 9,487,500 BRSP shares through a secondary offering by BRSP for net proceeds of approximately $81.8 million, after underwriting discounts. A net gain was recognized in equity method earnings within continuing operations of $7.6 million (including a proportion of basis difference associated with the BRSP shares disposed, as discussed below).

OTTI—In the third quarter of 2022, the Company determined that its investment in BRSP was other-than-temporarily

impaired and recorded an impairment charge, included in equity method losses, of $59.6 million. The Company determined that given the continued market volatility in 2022, its anticipated hold period for its investment in BRSP may not be sufficient to allow for a recovery of BRSP's stock price relative to the Company's carrying value of its investment in BRSP. The OTTI charge was measured as the excess of carrying value over market value of the Company's investment in BRSP based upon BRSP's closing stock price on September 30, 2022, the last trading day of the quarter, of $6.31 per share. Throughout 2021, the fair value of the Company's investment in BRSP was in excess of its carrying value.

As a result of the impairment charge, the carrying value of the Company's investment in BRSP as of September 30, 2022 represents a non-recurring fair value that was measured under the Level 1 fair value hierarchy.

Basis Difference—The Company recorded impairment charges on its investment in BRSP in 2022, 2020 and 2019. This resulted in a basis difference between the Company's carrying value of its investment in BRSP (based upon BRSP's share price at the time of impairment) and the Company's proportionate share of BRSP's book value of equity at the time of impairment. The impairment charges were applied to the Company's investment in BRSP as a whole and were not determined based upon an impairment assessment of individual assets held by BRSP. Therefore, the impairment charges were generally allocated on a relative fair value basis across BRSP's various investments. Accordingly, for any subsequent resolutions or write-downs taken by BRSP on these investments, the Company's share thereof is not recorded as an equity method loss but is applied to reduce the basis difference until such time the basis difference in connection with the respective investments has been fully eliminated. Upon resolution of these investments by BRSP or upon the Company's disposition of its shares in BRSP, the basis difference related to resolved investments or the proportion of basis difference associated with the BRSP shares disposed is applied to calculate the Company's share of net gain or loss resulting from such resolution or disposition. The Company increased its share of net earnings from BRSP by $1.2 million and $41.4 million for the three months ended September 30, 2022 and 2021, respectively, and $17.0 million and $100.5 million for the nine months ended September 30, 2022 and 2021, respectively, representing the basis difference allocated to investments that were resolved or impaired by BRSP during these periods. The basis difference balance at September 30, 2022 was $209.8 million.

Carried Interest

Carried interest represents a disproportionate allocation of returns to the Company, as general partner, based upon the extent to which cumulative performance of a sponsored fund exceeds minimum return hurdles. Carried interest 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 recognized is based upon the cumulative performance of the fund if it were liquidated as of the reporting date. Unrealized carried interest is driven by changes in fair value of the underlying investments of the fund and may be subject to reversal until such time it is realized. Realization of carried interest occurs upon disposition of all underlying investments of the fund, or in part with each disposition.

Generally, carried interest 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, if it is determined that cumulative carried interest distributions have exceeded the final carried interest amount earned, the Company is obligated to return the excess carried interest received. Therefore, carried interest distributions 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. At September 30, 2022, the Company does not have a liability for clawback obligations on distributed carried interest.

With respect to funds that have distributed carried interest, in the event all of their investments are deemed to have no value, the likelihood of which is remote, carried interest distributions subject to clawback as of September 30, 2022 would amount to $51.2 million, of which $45.9 million would be the responsibility of the employee and former employee recipients. For this purpose, a portion of the carried interest allocated is generally held back from these recipients at the time of distribution (Note 7).

The carried interest balances at September 30, 2022 and December 31, 2021 represent unrealized carried interest in connection with sponsored funds that are currently in the early stage of their lifecycle. Carried interest allocation is presented gross of accrued carried interest compensation (Note 7).

Carried Interest Distributed

In the third quarter of 2022, $123.5 million of carried interest was distributed, including $51.2 million that had been previously accrued, recognized in equity method earnings. $103.2 million of the distributed carried interest was allocated to current and former employees and to Wafra (Note 10), of which $45.9 million had been previously accrued, recorded as carried interest compensation and amounts attributable to noncontrolling interests (Note 18).

Investment and Lending Commitments

Sponsored Funds

At September 30, 2022, the Company had unfunded commitments to its sponsored funds.of $141.7 million.

Loans Receivable

At September 30, 2022, the Company's DataBank subsidiary had unfunded lending commitments to a borrower of $24.2 million, of which the Company's share was $3.3 million, net of amounts attributable to noncontrolling interests in investment entities.

Debt Securities

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 totaling $232.7 million, and securitized through the issuance of collateralized loan obligation securities ("CLO"). The corresponding warehouse facility of $172.5 million was repaid by the Company. 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.

At September 30, 2022, the CLO subordinated notes were carried at their recently issued price, which represents their current estimated fair value.


	Amortized Cost without Allowance for Credit Loss		Allowance for Credit Loss		Gross Cumulative Unrealized
(in thousands)					Gains		Losses		Fair Value
September 30, 2022	$	50,927	$	—	$	—	$	—	$	50,927

Equity and Debt Investments - Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost without Allowance for Credit Loss	$ 50,927
Allowance for Credit Loss	0
Gross cumulative unrealized gains	0
Gross cumulative unrealized loss	0
Fair Value	$ 50,927
N-Star CDO Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost without Allowance for Credit Loss		$ 55,041
Allowance for Credit Loss		(24,882)
Gross cumulative unrealized gains		6,372
Gross cumulative unrealized loss		0
Fair Value		$ 36,531

Fair Value

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value

13. Fair Value

Recurring Fair Values

Financial assets and financial liabilities carried at fair value on a recurring basis include financial instruments for which the fair value option was elected, but exclude financial assets under the NAV practical expedient. Fair value is categorized into a three tier hierarchy that is prioritized based upon the level of transparency in inputs used in the valuation techniques, as follows.

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument.

Level 3—At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate.

Marketable Equity Securities

Marketable equity securities with long positions of $150.0 million at September 30, 2022 and $201.9 million at December 31, 2021 (Note 5) and short positions of $35.1 million at September 30, 2022 and $38.0 million at December 31, 2021, included in other liabilities (Note 7), consist of publicly traded equity securities held largely by private open-end funds sponsored and consolidated by the Company. The equity securities of the consolidated funds comprise listed stocks primarily in the U.S. and to a lesser extent, in Europe, and predominantly in the technology, media and telecommunications sectors. These marketable equity securities are valued based upon listed prices in active markets and classified as Level 1 of the fair value hierarchy.

Debt Securities

At September 30, 2022, the CLO subordinated notes were carried at their recently issued price of $50.9 million (Note 5), classified as Level 3 of the fair value hierarchy.

Equity Investment of Consolidated Fund

A consolidated fund, investing alongside other affiliated managed funds, holds an indirect investment in a portfolio of loans. The investment has a fair value of $11.2 million at September 30, 2022, classified as Level 3 of the fair value hierarchy. Fair value was determined based upon discounted cash flow projections of distributions of principal and interest expected to be collected from the underlying loans, which include, but are not limited to, consideration of the financial standing and operating results of the borrowers, and applying a discount rate of 11.1%.

Derivatives

The Company's derivative instruments generally consist of: (i) foreign currency put options, forward contracts and costless collars to hedge the foreign currency exposure of certain foreign-denominated investments or investments in foreign subsidiaries (in GBP and EUR), with notional amounts and termination dates based upon the anticipated return of capital from these investments; and (ii) interest rate caps and swaps to limit the exposure to changes in interest rates on various floating rate debt obligations (indexed to LIBOR or Euribor). These derivative contracts may be designated as qualifying hedge accounting relationships, specifically as net investment hedges and cash flow hedges, respectively.

Fair values were $30.8 million at September 30, 2022 and $0.9 million at December 31, 2021 for derivative assets, included in other assets, and $12.5 million at September 30, 2022 for derivative liabilities (Note 18), included in other liabilities. The Company did not have any derivatives in a liability position at December 31, 2021. At September 30, 2022, $12.7 million of the derivative asset represents a net investment hedge, while all other derivative positions in both periods were non-designated hedges. Derivative notional amounts aggregated to the equivalent of $588.0 million at September 30, 2022 and $182.3 million at December 31, 2021 for foreign exchange contracts, and $210.7 million at September 30, 2022 and $2.0 billion at December 31, 2021 for interest rate contracts.

The derivative instruments are subject to master netting arrangements with counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. Notwithstanding the conditions for right of offset may have been met, the Company presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets.

Realized and unrealized gains and losses on derivative instruments are recorded in other gain (loss) on the consolidated statement of operations, other than interest expense, as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Foreign currency contracts:
Designated contracts
Realized gain transferred from AOCI to earnings	$	8,367	$	—	$	8,367	$	1,520

Non-designated contracts
Realized and unrealized gain (loss) in earnings (1)	(8,689)		1,457		(3,619)		1,129
Interest rate contracts:
Designated contracts
Interest expense (2)	—		—		—		20
Realized loss transferred from AOCI to earnings	—		—		—		(1,328)
Non-designated contracts
Realized and unrealized gain (loss) in earnings	10,258		(13)		11,284		(248)

__________

(1) In 2022, includes unrealized loss on foreign currency contract entered into on behalf of sponsored fund, which has no net impact to the Company's earnings, as discussed in Note 18.

(2) Represents amortization of the cost of designated interest rate caps to interest expense based upon expected hedged interest payments on variable

rate debt.

The Company's foreign currency and interest rate contracts are generally traded over-the-counter, and are valued using a third-party service provider. Quotations on over-the-counter derivatives are not adjusted and are generally valued using observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, and are classified as Level 2 of the fair value hierarchy. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, these inputs are not significant to the overall valuation of the derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy.

Warrants

As discussed in Note 10, the Company issued five warrants to Wafra. Each warrant entitles Wafra to purchase up to 1,338,000 shares of the Company's class A common stock at staggered strike prices between $9.72 and $24.00 each, exercisable through July 17, 2026. No warrants have been exercised to-date.

The warrants are carried at fair value effective May 2022 when they were reclassified from equity to liability, with subsequent changes in fair value recorded in earnings. At September 30, 2022, the warrants, classified as Level 3 fair value, were valued at $24.0 million using a Black-Scholes option pricing model, applying the following inputs: (a) estimated volatility for DBRG's class A common stock of 39.4%; (b) closing stock price of DBRG's class A common stock at September 30, 2022 of $12.51 per share; (c) the strike price for each warrant; (d) remaining term to expiration of the warrants; and (e) risk free rate of 4.16% per annum, derived from the daily U.S. Treasury yield curve rates to correspond to the remaining term to expiration of the warrants. Fair value of the warrants decreased $57.4 million from its initial remeasurement in May 2022, recorded in other gain on the consolidated statement of operations.

Settlement Liability

In March 2020, the Company entered into a cooperation agreement with Blackwells Capital LLC ("Blackwells"), a stockholder of the Company. Pursuant to the cooperation agreement, Blackwells agreed to a standstill in its proxy contest with the Company, and to abide by certain voting commitments, including a standstill with respect to the Company until the expiration of the agreement in March 2030 and voting in favor of the Board of Directors' recommendations until the third anniversary of the agreement.

Contemporaneously, the Company and Blackwells entered into a joint venture arrangement for the purpose of acquiring, holding and disposing of the Company's class A common stock. Pursuant to the arrangement, the Company contributed its class A common stock, valued at $14.7 million by the venture, and Blackwells contributed $1.47 million of cash that was then distributed to the Company, resulting in a net capital contribution of $13.23 million by the Company in the venture. All of the class A common stock held in the venture was repurchased by the Company in March 2020 (Note 9). Distributions from the joint venture arrangement upon dissolution effectively represent a settlement of the proxy contest with Blackwells. The initial fair value of the arrangement was recorded as a settlement loss on the statement of operations in March 2020, with a corresponding liability on the balance sheet, subject to remeasurement at each period end. The settlement liability represents the fair value of the disproportionate allocation of profits distribution to Blackwells

pursuant to the joint venture arrangement. The profits are derived from dividend payments and appreciation in value of the Company's class A common stock, allocated between the Company and Blackwells based upon specified return hurdles.

In June 2021, Blackwells terminated the arrangement and the joint venture was dissolved. The profits distribution allocated to Blackwells was valued at $47.0 million and paid in the form of 1.49 million shares of the Company's class A common stock, with $22.8 million recognized in 2021 through termination as other loss on the consolidated statement of operations.

Fair Value Option

The following discussion excludes loans receivable and equity method investments held for disposition which are addressed in Note 11.

Loans Receivable

Loans receivable held for investment are carried at fair value under the fair value option. At September 30, 2022, fair value of loans held for investment totaled $174.4 million, with unpaid principal balance of $198.6 million, classified as Level 3 (at December 31, 2021, $173.9 million of loans at fair value, with unpaid principal balance of $172.4 million, of which $91.0 million was classified as Level 2 and $82.9 million as Level 3 of the fair value hierarchy).

Fair value of Level 3 loans held for investment were determined based upon discounted cash flow projections of principal and interest expected to be collected, which include, but are not limited to, consideration of the financial standing and operating results of the borrower, and applying discount rates ranging between 10.0% to 10.9% at September 30, 2022 and 8.9% to 10.0% at December 31, 2021. Level 2 loans held for investment at December 31, 2021 represent bank syndicated loans for which fair value was obtained from a reputable pricing service and was based upon quotations from dealers who act as market makers for these loans. The Level 2 loans have been securitized into a third party sponsored CLO in the third quarter of 2022 (Note 5).

There were no loans that were 90 days or more past due as to principal or interest at September 30, 2022 and December 31, 2021. As of September 30, 2022, one loan with fair value of $5.1 million and unpaid principal balance of $5.8 million has been placed on nonaccrual.

Equity Method Investments

At September 30, 2022 and December 31, 2021, there were no equity method investments under the fair value option other than investments held for disposition (Note 11). One equity method investment that was under the fair value option is accounted for as a marketable equity security beginning May 2021 following a merger of the investee into a special purpose acquisition company.


			Fair Value Option				Equity Investment of Consolidated Fund
(In thousands)	AFS Debt Securities		Loans Held for Investment		Equity Method Investments









Fair value at December 31, 2020	$	—	$	36,798	$	28,540	$	—
Purchases, originations, drawdowns and contributions	—		61,026		—		—
Paydowns, distributions and sales	—		(78)		(9,174)		—
Change in accounting method for equity interest	—		—		(27,626)		—
Change in accrued interest and capitalization of paid-in-kind interest	—		1,053		—		—
Realized and unrealized gain (loss) in earnings, net	—		(436)		8,260		—
Fair value at September 30, 2021	$	—	$	98,363	$	—	$	—

Net unrealized gain in earnings on instruments held at September 30, 2021	$	—	$	18	$	—	$	—

Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—
Purchases, originations, drawdowns and contributions	50,927		371,415		—		—
Paydowns, distributions and sales	—		(159,501)		—		—
Transfer of warehoused loans to sponsored fund	—		(83,083)		—		—
Consolidation of sponsored fund	—		—		—		10,536
Change in accrued interest and capitalization of paid-in-kind interest	—		4,491		—		—

Realized and unrealized gain (loss) in earnings, net	—		(41,863)		—		673
Fair value at September 30, 2022	$	50,927	$	174,389	$	—	$	11,209

Net unrealized gain (loss) in earnings on instruments held at September 30, 2022	$	—	$	(38,649)	$	—	$	673

Investment Carried at Fair Value Using Net Asset Value

The Company has an investment in a non-traded healthcare REIT of $45.5 million at September 30, 2022 and $44.6 million at December 31, 2021, with no commitment for any further investment in the future. The investment is valued based upon NAV beginning October 2021 when the investee, a healthcare real estate investor/manager, was acquired in conjunction with a merger of its co-sponsored non-traded REITs. The transaction diluted the Company's equity interest in the investee, which was previously accounted for as an equity method investment. Redemption of the Company's partnership interest in the non-traded healthcare REIT is restricted until the earliest of (1) the second anniversary of the issuance to the Company of such partnership units, (2) change in control of the general partner, and (3) initial public offering of the equity of the non-traded healthcare REIT, which may be subject to further restriction on redemption by the underwriters.

Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for disposition or otherwise, write-down of asset values due to impairment. Impairment is discussed in Note 5 for equity investments and Note 11 for assets held for disposition.

Fair Value of Financial Instruments Reported at Cost

Fair value of financial instruments reported at amortized cost, excluding those held for disposition, are presented below.


	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
September 30, 2022
Liabilities
Debt at amortized cost
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	291,648
Convertible and exchangeable senior notes	388,750		—		—		388,750		276,411
Investment-level secured debt	—		3,204,921		1,133,868		4,338,789		4,757,556


December 31, 2021
Liabilities
Debt at amortized cost
Secured fund fee revenue notes	$	—	$	—	$	291,394	$	291,394	$	291,394
Convertible and exchangeable senior notes	716,970		—		—		716,970		334,264
Investment-level secured debt	—		3,598,655		655,270		4,253,925		4,234,744

Debt—Senior notes and secured fund fee revenue notes were valued using their last traded price. Fair value of investment-level debt were estimated by either discounting expected future cash outlays at interest rates available to the respective borrower subsidiaries for similar instruments or for securitized debt, based upon indicative bond prices quoted by brokers in the secondary market.

Other—The carrying values of cash and cash equivalents, accounts receivable, due from and to affiliates, interest payable and accounts payable generally approximate fair value due to their short term nature, and credit risk, if any, is negligible.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	1 Months Ended	9 Months Ended
	Jul. 31, 2019	Sep. 30, 2022
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		9,707,558
Granted (in shares)		1,463,076
Vested (in shares)		(1,986,284)
Forfeited (in shares)		(564,766)
Unvested shares and units period end (in shares)		8,619,584
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested shares and units beginning period (in dollars per share)		$ 10.05
Granted (in dollars per share)		25.05
Vested (in dollars per share)		18.04
Forfeited (in dollars per share)		26.02
Unvested shares and units period end (in dollars per share)		$ 10.92
Restricted Stock
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		2,047,566
Granted (in shares)		1,098,185
Vested (in shares)		(1,428,765)
Forfeited (in shares)		(29,418)
Unvested shares and units period end (in shares)		1,687,568
LTIP Units
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		2,615,314
Granted (in shares)	2,500,000	125,000
Vested (in shares)		(115,314)
Forfeited (in shares)		0
Unvested shares and units period end (in shares)		2,625,000
DSUs
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		25,437
Granted (in shares)		54,217
Vested (in shares)		(59,616)
Forfeited (in shares)		0
Unvested shares and units period end (in shares)		20,038
RSUs
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		2,397,391
Granted (in shares)		0
Vested (in shares)		0
Forfeited (in shares)		0
Unvested shares and units period end (in shares)		2,397,391
PSUs
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		2,621,850
Granted (in shares)		185,674
Vested (in shares)		(382,589)
Forfeited (in shares)		(535,348)
Unvested shares and units period end (in shares)		1,889,587
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested shares and units beginning period (in dollars per share)		$ 14.74
Granted (in dollars per share)		30.48
Vested (in dollars per share)		17.48
Forfeited (in dollars per share)		7.31
Unvested shares and units period end (in dollars per share)		$ 17.84

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal	$ 5,394,134	$ 4,922,722
Long-term debt	5,325,615	4,860,402
Carrying Value
Debt Instrument [Line Items]
Principal	5,394,134	4,922,722
Premium (discount), net	11,034	14,538
Deferred financing costs	(79,553)	(76,858)
Long-term debt	5,325,615	4,860,402
Carrying Value \| Secured Debt
Debt Instrument [Line Items]
Principal	4,815,712	4,283,983
Premium (discount), net	12,443	17,629
Deferred financing costs	(70,599)	(66,868)
Long-term debt	4,757,556	4,234,744
Carrying Value \| Secured Debt \| Series 2021-1 Notes
Debt Instrument [Line Items]
Principal	300,000	300,000
Premium (discount), net	0	0
Deferred financing costs	(8,352)	(8,606)
Long-term debt	291,648	291,394
Carrying Value \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	278,422	338,739
Premium (discount), net	(1,409)	(3,091)
Deferred financing costs	(602)	(1,384)
Long-term debt	$ 276,411	$ 334,264

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Straight-line rents	$ 42,484	$ 25,516
Investment deposits and pending deal costs	38,471	22,238
Prefunded capital expenditures for Vantage SDC	3,117	24,293
Derivative assets	30,820	944
Prepaid taxes and deferred tax assets, net	35,091	29,347
Receivables from resolution of investment	10,633	10,463
Operating lease right-of-use asset, net	536,337	349,509
Finance lease right-of-use asset, net	123,173	131,909
Accounts receivable, net	88,126	83,878
Prepaid expenses	22,865	20,303
Other assets	18,992	24,835
Fixed assets, net	14,538	17,160
Total other assets	964,647	740,395
Accumulated depreciation	$ 23,900	$ 19,200

Noncontrolling Interests - Narrative (Details) $ / shares in Units, $ in Thousands			1 Months Ended						3 Months Ended						9 Months Ended		12 Months Ended
	May 23, 2022 USD ($) shares	May 22, 2022	Oct. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Apr. 30, 2021 USD ($)	Jul. 31, 2020 USD ($) security $ / shares shares	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 shares	Dec. 31, 2020 USD ($)	Mar. 30, 2022
Noncontrolling Interest [Line Items]
Payments to acquire noncontrolling interest															$ 32,076	$ 0
DataBank recapitalization (Note 10)									$ 0
Equity awards issued, net of forfeitures									19,041	$ 9,169	$ 18,625	$ 8,574	$ 11,571	$ 18,200
OP units to common stock, conversion ratio															1
DataBank
Noncontrolling Interest [Line Items]
Assets acquisition, balance sheet investment, equity interest percentage				13.50%	21.80%						21.80%								20.00%
Proceeds from sale of investment				$ 1,500,000
Equity awards issued, net of forfeitures									10,000
DataBank \| Subsequent Event
Noncontrolling Interest [Line Items]
Assets acquisition, balance sheet investment, equity interest percentage			12.40%
Proceeds from sale of investment			$ 220,200
DataBank \| Parent
Noncontrolling Interest [Line Items]
Proceeds from sale of investment				317,800
DataBank \| Parent \| Subsequent Event
Noncontrolling Interest [Line Items]
Proceeds from sale of investment			$ 47,800
DataBank Data Centers
Noncontrolling Interest [Line Items]
Purchase price					$ 87,000	$ 32,000
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
DataBank recapitalization (Note 10)				170,800					170,770
Equity awards issued, net of forfeitures									9,867	7,508	$ 14,286	7,351	10,194	16,536
Noncontrolling Interests in Investment Entities
Noncontrolling Interest [Line Items]
DataBank recapitalization (Note 10)				$ (170,800)					(170,770)
Equity awards issued, net of forfeitures									8,861	$ 1,061	$ 2,734	$ 308	$ 308	$ 308
Noncontrolling Interests in Investment Entities \| DataBank
Noncontrolling Interest [Line Items]
Equity awards issued, net of forfeitures									$ 7,800
OP Units
Noncontrolling Interest [Line Items]
OP units to common stock, conversion ratio																	1
OP units redeemed (in shares) \| shares															100,220		501,341
Common Stock Warrants \| Class A Common Stock
Noncontrolling Interest [Line Items]
Number of warrants issued \| security								5
Aggregate percentage of common stock								5.00%
Number of shares called by each warrant (in shares) \| shares								1,338,000
Common Stock Warrants \| Class A Common Stock \| Minimum
Noncontrolling Interest [Line Items]
Strike price (in dollars per share) \| $ / shares								$ 9.72
Common Stock Warrants \| Class A Common Stock \| Maximum
Noncontrolling Interest [Line Items]
Aggregate percentage of common stock	9.80%
Strike price (in dollars per share) \| $ / shares								$ 24.00
Wafra, Inc.
Noncontrolling Interest [Line Items]
Carried interest percentage	7.00%	12.60%
Payments to acquire noncontrolling interest	$ 388,500
Shares issued to acquire noncontrolling interest \| shares	14,435,399
Payments to noncontrolling interests	$ 348,800
Percentage of shares payable	50.00%
Wafra, Inc. \| Wafra, Inc.
Noncontrolling Interest [Line Items]
Ownership percentage by co-investment partner	31.50%
Wafra, Inc. \| Minimum
Noncontrolling Interest [Line Items]
Contingent consideration	$ 90,000
Fee earning equity	4,000,000
Wafra, Inc. \| Maximum
Noncontrolling Interest [Line Items]
Contingent consideration	125,000
Fee earning equity	$ 6,000,000
Wafra, Inc. \| Partnership
Noncontrolling Interest [Line Items]
Participation in net management fees and carried interest								31.50%
Wafra, Inc. \| Partnership \| Commitments to DCP I
Noncontrolling Interest [Line Items]
Other commitments								$ 124,900
Wafra, Inc. \| Partnership \| Commitments to DCP II
Noncontrolling Interest [Line Items]
Other commitments								125,000
Digital IM Business \| Wafra, Inc.
Noncontrolling Interest [Line Items]
Cash consideration								$ 253,600
Contingent consideration							$ 29,900
Run-Rate of EBITDA threshold for contingent consideration																		$ 72,000
Contingent consideration, allocation percent															50.00%

Equity and Debt Investments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2021	Apr. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investments					$ 483,833	$ 313,595
Distributed carried interest subject to clawback			$ 51,200		51,200
Distributed carried interest			123,500
Accrued carried interest							$ 51,200
Bank syndicated loans			232,700		232,700
Current And Former Employees
Schedule of Equity Method Investments [Line Items]
Distributed carried interest subject to clawback			45,900		45,900
Current And Former Employees, And Wafra, Inc.
Schedule of Equity Method Investments [Line Items]
Distributed carried interest			103,200
Accrued carried interest							$ 45,900
Secured Debt
Schedule of Equity Method Investments [Line Items]
Warehoused loans			172,500		172,500
BRSP
Schedule of Equity Method Investments [Line Items]
Minimum ownership percentage		10.00%
Real estate debt investments \| Investment Commitments
Schedule of Equity Method Investments [Line Items]
Other commitments			24,200		24,200
Real estate debt investments \| Investment Commitments \| Parent
Schedule of Equity Method Investments [Line Items]
Other commitments			3,300		$ 3,300
BRSP
Schedule of Equity Method Investments [Line Items]
Shares owned in equity method investee (in shares)					35,000,000
Equity method investment, shares sold (in shares)	9,487,500
Proceeds from sale of equity investments	$ 81,800
Equity method investment, gain on sale	$ 7,600
Proportionate share of loan loss provisions and impairments not recognized			1,200	$ 41,400	$ 17,000	$ 100,500
Basis difference			209,800		209,800
Company sponsored funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment			141,700		$ 141,700
BRSP
Schedule of Equity Method Investments [Line Items]
Adjustments for any impairment or observable price changes			$ 59,600
Share price (in dollars per share)			$ 6.31		$ 6.31
BRSP \| BRSP
Schedule of Equity Method Investments [Line Items]
Ownership percentage			27.10%		27.10%			29.00%

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 257,499	$ 206,588
Buildings and improvements	1,555,396	1,295,204
Data center infrastructure	4,302,733	3,785,561
Towers and equipment	332,797	0
Construction in progress	341,760	77,014
Real estate held for investment, gross	6,790,185	5,364,367
Less: Accumulated depreciation	(648,770)	(392,083)
Real estate assets, net	$ 6,141,415	$ 4,972,284

Equity-Based Compensation - Narrative (Details) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of units, conversion ratio (LTIP to common OP Unit)				1
Reverse stock split conversion ratio	0.25
Fair value of shares vested		$ 4.2	$ 7.5	$ 53.3	$ 61.1
Aggregate unrecognized compensation cost related to restricted stock granted		41.8		$ 41.8
Weighted average period of expected cost				2 years 1 month 6 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
Managed Company Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses (reversals)					$ 5.3
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unrecognized compensation cost related to restricted stock granted		$ 25.1		$ 25.1
Weighted average period of expected cost				1 year 7 months 6 days
Class A Common Stock \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period				3 years
Minimum \| Class A Common Stock \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted				0.00%
Maximum \| Class A Common Stock \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted				200.00%
CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance, annual increase		2.00%		2.00%
Common stock, shares reserved for future issuance (in shares) \| shares		21.3		21.3
CLNS Equity Incentive Plan \| LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of units, conversion ratio (LTIP to common OP Unit)				1

Assets and Related Liabilities Held for Disposition - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loans receivable		$ 0	$ 55,878,000
N-Star CDO Bonds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for credit loss	$ 200,000	0
Held for disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity investments		2,800,000	31,200,000
Held for disposition \| Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investments		59,600,000	79,300,000
Held for disposition \| Property operating income \| Properties Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss		36,000,000	$ 313,400,000
Held for disposition \| Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets, fair value		$ 0

Segment Reporting

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

19. Segment Reporting

The Company conducts its business through two reportable segments as follows:

•Digital Investment Management ("Digital IM")—This business represents a leading global digital infrastructure investment platform, managing capital on behalf of a diverse base of global investors. The Company's flagship opportunistic strategy is conducted through its DigitalBridge Partners platform ("DBP") and separately capitalized vehicles, while other strategies, including digital credit, ventures and public equities, are conducted through other investment vehicles. The Company earns management fees, generally based on the amount of assets or capital managed in investment vehicles, and has the potential to earn incentive fees and carried interest based upon the performance of such investment vehicles, subject to achievement of minimum return hurdles. Earnings from our Digital IM segment were attributed 31.5% to Wafra through the end of May 2022 when Wafra's investment in the Digital IM business was redeemed by the Company (as discussed further in Note 10).

•Digital Operating—This business is composed of balance sheet equity interests in digital infrastructure and real estate operating companies, which generally earn rental income from providing use of digital asset space and/or capacity through leases, services and other agreements. The Company currently owns interests in two companies: DataBank, including zColo, an edge colocation data center business (DBRG ownership at 13.5% as of September 30, 2022, 20% as of December 31, 2021); and Vantage SDC, a stabilized hyperscale data center business (DBRG ownership at 13%). Both DataBank and Vantage are also portfolio companies managed under Digital IM for the equity interests owned by third party capital.

The Company's remaining investment activities and corporate level activities are presented as Corporate and Other.

•Other investment activities are composed of the Company's equity interests in: (i) digital investment vehicles, the largest of which is in the DBP flagship funds, and seed investments in various strategies such as digital liquid and digital credit; and (ii) remaining non-digital investments, primarily in BRSP. Outside of its general partner interests, the Company's other equity interests in its sponsored and/or managed digital investment vehicles are considered to be incidental to its digital investment management business. The primary economics to the Company are represented by fee income and carried interest as general partner and/or manager, rather than economics from its equity interest in the investment vehicles as a limited partner or equivalent. With respect to seed investments, these are not intended to be a long-term deployment of capital by the Company and are expected to be warehoused temporarily on the Company's balance sheet until sufficient third party capital has been raised. At this time, the remaining non-digital investments are not substantially available for immediate sale and are expected to be monetized over an extended period beyond the near term. These other investment activities generate largely equity method earnings or losses and to a lesser extent, revenues in the form of interest income or dividend income from warehoused investments and consolidated investment vehicles. Effective the third quarter of 2021, these activities are no longer presented separately as the Digital Other and Other segments, which is consistent with and reflects management's focus on its core digital operations and overall simplification of the Company's business. This change in segment presentation is reflected retrospectively.

•Corporate activities include corporate level cash and corresponding interest income, corporate level financing and related interest expense, corporate level transaction costs, costs in connection with unconsummated investments, income and expense related to cost reimbursement arrangements with affiliates, fixed assets for administrative use, compensation expense not directly attributable to reportable segments, corporate level administrative and overhead costs, and adjustments to eliminate intercompany fees. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic allocation, have been allocated to each of the reportable segments. As segment results are presented before elimination of intercompany fees, elimination adjustment pertains to fee income earned by the Digital IM segment from third party capital in investment vehicles managed by the Company and consolidated within the Digital Operating segment and in Corporate and Other. Such adjustments amounted to $0.8 million and $1.6 million for the three months ended September 30, 2022 and

2021, respectively, and $2.4 million and $4.9 million for the nine months ended September 30, 2022 and 2021, respectively.

Segment Results of Operations

The following table summarizes results of operations of the Company's reportable segments, including selected income and expense items, reconciled to the consolidated statement of operations.


(In thousands)	Digital Investment Management		Digital Operating		Corporate and Other		Total
Three Months Ended September 30, 2022



Total revenues	$	43,953	$	225,387	$	27,283	$	296,623
Property operating expense	—		100,051		5,936		105,987
Interest expense	2,953		40,770		9,309		53,032
Depreciation and amortization	5,369		130,663		9,562		145,594


Equity method earnings (losses), including carried interest	122,714		—		(53,398)		69,316
Income tax benefit (expense)	(1,263)		5		9,099		7,841

Income (loss) from continuing operations	46,065		(93,772)		(46,891)		(94,598)

Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	24,233		(15,881)		(42,434)		(34,082)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.							(15,006)
Net loss attributable to DigitalBridge Group, Inc.							$	(49,088)

Three Months Ended September 30, 2021



Total revenues	$	53,796	$	194,966	$	3,412	$	252,174
Property operating expense	—		80,226		—		80,226
Interest expense	2,250		29,839		7,806		39,895
Depreciation and amortization	8,242		120,458		486		129,186


Equity method earnings, including carried interest	59,196		—		6,173		65,369
Income tax benefit (expense)	(3,089)		(1,922)		15,984		10,973

Income (loss) from continuing operations	39,272		(71,822)		(8,385)		(40,935)

Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	16,870		(12,142)		(11,506)		(6,778)
Net income from discontinued operations attributable to DigitalBridge Group, Inc.							68,135
Net income attributable to DigitalBridge Group, Inc.							$	61,357


(In thousands)	Digital Investment Management		Digital Operating		Corporate and Other		Total
Nine Months Ended September 30, 2022



Total revenues	$	134,961	$	655,596	$	52,934	$	843,491
Property operating expense	—		278,798		8,482		287,280
Interest expense	8,240		114,187		21,023		143,450
Depreciation and amortization	16,020		399,371		14,122		429,513


Equity method earnings (losses), including carried interest	203,447		—		(7,797)		195,650
Income tax benefit (expense)	(5,643)		174		23,241		17,772

Income (loss) from continuing operations	104,917		(253,341)		(235,770)		(384,194)

Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	37,900		(43,512)		(189,486)		(195,098)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.							(122,109)
Net loss attributable to DigitalBridge Group, Inc.							$	(317,207)

Nine Months Ended September 30, 2021



Total revenues	$	131,789	$	573,261	$	4,892	$	709,942
Property operating expense	—		237,228		—		237,228
Interest expense	2,250		90,243		25,120		117,613
Depreciation and amortization	20,808		368,906		17,126		406,840


Equity method earnings, including carried interest	70,203		—		41,177		111,380
Income tax benefit (expense)	(7,970)		77,134		40,244		109,408

Income (loss) from continuing operations	62,721		(146,932)		(99,240)		(183,451)

Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	35,849		(22,592)		(99,898)		(86,641)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.							(221,036)
Net loss attributable to DigitalBridge Group, Inc.							$	(307,677)

Total assets and equity method investments of reportable segments are summarized as follows:


	September 30, 2022				December 31, 2021
(In thousands)	Total Assets		Equity Method Investments		Total Assets		Equity Method Investments
Digital Investment Management	$	707,915	$	222,140	$	655,152	$	140,027
Digital Operating	8,150,083		—		7,608,451		—
Other	2,810,238		502,702		2,257,598		533,069
	11,668,236		724,842		10,521,201		673,096
Assets held for disposition related to discontinued operations	72,593		69,716		3,676,615		182,552
	$	11,740,829	$	794,558	$	14,197,816	$	855,648

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Restricted Cash, Other Assets and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Schedule of the Company's Other Assets, Net

The following table summarizes the Company's other assets:


(In thousands)	September 30, 2022		December 31, 2021
Straight-line rents	$	42,484	$	25,516
Investment deposits and pending deal costs	38,471		22,238
Prefunded capital expenditures for Vantage SDC	3,117		24,293

Derivative assets	30,820		944
Prepaid taxes and deferred tax assets, net	35,091		29,347
Receivables from resolution of investment	10,633		10,463
Operating lease right-of-use asset, net	536,337		349,509
Finance lease right-of-use asset, net	123,173		131,909
Accounts receivable, net (1)	88,126		83,878
Prepaid expenses	22,865		20,303
Other assets	18,992		24,835
Fixed assets, net (2)	14,538		17,160
Total other assets	$	964,647	$	740,395

__________

(1) Includes primarily receivables from tenants.

(2) Net of accumulated depreciation of $23.9 million as of September 30, 2022 and $19.2 million as of December 31, 2021.

Schedule of Accrued and Other Liabilities

The following table summarizes the Company's accrued and other liabilities:


(In thousands)	September 30, 2022		December 31, 2021
Deferred income (1)	$	57,308	$	37,143
Interest payable	14,682		14,870
Derivative liabilities	12,493		—
Stock repurchase payable	5,604		—
Securities sold short—consolidated funds	35,068		37,970
Current and deferred income tax liability	223,988		2,016
Contingent consideration payable (Note 10)	125,000		—
Warrants issued to Wafra (Note 10)	24,000		—
Operating lease liability	513,200		342,510
Finance lease liability	137,458		142,777
Accrued compensation	46,213		64,100
Accrued incentive fee and carried interest compensation	90,888		67,258
Accrued real estate and other taxes	27,261		10,523
Payable for Vantage SDC expansion capacity (Note 3)	99,917		55,896
Accounts payable and accrued expenses	188,658		121,931

Other liabilities	60,868		31,048
Accrued and other liabilities	$	1,662,606	$	928,042

__________

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Total assets of consolidated private fund	$ 11,740,829	$ 14,197,816
Total liabilities of consolidated private fund	7,036,112	8,926,203
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	46,500	53,100
Total assets of consolidated private fund	228,800	230,600
Total liabilities of consolidated private fund	87,000	63,000
Variable Interest Entity, Not Primary Beneficiary \| Securitization Vehicles
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	50,900	30,200
Variable Interest Entity, Not Primary Beneficiary \| Company-Sponsored Private Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	499,600	382,700
Variable Interest Entity, Not Primary Beneficiary \| Company-Sponsored Private Funds \| Discontinued Operations
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 1,100	45,400
Variable Interest Entity, Not Primary Beneficiary \| The Trust
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities		$ 3,700

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 31, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-37980
Entity Registrant Name	DigitalBridge Group, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-4591526
Entity Address, Address Line One	750 Park of Commerce Drive
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33487
City Area Code	561
Local Phone Number	570-4644
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001679688
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.04 par value
Trading Symbol	DBRG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		159,728,816
Series H
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par value
Trading Symbol	DBRG.PRH
Security Exchange Name	NYSE
Series I
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par value
Trading Symbol	DBRG.PRI
Security Exchange Name	NYSE
Series J
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par value
Trading Symbol	DBRG.PRJ
Security Exchange Name	NYSE
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		166,494

Assets and Related Liabilities Held for Disposition - Discontinued Operations (Details) - USD ($)	Sep. 30, 2022	Feb. 28, 2022	Dec. 31, 2021
Assets
Restricted cash	$ 0		$ 65,022,000
Real estate, net	0		3,079,416,000
Loans receivable	0		55,878,000
Equity and debt investments	72,466,000		250,246,000
Deferred leasing costs and other intangible assets, net	0		118,300,000
Other assets	127,000		100,720,000
Due from affiliates	0		7,033,000
Total assets held for disposition	72,593,000		3,676,615,000
Liabilities
Debt, net	0		2,869,360,000
Lease intangibles and other liabilities	60,000		219,339,000
Total liabilities related to assets held for disposition	$ 60,000		$ 3,088,699,000
Senior Notes 5.375 Percent Due June 2033 \| Senior Notes
Liabilities
Interest rate		5.375%	5.375%

Transactions with Affiliates - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Aug. 31, 2022 USD ($)	Dec. 31, 2022 loan	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Number of loans transferred \| loan			3
Warehoused loans cost basis			$ 83,700		$ 83,700
Due from affiliates			60,111		60,111		$ 49,230
DataBank recapitalization (Note 10)			0
Forecast
Related Party Transaction [Line Items]
Number of loans transferred \| loan		1
Noncontrolling Interests in Investment Entities
Related Party Transaction [Line Items]
DataBank recapitalization (Note 10)	$ (170,800)		(170,770)
Noncontrolling Interest Net Income
Related Party Transaction [Line Items]
Carried interest allocation			13,800	$ 18,300	43,500	$ 19,000
Former Owner
Related Party Transaction [Line Items]
Noncontrolling interest, carried interest allocation			48,800		48,800		20,800
DataBank recapitalization (Note 10)	$ 86,100
Affiliated Entity \| Redeemable Noncontrolling interests And Noncontrolling Interests \| Investment vehicles and unconsolidated ventures
Related Party Transaction [Line Items]
Investments			15,700		15,700		19,500
Net income (loss) attributable to noncontrolling interest			400	600	100	1,100
Former Employee
Related Party Transaction [Line Items]
Advanced expenses			7,500		17,200
Derivative obligation
Related Party Transaction [Line Items]
Due from affiliates			12,493		12,493		$ 0
Cost reimbursements \| Chief Executive Officer
Related Party Transaction [Line Items]
Reimbursement of chartered flight cost			700	500	1,800	2,600
Cost reimbursements \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer			$ 1,000	$ 3,100	$ 5,700	$ 4,600

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Interest income	$ 8,725	$ 3,086	$ 22,390	$ 5,259
Total revenues	296,623	252,174	843,491	709,942
Expenses
Property operating expense	105,987	80,226	287,280	237,228
Interest expense	53,032	39,895	143,450	117,613
Investment expense	9,510	7,263	26,262	20,027
Transaction-related costs	3,879	936	6,800	2,618
Depreciation and amortization	145,594	129,186	429,513	406,840
Compensation expense—cash and equity-based	65,544	55,933	183,878	182,918
Compensation expense—incentive fee and carried interest	80,831	31,736	109,548	39,969
Administrative expenses	29,909	28,933	84,147	75,234
Total expenses	494,286	374,108	1,270,878	1,082,447
Other income (loss)
Other gain (loss), net	25,908	4,657	(170,229)	(31,734)
Equity method earnings (losses)	(52,382)	6,987	(5,748)	42,051
Equity method earnings—carried interest	121,698	58,382	201,398	69,329
Loss from continuing operations before income taxes	(102,439)	(51,908)	(401,966)	(292,859)
Income tax benefit	7,841	10,973	17,772	109,408
Loss from continuing operations	(94,598)	(40,935)	(384,194)	(183,451)
Loss from discontinued operations	(26,389)	(10,429)	(148,558)	(590,595)
Net loss	(120,987)	(51,364)	(532,752)	(774,046)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	(6,442)	7,269	(31,989)	15,743
Investment entities	(60,623)	(124,301)	(152,770)	(443,547)
Operating Company	(4,834)	4,311	(30,786)	(38,565)
Net income (loss) attributable to DigitalBridge Group, Inc.	(49,088)	61,357	(317,207)	(307,677)
Preferred stock repurchases/redemptions (Note 9)	(1,098)	2,865	(1,098)	2,865
Preferred stock dividends	15,283	17,456	46,801	54,488
Net income (loss) attributable to common stockholders	$ (63,273)	$ 41,036	$ (362,910)	$ (365,030)
Income (loss) per share—basic
Loss from continuing operations per common share - basic (in dollars per share)	$ (0.30)	$ (0.23)	$ (1.57)	$ (1.20)
Net income (loss) attributable to common stockholders per common share - basic (in dollars per share)	(0.39)	0.33	(2.37)	(3.04)
Income (loss) per share—diluted
Loss from continuing operations per common share - diluted (in dollars per share)	(0.30)	(0.23)	(1.57)	(1.20)
Net income (loss) attributable to common stockholders per common share - diluted (in dollars per share)	$ (0.39)	$ 0.33	$ (2.37)	$ (3.04)
Weighted average number of shares
Basic (in shares)	162,398	121,458	153,028	120,041
Diluted (in shares)	162,398	121,458	153,028	120,041
Dividends declared per common share (in dollars per share)	$ 0.01	$ 0	$ 0.01	$ 0
Property operating income
Revenues
Income	$ 244,336	$ 194,854	$ 681,098	$ 572,841
Fee income
Revenues
Income	41,263	50,226	128,418	124,826
Other income
Revenues
Income	$ 2,299	$ 4,008	$ 11,585	$ 7,016

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The Company's debt balance is composed of the following components, excluding debt related to assets held for disposition that is expected to be assumed by the counterparty upon disposition, which is included in liabilities related to assets held for disposition (Note 11).


(In thousands)	Securitized Financing Facility		Convertible and Exchangeable Senior Notes		Investment-Level Secured Debt		Total Debt
September 30, 2022
Debt at amortized cost
Principal	$	300,000	$	278,422	$	4,815,712	$	5,394,134
Premium (discount), net	—		(1,409)		12,443		11,034
Deferred financing costs	(8,352)		(602)		(70,599)		(79,553)
	$	291,648	$	276,411	$	4,757,556	$	5,325,615
December 31, 2021
Debt at amortized cost
Principal	$	300,000	$	338,739	$	4,283,983	$	4,922,722
Premium (discount), net	—		(3,091)		17,629		14,538
Deferred financing costs	(8,606)		(1,384)		(66,868)		(76,858)
	$	291,394	$	334,264	$	4,234,744	$	4,860,402

The following table summarizes certain key terms of the Company's debt.


	Fixed Rate					Variable Rate					Total
($ in thousands)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(1)		Weighted Average Years Remaining to Maturity(2)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(1)		Weighted Average Years Remaining to Maturity(2)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(1)		Weighted Average Years Remaining to Maturity(2)
September 30, 2022
Recourse
Secured Fund Fee Revenue Notes (3)	$	300,000	3.93	%	4.0	$	—	N/A		4.0	$	300,000	3.93	%	4.0
Convertible and exchangeable senior notes	278,422		5.21	%	1.2	—		N/A		N/A	278,422		5.21	%	1.2


	578,422					—					578,422
Non-recourse
Investment-Level Secured Debt
Digital Operating	3,641,793		2.43	%	3.3	863,767		7.35	%	2.8	4,505,560		3.38	%	3.2

Other	88,186		6.47	%	6.7	221,966		4.18	%	6.4	310,152		4.83	%	6.5
	3,729,979					1,085,733					4,815,712
	$	4,308,401				$	1,085,733				$	5,394,134
December 31, 2021
Recourse
Secured Fund Fee Revenue Notes (3)	$	300,000	3.93	%	4.7	$	—	N/A		4.7	$	300,000	3.93	%	4.7
Convertible and exchangeable senior notes (4)	338,739		5.31	%	2.2	—		N/A		N/A	338,739		5.31	%	2.2
	638,739					—					638,739
Non-recourse
Investment-Level Secured Debt
Digital Operating	3,646,466		2.44	%	4.1	571,017		5.74	%	4.0	4,217,483		2.88	%	4.1
Other	—		N/A		N/A	66,500		1.31	%	1.6	66,500		1.31	%	1.6
	3,646,466					637,517					4,283,983
	$	4,285,205				$	637,517				$	4,922,722

__________

(1) Calculated based upon outstanding debt principal at balance sheet date. For variable rate debt, weighted average interest rate is calculated based upon the applicable index plus spread at balance sheet date.

(2) Calculated based upon anticipated repayment dates for notes issued under securitization financing; otherwise based upon initial maturity dates, or extended maturity dates if extension criteria are met for extensions that are at the Company's option.

(3) Represent obligations of special-purpose subsidiaries of the OP as co-issuers and certain other special-purpose subsidiaries of DBRG, and secured by assets of these special-purpose subsidiaries, as further described below. DBRG and the OP are not guarantors to the debt.

(4) Excludes the 5.375% exchangeable senior notes issued by NRF Holdco that were classified as held for disposition (Note 11) and subsequently assumed by the acquirer in February 2022.

Convertible Senior Notes Issued

Convertible and exchangeable senior notes (collectively, the senior notes) are composed of the following, each representing senior unsecured obligations of DigitalBridge Group, Inc. or a subsidiary as the respective issuers of the senior notes:


Description	Issuance Date	Due Date	Interest Rate (per annum)		Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio (in shares)(1)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
										September 30, 2022		December 31, 2021

Issued by DigitalBridge Group, Inc.
5.00% Convertible Senior Notes	April 2013	April 15, 2023	5.00	%	$	63.02	15.8675	3,174	April 22, 2020	$	200,000	$	200,000
Issued by DigitalBridge Operating Company, LLC
5.75% Exchangeable Senior Notes	July 2020	July 15, 2025	5.750	%	9.20		108.6956	8,524	July 21, 2023	78,422		138,739
										$	278,422	$	338,739

__________

(1) The conversion or exchange rate for the senior notes is subject to periodic adjustments to reflect certain carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuances of the respective senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each senior note.

Schedule of Debt Conversions

DBRG and the OP completed separate privately negotiated exchange transactions with certain noteholders of the 5.75% exchangeable notes, as follows:


	Principal of 5.75% Exchangeable Notes Exchanged		Consideration for Exchange
(In thousands)			Class A Common Stock Issued	Cash Paid
March 2022	$	60,317	6,389	$	13,887
October and November 2021	161,261		18,341	—
	$	221,578	24,730	$	13,887

Fee Income - Narrative (Details) - Base Management Fees - Private funds - Fee income	9 Months Ended
	Sep. 30, 2022
Minimum
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital	0.20%
Maximum
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital	1.50%

Business and Organization	9 Months Ended
Business and Organization	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	1. Business and Organization DigitalBridge Group, Inc. or DBRG (together with its consolidated subsidiaries, the "Company") is a leading global-scale digital infrastructure firm. The Company invests, directly and through its portfolio companies, across the digital ecosystem, including data centers, cell towers, fiber networks, small cells, and edge infrastructure, and manages digital infrastructure assets on behalf of its limited partners and shareholders. Organization The Company 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, 2022, 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. Transition to C-Corporation Prior to January 1, 2022, the Company elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, which generally provided that the Company was not subject to U.S. federal and state income taxes on its taxable income to the extent that it annually distributed such income to stockholders. The income earned through the Company’s underlying taxable REIT subsidiaries ("TRS"), primarily the investment management earnings, however, was subject to U.S. federal and state income tax. In the first quarter of 2022, the Company completed the disposition of substantially all of its non-digital assets, as described below, and in connection with its digital transformation, has recorded significant growth in its Digital Investment Management ("Digital IM") business. Due to the pace of growth of the Company's Digital IM business and other strategic transactions that the Company may pursue, the Company’s Board of Directors and management agreed to discontinue actions necessary to maintain qualification as a REIT for 2022. Commencing with the taxable year ending December 31, 2022, all of the Company’s taxable income, except for income generated by subsidiaries that have elected or anticipate electing REIT status, is subject to U.S. federal and state income tax at the applicable corporate tax rate. Any dividends paid to stockholders will no longer be tax deductible. The Company is also no longer subject to the REIT requirement for distributions to stockholders when the Company has taxable income. The Company anticipates that operating as a C-Corporation will provide the Company with flexibility to execute various strategic initiatives without the constraints of complying with REIT requirements. This includes the intended deployment of capital to redeem third party interest in the Company’s Digital IM business, retaining and reinvesting earnings in other new initiatives in the Digital IM business, and warehousing digital infrastructure investments in the future that may be non-REIT qualified assets. The Company’s transition to a C-Corporation is not expected to result in significant incremental current income tax expense in the near term due to the availability of significant capital loss and net operating loss (“NOL”) carryforwards. See Note 7 for additional information. Digital Transformation In February 2022, the Company completed its digital transformation that commenced in the second quarter of 2020. The Company's completed disposition of its hotel business (March 2021), Other Equity and Debt ("OED") investments and non-digital investment management ("Other IM") business (December 2021), and its Wellness Infrastructure business (February 2022) each represented a strategic shift in the Company's business that had a significant effect on the Company’s operations and financial results, and accordingly, had met the criteria as discontinued operations. For all current and prior periods presented, the related assets and liabilities, to the extent they have not been disposed at the respective balance sheet dates, are presented as assets and liabilities held for disposition on the consolidated balance sheets (Note 11) and the related operating results are presented as discontinued operations on the consolidated statements of operations (Note 12). Reverse Stock Split In August 2022, the Company effectuated a one-for-four reverse stock split of its outstanding shares of class A and class B common stock. The number of authorized shares of common stock was not adjusted in connection with the reverse stock split, however, the Company intends to seek stockholder approval to make a proportional change to the number of authorized shares of class A and class B common stock at its next annual meeting of stockholders. Par value of common stock was proportionately increased from $0.01 to $0.04 per share. Throughout this Quarterly Report on Form 10-Q, common stock share and per share information, including OP units and stock award units, as well as the Company's senior note conversion or exchange ratio in common stock shares have been revised for all periods presented to give effect to the reverse stock split.

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance			$ 359,223			$ 305,278	$ 359,223	$ 305,278
Distributions paid and payable, including redemptions by limited partners in consolidated funds	$ (1,219,581)	$ (13,490)	(26,018)	$ (51,584)	$ (33,678)	$ (26,739)
Adjustment of Wafra's interest to redemption value and warrants held by Wafra to fair value		(35,026)	(690,000)				725,026	0
Redemption of Wafra's interest			$ (32,076)				(862,276)	0
Reclassification of warrants held by Wafra to liability in May 2022 (Note 7)							(81,400)	0
Reclassification of Wafra's carried interest allocation to noncontrolling interests in investment entities in May 2022		$ 4,087					(4,087)	0
Ending balance	$ 96,028			$ 348,170			96,028	348,170
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions							11,650	41,014
Distributions paid and payable, including redemptions by limited partners in consolidated funds							(20,119)	(13,865)
Net income (loss)							$ (31,989)	$ 15,743

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities
Net loss	$ (532,752)	$ (774,046)
Adjustments to reconcile net loss to net cash provided by operating activities:
Paid-in-kind interest added to loan principal, net of interest received	(4,887)	8,492
Straight-line rent income	(18,417)	4,854
Amortization of above- and below-market lease values, net	(58)	5,151
Amortization of deferred financing costs and debt discount and premium, net	102,943	56,494
Equity method (earnings) losses	(198,325)	78,444
Distributions of income from equity method investments	97,003	3,072
Allowance for doubtful accounts	0	3,640
Impairment of real estate and related intangibles and right-of-use asset	35,985	359,996
Depreciation and amortization	431,852	498,513
Equity-based compensation	47,119	40,001
Gain on sales of real estate, net	0	(49,232)
Deferred income tax benefit	(14,794)	(99,268)
Loss on extinguishment of exchangeable notes	133,173	0
Other loss, net	29,287	102,908
(Increase) decrease in other assets and due from affiliates	9,579	(92,223)
Increase (decrease) in accrued and other liabilities and due to affiliates	77,559	39,511
Other adjustments, net	(494)	(4,895)
Net cash provided by operating activities	194,773	181,412
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments	(445,039)	(411,593)
Return of capital from equity method investments	58,560	41,779
Acquisition of loans receivable and debt securities	(164,815)	(68,453)
Net disbursements on originated loans	(215,918)	(33,272)
Repayments of loans receivable	23,956	492,022
Proceeds from sales of loans receivable and debt securities, including transfers of warehoused loans	360,773	0
Acquisition of and additions to real estate, related intangibles and leasing commissions	(1,901,931)	(608,155)
Proceeds from sales of real estate	96,660	363,436
Cash and restricted cash assumed by buyer in sales of real estate investment holding entities	(189,453)	(35,098)
Proceeds from paydown and maturity of debt securities	566	544
Proceeds from sale of equity investments	483,833	313,595
Investment deposits	(49,736)	(343)
Proceeds from sale of corporate fixed assets	0	14,946
Net receipts on settlement of derivatives	13,952	17,123
Other investing activities, net	(769)	(833)
Net cash (used in) provided by investing activities	(1,929,361)	85,698
Cash Flows from Financing Activities
Dividends paid to preferred stockholders	(47,629)	(56,105)
Repurchases of common stock	(8,008)	0
Repayment or repurchase of senior notes	(14,237)	(31,502)
Borrowings from corporate credit facility and securitized financing facility	0	345,000
Repayment of borrowings from corporate credit facility and securitized financing facility	0	(45,000)
Borrowings from secured debt	1,014,582	1,150,909
Repayment of secured debt	(469,510)	(1,103,172)
Payment of deferred financing costs	(18,707)	(30,358)
Contributions from noncontrolling interests	2,072,900	203,059
Distributions to and redemptions of noncontrolling interests	(1,684,752)	(129,790)
Redemptions/repurchases of preferred stock	(52,779)	(86,250)
Shares canceled for tax withholdings on vested equity awards	(18,012)	(18,570)
Acquisition of noncontrolling interest	(32,076)	0
Net cash provided by financing activities	741,772	198,221
Effect of exchange rates on cash, cash equivalents and restricted cash	(3,039)	590
Net (decrease) increase in cash, cash equivalents and restricted cash	(995,855)	465,921
Cash, cash equivalents and restricted cash, beginning of period	1,766,245	963,008
Cash, cash equivalents and restricted cash, end of period	770,390	1,428,929
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents, beginning balance	1,602,102	703,544
Restricted cash, beginning balance	99,121	67,772
Restricted cash included in assets held for disposition, beginning balance	65,022	191,692
Cash and cash equivalents, ending balance	636,366	1,277,733
Restricted cash, ending balance	134,024	87,551
Restricted cash included in assets held for disposition, ending balance	0	63,645
Total cash, cash equivalents, and restricted cash	$ 770,390	$ 1,428,929

Transactions with Affiliates (Tables)

9 Months Ended

Sep. 30, 2022

Summary of Related Party Disclosures

Amounts due from and due to affiliates consist of the following, excluding amounts related to discontinued operations that are presented as assets held for disposition (Note 11):


(In thousands)	September 30, 2022		December 31, 2021
Due from Affiliates
Investment vehicles, portfolio companies and unconsolidated ventures
Fee income	$	34,751	$	41,859
Cost reimbursements and recoverable expenses	10,866		7,317
Derivative obligation	12,493		—

Employees and other affiliates	2,001		54
	$	60,111	$	49,230

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' Equity

9. Stockholders' Equity

The table below summarizes the share activities of the Company's preferred stock and common stock.


	Number of Shares
(In thousands)	Preferred Stock	Class A Common Stock	Class B Common Stock







Shares outstanding at December 31, 2020	41,350	120,851	183

Redemption of preferred stock	(3,450)	—	—
Shares issued upon redemption of OP Units	—	126	—

Conversion of class B to class A common stock	—	17	(17)
Shares issued pursuant to settlement liability (1)	—	1,488	—
Equity awards issued, net of forfeitures	—	1,550	—
Shares canceled for tax withholding on vested equity awards	—	(669)	—
Shares outstanding at September 30, 2021	37,900	123,363	166

Shares outstanding at December 31, 2021	35,340	142,144	166



Stock repurchase	(2,229)	(945)	—
Exchange of notes for class A common stock	—	6,389	—
Shares issued upon redemption of OP Units	—	100	—

Shares issued for redemption of redeemable noncontrolling interest (Note 10)	—	14,435	—
Equity awards issued, net of forfeitures	—	1,533	—
Shares canceled for tax withholding on vested equity awards	—	(681)	—
Shares outstanding at September 30, 2022	33,111	162,975	166

Preferred Stock

In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets.

The table below summarizes the preferred stock issued and outstanding at September 30, 2022:


Description	Dividend Rate Per Annum		Initial Issuance Date	Shares Outstanding (in thousands)	Par Value (in thousands)		Liquidation Preference (in thousands)		Earliest Redemption Date
Series H	7.125	%	April 2015	8,430	$	84	$	210,756	Currently redeemable
Series I	7.15	%	June 2017	12,989	130		324,728		Currently redeemable
Series J	7.125	%	September 2017	11,692	117		292,295		Currently redeemable
				33,111	$	331	$	827,779

All series of preferred stock are at parity with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up of the Company. Dividends on Series H, I and J of preferred stock are payable quarterly in arrears in January, April, July and October.

Each series of preferred stock is redeemable on or after the earliest redemption date for that series at $25.00 per share plus accrued and unpaid dividends (whether or not declared) prorated to their redemption dates, exclusively at the Company’s option. The redemption period for each series of preferred stock is subject to the Company’s right under limited circumstances to redeem the preferred stock upon the occurrence of a change of control (as defined in the articles supplementary relating to each series of preferred stock).

Preferred stock generally does not have any voting rights, except if the Company fails to pay the preferred dividends for six or more quarterly periods (whether or not consecutive). Under such circumstances, the preferred stock will be entitled to vote, together as a single class with any other series of parity stock upon which like voting rights have been conferred and are exercisable, to elect two additional directors to the Company’s board of directors, until all unpaid dividends have been paid or declared and set aside for payment. In addition, certain changes to the terms of any series of preferred stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of each such series of preferred stock voting separately as a class for each series of preferred stock.

Common Stock

Except with respect to voting rights, class A common stock and class B common stock have the same rights and privileges and rank equally, share ratably in dividends and distributions, and are identical in all respects as to all matters. Class A common stock has one vote per share and class B common stock has thirty-six and one-half votes per share. This gives the holders of class B common stock a right to vote that reflects the aggregate outstanding non-voting economic interest in the Company (in the form of OP Units) attributable to class B common stock holders and therefore, does not provide any disproportionate voting rights. Class B common stock was issued as consideration in the Company's acquisition in April 2015 of the investment management business and operations of its former manager, which was previously controlled by the Company's former Executive Chairman. Each share of class B common stock shall convert automatically into one share of class A common stock if the former Executive Chairman or his beneficiaries directly or indirectly transfer beneficial ownership of class B common stock or OP Units held by them, other than to certain qualified transferees, which generally includes affiliates and employees. In addition, each holder of class B common stock has the right, at the holder’s option, to convert all or a portion of such holder’s class B common stock into an equal number of shares of class A common stock.

The Company reinstated quarterly common stock dividends beginning the third quarter of 2022, with the declaration of a dividend of $0.01 per share of common stock that was paid in October 2022.

Dividend Reinvestment and Direct Stock Purchase Plan

The Company's Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) provides existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of the Company's class A common stock by reinvesting some or all of the cash dividends received on their shares of the Company's class A common stock or making optional cash purchases within specified parameters. The DRIP Plan involves the acquisition of the Company's class A common stock either in the open market, directly from the Company as newly issued common stock, or in privately negotiated transactions with third parties. To date, no shares of class A common stock have been acquired under the DRIP Plan in the form of new issuances in the last three years.

Reverse Stock Split

As discussed in Note 1, in August 2022, the Company effectuated a one-for-four reverse stock split of its outstanding shares of class A and class B common stock. Par value of common stock was proportionately increased from $0.01 to $0.04 per share.

Stock Repurchases and Redemptions

All preferred and common stock repurchases were made pursuant to a $200 million stock repurchase program, which expires on June 30, 2023 and may be extended, modified, or discontinued at any time by the Company's Board of Directors.

For preferred stock, the excess or deficit of the repurchase or redemption price over the carrying value of the preferred stock results in a decrease or increase to net income attributable to common stockholders, respectively.

Stock Repurchases

During the third quarter of 2022, the Company repurchased (i) 2,228,805 shares in aggregate across Series H, I and J preferred stock at a discount for $52.6 million, or a weighted average price of $23.62 per share; and (ii) 944,570 shares of class A common stock for $13.6 million, or a weighted average price of $14.39 per share.

In October 2022, an additional 3,250,450 shares of class A common stock were repurchased for $41.3 million, or a weighted average price of $12.71 per share.

Preferred Stock Redemption

In 2021, the Company redeemed all of its outstanding 7.5% Series G preferred stock in August for $86.8 million using proceeds from its securitized financing facility and 2,560,000 shares of its 7.125% Series H preferred stock in November for approximately $64.4 million. All redemptions were made at the liquidation preference of $25.00 per share.

Accumulated Other Comprehensive Income (Loss)

Changes in Components of AOCI—Stockholders


(In thousands)	Company's Share in AOCI of Equity Method Investments		Unrealized Gain (Loss) on AFS Debt Securities		Unrealized Gain (Loss) on Cash Flow Hedges		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total




AOCI at December 31, 2020	$	17,718	$	6,072	$	(233)	$	52,832	$	45,734	$	122,123
Other comprehensive income (loss) before reclassifications	(2,948)		(297)		—		(28,950)		1,313		(30,882)
Amounts reclassified from AOCI	(2,998)		—		233		(20,221)		(1,375)		(24,361)
AOCI at September 30, 2021	$	11,772	$	5,775	$	—	$	3,661	$	45,672	$	66,880

AOCI at December 31, 2021	$	2,334	$	5,861	$	—	$	26,502	$	7,686	$	42,383
Other comprehensive income (loss) before reclassifications	(3,790)		—		—		(36,281)		24,477		(15,594)
Amounts reclassified from AOCI	(200)		(5,861)		—		(17,016)		(7,768)		(30,845)

AOCI at September 30, 2022	$	(1,656)	$	—	$	—	$	(26,795)	$	24,395	$	(4,056)

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities


(In thousands)	Unrealized Gain (Loss) on Cash Flow Hedges		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total



AOCI at December 31, 2020	$	(1,030)	$	83,845	$	15,099	$	97,914
Other comprehensive loss before reclassifications	—		(58,995)		—		(58,995)
Amounts reclassified from AOCI	1,030		810		—		1,840
AOCI at September 30, 2021	$	—	$	25,660	$	15,099	$	40,759

AOCI at December 31, 2021	$	—	$	11,057	$	—	$	11,057
Other comprehensive loss before reclassifications	—		(29,551)		—		(29,551)
Amounts reclassified from AOCI	—		(9,819)		—		(9,819)

AOCI at September 30, 2022	$	—	$	(28,313)	$	—	$	(28,313)

Reclassifications out of AOCI—Stockholders


(In thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
Component of AOCI reclassified into earnings	2022		2021		2022		2021

Relief of basis of AFS debt securities	$	—	$	—	$	5,861	$	—
Release of foreign currency cumulative translation adjustments	(3,664)		—		17,016		20,221

Realized gain on net investment hedges	7,768		—		7,768		1,375
Realized loss on cash flow hedges	—		—		—		(233)

Release of equity in AOCI of equity method investments	—		2,998		200		2,998

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2022

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest


	Nine Months Ended September 30,
(In thousands)	2022		2021
Redeemable noncontrolling interests
Beginning balance	$	359,223	$	305,278
Contributions	11,650		41,014
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(20,119)		(13,865)
Net income (loss)	(31,989)		15,743
Adjustment of Wafra's interest to redemption value and warrants held by Wafra to fair value	725,026		—
Redemption of Wafra's interest	(862,276)		—
Reclassification of warrants held by Wafra to liability in May 2022 (Note 7)	(81,400)		—
Reclassification of Wafra's carried interest allocation to noncontrolling interests in investment entities in May 2022	(4,087)		—

Ending balance	$	96,028	$	348,170

Real Estate

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Real Estate

4. Real Estate

The following table summarizes the Company's real estate held for investment.


(In thousands)	September 30, 2022		December 31, 2021
Land	$	257,499	$	206,588
Buildings and improvements	1,555,396		1,295,204

Data center infrastructure	4,302,733		3,785,561

Towers and equipment	332,797		—
Construction in progress	341,760		77,014
	6,790,185		5,364,367
Less: Accumulated depreciation	(648,770)		(392,083)
Real estate assets, net	$	6,141,415	$	4,972,284

Real Estate Depreciation

Depreciation of real estate held for investment was $91.3 million and $69.7 million for the three months ended September 30, 2022 and 2021, respectively, and $257.7 million and $211.3 million for the nine months ended September 30, 2022 and 2021, respectively.

Property Operating Income

Components of property operating income are as follows.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Lease income:
Fixed lease income	$	195,701	$	153,173	$	537,213	$	454,560
Variable lease income	29,453		22,065		86,668		68,152
	225,154		175,238		623,881		522,712
Data center service revenue	19,182		19,616		57,217		50,129
	$	244,336	$	194,854	$	681,098	$	572,841

For the nine months ended September 30, 2022 and 2021, property operating income from a single customer accounted for approximately 18% and 16%, respectively, of the Company's total revenues from continuing operations, or approximately 8% for both periods, of the Company's share of total revenues from continuing operations, net of amounts attributable to noncontrolling interests in investment entities.

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.01	$ 0	$ 0.01	$ 0

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net loss	$ (120,987)	$ (51,364)	$ (532,752)	$ (774,046)
Changes in accumulated other comprehensive income (loss) related to:
Equity method investments	(1,647)	(4,391)	(4,333)	(6,578)
Available-for-sale debt securities	0	1,615	(6,373)	(331)
Cash flow hedges	0	0	0	1,285
Foreign currency translation	(34,809)	(35,739)	(97,090)	(112,542)
Net investment hedges	10,932	0	17,916	(84)
Other comprehensive loss	(25,524)	(38,515)	(89,880)	(118,250)
Comprehensive loss	(146,511)	(89,879)	(622,632)	(892,296)
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	(6,442)	7,269	(31,989)	15,743
Comprehensive income (loss) attributable to stockholders	(54,600)	44,535	(363,770)	(362,942)
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to noncontrolling interests	(80,210)	(144,222)	(192,140)	(500,702)
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to noncontrolling interests	$ (5,259)	$ 2,539	$ (34,733)	$ (44,395)

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated ventures are substantially similar to those of the Company. 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, 2022, 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, 2021. 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 and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, 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 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 the Company's digital investment management business and in consolidated open-end funds sponsored by the Company. The noncontrolling interests either have redemption rights that will be triggered upon the occurrence of certain events (Note 10) or have the ability to withdraw all or a portion of their interests from the consolidated open-end 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 predominantly interests in consolidated investment entities held by co-investors through investment vehicles managed by the Company or held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive. Noncontrolling Interests in Operating Company—This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on 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. 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. Asset Acquisitions—For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. 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. The excess of the fair value of consideration transferred over the fair values 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. 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 net income. Contingent consideration in connection with the acquisition of assets (and that is not a VIE) is generally recognized when the liability is considered both probable and reasonably estimable, as part of the basis of the acquired assets. 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 disposition of (i) NRF Holdco, LLC ("NRF Holdco"), a former subsidiary of the Company that held the Wellness Infrastructure business, in February 2022, (ii) a substantial majority of the OED investments and Other IM business in December 2021, and (iii) the hotel business, composed of the Hospitality segment and the THL Hotel Portfolio in March 2021, all represent strategic shifts that have or are expected to have major effects on the Company’s operations and financial results, and have met the criteria as discontinued operations as of June 2021, March 2021, and September 2020, respectively. Accordingly, for all prior periods presented, the related assets and liabilities are presented as assets and liabilities held for disposition on the consolidated balance sheets (Note 11) and the related operating results are presented as income (loss) from discontinued operations on the consolidated statements of operations (Note 12). Discontinued operations in prior periods include investments in the respective segments that have been disposed or otherwise resolved in those periods. Accounting Standards Adopted in 2022 Amendment to Lessor Accounting In July 2021, the FASB issued ASU No. 2021-5, Lessors—Certain Leases with Variable Lease Payments, which amends existing lease classification guidance for lessors to better reflect the economics of certain lease arrangements. The ASU requires a lease with variable lease payments that are not based upon a rate or index to be classified as an operating lease if classification as a direct financing lease or sales-type lease would have resulted in a loss to the lessor at lease commencement. A loss could have otherwise arisen even if the lease is expected to be profitable as the exclusion of these variable lease payments result in the recognition of a lower net investment in a lease relative to the carrying value of the underlying asset that is derecognized at the commencement of a direct financing or sales-type lease. Under the amended guidance, this uneconomic outcome is avoided because the classification as an operating lease does not result in a derecognition of the underlying asset by the lessor, and the recognition of variable lease payments earned and depreciation expense on the underlying asset will partially offset in earnings over time. The Company adopted the ASU on its effective date of January 1, 2022. At the time of adoption, the Company, as lessor, did not have any leases that would have been subject to this amendment. Acquired Contracts with Customers In October 2021, the FASB issued ASU No. 2021-8, Accounting for Contract Assets and Contract Liabilities From Contracts With Customers, which applies the principles of ASC 606, Revenue from Contracts with Customers, rather than a fair value basis under ASC 805, Business Combinations, in the recognition of contract assets and contract liabilities acquired in a business combination. The ASU addresses the following inconsistencies: (1) measurement of contract liability or deferred revenue at fair value that is typically lower than carrying value, reducing post-acquisition revenues; and (2) timing of contractual payments affecting the fair value of deferred revenue and the amount of post-acquisition revenue in otherwise similar contracts. Under the new guidance, an acquirer records a contract asset or contract liability as if it had originated the acquired revenue contract, which requires the acquirer to evaluate performance obligations, transaction price and relative stand-alone selling price at the original contract inception date or subsequent modification dates. This will generally result in the recognition and measurement of a contract asset and contract liability that will likely be more comparable to the books of the acquiree at acquisition date. In circumstances where an acquirer is unable to assess or rely on the acquiree's accounting under ASC 606, the ASU provides a practical expedient that allows an acquirer to determine the stand-alone selling price of each performance obligation in the contract as of acquisition date, instead of contract inception date, for purposes of allocating the transaction price. The amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of ASC 606 apply, such as contracts within the scope of ASC 610-20, Other Income—Gains and Losses from Derecognition of Nonfinancial Assets, but the amendments do not affect the accounting for other assets or liabilities that may arise from acquired customer contracts such as refund liabilities that do not meet the definition of contract liabilities and continue to be recorded at fair value. The ASU is effective January 1, 2023 and is to be applied prospectively. Early adoption is permitted with retrospective application to all business combinations that occurred during the fiscal year of early adoption. The Company early adopted the ASU on January 1, 2022. Future Accounting Standards Contractual Sale Restriction on Equity Securities In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which amends Topic 820 Fair Value to clarify that a contractual sale restriction that is entity-specific is not part of the unit of account of an equity security and is therefore not considered in measuring the fair value of an equity security, in which case, a discount should not be applied. The amendment further prohibits recognizing the contractual sale restriction as a separate unit of account, that is, as a contra asset or liability. Sale restrictions that are characteristics of the holder of an equity security include, but are not limited to, lock-up agreements, market stand-off agreements, or specific provisions in agreements between shareholders. In contrast, a legal restriction preventing a security from being sold on a national securities exchange or an over-the-counter market is a security-specific characteristic as the restriction would similarly apply to a market participant buyer in an assumed sale of the security. This guidance also applies to issuers of equity securities that are subject to contractual sale restrictions, for example, equity securities issued as consideration in a business combination. The ASU requires additional disclosures related to equity securities that are subject to contractual sale restrictions, specifically (1) the fair value of such equity securities, (2) the nature and remaining duration of the restrictions, and (3) any circumstances that could cause a lapse in restrictions. The ASU is effective January 1, 2024, with early adoption permitted in the interim periods. Transition is prospective with any fair value adjustments resulting from adoption recognized in earnings and the amount adjusted disclosed in the period of adoption. For subsidiaries of the Company that are investment companies as defined in ASC 946, the ASU is applied prospectively to equity securities with contractual sale restrictions entered into or modified on or after the adoption date. For equity securities with contractual sale restrictions entered into or modified before the adoption date, the existing accounting policy continues to be applied until the restrictions expire or are modified, and if the existing accounting policy differs from the amended guidance, the additional disclosure requirements under the ASU would be applicable. The Company and its investment company subsidiaries do not currently have equity securities subject to contractual sale restrictions.

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

8. Debt


(In thousands)	Securitized Financing Facility		Convertible and Exchangeable Senior Notes		Investment-Level Secured Debt		Total Debt
September 30, 2022
Debt at amortized cost
Principal	$	300,000	$	278,422	$	4,815,712	$	5,394,134
Premium (discount), net	—		(1,409)		12,443		11,034
Deferred financing costs	(8,352)		(602)		(70,599)		(79,553)
	$	291,648	$	276,411	$	4,757,556	$	5,325,615
December 31, 2021
Debt at amortized cost
Principal	$	300,000	$	338,739	$	4,283,983	$	4,922,722
Premium (discount), net	—		(3,091)		17,629		14,538
Deferred financing costs	(8,606)		(1,384)		(66,868)		(76,858)
	$	291,394	$	334,264	$	4,234,744	$	4,860,402

The following table summarizes certain key terms of the Company's debt.


	Fixed Rate					Variable Rate					Total
($ in thousands)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(1)		Weighted Average Years Remaining to Maturity(2)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(1)		Weighted Average Years Remaining to Maturity(2)	Outstanding Principal		Weighted Average Interest Rate (Per Annum)(1)		Weighted Average Years Remaining to Maturity(2)
September 30, 2022
Recourse
Secured Fund Fee Revenue Notes (3)	$	300,000	3.93	%	4.0	$	—	N/A		4.0	$	300,000	3.93	%	4.0
Convertible and exchangeable senior notes	278,422		5.21	%	1.2	—		N/A		N/A	278,422		5.21	%	1.2


	578,422					—					578,422
Non-recourse
Investment-Level Secured Debt
Digital Operating	3,641,793		2.43	%	3.3	863,767		7.35	%	2.8	4,505,560		3.38	%	3.2

Other	88,186		6.47	%	6.7	221,966		4.18	%	6.4	310,152		4.83	%	6.5
	3,729,979					1,085,733					4,815,712
	$	4,308,401				$	1,085,733				$	5,394,134
December 31, 2021
Recourse
Secured Fund Fee Revenue Notes (3)	$	300,000	3.93	%	4.7	$	—	N/A		4.7	$	300,000	3.93	%	4.7
Convertible and exchangeable senior notes (4)	338,739		5.31	%	2.2	—		N/A		N/A	338,739		5.31	%	2.2
	638,739					—					638,739
Non-recourse
Investment-Level Secured Debt
Digital Operating	3,646,466		2.44	%	4.1	571,017		5.74	%	4.0	4,217,483		2.88	%	4.1
Other	—		N/A		N/A	66,500		1.31	%	1.6	66,500		1.31	%	1.6
	3,646,466					637,517					4,283,983
	$	4,285,205				$	637,517				$	4,922,722

__________

(4) Excludes the 5.375% exchangeable senior notes issued by NRF Holdco that were classified as held for disposition (Note 11) and subsequently assumed by the acquirer in February 2022.

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 had 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 investment management fees earned by subsidiaries of DBRG, equity interests in certain digital portfolio companies and limited partnership interests in certain digital funds managed by subsidiaries of DBRG, as collateral.

The Class A-2 Notes bear interest at a rate of 3.933% per annum, payable quarterly. The VFN bear interest generally based upon 1-month Adjusted Term Secured Overnight Financing Rate or SOFR (prior to April 2022, 3-month LIBOR) or an alternate benchmark as set forth in the purchase agreement of the VFN plus 3%. Unused amounts under the VFN facility is subject to a commitment fee of 0.5% per annum. The final maturity date of the Class A-2 Notes is in September 2051, with an anticipated repayment date in September 2026. The anticipated repayment date of the VFN is in September 2024, subject to two one-year extensions at the option of the Co-Issuers. If the Series 2021-1 Notes are not repaid or refinanced prior to their anticipated repayment date, or such date is not extended for the VFN, interest will accrue at a higher rate and the Series 2021-1 Notes will begin to amortize quarterly.

The Series 2021-1 Notes may be optionally prepaid, in whole or in part, prior to their anticipated repayment dates. There is no prepayment penalty on the VFN. However, prepayment of the Class A-2 Notes will be subject to additional consideration based upon the difference between the present value of future payments of principal and interest and the outstanding principal of such Class A-2 Note that is being prepaid; or 1% of the outstanding principal of such Class A-2 Note that is being prepaid in connection with a disposition of collateral.

The Indenture of the Series 2021-1 Notes contains various covenants, including financial covenants that require the maintenance of minimum thresholds for debt service coverage ratio and maximum loan-to-value ratio, as defined. As of the date of this filing, the Co-Issuers are in compliance with all of the financial covenants and the full $300 million under the VFN is available to be drawn.

Convertible and Exchangeable Senior Notes


Description	Issuance Date	Due Date	Interest Rate (per annum)		Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio (in shares)(1)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
										September 30, 2022		December 31, 2021

Issued by DigitalBridge Group, Inc.
5.00% Convertible Senior Notes	April 2013	April 15, 2023	5.00	%	$	63.02	15.8675	3,174	April 22, 2020	$	200,000	$	200,000
Issued by DigitalBridge Operating Company, LLC
5.75% Exchangeable Senior Notes	July 2020	July 15, 2025	5.750	%	9.20		108.6956	8,524	July 21, 2023	78,422		138,739
										$	278,422	$	338,739

__________

The senior notes mature on their respective due dates, unless earlier redeemed, repurchased, converted or exchanged, as applicable. The outstanding senior notes are convertible or exchangeable at any time by holders of such notes into shares of the Company’s common stock at the applicable conversion or exchange rate, which is subject to adjustment upon occurrence of certain events.

To the extent certain trading conditions of the Company’s common stock are met, the senior notes are redeemable by the applicable issuer thereof in whole or in part for cash at any time on or after their respective earliest redemption dates at a redemption price equal to 100% of the principal amount of such senior notes being redeemed, plus accrued and unpaid interest (if any) up to, but excluding, the redemption date.

In the event of certain change in control transactions, holders of the senior notes have the right to require the applicable issuer to purchase all or part of such holder's senior notes for cash in accordance with terms of the governing documents of the respective senior notes.

Exchange of Senior Notes For Common Stock and Cash

DBRG and the OP completed separate privately negotiated exchange transactions with certain noteholders of the 5.75% exchangeable notes, as follows:


	Principal of 5.75% Exchangeable Notes Exchanged		Consideration for Exchange
(In thousands)			Class A Common Stock Issued	Cash Paid
March 2022	$	60,317	6,389	$	13,887
October and November 2021	161,261		18,341	—
	$	221,578	24,730	$	13,887

The March 2022 exchanges resulted in a debt extinguishment loss of $133.2 million, calculated as the excess of consideration paid over the carrying value of the notes exchanged, and recorded in other loss on the consolidated statement of operations. Consideration was measured at fair value based upon the closing price of the Company's class A common stock on the date of the respective exchanges, and cash paid, net of transaction costs. Unlike the exchange transactions in 2021, the March 2022 exchanges did not qualify for debt conversion accounting and were treated as a debt extinguishment as the Company issued less than the number of shares issuable under the stated exchange ratio of 108.696 shares per $1,000 of note principal exchanged.

The exchange transactions in the fourth quarter of 2021 were treated as debt conversions that resulted in a debt conversion expense of $25.1 million, recorded as interest expense, as the original exchange ratio was adjusted to account for savings on avoided future interest payments otherwise due to the noteholders. The debt conversion expense represents the shares of the Company's class A common stock issued in excess of such shares issuable pursuant to the original exchange ratio, and measured at fair value based upon the closing price of the Company's class A common stock on the date of the respective exchanges.

Investment-Level Secured Debt

These are investment level financing that are non-recourse to the Company and secured by data center and tower portfolios held by the Company's subsidiaries, and at December 31, 2021, also secured by previously warehoused loans receivable.

Digital Operating—In March 2021 and October 2021, DataBank raised $657.9 million and $332 million of 5-year securitized notes at blended fixed rates of 2.32% and 2.43% per annum, respectively. Proceeds from the March securitization were applied principally to refinance $514 million of outstanding debt, which meaningfully reduced DataBank's overall cost of debt and extended its debt maturities, while the October proceeds were used to repay borrowings on its credit facility and to finance future acquisitions.

In November 2021, Vantage SDC issued $530 million of 5-year securitized notes at a blended fixed rate of 2.17% per annum. Proceeds were applied to replace its current bridge financing and fund capital expenditures on the September 2021 add-on acquisition as well as to fund payments for future build-out and lease-up of expansion capacity.

Goodwill, Deferred Leasing Costs and Other Intangibles - Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	$ 2,266,057	$ 1,563,912
Accumulated Amortization	(520,497)	(376,285)
Net Carrying Amount	1,745,560	1,187,627
Intangible Liabilities
Carrying Amount (Net of Impairment)	46,630	44,076
Accumulated Amortization	(15,326)	(10,775)
Net Carrying Amount	31,304	33,301
Deferred leasing costs and lease intangible assets
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	1,294,228	1,148,441
Accumulated Amortization	(362,943)	(256,987)
Net Carrying Amount	931,285	891,454
Investment management intangibles
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	164,189	164,189
Accumulated Amortization	(76,609)	(61,435)
Net Carrying Amount	87,580	102,754
Customer relationships and service contracts
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	774,422	218,064
Accumulated Amortization	(62,846)	(44,496)
Net Carrying Amount	711,576	173,568
Trade name
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	26,400	26,400
Accumulated Amortization	(14,559)	(11,266)
Net Carrying Amount	11,841	15,134
Other
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	6,818	6,818
Accumulated Amortization	(3,540)	(2,101)
Net Carrying Amount	$ 3,278	$ 4,717

Debt - Components of Debt (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Feb. 28, 2022
Debt Instrument [Line Items]
Outstanding Principal	$ 5,394,134	$ 4,922,722
Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	578,422	638,739
Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	4,815,712	4,283,983
Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	4,308,401	4,285,205
Fixed Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	578,422	638,739
Fixed Rate \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	3,729,979	3,646,466
Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	1,085,733	637,517
Variable Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	0	0
Variable Rate \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	1,085,733	637,517
Secured Debt \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 300,000	$ 300,000
Weighted Average Interest Rate (Per Annum)	3.93%	3.93%
Weighted Average Years Remaining to Maturity	4 years	4 years 8 months 12 days
Secured Debt \| Digital Operating \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 4,505,560	$ 4,217,483
Weighted Average Interest Rate (Per Annum)	3.38%	2.88%
Weighted Average Years Remaining to Maturity	3 years 2 months 12 days	4 years 1 month 6 days
Secured Debt \| Other \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 310,152	$ 66,500
Weighted Average Interest Rate (Per Annum)	4.83%	1.31%
Weighted Average Years Remaining to Maturity	6 years 6 months	1 year 7 months 6 days
Secured Debt \| Fixed Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 300,000	$ 300,000
Weighted Average Interest Rate (Per Annum)	3.93%	3.93%
Weighted Average Years Remaining to Maturity	4 years	4 years 8 months 12 days
Secured Debt \| Fixed Rate \| Digital Operating \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 3,641,793	$ 3,646,466
Weighted Average Interest Rate (Per Annum)	2.43%	2.44%
Weighted Average Years Remaining to Maturity	3 years 3 months 18 days	4 years 1 month 6 days
Secured Debt \| Fixed Rate \| Other \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 88,186	$ 0
Weighted Average Interest Rate (Per Annum)	6.47%
Weighted Average Years Remaining to Maturity	6 years 8 months 12 days
Secured Debt \| Variable Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Weighted Average Years Remaining to Maturity	4 years	4 years 8 months 12 days
Secured Debt \| Variable Rate \| Digital Operating \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 863,767	$ 571,017
Weighted Average Interest Rate (Per Annum)	7.35%	5.74%
Weighted Average Years Remaining to Maturity	2 years 9 months 18 days	4 years
Secured Debt \| Variable Rate \| Other \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 221,966	$ 66,500
Weighted Average Interest Rate (Per Annum)	4.18%	1.31%
Weighted Average Years Remaining to Maturity	6 years 4 months 24 days	1 year 7 months 6 days
Convertible and Exchangeable Senior Notes \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 278,422	$ 338,739
Weighted Average Interest Rate (Per Annum)	5.21%	5.31%
Weighted Average Years Remaining to Maturity	1 year 2 months 12 days	2 years 2 months 12 days
Convertible and Exchangeable Senior Notes \| Senior Notes 5.375 Percent Due June 2033
Debt Instrument [Line Items]
Interest rate		5.375%	5.375%
Convertible and Exchangeable Senior Notes \| Fixed Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 278,422	$ 338,739
Weighted Average Interest Rate (Per Annum)	5.21%	5.31%
Weighted Average Years Remaining to Maturity	1 year 2 months 12 days	2 years 2 months 12 days
Convertible and Exchangeable Senior Notes \| Variable Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0

Assets and Related Liabilities Held for Disposition - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
AFS Debt Securities Held for Disposition \| Discontinued Operations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	$ 36,531	$ 28,576
Purchases, drawdowns, contributions and accretion	195	11,120
Paydowns, distributions and sales	(36,726)	(2,063)
Change in accrued interest and capitalization of paid-in-kind interest	0	0
Allowance for credit losses		(194)
Realized and unrealized losses in earnings, net	0	0
Deconsolidation of investment entities (Note 21)		0
Other		0
Other comprehensive income (loss)	0	(331)
Fair value, ending	0	37,108
Net unrealized gains (losses) in earnings on instruments held	0	0
AFS Debt Securities Held for Disposition \| Other Comprehensive Income \| Discontinued Operations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) in earnings on instruments held	0	(331)
Loans Held for Disposition
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	82,930	36,798
Purchases, drawdowns, contributions and accretion	371,415	61,026
Paydowns, distributions and sales	(159,501)	(78)
Change in accrued interest and capitalization of paid-in-kind interest	4,491	1,053
Realized and unrealized losses in earnings, net	(41,863)	(436)
Fair value, ending	174,389	98,363
Net unrealized gains (losses) in earnings on instruments held	(38,649)	18
Loans Held for Disposition \| Discontinued Operations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	55,878	1,258,539
Purchases, drawdowns, contributions and accretion	0	19,070
Paydowns, distributions and sales	(54,490)	(436,424)
Change in accrued interest and capitalization of paid-in-kind interest	(1,013)	10,506
Allowance for credit losses		0
Realized and unrealized losses in earnings, net	(375)	(91,324)
Deconsolidation of investment entities (Note 21)		(330,394)
Other		(7,088)
Other comprehensive income (loss)	0	(35,222)
Fair value, ending	0	387,663
Net unrealized gains (losses) in earnings on instruments held	0	(91,849)
Equity Method Investments Held for Disposition
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	0	28,540
Purchases, drawdowns, contributions and accretion	0	0
Paydowns, distributions and sales	0	(9,174)
Change in accrued interest and capitalization of paid-in-kind interest	0	0
Realized and unrealized losses in earnings, net	0	8,260
Fair value, ending	0	0
Net unrealized gains (losses) in earnings on instruments held	0	0
Equity Method Investments Held for Disposition \| Discontinued Operations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	79,309	153,259
Purchases, drawdowns, contributions and accretion	0	8
Paydowns, distributions and sales	(903)	(8,954)
Change in accrued interest and capitalization of paid-in-kind interest	0	0
Allowance for credit losses		0
Realized and unrealized losses in earnings, net	(7,155)	(22,106)
Deconsolidation of investment entities (Note 21)		0
Other		0
Other comprehensive income (loss)	(11,646)	(6,454)
Fair value, ending	59,605	115,753
Net unrealized gains (losses) in earnings on instruments held	$ (7,155)	$ (23,031)

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	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, 2022, 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, 2021. 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 and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements.
Use of Estimates	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	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 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	Noncontrolling Interests Redeemable Noncontrolling Interests—This represents noncontrolling interests in the Company's digital investment management business and in consolidated open-end funds sponsored by the Company. The noncontrolling interests either have redemption rights that will be triggered upon the occurrence of certain events (Note 10) or have the ability to withdraw all or a portion of their interests from the consolidated open-end 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 predominantly interests in consolidated investment entities held by co-investors through investment vehicles managed by the Company or held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive. Noncontrolling Interests in Operating Company—This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on 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.
Business Combinations	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. Asset Acquisitions—For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. 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. The excess of the fair value of consideration transferred over the fair values 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. 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 net income. Contingent consideration in connection with the acquisition of assets (and that is not a VIE) is generally recognized when the liability is considered both probable and reasonably estimable, as part of the basis of the acquired assets.
Discontinued Operations	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 disposition of (i) NRF Holdco, LLC ("NRF Holdco"), a former subsidiary of the Company that held the Wellness Infrastructure business, in February 2022, (ii) a substantial majority of the OED investments and Other IM business in December 2021, and (iii) the hotel business, composed of the Hospitality segment and the THL Hotel Portfolio in March 2021, all represent strategic shifts that have or are expected to have major effects on the Company’s operations and financial results, and have met the criteria as discontinued operations as of June 2021, March 2021, and September 2020, respectively. Accordingly, for all prior periods presented, the related assets and liabilities are presented as assets and liabilities held for disposition on the consolidated balance sheets (Note 11) and the related operating results are presented as income (loss) from discontinued operations on the consolidated statements of operations (Note 12). Discontinued operations in prior periods include investments in the respective segments that have been disposed or otherwise resolved in those periods.
Accounting Standards Adopted in 2022 and Future Accounting Standards	Accounting Standards Adopted in 2022 Amendment to Lessor Accounting In July 2021, the FASB issued ASU No. 2021-5, Lessors—Certain Leases with Variable Lease Payments, which amends existing lease classification guidance for lessors to better reflect the economics of certain lease arrangements. The ASU requires a lease with variable lease payments that are not based upon a rate or index to be classified as an operating lease if classification as a direct financing lease or sales-type lease would have resulted in a loss to the lessor at lease commencement. A loss could have otherwise arisen even if the lease is expected to be profitable as the exclusion of these variable lease payments result in the recognition of a lower net investment in a lease relative to the carrying value of the underlying asset that is derecognized at the commencement of a direct financing or sales-type lease. Under the amended guidance, this uneconomic outcome is avoided because the classification as an operating lease does not result in a derecognition of the underlying asset by the lessor, and the recognition of variable lease payments earned and depreciation expense on the underlying asset will partially offset in earnings over time. The Company adopted the ASU on its effective date of January 1, 2022. At the time of adoption, the Company, as lessor, did not have any leases that would have been subject to this amendment. Acquired Contracts with Customers In October 2021, the FASB issued ASU No. 2021-8, Accounting for Contract Assets and Contract Liabilities From Contracts With Customers, which applies the principles of ASC 606, Revenue from Contracts with Customers, rather than a fair value basis under ASC 805, Business Combinations, in the recognition of contract assets and contract liabilities acquired in a business combination. The ASU addresses the following inconsistencies: (1) measurement of contract liability or deferred revenue at fair value that is typically lower than carrying value, reducing post-acquisition revenues; and (2) timing of contractual payments affecting the fair value of deferred revenue and the amount of post-acquisition revenue in otherwise similar contracts. Under the new guidance, an acquirer records a contract asset or contract liability as if it had originated the acquired revenue contract, which requires the acquirer to evaluate performance obligations, transaction price and relative stand-alone selling price at the original contract inception date or subsequent modification dates. This will generally result in the recognition and measurement of a contract asset and contract liability that will likely be more comparable to the books of the acquiree at acquisition date. In circumstances where an acquirer is unable to assess or rely on the acquiree's accounting under ASC 606, the ASU provides a practical expedient that allows an acquirer to determine the stand-alone selling price of each performance obligation in the contract as of acquisition date, instead of contract inception date, for purposes of allocating the transaction price. The amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of ASC 606 apply, such as contracts within the scope of ASC 610-20, Other Income—Gains and Losses from Derecognition of Nonfinancial Assets, but the amendments do not affect the accounting for other assets or liabilities that may arise from acquired customer contracts such as refund liabilities that do not meet the definition of contract liabilities and continue to be recorded at fair value. The ASU is effective January 1, 2023 and is to be applied prospectively. Early adoption is permitted with retrospective application to all business combinations that occurred during the fiscal year of early adoption. The Company early adopted the ASU on January 1, 2022. Future Accounting Standards Contractual Sale Restriction on Equity Securities In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which amends Topic 820 Fair Value to clarify that a contractual sale restriction that is entity-specific is not part of the unit of account of an equity security and is therefore not considered in measuring the fair value of an equity security, in which case, a discount should not be applied. The amendment further prohibits recognizing the contractual sale restriction as a separate unit of account, that is, as a contra asset or liability. Sale restrictions that are characteristics of the holder of an equity security include, but are not limited to, lock-up agreements, market stand-off agreements, or specific provisions in agreements between shareholders. In contrast, a legal restriction preventing a security from being sold on a national securities exchange or an over-the-counter market is a security-specific characteristic as the restriction would similarly apply to a market participant buyer in an assumed sale of the security. This guidance also applies to issuers of equity securities that are subject to contractual sale restrictions, for example, equity securities issued as consideration in a business combination. The ASU requires additional disclosures related to equity securities that are subject to contractual sale restrictions, specifically (1) the fair value of such equity securities, (2) the nature and remaining duration of the restrictions, and (3) any circumstances that could cause a lapse in restrictions. The ASU is effective January 1, 2024, with early adoption permitted in the interim periods. Transition is prospective with any fair value adjustments resulting from adoption recognized in earnings and the amount adjusted disclosed in the period of adoption. For subsidiaries of the Company that are investment companies as defined in ASC 946, the ASU is applied prospectively to equity securities with contractual sale restrictions entered into or modified on or after the adoption date. For equity securities with contractual sale restrictions entered into or modified before the adoption date, the existing accounting policy continues to be applied until the restrictions expire or are modified, and if the existing accounting policy differs from the amended guidance, the additional disclosure requirements under the ASU would be applicable. The Company and its investment company subsidiaries do not currently have equity securities subject to contractual sale restrictions.

Segment Reporting - Summary of Operating Results for Each Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 296,623	$ 252,174	$ 843,491	$ 709,942
Property operating expense	105,987	80,226	287,280	237,228
Interest expense	53,032	39,895	143,450	117,613
Depreciation and amortization	145,594	129,186	429,513	406,840
Equity method earnings (losses), including carried interest	69,316	65,369	195,650	111,380
Income tax benefit (expense)	7,841	10,973	17,772	109,408
Income (loss) from continuing operations	(94,598)	(40,935)	(384,194)	(183,451)
Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	(34,082)	(6,778)	(195,098)	(86,641)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.	(15,006)	68,135	(122,109)	(221,036)
Net loss attributable to DigitalBridge Group, Inc.	(49,088)	61,357	(317,207)	(307,677)
Operating Segments \| Digital Investment Management
Segment Reporting Information [Line Items]
Total revenues	43,953	53,796	134,961	131,789
Property operating expense	0	0	0	0
Interest expense	2,953	2,250	8,240	2,250
Depreciation and amortization	5,369	8,242	16,020	20,808
Equity method earnings (losses), including carried interest	122,714	59,196	203,447	70,203
Income tax benefit (expense)	(1,263)	(3,089)	(5,643)	(7,970)
Income (loss) from continuing operations	46,065	39,272	104,917	62,721
Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	24,233	16,870	37,900	35,849
Operating Segments \| Digital Operating
Segment Reporting Information [Line Items]
Total revenues	225,387	194,966	655,596	573,261
Property operating expense	100,051	80,226	278,798	237,228
Interest expense	40,770	29,839	114,187	90,243
Depreciation and amortization	130,663	120,458	399,371	368,906
Equity method earnings (losses), including carried interest	0	0	0	0
Income tax benefit (expense)	5	(1,922)	174	77,134
Income (loss) from continuing operations	(93,772)	(71,822)	(253,341)	(146,932)
Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	(15,881)	(12,142)	(43,512)	(22,592)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total revenues	27,283	3,412	52,934	4,892
Property operating expense	5,936	0	8,482	0
Interest expense	9,309	7,806	21,023	25,120
Depreciation and amortization	9,562	486	14,122	17,126
Equity method earnings (losses), including carried interest	(53,398)	6,173	(7,797)	41,177
Income tax benefit (expense)	9,099	15,984	23,241	40,244
Income (loss) from continuing operations	(46,891)	(8,385)	(235,770)	(99,240)
Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	$ (42,434)	$ (11,506)	$ (189,486)	$ (99,898)

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fee income
Other income	$ 41,263	$ 50,226	$ 128,418	$ 124,826
Other income
Other income	2,299	4,008	11,585	7,016
Affiliated Entity \| Fee income
Other income	40,350	49,934	125,757	120,332
Affiliated Entity \| Other income
Other income	$ 995	$ 3,124	$ 5,693	$ 4,551

- Definition

+ References

+ Details

Debt - Investment-Level Secured Debt (Details) - Secured Debt - Digital Operating - Securitized Notes - USD ($) $ in Millions	1 Months Ended
	Nov. 30, 2021	Oct. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Debt instrument, face amount	$ 530.0	$ 332.0	$ 657.9
Maturity	5 years	5 years
Interest rate	2.17%	2.43%	2.32%
Debt instrument, refinance amount			$ 514.0

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $1,674 and $1,025	$ 163,646	$ 332,703
Interest capitalized	1,674	1,025
Cash received for income tax refunds, net	5,782	7,913
Operating lease payments	50,584	51,088
Finance lease payments	11,750	11,481
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	(16,038)	165,178
Net cash provided by (used in) investing activities of discontinued operations	(32,815)	676,579
Net cash used in financing activities of discontinued operations	(12,503)	(528,035)
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable	16,527	16,899	$ 15,759
Improvements in operating real estate in accrued and other liabilities	65,405	29,324
Receivable from loan repayments and asset sales	12,373	53,948
Operating lease right-of-use assets and lease liabilities established	16,840	23,366
Finance lease payments accrued	0	5,401
Redemption of OP Units for common stock	341	1,107
Redemption of redeemable noncontrolling interest for common stock	348,759	0
Exchange of notes into shares of Class A common stock	60,317	0
Debt assumed by buyer in sale of real estate	0	44,148
Seller Note received in sale of NRF Holdco equity	154,992	0
Loan receivable relieved in exchange for equity investment acquired	20,676	0
Assets disposed in sale of equity of investment entities or sale by receiver (Note 12)	3,420,783	3,572,825
Liabilities disposed in sale of equity of investment entities or sale by receiver (Note 12)	3,144,700	3,644,226
Assets of investment entities deconsolidated	0	351,022
Noncontrolling interests of investment entities deconsolidated	$ 204,730	$ 374,815

Equity and Debt Investments (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

The Company's equity and debt investments, excluding investments held for disposition (Note 11), are represented by the following:


(In thousands)	September 30, 2022		December 31, 2021
Equity investments
Equity method investments
BrightSpire Capital, Inc. (BRSP) (1)	$	220,793	$	284,985
Company-sponsored private funds—equity investment in funds	305,833		270,737
Company-sponsored private funds—carried interest	193,758		111,957
Other	4,458		5,417

	724,842		673,096
Other equity investments
Marketable securities (Note 13)	150,028		201,912
Private funds and non-traded REIT	47,289		49,575
Other	77,270		10,570
Total equity investments	999,429		935,153

Debt securities
CLO subordinated notes	50,927		—

Equity and debt investments	$	1,050,356	$	935,153

__________

Available-for-sale Securities

At September 30, 2022, the CLO subordinated notes were carried at their recently issued price, which represents their current estimated fair value.


	Amortized Cost without Allowance for Credit Loss		Allowance for Credit Loss		Gross Cumulative Unrealized
(in thousands)					Gains		Losses		Fair Value
September 30, 2022	$	50,927	$	—	$	—	$	—	$	50,927

The balance of N-Star CDO bonds at December 31, 2021, classified as Level 3 fair value, is summarized as follows.


	Amortized Cost without Allowance for Credit Loss		Allowance for Credit Loss		Gross Cumulative Unrealized
(in thousands)					Gains		Losses		Fair Value

December 31, 2021	$	55,041	$	(24,882)	$	6,372	$	—	$	36,531